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 811-07156
Name of Fund: BlackRock MuniYield Florida Insured Fund
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., Chief Executive
Officer (principal executive officer), BlackRock MuniYield Florida
Insured Fund, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing
address: P.O. Box 9011, Princeton, NJ, 08543-9011
Registrant's telephone number, including area code: (800) 882-0052
Date of fiscal year end: 10/31/2007
Date of reporting period: 05/01/2007 - 07/31/2007
Item 1 - Schedule of Investments
BlackRock MuniYield Florida Insured Fund
Schedule of Investments as of July 31, 2007 (Unaudited) (in Thousands)
Face
Amount Municipal Bonds Value
District of $ 1,000 Metropolitan Washington Airports Authority, D.C., Airport System Revenue
Columbia - 0.8% Bonds, AMT, Series A, 5.25% due 10/01/2032 (c) $ 1,028
Florida - 139.2% 1,300 Alachua County, Florida, School Board, COP, 5.25% due 7/01/2029 (a) 1,361
1,430 Bay County, Florida, Sales Tax Revenue Bonds, 5% due 9/01/2027 (a) 1,489
700 Boynton Beach, Florida, Utility System Revenue Refunding Bonds, 6.25%
due 11/01/2020 (b)(c) 809
1,720 Broward County, Florida, Educational Facilities Authority Revenue Bonds (Nova
Southeastern University), 5% due 4/01/2031 (p) 1,770
1,545 Cape Coral, Florida, Special Obligation Revenue Bonds, 5% due 10/01/2033 (h) 1,598
1,300 Collier County, Florida, School Board, COP, 5% due 2/15/2027 (f) 1,350
1,000 Daytona Beach, Florida, Utility System Revenue Refunding Bonds, Series B,
5% due 11/15/2027 (c) 1,028
1,000 Deltona, Florida, Transportation Capital Improvement Revenue Bonds, 5.125% due
10/01/2026 (h) 1,050
1,000 Emerald Coast, Florida, Utilities Authority, System Revenue Bonds, 5.25% due
1/01/2036 (c) 1,056
1,000 Flagler County, Florida, Capital Improvement Revenue Bonds, 5% due 10/01/2035 (h) 1,031
1,035 Florida HFA, Housing Revenue Bonds (Brittany Rosemont Apartments), AMT, Series C-1,
6.75% due 8/01/2014 (a) 1,036
1,200 Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, AMT,
Series 3, 5.15% due 7/01/2038 (d)(e) 1,205
1,565 Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, AMT,
Series 11, 5.95% due 1/01/2032 (f) 1,595
365 Florida Housing Finance Corporation, Homeowner Mortgage Revenue Refunding Bonds,
AMT, Series 4, 6.25% due 7/01/2022 (f) 377
1,000 Florida State Board of Education, Capital Outlay, GO, Public Education, Series B,
5% due 6/01/2031 (c) 1,028
6,190 Florida State Board of Education, Lottery Revenue Bonds, Series A, 6% due
7/01/2010 (c)(i) 6,618
1,150 Florida State Department of Transportation, GO, 5% due 7/01/2025 (h) 1,189
1,000 Florida State Governmental Utility Authority, Utility Revenue Bonds (Lehigh
Utility System), 5.125% due 10/01/2033 (a) 1,033
1,860 Florida State Turnpike Authority, Turnpike Revenue Bonds (Department of
Transportation), Series B, 5% due 7/01/2030 1,891
3,000 Hernando County, Florida, School Board, COP, 5% due 7/01/2035 (h) 3,080
Portfolio Abbreviations
To simplify the listings of BlackRock 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
EDA Economic Development Authority
GO General Obligation Bonds
HFA Housing Finance Agency
IDA Industrial Development Authority
IDR Industrial Development Revenue Bonds
S/F Single-Family
BlackRock MuniYield Florida Insured Fund
Schedule of Investments as of July 31, 2007 (Unaudited) (concluded) (in Thousands)
Face
Amount Municipal Bonds Value
Florida $ 1,250 Highlands County, Florida, Health Facilities Authority, Hospital Revenue
(concluded) Bonds (Adventist Health System), Series C, 5.25% due 11/15/2036 $ 1,264
1,340 Hillsborough County, Florida, HFA, S/F Mortgage Revenue Bonds, AMT, Series 1,
5.375% due 10/01/2049 (d)(e) 1,412
6,000 Hillsborough County, Florida, School Board, COP, 5.375% due 7/01/2009 (h)(i) 6,178
1,000 Hillsborough County, Florida, School Board, COP, 5% due 7/01/2029 (h) 1,021
1,000 Jacksonville, Florida, Economic Development Commission, Health Care Facilities
Revenue Bonds (Mayo Clinic-Jacksonville), Series A, 5.50% due 11/15/2036 (h) 1,059
750 Jacksonville, Florida, Economic Development Commission, Health Care Facilities
Revenue Bonds (Mayo Clinic-Jacksonville), Series B, 5.50% due 11/15/2036 (h) 794
1,140 Jacksonville, Florida, Economic Development Commission, IDR (Metropolitan Parking
Solutions Project), AMT, 5.50% due 10/01/2030 (l) 1,187
1,000 Jacksonville, Florida, Economic Development Commission, Revenue Refunding Bonds
(Anheuser Busch Company Project), AMT, Series B, 4.75% due 3/01/2047 929
1,455 Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding and Improvement
Bonds, 5.25% due 10/01/2032 (c) 1,519
2,875 Jacksonville, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Baptist Medical Center Project), 5% due 8/15/2037 (f) 2,957
1,225 Jacksonville, Florida, Port Authority, Seaport Revenue Bonds, AMT, 5.625% due
11/01/2026 (h) 1,275
2,280 Jacksonville, Florida, Sales Tax Revenue Bonds, 5% due 10/01/2027 (h) 2,347
2,000 Lakeland, Florida, Electric and Water Revenue Refunding Bonds, Series A, 5% due
10/01/2028 (h) 2,039
1,000 Lee County, Florida, Airport Revenue Bonds, AMT, Series A, 6% due 10/01/2029 (f) 1,060
2,285 Lee County, Florida, Capital Revenue Bonds, 5.25% due 10/01/2023 (a) 2,423
700 Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series A, 5% due
4/01/2032 698
2,000 Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series A, 5% due
4/01/2032 (a) 2,066
1,000 Leesburg, Florida, Capital Improvement Revenue Bonds, 5.25% due 10/01/2034 (c) 1,052
1,000 Marco Island, Florida, Utility System Revenue Bonds, 5% due 10/01/2033 (h) 1,028
1,000 Martin County, Florida, Utilities System Revenue Bonds, 5.125% due 10/01/2033 (a) 1,033
2,000 Miami Beach, Florida, Water and Sewer Revenue Bonds, 5.75% due 9/01/2025 (a) 2,116
6,300 Miami-Dade County, Florida, Aviation Revenue Bonds, AMT, Series A, 5% due
10/01/2033 (f) 6,368
5,000 Miami-Dade County, Florida, Aviation Revenue Bonds (Miami International Airport),
AMT, Series A, 6% due 10/01/2024 (c) 5,305
1,160 Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International
Airport), AMT, Series A, 5% due 10/01/2040 (o) 1,176
2,000 Miami-Dade County, Florida, Educational Facilities Authority Revenue Bonds
(University of Miami), Series A, 5.75% due 4/01/2010 (a)(i) 2,116
1,000 Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Bonds,
Series B, 5.25% due 7/01/2027 (c) 1,055
3,875 Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Bonds,
Series B, 5% due 7/01/2033 (c) 3,984
1,200 Miami-Dade County, Florida, HFA, Home Ownership Mortgage Revenue Bonds, AMT,
Series A, 5.55% due 10/01/2049 (d)(e) 1,255
1,655 Miami-Dade County, Florida, IDA, IDR (BAC Funding Corporation Project), Series A,
5.375% due 10/01/2030 (a) 1,740
2,000 Miami-Dade County, Florida, School Board, COP, Series A, 5.50% due
10/01/2009 (f)(i) 2,072
1,865 Miami-Dade County, Florida, Solid Waste System Revenue Bonds, 5.25% due
10/01/2030 (h) 1,974
4,375 Miami-Dade County, Florida, Subordinate Special Obligation Revenue Bonds,
Series A, 5.186% due 10/01/2031 (h)(k) 1,291
5,735 Miami-Dade County, Florida, Subordinate Special Obligation Revenue Bonds,
Series A, 5.203% due 10/01/2033 (h)(k) 1,516
4,765 Orange County, Florida, Educational Facilities Authority, Educational Facilities
Revenue Refunding Bonds (Rollins College Project), 5.50% due 12/01/2032 (a) 5,087
1,835 Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Orlando Regional Healthcare), 6% due 12/01/2012 (i) 2,016
1,000 Orange County, Florida, Sales Tax Revenue Refunding Bonds, Series A, 5.125% due
1/01/2023 (c) 1,040
6,500 Orange County, Florida, School Board, COP, Series A, 5.25% due 8/01/2009 (h)(i) 6,746
1,000 Orange County, Florida, School Board, COP, Series A, 5% due 8/01/2032 (c) 1,032
4,000 Orlando and Orange County, Florida, Expressway Authority Revenue Bonds, Series B,
5% due 7/01/2030 (a) 4,116
6,815 Orlando and Orange County, Florida, Expressway Authority Revenue Bonds, Series B,
5% due 7/01/2035 (a) 6,993
1,100 Osceola County, Florida, Tourist Development Tax Revenue Bonds, Series A, 5.50%
due 10/01/2027 (c) 1,164
1,500 Palm Beach County, Florida, Criminal Justice Facilities Revenue Bonds, 7.20%
due 6/01/2015 (c) 1,814
2,000 Palm Beach County, Florida, School Board, COP, Refunding, Series D, 5.25% due
8/01/2021 (f) 2,097
5,000 Palm Beach County, Florida, School Board, COP, Series A, 6% due 8/01/2010 (c)(i) 5,353
2,470 Palm Beach County, Florida, School Board, COP, Series A, 5% due 8/01/2029 (c) 2,531
1,300 Palm Beach County, Florida, School Board, COP, Series A, 5% due 8/01/2031 (f) 1,339
1,000 Palm Coast, Florida, Utility System Revenue Bonds, 5% due 10/01/2027 (h) 1,028
1,500 Panama City, Florida, Water and Sewer Revenue Bonds, Series B, 5.25% due
10/01/2022 (h) 1,595
1,000 Pembroke Pines, Florida, Public Improvement Revenue Bonds, Series A, 5% due
10/01/2034 (a) 1,030
1,340 Polk County, Florida, Public Facilities Revenue Bonds, 5% due 12/01/2033 (h) 1,381
1,000 Polk County, Florida, Utility System Revenue Bonds, 5.25% due 10/01/2022 (c) 1,056
1,055 Port St. Lucie, Florida, Utility Revenue Bonds, 5.25% due 9/01/2024 (h) 1,122
2,190 Port St. Lucie, Florida, Utility System Revenue Refunding Bonds, Series A, 5%
due 9/01/2029 (h) 2,271
1,000 Saint Johns County, Florida, Ponte Vedra Utility System Revenue Bonds, 5% due
10/01/2035 (f) 1,031
1,400 Saint Johns County, Florida, Sales Tax Revenue Bonds, Series A, 5.25% due
10/01/2031 (a) 1,471
1,000 Saint Lucie, Florida, West Services District, Utility Revenue Bonds, 5.25% due
10/01/2034 (h) 1,056
1,430 South Florida Water Management District, COP, 5% due 10/01/2036 (a) 1,469
1,000 South Lake County, Florida, Hospital District Revenue Bonds (South Lake Hospital
Inc.), 5.80% due 10/01/2034 1,028
2,280 University of Central Florida (UCF) Athletics Association Inc., COP, Series A,
5.25% due 10/01/2034 (c) 2,384
1,500 University of North Florida, Capital Improvement Revenue Bonds (Housing Project),
5% due 11/01/2032 (c) 1,555
1,640 Village Center Community Development District, Florida, Recreational Revenue
Bonds, Series A, 5.375% due 11/01/2034 (h) 1,749
1,000 Village Center Community Development District, Florida, Recreational Revenue
Bonds, Series A, 5.125% due 11/01/2036 (h) 1,039
2,585 Village Center Community Development District, Florida, Utility Revenue Bonds,
5.25% due 10/01/2023 (h) 2,739
4,030 Village Center Community Development District, Florida, Utility Revenue Bonds,
5.125% due 10/01/2028 (h) 4,178
1,000 Volusia County, Florida, IDA, Student Housing Revenue Bonds (Stetson University
Project), Series A, 5% due 6/01/2025 (m) 1,040
1,000 Volusia County, Florida, IDA, Student Housing Revenue Bonds (Stetson University
Project), Series A, 5% due 6/01/2035 (m) 1,032
New Jersey - 1.7% 2,000 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2024 2,077
Puerto Rico - 4.4% 1,970 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series II, 5.375% due
7/01/2012 (h)(i) 2,129
1,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series TT, 5% due
7/01/2037 1,026
1,000 Puerto Rico Public Buildings Authority, Government Facilities Revenue Refunding
Bonds, Series I, 5% due 7/01/2036 1,017
1,145 Puerto Rico Public Finance Corporation, Commonwealth Appropriation Revenue Bonds,
Series E, 5.70% due 2/01/2010 (i) 1,197
Total Municipal Bonds (Cost - $172,687) - 146.1% 177,959
Municipal Bonds Held in Trust (g)
Florida - 14.2% 3,300 Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami
International Airport), AMT, Series A, 5% due 10/01/2040 (o) 3,346
6,960 Miami-Dade County, Florida, Health Facilities Authority, Hospital Revenue
Refunding Bonds (Miami Children's Hospital), Series A, 5.625% due 8/15/2018 (a) 7,476
2,000 Santa Rosa County, Florida, School Board, COP, Revenue Refunding Bonds,
Series 2, 5.25% due 2/01/2026 (c) 2,113
4,000 South Broward, Florida, Hospital District, Hospital Revenue Bonds, 5.625% due
5/01/2032 (h) 4,333
Puerto Rico - 6.2% 7,100 Puerto Rico Public Finance Corporation, Commonwealth Appropriation Revenue Bonds,
Series A, 5.375% due 8/01/2011 (h)(i) 7,511
Total Municipal Bonds Held in Trust (Cost - $24,093) - 20.4% 24,779
Shares
Held Short-Term Securities
1,717 CMA Florida Municipal Money Fund, 3.03% (j)(n) 1,717
Total Short-Term Securities (Cost - $1,717) - 1.4% 1,717
Total Investments (Cost - $198,497*) - 167.9% 204,455
Other Assets Less Liabilities - 1.0% 1,258
Liability for Trust Certificates, Including Interest Expense Payable - (9.7%) (11,853)
Preferred Shares, at Redemption Value - (59.2%) (72,054)
-----------
Net Assets Applicable to Common Shares - 100.0% $ 121,806
===========
* The cost and unrealized appreciation (depreciation) of investments
as of July 31, 2007, as computed for federal income tax purposes,
were as follows:
Aggregate cost $ 187,118
=============
Gross unrealized appreciation $ 5,993
Gross unrealized depreciation (336)
-------------
Net unrealized appreciation $ 5,657
=============
(a) AMBAC Insured.
(b) Escrowed to maturity.
(c) FGIC Insured.
(d) FHLMC Collateralized.
(e) FNMA/GNMA Collateralized.
(f) FSA Insured.
(g) Securities represent underlying bonds transferred to a separate
securitization trust established in a tender option bond transaction
in which the Fund may have acquired the residual interest certificates.
These securities serve as collateral in a financing transaction.
(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 (3,333) $74
(k) Represents a zero coupon bond; the interest rate shown reflects
the effective yield at the time of purchase.
(l) ACA Insured.
(m) CIFG Insured.
(n) Represents the current yield as of July 31, 2007.
(o) XL Capital Insured.
(p) Assured Guaranty Insured.
o Forward interest rate swaps outstanding as of July 31, 2007
were as follows:
Notional Unrealized
Amount Appreciation
Pay a fixed rate of 3.834% and receive
a floating rate based on 1-Week Bond
Market Association Rate
Broker, JPMorgan Chase
Expires August 2017 $ 5,500 $ 29
Item 2 - Controls and Procedures
2(a) - The registrant's principal executive and principal financial
officers or persons performing similar functions have concluded that
the registrant's disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940, as amended
(the "1940 Act")) are effective as of a date within 90 days of the
filing of this report based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act and Rule
13a-15(b) under the Securities and Exchange Act of 1934, as amended.
2(b) - There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the registrant's last
fiscal quarter that have materially affected, or are 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.
BlackRock MuniYield Florida Insured Fund
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.,
Chief Executive Officer (principal executive officer) of
BlackRock MuniYield Florida Insured Fund
Date: September 20, 2007
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 (principal executive officer) of
BlackRock MuniYield Florida Insured Fund
Date: September 20, 2007
By: /s/ Donald C. Burke
--------------------
Donald C. Burke,
Chief Financial Officer (principal financial officer) of
BlackRock MuniYield Florida Insured Fund
Date: September 20, 2007