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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>/in/edgar/work/0000950123-00-010453/0000950123-00-010453.txt : 20001115
<SEC-HEADER>0000950123-00-010453.hdr.sgml : 20001115
ACCESSION NUMBER:		0000950123-00-010453
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20001213
FILED AS OF DATE:		20001113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIHOLDINGS FLORIDA INSURED FUND INC
		CENTRAL INDEX KEY:			0001045126
		STANDARD INDUSTRIAL CLASSIFICATION:	 [
]		IRS NUMBER:				223536487
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231
</COMPANY-DATA>

		FILING VALUES:
			FORM TYPE:		DEF 14A
			SEC ACT:		
			SEC FILE NUMBER:	811-08349
			FILM NUMBER:		762372
</FILING-VALUES>

			BUSINESS ADDRESS:	
				STREET 1:		800 SCUDDERS MILL RD
				STREET 2:		C/O MERRILL LYNCH ASSET MANAGEMENT
				CITY:			PLAINSBORO
				STATE:			NJ
				ZIP:			08536
				BUSINESS PHONE:		6092823087
</BUSINESS-ADDRESS>

				MAIL ADDRESS:	
					STREET 1:		C/O MERRILL LYNCH ASSET MANAGEMENT
					STREET 2:		P O BOX 9011
					CITY:			PRINCETON
					STATE:			NJ
					ZIP:			08543-9011
</MAIL-ADDRESS>
</FILER>

					FILER:

						COMPANY DATA:	
							COMPANY CONFORMED NAME:			MUNIHOLDINGS FUND INC
							CENTRAL INDEX KEY:			0001034665
							STANDARD INDUSTRIAL CLASSIFICATION:	 [
]							IRS NUMBER:				223508039
							FISCAL YEAR END:			1231
</COMPANY-DATA>

							FILING VALUES:
								FORM TYPE:		DEF 14A
								SEC ACT:		
								SEC FILE NUMBER:	811-08081
								FILM NUMBER:		762373
</FILING-VALUES>

								BUSINESS ADDRESS:	
									STREET 1:		800 SCUDDERS MILL RD
									STREET 2:		C/O MERRILL LYNCH ASSET MANAGEMENT
									CITY:			PLAINSBORO
									STATE:			NJ
									ZIP:			08536
									BUSINESS PHONE:		6092823087
</BUSINESS-ADDRESS>

									MAIL ADDRESS:	
										STREET 1:		MERRILL LYNCH ASSET MANAGEMENT
										STREET 2:		INFO SYSTEMS SECT 2-B PO BOX 9011
										CITY:			PRINCETON
										STATE:			NJ
										ZIP:			08543-9011
</MAIL-ADDRESS>
</FILER>

										FILER:

											COMPANY DATA:	
												COMPANY CONFORMED NAME:			MUNIHOLDINGS NEW YORK INSURED FUND INC
												CENTRAL INDEX KEY:			0001038186
												STANDARD INDUSTRIAL CLASSIFICATION:	 [
]												STATE OF INCORPORATION:			MD
												FISCAL YEAR END:			1231
</COMPANY-DATA>

												FILING VALUES:
													FORM TYPE:		DEF 14A
													SEC ACT:		
													SEC FILE NUMBER:	811-08217
													FILM NUMBER:		762374
</FILING-VALUES>

													BUSINESS ADDRESS:	
														STREET 1:		800 SCUDDERS MILL RD
														STREET 2:		PO BOX 9011
														CITY:			PLAINSBORO
														STATE:			NJ
														ZIP:			08536
														BUSINESS PHONE:		6092822800
</BUSINESS-ADDRESS>

														MAIL ADDRESS:	
															STREET 1:		MERRILL LYNCH ASSET MANAGEMENT
															STREET 2:		PO BOX 9011
															CITY:			PRINCETON
															STATE:			NJ
															ZIP:			08543-9011
</MAIL-ADDRESS>

															FORMER COMPANY:	
																FORMER CONFORMED NAME:	MUNIHOLDINGS NEW YORK FUND INC
																DATE OF NAME CHANGE:	19970422
</FORMER-COMPANY>
</FILER>

																FILER:

																	COMPANY DATA:	
																		COMPANY CONFORMED NAME:			MUNIHOLDINGS FUND II INC /NJ/
																		CENTRAL INDEX KEY:			0001038190
																		STANDARD INDUSTRIAL CLASSIFICATION:	 [
]																		IRS NUMBER:				223559055
																		FISCAL YEAR END:			1231
</COMPANY-DATA>

																		FILING VALUES:
																			FORM TYPE:		DEF 14A
																			SEC ACT:		
																			SEC FILE NUMBER:	811-08215
																			FILM NUMBER:		762375
</FILING-VALUES>

																			BUSINESS ADDRESS:	
																				STREET 1:		MERRILL LYNCH ASSET MANAGEMENT
																				STREET 2:		PO BOX 9011
																				CITY:			PRINCETON
																				STATE:			NJ
																				ZIP:			02543-9011
</BUSINESS-ADDRESS>

																				MAIL ADDRESS:	
																					STREET 1:		MERRILL LYNCH ASSET MANAGEMENT
																					STREET 2:		PO BOX 9011, INFO SYSTEMS SECT 2-B
																					CITY:			PRINCETON
																					STATE:			NJ
																					ZIP:			08543-9011
</MAIL-ADDRESS>

																					FORMER COMPANY:	
																						FORMER CONFORMED NAME:	MUNIHOLDINGS INSURED FUND INC
																						DATE OF NAME CHANGE:	19970519
</FORMER-COMPANY>

																						FORMER COMPANY:	
																							FORMER CONFORMED NAME:	MUNIHOLDINGS FUND II INC
																							DATE OF NAME CHANGE:	19970422
</FORMER-COMPANY>
</FILER>

																							FILER:

																								COMPANY DATA:	
																									COMPANY CONFORMED NAME:			MUNIHOLDINGS NEW JERSEY INSURED FUND INC
																									CENTRAL INDEX KEY:			0001053988
																									STANDARD INDUSTRIAL CLASSIFICATION:	 [
]																									FISCAL YEAR END:			1231
</COMPANY-DATA>

																									FILING VALUES:
																										FORM TYPE:		DEF 14A
																										SEC ACT:		
																										SEC FILE NUMBER:	811-08621
																										FILM NUMBER:		762376
</FILING-VALUES>

																										BUSINESS ADDRESS:	
																											STREET 1:		C/O MERRILL LYNCH ASSET MANAGEMENT
																											STREET 2:		P O BOX 9011
																											CITY:			PRINCETON
																											STATE:			NJ
																											ZIP:			08543-9011
</BUSINESS-ADDRESS>

																											MAIL ADDRESS:	
																												STREET 1:		C/O MERRILL LYNCH ASSET MANAGEMENT
																												STREET 2:		P O BOX 9011
																												CITY:			PRINCETON
																												STATE:			NJ
																												ZIP:			08543-9011
</MAIL-ADDRESS>
</FILER>

																												FILER:

																													COMPANY DATA:	
																														COMPANY CONFORMED NAME:			MUNIHOLDINGS INSURED FUND INC/NJ
																														CENTRAL INDEX KEY:			0001058234
																														STANDARD INDUSTRIAL CLASSIFICATION:	 [
]																														IRS NUMBER:				223544348
																														FISCAL YEAR END:			1231
</COMPANY-DATA>

																														FILING VALUES:
																															FORM TYPE:		DEF 14A
																															SEC ACT:		
																															SEC FILE NUMBER:	811-08707
																															FILM NUMBER:		762377
</FILING-VALUES>

																															BUSINESS ADDRESS:	
																																STREET 1:		C/O MERRILL LYNCH ASSET MANAGEMENT
																																STREET 2:		800 SCUDDERS MILL RD
																																CITY:			PLAINSBORO
																																STATE:			NJ
																																ZIP:			08536
																																BUSINESS PHONE:		6092823087
</BUSINESS-ADDRESS>

																																MAIL ADDRESS:	
																																	STREET 1:		C/O MERRILL LYNCH ASSET MANAGEMENT
																																	STREET 2:		P O BOX 9011, SECTION 2-B
																																	CITY:			PRINCETON
																																	STATE:			NJ
																																	ZIP:			08543-9011
</MAIL-ADDRESS>
</FILER>
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>y41487def14a.htm
<DESCRIPTION>NOTIFICATION OD ANNUAL MEETING: MUNIHOLDINGS
<TEXT>

<HTML>
<HEAD>
<TITLE>MUNIHOLDINGS FLORIDA ETAL</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<P align="center">SCHEDULE 14A INFORMATION

<P align="center">PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES<BR>
EXCHANGE ACT OF 1934 (AMENDMENT NO.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)

<P>Filed by the Registrant [X]

<P>Filed by a Party other than the Registrant [ ]

<P>Check the appropriate box:

<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="left">
<TR valign="bottom">
        <TD width="4%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="94%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top">[ ]<BR>
[ ]<BR>
[X]<BR>
[ ]<BR>
[ ]</TD>
        <TD></TD>
        <TD  align="left" valign="top">
Preliminary Proxy Statement<BR>
Confidential, for Use of the Commission Only
(as permitted by Rule&nbsp;14a-6(e)(2))<BR>
Definitive Proxy Statement<BR>
Definitive Additional Materials<BR>
Soliciting Material Pursuant to Section&nbsp;240.14a-11(c) or Section
240.14a-2.</TD>
</TR>
</TABLE>
<BR clear=all>
<P>

<P><UL><UL><UL>MUNIHOLDINGS FLORIDA INSURED FUND<BR>
MUNIHOLDINGS NEW YORK INSURED FUND, INC.<BR>
MUNIHOLDINGS NEW JERSEY INSURED FUND, INC.<BR>
MUNIHOLDINGS FUND, INC.<BR>
MUNIHOLDINGS FUND II, INC.<BR>
MUNIHOLDINGS INSURED FUND, INC.</UL></UL></UL>


<P>
<HR noshade width="100%" align="center" size="1">
<center>(Name of Registrant as Specified In Its Charter)</center>

<P>
<HR noshade width="100%" align="center" size="1">
<center>(Name of Person(s) Filing Proxy Statement, if other than Registrant)</center>

<P>Payment of Filing Fee (Check the appropriate box):


<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="left">
<TR valign="bottom">
        <TD width="4%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="94%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top">[X]</TD>
        <TD></TD>
        <TD  align="left" valign="top">
No fee required.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top">[ ]</TD>
        <TD></TD>
        <TD  align="left" valign="top">
Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(4) and 0-12.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
(1) Title of each class of securities to which transaction applies:</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
<BR><HR size="1"></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
(2) Aggregate number of securities to which transaction applies:</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
<BR><HR size="1"></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule&nbsp;0-11 (Set forth the amount on which the
filing fee is calculated and state how it was determined):</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
<BR><HR size="1"></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
(4) Proposed maximum aggregate value of transaction:</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
<BR><HR size="1"></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
(5) Total fee paid:</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
<BR><HR size="1"></TD>
</TR>
<TR valign="bottom">
        <TD valign="top">[ ]</TD>
        <TD></TD>
        <TD  align="left" valign="top">
Fee paid previously with preliminary materials.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top">[ ]</TD>
        <TD></TD>
        <TD  align="left" valign="top">
Check box if any part of the fee is offset as provided by Exchange Act Rule
0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number,
or the Form or Schedule and the date of its filing.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
(1) Amount Previously Paid:</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
<BR><HR size="1"></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
(2) Form, Schedule or Registration Statement No.:</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
<BR><HR size="1"></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
(3) Filing Party:</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
<BR><HR size="1"></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
(4) Date Filed:</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
<BR><HR size="1"></TD>
</TR>
</TABLE>

<P align="center">

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>MUNIHOLDINGS FLORIDA INSURED FUND</B>

<DIV align="center">
<B>MUNIHOLDINGS NEW YORK INSURED FUND, INC.</B>
</DIV>

<DIV align="center">
<B>MUNIHOLDINGS NEW JERSEY INSURED FUND, INC.</B>
</DIV>

<DIV align="center">
<B>MUNIHOLDINGS FUND, INC.</B>
</DIV>

<DIV align="center">
<B>MUNIHOLDINGS FUND II, INC.</B>
</DIV>

<DIV align="center">
<B>MUNIHOLDINGS INSURED FUND, INC.</B>
</DIV>

<DIV align="center">
<B>P.O. Box 9011</B>
</DIV>

<DIV align="center">
<B>Princeton, New Jersey 08543-9011</B>
</DIV>

<DIV align="center">
<HR size="1" width="30%" align="center">
</DIV>

<P align="center"><B>NOTICE OF 2000 ANNUAL MEETINGS OF STOCKHOLDERS</B>

<DIV align="center">
<HR size="1" width="30%" align="center">
</DIV>

<P align="center"><B>To Be Held on December 13, 2000</B>

<P align="left"><FONT size="2">TO THE COMMON STOCKHOLDERS OF</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<FONT size="2">MuniHoldings Florida Insured Fund,</FONT></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<FONT size="2">MuniHoldings New York Insured Fund, Inc.,</FONT></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<FONT size="2">MuniHoldings New Jersey Insured Fund, Inc.,</FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">TO THE STOCKHOLDERS OF</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<FONT size="2">MuniHoldings Fund, Inc.,</FONT></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<FONT size="2">MuniHoldings Fund II, Inc.,</FONT></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<FONT size="2">MuniHoldings Insured Fund, Inc.</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">NOTICE IS HEREBY GIVEN that the 2000 Annual
Meetings of Stockholders (each a &#147;Meeting&#148; and,
collectively, the &#147;Meetings&#148;) of each of the
above-listed investment companies (each a &#147;Fund&#148; and,
collectively, the &#147;Funds&#148;) will be held at the offices
of Fund Asset Management, L.P., 800&nbsp;Scudders Mill Road,
Plainsboro, New Jersey, on Wednesday, December&nbsp;13, 2000 at
the time specified in Exhibit&nbsp;A for the following
purposes:</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;
	<FONT size="2">(1)&nbsp; To elect a Board of Directors (which
	term as used herein refers to both Directors and Trustees, as
	applicable) of each Fund to serve for the ensuing year;</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;
	<FONT size="2">(2)&nbsp; To consider and act upon a proposal to
	ratify the selection of independent auditors of each Fund for
	its current fiscal year; and</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;
	<FONT size="2">(3)&nbsp; To transact such other business as may
	properly come before the Meeting or any adjournment
	thereof.</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board of Directors of each Fund has fixed the
close of business on October&nbsp;30, 2000 as the record date
for the determination of stockholders entitled to notice of and
to vote at the Meeting or any adjournment thereof.</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A complete list of the stockholders of each Fund
entitled to vote at the applicable Meeting will be available and
open to the examination of any stockholder of that Fund for any
purpose germane to that Meeting during ordinary business hours
from and after November&nbsp;29, 2000, at the office of each
Fund, 800&nbsp;Scudders Mill Road, Plainsboro, New Jersey.</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">You are cordially invited to attend the Meeting
for any Fund in which you own shares. <B>Stockholders who do not
expect to attend the meeting in person are requested to
complete, date and sign the enclosed form of proxy and return it
promptly in the envelope provided for this purpose. If you have
been provided with the opportunity on your proxy card or voting
instruction form to provide voting instructions via telephone or
the Internet, please take advantage of these prompt and
efficient voting options. </B>The enclosed proxy is being
solicited on behalf of the Board of Directors of each
Fund.</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If you have any questions regarding the enclosed
proxy material, or need assistance in voting your shares, please
contact our proxy solicitor, Shareholder Communications
Corporation, at 1-800-645-4519.</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="38%"></TD>
	<TD width="62%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<FONT size="2">By Order of the Boards of Directors</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	JODI M. PINEDO</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<I>Secretary of
	M<FONT size="2">UNI</FONT>H<FONT size="2">OLDINGS
	</FONT>F<FONT size="2">LORIDA </FONT>I<FONT size="2">NSURED
	</FONT>F<FONT size="2">UND</FONT>,</I></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<I>M<FONT size="2">UNI</FONT>H<FONT size="2">OLDINGS
	</FONT>N<FONT size="2">EW </FONT>Y<FONT size="2">ORK
	</FONT>I<FONT size="2">NSURED </FONT>F<FONT size="2">UND,
	</FONT>I<FONT size="2">NC</FONT>.,</I></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<I>M<FONT size="2">UNI</FONT>H<FONT size="2">OLDINGS
	</FONT>N<FONT size="2">EW </FONT>J<FONT size="2">ERSEY
	</FONT>I<FONT size="2">NSURED </FONT>F<FONT size="2">UND,
	</FONT>I<FONT size="2">NC</FONT>.,</I></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<I>M<FONT size="2">UNI</FONT>H<FONT size="2">OLDINGS</FONT>
	F<FONT size="2">UND</FONT>, I<FONT size="2">NC</FONT>.,
	<FONT size="2">and</FONT></I></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<I>M<FONT size="2">UNI</FONT>H<FONT size="2">OLDINGS</FONT>
	F<FONT size="2">UND</FONT> II, I<FONT size="2">NC</FONT>.</I></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	ALICE A. PELLEGRINO</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<I>Secretary of
	M<FONT size="2">UNI</FONT>H<FONT size="2">OLDINGS</FONT>
	I<FONT size="2">NSURED</FONT> F<FONT size="2">UND</FONT>,
	I<FONT size="2">NC</FONT>.</I></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Plainsboro, New Jersey</FONT>

<DIV align="left">
<FONT size="2">Dated: November&nbsp;13, 2000</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>COMBINED PROXY STATEMENT</B>

<DIV align="center">
<HR size="1" width="30%" align="center">
</DIV>

<P align="center">
<B>MUNIHOLDINGS FLORIDA INSURED FUND</B>

<DIV align="center">
<B>MUNIHOLDINGS NEW YORK INSURED FUND, INC.</B>
</DIV>

<DIV align="center">
<B>MUNIHOLDINGS NEW JERSEY INSURED FUND, INC.</B>
</DIV>

<DIV align="center">
<B>MUNIHOLDINGS FUND, INC.</B>
</DIV>

<DIV align="center">
<B>MUNIHOLDINGS FUND II, INC.</B>
</DIV>

<DIV align="center">
<B>MUNIHOLDINGS INSURED FUND, INC.</B>
</DIV>

<DIV align="center">
<B>P.O. Box 9011</B>
</DIV>

<DIV align="center">
<B>Princeton, New Jersey 08543-9011</B>
</DIV>

<DIV align="center">
<HR size="1" width="30%" align="center">
</DIV>

<P align="center">
<B>2000 ANNUAL MEETINGS OF STOCKHOLDERS</B>

<DIV align="center">
<HR size="1" width="30%" align="center">
</DIV>

<P align="center">
<B>December&nbsp;13, 2000</B>

<P align="center">
<B>INTRODUCTION</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This Combined Proxy Statement is furnished in connection with
the solicitation of proxies on behalf of the Boards of Directors
(which term as used herein refers to both Directors and
Trustees, as applicable) of the above-listed investment
companies (each a &#147;Fund&#148; and, collectively, the
&#147;Funds&#148;) to be voted at the 2000 Annual Meetings of
Stockholders of each Fund (each a &#147;Meeting&#148; and,
collectively, the &#147;Meetings&#148;), to be held at the
offices of Fund Asset Management, L.P. (&#147;FAM&#148;), 800
Scudders Mill Road, Plainsboro, New Jersey, on Wednesday,
December&nbsp;13, 2000 at the time specified in Exhibit&nbsp;A
hereto. The approximate mailing date of this Proxy Statement is
November&nbsp;14, 2000.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each Fund is organized as a Maryland corporation, except that
MuniHoldings Florida Insured Fund is organized as a
Massachusetts business trust. In each jurisdiction, nomenclature
varies. For ease and clarity of presentation, shares of common
stock of a Fund or shares of beneficial interest of a Fund are
referred to as &#147;Shares,&#148; shares of auction market
preferred shares and auction market preferred stock are referred
to as &#147;AMPS,&#148; the holders of the outstanding Shares
and AMPS are referred to as &#147;Stockholders,&#148; the Board
of Directors or Board of Trustees of each of the Funds is
referred to as the &#147;Board&#148; or &#147;Board of
Directors&#148; and the directors or trustees of each Fund are
referred to as &#147;Directors.&#148; Please see Exhibit&nbsp;A
to this Combined Proxy Statement for certain information
relating to the Funds.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All properly executed proxies received prior to a Fund&#146;s
Meeting will be voted at the Meeting in accordance with the
instructions marked thereon or otherwise as provided therein.
Unless instructions to the contrary are marked, proxies will be
voted:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	1)&nbsp; &#147;FOR&#148; the election of the Director nominees
	of each Fund;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	2)&nbsp; &#147;FOR&#148; the ratification of the selection of
	the independent auditors for each Fund for its current fiscal
	year;</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any proxy may be revoked at any time prior to the exercise
thereof by giving written notice to the Secretary of the
applicable Fund at the Fund&#146;s address indicated above or by
voting in person at the Meeting.
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors of each Fund has fixed the close of
business on October&nbsp;30, 2000 as the record date (the
&#147;Record Date&#148;) for the determination of stockholders
entitled to notice of and to vote at the Meetings and at any
adjournment thereof. Stockholders on the Record Date will be
entitled to one vote for each share held, with no shares having
cumulative voting rights. As of the Record Date, each Fund had
outstanding the number of Shares and AMPS indicated in
Exhibit&nbsp;A. To the knowledge of each Fund, as of the Record
Date, no person is the beneficial owner of more than five
percent of its outstanding Shares or AMPS at such date.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This Combined Proxy Statement is being provided to the holders
of Shares and AMPS of MuniHoldings Fund,&nbsp;Inc., MuniHoldings
Fund&nbsp;II, Inc. and MuniHoldings Insured Fund,&nbsp;Inc. and
to the holders of Shares of MuniHoldings Florida Insured Fund,
MuniHoldings New York Insured Fund,&nbsp;Inc. and MuniHoldings
New Jersey Insured Fund,&nbsp;Inc. The holders of AMPS of
MuniHoldings Florida Insured Fund, MuniHoldings New York Insured
Fund,&nbsp;Inc. and MuniHoldings New Jersey Insured
Fund,&nbsp;Inc. have been provided with proxy materials
concerning the matters covered by this proxy statement in a
separate document.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors of MuniHoldings Fund, Inc., MuniHoldings
Fund II, Inc. and MuniHoldings Insured Fund, Inc. knows of no
business other than that mentioned in Items 1 and 2 of the
Notice of Meeting that will be presented for consideration at
the Meeting. With respect to MuniHoldings Florida Insured Fund,
MuniHoldings New York Insured Fund, Inc. and MuniHoldings New
Jersey Insured Fund, Inc., in addition to the election of
Directors and the ratification of the selection of independent
auditors, holders of shares of AMPS will be asked to consider an
Agreement and Plan of Reorganization pursuant to which those
Funds would each acquire the net assets of a substantially
similar fund advised by the Investment Adviser (as defined
below). If any other matter is properly presented, it is the
intention of the persons named in the enclosed proxy to vote in
accordance with their best judgment.
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>ITEM 1.&nbsp; ELECTION OF DIRECTORS</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At the Meetings, the Board of Directors of each Fund will be
elected to serve until the next Annual Meeting of Stockholders
for such Fund and until their successors are elected and
qualified or until their earlier resignation or removal. It is
intended that all properly executed proxies will be voted
(unless such authority has been withheld in the proxy or
properly revoked) as follows:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="4%"></TD>
	<TD width="93%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(1)&nbsp;</TD>
	<TD align="left">
	All such proxies of the holders of shares of AMPS, voting
	separately as a class, in favor of the two&nbsp;(2) persons
	designated as Directors to be elected by holders of AMPS; and</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(2)&nbsp;</TD>
	<TD align="left">
	All such proxies of the holders of Shares and AMPS. voting
	together as a single class, will be voted in favor of the
	six&nbsp;(6) persons designated as Directors to be elected by
	holders of Shares and AMPS. (The proxies of the holders of AMPS
	of MuniHoldings Florida Insured Fund, MuniHoldings New York
	Insured Fund, Inc. and MuniHoldings New Jersey Insured Fund,
	Inc. are being solicited by a separate proxy statement.)</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors of each Fund knows of no reason why any
of the nominees listed below will be unable to serve, but in the
event of any such unavailability, the proxies received will be
voted for such substitute nominee or nominees as the Board of
Directors may recommend.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Certain information concerning the nominees is set forth below.
Additional information concerning the nominees is set forth in
Exhibit&nbsp;A.

<P align="center"><B>To be Elected by Holders of AMPS, Voting Separately as a
Class</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="55%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Principal Occupations During Past</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Name and Address of Nominee</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Age</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Five Years and Public Directorships<SUP>(1)</SUP></B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Charles C. Reilly<SUP>(1)(2)<BR>
	</SUP>&nbsp;&nbsp;9 Hampton Harbor Road<BR>
	&nbsp;&nbsp;Hampton Bays, New York 11946</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">69</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Self-employed financial consultant since 1990; President and
	Chief Investment Officer of Verus Capital, Inc. from 1979 to
	1990; Senior Vice President of Arnhold and S.&nbsp;Bleichroeder,
	Inc. from 1973 to 1990; Adjunct Professor, Columbia University
	Graduate School of Business from 1990 to 1991; Adjunct
	Professor, Wharton School, The University of Pennsylvania from
	1989 to 1990; Partner, Small Cities Cable Television from 1986
	to 1997.</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Richard R. West<SUP>(1)(2)<BR>
	</SUP>&nbsp;&nbsp;Box 604<BR>
	&nbsp;&nbsp;Genoa, Nevada 89411</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">62</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Professor of Finance since 1984, Dean from 1984 to 1993, and
	currently Dean Emeritus of New York University, Leonard N. Stern
	School of Business Administration; Director of Bowne &#38; Co.,
	Inc., Vornado Realty Trust, Inc., Vornado Operating Company and
	Alexander&#146;s Inc.</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">2
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>To be Elected by Holders of Shares and AMPS, Voting Together
as a Single Class</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="55%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Principal Occupations During Past</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Name and Address of Nominee</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Age</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Five Years and Public Directorships<SUP>(1)</SUP></B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Ronald W. Forbes<SUP>(1)(2)<BR>
	</SUP>&nbsp;&nbsp;1400 Washington Avenue<BR>
	&nbsp;&nbsp;Albany, New York 12222</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">60</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Professor Emeritus of Finance, School of Business, State
	University of New&nbsp;York at Albany, since 2000 and Professor
	thereof from 1989 to 2000; International Consultant, Urban
	Institute, Washington, D.C. from 1995 to 1999.</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Terry K. Glenn<SUP>(1)*<BR>
	</SUP>&nbsp;&nbsp;P.O. Box 9011<BR>
	&nbsp;&nbsp;Princeton, New Jersey 08543-9011</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">60</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Executive Vice President of FAM and Merrill Lynch Investment
	Managers, L.P. (&#147;MLIM&#148;) (which terms as used herein
	include their corporate predecessors) since 1983; Executive Vice
	President and Director of Princeton Services Inc.
	(&#147;Princeton Services&#148;) since 1993; President of FAM
	Distributors, Inc. (&#147;FAMD&#148;) since 1986 and Director
	thereof since 1991; President of Princeton Administrators, L.P.
	since 1988.</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cynthia A. Montgomery<SUP>(1)(2)<BR>
	</SUP>&nbsp;&nbsp;Harvard Business School<BR>
	&nbsp;&nbsp;Soldiers Field Road<BR>
	&nbsp;&nbsp;Boston, Massachusetts 02163</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">48</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Professor, Harvard Business School since 1989; Associate
	Professor, J.L. Kellogg Graduate School of Management,
	Northwestern University from 1985 to 1989; Assistant Professor,
	Graduate School of Business Administration, The University of
	Michigan from 1979 to 1985; Director, UnumProvident Corporation
	since 1990 and Director, NewellRubbermaid Company since 1995.</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Kevin A. Ryan<SUP>(1)(2)<BR>
	</SUP>&nbsp;&nbsp;127 Commonwealth Avenue<BR>
	&nbsp;&nbsp;Chestnut Hill, Massachusetts 02467</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">68</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Founder and currently Director Emeritus of The Boston University
	Center for the Advancement of Ethics and Character and Director
	thereof from 1989 to 1999; Professor from 1982 to 1999 and
	currently Professor Emeritus of Education at Boston University;
	formerly taught on the faculties of The University of Chicago,
	Stanford University and Ohio State University.</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Roscoe S. Suddarth<SUP>(1)(2)<BR>
	</SUP>&nbsp;&nbsp;1761 N Street, N.W.<BR>
	&nbsp;&nbsp;Washington D.C. 20036</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">65</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	President, Middle East Institute since 1995; Foreign Service
	Officer, United States Foreign Service, from 1961 to 1995;
	Career Minister from 1989 to 1995; U.S. Ambassador to the
	Hashemite Kingdom of Jordan from 1987 to 1990; Deputy Inspector
	General, U.S. Department of State, from 1991 to 1994.</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Edward D. Zinbarg<SUP>(1)(2)<BR>
	</SUP>&nbsp;&nbsp;5 Hardwell Road<BR>
	&nbsp;&nbsp;Short Hills, New Jersey 07078-2117</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">66</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Self-employed financial consultant since 1994; Executive Vice
	President of The Prudential Insurance Company of America from
	1988 to 1994; former Director of Prudential Reinsurance Company
	and former Trustee of the Prudential Foundation.</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">(1)&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Each of the nominees is a director, trustee or
	member of an advisory board of certain other investment
	companies for which FAM, MLIM or their affiliates act as
	investment adviser. See &#147;Information Pertaining to Director
	Nominees&#148; in Exhibit&nbsp;A.</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">(2)&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Member of the Audit Committee of each Fund for
	which he or she currently serves as a Director.</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&nbsp;*&nbsp;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Interested person, as defined in the Investment
	Company Act of 1940, as amended, of each Fund.</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
<I>Audit Committee and Board of Directors&#146; Meetings.
</I>The Board of Directors of each Fund has a standing Audit
Committee which consists of the Directors who are not
&#147;interested persons&#148; of that Fund within the meaning
of the Investment Company Act of 1940, as amended (the
&#147;Investment Company Act&#148;). The

<P align="center">3

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="left">
principal purpose of the Audit Committee is to review the scope
of the annual audit conducted by each Fund&#146;s independent
auditors and the evaluation by such auditors of the accounting
procedures followed by the Fund. The Audit Committee also
reviews and nominates candidates to serve as non-interested
Directors. The Audit Committee generally will not consider
nominees recommended by stockholders of the Fund. The
non-interested Directors have retained independent legal counsel
to assist them in connection with these duties.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During each Fund&#146;s most recently completed fiscal year,
each of the Directors then in office attended at least 75% of
the aggregate of the total number of meetings of the Board of
Directors of that Fund held during the fiscal year and, if a
member, of the total number of meetings of the Audit Committee
held during the period for which he or she served. See
Exhibit&nbsp;A to this Proxy Statement for further information
about Audit Committee and Board meetings.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Compliance with Section&nbsp;16(a) of the Securities Exchange
Act of 1934.</I> Section&nbsp;16(a) of the Securities Exchange
Act of 1934, as amended (the &#147;Exchange Act&#148;), requires
the officers and Directors of each Fund and persons who own more
than ten percent of a registered class of each Fund&#146;s
equity securities, to file reports of ownership and changes in
ownership on Forms&nbsp;3, 4 and 5 with the Securities and
Exchange Commission (&#147;SEC&#148;) and the New York Stock
Exchange. Officers, directors and greater than ten percent
stockholders are required by SEC regulations to furnish the Fund
with copies of all Forms&nbsp;3, 4 and 5 they file.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Based solely on each Fund&#146;s review of the copies of such
forms, and amendments thereto, furnished to it during or with
respect to its most recent fiscal year, and written
representations from certain reporting persons that they were
not required to file Form&nbsp;5 with respect to the most recent
fiscal year, each Fund believes that, all of its officers,
directors, greater than ten percent beneficial owners and other
persons subject to Section&nbsp;16 of the Exchange Act due to
the requirements of Section&nbsp;30 of the Investment Company
Act (<I>i.e.</I>, any advisory board member, investment adviser
or affiliated person of the Fund&#146;s investment adviser),
have complied with all filing requirements applicable to them
with respect to transactions during the Fund&#146;s most recent
fiscal year, except that Michael G. Clark inadvertently failed
to make timely Form&nbsp;4 filings and Jodi M. Pinedo
inadvertently failed to make timely Form&nbsp;3 filings for each
of the Funds. Philip M. Mandel, formerly an officer of MLIM,
inadvertently failed to make a timely Form&nbsp;4 filing with
respect to MuniHoldings New York Insured Fund, Inc. These
oversights were corrected by subsequent filings which filings
indicated no purchases or sales in any Fund.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Interested Persons. </I>Each Fund considers Mr.&nbsp;Glenn to
be an &#147;interested person&#148; of the Fund within the
meaning of Section&nbsp;2(a)(19) of the Investment Company Act
due to the positions he holds with FAM and its affiliates.
Mr.&nbsp;Glenn is the President of each Fund.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Compensation of Directors. </I>FAM, the investment adviser of
each Fund, pays all compensation of all officers and all
Directors of that Fund who are affiliated with ML &#38; Co. or
its subsidiaries. Each Fund pays each Director not affiliated
with FAM (each a &#147;non-affiliated Director&#148;) a fee of
$1,000 per year plus $200 per meeting attended, together with
such Director&#146;s actual out-of-pocket expenses relating to
attendance at meetings. Each Fund also pays each member of its
Audit Committee, which consists of all the non-affiliated
Directors, an annual fee of $800 per year together with such
Director&#146;s out-of-pocket expenses relating to attendance at
meetings. Two Directors serve as Co-Chairmen of each Audit
Committee and each receives an additional fee of $500 for
serving as a Co-Chairman. Information relating to the aggregate
fees and expenses paid by each Fund to its non-affiliated
Directors during each Fund&#146;s most recently completed fiscal
year is set forth in Exhibit A.

<P align="center">4

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Officers of the Funds. </I>Information relating to the
officers of each Fund is set forth in Exhibit&nbsp;A. Officers
of the Funds are elected and appointed by the Board of Directors
and hold office until they resign, are removed or are otherwise
disqualified to serve.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Stock Ownership. </I>Information relating to the number of
Shares and AMPS of each Fund owned by the Board of Directors is
set forth in Exhibit&nbsp;A. At the Record Date, the Directors
and officers of each Fund as a group owned an aggregate of less
than 1% of the Shares of each Fund outstanding at such date and
owned none of the AMPS outstanding at such date. At such date,
Arthur Zeikel, a Director of each Fund, Mr.&nbsp;Glenn,
President and a Director of each Fund, and the other officers of
each Fund owned an aggregate of less than 1% of the outstanding
shares of common stock of ML &#38; Co.

<P align="center"><B>ITEM 2. RATIFICATION OF SELECTION OF INDEPENDENT AUDITORS</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors of each Fund, including a majority of the
Directors who are not interested persons of the Fund, has
selected independent auditors to examine the financial
statements of the Fund for its current fiscal year as set forth
in the following chart. None of the Funds knows of any direct or
indirect financial interest of such auditors in any Fund. Such
appointment is subject to ratification or rejection by the
stockholders of each respective Fund. Unless a contrary
specification is made, the accompanying proxy will be voted in
favor of ratifying the selection of such Fund&#146;s auditors.

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="57%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Fund</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Auditor</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Fiscal Year End</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MuniHoldings Florida Insured Fund</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="center" valign="bottom"><FONT size="2">Deloitte &#38; Touche LLP</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="bottom" nowrap><FONT size="2">August 31, 2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MuniHoldings New York Insured Fund, Inc.&nbsp;</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="center" valign="bottom"><FONT size="2">Deloitte &#38; Touche LLP</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="bottom" nowrap><FONT size="2">August 31, 2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MuniHoldings New Jersey Insured Fund, Inc.&nbsp;</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="center" valign="bottom"><FONT size="2">Ernst &#38; Young LLP</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="bottom" nowrap><FONT size="2">July 31, 2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MuniHoldings Fund, Inc.&nbsp;</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="center" valign="bottom"><FONT size="2">Ernst &#38; Young LLP</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="bottom" nowrap><FONT size="2">April 30, 2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MuniHoldings Fund II, Inc.&nbsp;</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="center" valign="bottom"><FONT size="2">Ernst &#38; Young LLP</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="bottom" nowrap><FONT size="2">July 31, 2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MuniHoldings Insured Fund, Inc.&nbsp;</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="center" valign="bottom"><FONT size="2">Ernst &#38; Young LLP</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="bottom" nowrap><FONT size="2">April 30, 2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Deloitte &#38; Touche LLP (&#147;D&#38;T&#148;) also acts as
independent auditors for Merrill Lynch &#38; Co., Inc.
(&#147;ML&nbsp;&#38; Co.&#148;) and most of its subsidiaries,
including MLIM and FAM, and for most other investment companies
for which MLIM and FAM act as investment adviser. Ernst &#38;
Young LLP (&#147;E&#38;Y&#148;) also acts as independent
auditors for several other investment companies for which MLIM
and FAM act as investment adviser. The Board of each Fund for
which D&#38;T serves as auditor as noted in the chart above
considered the fact that D&#38;T has been retained as the
independent auditors for ML&nbsp;&#38; Co. and the other
entities described above in its evaluation of the independence
of D&#38;T with respect to each applicable Fund. The Board of
Directors of each Fund for which E&#38;Y serves as auditor as
noted in the chart above considered the fact that E&#38;Y has
been retained as independent auditor for the other entities
described above in its evaluation of the independence of E&#38;Y
with respect to the Fund. The fees received by D&#38;T and
E&#38;Y from these other entities are substantially greater, in
the aggregate, than the total fees received by them from any
applicable Fund.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Representatives of the independent auditors are expected to be
present at the Meetings and will have the opportunity to make a
statement if they so desire and to respond to questions from
stockholders.

<P align="center">5
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<P><HR noshade><P>

<P align="center"><B>ADDITIONAL INFORMATION</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The expenses of preparation, printing and mailing of the
enclosed forms of proxy, the accompanying Notice and this
Combined Proxy Statement will be borne by the Funds in
proportion to their relative net assets. The Funds will
reimburse banks, brokers and others for their reasonable
expenses in forwarding proxy solicitation material to the
beneficial owners of the shares of the Funds.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For the Funds listed below, a quorum consists of a majority of
the Shares and AMPS entitled to vote at the Meetings, present in
person or by proxy.
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	MuniHoldings Florida Insured Fund.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	MuniHoldings Fund, Inc.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	MuniHoldings Fund II, Inc.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	MuniHoldings Insured Fund, Inc.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For the Funds listed below, a quorum consists of holders of
one-third of the Shares and AMPS entitled to vote at the
Meetings, present in person or by proxy.
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	MuniHoldings New York Insured Fund, Inc.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	MuniHoldings New Jersey Insured Fund, Inc.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In order to obtain the necessary quorum and vote at each
Meeting, supplementary solicitation may be made by mail,
telephone, telegraph or personal interview by officers of the
Fund. Each Fund has retained Shareholder Communications
Corporation, 17&nbsp;State Street, New York, New York 10004, to
aid in the solicitation of proxies, at a cost to be borne by
each Fund of approximately $3,500 per Fund plus out-of-pocket
expenses.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All Shares and AMPS represented by properly executed proxies,
unless such proxies have previously been revoked, will be voted
at the Meetings in accordance with the directions on the
proxies; if no direction is indicated, the shares will be voted:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="94%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>1)&nbsp;</TD>
	<TD align="left">
	&#147;FOR&#148; the election of the Director nominees;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>2)&nbsp;</TD>
	<TD align="left">
	&#147;FOR&#148; the ratification of the selection of the
	independent auditors.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The stockholders solicited and entitled to vote on Items&nbsp;1
and 2 are outlined in the following chart. With respect to
Items&nbsp;1 and 2, assuming a quorum is present, approval of
Items&nbsp;1 and 2 will require the affirmative vote of
stockholders holding the percentage of shares indicated in the
chart below. For purposes of Item&nbsp;1, a

<P align="center">6
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<P><HR noshade><P>

<DIV align="left">
&#147;plurality of the votes&#148; means the candidate must
receive more votes than any other candidate for the same
position, but not necessarily a majority of the votes cast.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="25%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="22%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="22%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="22%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Item 1.</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Item 2.</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Ratification of</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Selection of</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Election of AMPS</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Election of</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Independent</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Fund</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Directors</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Directors</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Auditors</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	MuniHoldings Florida Insured Fund</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Affirmative vote of a majority of the AMPS represented at the
	Meeting, voting as a separate class</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Affirmative vote of a majority of Shares and AMPS represented at
	the Meeting, voting together as a single class</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Affirmative vote of a majority of the Shares and AMPS
	represented at the Meeting, voting together as a single class</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	MuniHoldings New York Insured Fund, Inc.</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Affirmative vote of a plurality of votes cast by the holders of
	AMPS, voting as a separate class</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Affirmative vote of a plurality of votes cast by the holders of
	Shares and AMPS, voting together as a single class</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Affirmative vote of a majority of votes cast by the holders of
	Shares and AMPS, voting together as a single class</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	MuniHoldings New Jersey Insured Fund, Inc.</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Affirmative vote of a plurality of votes cast by the holders of
	AMPS, voting as a separate class</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Affirmative vote of a plurality of votes cast by the holders of
	Shares and AMPS, voting together as a single class</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Affirmative vote of a majority of votes cast by the holders of
	Shares and AMPS, voting together as a single class</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	MuniHoldings Fund, Inc.</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Affirmative vote of a plurality of votes cast by the holders of
	AMPS, voting as a separate class</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Affirmative vote of a plurality of votes cast by the holders of
	Shares and AMPS, voting together as a single class</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Affirmative vote of a majority of votes cast by the holders of
	Shares and AMPS, voting together as a single class</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	MuniHoldings Fund II, Inc.</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Affirmative vote of a plurality of votes cast by the holders of
	AMPS, voting as a separate class</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Affirmative vote of a plurality of votes cast by the holders of
	Shares and AMPS, voting together as a single class</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Affirmative vote of a majority of votes cast by the holders of
	Shares and AMPS, voting together as a single class</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	MuniHoldings Insured Fund, Inc.</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Affirmative vote of a plurality of votes cast by the holders of
	AMPS, voting as a separate class</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Affirmative vote of a plurality of votes cast by the holders of
	Shares and AMPS, voting together as a single class</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Affirmative vote of a majority of votes cast by the holders of
	Shares and AMPS, voting together as a single class</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">7
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Broker-dealer firms, including Merrill Lynch, Pierce, Fenner
&#38; Smith Incorporated (&#147;MLPF&#38;S&#148;), holding
shares of each Fund in &#147;street name&#148; for the benefit
of their customers and clients, will request the instructions of
such customers and clients on how to vote their shares on each
Item before the Meeting. The Funds understand that, under the
rules of the New York Stock Exchange, such broker-dealer firms
may, without instructions from their customers and clients,
grant authority to the proxies designated to vote on the
election of Directors (Item&nbsp;1) and ratification of the
selection of independent auditors (Item&nbsp;2) if no
instructions have been received prior to the date specified in
the broker-dealer firm&#146;s request for voting instructions.
The Fund will include shares held of record by broker-dealers as
to which such authority has been granted in its tabulation of
the total number of votes present for purposes of determining
whether the necessary quorum of stockholders exists. Proxies
that are returned but that are marked &#147;abstain&#148; or on
which a broker-dealer has declined to vote on any proposal
(&#147;broker non-votes&#148;) will be counted as present for
the purposes of a quorum. MLPF&#38;S has advised the Fund that
it intends to vote shares held in its name for which no
instructions have been received except as limited by agreement
or applicable law, on Items 1 and 2 in the same proportion as
the votes received from beneficial owners of those shares for
which instructions have been received, whether or not held in
nominee name. Abstentions and broker non-votes will not be
counted as votes cast. Therefore, abstentions and broker
non-votes will not have an effect on the votes on Items&nbsp;1
and 2 for all Funds except MuniHoldings Florida Insured Fund.
Abstentions and broker non-votes will have the same effect as a
vote against Items&nbsp;1 and 2 for MuniHoldings Florida Insured
Fund.

<P align="left"><B>Address of Investment Adviser</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The principal office of FAM is located at 800 Scudders Mill
Road, Plainsboro, New Jersey 08536.

<P align="left"><B>Annual Report Delivery</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Each Fund will furnish, without charge, a copy of its annual
report for the Fund&#146;s last fiscal year and a copy of its
most recent semi-annual report to any stockholder upon request.
</B>Such requests should be directed to the applicable Fund.
Requests for information about a Fund should be directed to
P.O.&nbsp;Box&nbsp;9011, Princeton, New Jersey 08543-9011,
Attention: Fund Secretary, or to 1-800-456-4587 ext. 123.

<P align="left"><B>Stockholder Proposals</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
It is currently intended that the 2001 Annual Meetings of
Stockholders of the Funds will be held in December 2001. If a
stockholder intends to present a proposal at the 2001 Annual
Meeting of Stockholders of a Fund and desires to have the
proposal included in the Fund&#146;s proxy statement and form of
proxy for that meeting, the stockholder must deliver the
proposal to the offices of the applicable Fund by July&nbsp;16,
2001.
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="38%"></TD>
	<TD width="62%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	By Order of the Board of Directors</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	JODI M. PINEDO</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<I>Secretary of
	M<FONT size="2">UNI</FONT>H<FONT size="2">OLDINGS</FONT>
	F<FONT size="2">LORIDA</FONT> I<FONT size="2">NSURED</FONT>
	F<FONT size="2">UND</FONT>,
	M<FONT size="2">UNI</FONT>H<FONT size="2">OLDINGS</FONT>
	N<FONT size="2">EW</FONT> Y<FONT size="2">ORK</FONT>
	I<FONT size="2">NSURED</FONT> F<FONT size="2">UND</FONT>,
	I<FONT size="2">NC</FONT>.,
	M<FONT size="2">UNI</FONT>H<FONT size="2">OLDINGS</FONT>
	N<FONT size="2">EW</FONT> J<FONT size="2">ERSEY</FONT>
	I<FONT size="2">NSURED</FONT> F<FONT size="2">UND</FONT>,
	I<FONT size="2">NC</FONT>.,
	M<FONT size="2">UNI</FONT>H<FONT size="2">OLDINGS</FONT>
	F<FONT size="2">UND</FONT>, I<FONT size="2">NC</FONT>. and</I></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<I>M<FONT size="2">UNI</FONT>H<FONT size="2">OLDINGS</FONT>
	F<FONT size="2">UND</FONT> II, I<FONT size="2">NC</FONT>.</I></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	ALICE A. PELLEGRINO</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<I>Secretary of
	M<FONT size="2">UNI</FONT>H<FONT size="2">OLDINGS</FONT>
	I<FONT size="2">NSURED</FONT> F<FONT size="2">UND</FONT>,
	I<FONT size="2">NC</FONT>.</I></TD>
</TR>

</TABLE>

<DIV align="left">
Dated: November&nbsp;13, 2000
</DIV>

<P align="center">8
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="right"><B>EXHIBIT A</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Defined Terms used herein and not otherwise defined shall have
the same meanings attributed thereto in the Combined Proxy
Statement to which this Exhibit&nbsp;A is attached.

<P align="center"><B>INFORMATION PERTAINING TO EACH FUND</B>

<P align="left"><B>General Information Pertaining to the Funds</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="42%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Defined Term</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Used in this</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Fiscal Year</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>State of</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Fund</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Exhibit A</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>End</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Organization</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Meeting Time</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MuniHoldings Florida Insured Fund</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">MH FL</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8/31</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">MA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10:00&nbsp;a.m.</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MuniHoldings New York Insured Fund,&nbsp;Inc.</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">MH NY</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8/31</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">MD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11:00&nbsp;a.m.</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MuniHoldings New Jersey Insured Fund,&nbsp; Inc.</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">MH NJ</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7/31</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">MD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12:00&nbsp;noon</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MuniHoldings Fund, Inc.&nbsp;</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">MH Fund</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4/30</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">MD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2:20 p.m.</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MuniHoldings Fund II, Inc.&nbsp;</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">MH Fund II</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7/31</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">MD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2:40&nbsp;p.m.</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MuniHoldings Insured Fund, Inc.&nbsp;</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">MH Ins. Fund</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4/30</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">MD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3:00&nbsp;p.m.</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="66%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Shares Outstanding as of the</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Record Date</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Fund</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Shares</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>AMPS</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MH FL</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">33,780,979</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,130</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MH NY</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26,531,247</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,960</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MH NJ</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,817,155</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MH Fund</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,795,227</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,400</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MH Fund II</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,073,334</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,480</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MH Ins. Fund</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,867,541</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,360</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left"><B>Information Pertaining to Director Nominees</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="35%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="31"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="31"><FONT size="2"><B>Year in Which Nominee of Each Fund Became a Member of the Board</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="31"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Fund</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Forbes</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Glenn</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Montgomery</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Reilly</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Ryan</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Suddarth</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>West</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Zinbarg</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MH FL</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1999</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MH NY</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1999</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MH NJ</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1998</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1999</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1998</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1998</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1998</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1998</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MH Fund</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1999</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MH Fund II</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1998</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1999</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1998</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1998</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1998</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1998</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MH Ins. Fund</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1999</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">A-1
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Set forth in the table below is information regarding Board and
Audit Committee meetings held, current annual and per meeting
fees paid to each non-affiliated Director and the aggregate fees
and expenses paid by each Fund to the non-affiliated Directors
during each Fund&#146;s most recently completed fiscal year.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="25%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>Board of Directors</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>Audit Committee</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Per</B></FONT></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Per</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Aggregate</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Number of</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Annual</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Meeting</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Number of</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Annual</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Meeting</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Fees and</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Fund</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Meetings Held*</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Fee($)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Fee($)**</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Meetings Held*</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Fees($)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Fee($)***</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Expenses($)</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MH FL Ins. Fund</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">2,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">200</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">800</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">None</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,014</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MH NY Ins. Fund</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">2,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">200</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">800</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">None</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15,827</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MH NJ Ins. Fund</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">2,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">200</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">800</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">None</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,303</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MH Fund</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">2,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">200</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">800</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">None</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,563</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MH Fund II</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">2,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">200</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">800</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">None</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,379</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MH Ins. Fund</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">2,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">200</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">800</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">None</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,482</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="22%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&nbsp;&nbsp;*&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Includes meetings held via teleconferencing
	equipment.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&nbsp;**&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">The fee is payable for each meeting attended in
	person. A fee is not paid for telephonic meetings.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">***&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">The Chairman of the Audit Committee of each Fund
	received an annual fee of $1,000. Effective July 2000,
	Mr.&nbsp;Forbes and Mr.&nbsp;Reilly are Co-Chairmen of the Audit
	Committee, each receiving $500 annually.</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
Set forth in the table below is information regarding
compensation paid by each Fund to the non-affiliated Directors
during each Fund&#146;s most recently completed fiscal year.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="27"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="27"><FONT size="2"><B>Compensation Paid by each Fund($)*</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="27"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Fund</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Forbes</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Montgomery</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Reilly</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Ryan</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Suddarth**</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>West</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Zinbarg**</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MH FL</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MH NY</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MH NJ</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MH Fund</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MH Fund II</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	MH Ins. Fund</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="22%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&nbsp;*&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">No pension or retirement benefits are accrued as
	part of Fund expenses.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">**&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Messrs.&nbsp;Suddarth and Zinbarg were elected
	Directors of the Funds on June&nbsp;8, 2000 and received no
	compensation from the Funds for the period shown.</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
Set forth in the table below is information regarding the
aggregate compensation paid by all registered investment
companies advised by FAM and its affiliate, MLIM (&#147;FAM/
MLIM Advised Funds&#148;), including the Funds, to the
non-affiliated Directors for the year ended December&nbsp;31,
1999.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="57%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="20%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="19%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Aggregate Compensation Paid to Directors by</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Name of Director</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>FAM/MLIM Advised Funds($)(1)</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Ronald W. Forbes</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">213,900</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cynthia A. Montgomery</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">213,900</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Charles C. Reilly</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">400,025</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Kevin A. Ryan</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">213,900</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">A-2
<!-- PAGEBREAK -->
<P><HR noshade><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="57%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="20%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="19%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Aggregate Compensation Paid to Directors by</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Name of Director</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>FAM/MLIM Advised Funds($)(1)</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Roscoe S. Suddarth(2)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Richard R. West</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">388,775</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Edward D. Zinbarg</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">140,875</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="22%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">(1)&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">The Directors serve on the boards of FAM/ MLIM
	Advised Funds as follows: Mr.&nbsp; Forbes (55 registered
	investment companies consisting of 61 portfolios);
	Ms.&nbsp;Montgomery (55 registered investment companies
	consisting of 61 portfolios); Mr.&nbsp;Reilly (55 registered
	investment companies consisting of 61 portfolios); Mr.&nbsp;Ryan
	(55 registered investment companies consisting of 61
	portfolios); Mr.&nbsp; Suddarth (55 registered investment
	companies consisting of 61 portfolios); Mr.&nbsp;West (65
	registered investment companies consisting of 71 portfolios) and
	Mr. Zinbarg (55 registered investment companies consisting of 61
	portfolios).</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">(2)&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Mr. Suddarth was elected Director of the Funds on
	June&nbsp;8, 2000 and of certain other FAM/MLIM Advised Funds in
	January 2000. Prior to that time, he did not serve on the Board
	of any FAM/ MLIM Advised Fund.</FONT></TD>
</TR>

</TABLE>

<P align="left"><B>Information Pertaining to Officers</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Set forth below is information regarding the executive officers
of the Funds.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="-2147483648%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2147483647%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD colspan="23"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="23"><FONT size="2"><B>Officer Since</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="23"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>MH</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>MH</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>MH</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><FONT size="2"><B>Name and Biography</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Age</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Office</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>MH FL</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>MH NY</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>MH NJ</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Fund</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Fund II</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Ins. Fund</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Terry K. Glenn</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">60</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	President*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1998</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1998</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Executive Vice President of MLIM and FAM since 1983; Executive
	Vice President and Director of Princeton Services since 1993;
	President of FAM Distributors, Inc. (&#147;FAMD&#148;) since
	1986 and Director thereof since 1991; President of Princeton
	Administrators, L.P. since 1988.</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Vincent R. Giordano</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">56</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	Senior Vice</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1998</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1998</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Managing Director of MLIM since 2000; Senior Vice President of
	FAM and MLIM from 1984 to 2000; Portfolio Manager of FAM and
	MLIM since 1977; Senior Vice President of Princeton Services
	since 1993.</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	President</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Kenneth A. Jacob</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">49</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	Vice&nbsp; President</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1998</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1998</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	First Vice President of MLIM since 1997; Vice President of MLIM
	from 1984 to 1997; Vice President of FAM since 1984.</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">

</DIV>

<DIV align="left">
<HR size="1" width="25%" align="left">
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="34%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="-2147483648%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2147483647%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="-2147483648%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2147483647%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="-2147483648%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2147483647%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="31" align="left" valign="top"><FONT size="2">
	*&nbsp;Terry&nbsp;K. Glenn served as Executive Vice President
	until he was elected President in 1999.</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">

</DIV>

<P align="center">A-3

<!-- PAGEBREAK -->
<P><HR noshade><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="-2147483648%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2147483647%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD colspan="23"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="23"><FONT size="2"><B>Officer Since</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="23"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>MH</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>MH</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>MH</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><FONT size="2"><B>Name and Biography</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Age</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Office</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>MH FL</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>MH NY</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>MH NJ</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Fund</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Fund II</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Ins. Fund</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Donald C. Burke</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">40</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	Vice&nbsp; President</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1998</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1998</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	First Vice President of MLIM and FAM since 2000; Treasurer of
	MLIM and FAM since 1999; Senior Vice President of MLIM and FAM
	from 1999 to 2000; Senior Vice President and Treasurer of
	Princeton Services since 1999; Vice President of FAMD since
	1999; First Vice President of MLIM from 1997 to 1999; Vice
	President of MLIM from 1990 to 1997; Director of Taxation of
	MLIM since 1990.</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	Treasurer</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1999</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1999</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1999</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1999</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1999</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1999</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	John Loffredo, CFA</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">36</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	Vice&nbsp; President</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President of MLIM since 1991.</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Robert A. DiMella, CFA</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">34</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	Vice&nbsp; President</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1998</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1998</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1998</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1998</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President of MLIM since 1997; Assistant Vice President of
	MLIM from 1995 to 1997; Assistant Portfolio Manager of MLIM from
	1993 to 1995.</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	William R. Bock</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">64</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	Vice President</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President of MLIM since 1989.</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Robert D. Sneeden</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">48</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	Vice President</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1999</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1998</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Assistant Vice President and Portfolio Manager of MLIM since
	1994; Vice President of Lehman Brothers from 1990 to 1994.</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Jodi M. Pinedo</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">30</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	Secretary</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">2000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">2000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">2000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">2000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">2000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President of MLIM since April 2000; Attorney with MLIM
	since 1999; Senior Paralegal for MLIM from 1998 to 1999; Senior
	Legal Specialist for Merrill Lynch from 1996 to 1998.</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">A-4
<!-- PAGEBREAK -->
<P><HR noshade><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="-2147483648%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2147483647%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2147483647%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2147483647%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD colspan="23"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="23"><FONT size="2"><B>Officer Since</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="23"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>MH</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>MH</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>MH</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><FONT size="2"><B>Name and Biography</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Age</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Office</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>MH FL</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>MH NY</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>MH NJ</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Fund</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Fund II</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Ins. Fund</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Alice A. Pellegrino</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">40</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	Secretary</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">2000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President of MLIM since 1999; Attorney associated with MLIM
	since 1997; Associate with Kirkpatrick&nbsp;&#38;
	Lockhart&nbsp;LLP from 1992 to 1997.</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">A-5
<!-- PAGEBREAK -->
<P><HR noshade><P>
<P align="right"><B>COMMON SHARES

<P align="center"><B>MUNIHOLDINGS FLORIDA INSURED FUND<BR>
P.O. Box 9011<BR>
Princeton, New Jersey 08543-9011</B>

<P align="center"><B>PROXY</B>

<P align="center"><B>This proxy is solicited on behalf of the Board
of Trustees</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints Terry K. Glenn, Donald C.
Burke and Jodi M. Pinedo as proxies, each with the power to
appoint his or her substitute, and hereby authorizes each of them
to represent and to vote, as designated on the reverse hereof, all
of the Common Shares of MuniHoldings Florida Insured Fund (the &#147;Fund&#148;)
held of record by the undersigned on October&nbsp;30, 2000
at the Annual Meeting of Shareholders of the Fund to be held on
December&nbsp;13, 2000 or any adjournment thereof.

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy, when properly executed, will be voted in the
manner directed herein by the undersigned shareholder. If no
direction is made, this proxy will be voted for Proposals 1 and 2.</B></TD>
</TR>
</TABLE>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse side of this card, you
authorize the proxies to vote each proposal as marked, or if not
marked, to vote &#147;FOR&#148; each proposal, and to use their discretion
to vote for any other matter as may properly come before the
meeting, or any adjournment thereof. If you do not intend to
personally attend the meeting, please complete and return this
card at once in the enclosed envelope.

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued and to be signed on the reverse side)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;

<!-- PAGEBREAK -->
<P><HR noshade><P>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="27%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="29%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="26%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top" COLSPAN=11><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please mark boxes <IMG src="y41487bullet.gif"> or [X] in blue or black ink</FONT></TD>
</TR>
<TR><TD COLSPAN=11>&nbsp;</TD></TR>

<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">1.&nbsp; ELECTION OF TRUSTEES</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2">
<B>FOR </B>all nominees listed below
</FONT></TD>
        <TD></TD>
        <TD nowrap align="right" valign="top"></TD>
        <TD align="right" valign="top"><FONT size="2">
</FONT></TD>
        <TD valign="top"></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2"><B>WITHHOLD AUTHORITY</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD align="left" valign="top" nowrap><FONT size="2">
(except as marked to the contrary below)&nbsp;&nbsp; [&nbsp;&nbsp;]
</FONT></TD>
        <TD></TD>
        <TD nowrap align="right" valign="top"></TD>
        <TD align="right" valign="top"><FONT size="2">
</FONT></TD>
        <TD valign="top"></TD>
        <TD></TD>
        <TD align="left" valign="top" nowrap><FONT size="2">to vote for all nominees listed below &nbsp;&nbsp; [&nbsp;&nbsp;]
</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2"></FONT></TD>
</TR>
</TABLE>
</CENTER>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>(INSTRUCTION: To withhold authority to vote for any individual nominee, strike
a line through the nominee&#146;s name in the list below.)</B></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>Ronald W. Forbes, Terry K. Glenn, Cynthia A. Montgomery, Kevin A. Ryan, Roscoe
S. Suddarth, Edward D. Zinbarg

<P>2.&nbsp;Proposal to ratify the selection of Deloitte & Touche LLP as the independent
auditors of the Fund to serve for the
current fiscal year.

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="34%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>FOR </B>[&nbsp;&nbsp;]</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2">
<B>AGAINST </B>[ ]
</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2"><B>ABSTAIN </B>[&nbsp;&nbsp;]</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>3.&nbsp;In the discretion of such proxies, upon such other business as may properly
come before the meeting or any adjournment thereof.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="2">Please sign exactly as name appears hereon. When shares are held by joint tenants,
both should sign. When signing as attorney or as executor, administrator, trustee
or guardian, please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a partnership, please
sign in partnership name by authorized person.</FONT></TD>
</TR>
</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="2">Dated: _______________________
, 2000</Font></TD>
</TR>

<TR><TD COLSPAN=2>&nbsp;</TD></TR>
<TR>
<TD></TD>
<TD><FONT size="2">
X _______________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</FONT><BR>
</TD>
</TR>

<TR><TD COLSPAN=2>&nbsp;</TD></TR>
<TR>
<TD></TD>
<TD><FONT size="2">
X _______________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature, if held jointly</FONT></TD>
</TR>
</TABLE>


<P align="center"><B><FONT size="2">Sign, Date and Return the Proxy Card Promptly Using the Enclosed Envelope.</FONT></B>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<P align="right"><B>COMMON STOCK</B>

<P align="center"><B>MUNIHOLDINGS NEW YORK INSURED FUND, INC.<BR>
P.O. Box 9011<BR>
Princeton, New Jersey 08543-9011</B>

<P align="center"><B>PROXY</B>

<P align="center"><B>This proxy is solicited on behalf of the Board of Directors</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints Terry K. Glenn, Donald C. Burke and Jodi
M. Pinedo as proxies, each with the power to appoint his or her substitute, and
hereby authorizes each of them to represent and to vote, as designated on the
reverse hereof, all of the Common Stock of MuniHoldings New York Insured Fund,
Inc. (the &#147;Fund&#148;) held of record by the undersigned on October&nbsp;30, 2000 at the
Annual Meeting of Stockholders of the Fund to be held on December&nbsp;13, 2000 or
any adjournment thereof.

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="6%"></TD>
        <TD width="94%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy, when properly executed, will be voted in the manner
directed herein by the undersigned stockholder. If no direction is
made, this proxy will be voted for Proposals 1 and 2.</B></TD>
</TR>
</TABLE>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse side of this card, you authorize the
proxies to vote each proposal as marked, or if not marked, to vote &#147;FOR&#148; each
proposal, and to use their discretion to vote for any other matter as may
properly come before the meeting, or any adjournment thereof. If you do not
intend to personally attend the meeting, please complete and return this card
at once in the enclosed envelope.

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="6%"></TD>
        <TD width="94%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;(Continued and to be signed on the reverse side)</FONT></TD>
</TR>
</TABLE>
<P align="center">&nbsp;


<!-- PAGEBREAK -->
<P><HR noshade><P>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="27%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="29%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="26%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top" COLSPAN=11><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please mark boxes <IMG src="y41487bullet.gif"> or [X] in blue or black ink</FONT></TD>
</TR>
<TR><TD COLSPAN=11>&nbsp;</TD></TR>

<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">1.&nbsp; ELECTION OF DIRECTORS</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2">
<B>FOR </B>all nominees listed below
</FONT></TD>
        <TD></TD>
        <TD nowrap align="right" valign="top"></TD>
        <TD align="right" valign="top"><FONT size="2">
</FONT></TD>
        <TD valign="top"></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2"><B>WITHHOLD AUTHORITY</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD align="left" valign="top" nowrap><FONT size="2">
(except as marked to the contrary below)&nbsp;&nbsp; [&nbsp;&nbsp;]
</FONT></TD>
        <TD></TD>
        <TD nowrap align="right" valign="top"></TD>
        <TD align="right" valign="top"><FONT size="2">
</FONT></TD>
        <TD valign="top"></TD>
        <TD></TD>
        <TD align="left" valign="top" nowrap><FONT size="2">to vote for all nominees listed below &nbsp;&nbsp; [&nbsp;&nbsp;]
</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2"></FONT></TD>
</TR>
</TABLE>
</CENTER>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>(INSTRUCTION: To withhold authority to vote for any individual nominee, strike
a line through the nominee&#146;s name in the list below.)</B></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>Ronald W. Forbes, Terry K. Glenn, Cynthia A. Montgomery, Kevin A. Ryan, Roscoe
S. Suddarth, Edward D. Zinbarg

<P>2.&nbsp;Proposal to ratify the selection of Deloitte & Touche LLP as the independent
auditors of the Fund to serve for the
current fiscal year.

<TABLE cellspacing="0" border="0" cellpadding="0" width="100%>
<TR valign="bottom">
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="34%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>FOR </B>[&nbsp;&nbsp;]</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top" NOWRAP><FONT size="2">
<B>AGAINST </B>[&nbsp;&nbsp;]
</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2"><B>ABSTAIN </B>[&nbsp;&nbsp;]</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P>3.&nbsp;In the discretion of such proxies, upon such other business as may properly
come before the meeting or any adjournment thereof.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">


        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="2">Please sign exactly as name appears hereon. When shares are held by joint tenants,
both should sign. When signing as attorney or as executor, administrator, trustee
or guardian, please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a partnership, please
sign in partnership name by authorized person.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="2">Dated: _______________________ , 2000</TD>
</TR>

<TR><TD COLSPAN=2>&nbsp;</TD></TR>
<TR>
<TD></TD>
<TD><FONT size="2">
X _______________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</FONT><BR>
</TD>
</TR>

<TR><TD COLSPAN=2>&nbsp;</TD></TR>
<TR>
<TD></TD>
<TD><FONT size="2">
X _______________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature, if held jointly</FONT></TD>
</TR>
</TABLE>


<P align="center"><FONT SIZE=2><B>Sign, Date and Return the Proxy Card Promptly Using the Enclosed Envelope.</B></FONT>

<P align="center">&nbsp;

<!-- PAGEBREAK -->
<P><HR noshade><P>
<P align="right"><B>COMMON STOCK
<P align="center"><B>MUNIHOLDINGS NEW JERSEY INSURED FUND, INC.<BR>
P.O. Box 9011<BR>
Princeton, New Jersey 08543-9011</B>

<P align="center"><B>PROXY</B>

<P align="center"><B>This proxy is solicited on behalf of the Board of Directors</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints Terry K. Glenn, Donald C.
Burke and Jodi M. Pinedo as proxies, each with the power to
appoint his or her substitute, and hereby authorizes each of them
to represent and to vote, as designated on the reverse hereof, all
of the Shares of Common Stock of MuniHoldings New Jersey Insured Fund, Inc.
(the &#147;Fund&#148;) held of record by the undersigned on October&nbsp;30, 2000
at the Annual Meeting of Stockholders of the Fund to be held on
December&nbsp;13, 2000 or any adjournment thereof.

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="6%"></TD>
        <TD width="94%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy, when properly executed, will be voted in the
manner directed herein by the undersigned stockholder. If no
direction is made, this proxy will be voted for Proposals 1 and 2.</B></TD>
</TR>
</TABLE>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse side of this card, you
authorize the proxies to vote each proposal as marked, or if not
marked, to vote &#147;FOR&#148; each proposal, and to use their discretion
to vote for any other matter as may properly come before the
meeting, or any adjournment thereof. If you do not intend to
personally attend the meeting, please complete and return this
card at once in the enclosed envelope.


<P align=""><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued and to be signed on the reverse side)</FONT>

<P align="center">&nbsp;

<!-- PAGEBREAK -->
<P><HR noshade><P>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="27%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="29%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="26%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top" COLSPAN=11><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please mark boxes <IMG src="y41487bullet.gif"> or [X] in blue or black ink.</FONT></TD>
</TR>
<TR><TD COLSPAN=11>&nbsp;</TD></TR>

<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">1.&nbsp; ELECTION OF DIRECTORS</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2">
<B>FOR </B>all nominees listed below
</FONT></TD>
        <TD></TD>
        <TD nowrap align="right" valign="top"></TD>
        <TD align="right" valign="top"><FONT size="2">
</FONT></TD>
        <TD valign="top"></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2"><B>WITHHOLD AUTHORITY</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD align="left" valign="top" nowrap><FONT size="2">
(except as marked to the contrary below)&nbsp;&nbsp; [&nbsp;&nbsp;]
</FONT></TD>
        <TD></TD>
        <TD nowrap align="right" valign="top"></TD>
        <TD align="right" valign="top"><FONT size="2">
</FONT></TD>
        <TD valign="top"></TD>
        <TD></TD>
        <TD align="left" valign="top" nowrap><FONT size="2">to vote for all nominees listed below &nbsp;&nbsp; [&nbsp;&nbsp;]
</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2"></FONT></TD>
</TR>
</TABLE>
</CENTER>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>(INSTRUCTION: To withhold authority to vote for any individual nominee, strike
a line through the nominee&#146;s name in the list below.)</B></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>Ronald W. Forbes, Terry K. Glenn, Cynthia A. Montgomery, Kevin A. Ryan, Roscoe
S. Suddarth, Edward D. Zinbarg

<P>2.&nbsp;Proposal to ratify the selection of Ernst &#38; Young LLP as the independent
auditors of the Fund to serve for the
current fiscal year.


<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="34%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>FOR </B>[&nbsp;&nbsp;]</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top" NOWRAP><FONT size="2">
<B>AGAINST </B>[&nbsp;&nbsp;]
</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2"><B>ABSTAIN </B>[&nbsp;&nbsp;]</FONT></TD>
</TR>
</TABLE>

<P>3.&nbsp;In the discretion of such proxies, upon such other business as may properly
come before the meeting or any adjournment thereof.

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="2">Please sign exactly as name appears hereon. When shares are held by joint tenants,
both should sign. When signing as attorney or as executor, administrator, trustee
or guardian, please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a partnership, please
sign in partnership name by authorized person.</FONT></TD>
</TR>
</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="2">Dated: _______________________
, 2000</FONT></TD>
</TR>

<TR><TD COLSPAN=2>&nbsp;</TD></TR>
<TR>
<TD></TD>
<TD><FONT size="2">
X _______________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</FONT><BR>
</TD>
</TR>

<TR><TD COLSPAN=2>&nbsp;</TD></TR>
<TR>
<TD></TD>
<TD><FONT size="2">
X _______________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature, if held jointly</FONT></TD>
</TR>
</TABLE>

<P align="center"><B><FONT size="2">Sign, Date and Return the Proxy Card Promptly Using the Enclosed Envelope.</FONT></B>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>AUCTION MARKET<BR>
PREFERRED STOCK<BR>
MUNIHOLDINGS FUND, INC.<BR>
P.O. Box 9011<BR>
Princeton, New Jersey 08543-9011</B>

<P align="center"><B>PROXY</B>

<P align="center"><B>This proxy is solicited on behalf of the Board of Directors</B>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="6%"></TD>
        <TD width="94%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints Terry K. Glenn, Donald C.
Burke and Jodi M. Pinedo as proxies, each with the power to
appoint his or her substitute, and hereby authorizes each of them
to represent and to vote, as designated on the reverse hereof, all
the shares of Auction Market Preferred Stock of MuniHoldings Fund,
Inc. (the &#147;Fund&#148;) held of record by the undersigned on October&nbsp;30,
2000 at the Annual Meeting of Stockholders of the Fund to be held
on December&nbsp;13, 2000 or any adjournment thereof.</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy, when properly executed, will be voted in the
manner directed herein by the undersigned stockholder. If no
direction is made, this proxy will be voted for Proposals 1 and 2.</B></TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse side of this card, you
authorize the proxies to vote each proposal as marked, or if not
marked, to vote &#147;FOR&#148; each proposal, and to use their discretion
to vote for any other matter as may properly come before the
meeting or any adjournment thereof. If you do not intend to
personally attend the meeting, please complete and return this
card at once in the enclosed envelope.</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="6%"></TD>
        <TD width="94%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued and to be signed on the reverse side)</FONT></TD>
</TR>
</TABLE>
<P align="center">&nbsp;

<!-- PAGEBREAK -->
<P><HR noshade><P>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="27%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="29%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="26%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top" COLSPAN=11><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please mark boxes <IMG src="y41487bullet.gif"> or [X] in blue or black ink.</FONT></TD>
</TR>
<TR><TD COLSPAN=11>&nbsp;</TD></TR>

<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">1.&nbsp; ELECTION OF DIRECTORS</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2">
<B>FOR </B>all nominees listed below
</FONT></TD>
        <TD></TD>
        <TD nowrap align="right" valign="top"></TD>
        <TD align="right" valign="top"><FONT size="2">
</FONT></TD>
        <TD valign="top"></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2"><B>WITHHOLD AUTHORITY</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD align="left" valign="top" nowrap><FONT size="2">
(except as marked to the contrary below)&nbsp;&nbsp; [&nbsp;&nbsp;]
</FONT></TD>
        <TD></TD>
        <TD nowrap align="right" valign="top"></TD>
        <TD align="right" valign="top"><FONT size="2">
</FONT></TD>
        <TD valign="top"></TD>
        <TD></TD>
        <TD align="left" valign="top" nowrap><FONT size="2">to vote for all nominees listed below &nbsp;&nbsp; [&nbsp;&nbsp;]
</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2"></FONT></TD>
</TR>
</TABLE>
</CENTER>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>(INSTRUCTION: To withhold authority to vote for any individual nominee, strike
a line through the nominee&#146;s name in the list below.)</B></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>Ronald W. Forbes, Terry K. Glenn, Cynthia A. Montgomery, Charles
C. Reilly, Kevin A. Ryan, Roscoe S. Suddarth, Richard R. West, Edward
D. Zinbarg


<P>2.&nbsp;Proposal to ratify the selection of Ernst &#38; Young LLP as the independent
auditors of the Fund to serve for the
current fiscal year.


<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="34%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>FOR </B>[&nbsp;&nbsp;]</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top" NOWRAP><FONT size="2">
<B>AGAINST </B>[&nbsp;&nbsp;]
</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2"><B>ABSTAIN </B>[&nbsp;&nbsp;]</FONT></TD>
</TR>
</TABLE>

<P>3.&nbsp;In the discretion of such proxies, upon such other business as may properly
come before the meeting or any adjournment thereof.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="2">Please sign exactly as name appears hereon. When shares are held by joint tenants,
both should sign. When signing as attorney or as executor, administrator, trustee
or guardian, please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a partnership, please
sign in partnership name by authorized person.</FONT></TD>
</TR>
</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="2">Dated: _______________________
, 2000</FONT></TD>
</TR>

<TR><TD COLSPAN=2>&nbsp;</TD></TR>
<TR>
<TD></TD>
<TD><FONT size="2">
X _______________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</FONT><BR>
</TD>
</TR>

<TR><TD COLSPAN=2>&nbsp;</TD></TR>
<TR>
<TD></TD>
<TD><FONT size="2">
X _______________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature, if held jointly</FONT></TD>
</TR>
</TABLE>

<P align="center"><B><FONT size="2">Sign, Date and Return the Proxy Card Promptly Using the Enclosed Envelope.</FONT></B>

<P align="center">2

<!-- PAGEBREAK -->
<P><HR noshade><P>
<P align="right"><B>COMMON STOCK


<P align="center"><B>MUNIHOLDINGS FUND, INC.<BR>
P.O. Box 9011<BR>
Princeton, New Jersey 08543-9011</B>

<P align="center"><B>PROXY</B>

<P align="center"><B>This proxy is solicited on behalf of the Board of Directors</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints Terry K. Glenn, Donald C.
Burke and Jodi M. Pinedo as proxies, each with the power to
appoint his or her substitute, and hereby authorizes each of them
to represent and to vote, as designated on the reverse hereof, all
of the Shares of Common Stock of MuniHoldings Fund, Inc. (the &#147;Fund&#148;) held
of record by the undersigned on October&nbsp;30, 2000 at the Annual
Meeting of Stockholders of the Fund to be held on December&nbsp;13,
2000 or any adjournment thereof.

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy, when properly executed, will be voted in the
manner directed herein by the undersigned stockholder. If no
direction is made, this proxy will be voted for Proposals 1 and 2.</B></TD>
</TR>
</TABLE>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse side of this card, you
authorize the proxies to vote each proposal as marked, or if not
marked, to vote &#147;FOR&#148; each proposal, and to use their discretion
to vote for any other matter as may properly come before the
meeting, of any adjournment thereof. If you do not intend to
personally attend the meeting, please complete and return this
card at once in the enclosed envelope.

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued and to be signed on the reverse side)</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="27%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="29%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="26%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top" COLSPAN=11><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please mark boxes <IMG src="y41487bullet.gif"> or [X] in blue or black ink.</FONT></TD>
</TR>
<TR><TD COLSPAN=11>&nbsp;</TD></TR>

<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">1.&nbsp; ELECTION OF DIRECTORS</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2">
<B>FOR </B>all nominees listed below
</FONT></TD>
        <TD></TD>
        <TD nowrap align="right" valign="top"></TD>
        <TD align="right" valign="top"><FONT size="2">
</FONT></TD>
        <TD valign="top"></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2"><B>WITHHOLD AUTHORITY</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD align="left" valign="top" nowrap><FONT size="2">
(except as marked to the contrary below)&nbsp;&nbsp; [&nbsp;&nbsp;]
</FONT></TD>
        <TD></TD>
        <TD nowrap align="right" valign="top"></TD>
        <TD align="right" valign="top"><FONT size="2">
</FONT></TD>
        <TD valign="top"></TD>
        <TD></TD>
        <TD align="left" valign="top" nowrap><FONT size="2">to vote for all nominees listed below &nbsp;&nbsp; [&nbsp;&nbsp;]
</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2"></FONT></TD>
</TR>
</TABLE>
</CENTER>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>(INSTRUCTION: To withhold authority to vote for any individual nominee, strike
a line through the nominee&#146;s name in the list below.)</B></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>Ronald W. Forbes, Terry K. Glenn, Cynthia A. Montgomery, Kevin A. Ryan, Roscoe
S. Suddarth, Edward D. Zinbarg

<P>2.&nbsp;Proposal to ratify the selection of Ernst &#38; Young LLP as the independent
auditors of the Fund to serve for the
current fiscal year.

<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="34%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>FOR </B>[&nbsp;&nbsp;]</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top" NOWRAP><FONT size="2">
<B>AGAINST </B>[&nbsp;&nbsp;]
</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2"><B>ABSTAIN </B>[&nbsp;&nbsp;]</FONT></TD>
</TR>
</TABLE>


<P>3.&nbsp;In the discretion of such proxies, upon such other business as may properly
come before the meeting or any adjournment thereof.

<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="2">Please sign exactly as name appears hereon. When shares are held by joint tenants,
both should sign. When signing as attorney or as executor, administrator, trustee
or guardian, please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a partnership, please
sign in partnership name by authorized person.</FONT></TD>
</TR>
</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="2">Dated: _______________________
, 2000</FONT></TD>
</TR>

<TR><TD COLSPAN=2>&nbsp;</TD></TR>
<TR>
<TD></TD>
<TD><FONT size="2">
X _______________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</FONT><BR>
</TD>
</TR>

<TR><TD COLSPAN=2>&nbsp;</TD></TR>
<TR>
<TD></TD>
<TD><FONT size="2">
X _______________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature, if held jointly</FONT></TD>
</TR>
</TABLE>

<P align="center"><B><FONT size="2">Sign, Date and Return the Proxy Card Promptly Using the Enclosed Envelope.</FONT></B>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>AUCTION MARKET PREFERRED STOCK<BR>
MUNIHOLDINGS FUND II, INC.<BR>
P.O. Box 9011<BR>
Princeton, New Jersey 08543-9011</B>

<P align="center"><B>PROXY</B>

<P align="center"><B>This proxy is solicited on behalf of the Board of Directors</B>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="6%"></TD>
        <TD width="94%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints Terry K. Glenn, Donald C.
Burke and Jodi M. Pinedo as proxies, each with the power to
appoint his or her substitute, and hereby authorizes each of them
to represent and to vote, as designated on the reverse hereof, all
the shares of Auction Market Preferred Stock of MuniHoldings Fund
II, Inc. (the &#147;Fund&#148;) held of record by the undersigned on October
30, 2000 at the Annual Meeting of Stockholders of the Fund to be
held on December&nbsp;13, 2000 or any adjournment thereof.</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy, when properly executed, will be voted in the
manner directed herein by the undersigned stockholder. If no
direction is made, this proxy will be voted for Proposals 1 and 2.</B></TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse side of this card, you
authorize the proxies to vote each proposal as marked, or if not
marked, to vote &#147;FOR&#148; each proposal, and to use their discretion
to vote for any other matter as may properly come before the
meeting or any adjournment thereof. If you do not intend to
personally attend the meeting, please complete and return this
card at once in the enclosed envelope.</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued and to be signed on the reverse side)</FONT></TD>
</TR>
</TABLE>
<P align="center">&nbsp;

<!-- PAGEBREAK -->
<P><HR noshade><P>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="27%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="29%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="26%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top" COLSPAN=11><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please mark boxes <IMG src="y41487bullet.gif"> or [X] in blue or black ink.</FONT></TD>
</TR>
<TR><TD COLSPAN=11>&nbsp;</TD></TR>

<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">1.&nbsp; ELECTION OF DIRECTORS</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2">
<B>FOR </B>all nominees listed below
</FONT></TD>
        <TD></TD>
        <TD nowrap align="right" valign="top"></TD>
        <TD align="right" valign="top"><FONT size="2">
</FONT></TD>
        <TD valign="top"></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2"><B>WITHHOLD AUTHORITY</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD align="left" valign="top" nowrap><FONT size="2">
(except as marked to the contrary below)&nbsp;&nbsp; [&nbsp;&nbsp;]
</FONT></TD>
        <TD></TD>
        <TD nowrap align="right" valign="top"></TD>
        <TD align="right" valign="top"><FONT size="2">
</FONT></TD>
        <TD valign="top"></TD>
        <TD></TD>
        <TD align="left" valign="top" nowrap><FONT size="2">to vote for all nominees listed below &nbsp;&nbsp; [&nbsp;&nbsp;]
</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2"></FONT></TD>
</TR>
</TABLE>
</CENTER>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>(INSTRUCTION: To withhold authority to vote for any individual nominee, strike
a line through the nominee&#146;s name in the list below.)</B></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>Ronald W. Forbes, Terry K. Glenn, Cynthia A. Montgomery, Charles
C. Reilly, Kevin A. Ryan, Roscoe S. Suddarth, Richard R. West, Edward
D. Zinbarg


<P>2.&nbsp;Proposal to ratify the selection of Ernst &#38; Young LLP as the independent
auditors of the Fund to serve for the current fiscal year.


<TABLE cellspacing="0" border="0" cellpadding="0" width="100%>
<TR valign="bottom">
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="34%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>FOR </B>[&nbsp;&nbsp;]</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top" NOWRAP><FONT size="2">
<B>AGAINST </B>[&nbsp;&nbsp;]
</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2"><B>ABSTAIN </B>[&nbsp;&nbsp;]</FONT></TD>
</TR>
</TABLE>

<P>3.&nbsp;In the discretion of such proxies, upon such other business as may properly
come before the meeting or any adjournment thereof.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="2">Please sign exactly as name appears hereon. When shares are held by joint tenants,
both should sign. When signing as attorney or as executor, administrator, trustee
or guardian, please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a partnership, please
sign in partnership name by authorized person.</FONT></TD>
</TR>
</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="2">Dated: _______________________ , 2000</TD>
</TR>

<TR><TD COLSPAN=2>&nbsp;</TD></TR>
<TR>
<TD></TD>
<TD><FONT size="2">
X _______________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</FONT><BR>
</TD>
</TR>

<TR><TD COLSPAN=2>&nbsp;</TD></TR>
<TR>
<TD></TD>
<TD><FONT size="2">
X _______________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature, if held jointly</FONT></TD>
</TR>
</TABLE>

<P align="center"><B><FONT size="2">Sign, Date and Return the Proxy Card Promptly Using the Enclosed Envelope.</FONT></B>

<P align="center">2

<!-- PAGEBREAK -->
<P><HR noshade><P>
<P align="right"><B>COMMON STOCK
<P align="center"><B>MUNIHOLDINGS FUND II, INC.<BR>
P.O. Box 9011<BR>
Princeton, New Jersey 08543-9011</B>

<P align="center"><B>PROXY</B>

<P align="center"><B>This proxy is solicited on behalf of the Board of Directors</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints Terry K. Glenn, Donald C.
Burke and Jodi M. Pinedo as proxies, each with the power to
appoint his or her substitute, and hereby authorizes each of them
to represent and to vote, as designated on the reverse hereof, all
of the Shares of Common Stock of MuniHoldings Fund II, Inc. (the &#147;Fund&#148;)
held of record by the undersigned on October&nbsp;30, 2000 at the
Annual Meeting of Stockholders of the Fund to be held on December
13, 2000 or any adjournment thereof.

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy, when properly executed, will be voted in the
manner directed herein by the undersigned stockholder. If no
direction is made, this proxy will be voted for Proposals 1 and 2.</B></TD>
</TR>
</TABLE>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse side of this card, you
authorize the proxies to vote each proposal as marked, or if not
marked, to vote &#147;FOR&#148; each proposal, and to use their discretion
to vote for any other matter as may properly come before the
meeting, or any adjournment thereof. If you do not intend to
personally attend the meeting, please complete and return this
card at once in the enclosed envelope.

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued and to be signed on the reverse side)</FONT>

<P align="center">&nbsp;

<!-- PAGEBREAK -->
<P><HR noshade><P>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="27%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="29%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="26%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top" COLSPAN=11><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please mark boxes <IMG src="y41487bullet.gif"> or [X] in blue or black ink.</FONT></TD>
</TR>
<TR><TD COLSPAN=11>&nbsp;</TD></TR>

<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">1.&nbsp; ELECTION OF DIRECTORS</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2">
<B>FOR </B>all nominees listed below
</FONT></TD>
        <TD></TD>
        <TD nowrap align="right" valign="top"></TD>
        <TD align="right" valign="top"><FONT size="2">
</FONT></TD>
        <TD valign="top"></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2"><B>WITHHOLD AUTHORITY</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD align="left" valign="top" nowrap><FONT size="2">
(except as marked to the contrary below)&nbsp;&nbsp; [&nbsp;&nbsp;]
</FONT></TD>
        <TD></TD>
        <TD nowrap align="right" valign="top"></TD>
        <TD align="right" valign="top"><FONT size="2">
</FONT></TD>
        <TD valign="top"></TD>
        <TD></TD>
        <TD align="left" valign="top" nowrap><FONT size="2">to vote for all nominees listed below &nbsp;&nbsp; [&nbsp;&nbsp;]
</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2"></FONT></TD>
</TR>
</TABLE>
</CENTER>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>(INSTRUCTION: To withhold authority to vote for any individual nominee, strike
a line through the nominee&#146;s name in the list below.)</B></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>Ronald W. Forbes, Terry K. Glenn, Cynthia A. Montgomery, Kevin A. Ryan, Roscoe
S. Suddarth, Edward D. Zinbarg

<P>2.&nbsp;Proposal to ratify the selection of Ernst &#38; Young LLP as the independent
auditors of the Fund to serve for the
current fiscal year.


<TABLE cellspacing="0" border="0" cellpadding="0" width="100%>
<TR valign="bottom">
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="34%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>FOR </B>[&nbsp;&nbsp;]</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top" NOWRAP><FONT size="2">
<B>AGAINST </B>[&nbsp;&nbsp;]
</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2"><B>ABSTAIN </B>[&nbsp;&nbsp;]</FONT></TD>
</TR>
</TABLE>


<P>3.&nbsp;In the discretion of such proxies, upon such other business as may properly
come before the meeting or any adjournment thereof.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="2">Please sign exactly as name appears hereon. When shares are held by joint tenants,
both should sign. When signing as attorney or as executor, administrator, trustee
or guardian, please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a partnership, please
sign in partnership name by authorized person.</FONT></TD>
</TR>
</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="2">Dated: _______________________ , 2000</TD>
</TR>

<TR><TD COLSPAN=2>&nbsp;</TD></TR>
<TR>
<TD></TD>
<TD><FONT size="2">
X _______________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</FONT><BR>
</TD>
</TR>

<TR><TD COLSPAN=2>&nbsp;</TD></TR>
<TR>
<TD></TD>
<TD><FONT size="2">
X _______________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature, if held jointly</FONT></TD>
</TR>
</TABLE>

<P align="center"><B><FONT size="2">Sign, Date and Return the Proxy Card Promptly Using the Enclosed Envelope.</FONT></B>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<P align="right"><B>COMMON STOCK
<P align="center"><B>MUNIHOLDINGS INSURED FUND, INC.<BR>
P.O. Box 9011<BR>
Princeton, New Jersey 08543-9011</B>

<P align="center"><B>PROXY</B>

<P align="center"><B>This proxy is solicited on behalf of the Board of Directors</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints Terry K. Glenn, Donald C. Burke and Alice
A. Pellegrino as proxies, each with the power to appoint his or her substitute,
and hereby authorizes each of them to represent and to vote, as designated on
the reverse hereof, all of the Shares of Common Stock of MuniHoldings Insured Fund, Inc.
(the &#147;Fund&#148;) held of record by the undersigned on October&nbsp;30, 2000 at the
Annual Meeting of Stockholders of the Fund to be held on December&nbsp;13, 2000 or
any adjournment thereof.

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy, when properly executed, will be voted in the manner
directed herein by the undersigned stockholder. If no direction is
made, this proxy will be voted for Proposals 1 and 2.</B></TD>
</TR>
</TABLE>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse side of this card, you authorize the
proxies to vote each proposal as marked, or if not marked, to vote &#147;FOR&#148; each
proposal, and to use their discretion to vote for any other matter as may
properly come before the meeting or any adjournment thereof. If you do not
intend to personally attend the meeting, please complete and return this card
at once in the enclosed envelope.

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued and to be signed on the reverse side)</FONT>

<P align="center">&nbsp;

<!-- PAGEBREAK -->
<P><HR noshade><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="27%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="29%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="26%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top" COLSPAN=11><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please mark boxes <IMG src="y41487bullet.gif"> or [X] in blue or black ink.</FONT></TD>
</TR>
<TR><TD COLSPAN=11>&nbsp;</TD></TR>

<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">1.&nbsp; ELECTION OF DIRECTORS</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2">
<B>FOR </B>all nominees listed below
</FONT></TD>
        <TD></TD>
        <TD nowrap align="right" valign="top"></TD>
        <TD align="right" valign="top"><FONT size="2">
</FONT></TD>
        <TD valign="top"></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2"><B>WITHHOLD AUTHORITY</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD align="left" valign="top" nowrap><FONT size="2">
(except as marked to the contrary below)&nbsp;&nbsp; [&nbsp;&nbsp;]
</FONT></TD>
        <TD></TD>
        <TD nowrap align="right" valign="top"></TD>
        <TD align="right" valign="top"><FONT size="2">
</FONT></TD>
        <TD valign="top"></TD>
        <TD></TD>
        <TD align="left" valign="top" nowrap><FONT size="2">to vote for all nominees listed below &nbsp;&nbsp; [&nbsp;&nbsp;]
</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2"></FONT></TD>
</TR>
</TABLE>
</CENTER>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>(INSTRUCTION: To withhold authority to vote for any individual nominee, strike
a line through the nominee&#146;s name in the list below.)</B></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>Ronald W. Forbes, Terry K. Glenn, Cynthia A. Montgomery, Kevin A. Ryan, Roscoe
S. Suddarth, Edward D. Zinbarg

<P>2.&nbsp;Proposal to ratify the selection of Ernst &#38; Young LLP as the independent
auditors of the Fund to serve for the
current fiscal year.


<TABLE cellspacing="0" border="0" cellpadding="0" width="100%>
<TR valign="bottom">
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="34%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>FOR </B>[&nbsp;&nbsp;]</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top" NOWRAP><FONT size="2">
<B>AGAINST </B>[&nbsp;&nbsp;]
</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2"><B>ABSTAIN </B>[&nbsp;&nbsp;]</FONT></TD>
</TR>
</TABLE>


<P>3.&nbsp;In the discretion of such proxies, upon such other business as may properly
come before the meeting or any adjournment thereof.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="2">Please sign exactly as name appears hereon. When shares are held by joint tenants,
both should sign. When signing as attorney or as executor, administrator, trustee
or guardian, please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a partnership, please
sign in partnership name by authorized person.</FONT></TD>
</TR>
</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="2">Dated: _______________________ , 2000</TD>
</TR>

<TR><TD COLSPAN=2>&nbsp;</TD></TR>
<TR>
<TD></TD>
<TD><FONT size="2">
X _______________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</FONT><BR>
</TD>
</TR>

<TR><TD COLSPAN=2>&nbsp;</TD></TR>
<TR>
<TD></TD>
<TD><FONT size="2">
X _______________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature, if held jointly</FONT></TD>
</TR>
</TABLE>

<P align="center"><B><FONT size="2">Sign, Date and Return the Proxy Card Promptly Using the Enclosed Envelope.</FONT></B>

<P align="center">&nbsp;

<!-- PAGEBREAK -->
<P><HR noshade><P>


<P align="center"><B>AUCTION MARKET<BR>PREFERRED STOCK<BR>
MUNIHOLDINGS INSURED FUND, INC.<BR>
P.O. Box 9011<BR>
Princeton, New Jersey 08543-9011</B>

<P align="center"><B>PROXY</B>

<P align="center"><B>This proxy is solicited on behalf of the Board of Directors</B>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="6%"></TD>
        <TD width="94%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints Terry K. Glenn, Donald C. Burke and Alice
A. Pellegrino as proxies, each with the power to appoint his or her substitute,
and hereby authorizes each of them to represent and to vote, as designated on
the reverse hereof, all the shares of Auction Market Preferred Stock of
MuniHoldings Insured Fund, Inc. (the &#147;Fund&#148;) held of record by the undersigned
on October&nbsp;30, 2000 at the Annual Meeting of Stockholders of the Fund to be
held on December&nbsp;13, 2000 or any adjournment thereof.</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy, when properly executed, will be voted in the manner
directed herein by the undersigned stockholder. If no direction is
made, this proxy will be voted for Proposals 1 and 2.</B></TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse side of this card, you authorize the
proxies to vote each proposal as marked, or if not marked, to vote &#147;FOR&#148; each
proposal, and to use their discretion to vote for any other matter as may
properly come before the meeting or any adjournment thereof. If you do not
intend to personally attend the meeting, please complete and return this card
at once in the enclosed envelope.</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued and to be signed on the reverse side)</FONT></TD>
</TR>
</TABLE>
<P align="center">&nbsp;


<!-- PAGEBREAK -->
<P><HR noshade><P>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="27%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="29%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="26%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top" COLSPAN=11><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please mark boxes <IMG src="y41487bullet.gif"> or [X] in blue or black ink.</FONT></TD>
</TR>
<TR><TD COLSPAN=11>&nbsp;</TD></TR>

<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">1.&nbsp; ELECTION OF DIRECTORS</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2">
<B>FOR </B>all nominees listed below
</FONT></TD>
        <TD></TD>
        <TD nowrap align="right" valign="top"></TD>
        <TD align="right" valign="top"><FONT size="2">
</FONT></TD>
        <TD valign="top"></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2"><B>WITHHOLD AUTHORITY</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD align="left" valign="top" nowrap><FONT size="2">
(except as marked to the contrary below)&nbsp;&nbsp; [&nbsp;&nbsp;]
</FONT></TD>
        <TD></TD>
        <TD nowrap align="right" valign="top"></TD>
        <TD align="right" valign="top"><FONT size="2">
</FONT></TD>
        <TD valign="top"></TD>
        <TD></TD>
        <TD align="left" valign="top" nowrap><FONT size="2">to vote for all nominees listed below &nbsp;&nbsp; [&nbsp;&nbsp;]
</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2"></FONT></TD>
</TR>
</TABLE>
</CENTER>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>(INSTRUCTION: To withhold authority to vote for any individual nominee, strike
a line through the nominee&#146;s name in the list below.)</B></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>Ronald W. Forbes, Terry K. Glenn, Cynthia A. Montgomery, Charles
C. Reilly, Kevin A. Ryan, Roscoe S. Suddarth, Richard R. West, Edward
D. Zinbarg


<P>2.&nbsp;Proposal to ratify the selection of Ernst &#38; Young LLP as the independent
auditors of the Fund to serve for the
current fiscal year.


<TABLE cellspacing="0" border="0" cellpadding="0" width="100%>
<TR valign="bottom">
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="34%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>FOR </B>[&nbsp;&nbsp;]</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top" NOWRAP><FONT size="2">
<B>AGAINST </B>[&nbsp;&nbsp;]
</FONT></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2"><B>ABSTAIN </B>[&nbsp;&nbsp;]</FONT></TD>
</TR>
</TABLE>

<P>3.&nbsp;In the discretion of such proxies, upon such other business as may properly
come before the meeting or any adjournment thereof.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="2">Please sign exactly as name appears hereon. When shares are held by joint tenants,
both should sign. When signing as attorney or as executor, administrator, trustee
or guardian, please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a partnership, please
sign in partnership name by authorized person.</FONT></TD>
</TR>
</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="2">Dated: _______________________ , 2000</TD>
</TR>

<TR><TD COLSPAN=2>&nbsp;</TD></TR>
<TR>
<TD></TD>
<TD><FONT size="2">
X _______________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</FONT><BR>
</TD>
</TR>

<TR><TD COLSPAN=2>&nbsp;</TD></TR>
<TR>
<TD></TD>
<TD><FONT size="2">
X _______________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature, if held jointly</FONT></TD>
</TR>
</TABLE>

<P align="center"><B><FONT size="2">Sign, Date and Return the Proxy Card Promptly Using the Enclosed Envelope.</FONT></B>


<P align="center">2

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