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 811-07136
Name of Fund: BlackRock MuniYield Pennsylvania Insured Fund
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., Chief Executive
Officer (principal executive officer), BlackRock MuniYield Pennsylvania
Insured Fund, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing
address: P.O. Box 9011, Princeton, NJ, 08543-9011
Registrant's telephone number, including area code: (800) 882-0052
Date of fiscal year end: 10/31/2007
Date of reporting period: 05/01/2007 - 07/31/2007
Item 1 - Schedule of Investments
BlackRock MuniYield Pennsylvania Insured Fund
Schedule of Investments as of July 31, 2007 (Unaudited) (in Thousands)
Face
Amount Municipal Bonds Value
Pennsylvania - 125.9% $ 4,650 Allegheny County, Pennsylvania, GO, Series C-60, 5% due 11/01/2032 (e) $ 4,862
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) 2,371
1,000 Allegheny County, Pennsylvania, Residential Finance Authority, S/F Mortgage
Revenue Bonds, AMT, Series TT, 5% due 5/01/2035 (d) 989
5,000 Allegheny County, Pennsylvania, Sanitation Authority, Sewer Revenue Bonds, 5%
due 12/01/2037 (c) 5,201
5,000 Allegheny County, Pennsylvania, Sanitation Authority, Sewer Revenue Refunding
Bonds, Series A, 5% due 12/01/2030 (f) 5,200
2,115 Chambersburg, Pennsylvania, Area School District, GO, 5.25% due 3/01/2026 (c) 2,252
2,500 Chambersburg, Pennsylvania, Area School District, GO, 5.25% due 3/01/2027 (c) 2,659
4,000 Chambersburg, Pennsylvania, Area School District, GO, 5.25% due 3/01/2029 (c) 4,249
1,750 Chester County, Pennsylvania, Health and Education Facilities Authority, Revenue
Refunding Bonds (Devereux Foundation), 5% due 11/01/2031 1,751
5,500 Delaware County, Pennsylvania, IDA, Revenue Bonds (Pennsylvania Suburban Water
Company Project), AMT, Series A, 5.15% due 9/01/2032 (a) 5,637
4,770 Delaware County, Pennsylvania, IDA, Water Facilities Revenue Refunding Bonds (Aqua
Pennsylvania Inc. Project), AMT, Series B, 5% due 11/01/2036 (c) 4,854
1,500 Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue
Bonds, 5.75% due 7/01/2032 1,742
8,850 Erie County, Pennsylvania, Convention Center Authority, Convention Center Hotel
Revenue Bonds, 5% due 1/15/2036 (c) 9,111
5,000 Erie County, Pennsylvania, Hospital Authority Revenue Bonds (Hamot Health Foundation),
5% due 11/01/2035 (h) 5,160
1,100 Erie, Pennsylvania, Water Authority, Revenue Refunding Bonds, VRDN, Series A, 3.60%
due 12/01/2036 (e)(l) 1,100
4,000 Gettysburg, Pennsylvania, Municipal Authority, College Revenue Refunding Bonds, 5%
due 8/15/2023 (f) 4,068
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 July 31, 2007 (Unaudited) (concluded) (in Thousands)
Face
Amount Municipal Bonds Value
Pennsylvania $ 4,000 Lancaster County, Pennsylvania, Hospital Authority Revenue Bonds (Lancaster
(concluded) General Hospital Project), 5.50% due 9/15/2013 (j) $ 4,343
5,000 Lehigh County, Pennsylvania, IDA, PCR, Refunding (Pennsylvania Power and Light
Utilities Corporation Project), Series A, 4.70% due 9/01/2029 (c) 5,018
1,265 Monroe County, Pennsylvania, Hospital Authority Revenue Refunding Bonds (Pocono
Medical Center), 5.125% due 1/01/2037 1,249
100 New Garden General Authority, Pennsylvania, Revenue Bonds (Municipal Pooled
Financing Program II), VRDN, 3.60% due 12/01/2033 (e)(l) 100
2,675 North Allegheny, Pennsylvania, School District, GO, Series C, 5.25% due 5/01/2027 (e) 2,821
4,065 Northampton Borough, Pennsylvania, Municipal Authority, Water Revenue Bonds, 5%
due 5/15/2014 (f)(j) 4,329
935 Northampton Borough, Pennsylvania, Municipal Authority, Water Revenue Bonds, 5% due
5/15/2034 (f) 964
1,585 Northeastern York School District, Pennsylvania, GO, Series B, 5% due 4/01/2032 (c) 1,654
6,000 Northumberland County, Pennsylvania, IDA, Water Facilities Revenue Refunding Bonds
(Aqua Pennsylvania Inc. Project), AMT, 5.05% due 10/01/2039 (c) 6,102
3,055 Pennsbury, Pennsylvania, School District, GO, Refunding, 5.50% due 7/15/2012 (c)(j) 3,282
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 1,175
2,500 Pennsylvania HFA, Revenue Bonds, DRIVERS, AMT, Series 1248Z, 6.51% due
10/01/2009 (f)(i)(p) 2,550
5,000 Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Series 92-A, 4.75%
due 4/01/2031 4,800
3,000 Pennsylvania State Higher Educational Facilities Authority Revenue Bonds (UPMC
Health System), Series A, 6% due 1/15/2022 3,206
4,305 Pennsylvania State Higher Educational Facilities Authority Revenue Bonds (York
College of Pennsylvania Project), Series EE1, 5% due 11/01/2033 (g) 4,452
8,845 Pennsylvania State Higher Educational Facilities Authority, State System Revenue
Bonds, Series AE, 4.75% due 6/15/2032 (f) 8,934
7,000 Pennsylvania State IDA, EDR, Refunding, 5.50% due 7/01/2020 (a) 7,512
1,085 Pennsylvania State Public School Building Authority, Revenue Bonds (Lehigh Career
and Technical Institute), 5.125% due 4/01/2013 (c)(j) 1,153
2,000 Pennsylvania State Public School Building Authority, Revenue Bonds (Lehigh Career
and Technical Institute), 5.25% due 4/01/2013 (c)(j) 2,139
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)(n) 983
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)(n) 933
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)(n) 886
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)(n) 842
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) 6,666
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) 4,204
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) 3,836
9,125 Philadelphia, Pennsylvania, Authority for Industrial Development, Lease Revenue
Bonds (City of Philadelphia Project), Series A, 5.375% due 2/15/2027 (f) 9,295
3,000 Philadelphia, Pennsylvania, Authority for Industrial Development, Lease Revenue
Bonds, Series B, 5.50% due 10/01/2020 (e) 3,193
4,680 Philadelphia, Pennsylvania, Authority for Industrial Development, Lease Revenue
Bonds, Series B, 5.50% due 10/01/2021 (e) 4,966
10,000 Philadelphia, Pennsylvania, Gas Works Revenue Bonds, 1998 General Ordinance,
4th Series, 5% due 8/01/2032 (e) 10,229
3,000 Philadelphia, Pennsylvania, Hospitals and Higher Education Facilities Authority,
Hospital Revenue Refunding Bonds (Presbyterian Medical Center), 6.65% due
12/01/2019 (b) 3,540
3,000 Philadelphia, Pennsylvania, Housing Authority Revenue Bonds (Capital Fund Program),
Series A, 5.50% due 12/01/2018 (e) 3,204
4,645 Philadelphia, Pennsylvania, Qualified Redevelopment Authority Revenue Bonds, AMT,
Series B, 5% due 4/15/2027 (c) 4,752
1,750 Philadelphia, Pennsylvania, Redevelopment Authority Revenue Bonds (Neighborhood
Transformation), Series A, 5.50% due 4/15/2022 (c) 1,849
5,000 Philadelphia, Pennsylvania, School District, GO, Series D, 5.125% due
6/01/2014 (c)(j) 5,364
3,700 Philadelphia, Pennsylvania, Water and Wastewater Revenue Refunding Bonds,
Series B, 4.75% due 11/01/2031 (a) 3,730
100 Philadelphia, Pennsylvania, Water and Wastewater Revenue Refunding Bonds, VRDN,
3.61% due 6/15/2023 (e)(l) 100
8,245 Pittsburgh, Pennsylvania, Water and Sewer Authority, Water and Sewer System Revenue
Bonds, First Lien, 5% due 9/01/2015 (f)(j) 8,808
3,680 Reading, Pennsylvania, Area Water Authority, Water Revenue Bonds, 5% due
12/01/2027 (e) 3,851
6,000 Reading, Pennsylvania, School District, GO, 5% due 1/15/2029 (e) 6,243
2,010 Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Refunding Bonds
(Guthrie Healthcare System), Series A, 5.875% due 12/01/2011 (j) 2,185
590 Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Refunding Bonds
(Guthrie Healthcare System), Series A, 5.875% due 12/01/2031 620
6,145 Shaler Area School District, Pennsylvania, Capital Appreciation, GO, 4.765%
due 9/01/2030 (g)(n) 2,042
2,000 Southcentral General Authority, Pennsylvania, Revenue Bonds (York College of
Pennsylvania Project), 5% due 5/01/2037 (g) 2,072
2,570 Westmoreland County, Pennsylvania, Municipal Authority, Municipal Service Revenue
Bonds, 5.25% due 8/15/2015 (e)(j) 2,794
1,040 York, Pennsylvania, City School District, GO, Series A, 5.25% due 6/01/2022 (g) 1,112
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) 2,553
Puerto Rico - 11.7% 10,795 Puerto Rico Commonwealth, Public Improvement, GO, Series A, 5% due 7/01/2034 10,984
2,500 Puerto Rico Public Buildings Authority, Government Facilities Revenue Refunding
Bonds, Series I, 5.50% due 7/01/2025 2,679
5,000 Puerto Rico Public Buildings Authority, Government Facilities Revenue Refunding
Bonds, Series I, 5.375% due 7/01/2034 5,260
7,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Refunding Bonds,
Series A, 5.01% due 8/01/2043 (f)(n) 1,212
700 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Refunding Bonds,
Series A, 5.25% due 8/01/2057 733
Total Municipal Bonds (Cost - $240,911) - 139.0% 248,709
Municipal Bonds Held in Trust (o)
Pennsylvania - 32.9% 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) 7,162
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) 16,064
15,000 Pennsylvania State Turnpike Commission, Oil Franchise Tax Revenue Bonds,
Sub-Series B, 5.50% due 12/01/2013 (f)(j) 16,352
7,800 Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds, Series A, 5.50%
due 12/01/2031 (a) 8,449
10,000 Philadelphia, Pennsylvania, School District, GO, Series B, 5.625% due
8/01/2012 (c)(j) 10,805
Total Municipal Bonds Held in Trust (Cost - $56,503) - 32.9% 58,832
Shares
Held Short-Term Securities
185 CMA Pennsylvania Municipal Money Fund, 3.03% (k)(m) 185
Total Short-Term Securities (Cost - $185) - 0.1% 185
Total Investments (Cost - $297,599*) - 172.0% 307,726
Other Assets Less Liabilities - 0.5% 908
Liability for Trust Certificates, Including Interest Expense Payable - (15.5%) (27,665)
Preferred Shares, at Redemption Value - (57.0%) (102,071)
----------
Net Assets Applicable to Common Shares - 100.0% $ 178,898
==========
* The cost and unrealized appreciation (depreciation) of investments
as of July 31, 2007, as computed for federal income tax purposes,
were as follows:
Aggregate cost $ 270,605
====================
Gross unrealized appreciation $ 10,278
Gross unrealized depreciation (557)
--------------------
Net unrealized appreciation $ 9,721
====================
(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 119 $19
(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 the current yield as of July 31, 2007.
(n) Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase.
(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.
(p) These securities are short-term floating rate certificates issued by
tender option bond trusts and are secured by the underlying municipal
bond securities.
o Forward interest rate swaps outstanding as of July 31, 2007
were as follows:
Unrealized
Notional Appreciation
Amount (Depreciation)
Pay a fixed rate of 3.834% and receive
a floating rate based on 1-Week Bond
Market Association Rate
Broker, JPMorgan Chase
Expires August 2017 $15,000 $ 78,390
Pay a fixed rate of 3.911% and receive
a floating rate based on 1-Week Bond
Market Association Rate
Broker, JPMorgan Chase
Expires September 2017 $ 9,000 (5,166)
Pay a fixed rate of 4.002% and receive
a floating rate based on 1-Week Bond
Market Association Rate
Broker, JPMorgan Chase
Expires October 2017 $29,000 (197,171)
------------
Total $ (123,947)
============
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
13a-15(b) under the Securities and 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
(17 CFR 270.30a-3(d)) 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/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.,
Chief Executive Officer (principal executive officer) of
BlackRock MuniYield Pennsylvania Insured Fund
Date: September 20, 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 (principal executive officer) of
BlackRock MuniYield Pennsylvania Insured Fund
Date: September 20, 2007
By: /s/ Donald C. Burke
--------------------
Donald C. Burke,
Chief Financial Officer (principal financial officer) of
BlackRock MuniYield Pennsylvania Insured Fund
Date: September 20, 2007