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: 04/30/2010
Item 1 Schedule of Investments
Schedule of Investments April 30, 2010 (Unaudited)
BlackRock MuniYield Pennsylvania Insured Fund (MPA)
(Percentages shown are based on Net Assets)
Par | |||
Municipal Bonds | (000) | Value | |
Pennsylvania 115.0% | |||
Corporate 5.3% | |||
Delaware County IDA Pennsylvania, | |||
Refunding RB, Water Facilities, Aqua | |||
Pennsylvania Inc. Project, Series B, | |||
AMT (NPFGC), 5.00%, 11/01/36 | $ 2,520 | $ 2,406,121 | |
Northumberland County IDA, Refunding | |||
RB, Aqua Pennsylvania Inc. Project, | |||
AMT (NPFGC), 5.05%, 10/01/39 | 6,000 | 5,600,040 | |
Pennsylvania Economic Development | |||
Financing Authority, RB, Waste | |||
Management Inc. Project, Series A, | |||
AMT, 5.10%, 10/01/27 | 1,200 | 1,192,416 | |
9,198,577 | |||
County/City/Special District/School District 42.2% | |||
Chambersburg Area School District, GO | |||
(NPFGC): | |||
5.25%, 3/01/26 | 2,115 | 2,202,603 | |
5.25%, 3/01/27 | 2,500 | 2,593,925 | |
City of Philadelphia Pennsylvania, GO, | |||
Refunding, Series A (AGM), 5.25%, | |||
12/15/32 | 7,000 | 7,175,210 | |
Connellsville Area School District, GO, | |||
Series B (AGM), 5.00%, 11/15/37 | 1,000 | 1,013,570 | |
Delaware Valley Regional Financial | |||
Authority, RB, Series A (AMBAC), | |||
5.50%, 8/01/28 | 2,230 | 2,401,242 | |
East Stroudsburg Area School District, | |||
GO, Series A (NPFGC), 7.75%, | |||
9/01/27 | 2,000 | 2,430,020 | |
Erie County Conventional Center | |||
Authority, RB (NPFGC), 5.00%, | |||
1/15/36 | 8,850 | 8,964,076 | |
Marple Newtown School District, GO | |||
(AGM), 5.00%, 6/01/31 | 3,500 | 3,674,475 | |
North Allegheny School District, GO, | |||
Series C (AGM), 5.25%, 5/01/27 | 2,175 | 2,273,832 | |
Northeastern School District York | |||
County, GO, Series B (NPFGC), 5.00%, | |||
4/01/32 | 1,585 | 1,634,468 | |
Philadelphia Authority for Industrial | |||
Development, RB, Series B (AGM), | |||
5.50%, 10/01/11 (a) | 800 | 862,656 | |
Philadelphia Redevelopment Authority, | |||
RB (NPFGC): | |||
Neighborhood Transformation, | |||
Series A, 5.50%, 4/15/22 | 1,750 | 1,807,313 |
Par | |||
Municipal Bonds | (000) | Value | |
Pennsylvania (continued) | |||
County/City/Special District/School District (concluded) | |||
Philadelphia Redevelopment Authority, | |||
RB (NPFGC) (concluded): | |||
Quality Redevelopment | |||
Neighborhood, Series B, AMT, | |||
5.00%, 4/15/27 | $ 4,645 | $ 4,450,142 | |
Philadelphia School District, GO, | |||
Refunding, Series A (BHAC), 5.00%, | |||
6/01/34 | 1,000 | 1,043,930 | |
Philadelphia School District, GO: | |||
Series B (FGIC), 5.63%, 8/01/12 (a) | 7,500 | 8,280,075 | |
Series E, 6.00%, 9/01/38 | 4,800 | 5,150,640 | |
Reading School District, GO (AGM), | |||
5.00%, 1/15/29 | 6,000 | 6,228,660 | |
Scranton School District Pennsylvania, | |||
GO, Series A (AGM), 5.00%, 7/15/38 | 3,500 | 3,582,915 | |
Shaler Area School District | |||
Pennsylvania, GO, CAB (Syncora), | |||
4.80%, 9/01/30 (b) | 6,145 | 2,135,265 | |
Township of North Londonderry | |||
Pennsylvania, GO (AGM), 4.75%, | |||
9/01/40 | 4,360 | 4,390,389 | |
York City School District, GO, Series A | |||
(Syncora), 5.25%, 6/01/22 | 1,040 | 1,103,294 | |
73,398,700 | |||
Education 8.8% | |||
Gettysburg Municipal Authority, | |||
Refunding RB (NPFGC), 5.00%, | |||
8/15/23 | 4,000 | 4,010,840 | |
Pennsylvania Higher Educational | |||
Facilities Authority, RB (NPFGC): | |||
Drexel University, Series A, 5.00%, | |||
5/01/37 | 2,250 | 2,283,728 | |
Series AE, 4.75%, 6/15/32 | 8,845 | 8,919,386 | |
15,213,954 | |||
Health 14.4% | |||
Allegheny County Hospital Development | |||
Authority, RB, Health Center, UPMC | |||
Health, Series B (NPFGC), 6.00%, | |||
7/01/26 | 2,000 | 2,284,680 | |
County of Lehigh Pennsylvania, RB, | |||
Lehigh Valley Health Network, | |||
Series A (AGM), 5.00%, 7/01/33 | 7,995 | 8,031,697 | |
Cumberland County Municipal Authority, | |||
RB, Diakon Lutheran, 6.38%, | |||
1/01/39 | 500 | 503,745 |
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. | GO | General Obligation Bonds |
AGM | Assured Guaranty Municipal Corp. | HFA | Housing Finance Agency |
AMBAC | American Municipal Bond Assurance Corp. | IDA | Industrial Development Authority |
AMT | Alternative Minimum Tax (subject to) | LRB | Lease Revenue Bonds |
BHAC | Berkshire Hathaway Assurance Corp. | NPFGC | National Public Finance Guarantee Corp. |
CAB | Capital Appreciation Bonds | RB | Revenue Bonds |
FGIC | Financial Guaranty Insurance Co. | S/F | Single-Family |
BLACKROCK MUNIYIELD PENNSYLVANIA INSURED FUND
APRIL 30, 2010
1
Schedule of Investments (continued)
BlackRock MuniYield Pennsylvania Insured Fund (MPA)
(Percentages shown are based on Net Assets)
Par | |||
Municipal Bonds | (000) | Value | |
Pennsylvania (continued) | |||
Health (concluded) | |||
Lycoming County Authority, Refunding | |||
RB, Susquehanna Health System | |||
Project, Series A, 5.75%, 7/01/39 | $ 1,160 | $ 1,173,897 | |
Monroe County Hospital Authority | |||
Pennsylvania, Refunding RB, Hospital, | |||
Pocono Medical Center, 5.13%, | |||
1/01/37 | 1,265 | 1,195,564 | |
Montgomery County Higher Education & | |||
Health Authority, Refunding RB, | |||
Abington Memorial Hospital, Series A, | |||
5.13%, 6/01/33 | 1,760 | 1,761,813 | |
Montgomery County IDA Pennsylvania, | |||
RB, Acts Retirement Life Community: | |||
Series A, 4.50%, 11/15/36 | 400 | 322,620 | |
Series A-1, 6.25%, 11/15/29 | 235 | 249,196 | |
Pennsylvania Higher Educational | |||
Facilities Authority, RB, UPMC Health | |||
System, Series A, 6.00%, 1/15/11 (a) | 3,000 | 3,147,690 | |
Philadelphia Hospitals & Higher | |||
Education Facilities Authority, | |||
Refunding RB, Presbyterian Medical | |||
Center, 6.65%, 12/01/19 (c) | 3,000 | 3,703,020 | |
Sayre Health Care Facilities Authority, | |||
Refunding RB, Guthrie Health, | |||
Series A, 5.88%, 12/01/31 | 590 | 598,921 | |
South Fork Municipal Authority, | |||
Refunding RB, Conemaugh Valley | |||
Memorial, Series B (AGC), 5.38%, | |||
7/01/35 (d) | 2,000 | 2,020,920 | |
24,993,763 | |||
Housing 6.2% | |||
Pennsylvania HFA, RB, S/F, Series 72A, | |||
AMT (NPFGC), 5.25%, 4/01/21 | 4,090 | 4,101,125 | |
Pennsylvania HFA, Refunding RB, AMT: | |||
Series 96-A, 4.70%, 10/01/37 | 2,985 | 2,776,318 | |
Series 99A, 5.15%, 4/01/38 | 800 | 817,920 | |
Philadelphia New Public Housing | |||
Authority, RB, Series A (AGM), 5.50%, | |||
12/01/18 | 3,000 | 3,164,670 | |
10,860,033 | |||
State 5.3% | |||
Pennsylvania Turnpike Commission, RB, | |||
Series C of 2003 Pennsylvania | |||
Turnpike (NPFGC), 5.00%, 12/01/32 | 3,600 | 3,721,716 | |
State Public School Building Authority, | |||
RB, CAB, Corry Area School District | |||
(AGM) (b): | |||
4.85%, 12/15/22 | 1,880 | 1,108,410 | |
4.87%, 12/15/23 | 1,980 | 1,104,682 | |
4.89%, 12/15/24 | 1,980 | 1,035,461 | |
4.92%, 12/15/25 | 1,980 | 977,625 |
Par | |||
Municipal Bonds | (000) | Value | |
Pennsylvania (concluded) | |||
State (concluded) | |||
State Public School Building Authority, | |||
Refunding RB, Harrisburg School | |||
District Project, Series A (AGC), 5.00%, | |||
11/15/33 | $ 1,200 | $ 1,242,336 | |
9,190,230 | |||
Transportation 15.8% | |||
City of Philadelphia Pennsylvania, RB, | |||
Series A, AMT (AGM), 5.00%, 6/15/37 | 7,500 | 7,219,500 | |
Pennsylvania Turnpike Commission, RB: | |||
Series A (AMBAC), 5.50%, | |||
12/01/31 | 7,800 | 8,215,584 | |
Series A (AMBAC), 5.25%, | |||
12/01/32 | 350 | 356,688 | |
Sub-Series B (AGM), 5.25%, | |||
6/01/39 | 3,500 | 3,648,785 | |
Philadelphia Authority for Industrial | |||
Development, Refunding RB, | |||
Philadelphia Airport System Project, | |||
Series A, AMT (NPFGC): | |||
5.50%, 7/01/17 | 4,000 | 4,160,760 | |
5.50%, 7/01/18 | 3,655 | 3,817,063 | |
27,418,380 | |||
Utilities 17.0% | |||
Allegheny County Sanitation Authority, | |||
Refunding RB, Series A (NPFGC), | |||
5.00%, 12/01/30 | 5,000 | 5,033,650 | |
City of Philadelphia Pennsylvania, RB: | |||
1998 General Ordinance, | |||
4th Series (AGM), 5.00%, 8/01/32 | 4,500 | 4,526,460 | |
Series A, 5.25%, 1/01/36 | 700 | 719,579 | |
Delaware County IDA Pennsylvania, RB, | |||
Pennsylvania Suburban Water Co. | |||
Project, Series A, AMT (AMBAC), | |||
5.15%, 9/01/32 | 5,500 | 5,427,730 | |
Montgomery County IDA Pennsylvania, | |||
RB, Aqua Pennsylvania Inc. Project, | |||
Series A, AMT, 5.25%, 7/01/42 | 1,800 | 1,805,796 | |
Northampton Boro Municipal Authority, | |||
RB (NPFGC), 5.00%, 5/15/34 | 935 | 950,353 | |
Pennsylvania Economic Development | |||
Financing Authority, RB, Philadelphia | |||
Biosolids Facility, 6.25%, 1/01/32 | 900 | 940,401 | |
Pennsylvania IDA, Refunding RB, | |||
Economic Development (AMBAC), | |||
5.50%, 7/01/20 | 7,000 | 7,355,320 | |
Reading Area Water Authority | |||
Pennsylvania, RB (AGM), 5.00%, | |||
12/01/27 | 2,680 | 2,813,491 | |
29,572,780 | |||
Total Municipal Bonds in Pennsylvania | 199,846,417 |
2 BLACKROCK MUNIYIELD PENNSYLVANIA INSURED FUND
APRIL 30, 2010
Schedule of Investments (continued)
BlackRock MuniYield Pennsylvania Insured Fund (MPA)
(Percentages shown are based on Net Assets)
Par | |||
Municipal Bonds | (000) | Value | |
Guam 1.4% | |||
Transportation 1.4% | |||
Guam International Airport Authority, | |||
Refunding RB, General, Series C, AMT | |||
(NPFGC), 5.00%, 10/01/23 | $ 2,500 | $ 2,455,575 | |
Total Municipal Bonds in Guam | 2,455,575 | ||
Puerto Rico 0.8% | |||
State 0.8% | |||
Commonwealth of Puerto Rico, GO, | |||
Refunding, Public Improvement, | |||
Series A-4 (AGM), 5.25%, 7/01/30 | 1,270 | 1,321,499 | |
Total Municipal Bonds in Puerto Rico | 1,321,499 | ||
U.S. Virgin Islands 0.1% | |||
State 0.1% | |||
Virgin Islands Public Finance Authority, | |||
RB, Senior Lien, Capital Projects, | |||
Series A-1, 5.00%, 10/01/39 | 100 | 94,696 | |
Total Municipal Bonds in the U.S. Virgin Islands | 94,696 | ||
Total Municipal Bonds 117.3% 203,718,187 | |||
Municipal Bonds Transferred to Tender | |||
Option Bond Trusts (e) | |||
Pennsylvania 38.9% | |||
County/City/Special District/School District 4.3% | |||
East Stroudsburg Area School District, | |||
GO, Refunding (AGM), 5.00%, | |||
9/01/25 | 7,000 | 7,486,780 | |
Education 1.4% | |||
University of Pittsburgh Pennsylvania, | |||
RB, Capital Project, Series B, 5.00%, | |||
9/15/28 | 2,202 | 2,390,510 | |
Health 3.2% | |||
Geisinger Authority, RB, Series A: | |||
5.13%, 6/01/34 | 2,500 | 2,572,150 | |
5.25%, 6/01/39 | 3,000 | 3,096,120 | |
5,668,270 | |||
State 30.0% | |||
Commonwealth of Pennsylvania, GO, | |||
First Series, 5.00%, 3/15/28 | 5,203 | 5,649,625 | |
Pennsylvania Turnpike Commission, RB, | |||
Series C of 2003 Pennsylvania | |||
Turnpike (NPFGC), 5.00%, 12/01/32 | 10,000 | 10,338,100 | |
State Public School Building Authority, | |||
LRB, Philadelphia School District | |||
Project (AGM), 5.25%, 6/01/13 (a) | 15,000 | 16,860,750 |
Municipal Bonds Transferred to Tender | Par | |
Option Bond Trusts (e) | (000) | Value |
Pennsylvania (concluded) | ||
State (concluded) | ||
State Public School Building Authority, | ||
Refunding RB, School District of | ||
Philadelphia Project, Series B (AGM), | ||
5.00%, 6/01/26 | $ 19,025 | $ 19,290,654 |
52,139,129 | ||
Total Municipal Bonds Transferred to | ||
Tender Option Bond Trusts 38.9% | 67,684,689 | |
Total Long-Term Investments | ||
(Cost $265,475,068) 156.2% 271,402,876 | ||
Short-Term Securities | Shares | |
CMA Pennsylvania Municipal Money | ||
Fund, 0.00% (f)(g) | 859,335 | 859,335 |
Total Short-Term Securities | ||
(Cost $859,335) 0.5% | 859,335 | |
Total Investments | ||
(Cost $266,334,403*) 156.7% | 272,262,211 | |
Other Assets Less Liabilities 0.6% | 1,058,263 | |
Liability for Trust Certificates, Including Interest | ||
Expense and Fees Payable (19.1)% | (33,234,037) | |
Preferred Shares, at Redemption Value (38.2)% | (66,357,939) | |
Net Assets Applicable to Common Shares 100.0% $ | 173,728,498 |
* The cost and unrealized appreciation (depreciation) of investments as of
April 30, 2010, as computed for federal income tax purposes, were as
follows: | |
Aggregate cost | $ 239,557,342 |
Gross unrealized appreciation | $ 8,308,076 |
Gross unrealized depreciation | (8,798,343) |
Net unrealized depreciation | $ (490,267) |
(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) When-issued security. Unsettled when-issued transactions were as
follows:
Unrealized | ||
Counterparty | Value | Appreciation |
Merrill Lynch & Co. | $ 2,020,920 $ | 41,400 |
BLACKROCK MUNIYIELD PENNSYLVANIA INSURED FUND
APRIL 30, 2010
3
Schedule of Investments (concluded)
BlackRock MuniYield Pennsylvania Insured Fund (MPA)
(e) 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.
(f) Investments in companies considered to be an affiliate of the Fund
during the period, for purposes of Section 2(a)(3) of the Investment
Company Act of 1940, were as follows:
Shares Held | Shares Held | |||
at July 31, | Net | at April 30, | ||
Affiliate | 2009 | Activity | 2010 | Income |
CMA Pennsylvania | ||||
Municipal Money | ||||
Fund | 1,555,231 | (695,896) | 859,335 | $121 |
(g) Represents the current yield as of report date.
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 methodologies 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 Funds most recent
financial statements as contained in its semi-annual report.
The following table summarizes the inputs used as of April 30, 2010 in
determining the fair valuation of the Fund's investments:
Investments in Securities | ||||
| ||||
Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Assets: | ||||
Long-Term | ||||
Investments1 | $271,402,876 | | $ 271,402,876 | |
Short-Term | ||||
Securities | $ 859,335 | | | 859,335 |
Total | $ 859,335 $271,402,876 | | $ 272,262,211 |
1See above Schedule of Investments for values in each sector.
4 BLACKROCK MUNIYIELD PENNSYLVANIA INSURED FUND
APRIL 30, 2010
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: June 28, 2010
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: June 28, 2010
By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock MuniYield Pennsylvania Insured Fund
Date: June 28, 2010