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: Robert C. Doll, Jr., Chief Executive
Officer, 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: 10/31/05
Date of reporting period: 05/01/05 - 07/31/05
Item 1 - Schedule of Investments
MuniYield Florida Fund
Schedule of Investments as of July 31, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
District of $ 1,000 Metropolitan Washington, D.C., Airports Authority, Airport System Revenue Bonds,
Columbia - 0.5% AMT, Series A, 5.25% due 10/01/2032 (c) $ 1,046
Florida - 119.4% 2,100 Alachua County, Florida, School Board, COP, 5.25% due 7/01/2029 (a) 2,277
2,000 Beacon Tradeport Community Development District, Florida, Special Assessment
Revenue Refunding Bonds (Commercial Project), Series A, 5.625% due 5/01/2032 (k) 2,174
2,870 Broward County, Florida, Airport System Revenue Bonds, AMT, Series I, 5.75% due
10/01/2018 (a) 3,183
1,000 Broward County, Florida, Educational Facilities Authority Revenue Bonds
(Nova Southeastern University), Series B, 5.625% due 4/01/2034 1,048
Citrus County, Florida, Hospital Board Revenue Refunding Bonds (Citrus Memorial
Hospital):
2,385 6.25% due 8/15/2023 2,613
2,850 6.375% due 8/15/2032 3,123
3,160 Collier County, Florida, IDA, IDR, Refunding (Southern States Utilities),
AMT, 6.50% due 10/01/2025 3,308
2,040 Duval County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT,
5.40% due 10/01/2021 (d)(i) 2,120
1,060 Escambia County, Florida, Health Facilities Authority, Health Facility Revenue Bonds
(Florida Health Care Facility Loan), 5.95% due 7/01/2020 (a) 1,067
635 Florida Housing Finance Corporation, Homeowner Mortgage Revenue Refunding Bonds, AMT,
Series 4, 6.25% due 7/01/2022 (e) 649
Florida Municipal Loan Council Revenue Bonds (b):
1,580 Series A-1, 5.125% due 7/01/2034 1,668
4,250 Series B, 5.375% due 11/01/2030 4,600
1,220 Florida State Board of Education, Capital Outlay, GO, Public Education, Series A,
6% due 1/01/2010 (f) 1,370
1,000 Florida State Board of Education, Lottery Revenue Bonds, Series A, 6% due
7/01/2014 (c) 1,123
1,000 Florida State Governmental Utility Authority, Utility Revenue Bonds (Lehigh Utility
System), 5.125% due 10/01/2033 (a) 1,058
1,000 Fort Pierce, Florida, Redevelopment Agency, Revenue Refunding Bonds, 5% due
5/01/2026 (l) 1,063
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
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
MuniYield Florida Fund
Schedule of Investments as of July 31, 2005 (concluded) (in Thousands)
Face
Amount Municipal Bonds Value
Florida $ 1,075 Gainesville, Florida, Utilities System Revenue Bonds, Series A, 5.25% due
(concluded) 10/01/2022 $ 1,180
5,900 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), Series A, 6% due 11/15/2031 6,411
5,000 Hillsborough County, Florida, Court Facilities Revenue Bonds, 5.40% due
5/01/2030 (a) 5,265
Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds (National Gypsum),
AMT:
2,500 Series A, 7.125% due 4/01/2030 2,803
3,750 Series B, 7.125% due 4/01/2030 4,205
1,000 Hillsborough County, Florida, IDA, Hospital Revenue Bonds (H. Lee Moffitt Cancer
Center Project), Series C, 5.50% due 7/01/2032 1,041
1,500 Hillsborough County, Florida, School Board, COP, 5% due 7/01/2029 (b) 1,576
4,000 Hillsborough County, Florida, School District, Sales Tax Revenue Refunding Bonds,
5.375% due 10/01/2011 (a)(f) 4,425
8,240 Jacksonville Electric Authority, Florida, Electric System Revenue Bonds,
Series 3-A, 5.375% due 10/01/2007 (f)(l) 8,666
12,000 Jacksonville Electric Authority, Florida, Water and Sewer System Revenue Bonds,
Series C, 5.25% due 10/01/2037 (b) 12,267
1,000 Jacksonville, Florida, Economic Development Commission, Health Care Facilities
Revenue Bonds (Mayo Clinic-Jacksonville), Series A, 5.50% due 11/15/2036 (b) 1,104
1,140 Jacksonville, Florida, Economic Development Commission, IDR (Metropolitan Parking
Solutions Project), 5.50% due 10/01/2030 (g) 1,200
1,500 Jacksonville, Florida, Excise Taxes Revenue Bonds, Series B, 5.125% due
10/01/2032 (c) 1,578
2,315 Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding and Improvement
Bonds, 5.25% due 10/01/2032 (c) 2,483
3,500 Lakeland, Florida, Hospital System Revenue Bonds (Lakeland Regional Health System),
Series A, 5.50% due 11/15/2026 (b) 3,781
2,075 Lee County, Florida, Capital Revenue Bonds, 5.25% due 10/01/2023 (a) 2,267
80 Lee County, Florida, HFA, S/F Mortgage Revenue Bonds (Multi-County Program), AMT,
Series A-1, 7.125% due 3/01/2028 (d)(i) 80
1,000 Lee County, Florida, Transportation Facilities Revenue Bonds (Sanibel Bridges and
Causeway), Series B, 5% due 10/01/2035 (m) 1,050
210 Leon County, Florida, HFA, S/F Mortgage Revenue Bonds (Multi-County Program),
AMT, Series B, 7.30% due 1/01/2028 (d)(j) 213
290 Manatee County, Florida, HFA, S/F Mortgage Revenue Bonds, AMT,
Sub-Series 2, 7.75% due 5/01/2026 (d)(j) 293
290 Manatee County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Sub-Series 1,
6.25% due 11/01/2028 (d) 292
Martin County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Martin Memorial Medical Center), Series A:
1,350 5.75% due 11/15/2022 1,459
3,535 5.875% due 11/15/2032 3,818
3,000 Miami Beach, Florida, Water and Sewer Revenue Bonds, 5.75% due 9/01/2025 (a) 3,334
Miami-Dade County, Florida, Aviation Revenue Bonds, AMT, Series A:
4,280 5% due 10/01/2033 (e) 4,404
4,300 (Miami International Airport), 6% due 10/01/2029 (c) 4,767
1,750 Miami-Dade County, Florida, Educational Facilities Authority Revenue Bonds (University
of Miami), Series A, 5.75% due 4/01/2029 (a) 1,932
Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Bonds (c):
8,000 DRIVERS, Series 160, 6.375% due 7/01/2010 (f)(n) 10,284
3,750 Series B, 5% due 7/01/2033 3,937
585 Miami-Dade County, Florida, HFA, Home Ownership Mortgage Revenue Refunding Bonds,
AMT, Series A-1, 6.30% due 10/01/2020 (d)(i) 611
3,300 Miami-Dade County, Florida, Health Facilities Authority, Hospital Revenue Refunding
Bonds, DRIVERS, Series 208, 8.606% due 8/15/2017 (a)(n) 3,964
3,200 Miami-Dade County, Florida, School Board COP, Series A, 5.50% due 10/01/2009 (e)(f) 3,485
2,800 Miami-Dade County, Florida, Solid Waste System Revenue Bonds, 5.25% due 10/01/2030 (b) 3,058
Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds:
1,750 (Adventist Health System), 6.25% due 11/15/2024 1,941
5,140 (Orlando Regional Healthcare), 6% due 12/01/2028 5,600
10,500 Orange County, Florida, School Board, COP, Series A, 5.25% due 8/01/2023 (b) 11,218
8,615 Orange County, Florida, Tourist Development, Tax Revenue Bonds, 5.50% due
10/01/2032 (a) 9,455
Orlando and Orange County, Florida, Expressway Authority Revenue Bonds, Series B (a):
3,000 5% due 7/01/2030 3,148
7,335 5% due 7/01/2035 7,671
1,000 Orlando, Florida, Utilities Commission, Water and Electric Revenue Refunding Bonds,
Series C, 5.25% due 10/01/2023 1,087
1,955 Osceola County, Florida, School Board, COP, Series A, 5.25% due 6/01/2027 (a) 2,104
1,760 Osceola County, Florida, Tourist Development Tax Revenue Bonds, Series A, 5.50% due
10/01/2027 (c) 1,943
3,390 Palm Beach County, Florida, Criminal Justice Facilities Revenue Bonds, 7.20% due
6/01/2015 (c) 4,339
190 Palm Beach County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT,
Series A, 6.80% due 10/01/2027 (d)(i) 194
1,260 Palm Beach County, Florida, Public Improvement Revenue Bonds (Convention Center
Project), 5.625% due 11/01/2011 (c)(f) 1,412
6,000 Palm Beach County, Florida, School Board COP, Series A, 6.25% due 8/01/2010 (c)(f) 6,870
Pinellas County, Florida, HFA, S/F Housing Revenue Refunding Bonds (Multi-County
Program), AMT, Series A-1 (d)(i):
625 6.30% due 9/01/2020 626
960 6.35% due 9/01/2025 962
3,000 Pinellas County, Florida, Health Facilities Authority Revenue Bonds (BayCare Health
System Inc.), 5.75% due 11/15/2029 3,232
4,385 Polk County, Florida, School Board COP, Master Lease, Series A, 5.50% due 1/01/2025 (e) 4,790
1,200 Port Everglades Authority, Florida, Port Revenue Bonds, 7.125% due 11/01/2016 (h) 1,463
1,215 Port St. Lucie, Florida, Utility Revenue Bonds, 5.25% due 9/01/2025 (b) 1,325
Saint Johns County, Florida, Sales Tax Revenue Bonds, GO (a):
1,200 Series A, 5.25% due 10/01/2034 1,300
1,015 Series B, 5.25% due 10/01/2032 1,100
4,250 South Broward, Florida, Hospital District Revenue Bonds, DRIVERS, Series 337,
8.611% due 5/01/2032 (b)(n) 5,090
South Lake County, Florida, Hospital District Revenue Bonds (South Lake Hospital Inc.):
1,000 5.80% due 10/01/2034 1,048
1,150 6.375% due 10/01/2034 1,238
600 Tallahassee, Florida, Consolidated Utility Systems, Revenue Refunding Bonds, 5%
due 10/01/2025 (a) 641
5,000 Tampa Bay, Florida, Water Utility System Revenue Bonds, 5.75% due 10/01/2011 (c)(f) 5,634
University of Central Florida (UCF) Athletics Association Inc., COP, Series A (c):
1,000 5% due 10/01/2030 1,052
3,235 5.25% due 10/01/2034 3,478
Village Center Community Development District, Florida, Recreational Revenue Bonds,
Series A (b):
1,385 5% due 11/01/2032 1,451
1,995 5.375% due 11/01/2034 2,192
1,000 5.125% due 11/01/2036 1,065
5,040 Village Center Community Development District, Florida, Utility Revenue Bonds,
5.125% due 10/01/2028 (b) 5,368
5,000 Volusia County, Florida, School Board, COP (Master Lease Program), 5.50% due
8/01/2024 (e) 5,393
2,400 Winter Haven, Florida, Utility System Revenue Refunding and Improvement Bonds,
5% due 10/01/2035 (b) 2,539
Illinois - 0.5% 1,000 Chicago, Illinois, O'Hare International Airport, General Airport Revenue Bonds,
Third Lien, AMT, Series D, 5% due 1/01/2034 (m) 1,028
Massachusetts - 2.6% 5,030 Massachusetts State School Building Authority, Dedicated Sales Tax Revenue Bonds,
Series A, 5% due 8/15/2030 (e) 5,336
Nevada - 1.2% 2,505 Clark County, Nevada, IDR (Southwest Gas Corporation Project), Refunding, AMT,
Series B, 5% due 12/01/2033 (c) 2,580
New Jersey - 3.5% New Jersey EDA, Cigarette Tax Revenue Bonds:
3,500 5.50% due 6/15/2024 3,701
1,735 5.75% due 6/15/2029 1,859
505 5.50% due 6/15/2031 530
1,000 Tobacco Settlement Financing Corporation of New Jersey Revenue Bonds, 7% due 6/01/2041 1,209
Pennsylvania - 1.4% 2,800 Delaware County, Pennsylvania, IDA, Water Facilities Revenue Refunding Bonds
(Aqua Pennsylvania Inc. Project), AMT, Series B, 5% due 11/01/2036 (c) 2,900
Texas - 6.0% 2,000 North Harris County, Texas, Regional Water Authority, Senior Lien Revenue Bonds,
5% due 12/15/2032 (b) 2,091
10,005 San Antonio, Texas, Convention Center Hotel Finance Corporation, Contract Revenue
Empowerment Zone Bonds, AMT, Series A, 5% due 7/15/2034 (a) 10,333
Virginia - 3.9% 7,750 Tobacco Settlement Financing Corporation of Virginia, Asset-Backed Revenue Bonds,
5.50% due 6/01/2026 8,171
Puerto Rico - 8.3% 8,000 Puerto Rico Commonwealth, Highway and Transportation Authority, Transportation
Revenue Refunding Bonds, Series D, 5.75% due 7/01/2041 8,921
2,000 Puerto Rico Public Buildings Authority, Government Facilities, Revenue Refunding
Bonds, Series I, 5% due 7/01/2036 2,081
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Revenue Bonds,
Series E:
1,715 5.70% due 2/01/2010 (f) 1,887
4,025 5.50% due 8/01/2029 4,334
Total Investments (Cost - $286,226*) - 147.3% 305,653
Liabilities in Excess of Other Assets - (1.5%) (3,155)
Preferred Shares, at Redemption Value - (45.8%) (95,014)
-----------
Net Assets Applicable to Common Shares - 100.0% $ 207,484
===========
* The cost and unrealized appreciation (depreciation) of investments as of July 31, 2005,
as computed for federal income tax purposes, were as follows:
(in Thousands)
Aggregate cost $ 286,248
===============
Gross unrealized appreciation $ 19,561
Gross unrealized depreciation (156)
---------------
Net unrealized appreciation $ 19,405
===============
(a) AMBAC Insured.
(b) MBIA Insured.
(c) FGIC Insured.
(d) GNMA Collateralized.
(e) FSA Insured.
(f) Prerefunded.
(g) ACA Insured.
(h) Escrowed to maturity.
(i) FNMA Collateralized.
(j) FHLMC Collateralized.
(k) Radian Insured.
(l) XL Capital Insured.
(m) CIFG Insured.
(n) The rate disclosed is that currently in effect. This rate changes periodically and
inversely based upon prevailing market rates.
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:
(in Thousands)
Net Dividend
Affiliate Activity Income
Merrill Lynch Institutional
Tax-Exempt Fund (7,630) $ 33
Forward interest rate swaps outstanding as of July 31, 2005 were as follows:
(in Thousands)
Notional Unrealized
Amount Appreciation
Pay a fixed rate of 3.582% and receive
a floating rate based on 1-week USD
Bond Market Association rate
Broker, JPMorgan Chase Bank
Expires August 2015 $ 23,300 $ 104
Pay a fixed rate of 3.568% and receive
a floating rate based on 1-week USD
Bond Market Association rate
Broker, JPMorgan Chase Bank
Expires October 2015 $ 11,400 87
---------
Total $ 191
=========
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/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.,
Chief Executive Officer
MuniYield Florida Fund, Inc.
Date: September 23, 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.,
Chief Executive Officer
MuniYield Florida Fund, Inc.
Date: September 23, 2005
By: /s/ Donald C. Burke
-----------------------
Donald C. Burke,
Chief Financial Officer
MuniYield Florida Fund, Inc.
Date: September 23, 2005