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: BlackRock 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., Chief Executive
Officer, BlackRock 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: 10/31/2007
Date of reporting period: 11/01/06 - 01/31/07
Item 1 - Schedule of Investments
BlackRock MuniYield Pennsylvania Insured Fund
Schedule of Investments as of January 31, 2007 (in Thousands)
Face
Amount Municipal Bonds Value
Pennsylvania - 124.7%
$ 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 (f) $ 2,447
1,000 Allegheny County, Pennsylvania, Residential Finance Authority, S/F Mortgage Revenue Bonds, AMT,
Series TT, 5% due 5/01/2035 (d) 1,018
5,000 Allegheny County, Pennsylvania, Sanitation Authority, Sewer Revenue Refunding Bonds, Series A,
5% due 12/01/2030 (f) 5,262
1,110 Bucks County, Pennsylvania, Water and Sewer Authority, Sewer System Revenue Refunding Bonds,
4.75% due 6/01/2024 (e) 1,150
1,750 Chester County, Pennsylvania, Health and Education Facilities Authority, Revenue Refunding Bonds
(Devereux Foundation), 5% due 11/01/2031 1,806
5,500 Delaware County, Pennsylvania, IDA, Revenue Bonds (Pennsylvania Suburban Water Company Project),
AMT, Series A, 5.15% due 9/01/2032 (a) 5,736
4,770 Delaware County, Pennsylvania, IDA, Water Facilities Revenue Refunding Bonds (Aqua Pennsylvania
Inc. Project), AMT, Series B, 5% due 11/01/2036 (c) 4,969
1,500 Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, 5.75%
due 7/01/2032 1,792
5,000 Erie County, Pennsylvania, Hospital Authority Revenue Bonds (Hamot Health Foundation), 5% due
11/01/2035 (h) 5,257
4,000 Gettysburg, Pennsylvania, Municipal Authority, College Revenue Refunding Bonds, 5% due 8/15/2023 (f) 4,088
4,000 Lancaster County, Pennsylvania, Hospital Authority Revenue Bonds (Lancaster General Hospital
Project), 5.50% due 9/15/2013 (j) 4,390
3,000 Lehigh County, Pennsylvania, General Purpose Authority, Hospital Revenue Refunding Bonds (Saint
Lukes Hospital of Bethlehem), 5.375% due 8/15/2013 (j) 3,136
5,000 Lehigh County, Pennsylvania, IDA, PCR, Refunding (Pennsylvania Power and Light Utilities Corporation
Project), Series A, 4.70% due 9/01/2029 (c) 5,078
2,675 North Allegheny, Pennsylvania, School District, GO, Series C, 5.25% due 5/01/2027 (e) 2,861
5,000 Northampton Borough, Pennsylvania, Municipal Authority, Water Revenue Bonds, 5% due 5/15/2034 (f) 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) 6,225
3,055 Pennsbury, Pennsylvania, School District, GO, Refunding, 5.50% due 7/15/2012 (c)(j) 3,312
1,200 Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds (Waste
Management Inc. Project), AMT, Series A, 5.10% due 10/01/2027 1,243
Portfolio Abbreviations
To simplify the listings of BlackRock 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
PCR Pollution Control Revenue Bonds
S/F Single-Family
VRDN Variable Rate Demand Notes
BlackRock MuniYield Pennsylvania Insured Fund
Schedule of Investments as of January 31, 2007 (concluded) (in Thousands)
Face
Amount Municipal Bonds Value
Pennsylvania (concluded)
$ 2,500 Pennsylvania HFA, Revenue Bonds, DRIVERS, AMT, Series 1248Z, 6.54% due 10/01/2009 (f)(i) $ 2,615
5,000 Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Series 92-A, 4.75% due 4/01/2031 5,016
3,000 Pennsylvania State Higher Educational Facilities Authority Revenue Bonds (UPMC Health System),
Series A, 6% due 1/15/2022 3,243
4,305 Pennsylvania State Higher Educational Facilities Authority Revenue Bonds (York College of
Pennsylvania Project), Series EE1, 5% due 11/01/2033 (g) 4,519
8,845 Pennsylvania State Higher Educational Facilities Authority, State System Revenue Bonds, Series AE,
4.75% due 6/15/2032 (f) 9,073
7,000 Pennsylvania State IDA, EDR, Refunding, 5.50% due 7/01/2020 (a) 7,599
3,085 Pennsylvania State Public School Building Authority, Revenue Bonds (Lehigh Career and Technical
Institute), 5.125% due 4/01/2013 (c)(j) 3,311
2,000 Pennsylvania State Public School Building Authority, Revenue Bonds (Lehigh Career and Technical
Institute), 5.25% due 4/01/2013 (c)(j) 2,160
1,980 Pennsylvania State Public School Building Authority, School and Capital Appreciation Revenue Bonds
(Corry Area School District), 4.85% due 12/15/2022 (e)(m) 992
1,980 Pennsylvania State Public School Building Authority, School and Capital Appreciation Revenue Bonds
(Corry Area School District), 4.87% due 12/15/2023 (e)(m) 947
1,980 Pennsylvania State Public School Building Authority, School and Capital Appreciation Revenue Bonds
(Corry Area School District), 4.89% due 12/15/2024 (e)(m) 902
1,980 Pennsylvania State Public School Building Authority, School and Capital Appreciation Revenue Bonds
(Corry Area School District), 4.92% due 12/15/2025 (e)(m) 858
6,300 Pennsylvania State Public School Building Authority, School Lease Revenue Bonds (The School District
of Philadelphia Project), 5% due 6/01/2013 (e)(j) 6,729
10,000 Pennsylvania State Public School Building Authority, School Lease Revenue Bonds (The School District
of Philadelphia Project), 5.25% due 6/01/2013 (e)(j) 10,821
5,000 Pennsylvania State Public School Building Authority, School Lease Revenue Refunding Bonds (The School
District of Philadelphia Project), Series B, 5% due 6/01/2033 (e) 5,274
1,000 Philadelphia, Pennsylvania, Airport Revenue Bonds, AMT, Series A, 5% due 6/15/2024 (f) 1,039
4,000 Philadelphia, Pennsylvania, Authority for Industrial Development, Airport Revenue Refunding Bonds
(Philadelphia Airport System Project), AMT, Series A, 5.50% due 7/01/2017 (c) 4,251
3,655 Philadelphia, Pennsylvania, Authority for Industrial Development, Airport Revenue Refunding Bonds
(Philadelphia Airport System Project), AMT, Series A, 5.50% due 7/01/2018 (c) 3,880
9,125 Philadelphia, Pennsylvania, Authority for Industrial Development, Lease Revenue Bonds (City of
Philadelphia Project), Series A, 5.375% due 2/15/2027 (f) 9,316
3,000 Philadelphia, Pennsylvania, Authority for Industrial Development, Lease Revenue Bonds, Series B,
5.50% due 10/01/2020 (e) 3,224
4,680 Philadelphia, Pennsylvania, Authority for Industrial Development, Lease Revenue Bonds, Series B,
5.50% due 10/01/2021 (e) 5,013
10,000 Philadelphia, Pennsylvania, Gas Works Revenue Bonds, 1998 General Ordinance, 4th Series, 5% due
8/01/2032 (e) 10,393
3,900 Philadelphia, Pennsylvania, Gas Works Revenue Refunding Bonds, VRDN, Series 6, 3.61% due
8/01/2031 (e)(l) 3,900
500 Philadelphia, Pennsylvania, Hospitals and Higher Education Facilities Authority, Hospital Revenue
Refunding Bonds (Children's Hospital Project), VRDN, Series C, 3.67% due 7/01/2031 (f)(l) 500
600 Philadelphia, Pennsylvania, Hospitals and Higher Education Facilities Authority, Hospital Revenue
Refunding Bonds (Children's Hospital Project), VRDN, Series D, 3.72% due 7/01/2031 (f)(l) 600
3,000 Philadelphia, Pennsylvania, Hospitals and Higher Education Facilities Authority, Hospital Revenue
Refunding Bonds (Presbyterian Medical Center), 6.65% due 12/01/2019 (b) 3,595
3,000 Philadelphia, Pennsylvania, Housing Authority Revenue Bonds (Capital Fund Program), Series A, 5.50%
due 12/01/2018 (e) 3,240
4,645 Philadelphia, Pennsylvania, Qualified Redevelopment Authority Revenue Bonds, AMT, Series B, 5% due
4/15/2027 (c) 4,815
1,750 Philadelphia, Pennsylvania, Redevelopment Authority Revenue Bonds (Neighborhood Transformation),
Series A, 5.50% due 4/15/2022 (c) 1,870
5,000 Philadelphia, Pennsylvania, School District, GO, Series D, 5.125% due 6/01/2034 (c) 5,258
4,000 Philadelphia, Pennsylvania, School District, GO, Series D, 5.25% due 6/01/2034 (c) 4,257
8,245 Pittsburgh, Pennsylvania, Water and Sewer Authority, Water and Sewer System Revenue Bonds, First
Lien, 5% due 9/01/2033 (f) 8,661
6,000 Reading, Pennsylvania, School District, GO, 5% due 1/15/2029 (e) 6,346
3,545 Reading, Pennsylvania, School District, GO, Series B, 4.37% due 1/15/2032 (c)(m) 1,162
2,600 Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Refunding Bonds (Guthrie Healthcare
System), Series A, 5.875% due 12/01/2031 2,799
6,145 Shaler Area School District, Pennsylvania, Capital Appreciation, GO, 4.765% due 9/01/2030 (g)(m) 2,122
4,500 Southeastern Pennsylvania Transportation Authority, Special Revenue Bonds, 5.375% due 3/01/2017 (c) 4,595
2,525 Southeastern Pennsylvania Transportation Authority, Special Revenue Bonds, 5.375% due 3/01/2022 (c) 2,578
2,570 Westmoreland County, Pennsylvania, Municipal Authority, Municipal Service Revenue Bonds, 5.25% due
8/15/2015 (e)(j) 2,825
4,125 Westmoreland County, Pennsylvania, Municipal Authority, Municipal Service Revenue Bonds, Series B,
4.60% due 8/15/2030 (e)(m) 1,408
Guam - 1.4%
2,500 A.B. Won Guam International Airport Authority, General Revenue Refunding Bonds, AMT, Series C, 5%
due 10/01/2023 (f) 2,577
Puerto Rico - 10.6%
10,795 Puerto Rico Commonwealth, Public Improvement, GO, Series A, 5% due 7/01/2034 11,173
2,500 Puerto Rico Public Buildings Authority, Government Facilities Revenue Refunding Bonds, Series I,
5.50% due 7/01/2025 2,715
5,000 Puerto Rico Public Buildings Authority, Government Facilities Revenue Refunding Bonds, Series I,
5.375% due 7/01/2034 5,348
Total Municipal Bonds (Cost - $237,111) - 136.7% 248,515
Municipal Bonds Held in Trust (o)
Pennsylvania - 32.7%
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) 7,309
15,000 Pennsylvania State Public School Building Authority, School Lease Revenue Bonds (The School District
of Philadelphia Project), 5.25% due 6/01/2013 (e)(j) 16,231
15,000 Pennsylvania State Turnpike Commission, Oil Franchise Tax Revenue Bonds, Sub-Series B, 5.50% due
12/01/2013 (f)(j) 16,502
7,800 Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds, Series A, 5.50% due 12/01/2031 (a) 8,558
10,000 Philadelphia, Pennsylvania, School District, GO, Series B, 5.625% due 8/01/2012 (c)(j) 10,908
Total Municipal Bonds Held in Trust (Cost - $56,503) - 32.7% 59,508
Shares
Held Short-Term Securities
73 CMA Pennsylvania Municipal Money Fund, 2.99% (k)(n) 73
Total Short-Term Securities (Cost - $73) - 0.0% 73
Total Investments (Cost - $293,687*) - 169.4% 308,096
Other Assets Less Liabilities - 1.9% 3,357
Liability for Trust Certificates, Including Interest Expense Payable - (15.2%) (27,571)
Preferred Shares, at Redemption Value - (56.1%) (102,053)
-----------
Net Assets Applicable to Common Shares - 100.0% $ 181,829
===========
* 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 $ 266,492
=====================
Gross unrealized appreciation $ 14,304
Gross unrealized depreciation (100)
---------------------
Net unrealized appreciation $ 14,204
=====================
(a) AMBAC Insured.
(b) Escrowed to maturity.
(c) FGIC Insured.
(d) FNMA/GNMA Collateralized.
(e) FSA Insured.
(f) MBIA Insured.
(g) XL Capital Insured.
(h) CIFG Insured.
(i) The rate disclosed is that currently in effect. This rate changes
periodically and inversely based upon prevailing market rates.
(j) Prerefunded.
(k) 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 Pennsylvania Municipal Money Fund 7 $ 10
(l) Security may have a maturity of more than one year at time of issuance,
but has variable rate and demand features that qualify it as a short-term
security. The rate disclosed is that currently in effect. This rate
changes periodically based upon prevailing market rates.
(m) Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase.
(n) Represents the current yield as of January 31, 2007.
(o) 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 January 31, 2007
were as follows:
Notional Unrealized
Amount Appreciation
Pay a fixed rate of 3.59% and receive a
floating rate based on 1-week Bond Market
Association rate
Broker, JPMorgan Chase
Expires March 2017 $ 9,000 $ 136
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 $ 15,000 272
Pay a fixed rate of 5.24% and receive a
floating rate based on 1-week Bond Market
Association rate
Broker, JPMorgan Chase
Expires April 2017 $ 29,000 145
----------
Total $ 553
==========
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 MuniYield Pennsylvania Insured Fund, Inc.
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
BlackRock MuniYield Pennsylvania 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 MuniYield Pennsylvania Insured Fund, Inc.
Date: March 26, 2007
By: /s/ Donald C. Burke
-------------------
Donald C. Burke
Chief Financial Officer
BlackRock MuniYield Pennsylvania Insured Fund, Inc.
Date: March 26, 2007