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 811-6502
Name of Fund: MuniYield Florida 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 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 Fund
Schedule of Investments as of July 31, 2004 (in Thousands)
S&P Moody's Face
Ratings Ratings Amount Municipal Bonds Value
Florida - 127.3%
NR* Aaa $ 2,100 Alachua County, Florida, School Board, COP, 5.25% due 7/01/2029(a) $ 2,165
AA NR* 2,000 Beacon Tradeport Community Development District, Florida, Special Assessment
Revenue Refunding Bonds (Commercial Project), Series A, 5.625% due
5/01/2032(g) 2,081
AAA Aaa 7,650 Brevard County, Florida, IDR (NUI Corporation Project), AMT, 6.40% due
10/01/2024(a) 7,856
AAA Aaa 2,870 Broward County, Florida, Airport System Revenue Bonds, AMT, Series I, 5.75%
due 10/01/2018(a) 3,135
BBB Aaa 1,000 Broward County, Florida, Educational Facilities Authority Revenue Bonds (Nova
Southeastern University), Series B, 5.625% due 4/01/2034 1,007
Citrus County, Florida, Hospital Board Revenue Refunding Bonds (Citrus
Memorial Hospital):
NR* Baa3 2,460 6.25% due 8/15/2023 2,523
NR* Baa3 2,850 6.375% due 8/15/2032 2,910
BBB NR* 3,160 Collier County, Florida, IDA, IDR, Refunding (Southern States Utilities), AMT,
6.50% due 10/01/2025 3,274
Duval County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT(d)(i):
NR* Aaa 60 6.20% due 4/01/2020(b) 60
NR* Aaa 2,745 5.40% due 10/01/2021 2,827
AAA Aaa 2,530 Escambia County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT,
7% due 4/01/2028(d)(i) 2,601
NR* Aaa 7,170 Escambia County, Florida, Health Facilities Authority, Health Facility Revenue
Bonds (Florida Health Care Facility Loan), 5.95% due 7/01/2020(a) 7,421
BBB Baa2 8,295 Escambia County, Florida, PCR (Champion International Corporation Project),
AMT, 6.90% due 8/01/2022 8,484
AAA Aaa 815 Florida Housing Finance Corporation, Homeowner Mortgage Revenue Refunding
Bonds, AMT, Series 4, 6.25% due 7/01/2022(e) 839
Portfolio Abbreviations
To simplify the listings of MuniYield Florida 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
PCR Pollution Control Revenue Bonds
S/F Single-Family
MuniYield Florida 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)
AAA Aaa $ 4,250 Florida Municipal Loan Council Revenue Bonds, Series B, 5.375% due
11/01/2030(b) $ 4,408
AA+ Aa2 1,220 Florida State Board of Education, Capital Outlay, GO, Series A, 6% due
1/01/2014 1,385
AAA Aaa 1,000 Florida State Board of Education, Lottery Revenue Bonds, Series A, 6% due
7/01/2014(c) 1,141
AA+ Aa2 5,000 Florida State Board of Education, Public Education, Capital Outlay, GO,
Refunding, Series D, 5.375% due 6/01/2018 5,392
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 Aa2 1,075 Gainesville, Florida, Utilities System Revenue Bonds, Series A, 5.25% due
10/01/2022 1,138
A A3 5,900 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), Series A, 6% due 11/15/2031 6,209
AAA Aaa 5,000 Hillsborough County, Florida, Court Facilities Revenue Bonds, 5.40% due
5/01/2030(a) 5,148
Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds (National
Gypsum), AMT:
NR* NR* 2,500 Series A, 7.125% due 4/01/2030 2,631
NR* NR* 3,750 Series B, 7.125% due 4/01/2030 3,946
A A3 1,000 Hillsborough County, Florida, IDA, Hospital Revenue Bonds (H. Lee Moffitt
Cancer Center Project), Series C, 5.50% due 7/01/2032 999
NR* Baa1 1,725 Hillsborough County, Florida, IDA, Hospital Revenue Refunding Bonds (Tampa
General Hospital Project), Series A, 5.25% due 10/01/2024 1,677
AAA Aaa 4,000 Hillsborough County, Florida, School District, Sales Tax Revenue Refunding
Bonds, 5.375% due 10/01/2020(a) 4,298
AAA Aaa 8,240 Jacksonville Electric Authority, Florida, Electric System Revenue Bonds,
Series 3-A, 5.375% due 10/01/2032(l) 8,451
AAA Aaa 14,800 Jacksonville Electric Authority, Florida, Water and Sewer System Revenue Bonds,
Series C, 5.25% due 10/01/2037(b) 14,899
AAA Aaa 1,000 Jacksonville, Florida, Economic Development Commission, Health Care Facilities
Revenue Bonds (Mayo Clinic-Jacksonville), Series A, 5.50% due 11/15/2036(b) 1,044
AAA Aaa 2,315 Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding and
Improvement Bonds, 5.25% due 10/01/2032(c) 2,372
AAA Aaa 3,500 Lakeland, Florida, Hospital System Revenue Bonds (Lakeland Regional Health
System), Series A, 5.50% due 11/15/2026(b) 3,628
Lee County, Florida, Capital Revenue Bonds(a):
AAA Aaa 2,075 5.25% due 10/01/2023 2,192
AAA Aaa 2,180 5.25% due 10/01/2024 2,289
NR* Aaa 135 Lee County, Florida, HFA, S/F Mortgage Revenue Bonds (Multi-County Program),
AMT, Series A-1, 7.125% due 3/01/2028(d)(i) 138
AAA NR* 280 Leon County, Florida, HFA, S/F Mortgage Revenue Bonds (Multi-County
Program), AMT, Series B, 7.30% due 1/01/2028(d)(j) 284
NR* Aaa 445 Manatee County, Florida, HFA, S/F Mortgage Revenue Bonds, AMT, Sub-Series 2,
7.75% due 5/01/2026(d)(j) 447
NR* Aaa 465 Manatee County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT,
Sub-Series 1, 6.25% due 11/01/2028(d) 470
Martin County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Martin Memorial Medical Center), Series A:
BBB+ NR* 1,350 5.75% due 11/15/2022 1,355
BBB+ NR* 3,480 5.875% due 11/15/2032 3,463
AAA Aaa 3,000 Miami Beach, Florida, Water and Sewer Revenue Bonds, 5.75% due 9/01/2025(a) 3,258
Miami-Dade County, Florida, Aviation Revenue Bonds, AMT, Series A:
AAA Aaa 2,080 5% due 10/01/2033(e) 2,015
AAA Aaa 4,300 (Miami International Airport), 6% due 10/01/2029(c) 4,646
AAA Aaa 1,750 Miami-Dade County, Florida, Educational Facilities Authority Revenue Bonds
(University of Miami), Series A, 5.75% due 4/01/2029(a) 1,880
AAA Aaa 8,000 Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Bonds,
DRIVERS, Series 160, 6.375% due 7/01/2010(c)(f)(k) 10,729
NR* Aaa 765 Miami-Dade County, Florida, HFA, Home Ownership Mortgage Revenue Refunding
Bonds, AMT, Series A-1, 6.30% due 10/01/2020(d)(i) 800
AAA NR* 3,300 Miami-Dade County, Florida, Health Facilities Authority, Hospital Revenue
Refunding Bonds, DRIVERS, Series 208, 9.877% due 8/15/2017(a)(k) 3,871
Miami-Dade County, Florida, School Board COP(e)(f):
AAA Aaa 3,200 Series A, 5.50% due 10/01/2009 3,571
AAA Aaa 1,635 Series C, 5.50% due 10/01/2011 1,844
AAA Aaa 1,000 Ocoee, Florida, Water and Sewer System Revenue Refunding and Improvement
Bonds, 5.125% due 10/01/2033(a) 1,014
Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds:
A A3 1,750 (Adventist Health System), 6.25% due 11/15/2024 1,871
A A2 5,140 (Orlando Regional Healthcare), 6% due 12/01/2028 5,369
NR* Aaa 10,500 Orange County, Florida, School Board, COP, Series A, 5.25% due 8/01/2023(b) 10,951
AAA Aaa 8,615 Orange County, Florida, Tourist Development, Tax Revenue Bonds, 5.50% due
10/01/2032(a) 9,056
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 7,335 5% due 7/01/2035 7,329
AA Aa1 1,000 Orlando, Florida, Utilities Commission, Water and Electric Revenue Refunding
Bonds, Series C, 5.25% due 10/01/2023 1,048
NR* Aaa 1,955 Osceola County, Florida, School Board, COP, Series A, 5.25% due 6/01/2027(a) 2,017
AAA Aaa 1,760 Osceola County, Florida, Tourist Development Tax Revenue Bonds, Series A,
5.50% due 10/01/2027(c) 1,865
AAA Aaa 3,390 Palm Beach County, Florida, Criminal Justice Facilities Revenue Bonds, 7.20%
due 6/01/2015(c) 4,298
NR* Aaa 250 Palm Beach County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT,
Series A, 6.80% due 10/01/2027(d)(i) 255
AAA Aaa 1,260 Palm Beach County, Florida, Public Improvement Revenue Bonds (Convention
Center Project), 5.625% due 11/01/2011(c)(f) 1,433
AAA Aaa 6,000 Palm Beach County, Florida, School Board COP, Series A, 6.25% due
8/01/2010(c)(f) 7,029
AAA Aaa 1,000 Pasco County, Florida, Sales Tax Revenue Bonds (Half-Cent), 5% due
12/01/2033(a) 1,001
Pinellas County, Florida, HFA, S/F Housing Revenue Refunding Bonds
(Multi-County Program), AMT, Series A-1(d)(i):
NR* Aaa 825 6.30% due 9/01/2020 841
NR* Aaa 1,265 6.35% due 9/01/2025 1,290
NR* A1 3,000 Pinellas County, Florida, Health Facilities Authority Revenue Bonds (BayCare
Health System Inc.), 5.75% due 11/15/2029 3,091
AAA Aaa 4,385 Polk County, Florida, School Board COP, Master Lease, Series A, 5.50% due
1/01/2025(e) 4,647
AAA Aaa 1,200 Port Everglades Authority, Florida, Port Revenue Bonds, 7.125% due
11/01/2016(h) 1,479
NR* Aaa 1,215 Port St. Lucie, Florida, Utility Revenue Bonds, 5.25% due 9/01/2025(b) 1,269
AAA NR* 4,250 South Broward, Florida, Hospital District Revenue Bonds, DRIVERS, Series 337,
9.843% due 5/01/2032(b)(k) 4,813
South Lake County, Florida, Hospital District Revenue Bonds (South Lake
Hospital Inc.):
A A2 1,000 5.80% due 10/01/2034 1,013
NR* Baa3 1,150 6.375% due 10/01/2034 1,155
AAA Aaa 5,000 Tampa Bay, Florida, Water Utility System Revenue Bonds, 5.75% due
10/01/2011(c)(f) 5,719
Village Center Community Development District, Florida, Recreational Revenue
Bonds, Series A(b):
AAA Aaa 1,995 5.375% due 11/01/2034 2,087
AAA Aaa 1,000 5.125% due 11/01/2036 1,009
AAA Aaa 5,040 Village Center Community Development District, Florida, Utility Revenue Bonds,
5.125% due 10/01/2028(b) 5,117
AAA Aaa 5,000 Volusia County, Florida, School Board, COP (Master Lease Program), 5.50% due
8/01/2024(e) 5,320
New Jersey - 0.5%
BBB Baa3 1,000 Tobacco Settlement Financing Corporation of New Jersey Revenue Bonds, 7%
due 6/01/2041 925
Puerto Rico - 15.2%
Children's Trust Fund Project of Puerto Rico, Tobacco Settlement Revenue
Refunding Bonds:
BBB Baa3 3,150 5.375% due 5/15/2033 2,746
BBB Baa3 1,450 5.50% due 5/15/2039 1,208
AAA NR* 7,500 Puerto Rico Commonwealth, GO, Refunding, DRIVERS, Series 232, 9.657% due
7/01/2017(k)(l) 9,493
A Baa1 8,000 Puerto Rico Commonwealth, Highway and Transportation Authority,
Transportation Revenue Refunding Bonds, Series D, 5.75% due 7/01/2041 8,444
A- Baa1 2,000 Puerto Rico Public Buildings Authority, Government Facilities Revenue
Refunding Bonds, Series I, 5% due 7/01/2036 1,948
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Revenue
Bonds, Series E:
BBB+ Baa2 1,715 5.70% due 2/01/2010(f) 1,936
BBB+ Baa2 3,170 5.50% due 2/01/2012(f) 3,555
BBB+ Baa2 1,080 5.50% due 8/01/2029 1,129
Total Municipal Bonds (Cost - $273,895) - 143.0% 285,988
Shares
Held Short-Term Securities
5,430 Merrill Lynch Institutional Tax-Exempt Fund** 5,430
Total Short-Term Securities (Cost - $5,430) - 2.7% 5,430
Total Investments (Cost - $279,325***) - 145.7% 291,418
Other Assets Less Liabilities - 1.8% 3,626
Preferred Shares, at Redemption Value - (47.5%) (95,069)
----------
Net Assets Applicable to Common Shares - 100.0% $ 199,975
==========
(a) AMBAC Insured.
(b) MBIA Insured.
(c) FGIC Insured.
(d) GNMA Collateralized.
(e) FSA Insured.
(f) Prerefunded.
(g) Radian Insured.
(h) Escrowed to maturity.
(i) FNMA Collateralized.
(j) FHLMC Collateralized.
(k) 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.
(l) XL Capital Insured.
* Not Rated.
** 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 (7,800) $ 48
*** 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 $ 279,551
==============
Gross unrealized appreciation $ 12,749
Gross unrealized depreciation (882)
--------------
Net unrealized appreciation $ 11,867
==============
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 $ 23,300 $ (788)
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 $ 11,400 $ (41)
--------
Total $ (829)
========
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 Fund, Inc.
By: _/s/ Terry K. Glenn________
Terry K. Glenn,
President of
MuniYield Florida 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 Fund, Inc.
Date: September 17, 2004
By: _/s/ Donald C. Burke________
Donald C. Burke,
Chief Financial Officer of
MuniYield Florida Fund, Inc.
Date: September 17, 2004