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: 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, 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: 10/31/05
Date of reporting period: 05/01/05 - 07/31/05
Item 1 - Schedule of Investments
MuniYield Pennsylvania Insured Fund
Schedule of Investments as of July 31, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
Pennsylvania - 134.7% $ 3,085 Abington, Pennsylvania, School District, GO, Series A, 5% due 4/01/2029 (e) $ 3,272
3,000 Allegheny County, Pennsylvania, Higher Education Building Authority, University
Revenue Bonds (Carnegie Mellon University), 5.125% due 3/01/2032 3,140
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) 2,453
Allegheny County, Pennsylvania, Sanitation Authority, Sewer Revenue Bonds (f)(i):
6,000 5.50% due 12/01/2010 6,651
3,660 5.75% due 12/01/2010 4,101
1,000 Bristol Boro, Pennsylvania, School District, GO, 5.25% due 3/01/2031 (e) 1,084
1,000 Dauphin County, Pennsylvania, GO, Series C, 5% due 3/01/2024 (f) 1,059
5,500 Delaware County, Pennsylvania, IDA Revenue Bonds (Pennsylvania Suburban Water
Company Project), AMT, Series A, 5.15% due 9/01/2032 (a) 5,737
4,770 Delaware County, Pennsylvania, IDA, Water Facilities Revenue Refunding Bonds (Aqua
Pennsylvania Inc. Project), AMT, Series B, 5% due 11/01/2036 (c) 4,941
1,500 Delaware Valley, Pennsylvania, Regional Finance Authority, Local Government Revenue
Bonds, 5.75% due 7/01/2032 1,752
4,000 Gettysburg, Pennsylvania, Municipal Authority, College Revenue Refunding Bonds, 5%
due 8/15/2023 (f) 4,197
1,000 Jim Thorpe, Pennsylvania, Area School District, GO, Refunding, 5% due 3/15/2027 (e) 1,061
4,000 Lancaster County, Pennsylvania, Hospital Authority Revenue Bonds (Lancaster General
Hospital Project), 5.50% due 3/15/2026 4,225
3,000 Lehigh County, Pennsylvania, General Purpose Authority, Hospital Revenue Refunding
Bonds (Saint Lukes Hospital of Bethlehem), 5.375% due 8/15/2033 3,105
7,800 Lehigh County, Pennsylvania, IDA, PCR, Refunding (Pennsylvania Power and Light
Utilities Corporation Project), Series A, 4.70% due 9/01/2029 (c) 7,897
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) 7,292
2,675 North Allegheny, Pennsylvania, School District, GO, Series C, 5.25% due
5/01/2027 (e) 2,891
5,000 Northampton Borough, Pennsylvania, Municipal Authority, Water Revenue Bonds,
5% due 5/15/2034 (f) 5,254
6,000 Northumberland County, Pennsylvania, IDA, Water Facilities Revenue Refunding Bonds
(Aqua Pennsylvania Inc. Project), AMT, 5.05% due 10/01/2039 (c) 6,217
Portfolio Abbreviations
To simplify the listings of 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
RIB Residual Interest Bonds
S/F Single-Family
MuniYield Pennsylvania Insured Fund
Schedule of Investments as of July 31, 2005 (concluded) (in Thousands)
Face
Amount Municipal Bonds Value
Pennsylvania $ 3,055 Pennsbury, Pennsylvania, School District, GO, Refunding, 5.50% due
(concluded) 1/15/2020 (c) $ 3,378
2,500 Pennsylvania Economic Development Financing Authority, Resource Recovery Revenue
Refunding Bonds (Colver Project), Series F, 4.625% due 12/01/2018 (a) 2,544
1,430 Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Series 60A, 5.85%
due 10/01/2027 (d)(f) 1,473
Pennsylvania State Higher Educational Facilities Authority Revenue Bonds (UPMC
Health System), Series A:
175 5% due 8/01/2005 (e) 175
3,000 6% due 1/15/2022 3,303
7,000 Pennsylvania State, IDA, EDR, Refunding, 5.50% due 7/01/2020 (a) 7,817
Pennsylvania State Public School Building Authority, Revenue Bonds (Lehigh Career
and Technical Institute) (c):
3,585 5.125% due 10/01/2028 3,791
2,000 5.25% due 10/01/2032 2,140
Pennsylvania State Public School Building Authority, School Lease Revenue Bonds
(The School District of Philadelphia Project) (e):
10,000 5.25% due 6/01/2025 10,853
10,300 5% due 6/01/2033 10,754
7,500 Pennsylvania State Public School Building Authority, School Revenue Bonds, DRIVERS,
Series 371, 7.85% due 6/01/2011 (e)(h) 8,604
7,500 Pennsylvania State Turnpike Commission, Oil Franchise Tax Revenue Bonds, DRIVERS,
Series 366, 8.35% due 6/01/2011 (f)(h) 9,307
1,700 Pennsylvania State Turnpike Commission, Oil Franchise Tax Revenue Refunding Bonds,
Series A, 5% due 12/01/2023 (a) 1,790
3,900 Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds, DRIVERS, Series
460-Z, 8.35% due 6/01/2012 (a)(h) 4,797
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series A, AMT (f):
1,000 5% due 6/15/2025 1,043
8,000 4.75% due 6/15/2035 7,986
Philadelphia, Pennsylvania, Authority for Industrial Development, Airport Revenue
Refunding Bonds (Philadelphia Airport System Project), AMT, Series A (c):
4,000 5.50% due 7/01/2017 4,361
3,655 5.50% due 7/01/2018 3,980
Philadelphia, Pennsylvania, Authority for Industrial Development, Lease Revenue
Bonds:
9,125 (City of Philadelphia Project), Series A, 5.375% due 2/15/2027 (f) 9,577
3,000 Series B, 5.50% due 10/01/2020 (e) 3,313
4,680 Series B, 5.50% due 10/01/2021 (e) 5,169
10,000 Philadelphia, Pennsylvania, Gas Works Revenue Bonds, 1998 General Ordinance, 4th
Series, 5% due 8/01/2032 (e) 10,442
3,000 Philadelphia, Pennsylvania, Hospitals and Higher Education Facilities Authority,
Hospital Revenue Refunding Bonds (Presbyterian Medical Center), 6.65% due
12/01/2019 (b) 3,696
3,000 Philadelphia, Pennsylvania, Housing Authority Revenue Bonds (Capital Fund Program),
Series A, 5.50% due 12/01/2018 (e) 3,298
4,645 Philadelphia, Pennsylvania, Qualified Redevelopment Authority Revenue Bonds, AMT,
Series B, 5% due 4/15/2027 (c) 4,822
1,750 Philadelphia, Pennsylvania, Redevelopment Authority Revenue Bonds (Neighborhood
Transformation), Series A, 5.50% due 4/15/2022 (c) 1,925
5,000 Philadelphia, Pennsylvania, School District, GO, RIB, Series 677, 8.66% due
8/01/2021 (c)(h) 6,282
Philadelphia, Pennsylvania, School District, GO, Series D (c):
5,000 5.125% due 6/01/2034 5,283
4,000 5.25% due 6/01/2034 4,298
5,000 Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series A, 5% due
7/01/2028 (e) 5,288
Pittsburgh, Pennsylvania, Public Parking Authority, Parking Revenue Bonds (a)(i):
1,460 5.80% due 6/01/2010 1,623
1,525 5.85% due 6/01/2010 1,699
2,000 Pittsburgh, Pennsylvania, Public Parking Authority, Parking Revenue Refunding
Bonds, Series A, 5% due 12/01/2025 (c) 2,117
2,400 Pittsburgh, Pennsylvania, Water and Sewer Authority, Water and Sewer System
Revenue Bonds, First Lien, Series B, 5.255%* due 9/01/2030 (c) 714
Reading, Pennsylvania, School District, GO, Series B (c):
10,425 5.263%* due 1/15/2028 3,555
3,145 5.213%* due 1/15/2030 961
2,600 Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Refunding Bonds
(Guthrie Healthcare System), Series A, 5.875% due 12/01/2031 2,778
Southeastern Pennsylvania Transportation Authority, Special Revenue Bonds (c):
4,500 5.375% due 3/01/2017 4,747
2,525 5.375% due 3/01/2022 2,656
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) 2,588
Puerto Rico - 16.5% 6,700 Puerto Rico Commonwealth, Infrastructure Financing Authority, Special Tax and
Capital Appreciation Revenue Bonds, Series A, 4.66%* due 7/01/2034 (a) 1,746
10,000 Puerto Rico Commonwealth, Public Improvement, GO, Series A, 5% due 7/01/2034 10,409
8,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series RR, 5% due
7/01/2027 (g) 9,068
Puerto Rico Public Buildings Authority, Government Facilities, Revenue Refunding
Bonds, Series I:
2,500 5.50% due 7/01/2025 2,746
5,000 5.375% due 7/01/2034 5,404
1,000 Puerto Rico Public Finance Corporation, Commonwealth Appropriation Revenue Bonds,
Series E, 5.50% due 8/01/2029 1,076
Total Municipal Bonds (Cost - $264,406) - 152.6% 281,705
Shares
Held Short-Term Securities
502 CMA Pennsylvania Municipal Money Fund (j) 502
Total Short-Term Securities (Cost - $502) - 0.3% 502
Total Investments (Cost - $264,908**) - 152.9% 282,207
Other Assets Less Liabilities - 2.4% 4,371
Preferred Shares, at Redemption Value - (55.3%) (102,024)
-----------
Net Assets Applicable to Common Shares - 100.0% $ 184,554
===========
* Represents a zero coupon bond; the interest rate shown reflects the effective yield at
the time of purchase of the Fund.
** The cost and unrealized appreciation (depreciation) of investments as of July 31, 2005,
as computed for federal income tax purposes, were as follows:
(in Thousands)
Aggregate cost $ 264,962
===============
Gross unrealized appreciation $ 17,321
Gross unrealized depreciation (76)
---------------
Net unrealized appreciation $ 17,245
===============
(a) AMBAC Insured.
(b) Escrowed to maturity.
(c) FGIC Insured.
(d) FHA Insured.
(e) FSA Insured.
(f) MBIA Insured.
(g) XL Capital Insured.
(h) The rate disclosed is that currently in effect. This rate changes periodically and
inversely based upon prevailing market rates.
(i) Prerefunded.
(j) 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:
(in Thousands)
Net Dividend
Affiliate Activity Income
CMA Pennsylvania Municipal
Money Fund (3,637) $ 11
Forward interest rate swaps outstanding as of July 31, 2005 were as follows:
(in Thousands)
Notional Unrealized
Amount Appreciation
Receive a variable rate equal to
7-Day Bond Market Association
Municipal Swap Index Rate and
pay a fixed rate of 3.627%
Broker, JPMorgan Chase Bank
Expires August 2015 $ 36,000 $ 14
Receive a variable rate equal to
7-Day Bond Market Association
Municipal Swap Index Rate and
pay a fixed rate of 3.472%
Broker, Morgan Stanley Capital
Services, Inc.
Expires September 2015 $ 7,000 100
----------
Total $ 114
==========
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) - There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Act
(17 CFR 270.30a-3(d)) that occurred during the last fiscal quarter
of the period covered by this report that has materially affected, or
is 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.
MuniYield Pennsylvania Insured Fund, Inc.
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.,
Chief Executive Officer
MuniYield Pennsylvania Insured Fund, Inc.
Date: September 23, 2005
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
MuniYield Pennsylvania Insured Fund, Inc.
Date: September 23, 2005
By: /s/ Donald C. Burke
-----------------------
Donald C. Burke,
Chief Financial Officer
MuniYield Pennsylvania Insured Fund, Inc.
Date: September 23, 2005