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: 10/31/2006
Date of reporting period: 11/01/05 - 01/31/06
Item 1 - Schedule of Investments
MuniYield Pennsylvania Insured Fund
Schedule of Investments as of January 31, 2006 (in Thousands)
Face
Amount Municipal Bonds Value
Pennsylvania - 137.1% $ 3,285 Abington, Pennsylvania, School District, GO, Series A, 5% due 4/01/2032 (e) $ 3,423
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) 2,428
5,000 Allegheny County, Pennsylvania, Sanitation Authority, Sewer Revenue Refunding
Bonds, Series A, 5% due 12/01/2030 (f) 5,237
5,500 Delaware County, Pennsylvania, IDA, Revenue Bonds (Pennsylvania Suburban Water
Company Project), AMT, Series A, 5.15% due 9/01/2032 (a) 5,671
4,770 Delaware County, Pennsylvania, IDA, Water Facilities Revenue Refunding Bonds
(Aqua Pennsylvania Inc. Project), AMT, Series B, 5% due 11/01/2036 (c) 4,878
1,500 Delaware Valley, Pennsylvania, Regional Finance Authority, Local Government
Revenue Bonds, 5.75% due 7/01/2032 1,722
5,000 Erie County, Pennsylvania, Convention Center Authority, Convention Center Hotel
Revenue Bonds, 5% due 1/15/2036 (c) 5,182
4,000 Gettysburg, Pennsylvania, Municipal Authority, College Revenue Refunding
Bonds, 5% due 8/15/2023 (f) 4,165
4,000 Lancaster County, Pennsylvania, Hospital Authority Revenue Bonds (Lancaster
General Hospital Project), 5.50% due 3/15/2026 4,182
3,000 Lehigh County, Pennsylvania, General Purpose Authority, Hospital Revenue
Refunding Bonds (Saint Lukes Hospital of Bethlehem), 5.375% due 8/15/2033 3,087
7,800 Lehigh County, Pennsylvania, IDA, PCR, Refunding (Pennsylvania Power and Light
Utilities Corporation Project), Series A, 4.70% due 9/01/2029 (c) 7,855
3,500 Luzerne County, Pennsylvania, IDA, Water Facility Revenue Refunding Bonds, RIB,
AMT, Series 1170, 6.89% due 9/01/2034 (a)(h) 3,687
2,675 North Allegheny, Pennsylvania, School District, GO, Series C, 5.25% due
5/01/2027 (e) 2,865
5,000 Northampton Borough, Pennsylvania, Municipal Authority, Water Revenue Bonds, 5%
due 5/15/2034 (f) 5,178
6,000 Northumberland County, Pennsylvania, IDA, Water Facilities Revenue Refunding
Bonds (Aqua Pennsylvania Inc. Project), AMT, 5.05% due 10/01/2039 (c) 6,132
3,055 Pennsbury, Pennsylvania, School District, GO, Refunding, 5.50% due 1/15/2020 (c) 3,342
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
VRDN Variable Rate Demand Notes
MuniYield Pennsylvania Insured Fund
Schedule of Investments as of January 31, 2006 (concluded) (in Thousands)
Face
Amount Municipal Bonds Value
Pennsylvania $ 1,200 Pennsylvania Economic Development Financing Authority, Solid Waste Disposal
(concluded) Revenue Bonds (Waste Management Inc. Project), AMT, Series A, 5.10% due
10/01/2027 $ 1,201
175 Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Series 60A, 5.85%
due 10/01/2027 (d)(f) 179
3,000 Pennsylvania State Higher Educational Facilities Authority, Revenue Bonds
(UPMC Health System), Series A, 6% due 1/15/2022 3,275
4,305 Pennsylvania State Higher Educational Facilities Authority, Revenue Bonds (York
College of Pennsylvania Project), Series EE-1, 5% due 11/01/2033 (g) 4,446
7,000 Pennsylvania State IDA, EDR, Refunding, 5.50% due 7/01/2020 (a) 7,710
3,585 Pennsylvania State Public School Building Authority, Revenue Bonds (Lehigh
Career and Technical Institute), 5.125% due 10/01/2028 (c) 3,753
2,000 Pennsylvania State Public School Building Authority, Revenue Bonds (Lehigh
Career and Technical Institute), 5.25% due 10/01/2032 (c) 2,115
10,000 Pennsylvania State Public School Building Authority, School Lease Revenue Bonds
(The School District of Philadelphia Project), 5.25% due 6/01/2025 (e) 10,756
10,300 Pennsylvania State Public School Building Authority, School Lease Revenue Bonds
(The School District of Philadelphia Project), 5% due 6/01/2033 (e) 10,618
7,500 Pennsylvania State Public School Building Authority, School Revenue Bonds, DRIVERS,
Series 371, 7.155% due 6/01/2011 (e)(h) 8,465
7,500 Pennsylvania State Turnpike Commission, Oil Franchise Tax Revenue Bonds, DRIVERS,
Series 366, 7.654% due 6/01/2011 (f)(h) 8,938
1,700 Pennsylvania State Turnpike Commission, Oil Franchise Tax Revenue Refunding
Bonds, Series A, 5% due 12/01/2023 (a) 1,776
3,900 Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds, DRIVERS,
Series 460-Z, 7.654% due 6/01/2012 (a)(h) 4,666
1,000 Philadelphia, Pennsylvania, Airport Revenue Bonds, Series A, AMT, 5% due
6/15/2025 (f) 1,030
8,000 Philadelphia, Pennsylvania, Airport Revenue Bonds, Series A, AMT, 4.75% due
6/15/2035 (f) 7,814
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) 4,294
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) 3,924
9,125 Philadelphia, Pennsylvania, Authority for Industrial Development, Lease Revenue
Bonds (City of Philadelphia Project), Series A, 5.375% due 2/15/2027 (f) 9,453
3,000 Philadelphia, Pennsylvania, Authority for Industrial Development, Lease Revenue
Bonds, Series B, 5.50% due 10/01/2020 (e) 3,283
4,680 Philadelphia, Pennsylvania, Authority for Industrial Development, Lease Revenue
Bonds, Series B, 5.50% due 10/01/2021 (e) 5,088
10,000 Philadelphia, Pennsylvania, Gas Works Revenue Bonds, 1998 General Ordinance,
4th Series, 5% due 8/01/2032 (e) 10,309
500 Philadelphia, Pennsylvania, Hospitals and Higher Education Facilities Authority,
Hospital Revenue Refunding Bonds (Children's Hospital Project), VRDN, Series C,
3.04% due 7/01/2031 (f)(i) 500
3,000 Philadelphia, Pennsylvania, Hospitals and Higher Education Facilities Authority,
Hospital Revenue Refunding Bonds (Presbyterian Medical Center), 6.65% due
12/01/2019 (b) 3,651
3,000 Philadelphia, Pennsylvania, Housing Authority Revenue Bonds (Capital Fund Program),
Series A, 5.50% due 12/01/2018 (e) 3,265
4,645 Philadelphia, Pennsylvania, Qualified Redevelopment Authority Revenue Bonds,
AMT, Series B, 5% due 4/15/2027 (c) 4,751
1,750 Philadelphia, Pennsylvania, Redevelopment Authority Revenue Bonds (Neighborhood
Transformation), Series A, 5.50% due 4/15/2022 (c) 1,890
5,000 Philadelphia, Pennsylvania, School District, GO, RIB, Series 677, 7.97% due
8/01/2021 (c)(h) 6,181
5,000 Philadelphia, Pennsylvania, School District, GO, Series D, 5.125% due 6/01/2034 (c) 5,206
4,000 Philadelphia, Pennsylvania, School District, GO, Series D, 5.25% due 6/01/2034 (c) 4,241
5,000 Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series A, 5%
due 7/01/2028 (e) 5,225
1,650 Pittsburgh, Pennsylvania, Water and Sewer Authority, Water and Sewer System
Revenue Bonds, First Lien, 5% due 9/01/2025 (f) 1,735
8,640 Pittsburgh, Pennsylvania, Water and Sewer Authority, Water and Sewer System
Revenue Bonds, First Lien, 5% due 9/01/2033 (f) 8,953
6,000 Reading, Pennsylvania, School District, GO, 5% due 1/15/2029 (e) 6,288
2,600 Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Refunding
Bonds (Guthrie Healthcare System), Series A, 5.875% due 12/01/2031 2,775
4,500 Southeastern Pennsylvania Transportation Authority, Special Revenue Bonds, 5.375%
due 3/01/2017 (c) 4,676
2,525 Southeastern Pennsylvania Transportation Authority, Special Revenue Bonds, 5.375%
due 3/01/2022 (c) 2,623
2,570 Westmoreland County, Pennsylvania, Municipal Authority, Municipal Service Revenue
Bonds, 5.25% due 8/15/2028 (e) 2,761
Guam - 1.5% 2,500 A.B. Won Guam International Airport Authority, General Revenue Refunding Bonds,
AMT, Series C, 5% due 10/01/2023 (f) 2,564
Puerto Rico -16.2% 10,000 Puerto Rico Commonwealth, Public Improvement, GO, Series A, 5% due 7/01/2034 10,137
5,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series RR, 5% due
7/01/2027 (g) 5,253
4,500 Puerto Rico Municipal Finance Agency, GO, Series A, 5.25% due 8/01/2023 4,805
2,500 Puerto Rico Public Buildings Authority, Government Facilities Revenue Refunding
Bonds, Series I, 5.50% due 7/01/2025 2,706
5,000 Puerto Rico Public Buildings Authority, Government Facilities Revenue Refunding
Bonds, Series I, 5.375% due 7/01/2034 5,257
1,000 Puerto Rico Public Finance Corporation, Commonwealth Appropriation Revenue Bonds,
Series E, 5.50% due 8/01/2029 1,053
Total Municipal Bonds (Cost - $266,820) - 154.8% 278,623
Shares
Held Short-Term Securities
23 CMA Pennsylvania Municipal Money Fund (j) 23
Total Short-Term Securities (Cost - $23) - 0.0% 23
Total Investments (Cost - $266,843*) - 154.8% 278,646
Other Assets Less Liabilities - 1.9% 3,442
Preferred Shares, at Redemption Value - (56.7%) (102,049)
-----------
Net Assets Applicable to Common Shares - 100.0% $ 180,039
===========
* The cost and unrealized appreciation (depreciation) of investments as of
January 31, 2006, as computed for federal income tax purposes,
were as follows:
Aggregate cost $ 266,843
==============
Gross unrealized appreciation $ 12,235
Gross unrealized depreciation (432)
--------------
Net unrealized appreciation $ 11,803
==============
(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) 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.
(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:
Net Dividend
Affiliate Activity Income
CMA Pennsylvania Municipal Money Fund (2,691) $ 10
o Forward interest rate swaps entered into as of January 31, 2006 were as follows:
Notional Unrealized
Amount Appreciation
Pay a fixed rate of 3.999% and receive a
floating rate based on 1-week Bond Market
Association rate
Broker, JP Morgan Chase & Co.
Expires April 2026 $ 32,000 $ 160
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: March 20, 2006
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: March 20, 2006
By: /s/ Donald C. Burke
-------------------
Donald C. Burke
Chief Financial Officer
MuniYield Pennsylvania Insured Fund, Inc.
Date: March 20, 2006