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Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000900092-09-001185.txt : 20091223
<SEC-HEADER>0000900092-09-001185.hdr.sgml : 20091223
<ACCEPTANCE-DATETIME>20091223140913
ACCESSION NUMBER:		0000900092-09-001185
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20091031
FILED AS OF DATE:		20091223
DATE AS OF CHANGE:		20091223
EFFECTIVENESS DATE:		20091223

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07136
		FILM NUMBER:		091257618

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		800-441-7762

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK MUNIYIELD INSURED PENNSYLVANIA FUND
		DATE OF NAME CHANGE:	20070803

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK MUNIYIELD PENNSYLVANIA FUND
		DATE OF NAME CHANGE:	20070611

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIYIELD PENNSYLVANIA FUND
		DATE OF NAME CHANGE:	19921217
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>mpa.htm
<DESCRIPTION>MPA
<TEXT>

<HTML>
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   <TITLE>mpa.htm - Produced by Pellegrini and Associates, Inc.  |  134 Spring Street New York NY 10012  |  (212) 925-5151</TITLE>
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<P align="center">
<FONT face="ArialMT,Arial,Helvetica,sans-serif">UNITEDSTATES</FONT><BR>
<FONT face="ArialMT,Arial,Helvetica,sans-serif">SECURITIESANDEXCHANGECOMMISSION</FONT><BR>
<FONT face="ArialMT,Arial,Helvetica,sans-serif">Washington,D.C.20549</FONT><BR>
<BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FORM N-Q</FONT></B><BR>
<BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">MANAGEMENT INVESTMENT COMPANY</FONT></B></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Company Act file number 811-07136</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name of Fund: BlackRock MuniYield Pennsylvania Insured Fund (MPA)</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">MuniYield Pennsylvania Insured Fund, 55 East 52</FONT><SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">nd </FONT></SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Street, New York, NY 10055.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Registrant&#146;s telephone number, including area code: (800) 882-0052, Option 4</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of fiscal year end: 07/31/2010</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of reporting period: 10/31/2009</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 1 &#150; Schedule of Investments</FONT></P>

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<TR>
     <TD width="29%"></TD>
     <TD width="35%"></TD>
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     <TD width="12%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><B><FONT face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock MuniYield Pennsylvania Insured Fund (MPA)</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments October 31, 2009 (Unaudited)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Pennsylvania - 118.5%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Corporate - 5.2%</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Delaware County IDA, Pennsylvania, RB, Water</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Facilities, Aqua Pennsylvania Inc. Project, Series B,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">AMT (MBIA), 5.00%, 11/01/36</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">$ 2,520</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">$ 2,367,414</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Northumberland County IDA, Refunding RB, Aqua&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Pennsylvania Inc. Project, AMT (MBIA), 5.05%, 10/01/39</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,397,720</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Pennsylvania Economic Development Financing</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Authority, RB, Waste Management Inc. Project,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series A, AMT, 5.10%, 10/01/27</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,200</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,119,768</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">8,884,902</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">County/City/Special District/School</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Chambersburg Area School District, GO (MBIA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">District - 41.6%</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.25%, 3/01/26</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,115</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,185,620</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Chambersburg Area School District, GO (MBIA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.25%, 3/01/27</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,574,450</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">City of Philadelphia Pennsylvania, GO, Refunding,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series A (FSA), 5.25%, 12/15/32</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,214,480</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Connellsville Area School District, GO, Series B (FSA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.00%, 11/15/37</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,007,250</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Delaware Valley Regional Financial Authority, RB,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series A (AMBAC), 5.50%, 8/01/28</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,230</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,361,681</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">East Stroudsburg Area School District, GO, Series A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">(MBIA), 7.75%, 9/01/27</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,423,600</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Erie County Conventional Center Authority, RB (MBIA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.00%, 1/15/36</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">8,850</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">8,885,577</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Marple Newtown School District, GO (FSA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.00%, 6/01/31</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,637,690</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">North Allegheny School District, GO, Series C (FSA),&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.25%, 5/01/27</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,175</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,273,245</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Northeastern York School District, GO, Series B (MBIA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.00%, 4/01/32</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,585</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,614,433</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Philadelphia Authority for Industrial Development, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series B (FSA), 5.50%, 10/01/11 (a)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,099,590</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Philadelphia Redevelopment Authority, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Neighborhood Transformation, Series A (MBIA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.50%, 4/15/22</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,750</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,785,070</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Philadelphia Redevelopment Authority, RB, Qualified</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Redevelopment, Neighborhood, Series B, AMT (MBIA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.00%, 4/15/27</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,645</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,371,456</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Philadelphia School District, GO, Series B (FGIC),&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.63%, 8/01/12 (a)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">10,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">11,248,700</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Philadelphia School District, GO, Series E,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">6.00%, 9/01/38</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,800</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,185,344</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Portfolio Abbreviations</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 align=left>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have</FONT><BR>
<FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">been abbreviated according to the following list.</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="6%"></TD>
     <TD width="43%"></TD>
     <TD width="17%"></TD>
     <TD width="32%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">AGC</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Assured Guaranty Corp.</FONT>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">IDA</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Industrial Development Authority</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">AMBAC</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">American Municipal Bond Assurance Corp.</FONT>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">MBIA</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Municipal Bond Investors Assurance</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">AMT</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Alternative Minimum Tax (subject to)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">(National Public Finance Guaranty Corp.)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">CAB</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Capital Appreciation Bonds</FONT>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">PCR</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Pollution Control Revenue Bonds</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">FSA</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Financial Security Assurance Inc.</FONT>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">RB</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Revenue Bonds</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">FGIC</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Financial Guaranty Insurance Co.</FONT>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">S/F</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Single-Family</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">GO</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">General Obligation Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">HFA</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Housing Finance Agency</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
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<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="29%"></TD>
     <TD width="35%"></TD>
     <TD width="9%"></TD>
     <TD width="4%"></TD>
     <TD width="8%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><B><FONT face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock MuniYield Pennsylvania Insured Fund (MPA)</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments October 31, 2009 (Unaudited)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=right><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Reading School District, GO (FSA), 5.00%, 1/15/29</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">$ 6,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">$ 6,196,620</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=6 align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Scranton School District, Pennsylvania, GO, Series A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">(FSA), 5.00%, 7/15/38</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,556,280</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=6 align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Shaler Area School District, Pennsylvania, GO, CAB&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Syncora), 4.80%, 9/01/30 (b)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,145</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,996,142</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=6 align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">York City School District, Pennsylvania, GO, Series A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Syncora), 5.25%, 6/01/22</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,040</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,092,094</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">70,709,322</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Education - 7.6%</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Gettysburg Municipal Authority, RB (MBIA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.00%, 8/15/23</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,000,280</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Pennsylvania Higher Educational Facilities Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">RB, Series AE (MBIA), 4.75%, 6/15/32</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">8,845</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">8,844,558</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">12,844,838</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Health - 12.7%</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Allegheny County Hospital Development Authority, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Health Center, UPMC Health, Series B (MBIA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">6.00%, 7/01/26</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,295,520</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=6 align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">County of Lehigh Pennsylvania, RB, Lehigh Valley&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Health Network, Series A (FSA), 5.00%, 7/01/33</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,995</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,863,642</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Lycoming County Authority, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Susquehanna Health System Project, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.75%, 7/01/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,160</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,102,998</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Monroe County Hospital Authority, Pennsylvania, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Hospital, Pocono Medical Center, 5.13%, 1/01/37</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,265</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,166,646</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Montgomery County Higher Education &amp; Health</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Authority, Refunding RB, Abington Memorial Hospital,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series A, 5.13%, 6/01/33</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,760</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,718,728</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Pennsylvania Higher Educational Facilities Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">RB, UPMC Health System, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">6.00%, 1/15/22</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,086,970</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=6 align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Philadelphia Hospitals &amp; Higher Education Facilities&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Authority, RB, Presbyterian Medical Center,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">6.65%, 12/01/19 (c)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,687,300</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=6 align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Sayre Health Care Facilities Authority, RB, Guthrie&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Health, Series A, 5.88%, 12/01/31</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">590</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">598,006</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">21,519,810</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Housing - 6.4%</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Pennsylvania HFA, RB, S/F, Series 72A, AMT (MBIA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.25%, 4/01/21</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,023,150</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=6 align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Pennsylvania HFA, RB, Series 96, Series A, AMT,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">4.70%, 10/01/37</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,985</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,681,784</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=6 align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Philadelphia Housing Authority, RB, Series A (FSA),&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.50%, 12/01/18</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,162,120</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">10,867,054</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">IDA/PCR/Resource Recovery - 0.1%</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Montgomery County IDA, Pennsylvania, RB, ACTS</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Retirement, Life Community, Series A-1, 6.25%, 11/15/29</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">235</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">247,157</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">State - 4.2%</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Commonwealth of Pennsylvania, GO, First Series,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.00%, 3/15/29</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,900</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,038,016</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">State Public School Building Authority, Pennsylvania,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">RB, CAB, Corry Area School District (FSA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">4.85%, 12/15/22 (b)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,980</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,077,773</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2</FONT></P>
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<TR>
     <TD width="24%"></TD>
     <TD width="41%"></TD>
     <TD width="11%"></TD>
     <TD width="8%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><B><FONT face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock MuniYield Pennsylvania Insured Fund (MPA)</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments October 31, 2009 (Unaudited)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">State Public School Building Authority, Pennsylvania,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">RB, CAB, Corry Area School District (FSA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">4.87%, 12/15/23 (b)</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">$ 1,980</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">$ 1,007,483</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">State Public School Building Authority, Pennsylvania,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">RB, CAB, Corry Area School District (FSA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">4.89%, 12/15/24 (b)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,980</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">948,301</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">State Public School Building Authority, Pennsylvania,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">RB, CAB, Corry Area School District (FSA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">4.94%, 12/15/25 (b)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,980</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">898,583</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">State Public School Building Authority, Pennsylvania,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">RB, Harrisburg School District Project, Series A (AGC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.00%, 11/15/33</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,200</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,226,472</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,196,628</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Transportation - 24.0%</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">City of Philadelphia Pennsylvania, RB, Series A, AMT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">(FSA), 5.00%, 6/15/37</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,061,250</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Pennsylvania Turnpike Commission, RB, Series A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">(AMBAC), 5.50%, 12/01/31</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,800</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,993,986</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Pennsylvania Turnpike Commission, RB, Series A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">(AMBAC), 5.25%, 12/01/32</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">350</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">351,222</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Pennsylvania Turnpike Commission, RB, Series C&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">(MBIA), 5.00%, 12/01/32</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">13,600</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">14,040,504</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Pennsylvania Turnpike Commission, RB, Sub-Series B&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">(FSA), 5.25%, 6/01/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,482,115</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Philadelphia Authority for Industrial Development, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Philadelphia Airport System Project, Series A, AMT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">(MBIA), 5.50%, 7/01/17</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,087,160</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Philadelphia Authority for Industrial Development, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Philadelphia Airport System Project, Series A, AMT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">(MBIA), 5.50%, 7/01/18</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,655</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,715,819</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">40,732,056</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Utilities - 16.7%</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Allegheny County Sanitation Authority, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series A (MBIA), 5.00%, 12/01/30</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,018,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">City of Philadelphia Pennsylvania, RB, 1998 General&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Ordinance, 4th Series (FSA), 5.00%, 8/01/32</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,481,460</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">City of Philadelphia Pennsylvania, RB, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.25%, 1/01/36</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">700</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">698,957</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Delaware County IDA, Pennsylvania, RB, Pennsylvania</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Suburban Water Co. Project, Series A, AMT (AMBAC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.15%, 9/01/32</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,376,800</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Montgomery County IDA, Pennsylvania, RB, Aqua&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Pennsylvania Inc. Project, Series A, AMT,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.25%, 7/01/42</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,800</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,715,706</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Northampton Boro Municipal Authority, RB (MBIA),&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.00%, 5/15/34</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">935</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">944,808</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Pennsylvania IDA, Pennsylvania, RB, Economic</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Development (AMBAC), 5.50%, 7/01/20</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,341,320</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Reading Area Water Authority, Pennsylvania, RB (FSA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.00%, 12/01/27</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,680</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,802,020</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">28,379,071</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total Municipal Bonds in Pennsylvania</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">201,380,838</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3</FONT></P>
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     <TD width="29%"></TD>
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     <TD width="12%"></TD>
     <TD width="11%"></TD>
     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><B><FONT face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock MuniYield Pennsylvania Insured Fund (MPA)</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments October 31, 2009 (Unaudited)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Guam - 1.4%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Transportation - 1.4%</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Guam International Airport Authority, RB, General,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series C, AMT (MBIA), 5.00%, 10/01/23</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">$ 2,500</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">$ 2,402,900</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total Municipal Bonds in Guam</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,402,900</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Puerto Rico - 0.8%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">State - 0.8%</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Commonwealth of Puerto Rico, GO, Refunding Public</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Improvement, Series A 4 (FSA), 5.25%, 7/01/30</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,270</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,311,110</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total Municipal Bonds in Puerto Rico</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,311,110</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">U.S. Virgin Islands - 0.0%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">State - 0.0%</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Virgin Islands Public Finance Authority, RB, Senior</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Lien, Capital Projects, Series A-1, 5.00%, 10/01/39</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">100</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">94,944</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total Municipal Bonds in the U.S. Virgin Islands</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">94,944</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total Municipal Bonds - 120.7%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">205,189,792</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Tender Option Bond Trusts (d)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Pennsylvania - 33.6%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">County/City/Special District/School</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">East Stroudsburg Area School District, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">District - 15.6%</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding (FSA), 5.00%, 9/01/25</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,419,650</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">State Public School Building Authority, Refunding&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">RB, School District Philadelphia Project, Series B&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">(FSA), 5.00%, 6/01/26</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">19,025</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">19,125,664</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">26,545,314</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Education - 1.4%</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">University of Pittsburgh, Pennsylvania, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Capital Projects, Series B, 5.00%, 9/15/28</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,202</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,361,698</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Health - 3.3%</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Geisinger Authority, RB, Series A, 5.13%, 6/01/34</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,519,675</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Geisinger Authority, RB, Series A, 5.25%, 6/01/39</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,040,470</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,560,145</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">State - 13.3%</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Commonwealth of Pennsylvania, GO, First Series,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.00%, 3/15/28</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,203</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,619,409</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">State Public School Building Authority, RB, Lease,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Philadelphia School District Project (FSA), 5.25%,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">6/01/13</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">15,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">17,001,600</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">22,621,009</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Tender Option Bond Trusts - 33.6%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">57,088,166</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total Long-Term Investments</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Cost - $259,205,631) - 154.3%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">262,277,958</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Short-Term Securities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Shares</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">CMA Pennsylvania Municipal Money Fund, 0.04% (e)(f)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">955,343</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">955,343</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total Short-Term Securities</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Cost - $955,343) - 0.6%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">955,343</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total Investments (Cost - $260,160,974*) - 154.9%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">263,233,301</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Other Assets Less Liabilities - 0.8%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,355,196</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Liability for Trust Certificates, Including Interest Expense</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">and Fees Payable - (16.6)%</FONT></B>&nbsp; </TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">(28,239,210)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Preferred Shares, at Redemption Value - (39.1)%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">(66,357,344)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Net Assets Applicable to Common Shares - 100.0%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" colSpan=2 align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">$ 169,991,943</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4</FONT></P>
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<P align=left><B><FONT face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock MuniYield Pennsylvania Insured Fund (MPA)</FONT></B><BR>
<B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments October 31, 2009 (Unaudited)</FONT></B></P>
<P align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">* The cost and unrealized appreciation (depreciation) of investments as of October 31, 2009, as computed for federal income</FONT><BR>
<FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">tax purposes, were as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="43%"></TD>
     <TD width="56%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Aggregate cost</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">$ 233,248,237</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Gross unrealized appreciation</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">$ 10,948,042</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Gross unrealized depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">(9,158,035)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Net unrealized appreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">$ 1,790,007</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">(a) US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at</FONT><BR>
<FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">the date indicated, typically at a premium to par.</FONT><BR>
<BR>
<FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">(b) Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.</FONT><BR>
<FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">(c) Security is collateralized by Municipal or US Treasury Obligations.</FONT><BR>
<FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">(d) Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual</FONT><BR>
<FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">interest certificates. These securities serve as collateral in a financing transaction.</FONT><BR>
<BR>
<FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">(e) Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment</FONT><BR>
<FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Company Act of 1940, were as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="55%"></TD>
     <TD width="31%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Net</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Affiliate</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Activity</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Income</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">CMA Pennsylvania Municipal Money Fund</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">$ (599,888)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">$ 95</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">(f) Represents the current yield as of report date.</FONT></P>
<P align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5</FONT></P>
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<P align=left><B><FONT face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock MuniYield Pennsylvania Insured Fund (MPA)</FONT></B><BR>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments October 31, 2009 (Unaudited)</FONT></B></P>
<P align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>&#149; </FONT><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Fair Value Measurements - Various inputs are used in determining the fair value of investments, which</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">are as follows:</FONT><BR>
<FONT size=2 face=Arial,Arial,Helvetica,sans-serif>&#149; </FONT><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Level 1 - price quotations in active markets/exchanges for identical assets and liabilities.</FONT><BR>
<FONT size=2 face=Arial,Arial,Helvetica,sans-serif>&#149; </FONT><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">markets that are not active, inputs other than quoted prices that are observable for the assets or</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">risks and default rates) or other market-corroborated inputs)</FONT><BR>
<BR>
<FONT size=2 face=Arial,Arial,Helvetica,sans-serif>&#149; </FONT><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Level 3 - unobservable inputs based on the best information available in the circumstances, to the</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">extent observable inputs are not available (including the Fund's own assumptions used in</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">determining the fair value of investments)</FONT><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">with investing in those securities. For information about the Fund's policy regarding valuation of investments</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">and other significant accounting policies, please refer to the Fund's most recent financial statements as</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">contained in its annual report.</FONT></P>
<P align=center><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">The following table summarizes the inputs used as of October 31, 2009 in determining the fair valuation of the</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Fund's investments:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="51%"></TD>
     <TD width="48%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Valuation</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Investments in</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Inputs</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Securities</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Assets</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Level 1 - Short-Term Securities</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">$ 955,343</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Level 2 - Long-Term Investments</FONT><SUP><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1</FONT></SUP>&nbsp;</TD>
     <TD align=center><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">262,277,958</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Level 3</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">$ 263,233,301</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><SUP><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1</FONT></SUP><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">See above Schedule of Investments for values in each sector.</FONT></P>
<P align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>6</FONT></P>
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<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 2 &#150; Controls and Procedures</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2(a) &#150; The registrant's principal executive and principal financial officers or persons performing</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">similar functions have concluded that the registrant's disclosure controls and procedures (as</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;1940 Act&#148;)) are effective as of a date within 90 days of the filing of this report based on the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and Rule 13(a)-15(b) under the Securities Exchange Act of 1934, as amended.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2(b) &#150; There were no changes in the registrant's internal control over financial reporting (as defined</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">that have materially affected, or are reasonably likely to materially affect, the registrant's</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">internal control over financial reporting.</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 3 &#150; Exhibits</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Certifications &#150; Attached hereto</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the undersigned, thereunto duly authorized.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Pennsylvania Insured Fund</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Anne F. Ackerley</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Anne F. Ackerley</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Pennsylvania Insured Fund</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: December 18, 2009</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940, this report has been signed below by the following persons on behalf</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant and in the capacities and on the dates indicated.</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Anne F. Ackerley</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Anne F. Ackerley</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Pennsylvania Insured Fund</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: December 18, 2009</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ </FONT></U><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J.
Andrews</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Pennsylvania Insured Fund</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: December 18, 2009</FONT></P>

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<P align="left"> <B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">EX-99.CERT</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">THE SARBANES-OXLEY ACT OF 2002</FONT></B></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Anne F. Ackerley, Chief Executive Officer (principal executive officer) of BlackRock MuniYield Pennsylvania Insured</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund, certify that:</FONT></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1. I have reviewed this report on Form N-Q of BlackRock MuniYield Pennsylvania Insured Fund;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a</FONT></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">material fact necessary to make the statements made, in light of the circumstances under which such statements were made,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">not misleading with respect to the period covered by this report;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">designed under our supervision, to ensure that material information relating to the registrant, including its</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which this report is being prepared;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) designed such internal control over financial reporting, or caused such internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting and the preparation of financial statements for external purposes in accordance with generally</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accepted accounting principles;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">days prior to the filing date of this report, based on such evaluation; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">d) disclosed in this report any change in the registrant's internal control over financial reporting that</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">materially affect, the registrant's internal control over financial reporting; and</FONT></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant's board of directors (or persons performing the equivalent functions):</FONT></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">summarize, and report financial information; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who have a significant</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">role in the registrant's internal control over financial reporting.</FONT></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: December 18, 2009</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Anne F. Ackerley</FONT></U></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Anne F. Ackerley</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Pennsylvania Insured Fund</FONT></P>
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<P align="left"> <B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">EX-99.CERT</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">THE SARBANES-OXLEY ACT OF 2002</FONT></B></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock MuniYield Pennsylvania Insured</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund, certify that:</FONT></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1. I have reviewed this report on Form N-Q of BlackRock MuniYield Pennsylvania Insured Fund;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a</FONT></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">material fact necessary to make the statements made, in light of the circumstances under which such statements were made,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">not misleading with respect to the period covered by this report;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">designed under our supervision, to ensure that material information relating to the registrant, including its</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which this report is being prepared;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) designed such internal control over financial reporting, or caused such internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting and the preparation of financial statements for external purposes in accordance with generally</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accepted accounting principles;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">days prior to the filing date of this report, based on such evaluation; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">d) disclosed in this report any change in the registrant's internal control over financial reporting that</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">materially affect, the registrant's internal control over financial reporting; and</FONT></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant's board of directors (or persons performing the equivalent functions):</FONT></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">summarize, and report financial information; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who have a significant</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">role in the registrant's internal control over financial reporting.</FONT></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: December 18, 2009</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ </FONT></U><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT></U></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Pennsylvania Insured Fund</FONT></P>
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