NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies:
MuniYield New York Insured Fund, Inc. (the "Fund") is registered under the Investment Company Act of 1940
as a non-diversified, closed-end management investment company. The Fund's financial statements are prepared
in accordance with generally accepted accounting principles, which may require the use of management accruals
and estimates. The Fund determines and makes available for publication the net asset value of its Common Stock
on a weekly basis. The Fund's Common Stock is listed on the New York Stock Exchange under the symbol
MYN. The following is a summary of significant accounting policies followed by the Fund.
(a) Valuation of investments -- Municipal bonds are traded primarily in the over-the-counter markets and are
valued at the most recent bid price or yield equivalent as obtained by the Fund's pricing service from dealers that
make markets in such securities. Financial futures contracts and options thereon, which are traded on exchanges,
are valued at their closing prices as of the close of such exchanges. Options written or purchased are valued at
the last sale price in the case of exchange-traded options. In the case of options traded in the over-the-counter
market, valuation is the last asked price (options written) or the last bid price (options purchased). Securities with
remaining maturities of sixty days or less are valued at amortized cost, which approximates market value.
Securities and assets for which market quotations are not readily available are valued at their fair value as
determined in good faith by or under the direction of the Board of Directors of the Fund, including valuations
furnished by a pricing service retained by the Fund, which may utilize a matrix system for valuations. The
procedures of the pricing service and its valuations are reviewed by the officers of the Fund under the general
supervision of the Board of Directors.
(b) Derivative financial instruments -- The Fund may engage in