UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-07136
Name of Fund: BlackRock MuniYield Pennsylvania Insured Fund (MPA)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock
MuniYield Pennsylvania Insured Fund, 55 East 52nd Street, New York, NY 10055.
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 07/31/2010
Date of reporting period: 10/31/2009
Item 1 Schedule of Investments
BlackRock MuniYield Pennsylvania Insured Fund (MPA) | ||||
Schedule of Investments October 31, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | |||
Par | ||||
Municipal Bonds | (000) | Value | ||
Pennsylvania - 118.5% | ||||
Corporate - 5.2% | Delaware County IDA, Pennsylvania, RB, Water | |||
Facilities, Aqua Pennsylvania Inc. Project, Series B, | ||||
AMT (MBIA), 5.00%, 11/01/36 | $ 2,520 | $ 2,367,414 | ||
Northumberland County IDA, Refunding RB, Aqua | ||||
Pennsylvania Inc. Project, AMT (MBIA), 5.05%, 10/01/39 | 6,000 | 5,397,720 | ||
Pennsylvania Economic Development Financing | ||||
Authority, RB, Waste Management Inc. Project, | ||||
Series A, AMT, 5.10%, 10/01/27 | 1,200 | 1,119,768 | ||
8,884,902 | ||||
County/City/Special District/School | Chambersburg Area School District, GO (MBIA), | |||
District - 41.6% | 5.25%, 3/01/26 | 2,115 | 2,185,620 | |
Chambersburg Area School District, GO (MBIA), | ||||
5.25%, 3/01/27 | 2,500 | 2,574,450 | ||
City of Philadelphia Pennsylvania, GO, Refunding, | ||||
Series A (FSA), 5.25%, 12/15/32 | 7,000 | 7,214,480 | ||
Connellsville Area School District, GO, Series B (FSA), | ||||
5.00%, 11/15/37 | 1,000 | 1,007,250 | ||
Delaware Valley Regional Financial Authority, RB, | ||||
Series A (AMBAC), 5.50%, 8/01/28 | 2,230 | 2,361,681 | ||
East Stroudsburg Area School District, GO, Series A | ||||
(MBIA), 7.75%, 9/01/27 | 2,000 | 2,423,600 | ||
Erie County Conventional Center Authority, RB (MBIA), | ||||
5.00%, 1/15/36 | 8,850 | 8,885,577 | ||
Marple Newtown School District, GO (FSA), | ||||
5.00%, 6/01/31 | 3,500 | 3,637,690 | ||
North Allegheny School District, GO, Series C (FSA), | ||||
5.25%, 5/01/27 | 2,175 | 2,273,245 | ||
Northeastern York School District, GO, Series B (MBIA), | ||||
5.00%, 4/01/32 | 1,585 | 1,614,433 | ||
Philadelphia Authority for Industrial Development, RB, | ||||
Series B (FSA), 5.50%, 10/01/11 (a) | 1,000 | 1,099,590 | ||
Philadelphia Redevelopment Authority, RB, | ||||
Neighborhood Transformation, Series A (MBIA), | ||||
5.50%, 4/15/22 | 1,750 | 1,785,070 | ||
Philadelphia Redevelopment Authority, RB, Qualified | ||||
Redevelopment, Neighborhood, Series B, AMT (MBIA), | ||||
5.00%, 4/15/27 | 4,645 | 4,371,456 | ||
Philadelphia School District, GO, Series B (FGIC), | ||||
5.63%, 8/01/12 (a) | 10,000 | 11,248,700 | ||
Philadelphia School District, GO, Series E, | ||||
6.00%, 9/01/38 | 4,800 | 5,185,344 | ||
Portfolio Abbreviations |
To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have
been abbreviated according to the following list.
AGC | Assured Guaranty Corp. | IDA | Industrial Development Authority |
AMBAC | American Municipal Bond Assurance Corp. | MBIA | Municipal Bond Investors Assurance |
AMT | Alternative Minimum Tax (subject to) | (National Public Finance Guaranty Corp.) | |
CAB | Capital Appreciation Bonds | PCR | Pollution Control Revenue Bonds |
FSA | Financial Security Assurance Inc. | RB | Revenue Bonds |
FGIC | Financial Guaranty Insurance Co. | S/F | Single-Family |
GO | General Obligation Bonds | ||
HFA | Housing Finance Agency |
1
BlackRock MuniYield Pennsylvania Insured Fund (MPA) | |||||
Schedule of Investments October 31, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | ||||
Par | |||||
Municipal Bonds | (000) | Value | |||
Reading School District, GO (FSA), 5.00%, 1/15/29 | $ 6,000 | $ 6,196,620 | |||
Scranton School District, Pennsylvania, GO, Series A | |||||
(FSA), 5.00%, 7/15/38 | 3,500 | 3,556,280 | |||
Shaler Area School District, Pennsylvania, GO, CAB | |||||
(Syncora), 4.80%, 9/01/30 (b) | 6,145 | 1,996,142 | |||
York City School District, Pennsylvania, GO, Series A | |||||
(Syncora), 5.25%, 6/01/22 | 1,040 | 1,092,094 | |||
70,709,322 | |||||
Education - 7.6% | Gettysburg Municipal Authority, RB (MBIA), | ||||
5.00%, 8/15/23 | 4,000 | 4,000,280 | |||
Pennsylvania Higher Educational Facilities Authority, | |||||
RB, Series AE (MBIA), 4.75%, 6/15/32 | 8,845 | 8,844,558 | |||
12,844,838 | |||||
Health - 12.7% | Allegheny County Hospital Development Authority, RB, | ||||
Health Center, UPMC Health, Series B (MBIA), | |||||
6.00%, 7/01/26 | 2,000 | 2,295,520 | |||
County of Lehigh Pennsylvania, RB, Lehigh Valley | |||||
Health Network, Series A (FSA), 5.00%, 7/01/33 | 7,995 | 7,863,642 | |||
Lycoming County Authority, Refunding RB, | |||||
Susquehanna Health System Project, Series A, | |||||
5.75%, 7/01/39 | 1,160 | 1,102,998 | |||
Monroe County Hospital Authority, Pennsylvania, RB, | |||||
Hospital, Pocono Medical Center, 5.13%, 1/01/37 | 1,265 | 1,166,646 | |||
Montgomery County Higher Education & Health | |||||
Authority, Refunding RB, Abington Memorial Hospital, | |||||
Series A, 5.13%, 6/01/33 | 1,760 | 1,718,728 | |||
Pennsylvania Higher Educational Facilities Authority, | |||||
RB, UPMC Health System, Series A, | |||||
6.00%, 1/15/22 | 3,000 | 3,086,970 | |||
Philadelphia Hospitals & Higher Education Facilities | |||||
Authority, RB, Presbyterian Medical Center, | |||||
6.65%, 12/01/19 (c) | 3,000 | 3,687,300 | |||
Sayre Health Care Facilities Authority, RB, Guthrie | |||||
Health, Series A, 5.88%, 12/01/31 | 590 | 598,006 | |||
21,519,810 | |||||
Housing - 6.4% | Pennsylvania HFA, RB, S/F, Series 72A, AMT (MBIA), | ||||
5.25%, 4/01/21 | 5,000 | 5,023,150 | |||
Pennsylvania HFA, RB, Series 96, Series A, AMT, | |||||
4.70%, 10/01/37 | 2,985 | 2,681,784 | |||
Philadelphia Housing Authority, RB, Series A (FSA), | |||||
5.50%, 12/01/18 | 3,000 | 3,162,120 | |||
10,867,054 | |||||
IDA/PCR/Resource Recovery - 0.1% | Montgomery County IDA, Pennsylvania, RB, ACTS | ||||
Retirement, Life Community, Series A-1, 6.25%, 11/15/29 | 235 | 247,157 | |||
State - 4.2% | Commonwealth of Pennsylvania, GO, First Series, | ||||
5.00%, 3/15/29 | 1,900 | 2,038,016 | |||
State Public School Building Authority, Pennsylvania, | |||||
RB, CAB, Corry Area School District (FSA), | |||||
4.85%, 12/15/22 (b) | 1,980 | 1,077,773 |
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BlackRock MuniYield Pennsylvania Insured Fund (MPA) | ||||
Schedule of Investments October 31, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | |||
Par | ||||
Municipal Bonds | (000) | Value | ||
State Public School Building Authority, Pennsylvania, | ||||
RB, CAB, Corry Area School District (FSA), | ||||
4.87%, 12/15/23 (b) | $ 1,980 | $ 1,007,483 | ||
State Public School Building Authority, Pennsylvania, | ||||
RB, CAB, Corry Area School District (FSA), | ||||
4.89%, 12/15/24 (b) | 1,980 | 948,301 | ||
State Public School Building Authority, Pennsylvania, | ||||
RB, CAB, Corry Area School District (FSA), | ||||
4.94%, 12/15/25 (b) | 1,980 | 898,583 | ||
State Public School Building Authority, Pennsylvania, | ||||
RB, Harrisburg School District Project, Series A (AGC), | ||||
5.00%, 11/15/33 | 1,200 | 1,226,472 | ||
7,196,628 | ||||
Transportation - 24.0% | City of Philadelphia Pennsylvania, RB, Series A, AMT | |||
(FSA), 5.00%, 6/15/37 | 7,500 | 7,061,250 | ||
Pennsylvania Turnpike Commission, RB, Series A | ||||
(AMBAC), 5.50%, 12/01/31 | 7,800 | 7,993,986 | ||
Pennsylvania Turnpike Commission, RB, Series A | ||||
(AMBAC), 5.25%, 12/01/32 | 350 | 351,222 | ||
Pennsylvania Turnpike Commission, RB, Series C | ||||
(MBIA), 5.00%, 12/01/32 | 13,600 | 14,040,504 | ||
Pennsylvania Turnpike Commission, RB, Sub-Series B | ||||
(FSA), 5.25%, 6/01/39 | 3,500 | 3,482,115 | ||
Philadelphia Authority for Industrial Development, RB, | ||||
Philadelphia Airport System Project, Series A, AMT | ||||
(MBIA), 5.50%, 7/01/17 | 4,000 | 4,087,160 | ||
Philadelphia Authority for Industrial Development, RB, | ||||
Philadelphia Airport System Project, Series A, AMT | ||||
(MBIA), 5.50%, 7/01/18 | 3,655 | 3,715,819 | ||
40,732,056 | ||||
Utilities - 16.7% | Allegheny County Sanitation Authority, Refunding RB, | |||
Series A (MBIA), 5.00%, 12/01/30 | 5,000 | 5,018,000 | ||
City of Philadelphia Pennsylvania, RB, 1998 General | ||||
Ordinance, 4th Series (FSA), 5.00%, 8/01/32 | 4,500 | 4,481,460 | ||
City of Philadelphia Pennsylvania, RB, Series A, | ||||
5.25%, 1/01/36 | 700 | 698,957 | ||
Delaware County IDA, Pennsylvania, RB, Pennsylvania | ||||
Suburban Water Co. Project, Series A, AMT (AMBAC), | ||||
5.15%, 9/01/32 | 5,500 | 5,376,800 | ||
Montgomery County IDA, Pennsylvania, RB, Aqua | ||||
Pennsylvania Inc. Project, Series A, AMT, | ||||
5.25%, 7/01/42 | 1,800 | 1,715,706 | ||
Northampton Boro Municipal Authority, RB (MBIA), | ||||
5.00%, 5/15/34 | 935 | 944,808 | ||
Pennsylvania IDA, Pennsylvania, RB, Economic | ||||
Development (AMBAC), 5.50%, 7/01/20 | 7,000 | 7,341,320 | ||
Reading Area Water Authority, Pennsylvania, RB (FSA), | ||||
5.00%, 12/01/27 | 2,680 | 2,802,020 | ||
28,379,071 | ||||
Total Municipal Bonds in Pennsylvania | 201,380,838 |
3
BlackRock MuniYield Pennsylvania Insured Fund (MPA) | ||||
Schedule of Investments October 31, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | |||
Par | ||||
Municipal Bonds | (000) | Value | ||
Guam - 1.4% | ||||
Transportation - 1.4% | Guam International Airport Authority, RB, General, | |||
Series C, AMT (MBIA), 5.00%, 10/01/23 | $ 2,500 | $ 2,402,900 | ||
Total Municipal Bonds in Guam | 2,402,900 | |||
Puerto Rico - 0.8% | ||||
State - 0.8% | Commonwealth of Puerto Rico, GO, Refunding Public | |||
Improvement, Series A 4 (FSA), 5.25%, 7/01/30 | 1,270 | 1,311,110 | ||
Total Municipal Bonds in Puerto Rico | 1,311,110 | |||
U.S. Virgin Islands - 0.0% | ||||
State - 0.0% | Virgin Islands Public Finance Authority, RB, Senior | |||
Lien, Capital Projects, Series A-1, 5.00%, 10/01/39 | 100 | 94,944 | ||
Total Municipal Bonds in the U.S. Virgin Islands | 94,944 | |||
Total Municipal Bonds - 120.7% | 205,189,792 | |||
Municipal Bonds Transferred to | ||||
Tender Option Bond Trusts (d) | ||||
Pennsylvania - 33.6% | ||||
County/City/Special District/School | East Stroudsburg Area School District, GO, | |||
District - 15.6% | Refunding (FSA), 5.00%, 9/01/25 | 7,000 | 7,419,650 | |
State Public School Building Authority, Refunding | ||||
RB, School District Philadelphia Project, Series B | ||||
(FSA), 5.00%, 6/01/26 | 19,025 | 19,125,664 | ||
26,545,314 | ||||
Education - 1.4% | University of Pittsburgh, Pennsylvania, RB, | |||
Capital Projects, Series B, 5.00%, 9/15/28 | 2,202 | 2,361,698 | ||
Health - 3.3% | Geisinger Authority, RB, Series A, 5.13%, 6/01/34 | 2,500 | 2,519,675 | |
Geisinger Authority, RB, Series A, 5.25%, 6/01/39 | 3,000 | 3,040,470 | ||
5,560,145 | ||||
State - 13.3% | Commonwealth of Pennsylvania, GO, First Series, | |||
5.00%, 3/15/28 | 5,203 | 5,619,409 | ||
State Public School Building Authority, RB, Lease, | ||||
Philadelphia School District Project (FSA), 5.25%, | ||||
6/01/13 | 15,000 | 17,001,600 | ||
22,621,009 | ||||
Total Municipal Bonds Transferred to | ||||
Tender Option Bond Trusts - 33.6% | 57,088,166 | |||
Total Long-Term Investments | ||||
(Cost - $259,205,631) - 154.3% | 262,277,958 | |||
Short-Term Securities | Shares | |||
CMA Pennsylvania Municipal Money Fund, 0.04% (e)(f) | 955,343 | 955,343 | ||
Total Short-Term Securities | ||||
(Cost - $955,343) - 0.6% | 955,343 | |||
Total Investments (Cost - $260,160,974*) - 154.9% | 263,233,301 | |||
Other Assets Less Liabilities - 0.8% | 1,355,196 | |||
Liability for Trust Certificates, Including Interest Expense | ||||
and Fees Payable - (16.6)% | (28,239,210) | |||
Preferred Shares, at Redemption Value - (39.1)% | (66,357,344) | |||
Net Assets Applicable to Common Shares - 100.0% | $ 169,991,943 |
4
BlackRock MuniYield Pennsylvania Insured Fund (MPA)
Schedule of Investments October 31, 2009 (Unaudited)
* The cost and unrealized appreciation (depreciation) of investments as of October 31, 2009, as computed for federal income
tax purposes, were as follows:
Aggregate cost | $ 233,248,237 |
Gross unrealized appreciation | $ 10,948,042 |
Gross unrealized depreciation | (9,158,035) |
Net unrealized appreciation | $ 1,790,007 |
(a) US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at
the date indicated, typically at a premium to par.
(b) Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.
(c) Security is collateralized by Municipal or US Treasury Obligations.
(d) Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual
interest certificates. These securities serve as collateral in a financing transaction.
(e) 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 | ||
Affiliate | Activity | Income |
CMA Pennsylvania Municipal Money Fund | $ (599,888) | $ 95 |
(f) Represents the current yield as of report date.
5
BlackRock MuniYield Pennsylvania Insured Fund (MPA)
Schedule of Investments October 31, 2009 (Unaudited)
Fair Value Measurements - Various inputs are used in determining the fair value of investments, which
are as follows:
Level 1 - price quotations in active markets/exchanges for identical assets and liabilities.
Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or
liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in
markets that are not active, inputs other than quoted prices that are observable for the assets or
liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit
risks and default rates) or other market-corroborated inputs)
Level 3 - unobservable inputs based on the best information available in the circumstances, to the
extent observable inputs are not available (including the Fund's own assumptions used in
determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated
with investing in those securities. For information about the Fund's policy regarding valuation of investments
and other significant accounting policies, please refer to the Fund's most recent financial statements as
contained in its annual report.
The following table summarizes the inputs used as of October 31, 2009 in determining the fair valuation of the
Fund's investments:
Valuation | Investments in |
Inputs | Securities |
Assets | |
Level 1 - Short-Term Securities | $ 955,343 |
Level 2 - Long-Term Investments1 | 262,277,958 |
Level 3 | - |
Total | $ 263,233,301 |
1See above Schedule of Investments for values in each sector.
6
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 13(a)-15(b) under the Securities 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) 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 Pennsylvania Insured Fund
By: /s/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer of
BlackRock MuniYield Pennsylvania Insured Fund
Date: December 18, 2009
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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
BlackRock MuniYield Pennsylvania Insured Fund
Date: December 18, 2009
By: /s/ Neal J.
Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock MuniYield Pennsylvania Insured Fund
Date: December 18, 2009