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: Terry K. Glenn, 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: 10/31/04
Date of reporting period: 05/01/04 - 07/31/04
Item 1 - Schedule of Investments
MuniYield Florida Insured Fund
Schedule of Investments as of July 31, 2004 (in Thousands)
S&P Moody's Face
Ratings Ratings Amount Municipal Bonds Value
Florida - 129.4%
NR* Aaa $1,300 Alachua County, Florida, School Board, COP, 5.25% due 7/01/2029(a) $ 1,341
AA NR* 1,665 Beacon Tradeport Community Development District, Florida, Special Assessment
Revenue Refunding Bonds (Commercial Project), Series A, 5.625% due
5/01/2032 (k) 1,732
AAA Aaa 700 Boynton Beach, Florida, Utility System Revenue Refunding Bonds, 6.25% due
11/01/2020(c)(h) 822
AAA Aaa 3,000 Brevard County, Florida, IDR (NUI Corporation Project), AMT, 6.40% due
10/01/2024(a) 3,081
AAA Aaa 5,000 Dade County, Florida, Aviation Revenue Bonds, AMT, Series B, 5.75% due
10/01/2012(b) 5,299
NR* Aaa 1,000 Daytona Beach, Florida, Utility System Revenue Refunding Bonds, Series B, 5%
due 11/15/2027(c) 1,008
AAA Aaa 1,000 Deltona, Florida, Utility System Revenue Bonds, 5.125% due 10/01/2027(b) 1,020
NR* Aaa 25 Duval County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT,
6.20% due 4/01/2020(b)(d)(e) 25
AAA Aaa 2,275 Escambia County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT,
7% due 4/01/2028(d)(e) 2,339
NR* Aaa 4,585 Escambia County, Florida, Health Facilities Authority, Health Facility Revenue
Bonds (Florida Health Care Facility Loan), 5.95% due 7/01/2020(a) 4,745
AAA Aaa 1,000 Escambia County, Florida, Health Facilities Authority, Revenue Refunding Bonds
(Ascension Health Credit), Series A-1, 5.75% due 11/15/2009(a)(l) 1,135
AAA Aaa 2,110 First Florida Governmental Financing Commission Revenue Bonds, 5.70% due
7/01/2017(b) 2,299
AAA Aaa 1,000 Fishhawk Community Development District, Florida, Special Assessment Revenue
Refunding Bonds, 5.25% due 5/01/2018(b) 1,084
AAA Aaa 1,150 Florida HFA, Housing Revenue Bonds (Brittany Rosemont Apartments), AMT,
Series C-1, 6.75% due 8/01/2014(a) 1,182
AAA Aaa 785 Florida Housing Finance Corporation, Homeowner Mortgage Revenue Refunding
Bonds, AMT, Series 4, 6.25% due 7/01/2022(f) 808
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
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, 2004 (concluded) (in Thousands)
S&P Moody's Face
Ratings Ratings Amount Municipal Bonds Value
Florida (concluded)
AA Aaa $1,650 Florida State Board of Education, Capital Outlay, GO (Public Education),
Series B, 5.875% due 6/01/2005(l) $ 1,726
AAA Aaa 6,190 Florida State Board of Education, Lottery Revenue Bonds, Series A, 6% due
7/01/2015(c) 7,044
AAA Aaa 1,000 Florida State Governmental Utility Authority, Utility Revenue Bonds (Lehigh
Utility System), 5.125% due 10/01/2033(a) 1,014
AA- Aa3 1,860 Florida State Turnpike Authority, Turnpike Revenue Bonds (Department of
Transportation), Series B, 5% due 7/01/2030 1,862
A A3 3,700 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), Series A, 6% due 11/15/2031 3,894
NR* Baa1 895 Hillsborough County, Florida, IDA, Hospital Revenue Refunding Bonds (Tampa
General Hospital Project), Series A, 5.25% due 10/01/2024 870
NR* Aaa 6,000 Hillsborough County, Florida, School Board, COP, 5.375% due 7/01/2026(b) 6,181
AAA Aaa 2,615 Hillsborough County, Florida, School District, Sales Tax Revenue Refunding
Bonds, 5.375% due 10/01/2020(a) 2,810
Jacksonville Electric Authority, Florida, Water and Sewer System Revenue
Bonds(b):
AAA Aaa 2,000 Series A, 5.375% due 10/01/2030 2,028
AAA Aaa 2,610 Series C, 5.25% due 10/01/2037 2,628
Jacksonville, Florida, Economic Development Commission, Health Care Facilities
Revenue Bonds (Mayo Clinic-Jacksonville) (b):
AAA Aaa 1,000 Series A, 5.50% due 11/15/2036 1,044
AAA Aaa 750 Series B, 5.50% due 11/15/2036 786
AAA Aaa 1,455 Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding and
Improvement Bonds, 5.25% due 10/01/2032(c) 1,491
Jacksonville, Florida, Port Authority, Seaport Revenue Bonds, AMT(b):
NR* Aaa 1,025 5.625% due 11/01/2010(l) 1,142
NR* Aaa 1,225 5.625% due 11/01/2026 1,268
AAA Aaa 2,000 Lakeland, Florida, Electric and Water Revenue Refunding Bonds, Series A, 5%
due 10/01/2028(b) 2,008
AAA Aaa 1,000 Lee County, Florida, Airport Revenue Bonds, AMT, Series A, 6% due 10/01/2029(f) 1,083
Lee County, Florida, Capital Revenue Bonds(a):
AAA Aaa 1,285 5.25% due 10/01/2023 1,357
AAA Aaa 1,355 5.25% due 10/01/2024 1,423
AAA NR* 395 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) 405
AAA Aaa 1,000 Leesburg, Florida, Capital Improvement Revenue Bonds, 5.25% due 10/01/2034(c) 1,029
AAA Aaa 500 Marco Island, Florida, Utility System Revenue Bonds, 5.25% due 10/01/2021(b) 533
NR* Aaa 1,000 Martin County, Florida, Utilities System Revenue Bonds, 5.125% due
10/01/2033(a) 1,014
AAA Aaa 2,000 Miami Beach, Florida, Water and Sewer Revenue Bonds, 5.75% due 9/01/2025(a) 2,172
AAA Aaa 5,000 Miami-Dade County, Florida, Aviation Revenue Bonds (Miami International
Airport), AMT, Series A, 6% due 10/01/2024(c) 5,509
AAA Aaa 2,000 Miami-Dade County, Florida, Educational Facilities Authority Revenue Bonds
(University of Miami), Series A, 5.75% due 4/01/2029(a) 2,149
AAA Aaa 1,000 Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Bonds,
Series B, 5.25% due 7/01/2027(c) 1,036
AAA NR* 3,480 Miami-Dade County, Florida, Health Facilities Authority, Hospital Revenue
Refunding Bonds, DRIVERS, Series 208, 9.87% due 8/15/2017(a)(j) 4,082
AAA Aaa 1,115 Miami-Dade County, Florida, IDA, IDR (BAC Funding Corporation Project),
Series A, 5.375% due 10/01/2030(a) 1,161
AAA Aaa 2,000 Miami-Dade County, Florida, School Board COP, Series A, 5.50% due
10/01/2009(f)(l) 2,232
AAA Aaa 1,000 Ocoee, Florida, Water and Sewer System, Revenue Refunding and Improvement
Bonds, 5.125% due 10/01/2033(a) 1,014
NR* Aaa 4,765 Orange County, Florida, Educational Facilities Authority, Educational Facilities
Revenue Refunding Bonds (Rollins College Project), 5.50% due 12/01/2032(a) 5,050
Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds:
A A3 600 (Adventist Health System), 6.25% due 11/15/2024 642
A A2 1,835 (Orlando Regional Healthcare), 6% due 12/01/2029 1,917
Orange County, Florida, Sales Tax Revenue Refunding Bonds(c):
AAA Aaa 1,000 Series A, 5.125% due 1/01/2023 1,037
AAA Aaa 2,000 Series B, 5% due 1/01/2025 2,030
NR* Aaa 6,500 Orange County, Florida, School Board, COP, Series A, 5.25% due 8/01/2023(b) 6,779
AAA Aaa 5,330 Orange County, Florida, Tourist Development, Tax Revenue Bonds, 5.50% due
10/01/2032(a) 5,603
Orlando and Orange County, Florida, Expressway Authority Revenue Bonds,
Series B(a):
AAA Aaa 1,000 5% due 7/01/2030 1,003
AAA Aaa 5,015 5% due 7/01/2035 5,011
NR* Aaa 1,530 Osceola County, Florida, Infrastructure Sales Surplus Tax Revenue Bonds,
5.25% due 10/01/2025(a) 1,585
NR* Aaa 2,000 Osceola County, Florida, School Board, COP, Series A, 5.25% due 6/01/2027(a) 2,063
AAA Aaa 1,100 Osceola County, Florida, Tourist Development Tax Revenue Bonds, Series A,
5.50% due 10/01/2027(c) 1,165
AAA Aaa 1,500 Palm Beach County, Florida, Criminal Justice Facilities Revenue Bonds, 7.20%
due 6/01/2015(c) 1,902
AAA Aaa 2,000 Palm Beach County, Florida, School Board, COP, Refunding, Series D, 5.25% due
8/01/2021(f) 2,118
Palm Beach County, Florida, School Board, COP, Series A:
AAA Aaa 5,000 6% due 8/01/2010(c)(l) 5,789
AAA Aaa 1,500 5.50% due 8/01/2022(a) 1,614
AAA Aaa 1,000 Pasco County, Florida, Sales Tax Revenue Bonds (Half-Cent), 5% due
12/01/2033(a) 1,001
NR* Aaa 1,000 Pembroke Pines, Florida, Public Improvement Revenue Bonds, Series A, 5% due
10/01/2034(a) 1,002
NR* Aaa 1,000 Polk County, Florida, Utility System Revenue Bonds, 5.25% due 10/01/2022(c) 1,060
NR* Aaa 1,055 Port St. Lucie, Florida, Utility Revenue Bonds, 5.25% due 9/01/2024(b) 1,109
AAA Aaa 1,000 Saint Lucie, Florida, West Services District, Utility Revenue Bonds, 5.25%
due 10/01/2034(b) 1,032
AAA Aaa 4,920 Sarasota County, Florida, Utility System Revenue Bonds, 6.50% due
10/01/2004(c)(l) 5,061
AAA NR* 2,000 South Broward, Florida, Hospital District Revenue Bonds, DRIVERS, Series 337,
9.843% due 5/01/2032(b)(j) 2,265
A A2 1,000 South Lake County, Florida, Hospital District Revenue Bonds (South Lake
Hospital Inc.), 5.80% due 10/01/2034 1,013
AAA Aaa 1,240 Stuart, Florida, Public Utilities Revenue Refunding and Improvement Bonds,
5.25% due 10/01/2024(c) 1,299
Village Center Community Development District, Florida, Recreational Revenue
Bonds, Series A(b):
AAA Aaa 1,640 5.375% due 11/01/2034 1,715
AAA Aaa 1,000 5.125% due 11/01/2036 1,009
Village Center Community Development District, Florida, Utility Revenue
Bonds(b):
AAA Aaa 2,585 5.25% due 10/01/2023 2,716
AAA Aaa 4,000 5.125% due 10/01/2028 4,061
New Jersey - 0.5%
BBB Baa3 735 Tobacco Settlement Financing Corporation of New Jersey Revenue Bonds, 7%
due 6/01/2041 680
Puerto Rico - 15.4%
BBB Baa3 1,095 Children's Trust Fund Project of Puerto Rico, Tobacco Settlement Revenue
Refunding Bonds, 5.375% due 5/15/2033 955
AAA NR* 7,500 Puerto Rico Commonwealth, GO, Refunding, DRIVERS, Series 232, 9.657% due
7/01/2017(g)(j) 9,493
AAA Aaa 1,970 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series II, 5.375%
due 7/01/2019(b) 2,153
A- Baa1 1,000 Puerto Rico Public Buildings Authority, Government Facilities Revenue Refunding
Bonds, Series I, 5% due 7/01/2036 974
BBB+ Baa2 1,145 Puerto Rico Public Finance Corporation Revenue Bonds, Commonwealth
Appropriation, Series E, 5.70% due 8/01/2025(l) 1,292
NR* Aaa 3,550 Puerto Rico Public Finance Corporation, Revenue Refunding Bonds, RIB,
Series 522X, 9.44% due 2/01/2010(b)(j)(l) 4,413
Total Municipal Bonds (Cost - $172,815) - 145.3% 181,526
Shares
Held Short-Term Securities
3,219 Merrill Lynch Institutional Tax-Exempt Fund (m) 3,219
Total Short-Term Securities (Cost - $3,219) - 2.6% 3,219
Total Investments (Cost - $176,034**) - 147.9% 184,745
Other Assets Less Liabilities - 0.1% 176
Preferred Shares, at Redemption Value - (48.0%) (60,011)
----------
Net Assets Applicable to Common Shares - 100.0% $ 124,910
==========
(a) AMBAC Insured.
(b) MBIA Insured.
(c) FGIC Insured.
(d) GNMA Collateralized.
(e) FNMA Collateralized.
(f) FSA Insured.
(g) XL Capital Insured.
(h) Escrowed to maturity.
(i) FHLMC Collateralized.
(j) The interest rate is subject to change periodically and
inversely based upon prevailing market rates. The interest rate
shown is the rate in effect at July 31, 2004.
(k) Radian Insured.
(l) Prerefunded.
(m) 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 (2,500) $ 24
* Not Rated.
** The cost and unrealized appreciation/depreciation of investments
as of July 31, 2004, as computed for federal income tax purposes,
were as follows:
(in Thousands)
Aggregate cost $ 176,111
==============
Gross unrealized appreciation $ 8,978
Gross unrealized depreciation (344)
--------------
Net unrealized appreciation $ 8,634
==============
Forward interest rate swaps outstanding as of July 31, 2004 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
of 4.153%
Broker, J.P. Morgan Chase Bank
Expires August 2014 $ 7,300 $ (247)
Receive a variable rate equal to 7-Day
Bond Market Association Municipal Swap
Index Rate and pay a fixed rate
of 4.342%
Broker, J.P. Morgan Chase Bank
Expires October 2024 $10,000 (44)
Receive a variable rate equal to 7-Day
Bond Market Association Municipal Swap
Index Rate and pay a fixed rate
of 3.836%
Broker, J.P. Morgan Chase Bank
Expires October 2014 $ 7,300 (26)
--------
Total $ (317)
========
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/ Terry K. Glenn________
Terry K. Glenn,
President of
MuniYield Florida Insured Fund, Inc.
Date: September 17, 2004
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/ Terry K. Glenn________
Terry K. Glenn,
President of
MuniYield Florida Insured Fund, Inc.
Date: September 17, 2004
By: _/s/ Donald C. Burke________
Donald C. Burke,
Chief Financial Officer of
MuniYield Florida Insured Fund, Inc.
Date: September 17, 2004