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: Donald C. Burke, Chief Executive Officer, BlackRock
MuniYield Pennsylvania Insured Fund, 800 Scudders Mill Road, Plainsboro, NJ, 08536.
Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 07/31/2009
Date of reporting period: 04/30/2009
Item 1 Schedule of Investments
BlackRock MuniYield Pennsylvania Insured Fund | ||||||
Schedule of Investments April 30, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | |||||
Par | ||||||
Municipal Bonds | (000) | Value | ||||
Pennsylvania - 133.5% | ||||||
Corporate - 7.1% | Delaware County, Pennsylvania, IDA, Water Facilities Revenue | |||||
Refunding Bonds (Aqua Pennsylvania, Inc. Project), AMT, Series | ||||||
B, 5%, 11/01/36 (a)(b) | $ | 4,770 | $ 3,991,584 | |||
Montgomery County, Pennsylvania, IDA, Water Facilities | ||||||
Revenue Bonds (Aqua Pennsylvania, Inc. Project), Series A, | ||||||
5.25%, 7/01/42 | 1,800 | 1,523,106 | ||||
Northumberland County, Pennsylvania, IDA, Water Facilities | ||||||
Revenue Refunding Bonds (Aqua Pennsylvania Inc. Project), | ||||||
AMT, 5.05%, 10/01/39 (a)(b) | 6,000 | 5,010,720 | ||||
Pennsylvania Economic Development Financing Authority, Solid | ||||||
Waste Disposal Revenue Bonds (Waste Management Inc. | ||||||
Project), AMT, Series A, 5.10%, 10/01/27 | 1,200 | 992,952 | ||||
11,518,362 | ||||||
County/City/Special | Chambersburg, Pennsylvania, Area School District, GO, | |||||
District/School District - | 5.25%, 3/01/26 (a)(b) | 2,115 | 2,150,151 | |||
43.8% | Chambersburg, Pennsylvania, Area School District, GO, | |||||
5.25%, 3/01/27 (a)(b) | 2,500 | 2,529,350 | ||||
Connellsville, Pennsylvania, Area School District, GO, | ||||||
Series B, 5%, 11/15/37 (c) | 1,000 | 990,970 | ||||
Delaware Valley Regional Finance Authority, Pennsylvania, | ||||||
Local Government Revenue Bonds, Series A, | ||||||
5.50%, 8/01/28 (d) | 2,230 | 2,329,993 | ||||
East Stroudsburg, Pennsylvania, Area School District, GO, | ||||||
Series A, 7.75%, 9/01/27 (a)(b) | 2,000 | 2,375,500 | ||||
Erie County, Pennsylvania, Convention Center Authority, | ||||||
Convention Center Hotel Revenue Bonds, 5%, 1/15/36 (a)(b) | 8,850 | 8,595,297 | ||||
Marple Newtown, Pennsylvania, School District, GO, | ||||||
5%, 6/01/31 (c) | 3,500 | 3,546,900 | ||||
North Allegheny, Pennsylvania, School District, GO, Series C, | ||||||
5.25%, 5/01/27 (c) | 2,175 | 2,241,446 | ||||
Northeastern York School District, Pennsylvania, GO, Series B, | ||||||
5%, 4/01/32 (a)(b) | 1,585 | 1,574,238 | ||||
Philadelphia, Pennsylvania, Authority for Industrial | ||||||
Development, Lease Revenue Bonds, Series B, | ||||||
5.50%, 10/01/11 (c)(e) | 3,000 | 3,332,760 | ||||
Philadelphia, Pennsylvania, GO, Refunding, Series A, | ||||||
5.25%, 12/15/32 (c) | 7,000 | 6,999,580 | ||||
Philadelphia, Pennsylvania, Qualified Redevelopment Authority | ||||||
Revenue Bonds, AMT, Series B, 5%, 4/15/27 (a)(b) | 4,645 | 4,096,565 | ||||
Philadelphia, Pennsylvania, Redevelopment Authority Revenue | ||||||
Bonds (Neighborhood Transformation), Series A, 5.50%, 4/15/22 | ||||||
(a)(b) | 1,750 | 1,767,990 | ||||
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 list below. | ||||||
AMT | Alternative Minimum Tax (subject to) | HFA | Housing Finance Agency | |||
EDR | Economic Development Revenue Bonds | IDA | Industrial Development Authority | |||
GO | General Obligation Bonds | S/F | Single-Family |
1
BlackRock MuniYield Pennsylvania Insured Fund | ||||
Schedule of Investments April 30, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | |||
Par | ||||
Municipal Bonds | (000) | Value | ||
Philadelphia, Pennsylvania, School District, GO, Series B, | ||||
5.625%, 8/01/12 (a)(e) | $ 10,000 | $ 11,335,200 | ||
Philadelphia, Pennsylvania, School District, GO, Series E, | ||||
6%, 9/01/38 | 4,800 | 5,073,504 | ||
Reading, Pennsylvania, School District, GO, 5%, 1/15/29 (c) | 6,000 | 6,050,580 | ||
Scranton, Pennsylvania, School District, GO, Series A, | ||||
5%, 7/15/38 (c) | 3,500 | 3,457,335 | ||
Shaler Area School District, Pennsylvania, Capital Appreciation, | ||||
GO, 4.788%, 9/01/30 (f)(g) | 6,145 | 1,757,040 | ||
York, Pennsylvania, City School District, GO, Series A, | ||||
5.25%, 6/01/22 (f) | 1,040 | 1,082,245 | ||
71,286,644 | ||||
Education - 9.1% | Gettysburg, Pennsylvania, Municipal Authority, College | |||
Revenue Refunding Bonds, 5%, 8/15/23 (b) | 4,000 | 3,955,440 | ||
Pennsylvania State Higher Educational Facilities Authority, | ||||
State System Revenue Bonds, Series AE, 4.75%, 6/15/32 (b) | 8,845 | 8,578,765 | ||
University of Pittsburgh, Pennsylvania, The Commonwealth | ||||
System of Higher Education, Revenue Bonds (Capital Project), | ||||
Series B, 5%, 9/15/28 | 2,200 | 2,248,048 | ||
14,782,253 | ||||
Health - 11.0% | Allegheny County, Pennsylvania, Hospital Development | |||
Authority, Health Center Revenue Bonds (University of | ||||
Pittsburgh Medical Center Health System), Series B, | ||||
6%, 7/01/26 (b) | 2,000 | 2,123,780 | ||
Lehigh County, Pennsylvania, General Purpose Authority, | ||||
Hospital Revenue Bonds (Lehigh Valley Health Network), | ||||
Series A, 5%, 7/01/33 (c) | 7,995 | 7,413,044 | ||
Monroe County, Pennsylvania, Hospital Authority Revenue | ||||
Refunding Bonds (Pocono Medical Center), 5.125%, 1/01/37 | 1,265 | 998,338 | ||
Pennsylvania State Higher Educational Facilities Authority | ||||
Revenue Bonds (UPMC Health System), Series A, | ||||
6%, 1/15/22 | 3,000 | 3,068,760 | ||
Philadelphia, Pennsylvania, Hospitals and Higher Education | ||||
Facilities Authority, Hospital Revenue Refunding Bonds | ||||
(Presbyterian Medical Center), 6.65%, 12/01/19 (h) | 3,000 | 3,747,570 | ||
Sayre, Pennsylvania, Health Care Facilities Authority, Revenue | ||||
Refunding Bonds (Guthrie Healthcare System), Series A, | ||||
5.875%, 12/01/31 | 590 | 539,455 | ||
17,890,947 | ||||
Housing - 6.6% | Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds, | |||
Series 96A, 4.70%, 10/01/37 | 3,000 | 2,521,050 | ||
Pennsylvania HFA, S/F Revenue Bonds, AMT, Series 72A, 5.25%, | ||||
4/01/21 (b) | 5,000 | 5,015,350 | ||
Philadelphia, Pennsylvania, Housing Authority Revenue | ||||
Bonds (Capital Fund Program), Series A, 5.50%, 12/01/18 (c) | 3,000 | 3,166,530 | ||
10,702,930 |
2
BlackRock MuniYield Pennsylvania Insured Fund | ||||
Schedule of Investments April 30, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | |||
Par | ||||
Municipal Bonds | (000) | Value | ||
State - 24.6% | Pennsylvania State, GO, First Series, 5%, 3/15/29 | $ 1,900 | $ 1,983,923 | |
Pennsylvania State Public School Building Authority, Revenue | ||||
Refunding Bonds (The School District of Philadelphia Project), | ||||
Series B, 5%, 6/01/26 (c) | 19,025 | 19,458,009 | ||
Pennsylvania State Public School Building Authority, School and | ||||
Capital Appreciation Revenue Bonds (Corry Area School | ||||
District), 4.85%, 12/15/22 (c)(g) | 1,980 | 1,019,858 | ||
Pennsylvania State Public School Building Authority, School and | ||||
Capital Appreciation Revenue Bonds (Corry Area School | ||||
District), 4.87%, 12/15/23 (c)(g) | 1,980 | 944,064 | ||
Pennsylvania State Public School Building Authority, School and | ||||
Capital Appreciation Revenue Bonds (Corry Area School | ||||
District), 4.89%, 12/15/24 (c)(g) | 1,980 | 879,457 | ||
Pennsylvania State Public School Building Authority, School and | ||||
Capital Appreciation Revenue Bonds (Corry Area School | ||||
District), 4.92%, 12/15/25 (c)(g) | 1,980 | 818,473 | ||
Pennsylvania State Public School Building Authority, School | ||||
Revenue Bonds (Harrisburg School District), Series A, | ||||
5%, 11/15/33 (i) | 1,200 | 1,171,788 | ||
Pennsylvania State Turnpike Commission, Oil Franchise Tax | ||||
Revenue Bonds, Series C, 5%, 12/01/32 (b) | 13,600 | 13,712,880 | ||
39,988,452 | ||||
Transportation - 16.0% | Pennsylvania State Turnpike Commission, Turnpike Revenue | |||
Bonds, Series A, 5.50%, 12/01/31 (d) | 7,800 | 7,964,814 | ||
Pennsylvania State Turnpike Commission, Turnpike Revenue | ||||
Bonds, Series A, 5.25%, 12/01/32 (d) | 350 | 355,225 | ||
Pennsylvania State Turnpike Commission, Turnpike Revenue | ||||
Bonds, Sub-Series A, 5%, 6/01/39 (i) | 3,500 | 3,535,770 | ||
Philadelphia, Pennsylvania, Airport Revenue Bonds, AMT, Series | ||||
A, 5%, 6/15/37 (c) | 7,500 | 6,532,200 | ||
Philadelphia, Pennsylvania, Authority for Industrial | ||||
Development, Airport Revenue Refunding Bonds | ||||
(Philadelphia Airport System Project), AMT, Series A, | ||||
5.50%, 7/01/17 (a)(b) | 4,000 | 4,023,320 | ||
Philadelphia, Pennsylvania, Authority for Industrial | ||||
Development, Airport Revenue Refunding Bonds | ||||
(Philadelphia Airport System Project), AMT, Series A, | ||||
5.50%, 7/01/18 (a)(b) | 3,655 | 3,658,363 | ||
26,069,692 | ||||
Utilities - 15.3% | Allegheny County, Pennsylvania, Sanitation Authority, Sewer | |||
Revenue Refunding Bonds, Series A, 5%, 12/01/30 (b) | 5,000 | 4,734,450 | ||
Delaware County, Pennsylvania, IDA Revenue Bonds | ||||
(Pennsylvania Suburban Water Company Project), AMT, | ||||
Series A, 5.15%, 9/01/32 (d) | 5,500 | 4,786,045 |
3
BlackRock MuniYield Pennsylvania Insured Fund | |||||
Schedule of Investments April 30, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | ||||
Par | |||||
Municipal Bonds | (000) | Value | |||
Northampton Borough, Pennsylvania, Municipal Authority, | |||||
Water Revenue Bonds, 5%, 5/15/34 (b) | $ | 935 | $ 931,008 | ||
Pennsylvania State, IDA, EDR, Refunding, 5.50%, 7/01/20 (d) | 7,000 | 7,347,480 | |||
Philadelphia, Pennsylvania, Gas Works Revenue Bonds, 1998 | |||||
General Ordinance, 4th Series, 5%, 8/01/32 (c) | 4,500 | 4,420,710 | |||
Reading, Pennsylvania, Area Water Authority, Water Revenue | |||||
Bonds, 5%, 12/01/27 (c) | 2,680 | 2,724,434 | |||
24,944,127 | |||||
Total Municipal Bonds in Pennsylvania | 217,183,407 | ||||
Guam - 1.4% | |||||
Transportation - 1.4% | A.B. Won Guam International Airport Authority, General | ||||
Revenue Refunding Bonds, AMT, Series C, 5%, 10/01/23 (b) | 2,500 | 2,294,800 | |||
Total Municipal Bonds - 134.9% | 219,478,207 | ||||
Municipal Bonds Transferred to | |||||
Tender Option Bond Trusts (j) | |||||
Pennsylvania - 18.4% | |||||
County/City/Special | East Stroudsburg, Pennsylvania, Area School District, | ||||
District/School District - 7.9% | GO, Refunding, 5%, 9/01/25 (c) | 7,000 | 7,286,580 | ||
Pennsylvania State, GO, 5%, 3/15/28 | 5,203 | 5,472,367 | |||
12,758,947 | |||||
State - 10.5% | Pennsylvania State Public School Building Authority, | ||||
School Lease Revenue Bonds (The School District of | |||||
Philadelphia Project), 5.25%, 6/01/13 (c)(e) | 15,000 | 17,148,750 | |||
Total Municipal Bonds Transferred to | |||||
Tender Option Bond Trusts - 18.4% | 29,907,697 | ||||
Total Long-Term Investments | |||||
(Cost - $252,702,629) - 153.3% | 249,385,904 | ||||
Short-Term Securities | Shares | ||||
Money Market Fund - 2.1% | CMA Pennsylvania Municipal Money Fund, 0.15% (k)(l) | 3,454,858 | 3,454,858 | ||
Total Short-Term Securities | |||||
(Cost - $3,454,858) - 2.1% | 3,454,858 | ||||
Total Investments (Cost - $256,157,487*) - 155.4% | 252,840,762 | ||||
Other Assets Less Liabilities - 1.1% | 1,752,899 | ||||
Liability for Trust Certificates, Including Interest Expense | |||||
and Fees Payable - (8.9)% | (14,492,780) | ||||
Preferred Shares, at Redemption Value - (47.6)% | (77,407,264) | ||||
Net Assets Applicable to Common Shares - 100.0% | $ | 162,693,617 |
* The cost and unrealized appreciation (depreciation) of investments as of April 30, 2009, as computed for federal
income tax purposes, were as follows:
Aggregate cost | $ | 241,922,147 |
Gross unrealized appreciation | $ | 9,850,978 |
Gross unrealized depreciation | (13,400,736) | |
Net unrealized depreciation | $ | (3,549,758) |
4
BlackRock MuniYield Pennsylvania Insured Fund
Schedule of Investments April 30, 2009 (Unaudited)
(a) FGIC Insured.
(b) NPFGC Insured.
(c) FSA Insured.
(d) AMBAC Insured.
(e) 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.
(f) XL Capital Insured.
(g) Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.
(h) Security is collateralized by Municipal or US Treasury Obligations.
(i) Assured Guaranty Insured.
(j) 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.
(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 | ||
Affiliate | Activity | Income |
CMA Pennsylvania Municipal Money Fund | (8,606,304) | $ 94,371 |
(l) Represents the current yield as of report date.
Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting
Standards No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair value, establishes a
framework for measuring fair values and requires additional disclosures about the use of 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 securities
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 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 circumstance, to the extent
observable inputs are not available (including the Fund's own assumption 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 semi-
annual report.
The following table summarizes the inputs used as of April 30, 2009 in determining the fair valuation of the Fund's
investments:
Valuation | Investments in | |
Inputs | Securities | |
Assets | ||
Level 1 | $ | 3,454,858 |
Level 2 | 249,385,904 | |
Level 3 | - | |
Total | $ | 252,840,762 |
5
Item 2 Controls and Procedures
2(a) The registrants principal executive and principal financial officers or persons performing
similar functions have concluded that the registrants 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 registrants internal control over financial reporting (as
defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants last fiscal
quarter that have materially affected, or are reasonably likely to materially affect, the
registrants 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/ Donald C. Burke
Donald C. Burke
Chief Executive Officer of
BlackRock MuniYield Pennsylvania Insured Fund
Date: June 19, 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/ Donald C. Burke
Donald C. Burke
Chief Executive Officer (principal executive officer) of
BlackRock MuniYield Pennsylvania Insured Fund
Date: June 19, 2009
By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock MuniYield Pennsylvania Insured Fund
Date: June 19, 2009