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 811-7136
Name of Fund: MuniYield Pennsylvania Insured Fund, Inc.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr.,
President, MuniYield Pennsylvania 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: 10/31/05
Date of reporting period: 11/01/04 - 1/31/05
Item 1 - Schedule of Investments
MuniYield Pennsylvania Insured Fund
Schedule of Investments as of January 31, 2005
(in Thousands)
Face
Amount Municipal Bonds Value
Pennsylvania - 140.4%
$3,000 Allegheny County, Pennsylvania, Higher Education Building Authority,
University Revenue Bonds (Carnegie Mellon University), 5.125% due 3/01/2032 $3,135
2,000 Allegheny County, Pennsylvania, Hospital Development Authority, Health
Center Revenue Bonds (University of Pittsburgh Medical Center Health System),
Series B, 6% due 7/01/2026 (d) 2,457
Allegheny County, Pennsylvania, Sanitation Authority, Sewer Revenue Bonds (d):
3,660 5.75% due 12/01/2018 4,179
10,000 5.375% due 12/01/2024 10,856
9,000 5.50% due 12/01/2024 10,087
4,500 Bucks County, Pennsylvania, Water and Sewer Authority, Revenue Refunding
Bonds (Neshaminy Interceptor Sewer System), 5.60% due 6/01/2009 (a)(e) 5,009
1,000 Dauphin County, Pennsylvania, GO, Series C, 5% due 3/01/2024 (d) 1,071
5,500 Delaware County, Pennsylvania, IDA Revenue Bonds (Pennsylvania Suburban Water
Company Project), AMT, Series A, 5.15% due 9/01/2032 (a) 5,713
1,500 Delaware Valley, Pennsylvania, Regional Finance Authority, Local Government
Revenue Bonds, 5.75% due 7/01/2032 1,735
4,000 Gettysburg, Pennsylvania, Municipal Authority, College Revenue Refunding Bonds,
5% due 8/15/2023 (d) 4,275
4,000 Lancaster County, Pennsylvania, Hospital Authority Revenue Bonds (Lancaster
General Hospital Project), 5.50% due 3/15/2026 4,149
Portfolio Abbreviations
To simplify the listings of MuniYield Pennsylvania 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)
DRIVERS Derivative Inverse Tax-Exempt Receipts
EDR Economic Development Revenue Bonds
GO General Obligation Bonds
HFA Housing Finance Agency
IDA Industrial Development Authority
RIB Residual Interest Bonds
S/F Single-Family
VRDN Variable Rate Demand Notes
MuniYield Pennsylvania Insured Fund
Schedule of Investments as of January 31, 2005 (continued)
(in Thousands)
Face
Amount Municipal Bonds Value
Pennsylvania (concluded)
$3,000 Lehigh County, Pennsylvania, General Purpose Authority, Hospital Revenue
Refunding Bonds (Saint Lukes Hospital of Bethlehem), 5.375% due 8/15/2033 $3,072
7,000 Luzerne County, Pennsylvania, IDA, Water Facility Revenue Refunding Bonds
(Pennsylvania American Water Company Project), AMT, Series A, 5.10%
due 9/01/2034 (a) 7,221
2,675 North Allegheny, Pennsylvania, School District, GO, Series C, 5.25% due
5/01/2027 (f) 2,910
5,000 Northampton Borough, Pennsylvania, Municipal Authority, Water Revenue Bonds,
5% due 5/15/2034 (d) 5,226
6,000 Northumberland County, Pennsylvania, IDA, Water Facilities Revenue Refunding Bonds
(Aqua Pennsylvania Inc. Project), AMT, 5.05% due 10/01/2039 (c) 6,162
3,000 Norwin, Pennsylvania, School District, GO, 6% due 4/01/2010 (c)(e) 3,434
3,055 Pennsbury, Pennsylvania, School District, GO, Refunding, 5.50% due 1/15/2020 (c) 3,444
8,000 Pennsylvania HFA, S/F Mortgage Revenue Bonds, AMT, Series 70A, 5.80% due
10/01/2021 (d) 8,431
1,430 Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Series 60A,
5.85% due 10/01/2027 (d)(h) 1,476
Pennsylvania State, GO (d):
3,015 First Series, 5% due 6/01/2009 (e) 3,309
5,500 RIB, Series 465X, 9.39% due 10/01/2019 (g) 6,981
1,690 Pennsylvania State Higher Educational Facilities Authority, College and
University Revenue Bonds (Marywood University Project), 5.50% due
6/01/2010 (d)(e) 1,877
Pennsylvania State Higher Educational Facilities Authority Revenue Bonds
(UPMC Health System), Series A:
175 5% due 8/01/2005 (f) 177
3,000 6% due 1/15/2022 3,363
7,000 Pennsylvania State, IDA, EDR Refunding Bonds, 5.50% due 7/01/2020 (a) 7,942
Pennsylvania State Public School Building Authority Revenue Bonds (Lehigh Career
and Technical Institute) (c):
3,585 5.125% due 10/01/2028 3,798
2,000 5.25% due 10/01/2032 2,138
Pennsylvania State Public School Building Authority, School Lease Revenue Bonds
(The School District of Philadelphia Project) (f):
10,000 5.25% due 6/01/2025 10,964
10,300 5% due 6/01/2033 10,698
7,500 Pennsylvania State Public School Building Authority, School Revenue Bonds,
DRIVERS, Series 371, 8.365% due 6/01/2011 (f)(g) 8,706
7,500 Pennsylvania State Turnpike Commission, Oil Franchise Tax Revenue Bonds,
DRIVERS, Series 366, 8.864% due 6/01/2011 (d)(g) 9,301
1,700 Pennsylvania State Turnpike Commission, Oil Franchise Tax Revenue Refunding Bonds,
Series A, 5% due 12/01/2023 (a) 1,827
3,900 Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds, DRIVERS,
Series 460-Z, 8.864% due 6/01/2012 (a)(g) 4,763
1,000 Pennsylvania State University Revenue Bonds, 5% due 9/01/2029 1,054
Philadelphia, Pennsylvania, Authority for Industrial Development, Airport
Revenue Refunding Bonds (Philadelphia Airport System Project), AMT, Series A (c):
4,000 5.50% due 7/01/2017 4,429
3,655 5.50% due 7/01/2018 4,047
Philadelphia, Pennsylvania, Authority for Industrial Development,
Lease Revenue Bonds:
9,125 (City of Philadelphia Project), Series A, 5.375% due 2/15/2027 (d) 9,702
3,000 Series B, 5.50% due 10/01/2020 (f) 3,379
4,680 Series B, 5.50% due 10/01/2021 (f) 5,271
10,000 Philadelphia, Pennsylvania, Gas Works Revenue Bonds, 1998 General Ordinance,
4th Series, 5% due 8/01/2032 (f) 10,400
3,000 Philadelphia, Pennsylvania, Hospitals and Higher Education Facilities
Authority, Hospital Revenue Refunding Bonds (Presbyterian Medical Center),
6.65% due 12/01/2019 (b) 3,762
3,000 Philadelphia, Pennsylvania, Housing Authority Revenue Bonds (Capital Fund Program),
Series A, 5.50% due 12/01/2018 (f) 3,361
1,750 Philadelphia, Pennsylvania, Redevelopment Authority Revenue Bonds (Neighborhood
Transformation), Series A, 5.50% due 4/15/2022 (c) 1,964
Philadelphia, Pennsylvania, School District, GO:
5,000 RIB, Series 677, 9.14% due 8/01/2021 (c)(g) 6,181
7,150 Series A, 5.75% due 2/01/2011 (e)(f) 8,180
5,000 Series D, 5.125% due 6/01/2034 (c) 5,276
4,000 Series D, 5.25% due 6/01/2034 (c) 4,293
1,250 Philadelphia, Pennsylvania, Water and Wastewater Revenue Refunding Bonds,
VRDN, 1.83% due 6/15/2023 (f)(i) 1,250
Pittsburgh, Pennsylvania, Public Parking Authority, Parking Revenue Bonds (a):
1,460 5.80% due 12/01/2017 1,645
1,525 5.85% due 12/01/2018 1,723
2,400 Pittsburgh, Pennsylvania, Water and Sewer Authority, Water and Sewer System
Revenue Bonds, First Lien, Series B, 5.255%** due 9/01/2030 (c) 668
Reading, Pennsylvania, School District, GO, Series B (c):
10,425 5.263%** due 1/15/2028 3,359
3,145 5.393%** due 1/15/2030 908
2,600 Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Refunding Bonds
(Guthrie Health), Series A, 5.875% due 12/01/2031 2,767
Southeastern Pennsylvania Transportation Authority, Special Revenue Bonds (c):
4,500 5.375% due 3/01/2017 4,830
2,525 5.375% due 3/01/2022 2,700
1,230 Washington County, Pennsylvania, Capital Funding Authority Revenue Bonds
(Capital Projects and Equipment Program), 6.15% due 12/01/2029 (a) 1,307
Guam - 1.4%
2,500 A.B. Won Guam International Airport Authority, General Revenue Refunding Bonds,
AMT, Series C, 5% due 10/01/2023 (d) 2,605
Puerto Rico - 11.3%
11,500 Puerto Rico Commonwealth, Public Improvement, GO, Series A, 5% due 7/01/2034 11,928
Puerto Rico Public Buildings Authority, Government Facilities, Revenue Refunding
Bonds, Series I:
2,500 5.50% due 7/01/2025 2,779
5,000 5.375% due 7/01/2034 5,400
1,000 Puerto Rico Public Finance Corporation, Commonwealth Appropriation Revenue Bonds,
Series E, 5.50% due 8/01/2029 1,069
Total Investments (Cost - $263,631*) - 153.1% 286,123
Other Assets Less Liabilities - 1.5% 2,725
Preferred Shares, at Redemption Value - (54.6%) (102,030)
---------
Net Assets Applicable to Common Shares - 100.0% $186,818
=========
(a)AMBAC Insured.
(b)Escrowed to maturity.
(c)FGIC Insured.
(d)MBIA Insured.
(e)Prerefunded.
(f)FSA Insured.
(g)The rate disclosed is that currently in effect.
This rate changes periodically and inversely based upon
prevailing market rates.
(h)FHA Insured.
(i)Security has a maturity of more than one year, but has variable
rate and demand features, which qualify it as a short-term security.
The rate disclosed is that currently in effect. This rate changes
periodically based upon prevailing market rates.
*The cost and unrealized appreciation (depreciation) of investments
as of January 31, 2005, as computed for federal income tax purposes,
were as follows:
(in Thousands)
Aggregate cost $263,685
========
Gross unrealized appreciation $ 22,442
Gross unrealized depreciation (4)
--------
Net unrealized appreciation $22,438
========
**Represents a zero coupon bond; the interest rates shown reflects
the effective yield at the time of purchase of the Fund.
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
CMA Pennsylvania Municipal
Money Fund (4,139) $ 37
Forward interest rate swaps outstanding as of January 31, 2005 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 3.671%
Broker, JPMorgan Chase Bank
Expires February 2015 $ 36,000 $ (556)
Receive a variable rate equal to
7-Day Bond Market Association
Municipal Swap Index Rate and
pay a fixed rate of 4.774%
Broker, Morgan Stanley Capital
Services Inc.
Expires March 2015 $ 9,000 (198)
-------
Total $ (754)
=======
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 Pennsylvania Insured Fund, Inc.
By: /s/ Robert C. Doll, Jr.
Robert C. Doll, Jr.,
President
MuniYield Pennsylvania Insured Fund, Inc.
Date: March 21, 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.,
President
MuniYield Pennsylvania Insured Fund, Inc.
Date: March 21, 2005
By: _/s/ Donald C. Burke________
Donald C. Burke,
Chief Financial Officer
MuniYield Pennsylvania Insured Fund, Inc.
Date: March 21, 2005