-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 CanqZp2Mqq4qySvanGj+V03vG4iI1dHU5GpSRlsDUcbo4zRUejii9/Ar7Zi1opBc
 rfLj995s24EcOhTlNc0y4A==

<SEC-DOCUMENT>0000900092-04-000376.txt : 20041228
<SEC-HEADER>0000900092-04-000376.hdr.sgml : 20041228
<ACCEPTANCE-DATETIME>20041228093649
ACCESSION NUMBER:		0000900092-04-000376
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20041031
FILED AS OF DATE:		20041228
DATE AS OF CHANGE:		20041228
EFFECTIVENESS DATE:		20041228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD PENNSYLVANIA FUND
		CENTRAL INDEX KEY:			0000891038
		IRS NUMBER:				223199516
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07136
		FILM NUMBER:		041227493

	BUSINESS ADDRESS:	
		STREET 1:		800 SCUDDERS MILL RD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08543-9011
		BUSINESS PHONE:		6092822800

	MAIL ADDRESS:	
		STREET 1:		PO BOX 9011
		STREET 2:		C/O MERRILL LYNCH ASSET MANAGEMENT
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543-9011
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>ml7214.txt
<DESCRIPTION>MUNIYIELD PENNSYLVANIA INSURED
<TEXT>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM N-CSR


CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES


Investment Company Act file number 811-07136

Name of Fund:  MuniYield Pennsylvania Insured Fund

Fund Address:  P.O. Box 9011
               Princeton, NJ  08543-9011

Name and address of agent for service:  Terry K. Glenn, President,
     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:  (609) 282-2800

Date of fiscal year end: 10/31/04

Date of reporting period: 11/01/03 - 10/31/04

Item 1 - Report to Stockholders


(BULL LOGO)
Merrill Lynch Investment Managers


www.mlim.ml.com


MuniYield Pennsylvania
Insured Fund


Annual Report
October 31, 2004



MuniYield Pennsylvania Insured Fund seeks to provide shareholders
with as high a level of current income exempt from federal and
Pennsylvania income taxes as is consistent with its investment
policies and prudent investment management by investing primarily in
a portfolio of long-term municipal obligations the interest on
which, in the opinion of bond counsel to the issuer, is exempt from
federal and Pennsylvania income taxes.

This report, including the financial information herein, is
transmitted to shareholders of MuniYield Pennsylvania Insured Fund
for their information. It is not a prospectus. Past performance
results shown in this report should not be considered a
representation of future performance. The Fund has leveraged its
Common Shares and intends to remain leveraged by issuing Preferred
Shares to provide the Common Shareholders with a potentially higher
rate of return. Leverage creates risks for Common Shareholders,
including the likelihood of greater volatility of net asset value
and market price of the Common Shares, and the risk that
fluctuations in the short-term dividend rates of the Preferred
Shares may affect the yield to Common Shareholders. Statements and
other information herein are as dated and are subject to change.

A description of the policies and procedures that the Fund uses
to determine how to vote proxies relating to portfolio securities
is available (1) without charge, upon request, by calling toll-free
1-800-MER-FUND (1-800-637-3863; (2) at www.mutualfunds.ml.com;
and (3) on the Securities and Exchange Commission's Web site at
http://www.sec.gov. Information about how the Fund voted proxies
relating to securities held in the Fund's portfolio during the
most recent 12-month period ended June 30 is available (1) at
www.mutualfunds.ml.com; and (2) on the Securities and Exchange
Commission's Web site at http://www.sec.gov.



MuniYield Pennsylvania Insured Fund
Box 9011
Princeton, NJ  08543-9011



(GO PAPERLESS LOGO)
It's Fast, Convenient, & Timely!
To sign up today, go to www.icsdelivery.com/live.



MuniYield Pennsylvania Insured Fund



The Benefits and Risks of Leveraging


MuniYield Pennsylvania Insured Fund utilizes leveraging to seek
to enhance the yield and net asset value of its Common Shares.
However, these objectives cannot be achieved in all interest rate
environments. To leverage, the Fund issues Preferred Shares, which
pay dividends at prevailing short-term interest rates, and invests
the proceeds in long-term municipal bonds. The interest earned on
these investments, net of dividends to Preferred Shares, is paid to
Common Shareholders in the form of dividends, and the value of these
portfolio holdings is reflected in the per share net asset value of
the Fund's Common Shares. However, in order to benefit Common
Shareholders, the yield curve must be positively sloped; that is,
short-term interest rates must be lower than long-term interest
rates. At the same time, a period of generally declining interest
rates will benefit Common Shareholders. If either of these
conditions change, then the risks of leveraging will begin to
outweigh the benefits.

To illustrate these concepts, assume a fund's Common Share
capitalization of $100 million and the issuance of Preferred
Shares for an additional $50 million, creating a total value of
$150 million available for investment in long-term municipal bonds.
If prevailing short-term interest rates are approximately 3% and
long-term interest rates are approximately 6%, the yield curve has a
strongly positive slope. The fund pays dividends on the $50 million
of Preferred Shares based on the lower short-term interest rates. At
the same time, the fund's total portfolio of $150 million earns the
income based on long-term interest rates. Of course, increases in
short-term interest rates would reduce (and even eliminate) the
dividends on the Common Shares.

In this case, the dividends paid to Preferred Shareholders are
significantly lower than the income earned on the fund's long-term
investments, and therefore the Common Shareholders are the
beneficiaries of the incremental yield. However, if short-term
interest rates rise, narrowing the differential between short-term
and long-term interest rates, the incremental yield pickup on the
Common Shares will be reduced or eliminated completely. At the same
time, the market value of the fund's Common Shares (that is, their
price as listed on the New York Stock Exchange) may, as a result,
decline. Furthermore, if long-term interest rates rise, the Common
Shares' net asset value will reflect the full decline in the price
of the portfolio's investments, since the value of the fund's
Preferred Shares does not fluctuate. In addition to the decline in
net asset value, the market value of the fund's Common Shares may
also decline.

As a part of its investment strategy, the Fund may invest in certain
securities whose potential income return is inversely related to
changes in a floating interest rate ("inverse floaters"). In
general, income on inverse floaters will decrease when short-term
interest rates increase and increase when short-term interest rates
decrease. Investments in inverse floaters may be characterized as
derivative securities and may subject the Fund to the risks of
reduced or eliminated interest payments and losses of invested
principal. In addition, inverse floaters have the effect of
providing investment leverage and, as a result, the market value
of such securities will generally be more volatile than that of
fixed-rate, tax-exempt securities. To the extent the Fund invests
in inverse floaters, the market value of the Fund's portfolio and
the net asset value of the Fund's shares may also be more volatile
than if the Fund did not invest in these securities. As of
October 31, 2004, the percentage of the Fund's total net assets
invested in inverse floaters was 15.08%, before the deduction of
Preferred Shares.


Swap Agreements


The Fund may also invest in swap agreements, which are over-the-
counter contracts in which one party agrees to make periodic
payments based on the change in market value of a specified bond,
basket of bonds, or index in return for periodic payments based on a
fixed or variable interest rate or the change in market value of a
different bond, basket of bonds or index. Swap agreements may be
used to obtain exposure to a bond or market without owning or taking
physical custody of securities. Swap agreements involve the risk
that the party with whom the Fund has entered into the swap will
default on its obligation to pay the Fund and the risk that the Fund
will not be able to meet its obligations to pay the other party to
the agreement.



MUNIYIELD PENNSYLVANIA INSURED FUND, OCTOBER 31, 2004



A Letter From the President


Dear Shareholder

As we ended the current reporting period, the financial markets were
facing a number of uncertainties. At the top of investors' minds
were questions about economic expansion, corporate earnings,
interest rates and inflation, politics, oil prices and terrorism.

After benefiting from aggressive monetary and fiscal policy
stimulus, some fear the U.S. economy has hit a "soft patch." In
fact, economic expansion has slowed somewhat in recent months, but
we believe it is easing into a pace of growth that is sustainable
and healthy. The favorable economic environment has served to
benefit American corporations, which have continued to post strong
earnings. Although the most impressive results were seen earlier in
the year, solid productivity, improved revenue growth and cost
discipline all point to a vital corporate sector.

In terms of inflation and interest rates, the Federal Reserve Board
(the Fed) has signaled its confidence in the economic recovery by
increasing the Federal Funds target rate four times in the past
several months, from 1% to 2% as of the November 10 Federal Open
Market Committee meeting. Inflation, for its part, has remained in
check. Investors and economists are focused on how quickly Fed
policy will move from here.

With the presidential election now behind us, any politically
provoked market angst should subside to some extent. The effect of
oil prices, however, is more difficult to predict. At around $50 per
barrel, the price of oil is clearly a concern. However, on an
inflation-adjusted basis and considering modern usage levels, the
situation is far from the crisis proportions we saw in the 1980s.
Finally, although terrorism and geopolitical tensions are realities
we are forced to live with today, history has shown us that the
financial effects of any single event tend to be short-lived.

Amid the uncertainty, the Lehman Brothers Municipal Bond Index
posted a 12-month return of +6.03% and a six-month return of
+4.79% as of October 31, 2004. Long-term bond yields were slightly
lower at October 31, 2004 than they were a year earlier. As always,
our investment professionals are closely monitoring the markets,
the economy and the overall environment in an effort to make
well-informed decisions for the portfolios they manage. For the
individual investor, the key during uncertain times is to remain
focused on the big picture. Investment success comes not from
reacting to short-term volatility, but from maintaining a long-term
perspective and adhering to the disciplines of asset allocation,
diversification and rebalancing. We encourage you to work with your
financial advisor to ensure these time-tested techniques are
incorporated into your investment plan.

We thank you for trusting Merrill Lynch Investment Managers with
your investment assets, and we look forward to serving you in the
months and years ahead.



Sincerely,



(Terry K. Glenn)
Terry K. Glenn
President and Trustee



MUNIYIELD PENNSYLVANIA INSURED FUND, OCTOBER 31, 2004



A Discussion With Your Fund's Portfolio Manager


The Fund significantly outperformed its comparable Lipper category
average for the fiscal year, as we sought to limit net asset value
volatility and maintain a competitive yield.


Describe the recent market environment relative to municipal bonds.

Over the past 12 months, amid considerable monthly volatility, long-
term U.S. Treasury bond yields generally moved lower - despite an
increase in short-term interest rates by the Federal Reserve Board
(the Fed). On October 31, 2004, the 30-year Treasury bond yield
stood at 4.79%, a decline of 34 basis points (.34%) from a year
earlier. The yield on the 10-year U.S. Treasury note was 4.02%, a 27
basis point drop during the same 12-month period.

While tax-exempt bond yields followed the same pattern as their
taxable counterparts, volatility in the municipal market was more
subdued. Yields on long-term revenue bonds, as measured by the Bond
Buyer Revenue Bond Index, fell 27 basis points during the past 12
months. According to Municipal Market Data, yields on AAA-rated
issues maturing in 30 years declined 22 basis points to 4.60%, while
yields on 10-year AAA-rated issues dropped 28 basis points to 3.40%.

More than $360 billion in new long-term tax-exempt bonds was issued
in the past 12 months, a decline of approximately 6% compared to the
previous year. The declining supply amid favorable demand allowed
tax-exempt bond prices to perform in line with the taxable market.


Describe conditions in Pennsylvania.

Following several years of recession and slow growth, Pennsylvania
was able to protect its credit ratings of Aa2, AA and AA from
Moody's Investors Service, Standard & Poor's and Fitch,
respectively, through conservative budgeting practices and
maintaining a relatively low debt burden. The Commonwealth also
benefited from its relatively diversified service-oriented sector.

The threat of a $1 billion projected budget deficit for the
2003 - 2004 fiscal year led to higher taxes on cigarettes and
cellular phones, as well as an increase in the personal income
tax rate from 2.8% to 3.1%. Thanks in part to these measures,
Pennsylvania ended the fiscal year with a budget surplus of
$637 million.

The legislature recently approved Governor Ed Rendell's plan to
use slot machine revenues for additional state aid to local school
districts. Expanding gaming in the state is expected to provide
$1 billion in local property tax relief among Pennsylvania's 501
school districts. In July, Pennsylvania enacted its $22.8 billion
budget for 2004 - 2005. The budget calls for a modest 4.1% increase
in spending, with the increase focused largely on education and
environmental protection. Through the end of September, revenue
collections for the 2004 - 2005 fiscal year exceeded estimates
by 1.3%.

Under the governor's economic stimulus program, Pennsylvania's debt
profile is expected to weaken with the issuance of $2 billion in
bonds. The Commonwealth's unemployment rate and personal income
remain in line with national averages. However, job creation remains
a weakness, with Pennsylvania ranking 42nd out of 50 states.


How did the Fund perform during the fiscal year?

For the 12-month period ended October 31, 2004, the Common Shares of
MuniYield Pennsylvania Insured Fund had net annualized yields of
6.20% and 6.37%, based on a period end per share net asset value of
$16.04 and a per share market price of $15.61, respectively, and
$0.994 per share income dividends. Over the same period, the total
investment return on the Fund's Common Shares was +10.15%, based on
a change in per share net asset value from $15.56 to $16.04, and
assuming reinvestment of ordinary income dividends and capital gains
distributions.

The Fund's total return, based on net asset value, significantly
exceeded the +8.59% average return of its comparable Lipper category
of Pennsylvania Municipal Debt Funds for the 12-month period. (Funds
in this Lipper category limit their investment to those securities
exempt from taxation in Pennsylvania [double tax exempt] or a city
in Pennsylvania [triple tax exempt].) In addition, the Fund's
12-month net yield of 6.32% exceeded that of the Lipper category
average.



MUNIYIELD PENNSYLVANIA INSURED FUND, OCTOBER 31, 2004



The Fund's longer-than-average duration benefited performance for
much of the period but did detract from results at those times when
interest rates rose. Because investments with longer durations are
more sensitive to rising interest rates, their value will tend to
decline more when interest rates go up. Despite considerable market
volatility throughout the year, our duration stance generally worked
to the Fund's advantage as interest rates remained near historic
lows. The volatility also presented us with trading opportunities
that we sought to use to the Fund's benefit throughout the year.

For the six-month period ended October 31, 2004, the total
investment return on the Fund's Common Shares was +8.13%, based
on a change in per share net asset value from $15.34 to $16.04,
and assuming reinvestment of ordinary income dividends.

For a description of the Fund's total investment return based on a
change in the per share market value of the Fund's Common Shares (as
measured by the trading price of the Fund's shares on the New York
Stock Exchange), and assuming reinvestment of dividends, please
refer to the Financial Highlights section of this report. As a
closed-end fund, the Fund's shares may trade in the secondary market
at a premium or discount to the Fund's net asset value. As a result,
total investment returns based on changes in the market value of the
Fund's Common Shares can vary significantly from total investment
returns based on changes in the Fund's net asset value.


What changes were made to the Fund during the period?

We continued to focus on buying premium-coupon bonds with longer
maturities. In particular, we preferred securities with maturities
of 20 years to 30 years. Based on our observations and research,
longer bonds have remained relatively stable, while bonds in the
10-year to 15-year maturity range have continued to be quite
volatile. By taking advantage of the steep yield curve, we generally
were able to increase the Fund's yield while reducing its price
volatility through the use of hedge positions.

One specific transaction during the period involved the purchase of
longer-dated, premium-coupon Pennsylvania Turnpike bonds that we
converted into a derivative position. To offset the price volatility
associated with this derivative security, we made use of a hedge
position. In addition, we reduced the Fund's exposure to hospital
bonds and eliminated our position in bonds backed by tobacco
revenues. In all, we were successful in our efforts to add to the
Fund's yield while keeping the portfolio's credit quality high.

For the six-month period ended October 31, 2004, the Fund's Auction
Market Preferred Shares (AMPS) had an average yield of 1.18% for
Series A and 1.17% for Series B. These attractive funding levels, in
combination with a positively sloped yield curve, continued to
provide a generous income benefit to the holders of Common Shares
from the leveraging of Preferred Shares. While the Fed is likely to
continue raising short-term interest rates, the increases are
expected to be gradual and should not have an immediate material
impact on the positive advantage leverage has had on the yield of
the Fund's Common Shares. However, should the spread between short-
term and long-term interest rates narrow, the benefits of leveraging
will decline and, as a result, reduce the yield on the Fund's Common
Shares. At the end of the period, the Fund's leverage amount, due to
AMPS, was 32.37% of total net assets. (For a more complete
explanation of the benefits and risks of leveraging, see page 2 of
this report to shareholders.)


How would you characterize the Fund's position at the close of the
period?

We plan to maintain our focus on adding premium-coupon bonds with 25-
year to 30-year maturities. In the current market, however, the
availability of bonds offering coupons of 5.25% and higher is
extremely limited. Given the relatively low yield levels, we believe
supply/demand factors will become a driving force behind future
municipal market performance.

We expect the market to be highly sensitive to economic news in the
months ahead, contributing to continued bond price volatility. This
should present the Fund with buying and selling opportunities.
Similarly, the Fed and its actions will continue to bear heavily on
bond values. Should the Fed continue to increase short-term rates at
a "measured" pace over the next 12 months to 18 months, we would
expect long-term bond yields to head modestly higher.


William R. Bock
Vice President and Portfolio Manager


November 12, 2004



MUNIYIELD PENNSYLVANIA INSURED FUND, OCTOBER 31, 2004


<TABLE>
Schedule of Investments                                                                                      (In Thousands)
<CAPTION>

           S&P        Moody's      Face
           Ratings++  Ratings++  Amount    Municipal Bonds                                                        Value
<S>        <S>        <S>      <C>         <S>                                                                    <C>
Pennsylvania--133.6%

           AAA        Aaa      $  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 (d)                  $   2,387

                                           Allegheny County, Pennsylvania, Sanitation Authority, Sewer
                                           Revenue Bonds (d):
           AAA        Aaa         3,660       5.75% due 12/01/2018                                                    4,211
           AAA        Aaa         9,000       5.50% due 12/01/2024                                                    9,954
           AAA        NR*         5,000       DRIVERS, Series 374, 8.675% due 6/01/2008 (g)                           5,898

           NR*        Aaa         4,500    Bucks County, Pennsylvania, Water and Sewer Authority, Revenue
                                           Refunding Bonds (Neshaminy Interceptor Sewer System), 5.60% due
                                           6/01/2024 (a)                                                              4,968

           AAA        Aaa         1,000    Dauphin County, Pennsylvania, GO, Series C, 5% due 3/01/2024 (d)           1,053

           AAA        Aaa         5,500    Delaware County, Pennsylvania, IDA Revenue Bonds (Pennsylvania
                                           Suburban Water Company Project), AMT, Series A, 5.15% due
                                           9/01/2032 (a)                                                              5,641

           AA-        Aa3         1,500    Delaware Valley, Pennsylvania, Regional Finance Authority, Local
                                           Government Revenue Bonds, 5.75% due 7/01/2032                              1,744

           AAA        Aaa         4,000    Gettysburg, Pennsylvania, Municipal Authority, College Revenue
                                           Refunding Bonds, 5% due 8/15/2023 (d)                                      4,200

           A-         NR*         4,000    Lancaster County, Pennsylvania, Hospital Authority Revenue Bonds
                                           (Lancaster General Hospital Project), 5.50% due 3/15/2026                  4,109

           BBB        Baa2        3,000    Lehigh County, Pennsylvania, General Purpose Authority, Hospital
                                           Revenue Refunding Bonds (Saint Lukes Hospital of Bethlehem),
                                           5.375% due 8/15/2033                                                       3,028

           AAA        Aaa         5,000    Luzerne County, Pennsylvania, IDA, Exempt Facilities Revenue
                                           Refunding Bonds (Pennsylvania Gas and Water Company Project),
                                           AMT, Series A, 7% due 12/01/2017 (a)                                       5,121

           AAA        Aaa         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)                                     7,101

           AAA        Aaa         2,675    North Allegheny, Pennsylvania, School District, GO, Series C,
                                           5.25% due 5/01/2027 (f)                                                    2,859

           NR*        Aaa         5,000    Northampton Borough, Pennsylvania, Municipal Authority, Water
                                           Revenue Bonds, 5% due 5/15/2034 (d)                                        5,142

           AAA        Aaa         3,000    Norwin, Pennsylvania, School District, GO, 6% due 4/01/2010 (c)(e)         3,475

           NR*        Aaa         3,055    Pennsbury, Pennsylvania, School District, GO, Refunding, 5.50%
                                           due 1/15/2020 (c)                                                          3,435

           BBB        Baa2        6,500    Pennsylvania Economic Development Financing Authority, Wastewater
                                           Treatment Revenue Bonds (Sun Company Inc.--R & M Project), AMT,
                                           Series A, 7.60% due 12/01/2024                                             6,657

           AAA        Aaa         8,000    Pennsylvania HFA, S/F Mortgage Revenue Bonds, AMT, Series 70A,
                                           5.80% due 10/01/2021 (d)                                                   8,435

           AAA        Aaa         1,495    Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds, AMT,
                                           Series 60A, 5.85% due 10/01/2027 (d)(i)                                    1,545

                                           Pennsylvania State, GO (d):
           AAA        Aaa         3,015       First Series, 5% due 6/01/2018                                          3,259
           NR*        Aaa         5,500       RIB, Series 465X, 9.47% due 10/01/2019 (g)                              7,171

           AAA        Aaa         1,690    Pennsylvania State Higher Educational Facilities Authority,
                                           College and University Revenue Bonds (Marywood University Project),
                                           5.50% due 6/01/2018 (d)                                                    1,882

                                           Pennsylvania State Higher Educational Facilities Authority
                                           Revenue Bonds (UPMC Health System), Series A:
           AAA        Aaa           175       5% due 8/01/2005 (f)                                                      179
           A          NR*         3,000       6% due 1/15/2022                                                        3,210
</TABLE>


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 at right.


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
RIB        Residual Interest Bonds
S/F        Single-Family



MUNIYIELD PENNSYLVANIA INSURED FUND, OCTOBER 31, 2004


<TABLE>
Schedule of Investments (continued)                                                                          (In Thousands)
<CAPTION>

           S&P        Moody's      Face
           Ratings++  Ratings++  Amount    Municipal Bonds                                                        Value
<S>        <S>        <S>      <C>         <S>                                                                    <C>
Pennsylvania (continued)

           AAA        Aaa      $  7,000    Pennsylvania State, IDA, EDR Refunding Bonds, 5.50% due
                                           7/01/2020 (a)                                                          $   7,890

                                           Pennsylvania State Public School Building Authority Revenue Bonds
                                           (Lehigh Career and Technical Institute) (c):
           NR*        Aaa         3,585       5.125% due 10/01/2028                                                   3,735
           NR*        Aaa         2,000       5.25% due 10/01/2032                                                    2,106

                                           Pennsylvania State Public School Building Authority, School Lease
                                           Revenue Bonds (The School District of Philadelphia Project) (f):
           AAA        Aaa        10,000       5.25% due 6/01/2025                                                    10,698
           AAA        Aaa        10,800       5% due 6/01/2033                                                       11,072

           AAA        NR*         7,500    Pennsylvania State Public School Building Authority, School Revenue
                                           Bonds, DRIVERS, Series 371, 8.445% due 6/01/2011 (f)(g)                    8,444

           AAA        NR*         7,500    Pennsylvania State Turnpike Commission, Oil Franchise Tax Revenue
                                           Bonds, DRIVERS, Series 366, 8.945% due 6/01/2011 (d)(g)                    8,831

           AAA        Aaa         1,700    Pennsylvania State Turnpike Commission, Oil Franchise Tax Revenue
                                           Refunding Bonds, Series A, 5% due 12/01/2023 (a)                           1,764

           NR*        NR*         3,900    Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds,
                                           DRIVERS, Series 460-Z, 8.945% due 6/01/2012 (a)(g)                         4,606

                                           Philadelphia, Pennsylvania, Authority for Industrial Development,
                                           Airport Revenue Refunding Bonds (Philadelphia Airport System Project),
                                           AMT, Series A (c):
           AAA        Aaa         4,000       5.50% due 7/01/2017                                                     4,411
           AAA        Aaa         3,655       5.50% due 7/01/2018                                                     4,029

                                           Philadelphia, Pennsylvania, Authority for Industrial Development,
                                           Lease Revenue Bonds:
           AAA        Aaa         9,125       (City of Philadelphia Project), Series A, 5.375% due 2/15/2027 (d)      9,732
           AAA        Aaa         3,000       Series B, 5.50% due 10/01/2020 (f)                                      3,364
           AAA        Aaa         4,680       Series B, 5.50% due 10/01/2021 (f)                                      5,224

           AAA        NR*         3,000    Philadelphia, Pennsylvania, Hospitals and Higher Education
                                           Facilities Authority, Hospital Revenue Refunding Bonds
                                           (Presbyterian Medical Center), 6.65% due 12/01/2019 (b)                    3,775

           AAA        Aaa         3,000    Philadelphia, Pennsylvania, Housing Authority Revenue Bonds
                                           (Capital Fund Program), Series A, 5.50% due 12/01/2018 (f)                 3,350

           AAA        Aaa         1,750    Philadelphia, Pennsylvania, Redevelopment Authority Revenue Bonds
                                           (Neighborhood Transformation), Series A, 5.50% due 4/15/2022 (c)           1,951
                                           Philadelphia, Pennsylvania, School District, GO:
           NR*        Aaa         5,000       RIB, Series 677, 9.22% due 8/01/2021 (c)(g)                             6,053
           AAA        Aaa         7,150       Series A, 5.75% due 2/01/2011 (e)(f)                                    8,252
           AAA        Aaa         5,000       Series D, 5.125% due 6/01/2034 (c)                                      5,203
           AAA        Aaa         4,000       Series D, 5.25% due 6/01/2034 (c)                                       4,231

                                           Pittsburgh, Pennsylvania, Public Parking Authority, Parking
                                           Revenue Bonds (a):
           AAA        Aaa         1,460       5.80% due 12/01/2017                                                    1,656
           AAA        Aaa         1,525       5.85% due 12/01/2018                                                    1,734

           AAA        Aaa         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)                                                            627

           AAA        Aaa        10,425    Reading, Pennsylvania, School District, GO, Series B, 5.263%**
                                           due 1/15/2028 (c)                                                          3,142

           A-         NR*         2,600    Sayre, Pennsylvania, Health Care Facilities Authority Revenue
                                           Refunding Bonds (Guthrie Health), Series A, 5.875% due 12/01/2031          2,730

                                           Southeastern Pennsylvania Transportation Authority, Special
                                           Revenue Bonds (c):
           AAA        Aaa         4,500       5.375% due 3/01/2017                                                    4,881
           AAA        Aaa         2,525       5.375% due 3/01/2022                                                    2,719

           AAA        Aaa         2,565    Washington County, Pennsylvania, Capital Funding Authority
                                           Revenue Bonds (Capital Projects and Equipment Program), 6.15%
                                           due 12/01/2029 (a)                                                         2,686
</TABLE>


MUNIYIELD PENNSYLVANIA INSURED FUND, OCTOBER 31, 2004


<TABLE>
Schedule of Investments (concluded)                                                                          (In Thousands)
<CAPTION>

           S&P        Moody's      Face
           Ratings++  Ratings++  Amount    Municipal Bonds                                                        Value
<S>        <S>        <S>      <C>         <S>                                                                    <C>
Guam--1.4%

           AAA        Aaa      $  2,500    A.B. Won Guam International Airport Authority, General Revenue
                                           Refunding Bonds, AMT, Series C, 5% due 10/01/2023 (d)                  $   2,574


Puerto Rico--9.1%

           A-         Baa1        7,500    Puerto Rico Commonwealth, Public Improvement, GO, Series A,
                                           5% due 7/01/2034                                                           7,623

                                           Puerto Rico Public Buildings Authority, Government Facilities
                                           Revenue Refunding Bonds, Series I:
           A-         Baa1        2,500       5.50% due 7/01/2025                                                     2,737
           A-         Baa1        5,000       5.375% due 7/01/2034                                                    5,322

           BBB+       Baa2        1,000    Puerto Rico Public Finance Corporation, Commonwealth Appropriation
                                           Revenue Bonds, Series E, 5.50% due 8/01/2029                               1,059

                                           Total Municipal Bonds (Cost--$245,636)--144.1%                           264,875



                                 Shares
                                   Held    Short-Term Securities

                                  4,139    CMA Pennsylvania Municipal Money Fund (h)                                  4,139

                                           Total Short-Term Securities (Cost--$4,139)--2.2%                           4,139

           Total Investments (Cost--$249,775***)--146.3%                                                            269,014
           Other Assets Less Liabilities--1.6%                                                                        2,875
           Preferred Shares, at Redemption Value--(47.9%)                                                          (88,012)
                                                                                                                  ---------
           Net Assets Applicable to Common Shares--100.0%                                                         $ 183,877
                                                                                                                  =========


(a) AMBAC Insured.

(b) Escrowed to maturity.

(c) FGIC Insured.

(d) MBIA Insured.

(e) Prerefunded.

(f) FSA Insured.

(g) The interest rate is subject to change periodically and inversely based
    upon prevailing market rates. The interest rate shown is the rate in
    effect at October 31, 2004.

(h) Investments in companies considered to be an affiliate of the Fund
    (such companies are defined as "Affiliated Companies" in 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                       1,732            $27


(i) FHA Insured.

  * Not Rated.

 ** Represents a zero coupon bond; the interest rates shown reflects the
    effective yield at the time of purchase of the Fund.

*** The cost and unrealized appreciation/depreciation of investments as
    of October 31, 2004, as computed for federal income tax purposes,
    were as follows:

                                                   (in Thousands)

    Aggregate cost                                 $      249,781
                                                   ==============
    Gross unrealized appreciation                  $       19,235
    Gross unrealized depreciation                             (2)
                                                   --------------
    Net unrealized appreciation                    $       19,233
                                                   ==============

 ++ Ratings of issues shown are unaudited.

    Forward interest rate swaps outstanding as of October 31, 2004
    were as follows:

                                                   (in Thousands)

                                         Notional     Unrealized
                                          Amount     Depreciation

    Receive a variable rate equal to
    7-Day Bond Market Association
    Municipal Swap Index Rate and
    pay a fixed rate of 3.668% interest

    Broker, J.P. Morgan Chase Bank
    Expires December 2014               $36,000        $(671)



    See Notes to Financial Statements.
</TABLE>


MUNIYIELD PENNSYLVANIA INSURED FUND, OCTOBER 31, 2004


<TABLE>
Statement of Net Assets
<CAPTION>

As of October 31, 2004
<S>        <S>                                                                            <C>               <C>
Assets

           Investments in unaffiliated securities, at value (identified cost--$245,635,505)                 $   264,874,818
           Investments in affiliated securities, at value (identified cost--$4,139,294)                           4,139,294
           Cash                                                                                                       8,986
           Receivables:
               Interest                                                                   $     4,348,953
               Dividends from affiliates                                                              115         4,349,068
                                                                                          ---------------
           Prepaid expenses                                                                                          17,974
                                                                                                            ---------------
           Total assets                                                                                         273,390,140
                                                                                                            ---------------

Liabilities

           Unrealized depreciation from forward interest rate swaps                                                 671,400
           Payables:
               Securities purchased                                                               514,998
               Dividends to Common Shareholders                                                   140,523
               Investment adviser                                                                 127,162
               Other affiliates                                                                     1,863           784,546
                                                                                          ---------------
           Accrued expenses and other liabilities                                                                    45,028
                                                                                                            ---------------
           Total liabilities                                                                                      1,500,974
                                                                                                            ---------------

Preferred Shares

           Preferred Shares, at redemption value, par value $.05 per share
           (1,000,000 shares authorized, 1,600 Series A Shares and 1,920 Series B Shares
           of AMPS* issued and outstanding at $25,000 per share liquidation preference)                          88,012,272
                                                                                                            ---------------

Net Assets Applicable to Common Shares

           Net assets applicable to Common Shares                                                           $   183,876,894
                                                                                                            ===============

Analysis of Net Assets Applicable to Common Shares

           Common Shares, par value $.10 per share (11,463,745 shares issued and
           outstanding)                                                                                     $     1,146,375
           Paid-in capital in excess of par                                                                     169,950,181
           Undistributed investment income--net                                           $     2,201,956
           Accumulated realized capital losses--net                                           (7,989,531)
           Unrealized appreciation--net                                                        18,567,913
                                                                                          ---------------
           Total accumulated earnings--net                                                                       12,780,338
                                                                                                            ---------------
           Total--Equivalent to $16.04 net asset value per Common Share
           (market price--$15.61)                                                                           $   183,876,894
                                                                                                            ===============

               * Auction Market Preferred Shares.

                 See Notes to Financial Statements.
</TABLE>


MUNIYIELD PENNSYLVANIA INSURED FUND, OCTOBER 31, 2004


<TABLE>
Statement of Operations
<CAPTION>

For the Year Ended October 31, 2004
<S>        <S>                                                                            <C>               <C>
Investment Income

           Interest                                                                                         $    14,244,654
           Dividends from affiliates                                                                                 26,712
                                                                                                            ---------------
           Total income                                                                                          14,271,366
                                                                                                            ---------------

Expenses

           Investment advisory fees                                                       $     1,334,910
           Commission fees                                                                        223,274
           Accounting services                                                                    103,582
           Transfer agent fees                                                                     54,269
           Professional fees                                                                       48,669
           Printing and shareholder reports                                                        31,779
           Trustees' fees and expenses                                                             26,529
           Listing fees                                                                            20,800
           Custodian fees                                                                          17,015
           Pricing fees                                                                             9,885
           Other                                                                                   49,949
                                                                                          ---------------
           Total expenses before reimbursement                                                  1,920,661
           Reimbursement of expenses                                                             (26,163)
                                                                                          ---------------
           Total expenses after reimbursement                                                                     1,894,498
                                                                                                            ---------------
           Investment income--net                                                                                12,376,868
                                                                                                            ---------------

Realized & Unrealized Gain (Loss)--Net

           Realized gain (loss) on:
               Investments--net                                                                 3,233,609
               Forward interest rate swaps--net                                               (1,337,850)         1,895,759
                                                                                          ---------------
           Change in unrealized appreciation/depreciation on:
               Investments--net                                                                 4,408,181
               Forward interest rate swaps--net                                                 (762,008)         3,646,173
                                                                                          ---------------   ---------------
           Total realized and unrealized gain--net                                                                5,541,932
                                                                                                            ---------------

Dividends to Preferred Shareholders

           Investment income--net                                                                                 (914,080)
                                                                                                            ---------------
           Total dividends to Preferred Shareholders                                                              (914,080)
                                                                                                            ---------------
           Net Increase in Net Assets Resulting from Operations                                             $    17,004,720
                                                                                                            ===============

           See Notes to Financial Statements.
</TABLE>


MUNIYIELD PENNSYLVANIA INSURED FUND, OCTOBER 31, 2004


<TABLE>
Statements of Changes in Net Assets
<CAPTION>
                                                                                             For the Year Ended October 31,
Increase (Decrease) in Net Assets:                                                               2004               2003
<S>        <S>                                                                            <C>               <C>
Operations

           Investment income--net                                                         $    12,376,868   $    12,688,638
           Realized gain--net                                                                   1,895,759         3,594,785
           Change in unrealized appreciation/depreciation--net                                  3,646,173       (1,698,210)
           Dividends to Preferred Shareholders                                                  (914,080)         (838,115)
                                                                                          ---------------   ---------------
           Net increase in net assets resulting from operations                                17,004,720        13,747,098
                                                                                          ---------------   ---------------

Dividends to Common Shareholders

           Investment income--net                                                            (11,464,926)      (11,274,390)
                                                                                          ---------------   ---------------
           Net decrease in net assets resulting from dividends to Common Shareholders        (11,464,926)      (11,274,390)
                                                                                          ---------------   ---------------

Common Share Transactions

           Value of shares issued to Common Shareholders in reinvestment of dividends                  --           144,391
                                                                                          ---------------   ---------------

Net Assets Applicable to Common Shares

           Total increase in net assets applicable to Common Shares                             5,539,794         2,617,099
           Beginning of year                                                                  178,337,100       175,720,001
                                                                                          ---------------   ---------------
           End of year*                                                                   $   183,876,894   $   178,337,100
                                                                                          ===============   ===============
               * Undistributed investment income--net                                     $     2,201,956   $     2,108,278
                                                                                          ===============   ===============

                 See Notes to Financial Statements.
</TABLE>


MUNIYIELD PENNSYLVANIA INSURED FUND, OCTOBER 31, 2004


<TABLE>
Financial Highlights
<CAPTION>

The following per share data and ratios have been derived
from information provided in the financial statements.
                                                                             For the Year Ended October 31,
Increase (Decrease) in Net Asset Value:                         2004         2003         2002         2001          2000
<S>        <S>                                               <C>          <C>          <C>          <C>          <C>
Per Share Operating Performance

           Net asset value, beginning of year                $    15.56   $    15.34   $    15.19   $    14.16   $    13.62
                                                             ----------   ----------   ----------   ----------   ----------
           Investment income--net                              1.08++++     1.11++++         1.11         1.07          .99
           Realized and unrealized gain--net                        .48          .16          .13         1.03          .65
           Dividends to Preferred Shareholders:
               Investment income--net                             (.08)        (.07)        (.11)        (.24)        (.30)
                                                             ----------   ----------   ----------   ----------   ----------
           Total from investment operations                        1.48         1.20         1.13         1.86         1.34
                                                             ----------   ----------   ----------   ----------   ----------
           Less dividends to Common Shareholders:
               Investment income--net                            (1.00)        (.98)        (.98)        (.83)        (.80)
                                                             ----------   ----------   ----------   ----------   ----------
           Total dividends to Common Shareholders                (1.00)        (.98)        (.98)        (.83)        (.80)
                                                             ----------   ----------   ----------   ----------   ----------
           Net asset value, end of year                      $    16.04   $    15.56   $    15.34   $    15.19   $    14.16
                                                             ==========   ==========   ==========   ==========   ==========
           Market price per share, end of year               $    15.61   $    14.81   $    14.37   $    14.96   $    11.75
                                                             ==========   ==========   ==========   ==========   ==========

Total Investment Return*

           Based on net asset value per share                    10.15%        8.33%        7.84%       14.02%       11.06%
                                                             ==========   ==========   ==========   ==========   ==========
           Based on market price per share                       12.63%       10.07%        2.57%       35.32%        2.46%
                                                             ==========   ==========   ==========   ==========   ==========

Ratios Based on Average Net Assets of Common Shares

           Total expenses, net of reimbursement and
           excluding reorganization expenses**                    1.05%        1.07%        1.12%        1.16%        1.18%
                                                             ==========   ==========   ==========   ==========   ==========
           Total expenses, excluding reorganization
           expenses**                                             1.07%        1.08%        1.12%        1.16%        1.18%
                                                             ==========   ==========   ==========   ==========   ==========
           Total expenses**                                       1.07%        1.08%        1.12%        1.16%        1.46%
                                                             ==========   ==========   ==========   ==========   ==========
           Total investment income--net**                         6.89%        7.08%        7.30%        7.28%        7.58%
                                                             ==========   ==========   ==========   ==========   ==========
           Amount of dividends to Preferred Shareholders           .51%         .47%         .70%        1.62%        2.21%
                                                             ==========   ==========   ==========   ==========   ==========
           Investment income--net, to Common Shareholders         6.38%        6.61%        6.60%        5.66%        5.37%
                                                             ==========   ==========   ==========   ==========   ==========

Ratios Based on Average Net Assets of Common & Preferred Shares**

           Total expenses, net of reimbursement and
           excluding reorganization expenses                       .71%         .72%         .74%         .76%         .76%
                                                             ==========   ==========   ==========   ==========   ==========
           Total expenses, excluding reorganization
           expenses                                                .72%         .73%         .74%         .76%         .76%
                                                             ==========   ==========   ==========   ==========   ==========
           Total expenses                                          .72%         .73%         .74%         .76%         .94%
                                                             ==========   ==========   ==========   ==========   ==========
           Total investment income--net                           4.63%        4.74%        4.83%        4.78%        4.89%
                                                             ==========   ==========   ==========   ==========   ==========

Ratios Based on Average Net Assets of Preferred Shares

           Dividends to Preferred Shareholders                    1.04%         .95%        1.37%        3.11%        4.01%
                                                             ==========   ==========   ==========   ==========   ==========
</TABLE>


MUNIYIELD PENNSYLVANIA INSURED FUND, OCTOBER 31, 2004


<TABLE>
Financial Highlights (concluded)
<CAPTION>

The following per share data and ratios have been derived                    For the Year Ended October 31,
from information provided in the financial statements.          2004         2003         2002         2001          2000
<S>        <S>                                               <C>          <C>          <C>          <C>          <C>
Supplemental Data

           Net assets applicable to Common Shares,
           end of year (in thousands)                        $  183,877   $  178,337   $  175,720   $  173,665   $  161,852
                                                             ==========   ==========   ==========   ==========   ==========
           Preferred Shares outstanding, end of year
           (in thousands)                                    $   88,000   $   88,000   $   88,000   $   88,000   $   88,000
                                                             ==========   ==========   ==========   ==========   ==========
           Portfolio turnover                                    50.00%       55.57%       51.37%       69.58%       37.77%
                                                             ==========   ==========   ==========   ==========   ==========

Leverage

           Asset coverage per $1,000                         $    3,090   $    3,027   $    2,997   $    2,973   $    2,839
                                                             ==========   ==========   ==========   ==========   ==========

Dividends Per Share on Preferred Shares Outstanding

           Series A--Investment income--net                  $      254   $      242   $      338   $      781   $      986
                                                             ==========   ==========   ==========   ==========   ==========
           Series B++--Investment income--net                $      261   $      235   $      346   $      774   $      753
                                                             ==========   ==========   ==========   ==========   ==========


             * Total investment returns based on market value, which can be significantly greater
               or lesser than the net asset value, may result in substantially different returns.
               Total investment returns exclude the effects of sales charges.

            ** Do not reflect the effect of dividends to Preferred Shareholders.

            ++ Series B was issued on February 7, 2000.

          ++++ Based on average shares outstanding.

               See Notes to Financial Statements.
</TABLE>


MUNIYIELD PENNSYLVANIA INSURED FUND, OCTOBER 31, 2004



Notes to Financial Statements


1. Significant Accounting Policies:
MuniYield Pennsylvania Insured Fund (the "Fund") is registered
under the Investment Company Act of 1940, as amended, as a non-
diversified, closed-end management investment company. The Fund's
financial statements are prepared in conformity with U.S. generally
accepted accounting principles, which may require the use of
management accruals and estimates. Actual results may differ from
these estimates.The Fund determines and makes available for
publication the net asset value of its Common Shares on a daily
basis. The Fund's Common Shares are listed on the New York Stock
Exchange under the symbol MPA. The following is a summary of
significant accounting policies followed by the Fund.

(a) Valuation of investments--Municipal bonds are traded primarily
in the over-the-counter markets and are valued at the last available
bid price in the over-the-counter market or on the basis of values
as obtained by a pricing service. Pricing services use valuation
matrixes that incorporate both dealer-supplied valuations and
valuation models. The procedures of the pricing service and its
valuations are reviewed by the officers of the Fund under the
general direction of the Board of Trustees. Such valuations and
procedures will be reviewed periodically by the Board of Trustees of
the Fund. Financial futures contracts and options thereon, which are
traded on exchanges, are valued at their closing prices as of the
close of such exchanges. Options written or purchased are valued at
the last sale price in the case of exchange-traded options. In the
case of options traded in the over-the-counter market, valuation is
the last asked price (options written) or the last bid price
(options purchased). Swap agreements are valued by quoted fair
values received daily by the Fund's pricing service. Short-term
investments with a remaining maturity of 60 days or less are valued
at amortized cost, which approximates market value, under which
method the investment is valued at cost and any premium or discount
is amortized on a straight line basis to maturity. Investments in
open-end investment companies are valued at their net asset value
each business day. Securities and other assets for which market
quotations are not readily available are valued at fair value as
determined in good faith by or under the direction of the Board of
Trustees of the Fund.

(b) Derivative financial instruments--The Fund may engage in various
portfolio investment strategies both to increase the return of the
Fund and to hedge, or protect, its exposure to interest rate
movements and movements in the securities markets. Losses may arise
due to changes in the value of the contract or if the counterparty
does not perform under the contract.

* Financial futures contracts--The Fund may purchase or sell
financial futures contracts and options on such futures contracts.
Futures contracts are contracts for delayed delivery of securities
at a specific future date and at a specific price or yield. Upon
entering into a contract, the Fund deposits and maintains as
collateral such initial margin as required by the exchange on which
the transaction is effected. Pursuant to the contract, the Fund
agrees to receive from or pay to the broker an amount of cash equal
to the daily fluctuation in value of the contract. Such receipts or
payments are known as variation margin and are recorded by the Fund
as unrealized gains or losses. When the contract is closed, the Fund
records a realized gain or loss equal to the difference between the
value of the contract at the time it was opened and the value at the
time it was closed.

* Options--The Fund may write covered call options and purchase put
options. When the Fund writes an option, an amount equal to the
premium received by the Fund is reflected as an asset and an
equivalent liability. The amount of the liability is subsequently
marked-to-market to reflect the current market value of the option
written. When a security is purchased or sold through an exercise of
an option, the related premium paid (or received) is added to (or
deducted from) the basis of the security acquired or deducted from
(or added to) the proceeds of the security sold. When an option
expires (or the Fund enters into a closing transaction), the Fund
realizes a gain or loss on the option to the extent of the premiums
received or paid (or gain or loss to the extent the cost of the
closing transaction exceeds the premium paid or received).

Written and purchased options are non-income producing investments.



MUNIYIELD PENNSYLVANIA INSURED FUND, OCTOBER 31, 2004



Notes to Financial Statements (continued)


* Forward interest rate swaps--The Fund may enter into forward
interest rate swaps. In a forward interest rate swap, the Fund and
the counterparty agree to make periodic net payments on a specified
notional contract amount, commencing on a specified future effective
date, unless terminated earlier. When the agreement is closed, the
Fund records a realized gain or loss in an amount equal to the value
of the agreement.

(c) Income taxes--It is the Fund's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute substantially all of its
taxable income to its shareholders. Therefore, no federal income tax
provision is required.

(d) Security transactions and investment income--Security
transactions are recorded on the dates the transactions are entered
into (the trade dates). Realized gains and losses on security
transactions are determined on the identified cost basis. Dividend
income is recorded on the ex-dividend dates. Interest income is
recognized on the accrual basis. The Fund amortizes all premiums and
discounts on debt securities.

(e) Dividends and distributions--Dividends from net investment
income are declared and paid monthly. Distributions of capital gains
are recorded on the ex-dividend dates.

(f) Reclassifications--U.S. generally accepted accounting principles
require that certain components of net assets be adjusted to
reflect permanent differences between financial and tax reporting.
Accordingly, during the current year, $8,630 has been reclassified
between paid-in capital in excess of par and undistributed net
investment income and $87,186 has been reclassified between
accumulated net realized capital losses and undistributed net
investment income as a result of permanent differences attributable
to non-deductible expenses and the characterization of
distributions. These reclassifications have no effect on net assets
or net asset values per share.


2. Investment Advisory Agreement and Transactions with Affiliates:
The Fund has entered into an Investment Advisory Agreement with Fund
Asset Management, L.P. ("FAM"). The general partner of FAM is
Princeton Services, Inc. ("PSI"), an indirect, wholly-owned
subsidiary of Merrill Lynch & Co., Inc. ("ML & Co."), which is the
limited partner.

FAM is responsible for the management of the Fund's portfolio and
provides the necessary personnel, facilities, equipment and certain
other services necessary to the operations of the Fund. For such
services, the Fund pays a monthly fee at an annual rate of .50% of
the Fund's average weekly net assets, including proceeds from the
issuance of Preferred Shares. The Investment Adviser has agreed to
reimburse its management fee by the amount of management fees the
Fund pays to FAM indirectly through its investment in CMA
Pennsylvania Municipal Money Fund. For the year ended October 31,
2004, FAM reimbursed the Fund in the amount of $26,163.

For the year ended October 31, 2004, the Fund reimbursed FAM $6,428
for certain accounting services.

Certain officers and/or trustees of the Fund are officers and/or
directors of FAM, PSI, and/or ML & Co.


3. Investments:
Purchases and sales of investments, excluding short-term securities,
for the year ended October 31, 2004 were $133,347,213 and
$130,204,983, respectively.


4. Share Transactions:
The Fund is authorized to issue an unlimited number of Common Shares
of beneficial interest, with a par value of $.10 per share, together
with 1,000,000 Preferred Shares of beneficial interest, par value
$.05 per share. The Board of Trustees is authorized, however, to
reclassify any unissued shares of beneficial interest without
approval of the holders of Common Shares.

Common Shares
Shares issued and outstanding during the year ended October 31, 2004
remained constant and during the year ended October 31, 2003
increased by 9,048 as a result of dividend reinvestment.

Preferred Shares
Auction Market Preferred Shares are redeemable Preferred Shares of
the Fund, with a par value of $.05 per share and a liquidation
preference of $25,000 per share, plus accrued and unpaid dividends,
that entitle their holders to receive cash dividends at an annual
rate that may vary for the successive dividend periods. The yields
in effect at October 31, 2004 were 1.60% for Series A and 1.50% for
Series B.



MUNIYIELD PENNSYLVANIA INSURED FUND, OCTOBER 31, 2004



Notes to Financial Statements (concluded)


The Fund pays commissions to certain broker-dealers at the end of
each auction at an annual rate ranging from .25% to .375%,
calculated on the proceeds of each auction. For the year ended
October 31, 2004, Merrill Lynch, Pierce, Fenner & Smith
Incorporated, an affiliate of FAM, earned $161,879 as commissions.


5. Distributions to Shareholders:
The Fund paid a tax-exempt income dividend to holders of Common
Shares in the amount of $.083000 per share on November 29, 2004 to
shareholders of record on November 12, 2004.

The tax character of distributions paid during the fiscal years
ended October 31, 2004 and October 31, 2003 was as follows:


                                   10/31/2004        10/31/2003
Distributions paid from:
   Tax-exempt income           $   12,291,777    $   12,112,505
   Ordinary income                     87,229                --
                               --------------    --------------
Total distributions            $   12,379,006    $   12,112,505
                               ==============    ==============


As of October 31, 2004, the components of net accumulated earnings
on a tax basis were as follows:

Undistributed tax-exempt income--net             $    2,154,846
Undistributed long-term capital gains--net                   --
                                                 --------------
Total undistributed earnings--net                     2,154,846
Capital loss carryforward                          (6,901,601)*
Unrealized gains--net                              17,527,093**
                                                 --------------
Total accumulated earnings--net                  $   12,780,338
                                                 ==============

 * On October 31, 2004, the Fund had a net capital loss carryforward
   of $6,901,601, all of which expires in 2008. This amount will be
   available to offset like amounts of any future taxable gains.

** The difference between book-basis and tax-basis net unrealized
   gains is attributable primarily to the tax deferral of losses on
   wash sales, the tax deferral of losses on straddles and the
   difference between book and tax amortization methods for premiums
   and discounts on fixed income securities.


6. Subsequent Event:
On November 22, 2004, the Fund issued 560 Series C Preferred Shares
for net proceeds of $13,860,000.



MUNIYIELD PENNSYLVANIA INSURED FUND, OCTOBER 31, 2004



Report of Independent Registered Public Accounting Firm


To the Shareholders and Board of Trustees
of MuniYield Pennsylvania Insured Fund:

We have audited the accompanying statement of net assets, including
the schedule of investments, of MuniYield Pennsylvania Insured Fund
as of October 31, 2004, and the related statement of operations for
the year then ended, the statements of changes in net assets for
each of the two years in the period then ended and the financial
highlights for each of the five years in the period then ended.
These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to
express an opinion on these financial statements and financial
highlights based on our audits.

We conducted our audits in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of October 31, 2004, by
correspondence with the custodian and brokers; where replies were
not received from brokers, we performed other auditing procedures.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of MuniYield Pennsylvania Insured Fund as of
October 31, 2004, the results of its operations for the year then
ended, the changes in its net assets for each of the two years in
the period then ended, and the financial highlights for each of the
five years in the period then ended, in conformity with U.S.
generally accepted accounting principles.



Deloitte & Touche LLP
Princeton, New Jersey
December 14, 2004



Important Tax Information (unaudited)


All of the net investment income distributions paid by MuniYield
Pennsylvania Insured Fund during its taxable year ended October 31,
2004 qualify as tax-exempt interest dividends for federal income tax
purposes.

Additionally, the following table summarizes the taxable
distributions paid by the Fund during the year:

                                       Payable          Ordinary
                                         Date            Income

Common Shareholders                   12/30/2003       $0.007103
Preferred Shareholders:
   Series A                           12/09/2003         $1.67
   Series B                           12/10/2003         $1.63

Please retain this information for your records.



MUNIYIELD PENNSYLVANIA INSURED FUND, OCTOBER 31, 2004



Automatic Dividend Reinvestment Plan (unaudited)


The following description of the Fund's Automatic Dividend
Reinvestment Plan (the "Plan") is sent to you annually as required
by federal securities laws.

Pursuant to the Fund's Plan, unless a holder of Common Shares
otherwise elects, all dividend and capital gains distributions will
be automatically reinvested by EquiServe (the "Plan Agent"), as
agent for shareholders in administering the Plan, in additional
Common Shares of the Fund. Holders of Common Shares who elect not to
participate in the Plan will receive all distributions in cash paid
by check mailed directly to the shareholder of record (or, if the
shares are held in street or other nominee name then to such
nominee) by EquiServe, as dividend paying agent. Such participants
may elect not to participate in the Plan and to receive all
distributions of dividends and capital gains in cash by sending
written instructions to EquiServe, as dividend paying agent, at the
address set forth below. Participation in the Plan is completely
voluntary and may be terminated or resumed at any time without
penalty by written notice if received by the Plan Agent not less
than ten days prior to any dividend record date; otherwise such
termination will be effective with respect to any subsequently
declared dividend or distribution.

Whenever the Fund declares an income dividend or capital gains
distribution (collectively referred to as "dividends") payable
either in shares or in cash, non-participants in the Plan will
receive cash and participants in the Plan will receive the
equivalent in Common Shares. The shares will be acquired by the
Plan Agent for the participant's account, depending upon the
circumstances described below, either (i) through receipt of
additional unissued but authorized Common Shares from the Fund
("newly issued shares") or (ii) by purchase of outstanding Common
Shares on the open market ("open-market purchases") on the New York
Stock Exchange or elsewhere. If on the payment date for the
dividend, the net asset value per Common Share is equal to or less
than the market price per Common Share plus estimated brokerage
commissions (such conditions being referred to herein as "market
premium"), the Plan Agent will invest the dividend amount in newly
issued shares on behalf of the participant. The number of newly
issued Common Shares to be credited to the participant's account
will be determined by dividing the dollar amount of the dividend by
the net asset value per share on the date the shares are issued,
provided that the maximum discount from the then current market
price per share on the date of issuance may not exceed 5%. If, on
the dividend payment date, the net asset value per share is greater
than the market value (such condition being referred to herein as
"market discount"), the Plan Agent will invest the dividend amount
in shares acquired on behalf of the participant in open-market
purchases.

In the event of a market discount on the dividend payment date, the
Plan Agent will have until the last business day before the next
date on which the shares trade on an "ex-dividend" basis or in no
event more than 30 days after the dividend payment date (the "last
purchase date") to invest the dividend amount in shares acquired in
open-market purchases. It is contemplated that the Fund will pay
monthly income dividends. Therefore, the period during which open-
market purchases can be made will exist only from the payment date
on the dividend through the date before the next "ex-dividend" date,
which typically will be approximately ten days. If, before the Plan
Agent has completed its open-market purchases, the market price of a
Common Share exceeds the net asset value per share, the average per
share purchase price paid by the Plan Agent may exceed the net asset
value of the Fund's shares, resulting in the acquisitions of fewer
shares than if the dividend had been paid in newly issued shares on
the dividend payment date. Because of the foregoing difficulty with
respect to open-market purchases, the Plan provides that if the Plan
Agent is unable to invest the full dividend amount in open-market
purchases during the purchase period or if the market discount
shifts to a market premium during the purchase period, the Plan
Agent will cease making open-market purchases and will invest the
uninvested portion of the dividend amount in newly issued shares at
the close of business on the last purchase date determined by
dividing the uninvested portion of the dividend by the net asset
value per share.



MUNIYIELD PENNSYLVANIA INSURED FUND, OCTOBER 31, 2004



The Plan Agent maintains all shareholders' accounts in the Plan and
furnishes written confirmation of all transactions in the account,
including information needed by shareholders for tax records. Shares
in the account of each Plan participant will be held by the Plan
Agent in non-certificated form in the name of the participant, and
each shareholder's proxy will include those shares purchased or
received pursuant to the Plan. The Plan Agent will forward all proxy
solicitation materials to participants and vote proxies for shares
held pursuant to the Plan in accordance with the instructions of the
participants.

In the case of shareholders such as banks, brokers or nominees
which hold shares of others who are the beneficial owners, the
Plan Agent will administer the Plan on the basis of the number of
shares certified from time to time by the record shareholders as
representing the total amount registered in the record shareholder's
name and held for the account of beneficial owners who are to
participate in the Plan.

There will be no brokerage charges with respect to shares issued
directly by the Fund as a result of dividends or capital gains
distributions payable either in shares or in cash. However, each
participant will pay a pro rata share of brokerage commissions
incurred with respect to the Plan Agent's open-market purchases in
connection with the reinvestment of dividends.

The automatic reinvestment of dividends and distributions will not
relieve participants of any federal, state or local income tax that
may be payable (or required to be withheld) on such dividends.

Shareholders participating in the Plan may receive benefits not
available to shareholders not participating in the Plan. If the
market price plus commissions of the Fund's shares is above the
net asset value, participants in the Plan will receive shares of
the Fund at less than they could otherwise purchase them and will
have shares with a cash value greater than the value of any cash
distribution they would have received on their shares. If the market
price plus commissions is below the net asset value, participants
will receive distributions in shares with a net asset value greater
than the value of any cash distribution they would have received on
their shares. However, there may be insufficient shares available in
the market to make distributions in shares at prices below the net
asset value. Also, since the Fund does not redeem shares, the price
on resale may be more or less than the net asset value.

The value of shares acquired pursuant to the Plan will generally be
excluded from gross income to the extent that the cash amount
reinvested would be excluded from gross income. If, when the Fund's
shares are trading at a premium over net asset value, the Fund
issues shares pursuant to the Plan that have a greater fair market
value than the amount of cash reinvested, it is possible that all or
a portion of such discount (which may not exceed 5% of the fair
market value of the Fund's shares) could be viewed as a taxable
distribution. If the discount is viewed as a taxable distribution,
it is also possible that the taxable character of this discount
would be allocable to all the shareholders, including shareholders
who do not participate in the Plan. Thus, shareholders who do not
participate in the Plan might be required to report as ordinary
income a portion of their distributions equal to their allocable
share of the discount.

Experience under the Plan may indicate that changes are desirable.
Accordingly, the Fund reserves the right to amend or terminate the
Plan. There is no direct service charge to participants in the Plan;
however, the Fund reserves the right to amend the Plan to include a
service charge payable by the participants.

All correspondence concerning the Plan should be directed to the
Plan Agent at EquiServe, P.O. Box 43010, Providence, RI 02940-3010,
Telephone: 800-426-5523.



MUNIYIELD PENNSYLVANIA INSURED FUND, OCTOBER 31, 2004


<TABLE>
Officers and Trustees (unaudited)
<CAPTION>
                                                                                            Number of
                                                                                            Portfolios in  Other Public
                       Position(s)  Length of                                               Fund Complex   Directorships
                       Held with    Time                                                    Overseen by    Held by
Name, Address & Age    Fund         Served    Principal Occupation(s) During Past 5 Years   Trustee        Trustee
<S>                    <S>          <S>       <S>                                           <S>            <S>
Interested Director

Terry K. Glenn*        President    1999 to   President of the Merrill Lynch Investment     124 Funds      None
P.O. Box 9011          and          present   Managers, L.P. ("MLIM")/Fund Asset            157 Portfolios
Princeton,             Trustee                Management, L.P. ("FAM")-advised funds
NJ 08543-9011                                 since 1999; Chairman (Americas Region) of
Age: 64                                       MLIM from 2000 to 2002; Executive Vice
                                              President of MLIM and FAM (which terms as
                                              used herein include their corporate
                                              predecessors) from 1983 to 2002; President
                                              of FAM Distributors, Inc. ("FAMD") from
                                              1986 to 2002 and Director thereof from 1991
                                              to 2002; Executive Vice President and
                                              Director of Princeton Services, Inc.
                                              ("Princeton Services") from 1993 to 2002;
                                              President of Princeton Administrators, L.P.
                                              from 1989 to 2002; Director of Financial
                                              Data Services, Inc. since 1985.


* Mr. Glenn is a director, trustee or member of an advisory board of
  certain other investment companies for which MLIM or FAM acts as
  investment adviser. Mr. Glenn is an "interested person," as
  described in the Investment Company Act, of the Fund based on his
  present and former positions with MLIM, FAM, FAMD, Princeton
  Services and Princeton Administrators, L.P. The Trustee's term is
  unlimited. Trustees serve until their resignation, removal or death,
  or until December 31 of the year in which they turn 72. As Fund
  President, Mr. Glenn serves at the pleasure of the Board of
  Trustees.
</TABLE>


MUNIYIELD PENNSYLVANIA INSURED FUND, OCTOBER 31, 2004


<TABLE>
Officers and Trustees (unaudited)(continued)
<CAPTION>
                                                                                            Number of
                                                                                            Portfolios in  Other Public
                       Position(s)  Length of                                               Fund Complex   Directorships
                       Held with    Time                                                    Overseen by    Held by
Name, Address & Age    Fund         Served    Principal Occupation(s) During Past 5 Years   Trustee        Trustee
<S>                    <S>          <S>       <S>                                           <S>            <S>
Independent Trustees*

Donald W. Burton       Trustee      2002 to   General Partner of The Burton Partnership,    23 Funds       ITC DeltaCom,
P.O. Box 9095                       present   Limited Partnership (an Investment            36 Portfolios  Inc.; ITC Holding
Princeton,                                    Partnership) since 1979; Managing General                    Company, Inc.;
NJ 08543-9095                                 Partner of The South Atlantic Venture Funds                  Knology, Inc.;
Age: 60                                       since 1983; Member of the Investment                         MainBancorp
                                              Advisory Committee of the Florida State                      N.A.; PriCare,
                                              Board of Administration since 2001.                          Inc.; Symbion,
                                                                                                           Inc.


M. Colyer Crum         Trustee      1992 to   James R. Williston Professor of Investment    24 Funds       Cambridge
P.O. Box 9095                       present   Management Emeritus, Harvard Business         37 Portfolios  Bancorp
Princeton,                                    School since 1996; James R. Williston
NJ 08543-9095                                 Professor of Investment Management,
Age: 72                                       Harvard Business School from 1971
                                              to 1996.


Laurie Simon Hodrick   Trustee      1999 to   Professor of Finance and Economics, Graduate  23 Funds       None
P.O. Box 9095                       present   School of Business, Columbia University       36 Portfolios
Princeton,                                    since 1998; Associate Professor of Finance
NJ 08543-9095                                 and Economics, Graduate School of Business,
Age: 42                                       Columbia University from 1996 to 1998.


David H. Walsh         Trustee      2003 to   Consultant with Putnam Investments since      23 Funds       None
P.O. Box 9095                       present   1998 and employed in various capacities       36 Portfolios
Princeton,                                    therewith from 1973 to 1992; Director,
NJ 08543-9095                                 The National Audubon Society since 1998;
Age: 63                                       Director, The American Museum of Fly
                                              Fishing since 1997.


Fred G. Weiss          Trustee      1998 to   Managing Director of FGW Advisors, Inc.       23 Funds       Watson
P.O. Box 9095                       present   since 1997; Vice President, Planning,         36 Portfolios  Pharmaceuticals,
Princeton,                                    Investment and Development of Warner                         Inc.
NJ 08543-9095                                 Lambert Co. from 1979 to 1997; Director
Age: 63                                       of the Michael J. Fox Foundation for
                                              Parkinson's Research since 2000; Director
                                              of BTG International PLC (a global technology
                                              commercialization company) since 2001.


* The Trustee's term is unlimited. Trustees serve until their
  resignation, removal or death, or until December 31 of the year in
  which they turn 72.
</TABLE>


MUNIYIELD PENNSYLVANIA INSURED FUND, OCTOBER 31, 2004


<TABLE>
Officers and Trustees (unaudited)(concluded)
<CAPTION>

                       Position(s)  Length of
                       Held with    Time
Name, Address & Age    Fund         Served    Principal Occupation(s) During Past 5 Years
<S>                    <S>          <S>       <S>
Fund Officers*

Donald C. Burke        Vice         1993 to   First Vice President of MLIM and FAM since 1997 and Treasurer thereof since
P.O. Box 9011          President    present   1999; Senior Vice President and Treasurer of Princeton Services since 1999
Princeton,             and          and       and Director since 2004; Vice President of FAMD since 1999; Vice President
NJ 08543-9011          Treasurer    1999 to   of MLIM and FAM from 1990 to 1997; Director of MLIM Taxation since 1990.
Age: 44                             present


Kenneth A. Jacob       Senior       2002 to   Managing Director of MLIM since 2000; Director (Municipal Tax-Exempt Fund
P.O. Box 9011          Vice         present   Management) of MLIMfrom 1997 to 2000.
Princeton,             President
NJ 08543-9011
Age: 53


John M. Loffredo       Senior       2002 to   Managing Director of MLIM since 2000; Director (Municipal Tax-Exempt Fund
P.O. Box 9011          Vice         present   Management) of MLIM from 1998 to 2000.
Princeton,             President
NJ 08543-9011
Age: 40


William R. Bock        Vice         1997 to   Vice President of MLIM from 1994.
P.O. Box 9011          President    present
Princeton,
NJ 08543-9011
Age: 68


Jeffrey Hiller         Chief        2004 to   Chief Compliance Officer of the MLIM/FAM-advised funds and First Vice President
P.O. Box 9011          Compliance   present   and Chief Compliance Officer of MLIM since 2004; Global Director of Compliance
Princeton,             Officer                at Morgan Stanley Investment Management from 2002 to 2004; Managing Director and
NJ 08543-9011                                 Global Director of Compliance at Citigroup Asset Management from 2000 to 2002;
Age: 53                                       Chief Compliance Officer at Soros Fund Management in 2000; Chief Compliance
                                              Officer at Prudential Financial from 1995 to 2000.


Alice A. Pellegrino    Secretary    2004 to   Director (Legal Advisory) of MLIM since 2002; Vice President of MLIM from 1999
P.O. Box 9011                       present   to 2002; Attorney associated with MLIM since 1997.
Princeton,
NJ 08543-9011
Age: 44


* Officers of the Fund serve at the pleasure of the Board of Trustees.
</TABLE>


Custodian
State Street Bank and
Trust Company
P.O. Box 351
Boston, MA 02101


Transfer Agents

Common Shares:
EquiServe
P.O. Box 43010
Providence, RI 02940-3010


Preferred Stock:
The Bank of New York
101 Barclay Street--7 West
New York, NY 10286


NYSE Symbol
MPA



Dividend Policy (unaudited)


The Fund's dividend policy is to distribute all or a portion of its
net investment income to its shareholders on a monthly basis. In
order to provide shareholders with a more stable level of dividend
distributions, the Fund may at times pay out less than the entire
amount of net investment income earned in any particular month and
may at times in any particular month pay out such accumulated but
undistributed income in addition to net investment income earned in
that month. As a result, the dividends paid by the Fund for any
particular month may be more or less than the amount of net
investment income earned by the Fund during such month. The Fund's
current accumulated but undistributed net investment income, if any,
is disclosed in the Statement of Net Assets, which comprises part of
the financial information included in this report.



MUNIYIELD PENNSYLVANIA INSURED FUND, OCTOBER 31, 2004



Quality Profile (unaudited)


The quality ratings of securities in the Fund as of October 31, 2004
were as follows:


                                               Percent of
                                                 Total
S&P Rating/Moody's Rating                     Investments

AAA/Aaa                                           82.5%
AA/Aa                                              0.7
A/A                                                9.6
BBB/Baa                                            4.0
NR (Not Rated)                                     1.7
Other*                                             1.5

* Includes portfolio holdings in short-term investments.



Availability of Quarterly Investments


The Fund files its complete schedule of portfolio holdings with the
Securities and Exchange Commission ("SEC") for the first and third
quarters of each fiscal year on Form N-Q. The Fund's Forms N-Q are
available on the SEC's Web site at http://www.sec.gov. The Fund's
Forms N-Q may also be reviewed and copied at the SEC's Public
Reference Room in Washington, DC. Information on the operation of
the Public Reference Room may be obtained by calling 1-800-SEC-0330.



Electronic Delivery


The Fund offers electronic delivery of communications to its
shareholders. In order to receive this service, you must
register your account and provide us with e-mail information.
To sign up for this service, simply access this Web site
http://www.icsdelivery.com/live and follow the instructions.
When you visit this site, you will obtain a personal identification
number (PIN). You will need this PIN should you wish to update your
e-mail address, choose to discontinue this service and/or make any
other changes to the service. This service is not available for
certain retirement accounts at this time.


MUNIYIELD PENNSYLVANIA INSURED FUND, OCTOBER 31, 2004


Item 2 - Code of Ethics - The registrant has adopted a code of
ethics, as of the end of the period covered by this report, that
applies to the registrant's principal executive officer, principal
financial officer and principal accounting officer, or persons
performing similar functions.  A copy of the code of ethics
is available without charge upon request by calling toll-free
1-800-MER-FUND (1-800-637-3863).

Item 3 - Audit Committee Financial Expert - The registrant's board
of directors has determined that (i) the registrant has the
following audit committee financial experts serving on its audit
committee and (ii) each audit committee financial expert is
independent: (1) Donald W. Burton, (2) M. Colyer Crum, (3)
Laurie Simon Hodrick, (4) David H. Walsh and (5) Fred G. Weiss.

The registrant's board of directors has determined that Laurie Simon
Hodrick and M. Colyer Crum qualify as financial experts pursuant to
Item 3(c)(4) of Form N-CSR.

Ms. Hodrick has a thorough understanding of generally accepted
accounting principals, financial statements, and internal controls
and procedures for financial reporting. Ms. Hodrick earned a Ph.D.
in economics and has taught courses in finance for over 15 years.
Her M.B.A.-level course centers around the evaluation and analysis
of firms' corporate financial statements. She has also taught in
financial analysts' training programs. Ms. Hodrick has also worked
with several prominent corporations in connection with the analysis
of financial forecasts and projections and analysis of the financial
statements of those companies, serving on the Financial Advisory
Council of one of these major corporations. She has also served
as the Treasurer and Finance Chair of a 501(c)(3) organization.
Ms. Hodrick has published a number of articles in leading economic
and financial journals and is the associate editor of two leading
finance journals.

M. Colyer Crum also possesses a thorough understanding of generally
accepted accounting principals, financial statements, and internal
controls and procedures for financial reporting through a
combination of education and experience.  Professor Crum was a
professor of investment management at the Harvard Business School
for 25 years.  The courses taught by Professor Crum place a heavy
emphasis on the analysis of underlying company financial statements
with respect to stock selection and the analysis of credit risk in
making loans.  Professor Crum has also served on a number of boards
of directors and has served on the audit committees, and in some
cases chaired the audit committee, for several major corporations
and financial institutions.  For two such organizations, Professor
Crum has performed extensive investment analysis of financial
statements in connection with investment management decisions.  From
these experiences, he has gained significant experience with the
establishment of reserves and accounting policies, differences
between U.S. GAAP and Canadian GAAP and executive compensation
issues.

Item 4 - Principal Accountant Fees and Services

(a) Audit Fees -      Fiscal Year Ending October 31, 2004 - $25,000
                      Fiscal Year Ending October 31, 2003 - $25,000

(b) Audit-Related Fees -
                      Fiscal Year Ending October 31, 2004 - $3,000
                      Fiscal Year Ending October 31, 2003 - $5,600

The nature of the services include assurance and related services
reasonably related to the performance of the audit of financial
statements not included in Audit Fees.

(c) Tax Fees -        Fiscal Year Ending October 31, 2004 - $5,610
                      Fiscal Year Ending October 31, 2003 - $4,800

The nature of the services include tax compliance, tax advice and
tax planning.

(d) All Other Fees -  Fiscal Year Ending October 31, 2004 - $0
                      Fiscal Year Ending October 31, 2003 - $0

(e)(1) The registrant's audit committee (the "Committee") has
adopted policies and procedures with regard to the pre-approval of
services.  Audit, audit-related and tax compliance services provided
to the registrant on an annual basis require specific pre-approval
by the Committee.  The Committee also must approve other non-audit
services provided to the registrant and those non-audit services
provided to the registrant's affiliated service providers that
relate directly to the operations and the financial reporting of the
registrant.  Certain of these non-audit services that the Committee
believes are a) consistent with the SEC's auditor independence rules
and b) routine and recurring services that will not impair the
independence of the independent accountants may be approved by the
Committee without consideration on a specific case-by-case basis
("general pre-approval").  However, such services will only be
deemed pre-approved provided that any individual project does not
exceed $5,000 attributable to the registrant or $50,000 for all of
the registrants the Committee oversees.  Any proposed services
exceeding the pre-approved cost levels will require specific pre-
approval by the Committee, as will any other services not subject to
general pre-approval (e.g., unanticipated but permissible services).
The Committee is informed of each service approved subject to
general pre-approval at the next regularly scheduled in-person board
meeting.

(e)(2)  0%

(f) Not Applicable

(g) Fiscal Year Ending October 31, 2004 - $13,270,096
    Fiscal Year Ending October 31, 2003 - $18,737,552

(h) The registrant's audit committee has considered and determined
that the provision of non-audit services that were rendered to the
registrant's investment adviser and any entity controlling,
controlled by, or under common control with the investment adviser
that provides ongoing services to the registrant that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation
S-X is compatible with maintaining the principal accountant's
independence.

Regulation S-X Rule 2-01(c)(7)(ii) - $945,000, 0%

Item 5 - Audit Committee of Listed Registrants - The following
individuals are members of the registrant's separately-designated
standing audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)):

Donald W. Burton
M. Colyer Crum
Laurie Simon Hodrick
David H. Walsh
Fred G. Weiss

Item 6 - Schedule of Investments - Not Applicable

Item 7 - Disclosure of Proxy Voting Policies and Procedures for
Closed-End Management Investment Companies -

Proxy Voting Policies and Procedures

Each Fund's Board of Directors/Trustees has delegated to Merrill
Lynch Investment Managers, L.P. and/or Fund Asset Management, L.P.
(the "Investment Adviser") authority to vote all proxies relating to
the Fund's portfolio securities.  The Investment Adviser has adopted
policies and procedures ("Proxy Voting Procedures") with respect to
the voting of proxies related to the portfolio securities held in
the account of one or more of its clients, including a Fund.
Pursuant to these Proxy Voting Procedures, the Investment Adviser's
primary objective when voting proxies is to make proxy voting
decisions solely in the best interests of each Fund and its
shareholders, and to act in a manner that the Investment Adviser
believes is most likely to enhance the economic value of the
securities held by the Fund.  The Proxy Voting Procedures are
designed to ensure that that the Investment Adviser considers the
interests of its clients, including the Funds, and not the interests
of the Investment Adviser, when voting proxies and that real (or
perceived) material conflicts that may arise between the Investment
Adviser's interest and those of the Investment Adviser's clients are
properly addressed and resolved.

In order to implement the Proxy Voting Procedures, the Investment
Adviser has formed a Proxy Voting Committee (the "Committee").  The
Committee is comprised of the Investment Adviser's Chief Investment
Officer (the "CIO"), one or more other senior investment
professionals appointed by the CIO, portfolio managers and
investment analysts appointed by the CIO and any other personnel the
CIO deems appropriate.  The Committee will also include two non-
voting representatives from the Investment Adviser's Legal
department appointed by the Investment Adviser's General Counsel.
The Committee's membership shall be limited to full-time employees
of the Investment Adviser.  No person with any investment banking,
trading, retail brokerage or research responsibilities for the
Investment Adviser's affiliates may serve as a member of the
Committee or participate in its decision making (except to the
extent such person is asked by the Committee to present information
to the Committee, on the same basis as other interested
knowledgeable parties not affiliated with the Investment Adviser
might be asked to do so).  The Committee determines how to vote the
proxies of all clients, including a Fund, that have delegated proxy
voting authority to the Investment Adviser and seeks to ensure that
all votes are consistent with the best interests of those clients
and are free from unwarranted and inappropriate influences.  The
Committee establishes general proxy voting policies for the
Investment Adviser and is responsible for determining how those
policies are applied to specific proxy votes, in light of each
issuer's unique structure, management, strategic options and, in
certain circumstances, probable economic and other anticipated
consequences of alternate actions.  In so doing, the Committee may
determine to vote a particular proxy in a manner contrary to its
generally stated policies.  In addition, the Committee will be
responsible for ensuring that all reporting and recordkeeping
requirements related to proxy voting are fulfilled.

The Committee may determine that the subject matter of a recurring
proxy issue is not suitable for general voting policies and requires
a case-by-case determination.  In such cases, the Committee may
elect not to adopt a specific voting policy applicable to that
issue.  The Investment Adviser believes that certain proxy voting
issues require investment analysis - such as approval of mergers and
other significant corporate transactions - akin to investment
decisions, and are, therefore, not suitable for general guidelines.
The Committee may elect to adopt a common position for the
Investment Adviser on certain proxy votes that are akin to
investment decisions, or determine to permit the portfolio manager
to make individual decisions on how best to maximize economic value
for a Fund (similar to normal buy/sell investment decisions made by
such portfolio managers).  While it is expected that the Investment
Adviser will generally seek to vote proxies over which the
Investment Adviser exercises voting authority in a uniform manner
for all the Investment Adviser's clients, the Committee, in
conjunction with a Fund's portfolio manager, may determine that the
Fund's specific circumstances require that its proxies be voted
differently.

To assist the Investment Adviser in voting proxies, the Committee
has retained Institutional Shareholder Services ("ISS").  ISS is an
independent adviser that specializes in providing a variety of
fiduciary-level proxy-related services to institutional investment
managers, plan sponsors, custodians, consultants, and other
institutional investors.  The services provided to the Investment
Adviser by ISS include in-depth research, voting recommendations
(although the Investment Adviser is not obligated to follow such
recommendations), vote execution, and recordkeeping.  ISS will also
assist the Fund in fulfilling its reporting and recordkeeping
obligations under the Investment Company Act.

The Investment Adviser's Proxy Voting Procedures also address
special circumstances that can arise in connection with proxy
voting.  For instance, under the Proxy Voting Procedures, the
Investment Adviser generally will not seek to vote proxies related
to portfolio securities that are on loan, although it may do so
under certain circumstances.  In addition, the Investment Adviser
will vote proxies related to securities of foreign issuers only on a
best efforts basis and may elect not to vote at all in certain
countries where the Committee determines that the costs associated
with voting generally outweigh the benefits.  The Committee may at
any time override these general policies if it determines that such
action is in the best interests of a Fund.

From time to time, the Investment Adviser may be required to vote
proxies in respect of an issuer where an affiliate of the Investment
Adviser (each, an "Affiliate"), or a money management or other
client of the Investment Adviser (each, a "Client") is involved.
The Proxy Voting Procedures and the Investment Adviser's adherence
to those procedures are designed to address such conflicts of
interest.  The Committee intends to strictly adhere to the Proxy
Voting Procedures in all proxy matters, including matters involving
Affiliates and Clients.  If, however, an issue representing a non-
routine matter that is material to an Affiliate or a widely known
Client is involved such that the Committee does not reasonably
believe it is able to follow its guidelines (or if the particular
proxy matter is not addressed by the guidelines) and vote
impartially, the Committee may, in its discretion for the purposes
of ensuring that an independent determination is reached, retain an
independent fiduciary to advise the Committee on how to vote or to
cast votes on behalf of the Investment Adviser's clients.

In the event that the Committee determines not to retain an
independent fiduciary, or it does not follow the advice of such an
independent fiduciary, the powers of the Committee shall pass to a
subcommittee, appointed by the CIO (with advice from the Secretary
of the Committee), consisting solely of Committee members selected
by the CIO.  The CIO shall appoint to the subcommittee, where
appropriate, only persons whose job responsibilities do not include
contact with the Client and whose job evaluations would not be
affected by the Investment Adviser's relationship with the Client
(or failure to retain such relationship).  The subcommittee shall
determine whether and how to vote all proxies on behalf of the
Investment Adviser's clients or, if the proxy matter is, in their
judgment, akin to an investment decision, to defer to the applicable
portfolio managers, provided that, if the subcommittee determines to
alter the Investment Adviser's normal voting guidelines or, on
matters where the Investment Adviser's policy is case-by-case, does
not follow the voting recommendation of any proxy voting service or
other independent fiduciary that may be retained to provide research
or advice to the Investment Adviser on that matter, no proxies
relating to the Client may be voted unless the Secretary, or in the
Secretary's absence, the Assistant Secretary of the Committee
concurs that the subcommittee's determination is consistent with the
Investment Adviser's fiduciary duties

In addition to the general principles outlined above, the Investment
Adviser has adopted voting guidelines with respect to certain
recurring proxy issues that are not expected to involve unusual
circumstances.  These policies are guidelines only, and the
Investment Adviser may elect to vote differently from the
recommendation set forth in a voting guideline if the Committee
determines that it is in a Fund's best interest to do so.  In
addition, the guidelines may be reviewed at any time upon the
request of a Committee member and may be amended or deleted upon the
vote of a majority of Committee members present at a Committee
meeting at which there is a quorum.

The Investment Adviser has adopted specific voting guidelines with
respect to the following proxy issues:

* Proposals related to the composition of the Board of Directors of
issuers other than investment companies.  As a general matter, the
Committee believes that a company's Board of Directors (rather than
shareholders) is most likely to have access to important, nonpublic
information regarding a company's business and prospects, and is
therefore best-positioned to set corporate policy and oversee
management.  The Committee, therefore, believes that the foundation
of good corporate governance is the election of qualified,
independent corporate directors who are likely to diligently
represent the interests of shareholders and oversee management of
the corporation in a manner that will seek to maximize shareholder
value over time.  In individual cases, the Committee may look at a
nominee's history of representing shareholder interests as a
director of other companies or other factors, to the extent the
Committee deems relevant.

* Proposals related to the selection of an issuer's independent
auditors.  As a general matter, the Committee believes that
corporate auditors have a responsibility to represent the interests
of shareholders and provide an independent view on the propriety of
financial reporting decisions of corporate management.  While the
Committee will generally defer to a corporation's choice of auditor,
in individual cases, the Committee may look at an auditors' history
of representing shareholder interests as auditor of other companies,
to the extent the Committee deems relevant.

* Proposals related to management compensation and employee
benefits.  As a general matter, the Committee favors disclosure of
an issuer's compensation and benefit policies and opposes excessive
compensation, but believes that compensation matters are normally
best determined by an issuer's board of directors, rather than
shareholders.  Proposals to "micro-manage" an issuer's compensation
practices or to set arbitrary restrictions on compensation or
benefits will, therefore, generally not be supported.

* Proposals related to requests, principally from management, for
approval of amendments that would alter an issuer's capital
structure.  As a general matter, the Committee will support requests
that enhance the rights of common shareholders and oppose requests
that appear to be unreasonably dilutive.

* Proposals related to requests for approval of amendments to an
issuer's charter or by-laws.  As a general matter, the Committee
opposes poison pill provisions.

* Routine proposals related to requests regarding the formalities of
corporate meetings.

* Proposals related to proxy issues associated solely with holdings
of investment company shares.  As with other types of companies, the
Committee believes that a fund's Board of Directors (rather than its
shareholders) is best-positioned to set fund policy and oversee
management.  However, the Committee opposes granting Boards of
Directors authority over certain matters, such as changes to a
fund's investment objective, that the Investment Company Act
envisions will be approved directly by shareholders.

* Proposals related to limiting corporate conduct in some manner
that relates to the shareholder's environmental or social concerns.
The Committee generally believes that annual shareholder meetings
are inappropriate forums for discussion of larger social issues, and
opposes shareholder resolutions "micromanaging" corporate conduct or
requesting release of information that would not help a shareholder
evaluate an investment in the corporation as an economic matter.
While the Committee is generally supportive of proposals to require
corporate disclosure of matters that seem relevant and material to
the economic interests of shareholders, the Committee is generally
not supportive of proposals to require disclosure of corporate
matters for other purposes.

Item 8 - Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers - Not Applicable

Item 9 - Submission of Matters to a Vote of Security Holders - Not
Applicable

Item 10 - Controls and Procedures

10(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.

10(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 second fiscal half-
year 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 11 - Exhibits attached hereto

11(a)(1) - Code of Ethics - See Item 2

11(a)(2) - Certifications - Attached hereto

11(a)(3) - Not Applicable

11(b) - 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


By:    _/s/ Terry K. Glenn_______
       Terry K. Glenn,
       President of
       MuniYield Pennsylvania Insured Fund


Date: December 13, 2004


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/ Terry K. Glenn________
       Terry K. Glenn,
       President of
       MuniYield Pennsylvania Insured Fund


Date: December 13, 2004


By:    _/s/ Donald C. Burke________
       Donald C. Burke,
       Chief Financial Officer of
       MuniYield Pennsylvania Insured Fund


Date: December 13, 2004


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>ex99cert.txt
<DESCRIPTION>EX-99 CERT
<TEXT>
EX-99. CERT


CERTIFICATION PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002


I, Terry K. Glenn, President of MuniYield Pennsylvania Insured Fund,
certify that:

1. I have reviewed this report on Form N-CSR of MuniYield
Pennsylvania Insured Fund (the "Fund");

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect
to the period covered by this report;

3. Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present in all
material respects the financial condition, results of operations,
changes in net assets, and cash flows (if the financial statements
are required to include a statement of cash flows) of the Fund as
of, and for, the periods presented in this report;

4. The Fund's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940)
and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the Fund and
have:

a) designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the
Fund, including its consolidated subsidiaries, is made known to us
by others within those entities, particularly during the period in
which this report is being prepared;

b) evaluated the effectiveness of the Fund's disclosure controls and
procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a
date within 90 days prior to the filing date of this report based on
such evaluation; and

c) disclosed in this report any change in the Fund's internal
control over financial reporting that occurred during the Fund's
most recent fiscal half-year (the Fund's second fiscal half-year in
the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the Fund's internal control
over financial reporting; and

5. The Fund's other certifying officer(s) and I have disclosed to
the Fund's auditors and the audit committee of the Fund's board of
directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the Fund's ability
to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the Fund's internal
control over financial reporting.


Date: December 13, 2004


                            /s/ Terry K. Glenn
                            Terry K. Glenn,
                            President of
                            MuniYield Pennsylvania Insured Fund



EX-99. CERT


CERTIFICATION PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002


I, Donald C. Burke, Chief Financial Officer of MuniYield
Pennsylvania Insured Fund, certify that:

1. I have reviewed this report on Form N-CSR of MuniYield
Pennsylvania Insured Fund (the "Fund");

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect
to the period covered by this report;

3. Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present in all
material respects the financial condition, results of operations,
changes in net assets, and cash flows (if the financial statements
are required to include a statement of cash flows) of the Fund as
of, and for, the periods presented in this report;

4. The Fund's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940)
and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the Fund and
have:

a) designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the
Fund, including its consolidated subsidiaries, is made known to us
by others within those entities, particularly during the period in
which this report is being prepared;

b) evaluated the effectiveness of the Fund's disclosure controls and
procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a
date within 90 days prior to the filing date of this report based on
such evaluation; and

c) disclosed in this report any change in the Fund's internal
control over financial reporting that occurred during the Fund's
most recent fiscal half-year (the Fund's second fiscal half-year in
the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the Fund's internal control
over financial reporting; and

5. The Fund's other certifying officer(s) and I have disclosed to
the Fund's auditors and the audit committee of the Fund's board of
directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the Fund's ability
to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the Fund's internal
control over financial reporting.


Date: December 13, 2004


                            /s/ Donald C. Burke
                            Donald C. Burke,
                            Chief Financial Officer of
                            MuniYield Pennsylvania Insured Fund



Exhibit 99.1350CERT


Certification Pursuant to Section 906 of the Sarbanes Oxley Act


I, Terry K. Glenn, President of MuniYield Pennsylvania Insured Fund
(the "Fund"), certify that:

1. The N-CSR of the Fund (the "Report") fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and

2. The information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations
of the Fund.


Dated: December 13, 2004


                            /s/ Terry K. Glenn
                            Terry K. Glenn,
                            President of
                            MuniYield Pennsylvania Insured Fund


A signed original of this written statement required by Section 906,
or other document authenticating, acknowledging, or otherwise
adopting the signature that appears in typed form within the
electronic version of this written statement required by Section
906, has been provided to MuniYield Pennsylvania Insured Fund and
will be retained by MuniYield Pennsylvania Insured Fund and
furnished to the Securities and Exchange Commission or its staff
upon request.



Exhibit 99.1350CERT


Certification Pursuant to Section 906 of the Sarbanes Oxley Act


I, Donald C. Burke, Chief Financial Officer of MuniYield
Pennsylvania Insured Fund (the "Fund"), certify that:

1. The N-CSR of the Fund (the "Report") fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and

2. The information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations
of the Fund.


Dated: December 13, 2004


                            /s/ Donald C. Burke
                            Donald C. Burke,
                            Chief Financial Officer of
                            MuniYield Pennsylvania Insured Fund


A signed original of this written statement required by Section 906,
or other document authenticating, acknowledging, or otherwise
adopting the signature that appears in typed form within the
electronic version of this written statement required by Section
906, has been provided to MuniYield Pennsylvania Insured Fund and
will be retained by MuniYield Pennsylvania Insured Fund and
furnished to the Securities and Exchange Commission or its staff
upon request.


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
