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: BlackRock Florida Insured 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, BlackRock 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: 10/31/2007
Date of reporting period: 11/01/06 - 01/31/07
Item 1 - Schedule of Investments
BlackRock MuniYield Florida Insured Fund
Schedule of Investments as of January 31, 2007 (in Thousands)
Face
Amount Municipal Bonds Value
District of Columbia - 0.8%
$ 1,000 Metropolitan Washington Airports Authority, D.C., Airport System Revenue Bonds, AMT, Series A,
5.25% due 10/01/2032 (c) $ 1,045
Florida - 140.5%
1,300 Alachua County, Florida, School Board, COP, 5.25% due 7/01/2029 (a) 1,385
1,430 Bay County, Florida, Sales Tax Revenue Bonds, 5% due 9/01/2027 (a) 1,517
700 Boynton Beach, Florida, Utility System Revenue Refunding Bonds, 6.25% due 11/01/2020 (b)(c) 824
1,720 Broward County, Florida, Educational Facilities Authority Revenue Bonds (Nova Southeastern
University), 5% due 4/01/2031 (e) 1,795
1,545 Cape Coral, Florida, Special Obligation Revenue Bonds, 5% due 10/01/2033 (h) 1,629
1,000 Daytona Beach, Florida, Utility System Revenue Refunding Bonds, Series B, 5% due 11/15/2027 (c) 1,043
1,000 Deltona, Florida, Transportation Capital Improvement Revenue Bonds, 5.125% due 10/01/2026 (h) 1,070
1,000 Emerald Coast, Florida, Utilities Authority, System Revenue Bonds, 5.25% due 1/01/2036 (c) 1,075
1,000 Emerald Coast, Florida, Utilities Authority, System Revenue Refunding Bonds, 5% due 1/01/2024 (c) 1,067
2,110 First Florida Governmental Financing Commission Revenue Bonds, 5.70% due 7/01/2017 (h) 2,147
1,000 Flagler County, Florida, Capital Improvement Revenue Bonds, 5% due 10/01/2035 (h) 1,050
1,095 Florida HFA, Housing Revenue Bonds (Brittany Rosemont Apartments), AMT, Series C-1, 6.75%
due 8/01/2014 (a) 1,096
1,575 Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, AMT, Series 11, 5.95%
due 1/01/2032 (f) 1,625
380 Florida Housing Finance Corporation, Homeowner Mortgage Revenue Refunding Bonds, AMT, Series 4,
6.25% due 7/01/2022 (f) 388
1,000 Florida State Board of Education, Capital Outlay, GO, Public Education, Series B, 5% due 6/01/2031 (c) 1,044
6,190 Florida State Board of Education, Lottery Revenue Bonds, Series A, 6% due 7/01/2010 (c)(i) 6,683
1,000 Florida State Governmental Utility Authority, Utility Revenue Bonds (Lehigh Utility System), 5.125%
due 10/01/2033 (a) 1,051
1,860 Florida State Turnpike Authority, Turnpike Revenue Bonds (Department of Transportation), Series B,
5% due 7/01/2030 1,913
1,400 Fort Myers, Florida, Utility System Revenue Refunding Bonds, 5% due 10/01/2031 (h) 1,481
3,000 Hernando County, Florida, School Board, COP, 5% due 7/01/2035 (h) 3,146
3,700 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Adventist Health
System), Series A, 6% due 11/15/2011 (i) 4,075
1,250 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Adventist Health
System), Series C, 5.25% due 11/15/2036 1,320
2,000 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Refunding Bonds (Adventist
Health System), Series G, 5.125% due 11/15/2032 2,082
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
BlackRock MuniYield Florida Insured Fund
Schedule of Investments as of January 31, 2007 (concluded) (in Thousands)
Face
Amount Municipal Bonds Value
Florida (concluded)
$ 1,780 Hillsborough County, Florida, Port District Revenue Bonds (Tampa Port Authority Project), AMT,
5% due 6/01/2026 (h) $ 1,851
6,000 Hillsborough County, Florida, School Board, COP, 5.375% due 7/01/2009 (h)(i) 6,227
1,000 Hillsborough County, Florida, School Board, COP, 5% due 7/01/2029 (h) 1,039
2,000 Jacksonville Electric Authority, Florida, Water and Sewer System Revenue Bonds, Series A, 5.375%
due 10/01/2030 (h) 2,005
1,000 Jacksonville, Florida, Economic Development Commission, Health Care Facilities Revenue Bonds (Mayo
Clinic-Jacksonville), Series A, 5.50% due 11/15/2036 (h) 1,070
750 Jacksonville, Florida, Economic Development Commission, Health Care Facilities Revenue Bonds (Mayo
Clinic-Jacksonville), Series B, 5.50% due 11/15/2036 (h) 802
1,140 Jacksonville, Florida, Economic Development Commission, IDR (Metropolitan Parking Solutions Project),
AMT, 5.50% due 10/01/2030 (l) 1,225
1,455 Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding and Improvement Bonds, 5.25% due
10/01/2032 (c) 1,537
2,000 Jacksonville, Florida, Health Facilities Authority, Hospital Revenue Bonds (Baptist Medical Center
Project), Series A, 5% due 8/15/2037 2,049
1,225 Jacksonville, Florida, Port Authority, Seaport Revenue Bonds, AMT, 5.625% due 11/01/2026 (h) 1,288
2,280 Jacksonville, Florida, Sales Tax Revenue Bonds, 5% due 10/01/2027 (h) 2,385
2,000 Lakeland, Florida, Electric and Water Revenue Refunding Bonds, Series A, 5% due 10/01/2028 (h) 2,056
1,000 Lee County, Florida, Airport Revenue Bonds, AMT, Series A, 6% due 10/01/2029 (f) 1,073
2,285 Lee County, Florida, Capital Revenue Bonds, 5.25% due 10/01/2023 (a) 2,446
1,000 Leesburg, Florida, Capital Improvement Revenue Bonds, 5.25% due 10/01/2034 (c) 1,069
1,000 Marco Island, Florida, Utility System Revenue Bonds, 5% due 10/01/2033 (h) 1,043
1,000 Martin County, Florida, Utilities System Revenue Bonds, 5.125% due 10/01/2033 (a) 1,051
2,000 Miami Beach, Florida, Water and Sewer Revenue Bonds, 5.75% due 9/01/2025 (a) 2,137
6,300 Miami-Dade County, Florida, Aviation Revenue Bonds, AMT, Series A, 5% due 10/01/2033 (f) 6,475
5,000 Miami-Dade County, Florida, Aviation Revenue Bonds (Miami International Airport), AMT, Series A,
6% due 10/01/2024 (c) 5,368
2,000 Miami-Dade County, Florida, Educational Facilities Authority Revenue Bonds (University of Miami),
Series A, 5.75% due 4/01/2029 (a) 2,124
1,000 Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Bonds, Series B, 5.25% due
7/01/2027 (c) 1,070
3,875 Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Bonds, Series B, 5% due
7/01/2033 (c) 4,048
1,655 Miami-Dade County, Florida, IDA, IDR (BAC Funding Corporation Project), Series A, 5.375% due
10/01/2030 (a) 1,756
2,000 Miami-Dade County, Florida, School Board COP, Series A, 5.50% due 10/01/2009 (f)(i) 2,089
1,865 Miami-Dade County, Florida, Solid Waste System Revenue Bonds, 5.25% due 10/01/2030 (h) 2,009
4,375 Miami-Dade County, Florida, Subordinate Special Obligation Revenue Bonds, Series A, 5.186% due
10/01/2031 (h)(m) 1,290
5,735 Miami-Dade County, Florida, Subordinate Special Obligation Revenue Bonds, Series A, 5.203% due
10/01/2033 (h)(m) 1,515
4,765 Orange County, Florida, Educational Facilities Authority, Educational Facilities Revenue Refunding
Bonds (Rollins College Project), 5.50% due 12/01/2032 (a) 5,138
600 Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Adventist Health System),
6.25% due 11/15/2012 (i) 670
1,835 Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Orlando Regional
Healthcare), 6% due 12/01/2012 (i) 2,029
1,000 Orange County, Florida, Sales Tax Revenue Refunding Bonds, Series A, 5.125% due 1/01/2023 (c) 1,053
6,500 Orange County, Florida, School Board, COP, Series A, 5.25% due 8/01/2009 (h)(i) 6,795
4,000 Orlando and Orange County, Florida, Expressway Authority Revenue Bonds, Series B, 5% due 7/01/2030 (a) 4,178
6,815 Orlando and Orange County, Florida, Expressway Authority Revenue Bonds, Series B, 5% due 7/01/2035 (a) 7,119
1,530 Osceola County, Florida, Infrastructure Sales Surplus Tax Revenue Bonds, 5.25% due 10/01/2025 (a) 1,616
2,000 Osceola County, Florida, School Board, COP, Series A, 5.25% due 6/01/2027 (a) 2,117
1,100 Osceola County, Florida, Tourist Development Tax Revenue Bonds, Series A, 5.50% due 10/01/2027 (c) 1,175
1,500 Palm Beach County, Florida, Criminal Justice Facilities Revenue Bonds, 7.20% due 6/01/2015 (c) 1,849
2,000 Palm Beach County, Florida, School Board, COP, Refunding, Series D, 5.25% due 8/01/2021 (f) 2,113
5,000 Palm Beach County, Florida, School Board, COP, Series A, 6% due 8/01/2010 (c)(i) 5,398
1,300 Palm Beach County, Florida, School Board, COP, Series A, 5% due 8/01/2031 (f) 1,364
1,000 Palm Coast, Florida, Utility System Revenue Bonds, 5% due 10/01/2027 (h) 1,043
1,500 Panama City, Florida, Water and Sewer Revenue Bonds, Series B, 5.25% due 10/01/2022 (h) 1,612
1,000 Pembroke Pines, Florida, Public Improvement Revenue Bonds, Series A, 5% due 10/01/2034 (a) 1,047
1,340 Polk County, Florida, Public Facilities Revenue Bonds, 5% due 12/01/2033 (h) 1,409
1,000 Polk County, Florida, Utility System Revenue Bonds, 5.25% due 10/01/2022 (c) 1,069
1,055 Port St. Lucie, Florida, Utility Revenue Bonds, 5.25% due 9/01/2024 (h) 1,138
2,190 Port St. Lucie, Florida, Utility System Revenue Refunding Bonds, Series A, 5% due 9/01/2029 (h) 2,318
1,000 Saint Johns County, Florida, Ponte Vedra Utility System Revenue Bonds, 5% due 10/01/2035 (f) 1,050
1,400 Saint Johns County, Florida, Sales Tax Revenue Bonds, Series A, 5.25% due 10/01/2031 (a) 1,494
1,000 Saint Lucie, Florida, West Services District, Utility Revenue Bonds, 5.25% due 10/01/2034 (h) 1,076
1,430 South Florida Water Management District, COP, 5% due 10/01/2036 (a) 1,503
1,000 South Lake County, Florida, Hospital District Revenue Bonds (South Lake Hospital Inc.), 5.80% due
10/01/2034 1,040
1,240 Stuart, Florida, Public Utilities Revenue Refunding and Improvement Bonds, 5.25% due 10/01/2013 (c)(i) 1,326
2,280 University of Central Florida (UCF) Athletics Association Inc., COP, Series A, 5.25% due 10/01/2034 (c) 2,430
1,640 Village Center Community Development District, Florida, Recreational Revenue Bonds, Series A,
5.375% due 11/01/2034 (h) 1,778
1,000 Village Center Community Development District, Florida, Recreational Revenue Bonds, Series A,
5.125% due 11/01/2036 (h) 1,060
2,585 Village Center Community Development District, Florida, Utility Revenue Bonds, 5.25% due
10/01/2023 (h) 2,767
4,030 Village Center Community Development District, Florida, Utility Revenue Bonds, 5.125% due
10/01/2028 (h) 4,240
1,000 Volusia County, Florida, IDA, Student Housing Revenue Bonds (Stetson University Project), Series A,
5% due 6/01/2025 (g) 1,056
1,000 Volusia County, Florida, IDA, Student Housing Revenue Bonds (Stetson University Project), Series A,
5% due 6/01/2035 (g) 1,050
New Jersey - 1.7%
2,000 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2024 2,097
Puerto Rico - 3.5%
1,970 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series II, 5.375% due 7/01/2019 (h) 2,128
1,000 Puerto Rico Public Buildings Authority, Government Facilities Revenue Refunding Bonds, Series I,
5% due 7/01/2036 1,036
1,145 Puerto Rico Public Finance Corporation, Commonwealth Appropriation Revenue Bonds, Series E,
5.70% due 2/01/2010 (i) 1,207
Total Municipal Bonds (Cost - $174,318) - 146.5% 182,236
Municipal Bonds Held in Trust (k)
Florida - 11.2%
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) 7,534
2,000 Santa Rosa County, Florida, School Board, COP, Revenue Refunding Bonds, Series 2, 5.25% due
2/01/2026 (c) 2,150
4,000 South Broward, Florida, Hospital District, Hospital Revenue Bonds, 5.625% due 5/01/2032 (h) 4,306
Puerto Rico - 6.1%
7,100 Puerto Rico Public Finance Corporation, Commonwealth Appropriation Revenue Bonds, Series A, 5.375%
due 8/01/2011 (h)(i) 7,568
Total Municipal Bonds Held in Trust (Cost - $20,680) - 17.3% 21,558
Shares
Held Short-Term Securities
3,875 CMA Florida Municipal Money Fund, 2.99% (d)(j) 3,875
Total Short-Term Securities (Cost - $3,875) - 3.1% 3,875
Total Investments (Cost - $198,873*) - 166.9% 207,669
Liabilities in Excess of Other Assets - (0.9%) (1,164)
Liability for Trust Certificates, Including Interest Expense Payable - (8.1%) (10,107)
Preferred Shares, at Redemption Value - (57.9%) (72,016)
-----------
Net Assets Applicable to Common Shares - 100.0% $ 124,382
===========
* The cost and unrealized appreciation (depreciation) of investments
as of January 31, 2007, as computed for federal income tax purposes,
were as follows:
Aggregate cost $ 189,001
==================
Gross unrealized appreciation $ 8,693
Gross unrealized depreciation (55)
------------------
Net unrealized appreciation $ 8,638
==================
(a) AMBAC Insured.
(b) Escrowed to maturity.
(c) FGIC Insured.
(d) Represents the current yield as of January 31, 2007.
(e) Assured Guaranty Insured.
(f) FSA Insured.
(g) CIFG Insured.
(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 (1,175) $36
(k) 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.
(l) ACA Insured.
(m) Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase.
o Forward interest rate swaps outstanding as of January 31, 2007
were as follows:
Notional Unrealized
Amount Appreciation
Pay a fixed rate of 3.547% and receive a
floating rate based on 1-week Bond
Market Association rate
Broker, JPMorgan Chase
Expires March 2017 $11,000 $200
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) - As of September 29, 2006, with the conclusion of the combination of
Merrill Lynch's asset management business with BlackRock, the
registrant was migrated to BlackRock's trading and compliance
monitoring systems, and various personnel changes occurred. In
conjunction with these business improvements, there were no changes in
the registrants internal control over financial reporting (as defined
in Rule 30a-3(d) under Act (17 CFR 270.30a-3(d)) that occurred during
the last fiscal half-year of the period covered by this report that
has materially affected, or is reasonably likely to 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 Florida Insured Fund, Inc.
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
BlackRock Florida Insured Fund, Inc.
Date: March 26, 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
BlackRock Florida Insured Fund, Inc.
Date: March 26, 2007
By: /s/ Donald C. Burke
-------------------
Donald C. Burke
Chief Financial Officer
BlackRock Florida Insured Fund, Inc.
Date: March 26, 2007