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 811-06502
Name of Fund: BlackRock MuniYield Florida 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 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 Fund
Schedule of Investments as of July 31, 2007 (Unaudited) (in Thousands)
Face
Amount Municipal Bonds Value
California - 0.5% $ 1,000 Golden State Tobacco Securitization Corporation of California, Tobacco
Settlement Revenue Refunding Bonds, Senior Series A-1, 5.75% due 6/01/2047 $ 1,030
District of 1,000 Metropolitan Washington Airports Authority, D.C., Airport System Revenue Bonds, AMT,
Columbia - 0.5% Series A, 5.25% due 10/01/2032 (f) 1,028
Florida - 131.5% 2,100 Alachua County, Florida, School Board, COP, 5.25% due 7/01/2029 (b) 2,199
1,505 Arbor Greene Community Development District, Florida, Special Assessment Revenue
Refunding Bonds, 5% due 5/01/2019 1,555
2,420 Bay County, Florida, Sales Tax Revenue Bonds, 5% due 9/01/2027 (b) 2,520
2,000 Beacon Tradeport Community Development District, Florida, Special Assessment Revenue
Refunding Bonds (Commercial Project), Series A, 5.625% due 5/01/2032 (o) 2,090
2,870 Broward County, Florida, Airport System Revenue Bonds, AMT, Series I, 5.75% due
10/01/2018 (b) 3,060
2,750 Broward County, Florida, Educational Facilities Authority Revenue Bonds (Nova
Southeastern University), 5% due 4/01/2031 (c) 2,830
1,000 Broward County, Florida, Educational Facilities Authority Revenue Bonds (Nova
Southeastern University), Series B, 5.625% due 4/01/2034 1,032
1,750 Cape Coral, Florida, Special Obligation Revenue Bonds, 5% due 10/01/2023 (m) 1,830
2,060 Cape Coral, Florida, Special Obligation Revenue Bonds, 5% due 10/01/2026 (m) 2,143
2,425 Cape Coral, Florida, Special Obligation Revenue Bonds, 5% due 10/01/2033 (m) 2,508
2,240 Citrus County, Florida, Hospital Board Revenue Refunding Bonds (Citrus Memorial
Hospital), 6.25% due 8/15/2023 2,396
2,850 Citrus County, Florida, Hospital Board Revenue Refunding Bonds (Citrus Memorial
Hospital), 6.375% due 8/15/2032 3,058
460 Collier County, Florida, IDA, IDR, Refunding (Southern States Utilities), AMT,
6.50% due 10/01/2025 462
2,100 Collier County, Florida, School Board, COP, 5% due 2/15/2027 (j) 2,181
945 Duval County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT, 5.40% due
10/01/2021 (h) 955
1,630 Duval County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT, 5.85% due
10/01/2027 (h)(m) 1,670
Portfolio Abbreviations
To simplify the listings of BlackRock 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
BlackRock MuniYield Florida Fund
Schedule of Investments as of July 31, 2007 (Unaudited) (concluded) (in Thousands)
Face
Amount Municipal Bonds Value
Florida $ 1,800 Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, AMT,
(concluded) Series 3, 5.15% due 7/01/2038 (g)(h) $ 1,807
440 Florida Housing Finance Corporation, Homeowner Mortgage Revenue Refunding
Bonds, AMT, Series 4, 6.25% due 7/01/2022 (j) 455
1,580 Florida Municipal Loan Council Revenue Bonds, Series A-1, 5.125% due 7/01/2034 (m) 1,634
4,250 Florida Municipal Loan Council Revenue Bonds, Series B, 5.375% due 11/01/2030 (m) 4,440
2,500 Florida State Board of Education, GO (Public Education Capital Outlay), Series J,
5% due 6/01/2031 2,574
1,000 Florida State Governmental Utility Authority, Utility Revenue Bonds (Lehigh Utility
System), 5.125% due 10/01/2033 (b) 1,033
4,500 Halifax Hospital Medical Center, Florida, Hospital Revenue Refunding and Improvement
Bonds, Series A, 5.25% due 6/01/2026 4,579
5,000 Hernando County, Florida, School Board, COP, 5% due 7/01/2035 (m) 5,133
1,500 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), Series C, 5.25% due 11/15/2036 1,516
1,055 Hillsborough County, Florida, Court Facilities Revenue Bonds, 5.40% due
11/01/2012 (b)(n) 1,133
2,500 Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds (National Gypsum
Company), AMT, Series A, 7.125% due 4/01/2030 2,662
3,750 Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds (National Gypsum
Company), AMT, Series B, 7.125% due 4/01/2030 3,994
1,000 Hillsborough County, Florida, IDA, Hospital Revenue Bonds (H. Lee Moffitt Cancer
Center Project), Series C, 5.50% due 7/01/2032 1,026
1,500 Hillsborough County, Florida, School Board, COP, 5% due 7/01/2029 (m) 1,532
1,000 Jacksonville, Florida, Economic Development Commission, Health Care Facilities
Revenue Bonds (Mayo Clinic-Jacksonville), Series A, 5.50% due 11/15/2036 (m) 1,059
1,140 Jacksonville, Florida, Economic Development Commission, IDR (Metropolitan Parking
Solutions Project), AMT, 5.50% due 10/01/2030 (a) 1,187
2,800 Jacksonville, Florida, Economic Development Commission, IDR (Metropolitan Parking
Solutions Project), AMT, 5.875% due 6/01/2031 (a) 3,008
1,500 Jacksonville, Florida, Economic Development Commission, Revenue Refunding Bonds
(Anheuser Busch Company Project), AMT, Series B, 4.75% due 3/01/2047 1,394
1,500 Jacksonville, Florida, Excise Taxes Revenue Bonds, Series B, 5.125% due 10/01/2032 (f) 1,554
2,315 Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding and Improvement
Bonds, 5.25% due 10/01/2032 (f) 2,417
3,145 Jacksonville, Florida, Health Facilities Authority, Hospital Revenue Bonds (Baptist
Medical Center Project), 5% due 8/15/2037 (j) 3,235
3,800 Jacksonville, Florida, Sales Tax Revenue Bonds, 5% due 10/01/2027 (m) 3,912
3,500 Lakeland, Florida, Hospital System Revenue Bonds (Lakeland Regional Health System),
Series A, 5.50% due 11/15/2009 (m)(n) 3,661
3,375 Lee County, Florida, Capital Revenue Bonds, 5.25% due 10/01/2023 (b) 3,580
35 Lee County, Florida, HFA, S/F Mortgage Revenue Bonds (Multi-County Program), AMT,
Series A-1, 7.125% due 3/01/2028 (h) 35
1,380 Lee County, Florida, IDA, Health Care Facilities, Revenue Refunding Bonds (Shell
Point/Alliance Obligor Group), 5% due 11/15/2032 1,317
1,610 Lee County, Florida, IDA, Health Care Facilities, Revenue Refunding Bonds (Shell
Point/Alliance Obligor Group), 5.125% due 11/15/2036 1,550
3,000 Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series A, 5% due
4/01/2032 (b) 3,099
105 Leon County, Florida, HFA, S/F Mortgage Revenue Bonds (Multi-County Program), AMT,
Series B, 7.30% due 1/01/2028 (g)(k) 108
115 Manatee County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Sub-Series 1,
6.25% due 11/01/2028 (k) 116
1,000 Marco Island, Florida, Utility System Revenue Bonds, 5% due 10/01/2033 (m) 1,028
2,200 Marion County, Florida, Hospital District, Revenue Refunding Bonds (Monroe Regional
Medical Center), 5% due 10/01/2029 2,197
1,350 Martin County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Martin
Memorial Medical Center), Series A, 5.75% due 11/15/2012 (n) 1,472
3,535 Martin County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Martin
Memorial Medical Center), Series A, 5.875% due 11/15/2012 (n) 3,877
3,000 Miami Beach, Florida, Water and Sewer Revenue Bonds, 5.75% due 9/01/2025 (b) 3,175
2,435 Miami-Dade County, Florida, Aviation Revenue Bonds, AMT, Series A, 5% due
10/01/2033 (j) 2,461
4,300 Miami-Dade County, Florida, Aviation Revenue Bonds (Miami International Airport), AMT,
Series A, 6% due 10/01/2029 (f) 4,554
9,060 Miami-Dade County, Florida, Aviation Revenue Bonds (Miami International Airport), AMT,
Series A, 5% due 10/01/2033 (f) 9,174
1,750 Miami-Dade County, Florida, Educational Facilities Authority Revenue Bonds
(University of Miami), Series A, 5.75% due 4/01/2010 (b)(n) 1,852
4,750 Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Bonds,
Series B, 5% due 7/01/2033 (f) 4,884
1,800 Miami-Dade County, Florida, HFA, Home Ownership Mortgage Revenue Bonds, AMT,
Series A, 5.55% due 10/01/2049 (g)(h) 1,882
445 Miami-Dade County, Florida, HFA, Home Ownership Mortgage Revenue Refunding Bonds,
AMT, Series A-1, 6.30% due 10/01/2020 (h) 451
2 Miami-Dade County, Florida, Health Facilities Authority, Hospital Revenue Refunding
Bonds, DRIVERS, Series 208, 7.285% due 8/15/2017 (b)(q) 3
3,200 Miami-Dade County, Florida, School Board, COP, Series A, 5.50% due 10/01/2009 (j)(n) 3,315
2,500 Miami-Dade County, Florida, School Board, COP, Series B, 5% due 11/01/2031 (b) 2,576
2,800 Miami-Dade County, Florida, Solid Waste System Revenue Bonds, 5.25% due 10/01/2030 (m) 2,964
5,140 Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Orlando
Regional Healthcare), 6% due 12/01/2012 (n) 5,647
10,500 Orange County, Florida, School Board, COP, Series A, 5.25% due 8/01/2009 (m)(n) 10,898
1,600 Orange County, Florida, School Board, COP, Series A, 5% due 8/01/2032 (f) 1,651
3,000 Orlando and Orange County, Florida, Expressway Authority Revenue Bonds, Series B,
5% due 7/01/2030 (b) 3,087
10,185 Orlando and Orange County, Florida, Expressway Authority Revenue Bonds, Series B,
5% due 7/01/2035 (b) 10,452
860 Orlando, Florida, Utilities Commission, Water and Electric Revenue Refunding Bonds,
Series C, 5.25% due 10/01/2012 (n) 916
140 Orlando, Florida, Utilities Commission, Water and Electric Revenue Refunding Bonds,
Series C, 5.25% due 10/01/2023 147
1,760 Osceola County, Florida, Tourist Development Tax Revenue Bonds, Series A, 5.50% due
10/01/2027 (f) 1,862
5,000 Palm Beach County, Florida, Airport System Revenue Bonds, AMT, Series A, 5% due
10/01/2034 (m) 5,085
3,390 Palm Beach County, Florida, Criminal Justice Facilities Revenue Bonds, 7.20%
due 6/01/2015 (f) 4,101
6,000 Palm Beach County, Florida, School Board, COP, Series A, 6.25% due 8/01/2010 (f)(n) 6,466
1,000 Palm Beach County, Florida, School Board, COP, Series A, 5% due 8/01/2029 (f) 1,025
2,200 Palm Beach County, Florida, School Board, COP, Series A, 5% due 8/01/2031 (j) 2,266
1,435 Palm Coast, Florida, Utility System Revenue Bonds, 5% due 10/01/2027 (m) 1,475
380 Pinellas County, Florida, HFA, S/F Housing Revenue Refunding Bonds (Multi-County
Program), AMT, Series A-1, 6.30% due 9/01/2020 (h) 383
570 Pinellas County, Florida, HFA, S/F Housing Revenue Refunding Bonds (Multi-County
Program), AMT, Series A-1, 6.35% due 9/01/2025 (h) 575
3,000 Pinellas County, Florida, Health Facilities Authority Revenue Bonds (BayCare Health
System Inc.), 5.75% due 5/15/2013 (n) 3,279
1,480 Polk County, Florida, Public Facilities Revenue Bonds, 5% due 12/01/2033 (m) 1,526
4,385 Polk County, Florida, School Board COP, Master Lease, Series A, 5.50% due 1/01/2025 (j) 4,609
1,200 Port Everglades Authority, Florida, Port Revenue Bonds, 7.125% due 11/01/2016 (e) 1,370
1,215 Port St. Lucie, Florida, Utility Revenue Bonds, 5.25% due 9/01/2025 (m) 1,292
3,500 Port St. Lucie, Florida, Utility System Revenue Refunding Bonds, Series A, 5% due
9/01/2029 (m) 3,629
2,045 Reedy Creek, Florida, Improvement District, Utilities Revenue Bonds, Series 1,
5% due 10/01/2025 (b) 2,127
900 Saint Johns County, Florida, Ponte Vedra Utility System Revenue Bonds, 5% due
10/01/2030 (j) 930
1,000 Saint Johns County, Florida, Ponte Vedra Utility System Revenue Bonds, 5% due
10/01/2035 (j) 1,032
2,400 Saint Johns County, Florida, Sales Tax Revenue Bonds, Series A, 5.25% due
10/01/2032 (b) 2,520
1,200 Saint Johns County, Florida, Sales Tax Revenue Bonds, Series A, 5.25% due
10/01/2034 (b) 1,259
1,015 Saint Johns County, Florida, Sales Tax Revenue Bonds, Series B, 5.25% due
10/01/2032 (b) 1,066
2,275 South Florida Water Management District, COP, 5% due 10/01/2036 (b) 2,337
1,000 South Lake County, Florida, Hospital District Revenue Bonds (South Lake Hospital
Inc.), 5.80% due 10/01/2034 1,028
1,150 South Lake County, Florida, Hospital District Revenue Bonds (South Lake Hospital
Inc.), 6.375% due 10/01/2034 1,235
2,190 Sumter County, Florida, Capital Improvement Revenue Bonds, 5% due 6/01/2026 (b) 2,275
3,500 Sumter County, Florida, Capital Improvement Revenue Bonds, 5% due 6/01/2030 (b) 3,618
5,000 Tampa Bay, Florida, Water Utility System Revenue Bonds, 5.75% due 10/01/2011 (f)(n) 5,368
3,235 University of Central Florida (UCF) Athletics Association Inc., COP, Series A, 5.25%
due 10/01/2034 (f) 3,382
2,400 University of North Florida, Capital Improvement Revenue Bonds (Housing Project),
5% due 11/01/2032 (f) 2,488
1,995 Village Center Community Development District, Florida, Recreational Revenue Bonds,
Series A, 5.375% due 11/01/2034 (m) 2,127
1,000 Village Center Community Development District, Florida, Recreational Revenue Bonds,
Series A, 5.125% due 11/01/2036 (m) 1,039
5,040 Village Center Community Development District, Florida, Utility Revenue Bonds, 5.125%
due 10/01/2028 (m) 5,225
1,000 Volusia County, Florida, IDA, Student Housing Revenue Bonds (Stetson University
Project), Series A, 5% due 6/01/2035 (d) 1,032
5,000 Volusia County, Florida, School Board, COP (Master Lease Program), 5.50% due
8/01/2024 (j) 5,201
Georgia - 1.7% 3,270 Atlanta, Georgia, Airport Passenger Facility Charge and Subordinate Lien General
Revenue Refunding Bonds, Series C, 5% due 1/01/2033 (j) 3,358
New Jersey - 3.6% 3,500 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2024 3,634
1,735 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2029 1,847
505 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2031 528
1,000 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue Bonds,
7% due 6/01/2013 (n) 1,158
Puerto Rico - 5.6% 1,000 Puerto Rico Commonwealth, Public Improvement, GO, Series A, 5.25% due 7/01/2026 1,052
1,800 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series TT, 5% due 7/01/2037 1,847
2,000 Puerto Rico Public Buildings Authority, Government Facilities Revenue Refunding Bonds,
Series I, 5% due 7/01/2036 2,035
1,715 Puerto Rico Public Finance Corporation, Commonwealth Appropriation Revenue Bonds,
Series E, 5.70% due 2/01/2010 (n) 1,792
4,025 Puerto Rico Public Finance Corporation, Commonwealth Appropriation Revenue Bonds,
Series E, 5.50% due 2/01/2012 (n) 4,299
Total Municipal Bonds (Cost - $274,240) - 143.4% 283,742
Municipal Bonds Held in Trust (r)
Florida - 21.1% 5,000 Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International
Airport), AMT, Series A, 5% due 10/01/2040 (i) 5,070
16,000 Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Bonds, 6.375%
due 7/01/2010 (f)(n) 17,238
6,595 Miami-Dade County, Florida, Health Facilities Authority, Hospital Revenue Refunding
Bonds (Miami Children's Hospital), Series A, 5.625% due 8/15/2017 (b) 7,084
1,180 Santa Rosa County, Florida, School Board, COP, Revenue Refunding Bonds, Series 2,
5.25% due 2/01/2026 (f) 1,246
1,820 Santa Rosa County, Florida, School Board, COP, Revenue Refunding Bonds, Series 2,
5.25% due 2/01/2031 (f) 1,923
8,500 South Broward, Florida, Hospital District, Hospital Revenue Bonds, 5.625% due
5/01/2032 (m) 9,208
Total Municipal Bonds Held in Trust (Cost - $40,415) - 21.1% 41,769
Shares
Held Short-Term Securities
1,426 CMA Florida Municipal Money Fund, 3.03% (l)(p) 1,426
Total Short-Term Securities (Cost - $1,426) - 0.7% 1,426
Total Investments (Cost - $316,081*) - 165.2% 326,937
Other Assets Less Liabilities - 0.4% 753
Liability for Trust Certificates, Including Interest Expense Payable - (10.0%) (19,714)
Preferred Shares, at Redemption Value - (55.6%) (110,062)
-----------
Net Assets Applicable to Common Shares - 100.0% $ 197,914
===========
* 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 $ 298,400
===============
Gross unrealized appreciation $ 10,364
Gross unrealized depreciation (1,375)
---------------
Net unrealized appreciation $ 8,989
===============
(a) ACA Insured.
(b) AMBAC Insured.
(c) Assured Guaranty Insured.
(d) CIFG Insured.
(e) Escrowed to maturity.
(f) FGIC Insured.
(g) FHLMC Collateralized.
(h) FNMA/GNMA Collateralized.
(i) XL Capital Insured.
(j) FSA Insured.
(k) GNMA Collateralized.
(l) 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 (6,033) $ 84
(m) MBIA Insured.
(n) Prerefunded.
(o) Radian Insured.
(p) Represents the current yield as of July 31, 2007.
(q) The rate disclosed is that currently in effect. This rate changes
periodically and inversely based upon prevailing market rates.
(r) 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.
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 $ 12,500 $ 65
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 Fund
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.,
Chief Executive Officer (principal executive officer) of
BlackRock MuniYield Florida 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 Fund
Date: September 20, 2007
By: /s/ Donald C. Burke
--------------------
Donald C. Burke,
Chief Financial Officer (principal financial officer) of
BlackRock MuniYield Florida Fund
Date: September 20, 2007