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: 10/31/2006
Date of reporting period: 11/01/05 - 01/31/06
Item 1 - Schedule of Investments
MuniYield Florida Insured Fund
Schedule of Investments as of January 31, 2006 (in Thousands)
Face
Amount Municipal Bonds Value
District of $ 1,000 Metropolitan Washington Airports Authority, D.C., Airport System Revenue Bonds,
Columbia - 0.8% AMT, Series A, 5.25% due 10/01/2032 (c) $ 1,034
Florida - 141.3% 1,300 Alachua County, Florida, School Board, COP, 5.25% due 7/01/2029 (a) 1,384
700 Boynton Beach, Florida, Utility System Revenue Refunding Bonds, 6.25% due
11/01/2020 (b)(c) 832
1,000 Daytona Beach, Florida, Utility System Revenue Refunding Bonds, Series B, 5% due
11/15/2027 (c) 1,040
2,110 First Florida Governmental Financing Commission Revenue Bonds, 5.70% due 7/01/2017 (h) 2,196
1,000 Flagler County, Florida, Capital Improvement Revenue Bonds, 5% due 10/01/2035 (h) 1,041
1,150 Florida HFA, Housing Revenue Bonds (Brittany Rosemont Apartments), AMT, Series C-1,
6.75% due 8/01/2014 (a) 1,163
455 Florida Housing Finance Corporation, Homeowner Mortgage Revenue Refunding Bonds,
AMT, Series 4, 6.25% due 7/01/2022 (f) 468
2,000 Florida State Board of Education, Capital Outlay, GO, Public Education, Series B, 5%
due 6/01/2031 (c) 2,071
6,190 Florida State Board of Education, Lottery Revenue Bonds, Series A, 6% due 7/01/2015 (c) 6,844
1,000 Florida State Governmental Utility Authority, Utility Revenue Bonds (Lehigh Utility
System), 5.125% due 10/01/2033 (a) 1,044
1,860 Florida State Turnpike Authority, Turnpike Revenue Bonds (Department of Transportation),
Series B, 5% due 7/01/2030 1,909
3,000 Hernando County, Florida, School Board, COP, 5% due 7/01/2035 (h) 3,114
3,700 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), Series A, 6% due 11/15/2031 3,967
6,000 Hillsborough County, Florida, School Board, COP, 5.375% due 7/01/2009 (h)(i) 6,377
1,000 Hillsborough County, Florida, School Board, COP, 5% due 7/01/2029 (h) 1,035
2,000 Jacksonville Electric Authority, Florida, Water and Sewer System Revenue Bonds,
Series A, 5.375% due 10/01/2030 (h) 2,040
1,000 Jacksonville, Florida, Economic Development Commission, Health Care Facilities Revenue
Bonds (Mayo Clinic-Jacksonville), Series A, 5.50% due 11/15/2036 (h) 1,083
750 Jacksonville, Florida, Economic Development Commission, Health Care Facilities Revenue
Bonds (Mayo Clinic-Jacksonville), Series B, 5.50% due 11/15/2036 (h) 812
1,140 Jacksonville, Florida, Economic Development Commission, IDR (Metropolitan Parking
Solutions Project), AMT, 5.50% due 10/01/2030 (l) 1,195
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
DATES Daily Adjustable Tax-Exempt Securities
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, 2006 (concluded) (in Thousands)
Face
Amount Municipal Bonds Value
Florida $ 1,455 Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding and Improvement
(concluded) Bonds, 5.25% due 10/01/2032 (c) $ 1,537
1,025 Jacksonville, Florida, Port Authority, Seaport Revenue Bonds, AMT, 5.625% due
11/01/2010 (h)(i) 1,105
1,225 Jacksonville, Florida, Port Authority, Seaport Revenue Bonds, AMT, 5.625% due
11/01/2026 (h) 1,301
2,000 Lakeland, Florida, Electric and Water Revenue Refunding Bonds, Series A, 5% due
10/01/2028 (h) 2,056
1,000 Lee County, Florida, Airport Revenue Bonds, AMT, Series A, 6% due 10/01/2029 (f) 1,088
2,285 Lee County, Florida, Capital Revenue Bonds, 5.25% due 10/01/2023 (a) 2,475
50 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) 50
100 Lee County, Florida, Hospital Board of Directors, Hospital Revenue Bonds (Memorial
Health System), VRDN, Series A, 3.07% due 4/01/2025 (n) 100
1,000 Leesburg, Florida, Capital Improvement Revenue Bonds, 5.25% due 10/01/2034 (c) 1,067
300 Marco Island, Florida, Utility System Revenue Bonds, 5.25% due 10/01/2021 (h) 324
1,000 Marco Island, Florida, Utility System Revenue Bonds, 5% due 10/01/2033 (h) 1,035
1,000 Martin County, Florida, Utilities System Revenue Bonds, 5.125% due 10/01/2033 (a) 1,044
2,000 Miami Beach, Florida, Water and Sewer Revenue Bonds, 5.75% due 9/01/2025 (a) 2,182
7,500 Miami-Dade County, Florida, Aviation Revenue Bonds, AMT, Series A, 5% due 10/01/2033 (f) 7,610
5,000 Miami-Dade County, Florida, Aviation Revenue Bonds (Miami International Airport),
AMT, Series A, 6% due 10/01/2024 (c) 5,441
5,075 Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International
Airport), AMT, Series A, 5% due 10/01/2038 (m) 5,145
2,000 Miami-Dade County, Florida, Educational Facilities Authority Revenue Bonds (University
of Miami), Series A, 5.75% due 4/01/2029 (a) 2,169
1,000 Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Bonds, Series
B, 5.25% due 7/01/2027 (c) 1,074
2,875 Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Bonds, Series
B, 5% due 7/01/2033 (c) 2,979
3,480 Miami-Dade County, Florida, Health Facilities Authority, Hospital Revenue Refunding
Bonds, DRIVERS, Series 208, 7.91% due 8/15/2017 (a)(k) 4,097
1,655 Miami-Dade County, Florida, IDA, IDR (BAC Funding Corporation Project), Series A,
5.375% due 10/01/2030 (a) 1,774
2,000 Miami-Dade County, Florida, School Board COP, Series A, 5.50% due 10/01/2009 (f)(i) 2,139
1,865 Miami-Dade County, Florida, Solid Waste System Revenue Bonds, 5.25% due 10/01/2030 (h) 2,007
4,375 Miami-Dade County, Florida, Subordinate Special Obligation Revenue Bonds, Series A,
5.186%** due 10/01/2031 (h) 1,184
5,735 Miami-Dade County, Florida, Subordinate Special Obligation Revenue Bonds, Series A,
5.203%** due 10/01/2033 (h) 1,395
4,765 Orange County, Florida, Educational Facilities Authority, Educational Facilities
Revenue Refunding Bonds (Rollins College Project), 5.50% due 12/01/2032 (a) 5,174
600 Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Adventist
Health System), 6.25% due 11/15/2024 665
1,835 Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Orlando
Regional Healthcare), 6% due 12/01/2012 (i) 2,084
1,000 Orange County, Florida, Sales Tax Revenue Refunding Bonds, Series A, 5.125% due
1/01/2023 (c) 1,064
6,500 Orange County, Florida, School Board, COP, Series A, 5.25% due 8/01/2023 (h) 6,867
5,330 Orange County, Florida, Tourist Development, Tax Revenue Bonds, 5.50% due 10/01/2032 (a) 5,743
4,000 Orlando and Orange County, Florida, Expressway Authority Revenue Bonds, Series B, 5%
due 7/01/2030 (a) 4,148
6,815 Orlando and Orange County, Florida, Expressway Authority Revenue Bonds, Series B, 5%
due 7/01/2035 (a) 7,032
1,530 Osceola County, Florida, Infrastructure Sales Surplus Tax Revenue Bonds, 5.25% due
10/01/2025 (a) 1,633
2,000 Osceola County, Florida, School Board, COP, Series A, 5.25% due 6/01/2027 (a) 2,126
1,100 Osceola County, Florida, Tourist Development Tax Revenue Bonds, Series A, 5.50% due
10/01/2027 (c) 1,190
1,000 Palm Bay, Florida, Utility System Improvement Revenue Bonds, Series A, 5% due
10/01/2025 (c) 1,056
1,500 Palm Beach County, Florida, Criminal Justice Facilities Revenue Bonds, 7.20% due
6/01/2015 (c) 1,890
2,000 Palm Beach County, Florida, School Board, COP, Refunding, Series D, 5.25% due
8/01/2021 (f) 2,143
5,000 Palm Beach County, Florida, School Board, COP, Series A, 6% due 8/01/2010 (c)(i) 5,561
1,000 Palm Coast, Florida, Utility System Revenue Bonds, 5% due 10/01/2027 (h) 1,040
1,500 Panama City, Florida, Water and Sewer Revenue Bonds, Series B, 5.25% due 10/01/2022 (h) 1,636
1,000 Peace River/Manasota Regional Water Supply Authority, Florida, Utility System Revenue
Bonds, Series A, 5% due 10/01/2030 (f) 1,046
1,000 Pembroke Pines, Florida, Public Improvement Revenue Bonds, Series A, 5% due
10/01/2034 (a) 1,038
200 Pinellas County, Florida, Health Facilities Authority, Revenue Refunding Bonds
(Pooled Hospital Loan Program), DATES, VRDN, 3.04% due 12/01/2015 (a)(n) 200
1,000 Polk County, Florida, Public Facilities Revenue Bonds, 5% due 12/01/2025 (h) 1,055
1,340 Polk County, Florida, Public Facilities Revenue Bonds, 5% due 12/01/2033 (h) 1,395
1,000 Polk County, Florida, Utility System Revenue Bonds, 5.25% due 10/01/2022 (c) 1,079
1,055 Port St. Lucie, Florida, Utility Revenue Bonds, 5.25% due 9/01/2024 (h) 1,145
1,400 Saint Johns County, Florida, Sales Tax Revenue Bonds, Series A, 5.25% due 10/01/2031 (a) 1,494
1,000 Saint Lucie, Florida, West Services District, Utility Revenue Bonds, 5.25% due
10/01/2034 (h) 1,074
2,000 South Broward, Florida, Hospital District Revenue Bonds, DRIVERS, Series 337, 7.915%
due 5/01/2032 (h)(k) 2,371
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) 1,338
1,800 Tallahassee, Florida, Energy System Revenue Bonds, 5% due 10/01/2035 (h) 1,874
1,000 Tamarac, Florida, Capital Improvement Revenue Bonds, 5% due 10/01/2030 (h) 1,042
190 University of Central Florida, COP (UCF Convocation Center), Series A, 5% due
10/01/2035 (c) 197
2,280 University of Central Florida (UCF) Athletics Association Inc., COP, Series A, 5.25%
due 10/01/2034 (c) 2,417
1,640 Village Center Community Development District, Florida, Recreational Revenue Bonds,
Series A, 5.375% due 11/01/2034 (h) 1,776
1,000 Village Center Community Development District, Florida, Recreational Revenue Bonds,
Series A, 5.125% due 11/01/2036 (h) 1,050
2,585 Village Center Community Development District, Florida, Utility Revenue Bonds, 5.25%
due 10/01/2023 (h) 2,796
4,030 Village Center Community Development District, Florida, Utility Revenue Bonds, 5.125%
due 10/01/2028 (h) 4,238
1,000 Volusia County, Florida, IDA, Student Housing Revenue Bonds (Stetson University
Project), Series A, 5% due 6/01/2025 (m) 1,054
1,000 Volusia County, Florida, IDA, Student Housing Revenue Bonds (Stetson University
Project), Series A, 5% due 6/01/2035 (m) 1,040
1,570 Winter Haven, Florida, Utility System Revenue Refunding and Improvement Bonds, 5%
due 10/01/2035 (h) 1,635
Maryland - 0.9% 1,000 Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Senior Series A, 5.25%
due 9/01/2039 (o) 1,069
Nevada - 2.6% 3,220 Clark County, Nevada, IDR (Southwest Gas Corporation Project), Refunding, AMT, Series
B, 5% due 12/01/2033 (c) 3,263
New Jersey - 1.7% 2,000 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2024 2,084
Puerto Rico - 6.9% 1,970 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series II, 5.375% due
7/01/2019 (h) 2,158
1,000 Puerto Rico Public Buildings Authority, Government Facilities Revenue Refunding Bonds,
Series I, 5% due 7/01/2036 1,014
1,145 Puerto Rico Public Finance Corporation, Commonwealth Appropriation Revenue Bonds,
Series E, 5.70% due 2/01/2010 (i) 1,240
3,550 Puerto Rico Public Finance Corporation, Revenue Refunding Bonds, RIB, Series 522X,
7.49% due 8/01/2022 (h)(k) 4,178
Total Municipal Bonds (Cost - $183,128) - 154.2% 192,479
Shares
Held Short-Term Securities
1 CMA Florida Municipal Money Fund (j) 1
Total Short-Term Securities (Cost - $1) - 0.0% 1
Total Investments (Cost - $183,129*) - 154.2% 192,480
Other Assets Less Liabilities - 3.5% 4,400
Preferred Shares, at Redemption Value - (57.7%) (72,040)
----------
Net Assets Applicable to Common Shares - 100.0% $ 124,840
==========
* The cost and unrealized appreciation (depreciation) of investments as of
January 31, 2006, as computed for federal income tax purposes, were
as follows:
Aggregate cost $ 183,144
==============
Gross unrealized appreciation $ 9,379
Gross unrealized depreciation (43)
--------------
Net unrealized appreciation $ 9,336
==============
** Represents a zero coupon bond; the interest rate shown reflects the effective
yield at the time of purchase.
(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) 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:
Net Dividend
Affiliate Activity Income
CMA Florida Municipal Money Fund 1 $ 3
Merrill Lynch Institutional Tax-Exempt Fund (2,600) -*
* Amount is less than $1,000.
(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) Security may have a maturity of more than one year at time of issuance, but has
variable rate and demand features that qualify it as a short-term security.
The rate disclosed is that currently in effect. This rate changes periodically
based upon prevailing market rates.
(o) XL Capital Insured.
o Forward interest rate swaps outstanding as of January 31, 2006 were as follows:
Notional Unrealized
Amount Depreciation
Pay a fixed rate of 3.969% and receive a
floating rate based on 1-week Bond Market
Association rate
Broker, JPMorgan Chase Bank
Expires February 2016 $ 7,300 $ (112)
Pay a fixed rate of 4.067% and receive a
floating rate based on 1-week Bond Market
Association rate
Broker, JPMorgan Chase Bank
Expires April 2026 $ 4,600 (17)
----------
Total $ (129)
==========
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: March 20, 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/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
MuniYield Florida Insured Fund, Inc.
Date: March 20, 2006
By: /s/ Donald C. Burke
--------------------
Donald C. Burke
Chief Financial Officer
MuniYield Florida Insured Fund, Inc.
Date: March 20, 2006