-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 L2yW6mxCkmaIvUMTmrKDz4GD7u6o6a8Bx16KchW1tNWRHZhbcru05vhnevlXZwiZ
 nEpyCP09wXovo9STNtxSEg==

<SEC-DOCUMENT>0000891092-01-500903.txt : 20020410
<SEC-HEADER>0000891092-01-500903.hdr.sgml : 20020410
ACCESSION NUMBER:		0000891092-01-500903
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20011212
FILED AS OF DATE:		20011109

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08621
		FILM NUMBER:		1780695

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

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

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08215
		FILM NUMBER:		1780697

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

	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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIHOLDINGS FUND II INC
		DATE OF NAME CHANGE:	19970422

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIHOLDINGS INSURED FUND INC
		DATE OF NAME CHANGE:	19970519

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08081
		FILM NUMBER:		1780693

	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

	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

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08707
		FILM NUMBER:		1780694

	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

	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

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08349
		FILM NUMBER:		1780696

	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

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

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08217
		FILM NUMBER:		1780698

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIHOLDINGS NEW YORK FUND INC
		DATE OF NAME CHANGE:	19970422
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>file001.htm
<DESCRIPTION>NOTICE AND PROXY STATEMENT
<TEXT>


<html>
<head>
<title> Notice and Proxy> </title>
</head>
<body>














<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 1, page: 1" -->



<p>&nbsp;</p>















<table width=600>
  <tr>
    <td  align=center><font size=2><b>SCHEDULE 14A INFORMATION</b></font></td>
  </tr>
</table>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>PROXY STATEMENT PURSUANT <br>
      TO SECTION 14(A) OF THE SECURITIES <br>
      EXCHANGE ACT OF 1934 (AMENDMENT NO.)</b></font></td>
  </tr>
</table>
<p></p>
<p>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>Filed by the Registrant [X] <br>
      Filed by a party other than the Registrant [&nbsp;&nbsp;&nbsp;]</font></td>
  </tr>
</table>
<p></p>
<p>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>Check the appropriate box:</font></td>
  </tr>
</table>
<p></p>
<table width=600>
  <tr>
    <td width=2% align=right valign=top>&nbsp;</td>
    <td width=5%><font size="2">[&nbsp;&nbsp;&nbsp;]</font></td>
    <td width=47% valign="top"><font size="2">Preliminary Proxy Statement</font></td>
    <td width=5% valign="top">&nbsp;</td>
    <td width=41% valign="top">&nbsp;</td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width=2% align=right valign=top>&nbsp;</td>
    <td width=5%><font size="2">[&nbsp;&nbsp;&nbsp;]</font></td>
    <td width=93%><font size="2">Confidential, for Use of the Commission Only
      (as permitted by Rule 14a-6(e)(2))</font></td>
  </tr>
  <tr>
    <td width=2% align=right valign=top>&nbsp;</td>
    <td width=5% valign="top"><font size="2">[X]</font></td>
    <td width=93%><font size="2"> Definitive Proxy Statement </font></td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width=2% align=right valign=top>&nbsp;</td>
    <td width=5%><font size="2">[&nbsp;&nbsp;&nbsp;]</font></td>
    <td width=93%><font size="2"> Definitive Additional Materials</font></td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width=2% align=right valign=top height="24">&nbsp;</td>
    <td width=5% height="24"><font size="2">[ &nbsp;&nbsp;]</font></td>
    <td width=93% height="24"><font size="2"> Soliciting Material Pursuant to
      Section 240.14a-11(c) or Section 240.14a-2.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td  align=center width="154">
      <p>&nbsp;</p>
    </td>
    <td  align=left width="434"><font size=2><b>MUNIHOLDINGS FLORIDA INSURED FUND<br>
      MUNIHOLDINGS NEW YORK INSURED FUND, INC.</b></font><b><font size="2"><br>
      MUNIHOLDINGS NEW JERSEY INSURED FUND, INC.<br>
      MUNIHOLDINGS FUND, INC.<br>
      MUNIHOLDINGS FUND II, INC.<br>
      MUNIHOLDINGS INSURED FUND, INC. <br>
      <br>
      </font></b></td>
  </tr>
</table>
<table width=600>
  <tr valign="top">
    <td align=center>
      <hr size="1" noshade>
      <font size="2">(Name of Registrant as Specified in Its Charter) </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr align="center" valign="top">
    <td width=100% height="24" colspan="3">
      <hr size="1" noshade>
      <font size="2">(Name of Person(s) Filing Proxy Statement if other than the
      Registrant) </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>Payment of filing fee (Check the appropriate box):</font></td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width=2% align=right valign=top>&nbsp;</td>
    <td width=5%><font size="2">[X]</font></td>
    <td width=93%><font size="2">No fee required.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=2% align=right valign=top height="24">&nbsp;</td>
    <td width=5% height="24"><font size="2">[&nbsp;&nbsp; ]</font></td>
    <td width=93% height="24"><font size="2"> Fee computed on table below per
      Exchange Act Rules 14a-6(i)(4) and 0-12.</font></td>
  </tr>
</table>
<p>

<table width=600>
  <tr>
    <td width=3% valign=top><font size="2"> </font></td>
    <td width=2% valign="top"><font size="2">(1)</font></td>
    <td width=95%><font size="2">Title of each class of securities to which transaction
      applies:<br>
      <br>
      </font></td>
  </tr>
  <tr>
    <td width=3% valign=top>&nbsp;</td>
    <td width=2%>&nbsp;</td>
    <td width=95%>
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="2"> </font></td>
    <td width=2% valign="top"><font size="2">(2)</font></td>
    <td width=95%><font size="2">Aggregate number of securities to which transaction
      applies: <br>
      <br>
      </font></td>
  </tr>
  <tr>
    <td width=3% valign=top>&nbsp;</td>
    <td width=2%>&nbsp;</td>
    <td width=95%>
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<br>

<table width=600>
  <tr>
    <td width=3% valign=top>&nbsp;</td>
    <td width=2% valign="top"><font size="2">(3)</font></td>
    <td width=95%><font size="2">Per unit price or other underlying value of transaction
      computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which
      the filing fee is calculated and state how it was determined): <br>
      <br>
      </font></td>
  </tr>
  <tr>
    <td width=3% valign=top>&nbsp;</td>
    <td width=2%>&nbsp;</td>
    <td width=95%>
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=3% valign=top>&nbsp;</td>
    <td width=2% valign="top"><font size="2">(4) </font></td>
    <td width=95%><font size="2">Proposed maximum aggregate value of transaction:
      <br>
      <br>
      </font></td>
  </tr>
  <tr>
    <td width=3% valign=top>&nbsp;</td>
    <td width=2%>&nbsp;</td>
    <td width=95%>
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="2"> </font></td>
    <td width=2% valign="top"><font size="2">(5)</font></td>
    <td width=95%><font size="2">Total fee paid: <br>
      <br>
      </font></td>
  </tr>
  <tr>
    <td width=3% valign=top>&nbsp;</td>
    <td width=2%>&nbsp;</td>
    <td width=95%>
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
















<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 2, page: 2" -->




<p>&nbsp;</p>
<table width=600>
  <tr>
    <td width=2% align=right valign=top>&nbsp;</td>
    <td width=5% valign="top"><font size="2">[&nbsp;&nbsp;&nbsp;]</font></td>
    <td width=93%><font size="2">Fee paid previously with preliminary materials:
      <br>
      <br>
      </font></td>
  </tr>
  <tr>
    <td width=2% align=right valign=top>&nbsp;</td>
    <td width=5%>&nbsp;</td>
    <td width=93%>
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=2% align=right valign=top>&nbsp;</td>
    <td width=5% valign="top"><font size="2">[&nbsp;&nbsp;&nbsp;]</font></td>
    <td width=93%><font size=2>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.</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size=2>(1) Amount previously paid: <br>
      <br>
      </font></td>
  </tr>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540>
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size=2>(2) Form, Schedule or Registration Statement No.:
      <br>
      <br>
      </font></td>
  </tr>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540>
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size=2>(3) Filing Party: <br>
      <br>
      </font></td>
  </tr>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540>
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size=2>(4) Date Filed: <br>
      <br>
      </font></td>
  </tr>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540>
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<p>&nbsp;


<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">
</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>














<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>





















<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 3, page: 3" -->





<P><table width=601>
  <tr>
    <td  align=center><font size=2><b>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.<br>
      </b>
      <b> P.O. Box 9011<br>
        Princeton, New Jersey 08543-9011</b>
      </font></td>
  </tr>
</table>

<br>
<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2><B>NOTICE OF 2001 ANNUAL MEETINGS
      OF STOCKHOLDERS</B></font></td>
  </tr></table>

<br>
<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>To Be Held on
December 12, 2001</B></font></td></tr></table>

<P>
<table width=600 cellpadding=0  cellspacing=0>
  <tr>
    <td valign="TOP" colspan="2"> <font size=2> T<font size="1">O</font> T<font size="1">HE</font>
      S<font size="1">TOCKHOLDERS</font> <font size="1">OF</font> </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="27">&nbsp;</td>
    <td valign="bottom" width="573">
      <p><font size="2">M<font size="1">UNIHOLDINGS</font></font> <font size="2">F<font size="1">LORIDA</font>
        I<font size="1">NSURED</font></font> <font size="2">F<font size="1">UND</font>,<br>
        M<font size="1">UNIHOLDINGS</font></font> <font size="2">N<font size="1">EW</font></font>
        <font size="2">Y<font size="1">ORK</font></font> <font size="2">I<font size="1">NSURED</font></font>
        <font size="2">F<font size="1">UND</font>, I<font size="1">NC</font>.,
        <br>
        M<font size="1">UNIHOLDINGS </font>N<font size="1">EW</font> J<font size="1">ERSEY</font>
        I<font size="1">NSURED</font> F<font size="1">UND</font>, I<font size="1">NC</font>.,<br>
        M<font size="1">UNIHOLDINGS</font> F<font size="1">UND</font>, I<font size="1">NC</font>.,<br>
        M<font size="1">UNIHOLDINGS</font> F<font size="1">UND</font> II, I<font size="1">NC</font>.,
        </font> <font size="2"><br>
        M<font size="1">UNIHOLDINGS </font>I<font size="1">NSURED</font> F<font size="1">UND</font>,
        I<font size="1">NC</font>.</font> </p>
    </td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICE
IS HEREBY GIVEN that the 2001 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 Scudders Mill Road, Plainsboro, New
Jersey, on Wednesday, December 12, 2001 at the time specified in Exhibit A for
the following purposes:</font></td></tr></table>

<table width=600>
  <tr>
    <td width=30>&nbsp;</td>
    <td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp; To elect
      a Board of Directors (which term as used herein refers to both Directors
      and Trustees, as &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;applicable)
      of each Fund to serve for the ensuing year; and</font></td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width=30>&nbsp;</td>
    <td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp; To transact
      such other business as may properly come before the Meeting or any adjournment
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; thereof.</font></td>
  </tr>
</table>
<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Fund&#146;s Board of Directors has fixed the close of business on October 25, 2001
as the record date for the determination of stockholders entitled to notice of
and to vote at the applicable Fund&#146;s Meeting or any adjournment thereof.</font></td></tr></table>


<table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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
      29, 2001, at the offices of the Funds, 800 Scudders Mill Road, Plainsboro,
      New Jersey.</font></td>
  </tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 4, page: 4" -->




<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you have any questions regarding
      the enclosed proxy material, or need assistance in voting your shares, please
      contact our proxy solicitor, Georgeson Shareholder, at (800) 645-4519.</font></td>
  </tr></table>

<P>
<table cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="282">&nbsp;</td>
    <td width="318"> <font size=2>
      By Order of the Boards of Directors
      </font></td>
  </tr>
  <tr valign="bottom">
    <td width="282">&nbsp;</td>
    <td width="318"> <font size=2>

      </font></td>
  </tr>
  <tr valign="bottom">
    <td width="282">&nbsp;</td>
    <td width="318"> <FONT SIZE="2">A<FONT SIZE="1">LICE</FONT> A P<FONT SIZE="1">ELLEGRINO</FONT></font></td>
  </tr>
  <tr valign="bottom">
    <td width="282">&nbsp;</td>
    <td width="318"> <font size=2>
      <i>Secretary</i>
      </font></td>
  </tr>
  <tr valign="bottom">
    <td width="282">&nbsp;</td>
    <td width="318"> <font size=2> M<font size="1">UNIHOLDINGS</font> </font>
      <font size="2">F</font><font size="1">LORIDA</font> <font size="2">I</font><font size="1">NSURED</font>
      <font size="2">F</font><font size="1">UND</font>,<br>
      <font size="2">M</font><font size="1">UNIHOLDINGS</font> <font size="2">N</font><font size="1">EW</font>
      <font size="2">Y</font><font size="1">ORK </font><font size="2">I</font><font size="1">NSURED</font>
      <font size="2">F</font><font size="1">UND</font>, <font size="2">I</font><font size="1">NC</font>.,
      <font size=2>M<font size="1">UNIHOLDINGS</font> N</font><font size="1">EW</font>
      <font size="2">J</font><font size="1">ERSEY</font> <font size="2">I</font><font size="1">NSURED</font>
      <font size="2">F</font><font size="1">UND</font>, <font size="2">I</font><font size="1">NC</font>.,
      <font size=2>M<font size="1">UNIHOLDINGS</font></font> <font size="2">F</font><font size="1">UND</font>,
      <font size="2">I</font><font size="1">NC</font>.,<br>
      <font size="2">M</font><font size="1">UNIHOLDINGS</font> <font size="2">F</font><font size="1">UND</font>
      <font size="2">II</font>, <font size="2">I</font><font size="1">NC</font>.,
      <font size="2"> </font><br>
      <font size=2>M<font size="1">UNIHOLDINGS</font> I</font><font size="1">NSURED</font>
      <font size="2">F</font><font size="1">UND</font>, <font size="2">I</font><font size="1">NC</font>.</td>
  </tr>
  <tr valign="bottom">
    <td width="282">&nbsp;</td>
    <td width="318">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="282"> <font size=2>
      Plainsboro, New Jersey
      </font></td>
    <td width="318">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="282"> <font size=2>
      Dated: November 9, 2001
      </font></td>
    <td width="318">&nbsp;</td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 5, page: 5" -->





<P><table width=600>
  <tr>
    <td  align=center><font size=2><b>COMBINED PROXY STATEMENT</b></font> <br>
      <hr size=1 noshade align=CENTER width=150>
      <font size=2><b> 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.<br>
      </b></font> <br>
      <font size=2><b> P.O. Box 9011<br>
      Princeton, New Jersey 08543-9011 </b></font></td>
  </tr>
</table>

<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>

<table width=600><tr>
    <td  align=center><font size=2><B>2001 ANNUAL MEETINGS OF STOCKHOLDERS</B></font></td>
  </tr></table>

<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2><B>December 12, 2001</B></font></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>INTRODUCTION</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&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 of the above-listed investment companies (each a
      &#147;Fund&#148; and, collectively, the &#147;Funds&#148;) to be voted at
      the 2001 Annual Meeting 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 12, 2001 at the time specified
      in Exhibit A hereto. The approximate mailing date of this Proxy Statement
      is November 13, 2001.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&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 A to this Combined Proxy
Statement for certain information relating to the Funds.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All properly executed proxies
      received prior to a Fund&#146;s Meeting will be voted at that Meeting in
      accordance with the instructions marked thereon or otherwise as provided
      therein. Unless instructions to the contrary are marked, proxies will be
      voted &#147;FOR&#148; the election of the Director nominees of each Fund.
      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.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of each
      Fund has fixed the close of business on October 25, 2001 as the record date
      (the &#147;Record Date&#148;) for the determination of stockholders entitled
      to notice of and to vote at the applicable Fund&#146;s Meeting and at any
      adjournment thereof. Stockholders on the Record Date will be entitled</font></td>
  </tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 6, page: 6" -->



<p><table width=600><tr>
    <td><font size=2> 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 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. This Combined Proxy
      Statement is being provided to the holders of Shares and AMPS of the Funds.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of each Fund knows of no business other than that mentioned in Item 1 of
the Notice of Meeting that will be presented for consideration at the Meeting.
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.</font></td></tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The classes of Stockholders
      solicited and entitled to vote on the proposal are outlined in the following
      chart.</font></td>
  </tr></table>


<P>
<table cellpadding="0" cellspacing="0" border="0" width="600">
  <tr valign="BOTTOM">
    <th width="41%">&nbsp;</th>
    <th width="15%">&nbsp;</th>
    <th colspan="3"><font size="1">Item 1</font>
      <hr noshade size="1" width="85%">
    </th>
  </tr>
  <tr valign="BOTTOM">
    <th width="41%"><font size="-2">Fund</font><hr noshade size="1" width="8%">
    </th>
    <th width="15%">&nbsp;</th>
    <th width="17%"><font size="-2">Class of<br>
      Stockholders </font>
      <hr noshade size="1" width="45%">
    </th>
    <th width="12%"><font size="-2">Election of<br>
      AMPS<br>
      Directors </font>
      <hr noshade size="1" width="65%">
    </th>
    <th width="15%"><font size="-2">Election of<br>
      Other<br>
      Directors </font>
      <hr noshade size="1" width="50%">
    </th>
  </tr>
  <tr valign="BOTTOM">
    <td width="41%" align="LEFT"><font size="-1">MuniHoldings Florida Insured
      Fund</font></td>
    <td width="15%" align="center">&nbsp;</td>
    <td width="17%" align="center"><font size="-1">Common Stock</font></td>
    <td width="12%" align="center"><font size="-1">No</font></td>
    <td width="15%" align="center"><font size="-1">Yes</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="41%"><font size="-1">MuniHoldings Florida Insured
      Fund</font></td>
    <td align="center" width="15%">&nbsp;</td>
    <td align="center" width="17%"><font size="-1">AMPS</font></td>
    <td align="center" width="12%"><font size="-1">Yes</font></td>
    <td align="center" width="15%"><font size="-1">Yes</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="41%"><font size="-1">MuniHoldings New York Insured
      Fund, Inc.</font></td>
    <td align="center" width="15%">&nbsp;</td>
    <td align="center" width="17%"><font size="-1">Common Stock</font></td>
    <td align="center" width="12%"><font size="-1">No</font></td>
    <td align="center" width="15%"><font size="-1">Yes</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="41%"><font size="-1">MuniHoldings New York Insured
      Fund, Inc.</font></td>
    <td align="center" width="15%">&nbsp;</td>
    <td align="center" width="17%"><font size="-1">AMPS</font></td>
    <td align="center" width="12%"><font size="-1">Yes</font></td>
    <td align="center" width="15%"><font size="-1">Yes</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="41%"><font size="-1">MuniHoldings New Jersey Insured
      Fund, Inc.</font></td>
    <td align="center" width="15%">&nbsp;</td>
    <td align="center" width="17%"><font size="-1">Common Stock</font></td>
    <td align="center" width="12%"><font size="-1">No</font></td>
    <td align="center" width="15%"><font size="-1">Yes</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="41%"><font size="-1">MuniHoldings New Jersey Insured
      Fund, Inc.</font></td>
    <td align="center" width="15%">&nbsp;</td>
    <td align="center" width="17%"><font size="-1">AMPS</font></td>
    <td align="center" width="12%"><font size="-1">Yes</font></td>
    <td align="center" width="15%"><font size="-1">Yes</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="41%"><font size="-1">MuniHoldings Fund, Inc.</font></td>
    <td align="center" width="15%">&nbsp;</td>
    <td align="center" width="17%"><font size="-1">Common Stock</font></td>
    <td align="center" width="12%"><font size="-1">No</font></td>
    <td align="center" width="15%"><font size="-1">Yes</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="41%"><font size="-1">MuniHoldings Fund, Inc.</font></td>
    <td align="center" width="15%">&nbsp;</td>
    <td align="center" width="17%"><font size="-1">AMPS</font></td>
    <td align="center" width="12%"><font size="-1">Yes</font></td>
    <td align="center" width="15%"><font size="-1">Yes</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="41%"><font size="-1">MuniHoldings Fund II, Inc.</font></td>
    <td align="center" width="15%">&nbsp;</td>
    <td align="center" width="17%"><font size="-1">Common Stock</font></td>
    <td align="center" width="12%"><font size="-1">No</font></td>
    <td align="center" width="15%"><font size="-1">Yes</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="41%"><font size="-1">MuniHoldings Fund II, Inc.</font></td>
    <td align="center" width="15%">&nbsp;</td>
    <td align="center" width="17%"><font size="-1">AMPS</font></td>
    <td align="center" width="12%"><font size="-1">Yes</font></td>
    <td align="center" width="15%"><font size="-1">Yes</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="41%"><font size="-1">MuniHoldings Insured Fund, Inc.</font></td>
    <td align="center" width="15%">&nbsp;</td>
    <td align="center" width="17%"><font size="-1">Common Stock</font></td>
    <td align="center" width="12%"><font size="-1">No</font></td>
    <td align="center" width="15%"><font size="-1">Yes</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="41%"><font size="-1">MuniHoldings Insured Fund, Inc.</font></td>
    <td align="center" width="15%">&nbsp;</td>
    <td align="center" width="17%"><font size="-1">AMPS</font></td>
    <td align="center" width="12%"><font size="-1">Yes</font></td>
    <td align="center" width="15%"><font size="-1">Yes</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="41%">&nbsp;</td>
    <td align="center" width="15%">&nbsp;</td>
    <td align="center" width="17%">&nbsp;</td>
    <td align="center" width="12%">&nbsp;</td>
    <td align="center" width="15%">&nbsp;</td>
  </tr>
</table>
<p><table width=600><tr><td  align=center><font size=2><B>ITEM 1. ELECTION OF
DIRECTORS</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&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:</font></td></tr></table>

<P>
<table width=600>
  <tr>
    <td width=30>&nbsp;</td>
    <td width=496><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp; All such
      proxies of the holders of shares of AMPS, voting separately as a class,
      in favor of the two (2) persons designated as Directors to be elected by
      holders of AMPS; and</font></td>
    <td width=30>&nbsp;</td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=30>&nbsp;</td>
    <td width=496><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp; All such
      proxies of the holders of Shares and AMPS, voting together as a single class,
      in favor of the six (6) persons designated as Directors to be elected by
      holders of Shares and AMPS.</font></td>
    <td width=30>&nbsp;</td>
  </tr>
</table>
<p>
<p><table width=600><tr><td><font size=2>&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.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
2</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;









<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 7, page: 7" -->




<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
information concerning the nominees is set forth below. Additional information
concerning the nominees is set forth in Exhibit A.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>To be Elected by Holders of AMPS,
Voting Separately as a Class</B></font></td></tr></table>

<P>
<table cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="197"> <font size=2>
      <b><font size="1">Name and Address of Nominee</font></b>
      </font>
      <hr noshade size="1" width="62%" align="left">
    </td>
    <td width="9">&nbsp;</td>
    <td width="19" align="center"> <font size=2>
      <b><font size="1">Age</font></b>
      </font>
      <hr noshade size="1" width="100%">
    </td>
    <td width="11">&nbsp;</td>
    <td align="center" colspan="2"> <font size=2>
      <b><font size="1">Principal Occupations During Past <br>
        Five Years and Public Directorships</font></b>
      </font>
      <hr noshade size="1" width="40%">
    </td>
  </tr>
  <tr>
    <td valign="top" width="197">&nbsp;</td>
    <td valign="top" width="9">&nbsp;</td>
    <td valign="top" width="19" align="center">&nbsp;</td>
    <td valign="top" width="11">&nbsp;</td>
    <td valign="top" colspan="2">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="197" height="17"> <font size=2>
      Charles C. Reilly<SUP><font size="1">(1)(2)</font></SUP>
      </font></td>
    <td width="9" height="17">&nbsp;</td>
    <td width="19" align="center" height="17"> <font size=2>
      <p>70
      </font></td>
    <td width="11" height="17">&nbsp;</td>
    <td colspan="2" height="17"> <font size=2>
      <p>Self-employed financial consultant since 1990; President and Chief
      </font></td>
  </tr>
  <tr valign="top">
    <td width="197"><font size=2>9 Hampton Harbor Road<br>
      Hampton Bays, New York 11946 </font></td>
    <td width="9">&nbsp;</td>
    <td width="19" align="center">&nbsp;</td>
    <td width="11">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="354"><font size=2>Investment Officer of Verus Capital, Inc. from
      1979 to1990; Senior Vice President of Arnhold and S. 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 valign="bottom">
    <td width="197">&nbsp;</td>
    <td width="9">&nbsp;</td>
    <td width="19" align="center">&nbsp;</td>
    <td width="11">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="354">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="197"><font size=2>Richard R. West<sup><font size="1">(1)(2)</font></sup></font></td>
    <td width="9">&nbsp;</td>
    <td width="19" align="center"><font size=2>63</font></td>
    <td width="11">&nbsp;</td>
    <td colspan="2"><font size=2>Professor of Finance since 1984, Dean from 1984
      to 1993, and </font></td>
  </tr>
  <tr valign="top">
    <td width="197"><font size=2>Box 604 <br>
      Genoa, Nevada 89411 </font></td>
    <td width="9">&nbsp;</td>
    <td width="19" align="center">&nbsp;</td>
    <td width="11">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="354"><font size=2>currently Dean Emeritus of New York University
      Leonard N. Stern School of Business Administration; Director of Bowne &amp;
      Co., Inc. (financial printers), Vornado Realty Trust, Inc. (real estate
      holding company) and Alexander&#146;s Inc. (real estate company). </font></td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2><B>To be Elected by Holders of Shares
and AMPS, Voting Together as a Single Class:</B></font></td></tr></table>

<P>
<table cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="197"> <font size=2>
      <p><b><font size="1">Name and Address of Nominee</font></b>
      </font>
      <hr noshade size="1" width="62%" align="left">
    </td>
    <td width="9">&nbsp;</td>
    <td width="19" align="center"> <font size=2>
      <p><b><font size="1">Age</font></b>
      </font>
      <hr noshade size="1" width="100%">
    </td>
    <td width="11">&nbsp;</td>
    <td align="center" colspan="2"> <font size=2>
      <p><b><font size="1">Principal Occupations During Past <br>
        Five Years and Public Directorships</font></b>
      </font>
      <hr noshade size="1" width="40%">
    </td>
  </tr>
  <tr>
    <td valign="top" width="197">&nbsp;</td>
    <td valign="top" width="9">&nbsp;</td>
    <td valign="top" width="19" align="center">&nbsp;</td>
    <td valign="top" width="11">&nbsp;</td>
    <td valign="top" colspan="2">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="197" height="17"> <font size=2> Ronald W. Forbes<sup><font size="1">(1)(2)</font></sup></font></td>
    <td width="9" height="17">&nbsp;</td>
    <td width="19" align="center" height="17"> <font size=2> 61</font></td>
    <td width="11" height="17">&nbsp;</td>
    <td colspan="2" height="17"> <font size=2> Professor Emeritus of Finance,
      School of Business, State University</font></td>
  </tr>
  <tr valign="top">
    <td width="197"><font size=2>58 Euclid Avenue<br>
      Delmar, New York 12054 </font></td>
    <td width="9">&nbsp;</td>
    <td width="19" align="center">&nbsp;</td>
    <td width="11">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="354"><font size=2>of New 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 valign="bottom">
    <td width="197">&nbsp;</td>
    <td width="9">&nbsp;</td>
    <td width="19" align="center">&nbsp;</td>
    <td width="11">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="354">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="197"><font size=2>Terry K. Glenn<SUP><font size="1">(1)*</font></SUP> </font></td>
    <td width="9">&nbsp;</td>
    <td width="19" align="center"><font size=2>61</font></td>
    <td width="11">&nbsp;</td>
    <td colspan="2"><font size=2>Chairman (Americas Region) of Merrill Lynch Investment
      </font></td>
  </tr>
  <tr valign="top">
    <td width="197"><font size=2>P.O. Box 9011 <br>
      Princeton, New Jersey 08543-9011 </font></td>
    <td width="9">&nbsp;</td>
    <td width="19" align="center">&nbsp;</td>
    <td width="11">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="354"><font size=2>Managers, L.P. (&#147;MLIM&#148;) (which terms
      as used herein includes its corporate predecessor) since 2001; Executive
      Vice President of FAM and its affiliate MLIM since 1983; President, Merrill
      Lynch Mutual Funds since 1999; President of FAM Distributors, Inc. (&#147;FAMD&#148;)
      since 1986 and Director thereof since 1991; Executive Vice President and
      Director of Princeton Services Inc. (&#147;Princeton Services&#148;) since
      1993; President of Princeton Administrators, L.P. since 1988; Director of
      Financial Data Services, Inc. (&#147;FDS&#148;) since 1985. </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr align="right">
    <td><font size=2><i>(footnotes on the following page)</i></font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
3</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;









<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 8, page: 8" -->


<P>
<table cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="196"> <font size=2>
      <p><b><font size="1">Name and Address of Nominee</font></b>
      </font>
      <hr noshade size="1" width="62%" align="left">
    </td>
    <td width="9">&nbsp;</td>
    <td width="19" align="center"> <font size=2>
      <p><b><font size="1">Age</font></b>
      </font>
      <hr noshade size="1" width="100%">
    </td>
    <td width="12">&nbsp;</td>
    <td align="center" colspan="2"> <font size=2>
      <p><b><font size="1">Principal Occupations During Past <br>
        Five Years and Public Directorships</font></b>
      </font>
      <hr noshade size="1" width="40%">
    </td>
  </tr>
  <tr>
    <td valign="top" width="196">&nbsp;</td>
    <td valign="top" width="9">&nbsp;</td>
    <td valign="top" width="19" align="center">&nbsp;</td>
    <td valign="top" width="12">&nbsp;</td>
    <td valign="top" colspan="2">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="196"><font size=2>Cynthia A. Montgomery<SUP><font size="1">(1)(2)</font></SUP>
      </font></td>
    <td width="9">&nbsp;</td>
    <td width="19" align="center"><font size=2>49</font></td>
    <td width="12">&nbsp;</td>
    <td width="362" colspan="2"><font size=2>Professor, Harvard Business School
      since 1989; Associate </font></td>
  </tr>
  <tr>
    <td valign="top" width="196"> <font size=2>
      <p> Harvard Business School <br>
        Soldiers Field Road <br>
        Boston, Massachusetts 02163
      </font></td>
    <td valign="top" width="9">&nbsp;</td>
    <td valign="top" width="19" align="center"> <font size=2>
      <p>&nbsp;
      </font></td>
    <td valign="top" width="12">&nbsp;</td>
    <td valign="top" width="8"> <font size=2>
      <p>&nbsp;
      </font></td>
    <td valign="top" width="354"><font size=2>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 valign="top" width="196">&nbsp;</td>
    <td valign="top" width="9">&nbsp;</td>
    <td valign="top" width="19" align="center">&nbsp;</td>
    <td valign="top" width="12">&nbsp;</td>
    <td valign="top" colspan="2">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="196"><font size=2>Kevin A. Ryan<sup><font size="1">(1)(2)</font></sup></font></td>
    <td width="9">&nbsp;</td>
    <td width="19" align="center"><font size=2>69</font></td>
    <td width="12">&nbsp;</td>
    <td width="362" colspan="2"><font size=2>Founder and currently Director Emeritus
      of The Boston University </font></td>
  </tr>
  <tr>
    <td valign="top" width="196"> <font size=2>
      <p> 127 Commonwealth Avenue <br>
        Chestnut Hill, Massachusetts 02467
      </font></td>
    <td valign="top" width="9">&nbsp;</td>
    <td valign="top" width="19" align="center"> <font size=2>
      <p>&nbsp;
      </font></td>
    <td valign="top" width="12">&nbsp;</td>
    <td valign="top" width="8"> <font size=2>
      <p>&nbsp;
      </font></td>
    <td valign="top" width="354"><font size=2>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 valign="top" width="196">&nbsp;</td>
    <td valign="top" width="9">&nbsp;</td>
    <td valign="top" width="19" align="center">&nbsp;</td>
    <td valign="top" width="12">&nbsp;</td>
    <td valign="top" colspan="2">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="196"><font size=2>Roscoe S. Suddarth<sup><font size="1">(1)(2)</font></sup></font></td>
    <td width="9">&nbsp;</td>
    <td width="19" align="center"><font size=2>66</font></td>
    <td width="12">&nbsp;</td>
    <td width="362" colspan="2"><font size=2>President, Middle East Institute
      from 1995 to 2001; Foreign </font></td>
  </tr>
  <tr>
    <td valign="top" width="196"> <font size=2>
      <p> 7403 MacKenzie Court<br>
        Bethesda, Maryland 20817
      </font></td>
    <td valign="top" width="9">&nbsp;</td>
    <td valign="top" width="19" align="center"> <font size=2>
      <p>&nbsp;
      </font></td>
    <td valign="top" width="12">&nbsp;</td>
    <td valign="top" width="8"> <font size=2>
      <p>&nbsp;
      </font></td>
    <td valign="top" width="354"><font size=2>Service Officer, United States Foreign
      Service, from 1961 to1995; Career Minister from 1989 to 1995; Deputy Inspector
      General, U.S. Department of State, from 1991 to 1994; U.S. Ambassador to
      the Hashemite Kingdom of Jordan from 1987 to 1990. </font></td>
  </tr>
  <tr>
    <td valign="top" width="196">&nbsp;</td>
    <td valign="top" width="9">&nbsp;</td>
    <td valign="top" width="19" align="center">&nbsp;</td>
    <td valign="top" width="12">&nbsp;</td>
    <td valign="top" colspan="2">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="196"><font size=2>Edward D. Zinbarg<sup><font size="1">(1)(2)</font></sup></font></td>
    <td width="9">&nbsp;</td>
    <td width="19" align="center"><font size=2>67</font></td>
    <td width="12">&nbsp;</td>
    <td width="362" colspan="2"><font size=2>Self-employed financial consultant
      since 1994; Executive Vice </font></td>
  </tr>
  <tr>
    <td valign="top" width="196"> <font size=2>
      <p> 5 Hardwell Road <br>
        Short Hills, New Jersey 07078-2117
      </font></td>
    <td valign="top" width="9">&nbsp;</td>
    <td valign="top" width="19" align="center"> <font size=2>
      <p>&nbsp;
      </font></td>
    <td valign="top" width="12">&nbsp;</td>
    <td valign="top" width="8"> <font size=2>
      <p>&nbsp;
      </font></td>
    <td valign="top" width="354"><font size=2>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>
<table width=600>
  <tr>
    <td>
      <hr size=1 noshade align=left  width=75>
    </td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width=3% valign=top align="right"><font size="1">(1)</font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="1"> 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 A.</font></td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width=3% valign=top align="right"><font size="1">(2)</font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="1"> Member of the Audit and Oversight Committee
      of each Fund.</font></td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width=3% valign=top align="right"><font size=2>*</font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="1">Interested person, as defined in the Investment
      Company Act of 1940, as amended, of each Fund.</font></td>
  </tr>
</table>
<P>
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;<i>&nbsp;</i><i>Audit and
      Oversight Committee Report.</i> The Board of Directors of each Fund has
      a standing Audit and Oversight Committee (the &#147;Audit Committee&#148;)
      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;), and who are &#147;independent&#148;
      as defined in the New York Stock Exchange listing standards. Currently,
      Messrs. Forbes, Reilly, Ryan, Suddarth, West and Zinbarg and Ms. Montgomery
      are members of the Audit Committee. The principal responsibilities of the
      Audit Committee are to: (i) recommend to the Board of Directors the selection,
      retention or termination of the Fund&#146;s independent auditors; (ii) review
      with the independent auditors the scope, performance and anticipated cost
      of their audit; (iii) discuss with the independent auditors certain matters
      relating to the Fund&#146;s financial statements, including any adjustment
      to </font></td>
  </tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
4</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;









<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 9, page: 9" -->




<p><table width=600><tr>
    <td><font size=2>such financial statements recommended by such independent
      auditors, or any other results of any audit; (iv) ensure that the independent
      auditors submit on a periodic basis a formal written statement with respect
      to their independence, discuss with the independent auditors any relationships
      or services disclosed in the statement that may impact the objectivity and
      independence of the Fund&#146;s independent auditors and recommend that
      the Board of Directors take appropriate action in response thereto to satisfy
      itself of the independent auditors&#146; independence; and (v) consider
      the comments of the independent auditors and management&#146;s responses
      thereto with respect to the quality and adequacy of the Fund&#146;s accounting
      and financial reporting policies and practices and internal controls. Each
      Fund&#146;s Board of Directors adopted an Audit Committee Charter at meetings
      held on June 9, 2000. The Board of Directors of each Fund revised and reapproved
      the Audit Committee Charter at meetings held on June 5, 2001. A copy of the revised Audit Committee
      Charter adopted by each Fund is attached to this Combined Proxy Statement
      as Exhibit B. Each Fund&#146;s Audit Committee also has (a) received written
      disclosures and the letter required by Independence Standards Board Standard
      No. 1 from the independent auditors for each Fund, and (b) discussed certain
      matters required to be discussed by Statement on Auditing Standards No.
      61 with the independent auditors. Each Fund&#146;s Audit Committee has considered
      whether the provision of non-audit services by the Fund&#146;s independent
      auditors is compatible with maintaining the independence of those auditors.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the June 5, 2001 Audit
      Committee meetings of MuniHoldings Fund, Inc. and MuniHoldings Insured Fund,
      Inc., the September 4, 2001 Audit Committee meetings of MuniHoldings Fund
      II, Inc. and MuniHoldings New Jersey Insured Fund, Inc. and the October
      12, 2001 Audit Committee meetings of MuniHoldings Florida Insured Fund and
      MuniHoldings New York Insured Fund, Inc., each Fund&#146;s Audit Committee
      reviewed and discussed the audit of each Fund&#146;s financial statements
      with Fund management and Deloitte &amp; Touche <FONT SIZE="1">LLP</FONT>
      (&#147;D&amp;T&#148;)in the case of MuniHoldings Florida Insured Fund and
      MuniHoldings New York Insured Fund, Inc. and Ernst &amp; Young <FONT SIZE="1">LLP</FONT>
      (&#147;E&amp;Y&#148;)in the case of MuniHoldings Fund, Inc., MuniHoldings
      Insured Fund, Inc., MuniHoldings New Jersey Insured Fund, Inc. and MuniHoldings
      Fund II, Inc. No material concerns arose during the course of the audit
      and the preparation of the audited financial statements mailed to stockholders
      and included in each Fund&#146;s Annual Report. Based on these reviews and
      discussions, the Audit Committee recommended to the Board that each Fund&#146;s
      audited financial statements be included in that Fund&#146;s Annual Report
      to Stockholders.</FONT></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Audit
Committee and Board Meetings.</I> In addition to the above, each Fund&#146;s Audit
Committee also reviews and nominates candidates to serve as non-interested
Directors. The Committee generally will not consider nominees recommended by
stockholders of a Fund. The non-interested Directors have retained independent
legal counsel to assist them in connection with these duties.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&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 A for further information about
      Audit Committee and Board meetings.</font></td>
  </tr></table>

<p><table width=600><tr><td>
      <p><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compliance with Section
        16(a) of the Securities Exchange Act of 1934.</I> Section 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 3, 4 and
        5 with the Securities and Exchange Commission</FONT></p>
    </td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
5</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 10, page: 10" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td>
      <p><font size="2"> (&#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 3, 4 and 5 they
        file.</font></p>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td>
      <p><FONT SIZE="2">&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 5 with respect to the most recent fiscal year, each Fund
        believes that, </font></p>
    </td></tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2">all of its officers, directors, greater than ten percent
      beneficial owners and other persons subject to Section 16 of the Exchange
      Act due to the requirements of Section 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. </FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interested Persons.</I>
      Each Fund considers Mr. Glenn to be an &#147;interested person&#148; of
      the Fund within the meaning of Section 2(a)(19) of the Investment Company
      Act due to the positions he holds with FAM and its affiliates and/or due
      to his ownership of securities issued by Merrill Lynch &amp; Co., Inc. (&#147;ML
      &amp; Co.&#148;). Mr. Glenn is the President of each Fund.</FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&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 &amp; Co. or its
      subsidiaries. Each Fund pays each Director not affiliated with FAM (each
      a &#147;non-affiliated Director&#148;) a combined fee of $2,800 per year
      plus $150 per in-person Board meeting attended. The Fund also compensates
      each member of the Audit Committee at a rate of $150 per in-person Audit
      Commmittee meeting attended. Two Directors serve as Co-Chairmen of each
      Audit Committee and each receives an additional fee of $1,000 per year.
      Each Fund reimburses each non-affiliated Director for his or her out-of-pocket
      expenses relating to attendance at Board and Audit Committee meetings. 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.</FONT></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Officers
of the Funds.</I> Information relating to the officers of each Fund is set forth in
Exhibit 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.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Stock Ownership.</I> At
      the Record Date, the Directors and officers of each Fund as a group
      (14 persons) owned an aggregate of less than 1% of the Shares of the applicable
      Fund outstanding at such date and owned none of the AMPS outstanding at
      such date. At such date, Mr. 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
      &amp; Co. </FONT></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>ADDITIONAL INFORMATION</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2><B>Expenses and Methods of Proxy Solicitation</B></font></td>
  </tr></table>

<table width=600><tr><td><font size=2>&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.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For MuniHoldings Florida Insured
      Fund, a quorum consists of a majority of the Shares and AMPS entitled to
      vote at the Meetings, present in person or by proxy. For the other Funds,
      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.</font></td>
  </tr></table>

<br>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
6</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;









<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 11, page: 11" -->




<p>
<P>
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to obtain the necessary
      quorum at each Meeting, supplementary solicitation may be made by mail,
      telephone, telegraph or personal interview by officers of the Fund. If,
      by the time scheduled for a Meeting, a quorum of stockholders is not present
      or if a quorum is present but sufficient votes to allow action on the proposals
      are not received from the Stockholders, the persons named as proxies may
      propose one or more adjournments of the Meeting to permit further solicitation
      of proxies from Stockholders. Any such adjournment will require the affirmative
      vote of a majority of the Shares and AMPS of the Fund present in person
      or by proxy and entitled to vote at the time of the Meeting to be adjourned.
      The persons named as proxies will vote in favor of any such adjournment
      if they believe that adjournment and additional proxy solicitation are reasonable
      and in the best interests of the Fund&#146;s Stockholders. Each Fund has
      retained Georgeson Shareholder, 17 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, which are
      estimated to be $500 per Fund.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2><B>Voting Requirement</B></font></td></tr></table>

<table width=600><tr>
    <td><font size=2>&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 &#147;FOR&#148; the Director nominees. Assuming a quorum is present, approval of
Item 1 will require the affirmative vote of stockholders holding the percentage
of shares indicated in the chart below.</font></td>
  </tr></table>

<br>
<table cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="34%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td colspan="3" align="center"> <font size=1> <b>Item 1. </b></font>
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="34%" align="center"> <font size=1> <b>Fund </b></font>
      <hr noshade size="1" align="center">
    </td>
    <td width="2%">&nbsp;</td>
    <td width="28%" align="center"> <font size=1> <b>Election of AMPS Directors
      </b></font>
      <hr noshade size="1">
    </td>
    <td width="2%" align="center">&nbsp;</td>
    <td width="34%" align="center"> <font size=1> <b>Election of other Directors
      </b></font>
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td width="34%" valign="TOP"> <font size=2> MuniHoldings Florida Insured Fund
      </font></td>
    <td width="2%" valign="TOP">&nbsp;</td>
    <td width="28%" 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 width="2%" valign="TOP">&nbsp;</td>
    <td width="34%" 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>
  </tr>
  <tr>
    <td width="34%" valign="TOP"> <font size=2> MuniHoldings New York Insured
      Fund, Inc. </font></td>
    <td width="2%" valign="TOP">&nbsp;</td>
    <td width="28%" valign="TOP"> <font size=2> Affirmative vote of a plurality
      of the votes<sup>&#134;</sup> cast by the holders of AMPS, voting as a separate
      class </font></td>
    <td width="2%" valign="TOP">&nbsp;</td>
    <td width="34%" valign="TOP"> <font size=2> Affirmative vote of a plurality
      of the votes<sup>&#134;</sup> cast by the holders of Shares and AMPS, voting
      together as a single class </font></td>
  </tr>
  <tr>
    <td width="34%" valign="TOP"> <font size=2> MuniHoldings New Jersey Insured
      Fund, Inc. </font></td>
    <td width="2%" valign="TOP">&nbsp;</td>
    <td width="28%" valign="TOP"> <font size=2> Affirmative vote of a plurality
      of the votes<sup>&#134;</sup> cast by the holders of AMPS, voting as a separate
      class </font></td>
    <td width="2%" valign="TOP">&nbsp;</td>
    <td width="34%" valign="TOP"> <font size=2> Affirmative vote of a plurality
      of the votes<sup>&#134;</sup> cast by the holders of Shares and AMPS, voting
      together as a single class </font></td>
  </tr>
  <tr>
    <td width="34%" valign="TOP">&nbsp;</td>
    <td width="2%" valign="TOP">&nbsp;</td>
    <td width="28%" valign="TOP">&nbsp;</td>
    <td width="2%" valign="TOP">&nbsp;</td>
    <td width="34%" valign="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td width="34%" valign="TOP"> <font size=2> MuniHoldings Fund, Inc. </font></td>
    <td width="2%" valign="TOP">&nbsp;</td>
    <td width="28%" valign="TOP"> <font size=2> Affirmative vote of a plurality
      of the votes<sup>&#134;</sup> cast by the holders of AMPS, voting as a separate
      class </font></td>
    <td width="2%" valign="TOP">&nbsp;</td>
    <td width="34%" valign="TOP"> <font size=2> Affirmative vote of a plurality
      of the votes<sup>&#134;</sup> cast by the holders of Shares and AMPS, voting
      together as a single class </font></td>
  </tr>
  <tr>
    <td width="34%" valign="TOP"> <font size=2> MuniHoldings Fund II, Inc. </font></td>
    <td width="2%" valign="TOP">&nbsp;</td>
    <td width="28%" valign="TOP"> <font size=2> Affirmative vote of a plurality
      of the votes<sup>&#134;</sup> cast by the holders of AMPS, voting as a separate
      class </font></td>
    <td width="2%" valign="TOP">&nbsp;</td>
    <td width="34%" valign="TOP"> <font size=2> Affirmative vote of a plurality
      of the votes<sup>&#134;</sup> cast by the holders of Shares and AMPS, voting
      together as a single class </font></td>
  </tr>
  <tr>
    <td width="34%" valign="TOP">&nbsp;</td>
    <td width="2%" valign="TOP">&nbsp;</td>
    <td width="28%" valign="TOP">&nbsp;</td>
    <td width="2%" valign="TOP">&nbsp;</td>
    <td width="34%" valign="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td width="34%" valign="TOP"> <font size=2> MuniHoldings Insured Fund, Inc.
      </font></td>
    <td width="2%" valign="TOP">&nbsp;</td>
    <td width="28%" valign="TOP"> <font size=2> Affirmative vote of a plurality
      of the votes<sup>&#134;</sup> cast by the holders of AMPS, voting as a separate
      class </font></td>
    <td width="2%" valign="TOP">&nbsp;</td>
    <td width="34%" valign="TOP"> <font size=2> Affirmative vote of a plurality
      of the votes<sup>&#134;</sup> cast by the holders of Shares and AMPS, voting
      together as a single class </font></td>
  </tr>
</table>
<table width=600>
  <tr>
    <td>
      <hr size=1 noshade align=left  width=75>
    </td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="1">&#134; </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="1">&#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.</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
7</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;









<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 12, page: 12" -->




<P>
<p><table width=600><tr><td><font size=2><B>Broker Non-Votes and Abstentions</B></font></td></tr></table>

<br>
<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broker-dealer
firms, including Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated (&#147;MLPF&amp;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 the 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 1) if no
instructions have been received prior to the date specified in the
broker-dealer firm&#146;s request for voting instructions. Each 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&amp;S has advised the Funds 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 Item 1 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 Item 1
for all Funds except MuniHoldings Florida Insured Fund. Abstentions and broker
non-votes will have the same effect as a vote against Item 1 for MuniHoldings
Florida Insured Fund.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Other Matters</B></font></td></tr></table>

<table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management knows of no other
      matters to be presented at the Meetings. However, if other matters are properly
      presented for a vote at a Meeting or any adjournments thereof, the proxy
      holders will vote the Shares and AMPS represented by properly executed proxies
      according to their judgment on those matters.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2><B>Independent Auditor&#146;s Fees</B></font></td></tr></table>

<table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth
      the aggregate fees paid to the independent auditors for each Fund&#146;s
      most recent fiscal year for professional services rendered for: (i) the
      audit of the Fund&#146;s annual financial statements and the review of financial
      statements included in the Fund&#146;s reports to Stockholders; and (ii) all other non-audit services provided to the Fund, its investment
      adviser, and entities controlling, controlled by or under common control
      with the investment adviser that provide services to the Fund. The Audit
      Committee of each Fund has determined that the provision of information
      technology services under clause (ii) and the provision of non-audit services
      under clause (iii) are compatible with maintaining the independence of the
      independent auditors.</font></td>
  </tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
8</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 13, page: 13" -->




<p>
<P>
<table cellpadding="0" cellspacing="0" border="0" width="600">
  <tr valign="BOTTOM">
    <th width="41%" align="left"><font size="-2">Fund</font>
      <hr noshade size="1" width="8%" align="left">
    </th>
    <th width="14%"><font size="-2">Independent<br>
      Auditors </font>
      <hr noshade size="1" width="60%">
    </th>
    <th width="12%"><font size="-2">Audit Fees<br>
      Charged<br>
      to the Fund </font>
      <hr noshade size="1" width="65%">
    </th>
    <th width="11%"><font size="-2">Other Fees*</font>
      <hr noshade size="1" width="65%">
    </th>
    <th width="22%"><font size="-2">Fiscal Year</font>
      <hr noshade size="1" width="35%">
    </th>
  </tr>
  <tr valign="BOTTOM">
    <td width="41%" align="LEFT"><font size="-1">MuniHoldings Florida Insured
      Fund</font></td>
    <td width="14%" align="center"><font size="-1">D&amp;T</font></td>
    <td width="12%" align="center"><font size="2">$24,600</font></td>
    <td width="11%" align="center"><font size="2">$3,436,600</font></td>
    <td width="22%" align="center"><font size="-1">August 31, 2001</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="41%"><font size="-1">MuniHoldings New York Insured<br>
      &nbsp;&nbsp;&nbsp;Fund, Inc.</font></td>
    <td align="center" width="14%"><font size="-1">D&amp;T</font></td>
    <td align="center" width="12%"><font size="2">$24,600</font></td>
    <td align="center" width="11%"><font size="2">$3,435,600</font></td>
    <td align="center" width="22%"><font size="-1">August 31, 2001</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="41%"><font size="-1">MuniHoldings New Jersey Insured<br>
      &nbsp;&nbsp;&nbsp;Fund, Inc.</font></td>
    <td align="center" width="14%"><font size="-1">E&amp;Y</font></td>
    <td align="center" width="12%"><font size="2">$36,330</font></td>
    <td align="center" width="11%"><font size="2">$23,520</font></td>
    <td align="center" width="22%"><font size="-1">July 31, 2001</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="41%"><font size="-1">MuniHoldings Fund, Inc.</font></td>
    <td align="center" width="14%"><font size="-1">E&amp;Y</font></td>
    <td align="center" width="12%"><font size="2">$36,330</font></td>
    <td align="center" width="11%"><font size="2">$23,520</font></td>
    <td align="center" width="22%"><font size="-1">April 30, 2001</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="41%"><font size="-1">MuniHoldings Fund II, Inc.</font></td>
    <td align="center" width="14%"><font size="-1">E&amp;Y</font></td>
    <td align="center" width="12%"><font size="2">$36,330</font></td>
    <td align="center" width="11%"><font size="2">$23,520</font></td>
    <td align="center" width="22%"><font size="-1">July 31, 2001</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="41%"><font size="-1">MuniHoldings Insured Fund, Inc.</font></td>
    <td align="center" width="14%"><font size="-1">E&amp;Y</font></td>
    <td align="center" width="12%"><font size="2">$36,330</font></td>
    <td align="center" width="11%"><font size="2">$23,520</font></td>
    <td align="center" width="22%"><font size="-1">April 30, 2001</font></td>
  </tr>
</table>



<table width=600>
  <tr>
    <td>
      <hr size=1 noshade align=left  width=75>
    </td>
  </tr>
</table>
<table width=600><tr>
    <td width=3% valign=top><font size="1">&nbsp;&nbsp;* </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="1">Includes fees billed for non-audit services rendered
      to each Fund, FAM and any entity controlling, controlled by, or under, Common
      Control with FAM, during the year ended December 31, 2000.</font></td>
  </tr></table>


<p><table width=600><tr><td><font size=2><B>Address of Investment Adviser</B></font></td></tr></table>

<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal office of FAM is located at 800 Scudders Mill Road, Plainsboro, New
Jersey 08536.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Annual Report Delivery</B></font></td></tr></table>

<table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;<b>&nbsp;</b><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. Box
      9011, Princeton, New Jersey 08543-9011, Attention: Fund Secretary, or to
      1-800-MER-FUND.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2><B>Stockholder Proposals</B></font></td></tr></table>

<table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Stockholder of any Fund
      intends to present a proposal at the 2002 Annual Meeting of Stockholders
      of such Fund, all of which are anticipated to be held in December 2002 except
      those of MuniHoldings Fund, Inc. and MuniHoldings Insured Fund, Inc., which
      are anticipated to be held in August 2002, 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 appropriate
      Fund by July 15, 2002 in the case of all of the Funds except MuniHoldings Funds, Inc. and
MuniHoldings Insured, Inc., in which case the stockholder must deliver the proposal to the offices
of the appropriate Fund by March 15, 2002. Any Stockholder of a Fund who desires to bring a
      proposal at the Fund&#146;s 2002 Annual Meeting of Stockholders without
      including such proposal in the Fund&#146;s proxy statement must deliver
      written notice thereof to the Secretary of the respective Fund (addressed
      to 800 Scudders Mill Road, Plainsboro, New Jersey 08536) by July 15, 2002 or March 15, 2002, as applicable.</font></td>
  </tr></table>

<p>
<table cellspacing=0 cellpadding=0 width=600>
  <tr>
    <td valign="TOP" width="241">&nbsp;</td>
    <td valign="TOP" width="359"> <font size=2>
      <p>By Order of the Board of Directors
      </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="241">&nbsp;</td>
    <td valign="TOP" width="359">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="241">&nbsp;</td>
    <td valign="bottom" width="359"> <FONT SIZE="2">A<FONT SIZE="1">LICE</FONT> A. P<FONT SIZE="1">ELLEGRINO</FONT><br>
<I>Secretary</I> <br>
M<FONT SIZE="1">UNIHOLDINGS</FONT> F<FONT SIZE="1">LORIDA</FONT> I<FONT SIZE="1">NSURED</FONT>
F<FONT SIZE="1">UND</FONT>, <br>
M<FONT SIZE="1">UNIHOLDINGS</FONT> N<FONT SIZE="1">EW</FONT> Y<FONT SIZE="1">ORK</FONT>
I<FONT SIZE="1">NSURED</FONT> F<FONT SIZE="1">UND</FONT>, I<FONT SIZE="1">NC</FONT>.,<br>
M<FONT SIZE="1">UNIHOLDINGS</FONT> N<FONT SIZE="1">EW</FONT> J<FONT SIZE="1">ERSEY</FONT>
I<FONT SIZE="1">NSURED</FONT> F<FONT SIZE="1">UND</FONT>, I<FONT SIZE="1">NC</FONT>.,
<br>
M<FONT SIZE="1">UNIHOLDINGS</FONT> F<FONT SIZE="1">UND</FONT>, I<FONT SIZE="1">NC</FONT>.,<br>
M<FONT SIZE="1">UNIHOLDINGS</FONT> F<FONT SIZE="1">UND</FONT> II, I<FONT SIZE="1">NC</FONT>.
<br>
M<FONT SIZE="1">UNIHOLDINGS</FONT> I<FONT SIZE="1">NSURED</FONT> F<FONT SIZE="1">UND</FONT>,
I<FONT SIZE="1">NC</FONT>.</FONT> </td>
  </tr>
  <tr>
    <td valign="TOP" width="241"> <font size=2>
      <p>Dated: November 9, 2001
      </font></td>
    <td valign="TOP" width="359">&nbsp;</td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
9</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;










<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 14, page: 14" -->



<p><table width=600><tr><td align=right><font size=2><B>EXHIBIT A</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&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 A is
attached.</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>INFORMATION
PERTAINING TO EACH FUND</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>General Information Pertaining to
the Funds</B></font></td></tr></table>

<P>
<table CELLSPACING=0 CELLPADDING=0 WIDTH=600>
  <TR valign="bottom" align="center">
    <TD WIDTH="251" align="left"> <FONT SIZE=1> <b>Fund</b> </FONT>
      <hr noshade size="1" align="left" width="8%">
    </TD>
    <TD WIDTH="10">&nbsp;</TD>
    <TD WIDTH="87"> <FONT SIZE=1> <b>Defined Term <BR>
      Used in this <BR>
      Exhibit A</b> </FONT>
      <hr noshade size="1">
    </TD>
    <TD WIDTH="12">&nbsp;</TD>
    <TD WIDTH="77"> <FONT SIZE=1> <b>Fiscal Year <BR>
      End</b> </FONT>
      <hr noshade size="1">
    </TD>
    <TD WIDTH="10">&nbsp;</TD>
    <TD WIDTH="78"> <FONT SIZE=1> <b>State of <BR>
      Organization</b> </FONT>
      <hr noshade size="1">
    </TD>
    <TD WIDTH="10">&nbsp;</TD>
    <TD WIDTH="63"> <FONT SIZE=1> <b>Meeting Time</b></FONT>
      <hr noshade size="1">
    </TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="251"> <FONT SIZE=2> MuniHoldings Florida Insured Fund </FONT></TD>
    <TD WIDTH="10">&nbsp;</TD>
    <TD WIDTH="87"> <FONT SIZE=2> MH FL </FONT></TD>
    <TD WIDTH="12">&nbsp;</TD>
    <TD WIDTH="77" align="center"> <FONT SIZE=2> 8/31 </FONT></TD>
    <TD WIDTH="10" align="center">&nbsp;</TD>
    <TD WIDTH="78" align="center"> <FONT SIZE=2> MA </FONT></TD>
    <TD WIDTH="10">&nbsp;</TD>
    <TD WIDTH="63" align="center"><font size="2">9:20 a.m.</font></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="251"> <FONT SIZE=2>MuniHoldings New York Insured <br>
      &nbsp;&nbsp; Fund, Inc. </FONT></TD>
    <TD WIDTH="10">&nbsp;</TD>
    <TD WIDTH="87"> <FONT SIZE=2> MH NY </FONT></TD>
    <TD WIDTH="12">&nbsp;</TD>
    <TD WIDTH="77" align="center"> <FONT SIZE=2> 8/31 </FONT></TD>
    <TD WIDTH="10" align="center">&nbsp;</TD>
    <TD WIDTH="78" align="center"> <FONT SIZE=2> MD </FONT></TD>
    <TD WIDTH="10">&nbsp;</TD>
    <TD WIDTH="63" align="center"><font size="2">9:40 a.m.</font></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="251"> <FONT SIZE=2> MuniHoldings New Jersey Insured <br>
      &nbsp;&nbsp; Fund, Inc. </FONT></TD>
    <TD WIDTH="10">&nbsp;</TD>
    <TD WIDTH="87"> <FONT SIZE=2> MH NJ </FONT></TD>
    <TD WIDTH="12">&nbsp;</TD>
    <TD WIDTH="77" align="center"> <FONT SIZE=2> 7/31 </FONT></TD>
    <TD WIDTH="10" align="center">&nbsp;</TD>
    <TD WIDTH="78" align="center"> <FONT SIZE=2> MD </FONT></TD>
    <TD WIDTH="10">&nbsp;</TD>
    <TD WIDTH="63" align="center"><font size="2">10:00 a.m.</font></TD>
  </TR>
  <tr valign="bottom">
    <td width="251"> <font size=2> MuniHoldings Insured Fund, Inc. </font></td>
    <td width="10">&nbsp;</td>
    <td width="87"> <font size=2> MH Ins. Fund </font></td>
    <td width="12">&nbsp;</td>
    <td width="77" align="center"> <font size=2> 4/30 </font></td>
    <td width="10" align="center">&nbsp;</td>
    <td width="78" align="center"> <font size=2> MD </font></td>
    <td width="10">&nbsp;</td>
    <td width="63" align="center"><font size="2">10:20 a.m.</font></td>
  </tr>
  <TR valign="bottom">
    <TD WIDTH="251"> <FONT SIZE=2> MuniHoldings Fund, Inc. </FONT></TD>
    <TD WIDTH="10">&nbsp;</TD>
    <TD WIDTH="87"> <FONT SIZE=2> MH Fund </FONT></TD>
    <TD WIDTH="12">&nbsp;</TD>
    <TD WIDTH="77" align="center"> <FONT SIZE=2> 4/30 </FONT></TD>
    <TD WIDTH="10" align="center">&nbsp;</TD>
    <TD WIDTH="78" align="center"> <FONT SIZE=2> MD </FONT></TD>
    <TD WIDTH="10">&nbsp;</TD>
    <TD WIDTH="63" align="center"><font size="2">11:40 a.m.</font></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="251"> <FONT SIZE=2> MuniHoldings Fund II, Inc. </FONT></TD>
    <TD WIDTH="10">&nbsp;</TD>
    <TD WIDTH="87"> <FONT SIZE=2> MH Fund II </FONT></TD>
    <TD WIDTH="12">&nbsp;</TD>
    <TD WIDTH="77" align="center"> <FONT SIZE=2> 7/31 </FONT></TD>
    <TD WIDTH="10" align="center">&nbsp;</TD>
    <TD WIDTH="78" align="center"> <FONT SIZE=2> MD </FONT></TD>
    <TD WIDTH="10">&nbsp;</TD>
    <TD WIDTH="63" align="center"><font size="2">12:00 p.m.</font></TD>
  </TR>
</TABLE>

<P>
<table cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="335">&nbsp;</td>
    <td colspan="3" align="center"> <b><font size="1"> Shares Outstanding as of
      the <br>
      Record Date </font></b>
      <hr noshade size="1" width="75%">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="335"> <b><font size="1"> Fund</font></b>
      <hr noshade size="1" align="left" width="7%">
    </td>
    <td width="109" align="center"> <b><font size="1"> Shares</font></b>
      <hr noshade size="1" width="30%">
    </td>
    <td align="center" colspan="2"> <b><font size="1"> AMPS</font></b>
      <hr noshade size="1" width="30%">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="335"> <font size=2> MH FL</font></td>
    <td width="109" align="center"> <font size=2> 37,628,592</font></td>
    <td width="70" align="right"> <font size=2> 14,530</font></td>
    <td width="40" align="center">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="335"> <font size=2> MH NY</font></td>
    <td width="109" align="center"> <font size=2> 30,784,615</font></td>
    <td align="right" width="70"> <font size=2> 12,520</font></td>
    <td align="center" width="40">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="335"> <font size=2> MH NJ</font></td>
    <td width="109" align="center"> <font size=2> 21,038,614</font></td>
    <td align="right" width="70"> <font size=2> 8,120</font></td>
    <td align="center" width="40">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="335"> <font size=2> MH Fund</font></td>
    <td width="109" align="center"> <font size=2> 13,795,227</font></td>
    <td align="right" width="70"> <font size=2> 4,400</font></td>
    <td align="center" width="40">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="335"> <font size=2> MH Fund II</font></td>
    <td width="109" align="center"> <font size=2> 11,073,334</font></td>
    <td align="right" width="70"> <font size=2> 3,480</font></td>
    <td align="center" width="40">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="335"> <font size=2> MH Ins. Fund</font></td>
    <td width="109" align="center"> <font size=2> 12,867,541</font></td>
    <td align="right" width="70">
      <p><font size=2> 5,360</font></p>
    </td>
    <td align="center" width="40">&nbsp;</td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the Record Date, none
      of the Director/Trustee nominees held Shares or AMPS of the Funds, except as set
      forth in the table below.</font></td>
  </tr>
</table>
<br>
<table cellspacing=0 cellpadding=0 border="0" width=600>

  <tr valign="bottom">
    <td width="127"><font size="1"><b>Nominee </b></font>
      <hr noshade size="1" align="left" width="38">
    </td>
    <td align="center" width="199"><b><font size="1">Fund</font></b>
      <hr noshade size="1" width="16%">
    </td>
    <td align="center" colspan="2"><b><font size="1">No. of Shares held</font></b>
      <hr noshade size="1" width="50%">
    </td>
    <td align="center" width="97"><b><font size="1">Percent of Class</font></b>
      <hr noshade size="1" width="80%">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="127"><font size=2>Ronald W. Forbes </font></td>
    <td align="left" width="199"><font size=2>MuniHoldings Fund, Inc. </font></td>
    <td align="right" colspan="2"><font size=2>641</font><font size=2>.2812 Common Shares  </font></td>
    <td align="center" width="97"><font size="2">0.00%*</font></td>
  </tr>
  <tr valign="bottom">
    <td width="127">&nbsp;</td>
    <td align="left" width="199"><font size=2>MuniHoldings Fund II, Inc. </font></td>
    <td align="right" colspan="2"><font size=2>1,088</font><font size=2>.4577 Common Shares </font></td>
    <td align="center" width="97"><font size="2">0.00%*</font></td>
  </tr>
  <tr valign="bottom">
    <td width="127">&nbsp;</td>
    <td align="left" width="199"><font size=2>MuniHoldings New York Insured <br>
      &nbsp;&nbsp;&nbsp; Fund, Inc. </font></td>
    <td align="right" valign="top" colspan="2"><font size=2>708</font><font size=2>.8515 Common Shares </font></td>
    <td align="center" valign="top" width="97"><font size="2">0.00%*</font></td>
  </tr>
  <tr valign="bottom">
    <td width="127" valign="top"><font size=2>Edward D. Zinbarg </font></td>
    <td align="left" width="199" valign="top"><font size=2>MuniHoldings New
      Jersey Insured<br>
      &nbsp;&nbsp;&nbsp; Fund, Inc. </font></td>
    <td align="right" valign="top" colspan="2"><font size=2>14 Shares
      of Auction Market Preferred Stock &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align="center" valign="top" width="97"><font size="2">0.00%*</font></td>
  </tr>
  </table>
<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>
<table width=600><tr><td width=3% valign=top><font size="1">*
</font></td><td width=2%><font size="1"></font></td><td width=95%><font size="1">Less than
 .01% of the Class. </font></td></tr></table>







<p>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;









<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 15, page: 15" -->





<P>
<table width=600>
  <tr>
    <td><font size=2><b>Information Pertaining to Director Nominees</b></font></td>
  </tr>
</table>
<p>
<table cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="209">&nbsp;</td>
    <td align="center"> <b><font size="1"> </font></b></td>
    <td colspan="15" align="center"><b><font size="1">Year in Which Nominee of
      Each Fund Became a Member of the Board</font></b>
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="209"> <b><font size="1"> Fund</font></b>
      <hr noshade size="1" align="left" width="10%">
    </td>
    <td width="9" align="center">&nbsp;</td>
    <td width="33" align="center"> <b><font size="1"> Forbes</font></b>
      <hr noshade size="1">
    </td>
    <td width="12" align="center">&nbsp;</td>
    <td width="32" align="center"> <b><font size="1"> Glenn</font></b>
      <hr noshade size="1">
    </td>
    <td width="12" align="center">&nbsp;</td>
    <td width="56" align="center"> <b><font size="1"> Montgomery</font></b>
      <hr noshade size="1">
    </td>
    <td width="13" align="center">&nbsp;</td>
    <td width="28" align="center"> <b><font size="1"> Reilly</font></b>
      <hr noshade size="1">
    </td>
    <td width="12" align="center">&nbsp;</td>
    <td width="33" align="center"> <b><font size="1"> Ryan</font></b>
      <hr noshade size="1">
    </td>
    <td width="12" align="center">&nbsp;</td>
    <td width="44" align="center"> <b><font size="1"> Suddarth</font></b>
      <hr noshade size="1">
    </td>
    <td width="11" align="center">&nbsp;</td>
    <td width="31" align="center"> <b><font size="1"> West</font></b>
      <hr noshade size="1">
    </td>
    <td width="11" align="center">&nbsp;</td>
    <td width="40" align="center"> <b><font size="1"> Zinbarg</font></b>
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="209"> <font size=2> MH FL</font></td>
    <td width="9" align="center">&nbsp;</td>
    <td width="33" align="center"> <font size=2> 1997</font></td>
    <td width="12" align="center">&nbsp;</td>
    <td width="32" align="center"> <font size=2> 1999</font></td>
    <td width="12" align="center">&nbsp;</td>
    <td width="56" align="center"> <font size=2> 1997</font></td>
    <td width="13" align="center">&nbsp;</td>
    <td width="28" align="center"> <font size=2> 1997</font></td>
    <td width="12" align="center">&nbsp;</td>
    <td width="33" align="center"> <font size=2> 1997</font></td>
    <td width="12" align="center">&nbsp;</td>
    <td width="44" align="center"> <font size=2> 2000</font></td>
    <td width="11" align="center">&nbsp;</td>
    <td width="31" align="center"> <font size=2> 1997</font></td>
    <td width="11" align="center">&nbsp;</td>
    <td width="40" align="center"> <font size=2> 2000</font></td>
  </tr>
  <tr valign="bottom">
    <td width="209"> <font size=2> MH NY</font></td>
    <td width="9" align="center">&nbsp;</td>
    <td width="33" align="center"> <font size=2> 1997</font></td>
    <td width="12" align="center">&nbsp;</td>
    <td width="32" align="center"> <font size=2> 1999</font></td>
    <td width="12" align="center">&nbsp;</td>
    <td width="56" align="center"> <font size=2> 1997</font></td>
    <td width="13" align="center">&nbsp;</td>
    <td width="28" align="center"> <font size=2> 1997</font></td>
    <td width="12" align="center">&nbsp;</td>
    <td width="33" align="center"> <font size=2> 1997</font></td>
    <td width="12" align="center">&nbsp;</td>
    <td width="44" align="center"> <font size=2> 2000</font></td>
    <td width="11" align="center">&nbsp;</td>
    <td width="31" align="center"> <font size=2> 1997</font></td>
    <td width="11" align="center">&nbsp;</td>
    <td width="40" align="center"> <font size=2> 2000</font></td>
  </tr>
  <tr valign="bottom">
    <td width="209"> <font size=2> MH NJ</font></td>
    <td width="9" align="center">&nbsp;</td>
    <td width="33" align="center"> <font size=2> 1998</font></td>
    <td width="12" align="center">&nbsp;</td>
    <td width="32" align="center"> <font size=2> 1999</font></td>
    <td width="12" align="center">&nbsp;</td>
    <td width="56" align="center"> <font size=2> 1998</font></td>
    <td width="13" align="center">&nbsp;</td>
    <td width="28" align="center"> <font size=2> 1998</font></td>
    <td width="12" align="center">&nbsp;</td>
    <td width="33" align="center"> <font size=2> 1998</font></td>
    <td width="12" align="center">&nbsp;</td>
    <td width="44" align="center"> <font size=2> 2000</font></td>
    <td width="11" align="center">&nbsp;</td>
    <td width="31" align="center"> <font size=2> 1998</font></td>
    <td width="11" align="center">&nbsp;</td>
    <td width="40" align="center"> <font size=2> 2000</font></td>
  </tr>
  <tr valign="bottom">
    <td width="209"> <font size=2> MH Fund</font></td>
    <td width="9" align="center">&nbsp;</td>
    <td width="33" align="center"> <font size=2> 1997</font></td>
    <td width="12" align="center">&nbsp;</td>
    <td width="32" align="center"> <font size=2> 1999</font></td>
    <td width="12" align="center">&nbsp;</td>
    <td width="56" align="center"> <font size=2> 1997</font></td>
    <td width="13" align="center">&nbsp;</td>
    <td width="28" align="center"> <font size=2> 1997</font></td>
    <td width="12" align="center">&nbsp;</td>
    <td width="33" align="center"> <font size=2> 1997</font></td>
    <td width="12" align="center">&nbsp;</td>
    <td width="44" align="center"> <font size=2> 2000</font></td>
    <td width="11" align="center">&nbsp;</td>
    <td width="31" align="center"> <font size=2> 1997</font></td>
    <td width="11" align="center">&nbsp;</td>
    <td width="40" align="center"> <font size=2> 2000</font></td>
  </tr>
  <tr valign="bottom">
    <td width="209"> <font size=2> MH Fund II</font></td>
    <td width="9" align="center">&nbsp;</td>
    <td width="33" align="center"> <font size=2> 1998</font></td>
    <td width="12" align="center">&nbsp;</td>
    <td width="32" align="center"> <font size=2> 1999</font></td>
    <td width="12" align="center">&nbsp;</td>
    <td width="56" align="center"> <font size=2> 1998</font></td>
    <td width="13" align="center">&nbsp;</td>
    <td width="28" align="center"> <font size=2> 1998</font></td>
    <td width="12" align="center">&nbsp;</td>
    <td width="33" align="center"> <font size=2> 1998</font></td>
    <td width="12" align="center">&nbsp;</td>
    <td width="44" align="center"> <font size=2> 2000</font></td>
    <td width="11" align="center">&nbsp;</td>
    <td width="31" align="center"> <font size=2> 1998</font></td>
    <td width="11" align="center">&nbsp;</td>
    <td width="40" align="center"> <font size=2> 2000</font></td>
  </tr>
  <tr valign="bottom">
    <td width="209"> <font size=2> MH Ins. Fund</font></td>
    <td width="9" align="center">&nbsp;</td>
    <td width="33" align="center"> <font size=2> 1997</font></td>
    <td width="12" align="center">&nbsp;</td>
    <td width="32" align="center"> <font size=2> 1999</font></td>
    <td width="12" align="center">&nbsp;</td>
    <td width="56" align="center"> <font size=2> 1997</font></td>
    <td width="13" align="center">&nbsp;</td>
    <td width="28" align="center"> <font size=2> 1997</font></td>
    <td width="12" align="center">&nbsp;</td>
    <td width="33" align="center"> <font size=2> 1997</font></td>
    <td width="12" align="center">&nbsp;</td>
    <td width="44" align="center"> <font size=2> 2000</font></td>
    <td width="11" align="center">&nbsp;</td>
    <td width="31" align="center"> <font size=2> 1997</font></td>
    <td width="11" align="center">&nbsp;</td>
    <td width="40" align="center"> <font size=2> 2000</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth in the following
      table is information regarding Board and Audit and Oversight (the &#147;Audit
      Committee&#148;) 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.</font></td>
  </tr>
</table>
<br>
<table cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="205">&nbsp;</td>
    <td align="center" colspan="5"> <b><font size="1"> Board of Directors</font></b>
      <hr noshade size="1">
    </td>
    <td align="center"> <b><font size="1"> </font></b> </td>
    <td align="center" colspan="6"><b><font size="1">Audit Committee</font></b>
      <hr noshade size="1">
    </td>
    <td width="59" align="center">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="205"> <b><font size="1"> Fund</font></b>
      <hr noshade size="1" align="left" width="12%">
    </td>
    <td width="55" align="center"> <b><font size="1"> Number of <br>
      Meetings <br>
      Held* </font></b>
      <hr noshade size="1">
    </td>
    <td width="6" align="center">&nbsp;</td>
    <td width="40" align="center"> <b><font size="1"> Annual <br>
      Fee($) </font></b>
      <hr noshade size="1">
    </td>
    <td width="6" align="center">&nbsp;</td>
    <td width="47" align="center"> <b><font size="1"> Per <br>
      Meeting <br>
      Fee($)** </font></b>
      <hr noshade size="1">
    </td>
    <td width="6" align="center">&nbsp;</td>
    <td width="59" align="center"> <b><font size="1"> Number of <br>
      Meetings <br>
      Held* </font></b>
      <hr noshade size="1">
    </td>
    <td width="6" align="center">&nbsp;</td>
    <td width="47" align="center"> <b><font size="1"> Annual <br>
      Fees($) </font></b>
      <hr noshade size="1">
    </td>
    <td width="6" align="center">&nbsp;</td>
    <td width="46" align="center"> <b><font size="1"> Per <br>
      Meeting <br>
      Fee($)*** </font></b>
      <hr noshade size="1">
    </td>
    <td width="10" align="center">&nbsp;</td>
    <td width="59" align="center"> <b><font size="1"> Aggregate <br>
      Fees and <br>
      Expenses($) </font></b>
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="205"> <font size=2> MH FL Ins. Fund</font></td>
    <td width="55" align="center"> <font size=2> 4</font></td>
    <td width="6" align="center">&nbsp;</td>
    <td width="40" align="center"> <font size=2> 1,400</font></td>
    <td width="6" align="center">&nbsp;</td>
    <td width="47" align="center"> <font size=2> 150</font></td>
    <td width="6" align="center">&nbsp;</td>
    <td width="59" align="center"> <font size=2> 4</font></td>
    <td width="6" align="center">&nbsp;</td>
    <td width="47" align="center"> <font size=2> 1,400</font></td>
    <td width="6" align="center">&nbsp;</td>
    <td width="46" align="center"> <font size=2> 150</font></td>
    <td width="10" align="center">&nbsp;</td>
    <td width="59" align="center"> <font size=2> 28,375</font></td>
  </tr>
  <tr valign="bottom">
    <td width="205"> <font size=2> MH NY Ins. Fund</font></td>
    <td width="55" align="center"> <font size=2> 4</font></td>
    <td width="6" align="center">&nbsp;</td>
    <td width="40" align="center"> <font size=2> 1,400</font></td>
    <td width="6" align="center">&nbsp;</td>
    <td width="47" align="center"> <font size=2> 150</font></td>
    <td width="6" align="center">&nbsp;</td>
    <td width="59" align="center"> <font size=2> 4</font></td>
    <td width="6" align="center">&nbsp;</td>
    <td width="47" align="center"> <font size=2> 1,400</font></td>
    <td width="6" align="center">&nbsp;</td>
    <td width="46" align="center"> <font size=2> 150</font></td>
    <td width="10" align="center">&nbsp;</td>
    <td width="59" align="center"> <font size=2> 28,847</font></td>
  </tr>
  <tr valign="bottom">
    <td width="205"> <font size=2> MH NJ Ins. Fund</font></td>
    <td width="55" align="center"> <font size=2> 4</font></td>
    <td width="6" align="center">&nbsp;</td>
    <td width="40" align="center"> <font size=2> 1,400</font></td>
    <td width="6" align="center">&nbsp;</td>
    <td width="47" align="center"> <font size=2> 150</font></td>
    <td width="6" align="center">&nbsp;</td>
    <td width="59" align="center"> <font size=2> 4</font></td>
    <td width="6" align="center">&nbsp;</td>
    <td width="47" align="center"> <font size=2> 1,400</font></td>
    <td width="6" align="center">&nbsp;</td>
    <td width="46" align="center"> <font size=2> 150</font></td>
    <td width="10" align="center">&nbsp;</td>
    <td width="59" align="center"> <font size=2> 28,339</font></td>
  </tr>
  <tr valign="bottom">
    <td width="205"> <font size=2> MH Fund</font></td>
    <td width="55" align="center"> <font size=2> 4</font></td>
    <td width="6" align="center">&nbsp;</td>
    <td width="40" align="center"> <font size=2> 1,400</font></td>
    <td width="6" align="center">&nbsp;</td>
    <td width="47" align="center"> <font size=2> 150</font></td>
    <td width="6" align="center">&nbsp;</td>
    <td width="59" align="center"> <font size=2> 4</font></td>
    <td width="6" align="center">&nbsp;</td>
    <td width="47" align="center"> <font size=2> 1,400</font></td>
    <td width="6" align="center">&nbsp;</td>
    <td width="46" align="center"> <font size=2> 150</font></td>
    <td width="10" align="center">&nbsp;</td>
    <td width="59" align="center"> <font size=2> 27,164</font></td>
  </tr>
  <tr valign="bottom">
    <td width="205"> <font size=2> MH Fund II</font></td>
    <td width="55" align="center"> <font size=2> 4</font></td>
    <td width="6" align="center">&nbsp;</td>
    <td width="40" align="center"> <font size=2> 1,400</font></td>
    <td width="6" align="center">&nbsp;</td>
    <td width="47" align="center"> <font size=2> 150</font></td>
    <td width="6" align="center">&nbsp;</td>
    <td width="59" align="center"> <font size=2> 4</font></td>
    <td width="6" align="center">&nbsp;</td>
    <td width="47" align="center"> <font size=2> 1,400</font></td>
    <td width="6" align="center">&nbsp;</td>
    <td width="46" align="center"> <font size=2> 150</font></td>
    <td width="10" align="center">&nbsp;</td>
    <td width="59" align="center"> <font size=2> 28,308</font></td>
  </tr>
  <tr valign="bottom">
    <td width="205"> <font size=2> MH Ins. Fund</font></td>
    <td width="55" align="center"> <font size=2> 4</font></td>
    <td width="6" align="center">&nbsp;</td>
    <td width="40" align="center"> <font size=2> 1,400</font></td>
    <td width="6" align="center">&nbsp;</td>
    <td width="47" align="center"> <font size=2> 150</font></td>
    <td width="6" align="center">&nbsp;</td>
    <td width="59" align="center"> <font size=2> 4</font></td>
    <td width="6" align="center">&nbsp;</td>
    <td width="47" align="center"> <font size=2> 1,400</font></td>
    <td width="6" align="center">&nbsp;</td>
    <td width="46" align="center"> <font size=2> 150</font></td>
    <td width="10" align="center">&nbsp;</td>
    <td width="59" align="center"> <font size=2> 27,245</font></td>
  </tr>
</table>
<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<table width=600><tr><td width=3% align=right valign=top><font size="1">*
</font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="1">Includes
meetings held via teleconferencing equipment.</font></td></tr></table>

<table width=600><tr><td width=3% align=right valign=top><font size="1">**
</font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="1">The
fee is payable for each meeting attended in person. A fee is not paid for
telephonic meetings.</font></td></tr></table>

<table width=600><tr><td width=3% align=right valign=top><font size="1">***
</font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="1">Mr.
Forbes and Mr. Reilly are Co-Chairmen of the Audit Committee, each receiving an
additional $1,000 annually.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&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.</font></td></tr></table>

<P>
<table cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="240">&nbsp;</td>
    <td colspan="7" align="center"> <b><font size="1"> Compensation Paid by each
      Fund($)*</font></b>
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="240"> <b><font size="1"> Fund</font></b>
      <hr noshade size="1" align="left" width="12%">
    </td>
    <td width="54" align="center"> <b><font size="1"> Forbes</font></b>
      <hr noshade size="1" width="90%">
    </td>
    <td width="58" align="center"> <b><font size="1"> Montgomery</font></b>
      <hr noshade size="1" width="90%">
    </td>
    <td width="47" align="center"> <b><font size="1"> Reilly</font></b>
      <hr noshade size="1" width="90%">
    </td>
    <td width="51" align="center"> <b><font size="1"> Ryan</font></b>
      <hr noshade size="1" width="90%">
    </td>
    <td width="58" align="center"> <b><font size="1"> Suddarth</font></b>
      <hr noshade size="1" width="90%">
    </td>
    <td width="36" align="center"> <b><font size="1"> West</font></b>
      <hr noshade size="1" width="90%">
    </td>
    <td width="54" align="center"> <b><font size="1"> Zinbarg</font></b>
      <hr noshade size="1" width="90%">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="240"> <font size=2> MH FL</font></td>
    <td width="54" align="center"> <font size=2> 4,300</font></td>
    <td width="58" align="center"> <font size=2> 3,800</font></td>
    <td width="47" align="center"> <font size=2> 4,300</font></td>
    <td width="51" align="center"> <font size=2> 3,800</font></td>
    <td width="58" align="center"> <font size=2> 3,800</font></td>
    <td width="36" align="center"> <font size=2> 3,800</font></td>
    <td width="54" align="center"> <font size=2> 3,800</font></td>
  </tr>
  <tr valign="bottom">
    <td width="240"> <font size=2> MH NY</font></td>
    <td width="54" align="center"> <font size=2> 4,300</font></td>
    <td width="58" align="center"> <font size=2> 3,800</font></td>
    <td width="47" align="center"> <font size=2> 4,300</font></td>
    <td width="51" align="center"> <font size=2> 3,800</font></td>
    <td width="58" align="center"> <font size=2> 3,800</font></td>
    <td width="36" align="center"> <font size=2> 3,800</font></td>
    <td width="54" align="center"> <font size=2> 3,800</font></td>
  </tr>
  <tr valign="bottom">
    <td width="240"> <font size=2> MH NJ</font></td>
    <td width="54" align="center"> <font size=2> 4,300</font></td>
    <td width="58" align="center"> <font size=2> 3,800</font></td>
    <td width="47" align="center"> <font size=2> 4,300</font></td>
    <td width="51" align="center"> <font size=2> 3,800</font></td>
    <td width="58" align="center"> <font size=2> 3,800</font></td>
    <td width="36" align="center"> <font size=2> 3,800</font></td>
    <td width="54" align="center"> <font size=2> 3,800</font></td>
  </tr>
  <tr valign="bottom">
    <td width="240"> <font size=2> MH Fund</font></td>
    <td width="54" align="center"> <font size=2> 4,200</font></td>
    <td width="58" align="center"> <font size=2> 3,700</font></td>
    <td width="47" align="center"> <font size=2> 4,200</font></td>
    <td width="51" align="center"> <font size=2> 3,700</font></td>
    <td width="58" align="center"> <font size=2> 3,467</font></td>
    <td width="36" align="center"> <font size=2> 3,700</font></td>
    <td width="54" align="center"> <font size=2> 3,467</font></td>
  </tr>
  <tr valign="bottom">
    <td width="240"> <font size=2> MH Fund II</font></td>
    <td width="54" align="center"> <font size=2> 4,300</font></td>
    <td width="58" align="center"> <font size=2> 3,800</font></td>
    <td width="47" align="center"> <font size=2> 4,300</font></td>
    <td width="51" align="center"> <font size=2> 3,800</font></td>
    <td width="58" align="center"> <font size=2> 3,800</font></td>
    <td width="36" align="center"> <font size=2> 3,800</font></td>
    <td width="54" align="center"> <font size=2> 3,800</font></td>
  </tr>
  <tr valign="bottom">
    <td width="240"> <font size=2> MH Ins. Fund</font></td>
    <td width="54" align="center"> <font size=2> 4,200</font></td>
    <td width="58" align="center"> <font size=2> 3,700</font></td>
    <td width="47" align="center"> <font size=2> 4,200</font></td>
    <td width="51" align="center"> <font size=2> 3,700</font></td>
    <td width="58" align="center"> <font size=2> 3,467</font></td>
    <td width="36" align="center"> <font size=2> 3,700</font></td>
    <td width="54" align="center"> <font size=2> 3,467</font></td>
  </tr>
</table>
<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<table width=600><tr><td width=3% valign=top><font size="1">*
</font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="1">No
pension or retirement benefits are accrued as part of Fund expenses.</font></td></tr></table>

<p>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
A-2</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 16, page: 16" -->





<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&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 31, 2000.</font></td>
  </tr>
</table>
<p>
<table cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="448"> <b><font size="1"> Name of Director</font></b>
      <hr noshade size="1" align="left" width="15%">
    </td>
    <td width="150" align="center"><b><font size="1">Aggregate Compensation Paid
      to<br>
      Directors by <br>
      FAM/MLIM Advised Funds($)(1) </font></b>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="448"> <font size=2> Ronald W. Forbes</font></td>
    <td width="150" align="center"> <font size=2> 295,008</font></td>
  </tr>
  <tr valign="bottom">
    <td width="448"> <font size=2> Cynthia A. Montgomery</font></td>
    <td width="150" align="center"> <font size=2> 264,008</font></td>
  </tr>
  <tr valign="bottom">
    <td width="448"> <font size=2> Charles C. Reilly</font></td>
    <td width="150" align="center"> <font size=2> 352,050</font></td>
  </tr>
  <tr valign="bottom">
    <td width="448"> <font size=2> Kevin A. Ryan</font></td>
    <td width="150" align="center"> <font size=2> 264,008</font></td>
  </tr>
  <tr valign="bottom">
    <td width="448"> <font size=2> Roscoe S. Suddarth</font></td>
    <td width="150" align="center"> <font size=2> 193,977</font></td>
  </tr>
  <tr valign="bottom">
    <td width="448"> <font size=2> Richard R. West</font></td>
    <td width="150" align="center"> <font size=2> 373,000</font></td>
  </tr>
  <tr valign="bottom">
    <td width="448"> <font size=2> Edward D. Zinbarg</font></td>
    <td width="150" align="center"> <font size=2> 242,435</font></td>
  </tr>
</table>
<table width=600>
  <tr>
    <td>
      <hr size=1 noshade align=left  width=75>
    </td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="1">(1) </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="1">The Directors serve on the boards of FAM/ MLIM
      Advised Funds as follows: Mr. Forbes (49 registered investment companies
      consisting of 57 portfolios); Ms. Montgomery (49 registered investment companies
      consisting of 57 portfolios); Mr. Reilly (49 registered investment companies
      consisting of 57 portfolios); Mr. Ryan (49 registered investment companies
      consisting of 57 portfolios); Mr. Suddarth (49 registered investment companies
      consisting of 57 portfolios); Mr. West (53 registered investment companies
      consisting of 70 portfolios) and Mr. Zinbarg (49 registered investment companies
      consisting of 57 portfolios).</font></td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2><B>Information Pertaining to Officers</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set
forth below is information regarding the executive officers of the Funds.</font></td></tr></table>

<P>
<table cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="24" valign="top">&nbsp;</td>
    <td width="174" valign="top">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td align="center"> <font size=1> </font> </td>
    <td align="center">&nbsp;</td>
    <td colspan="6" align="center"><font size=1><b>Officer Since</b> </font>
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="2" valign="bottom"> <font size=1> <b>Name and Biography</b> </font>
      <hr size="1" width="45%" align="left" noshade>
    </td>
    <td width="16">&nbsp;</td>
    <td width="39" align="center"> <font size=1> <b>Age</b> </font>
      <hr size="1" width="90%" noshade>
    </td>
    <td width="63" align="center"> <font size=1> <b>Office</b> </font>
      <hr size="1" width="90%" noshade>
    </td>
    <td width="53" align="center"> <font size=1> <b>MH FL</b> </font>
      <hr size="1" width="90%" noshade>
    </td>
    <td width="49" align="center"> <font size=1> <b>MH NY</b> </font>
      <hr size="1" width="90%" noshade>
    </td>
    <td width="41" align="center"> <font size=1> <b>MH NJ</b> </font>
      <hr size="1" width="90%" noshade>
    </td>
    <td width="41" align="center"> <font size=2> <b><font size=1>MH</font><br>
      <font size="1">Fund</font></b> </font>
      <hr size="1" width="90%" noshade>
    </td>
    <td width="45" align="center"> <font size=2> <b><font size=1>MH</font><br>
      <font size="1">Fund II</font></b> </font>
      <hr size="1" width="90%" noshade>
    </td>
    <td width="53" align="center"> <font size=2> <b><font size=1>MH</font><br>
      <font size="1">Ins. Fund</font></b> </font>
      <hr size="1" width="90%" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="2" height="18"> <font size=2> Terry K. Glenn </font></td>
    <td width="16" height="18">&nbsp;</td>
    <td width="39" align="center" height="18"> <font size=2> 61 </font></td>
    <td width="63" align="left" height="18"> <font size=2> President* </font></td>
    <td width="53" align="center" height="18"> <font size=2> 1997 </font></td>
    <td width="49" align="center" height="18"> <font size=2> 1997 </font></td>
    <td width="41" align="center" height="18"> <font size=2> 1998 </font></td>
    <td width="41" align="center" height="18"> <font size=2> 1997 </font></td>
    <td width="45" align="center" height="18"> <font size=2> 1998 </font></td>
    <td width="53" align="center" height="18"> <font size=2> 1997 </font></td>
  </tr>
  <tr valign="bottom">
    <td width="24" valign="top">&nbsp;</td>
    <td width="174" valign="top"> <font size=2> Chairman (Americas Region) of
      MLIM since 2001; Executive Vice President of MLIM and its affiliate FAM
      since 1983; President, Merrill Lynch Mutual Funds since 1999; President
      of FAM Distributors, Inc. (&#147;FAMD&#148;) since 1986 and Director thereof
      since 1991; Executive Vice President and Director of Princeton Services
      since 1993; President of Princeton Administrators, L.P. since 1988; Director
      of FDS since 1985. </font></td>
    <td width="16">&nbsp;</td>
    <td width="39" align="center" valign="top">&nbsp;</td>
    <td width="63" align="left" valign="top">&nbsp;</td>
    <td width="53" align="center" valign="top">&nbsp;</td>
    <td width="49" align="center" valign="top">&nbsp;</td>
    <td width="41" align="center" valign="top">&nbsp;</td>
    <td width="41" align="center" valign="top">&nbsp;</td>
    <td width="45" align="center" valign="top">&nbsp;</td>
    <td width="53" align="center" valign="top">&nbsp;</td>
  </tr>
</table>

<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<table width=600><tr><td width=3% valign=top><font size="1">*
</font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="1">Terry
K. Glenn served as Executive Vice President until he was elected President in
1999.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
A-3</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;









<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 17, page: 17" -->




<P>
<table cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td colspan="2" valign="bottom">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="39" align="center">&nbsp;</td>
    <td width="63" align="center">&nbsp;</td>
    <td width="282" align="center" colspan="6"><font size=1><b>Officer Since</b>
      </font>
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="2" valign="bottom"> <font size=1> <b>Name and Biography</b> </font>
      <hr size="1" width="45%" align="left" noshade>
    </td>
    <td width="16">&nbsp;</td>
    <td width="39" align="center"> <font size=1> <b>Age</b> </font>
      <hr size="1" width="90%" noshade>
    </td>
    <td width="63" align="center"> <font size=1> <b>Office</b> </font>
      <hr size="1" width="90%" noshade>
    </td>
    <td width="53" align="center"> <font size=1> <b>MH FL</b> </font>
      <hr size="1" width="90%" noshade>
    </td>
    <td width="49" align="center"> <font size=1> <b>MH NY</b> </font>
      <hr size="1" width="90%" noshade>
    </td>
    <td width="41" align="center"> <font size=1> <b>MH NJ</b> </font>
      <hr size="1" width="90%" noshade>
    </td>
    <td width="41" align="center"> <font size=2> <b><font size=1>MH</font><br>
      <font size="1">Fund</font></b> </font>
      <hr size="1" width="90%" noshade>
    </td>
    <td width="45" align="center"> <font size=2> <b><font size=1>MH</font><br>
      <font size="1">Fund II</font></b> </font>
      <hr size="1" width="90%" noshade>
    </td>
    <td width="53" align="center"> <font size=2> <b><font size=1>MH</font><br>
      <font size="1">Ins. Fund</font></b> </font>
      <hr size="1" width="90%" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="2"> <font size=2> Vincent R. Giordano </font></td>
    <td width="16">&nbsp;</td>
    <td width="39" align="center"> <font size=2> 57 </font></td>
    <td width="63" align="left"> <font size=2> Senior</font></td>
    <td width="53" align="center"> <font size=2> 1997 </font></td>
    <td width="49" align="center"> <font size=2> 1997 </font></td>
    <td width="41" align="center"> <font size=2> 1998 </font></td>
    <td width="41" align="center"> <font size=2> 1997 </font></td>
    <td width="45" align="center"> <font size=2> 1998 </font></td>
    <td width="53" align="center"> <font size=2> 1997 </font></td>
  </tr>
  <tr valign="bottom">
    <td width="24" valign="top">&nbsp;</td>
    <td width="174" 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 width="16">&nbsp;</td>
    <td width="39" align="center" valign="top">&nbsp;</td>
    <td width="63" align="left" valign="top"> <font size=2> Vice President </font></td>
    <td width="53" align="center" valign="top">&nbsp;</td>
    <td width="49" align="center" valign="top">&nbsp;</td>
    <td width="41" align="center" valign="top">&nbsp;</td>
    <td width="41" align="center" valign="top">&nbsp;</td>
    <td width="45" align="center" valign="top">&nbsp;</td>
    <td width="53" align="center" valign="top">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="24" valign="top">&nbsp;</td>
    <td width="174" valign="top"> <font size=2> &nbsp; </font></td>
    <td width="16">&nbsp;</td>
    <td width="39" align="center" valign="top">&nbsp;</td>
    <td width="63" align="left" valign="top">&nbsp;</td>
    <td width="53" align="center" valign="top">&nbsp;</td>
    <td width="49" align="center" valign="top">&nbsp;</td>
    <td width="41" align="center" valign="top">&nbsp;</td>
    <td width="41" align="center" valign="top">&nbsp;</td>
    <td width="45" align="center" valign="top">&nbsp;</td>
    <td width="53" align="center" valign="top">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td colspan="2"> <font size=2> Kenneth A. Jacob </font></td>
    <td width="16">&nbsp;</td>
    <td width="39" align="center"> <font size=2> 50 </font></td>
    <td width="63" align="left"> <font size=2> Vice <br>
      </font></td>
    <td width="53" align="center"> <font size=2> 1997 </font></td>
    <td width="49" align="center"> <font size=2> 1997 </font></td>
    <td width="41" align="center"> <font size=2> 1998 </font></td>
    <td width="41" align="center"> <font size=2> 1997 </font></td>
    <td width="45" align="center"> <font size=2> 1998 </font></td>
    <td width="53" align="center"> <font size=2> 1997 </font></td>
  </tr>
  <tr valign="bottom">
    <td width="24" valign="top">&nbsp;</td>
    <td width="174" 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 width="16">&nbsp;</td>
    <td width="39" align="center" valign="top">&nbsp;</td>
    <td width="63" align="left" valign="top"><font size=2>President</font></td>
    <td width="53" align="center" valign="top">&nbsp;</td>
    <td width="49" align="center" valign="top">&nbsp;</td>
    <td width="41" align="center" valign="top">&nbsp;</td>
    <td width="41" align="center" valign="top">&nbsp;</td>
    <td width="45" align="center" valign="top">&nbsp;</td>
    <td width="53" align="center" valign="top">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td colspan="2" height="18">&nbsp;</td>
    <td width="16" height="18">&nbsp;</td>
    <td width="39" align="center" height="18">&nbsp;</td>
    <td width="63" align="left" height="18">&nbsp;</td>
    <td width="53" align="center" height="18">&nbsp;</td>
    <td width="49" align="center" height="18">&nbsp;</td>
    <td width="41" align="center" height="18">&nbsp;</td>
    <td width="41" align="center" height="18">&nbsp;</td>
    <td width="45" align="center" height="18">&nbsp;</td>
    <td width="53" align="center" height="18">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td colspan="2" height="18"> <font size=2> Donald C. Burke </font></td>
    <td width="16" height="18">&nbsp;</td>
    <td width="39" align="center" height="18"><font size=2>41 </font></td>
    <td width="63" align="left" height="18"> <font size=2> &nbsp;&nbsp;&nbsp;Vice
      </font></td>
    <td width="53" align="center" height="18"> <font size=2> 1997 </font></td>
    <td width="49" align="center" height="18"> <font size=2> 1997 </font></td>
    <td width="41" align="center" height="18"> <font size=2> 1998 </font></td>
    <td width="41" align="center" height="18"> <font size=2> 1997 </font></td>
    <td width="45" align="center" height="18"> <font size=2> 1998 </font></td>
    <td width="53" align="center" height="18"> <font size=2> 1997 </font></td>
  </tr>
  <tr valign="bottom">
    <td width="24" valign="top">&nbsp;</td>
    <td width="174" valign="bottom"> <font size=2> First Vice President of MLIM
      and FAM since 2000; Treasurer </font></td>
    <td width="16">&nbsp;</td>
    <td width="39" align="center" valign="top">&nbsp;</td>
    <td width="63" align="left" valign="top"> <font size=2> &nbsp;&nbsp;&nbsp;President<br>
      &nbsp;&nbsp;&nbsp;Treasurer</font></td>
    <td width="53" align="center" valign="bottom"> <font size=2> 1999 </font></td>
    <td width="49" align="center" valign="bottom"> <font size=2> 1999 </font></td>
    <td width="41" align="center" valign="bottom"> <font size=2> 1999 </font></td>
    <td width="41" align="center" valign="bottom"> <font size=2> 1999 </font></td>
    <td width="45" align="center" valign="bottom"> <font size=2> 1999 </font></td>
    <td width="53" align="center" valign="bottom"> <font size=2> 1999 </font></td>
  </tr>
  <tr valign="bottom">
    <td width="24" valign="top">&nbsp;</td>
    <td width="174" valign="top"> <font size=2> 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. </font></td>
    <td width="16">&nbsp;</td>
    <td width="39" align="center" valign="top">&nbsp;</td>
    <td width="63" align="left" valign="top">&nbsp;</td>
    <td width="53" align="center" valign="top">&nbsp;</td>
    <td width="49" align="center" valign="top">&nbsp;</td>
    <td width="41" align="center" valign="top">&nbsp;</td>
    <td width="41" align="center" valign="top">&nbsp;</td>
    <td width="45" align="center" valign="top">&nbsp;</td>
    <td width="53" align="center" valign="top">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td colspan="2">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="39" align="center">&nbsp;</td>
    <td width="63" align="left">&nbsp;</td>
    <td width="53" align="center">&nbsp;</td>
    <td width="49" align="center">&nbsp;</td>
    <td width="41" align="center">&nbsp;</td>
    <td width="41" align="center">&nbsp;</td>
    <td width="45" align="center">&nbsp;</td>
    <td width="53" align="center">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td colspan="2"> <font size=2> Robert A. DiMella, CFA </font></td>
    <td width="16">&nbsp;</td>
    <td width="39" align="center"> <font size=2> 35 </font></td>
    <td width="63" align="left"> <font size=2> &nbsp;&nbsp;&nbsp;Vice </font></td>
    <td width="53" align="center"><font size=2>&#151;</font></td>
    <td width="49" align="center"><font size=2>&#151;</font></td>
    <td width="41" align="center"><font size=2>&#151;</font></td>
    <td width="41" align="center"> <font size=2> 1997 </font></td>
    <td width="45" align="center"> <font size=2> 1998 </font></td>
    <td width="53" align="center"> <font size=2> 1998 </font></td>
  </tr>
  <tr valign="bottom">
    <td width="24" valign="top">&nbsp;</td>
    <td width="174" 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 width="16">&nbsp;</td>
    <td width="39" align="center" valign="top">&nbsp;</td>
    <td width="63" align="left" valign="top"><font size=2>&nbsp;&nbsp;&nbsp;President
      </font></td>
    <td width="53" align="center" valign="top">&nbsp;</td>
    <td width="49" align="center" valign="top">&nbsp;</td>
    <td width="41" align="center" valign="top">&nbsp;</td>
    <td width="41" align="center" valign="top">&nbsp;</td>
    <td width="45" align="center" valign="top">&nbsp;</td>
    <td width="53" align="center" valign="top">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td colspan="2">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="39" align="center">&nbsp;</td>
    <td width="63" align="left">&nbsp;</td>
    <td width="53" align="center">&nbsp;</td>
    <td width="49" align="center">&nbsp;</td>
    <td width="41" align="center">&nbsp;</td>
    <td width="41" align="center">&nbsp;</td>
    <td width="45" align="center">&nbsp;</td>
    <td width="53" align="center">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td colspan="2"> <font size=2> Robert D. Sneeden </font></td>
    <td width="16">&nbsp;</td>
    <td width="39" align="center"> <font size=2> 48 </font></td>
    <td width="63" align="left"> <font size=2> &nbsp;&nbsp;&nbsp;Vice </font></td>
    <td width="53" align="center"> <font size=2> 1997 </font></td>
    <td width="49" align="center"> <font size=2> 1999 </font></td>
    <td width="41" align="center"> <font size=2> 1998 </font></td>
    <td width="41" align="center"> <font size=2> &#151; </font></td>
    <td width="45" align="center"> <font size=2> &#151; </font></td>
    <td width="53" align="center"> <font size=2> &#151; </font></td>
  </tr>
  <tr valign="bottom">
    <td width="24" valign="top">&nbsp;</td>
    <td width="174" valign="top"> <font size=2> Assistant Vice President and Portfolio
      Manager of MLIM since 1994; Vice President of Lehman Brothers from 1990
      to&nbsp;1994. </font></td>
    <td width="16">&nbsp;</td>
    <td width="39" align="center" valign="top">&nbsp;</td>
    <td width="63" align="left" valign="top"><font size=2>&nbsp;&nbsp;&nbsp;President</font></td>
    <td width="53" align="center" valign="top">&nbsp;</td>
    <td width="49" align="center" valign="top">&nbsp;</td>
    <td width="41" align="center" valign="top">&nbsp;</td>
    <td width="41" align="center" valign="top">&nbsp;</td>
    <td width="45" align="center" valign="top">&nbsp;</td>
    <td width="53" align="center" valign="top">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td colspan="2">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="39" align="center">&nbsp;</td>
    <td width="63" align="left">&nbsp;</td>
    <td width="53" align="center">&nbsp;</td>
    <td width="49" align="center">&nbsp;</td>
    <td width="41" align="center">&nbsp;</td>
    <td width="41" align="center">&nbsp;</td>
    <td width="45" align="center">&nbsp;</td>
    <td width="53" align="center">&nbsp;</td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
A-4</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<br>
&nbsp; <!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 18, page: 18" -->
<p></P>
<table cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td colspan="2" valign="bottom">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="39" align="center">&nbsp;</td>
    <td width="63" align="center">&nbsp;</td>
    <td width="282" align="center" colspan="6"><font size=1><b>Officer Since</b>
      </font>
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="2" valign="bottom"> <font size=1> <b>Name and Biography</b> </font>
      <hr size="1" width="45%" align="left" noshade>
    </td>
    <td width="16">&nbsp;</td>
    <td width="39" align="center"> <font size=1> <b>Age</b> </font>
      <hr size="1" width="90%" noshade>
    </td>
    <td width="63" align="center"> <font size=1> <b>Office</b> </font>
      <hr size="1" width="90%" noshade>
    </td>
    <td width="53" align="center"> <font size=1> <b>MH FL</b> </font>
      <hr size="1" width="90%" noshade>
    </td>
    <td width="49" align="center"> <font size=1> <b>MH NY</b> </font>
      <hr size="1" width="90%" noshade>
    </td>
    <td width="41" align="center"> <font size=1> <b>MH NJ</b> </font>
      <hr size="1" width="90%" noshade>
    </td>
    <td width="41" align="center"> <font size=2> <b><font size=1>MH</font><br>
      <font size="1">Fund</font></b> </font>
      <hr size="1" width="90%" noshade>
    </td>
    <td width="45" align="center"> <font size=2> <b><font size=1>MH</font><br>
      <font size="1">Fund II</font></b> </font>
      <hr size="1" width="90%" noshade>
    </td>
    <td width="53" align="center"> <font size=2> <b><font size=1>MH</font><br>
      <font size="1">Ins. Fund</font></b> </font>
      <hr size="1" width="90%" noshade>
    </td>
  </tr>
</table>
<table cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td colspan="2"> <font size=2> Alice A. Pellegrino</font></td>
    <td width="16">&nbsp;</td>
    <td width="39" align="center"> <font size=2>41 </font></td>
    <td width="63" align="left"> <font size=2> &nbsp;&nbsp;&nbsp;Secretary </font></td>
    <td width="53" align="center"> <font size=2> 2001 </font></td>
    <td width="49" align="center"> <font size=2> 2001</font></td>
    <td width="41" align="center"> <font size=2> 2001 </font></td>
    <td width="41" align="center"> <font size=2> 2001</font></td>
    <td width="45" align="center"> <font size=2> 2001</font></td>
    <td width="53" align="center"> <font size=2> 2001</font></td>
  </tr>
  <tr valign="bottom">
    <td width="24" valign="top">&nbsp;</td>
    <td width="174" valign="top"> <font size=2> Vice President of MLIM since 1999;
      Attorney associated with MLIM since 1997; Associate with Kirkpatrick &amp;
      Lockhart <font size="1">LLP</font> from 1992 to 1997.</font></td>
    <td width="16">&nbsp;</td>
    <td width="39" align="center" valign="top">&nbsp;</td>
    <td width="63" align="left" valign="top">&nbsp;</td>
    <td width="53" align="center" valign="top">&nbsp;</td>
    <td width="49" align="center" valign="top">&nbsp;</td>
    <td width="41" align="center" valign="top">&nbsp;</td>
    <td width="41" align="center" valign="top">&nbsp;</td>
    <td width="45" align="center" valign="top">&nbsp;</td>
    <td width="53" align="center" valign="top">&nbsp;</td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> A-5</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp;


<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 19, page: 19" -->


<p>
<p>
<table width=600><tr><td align=right><font size=2><B>EXHIBIT B</B></font></td></tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2><B>CHARTER OF THE AUDIT COMMITTEE<br>
      OF THE BOARD OF DIRECTORS/TRUSTEES</B></font></td>
  </tr></table>

<p>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
each investment company audit committee also serves as a nominating committee,
the following charter pertains only to each audit and nominating committee&#146;s
duties as an audit committee. The Board of Directors/Trustees of each
investment company listed on Appendix A hereto, has adopted the following audit
committee charter:</font></td></tr></table>

<P>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>I.<i>&nbsp;Composition of
      the Audit Committee </i></b></font> </td>
  </tr>
</table>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
      Audit Committee shall be composed of at least three Directors/Trustees:</font>
    </td>
  </tr>
</table>
<table CELLSPACING=0 CELLPADDING=0 WIDTH=600>
  <TR>
    <TD VALIGN="TOP" WIDTH="42">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="24"> <FONT SIZE=2>
      <P> (a)
      </FONT></TD>
    <TD VALIGN="TOP" WIDTH="532"> <FONT SIZE=2>
      <P>each of whom shall not be an &#147;interested person&#148; of the Fund,
        as defined in Section 2(a)(19) of the Investment Company Act of 1940,
        as amended;
      </FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="42">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="24"> <FONT SIZE=2>
      <P> (b)
      </FONT></TD>
    <TD VALIGN="TOP" WIDTH="532"> <FONT SIZE=2>
      <P>each of whom shall not have any relationship to the Fund that may interfere
        with the exercise of their independence from Fund management and the Fund;
      </FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="42">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="24"> <FONT SIZE=2>
      <P> (c)
      </FONT></TD>
    <TD VALIGN="TOP" WIDTH="532"> <FONT SIZE=2>
      <P>each of whom shall otherwise satisfy the applicable independence requirements
        for any stock exchange or market quotation system on which Fund shares
        are listed or quoted;
      </FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="42">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="24"> <FONT SIZE=2>
      <P> (d)
      </FONT></TD>
    <TD VALIGN="TOP" WIDTH="532"> <FONT SIZE=2>
      <P>each of whom shall be financially literate, as such qualification is
        interpreted by the Board of Directors/Trustees in its business judgment,
        or shall become financially literate within a reasonable period of time
        after his or her appointment to the Audit Committee; and
      </FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="42">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="24"> <FONT SIZE=2>
      <P> (e)
      </FONT></TD>
    <TD VALIGN="TOP" WIDTH="532"> <FONT SIZE=2>
      <P>at least one of whom shall have accounting or related financial management
        expertise as the Board of Directors/Trustees interprets such qualification
        in its business judgment.
      </FONT></TD>
  </TR>
</TABLE>

<br>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>II.&nbsp;<i>Purposes of
      the Audit Committee</i> </b></font></td>
  </tr>
</table>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
      purposes of the Audit Committee are to assist the Board of Directors/Trustees:</font></td>
  </tr>
</table>
<table cellspacing=0 cellpadding=0 width=600>
  <tr>
    <td valign="TOP" width="41">&nbsp;</td>
    <td valign="TOP" width="25"> <font size=2>
      <p> (a)
      </font></td>
    <td valign="TOP" width="532"> <font size=2>
      <p>in its oversight of the Fund&#146;s accounting and financial reporting policies
        and practices, the Fund&#146;s internal audit controls and procedures and,
        as appropriate, the internal audit controls and procedures of certain
        of the Fund&#146;s service providers;
      </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="41">&nbsp;</td>
    <td valign="TOP" width="25"> <font size=2>
      <p> (b)
      </font></td>
    <td valign="TOP" width="532"> <font size=2>
      <p>in its oversight of the Fund&#146;s financial statements and the independent
        audit thereof; and
      </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="41">&nbsp;</td>
    <td valign="TOP" width="25"> <font size=2>
      <p> (c)
      </font></td>
    <td valign="TOP" width="532"> <font size=2>
      <p>in acting as a liaison between the Fund&#146;s independent accountants and
        the Board of Directors/Trustees.
      </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The function of the Audit Committee
      is oversight. Fund management is responsible for maintaining appropriate
      systems for accounting. The independent accountants of the Fund are responsible
      for conducting a proper audit of the Fund&#146;s financial statements.</font></td>
  </tr>
</table>
<P>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
B-1</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;












<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 20, page: 20" -->





<p>
<table cellspacing=0 cellpadding=0 width=600>
  <tr>
    <td valign="TOP" colspan="3"> <font size=2>
      <p><b>III.&nbsp;<i>Responsibilities and Duties of the Audit Committee </i></b>
      </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The policies and procedures
      of the Audit Committee shall remain flexible to facilitate its ability to
      react to changing conditions and to generally discharge its functions. The
      following listed responsibilities describe areas of attention in broad terms.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To carry out its purposes,
      the Audit Committee shall have the following responsibilities and duties:</font></td>
  </tr>
</table>
<br>
<table cellspacing=0 cellpadding=0 width=600>
  <tr>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="31"> <font size=2>
      <p> (a)
      </font></td>
    <td valign="TOP" width="547"> <font size=2>
      <p>to recommend the selection, retention or termination of the Fund&#146;s independent
        accountants based on an evaluation of their independence and the nature
        and performance of audit services and other services;
      </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="31">&nbsp;</td>
    <td valign="TOP" width="547">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="31"> <font size=2>
      <p> (b)
      </font></td>
    <td valign="TOP" width="547"> <font size=2>
      <p>to ensure that the independent accountants for the Fund submit on a periodic
        basis to the Audit Committee a formal written statement delineating all
        relationships between such independent accountants and the Fund, consistent
        with Independence Standards Board Standard No. 1, and actively engage
        in a dialogue with the independent accountants for the Fund with respect
        to any disclosed relationships or services that may impact the objectivity
        and independence of such independent accountants and, if deemed appropriate
        by the Audit Committee, to recommend that the Board of Directors/Trustees
        take appropriate action in response to the report of such independent
        accountants to satisfy itself of the independence of such independent
        accountants;
      </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="31">&nbsp;</td>
    <td valign="TOP" width="547">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="31"> <font size=2>
      <p> (c)
      </font></td>
    <td valign="TOP" width="547"> <font size=2>
      <p>to receive specific representations from the independent accountants
        with respect to their independence and to consider whether the provision
        of any disclosed non-audit services by the independent accountants is
        compatible with maintaining the independence of those accountants;
      </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="31">&nbsp;</td>
    <td valign="TOP" width="547">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="31"> <font size=2>
      <p> (d)
      </font></td>
    <td valign="TOP" width="547"> <font size=2>
      <p>to review the fees charged by independent accountants for audit and other
        services;
      </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="31">&nbsp;</td>
    <td valign="TOP" width="547">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="31"> <font size=2>
      <p> (e)
      </font></td>
    <td valign="TOP" width="547"> <font size=2>
      <p>to review with the independent accountants arrangements for annual audits
        and special audits and the scope thereof;
      </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="31">&nbsp;</td>
    <td valign="TOP" width="547">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="31"> <font size=2>
      <p> (f)
      </font></td>
    <td valign="TOP" width="547"> <font size=2>
      <p>to discuss with the independent accountants those matters required by
        SAS No. 61 and SAS No. 90 relating to the Fund&#146;s financial statements,
        including, without limitation, any adjustment to such financial statements
        recommended by such independent accountants, or any other results of any
        audit;
      </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="31">&nbsp;</td>
    <td valign="TOP" width="547">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="31"> <font size=2>
      <p> (g)
      </font></td>
    <td valign="TOP" width="547"> <font size=2>
      <p>to consider with the independent accountants their comments with respect
        to the quality and adequacy of the Fund&#146;s accounting and financial reporting
        policies, practices and internal controls and management&#146;s responses thereto,
        including, without limitation, the effect on the Fund of any recommendation
        of changes in accounting principles or practices by management or the
        independent accountants;
      </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="31">&nbsp;</td>
    <td valign="TOP" width="547">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="31"> <font size=2>
      <p> (h)
      </font></td>
    <td valign="TOP" width="547"> <font size=2>
      <p>to report to the Board of Directors/Trustees regularly with respect to
        the Audit Committee&#146;s activities and to make any recommendations it believes
        necessary or appropriate with respect to the Fund&#146;s accounting and financial
        reporting policies, practices and the Fund&#146;s internal controls;
      </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="31">&nbsp;</td>
    <td valign="TOP" width="547">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="31"> <font size=2>
      <p> (i)
      </font></td>
    <td valign="TOP" width="547"> <font size=2>
      <p>to review and reassess the adequacy of this Charter on an annual basis
        and recommend any changes to the Board of Directors/Trustees;
      </font></td>
  </tr>
</table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
B-2</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;













<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 21, page: 21" -->





<P>
<table cellspacing=0 cellpadding=0 width=600>
  <tr>
    <td valign="TOP" width="21">&nbsp;</td>
    <td valign="TOP" width="30"> <font size=2>
      <p> (j)
      </font></td>
    <td valign="TOP" width="547"> <font size=2>
      <p>to review legal and regulatory matters presented by counsel and the independent
        accountants for the Fund that may have a material impact on the Fund&#146;s
        financial statements;
      </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="21">&nbsp;</td>
    <td valign="TOP" width="30">&nbsp;</td>
    <td valign="TOP" width="547">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="21">&nbsp;</td>
    <td valign="TOP" width="30">
      <p><font size="2"> (k) </font>
    </td>
    <td valign="TOP" width="547">
      <p><font size="2">to cause to be prepared and to review and submit any report,
        including any recommendation of the Audit Committee, required to be included
        in the Fund&#146;s annual proxy statement by the rules of the Securities and
        Exchange Commission; </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="21">&nbsp;</td>
    <td valign="TOP" width="30">&nbsp;</td>
    <td valign="TOP" width="547">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="21">&nbsp;</td>
    <td valign="TOP" width="30">
      <p><font size="2"> (l) </font>
    </td>
    <td valign="TOP" width="547">
      <p><font size="2">to assist the Fund, if necessary, in preparing any written
        affirmation or written certification required to be filed with any stock
        exchange on which Fund shares are listed; and </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="21">&nbsp;</td>
    <td valign="TOP" width="30">&nbsp;</td>
    <td valign="TOP" width="547">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="21">&nbsp;</td>
    <td valign="TOP" width="30">
      <p><font size="2"> (m) </font>
    </td>
    <td valign="TOP" width="547">
      <p><font size="2">to perform such other functions consistent with this Charter,
        the Fund&#146;s By-laws and governing law, as the Audit Committee or the Board
        of Directors/Trustees deems necessary or appropriate. </font>
    </td>
  </tr>
</table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
fulfilling their responsibilities hereunder, it is recognized that members of
the Audit Committee are not full-time employees of the Fund and are not, and do
not represent themselves to be, accountants or auditors by profession or
experts in the field of accounting or auditing. As such, it is not the duty or
responsibility of the Audit Committee or its members to conduct &#147;field work&#148; or
other types of auditing or accounting reviews or procedures, and each member of
the Audit Committee shall be entitled to rely on (i) the integrity of those
persons and organizations inside and outside the Fund from which the Audit
Committee receives information and (ii) the accuracy of the financial and other
information provided to the Audit Committee by such persons or organizations
absent actual knowledge to the contrary (which actual knowledge shall be
promptly reported to the Board of Directors/Trustees).</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
independent accountants for the Fund are ultimately accountable to the Board of
Directors/Trustees and the Audit Committee. The Board of Directors/Trustees and
the Audit Committee have the ultimate authority and responsibility to select,
evaluate and, where appropriate, replace the independent accountants for the
Fund (or to nominate the independent accountants to be proposed for shareholder
approval in the proxy statement).</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B>IV. <I>Meetings</I></B></FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee shall meet at least once annually with the independent
accountants (outside the presence of Fund management) and at least once
annually with the representatives of Fund management responsible for the
financial and accounting operations of the Fund. The Audit Committee shall hold
special meetings at such times as the Audit Committee believes appropriate.
Members of the Audit Committee may participate in a meeting of the Audit
Committee by means of conference call or similar communications equipment by
means of which all persons participating in such meeting can hear each other.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B>V. <I>Outside Resources and Assistance
from Fund Management</I></B></FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
appropriate officers of the Fund shall provide or arrange to provide such
information, data and services as the Audit Committee may request. The Audit
Committee shall have the power and authority to take all action it believes
necessary or appropriate to discharge its responsibilities, including the
authority to retain at the expense of the Fund their own counsel and other
experts and consultants whose expertise would be considered helpful to the
Audit Committee.</font></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">Adopted June 9, 2000<br>
      As revised: April 5, 2001</FONT></td>
  </tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
B-3</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 22, page: 22" -->




<br>
<table width=600>
  <tr>
    <td align=right><font size=2><b>Appendix A</b></font></td>
  </tr>
</table>
<table width=600>
  <tr>
    <td><font size="2">Debt Strategies Fund, Inc.<br>
      Mercury Senior Floating Rate Fund, Inc.<br>
      Merrill Lynch Senior Floating Rate Fund, Inc.<br>
      Merrill Lynch Senior Floating Rate Fund II, Inc.<br>
      MuniHoldings Fund, Inc.<br>
      MuniHoldings Fund II, Inc.<br>
      MuniHoldings Florida Insured Fund<br>
      MuniHoldings Insured Fund, Inc.<br>
      MuniHoldings New Jersey Insured Fund, Inc.<br>
      MuniHoldings New York Insured Fund, Inc.<br>
      MuniVest Fund, Inc.<br>
      MuniVest Fund II, Inc.<br>
      Senior High Income Portfolio, Inc.</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">B-4 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 23, page: 23" -->





<p></P>
<table width=600>
  <tr>
    <td align=right><font size=3><b>COMMON SHARES</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3><b>MUNIHOLDINGS FLORIDA INSURED FUND<br>
      P.O. Box 9011 <br>
      Princeton, New Jersey 08543-9011</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3><b>PROXY</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3><b>This proxy is solicited on behalf of the
      Board of Trustees</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr valign="bottom" align="left">
    <td><font size="2">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 Common Shares of
      MuniHoldings Florida Insured Fund (the &#147;Fund&#148;) held of record
      by the undersigned on October 25, 2001 at the Annual Meeting of Shareholders
      of the Fund to be held on December 12, 2001 or any adjournment thereof.
      </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>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
      &#147;FOR&#148; Proposal 1.</b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size=2>By signing and dating the reverse side of this card, you
      authorize the proxies to vote the proposal as marked, or if not marked,
      to vote &#147;FOR&#148; Proposal 1, 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.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td>
      <p><font size="2">Sign, date and return this Proxy Card promptly using the
        enclosed envelope.</font></p>
      </td>
  </tr>
</table>
<p>
<p>
<table width=600>
  <tr>
    <td align=right><font size=1>(Continued and to be signed on the reverse side)</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
















<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 24, page: 24" -->




<p>&nbsp;</p>
<table width=600>
  <tr valign="top" align="left">
    <td><font size=2>Please mark boxes <font size="5">&#149; </font> or |X| in
      blue or black ink. &nbsp; </font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="top">
    <td><font size="2">1. ELECTION OF TRUSTEES </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>FOR</b> all nominees listed below <br>
      (except as marked to the contrary <br>
      below) |_| </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>WITHHOLD AUTHORITY</b> <br>
      to vote for all nominees listed <br>
      below |_| </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size="1"><b><i>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.) </i><br>
      Ronald W. Forbes, Terry K. Glenn, Cynthia A. Montgomery, Kevin A. Ryan,
      Roscoe S. Suddarth, Edward D. Zinbarg</b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="2"> 2. </font></td>
    <td width=97% colspan="2"><font size="2">In the discretion of such proxies,
      upon such other business as may properly come before the meeting or any
      adjournment thereof.</font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="bottom"><font size="1">Please sign exactly as name
      appears herein. 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>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">Dated: ________________________________________________,
      2001 </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X__________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X __________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top">
      <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
        if held jointly </font> </p>
      </td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>












<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 25, page: 25" -->



<p></p>
<table width=600>
  <tr align="right">
    <td><font size=3><b>AUCTION MARKET<br>
      PREFERRED SHARES</b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td  align=center><font size=3><b> MUNIHOLDINGS FLORIDA INSURED FUND<br>
      P.O. Box 9011 <br>
      Princeton, New Jersey 08543-9011</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3><b>PROXY</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3><b>This proxy is solicited on behalf of the
      Board of Trustees</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr valign="bottom" align="left">
    <td><font size="2">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 Auction
      Market Preferred Shares of MuniHoldings Florida Insured Fund (the &#147;Fund&#148;)
      held of record by the undersigned on October 25, 2001 at the Annual Meeting
      of Shareholders of the Fund to be held on December 12, 2001 or any adjournment
      thereof. </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>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
      &#147;FOR&#148; Proposal 1.</b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr align="left" valign="bottom">
    <td><font size="2">By signing and dating the reverse side of this card, you
      authorize the proxies to vote the proposal as marked, or if not marked,
      to vote &#147;FOR&#148; Proposal 1, 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. </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td>
      <p><font size="2">Sign, date and return this Proxy Card promptly using the
        enclosed envelope.</font></p>
      </td>
  </tr>
</table>
<p>
<p>
<table width=600>
  <tr>
    <td align=right><font size=1>(Continued and to be signed on the reverse side)</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>












<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 26, page: 26" -->



<p></p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes <font size="5">&#149;</font> or |X| in
      blue or black ink. </font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="top">
    <td><font size="2">1. ELECTION OF TRUSTEES </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>FOR</b> all nominees listed below <br>
      (except as marked to the contrary <br>
      below) |_| </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>WITHHOLD AUTHORITY</b> <br>
      to vote for all nominees listed <br>
      below |_| </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size="1"><b><i>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.) </i><br>
      Ronald W. Forbes, Terry K. Glenn, Cynthia A. Montgomery, Charles C. Reilly,
      Kevin A. Ryan, Roscoe S. Suddarth, Richard R. West, Edward D. Zinbarg</b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="2"> 2. </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="bottom">
      <p><font size="1">If the undersigned is a broker-dealer, it hereby instructs
        the proxies, pursuant to Rule 452 of the New York Stock Exchange, to vote
        any uninstructed shares of Auction Market Preferred Shares in the same
        proportion as votes cast by holders of shares of Auction Market Preferred
        Shares who have responded to this proxy solicitation.</font></p>
      <p><font size="1">Please sign exactly as name appears herein. 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></p>
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">Dated: ________________________________________________,
      2001 </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X__________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X __________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top">
      <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
        if held jointly </font> </p>
    </td>
  </tr>
</table>
<br>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<br>
<hr size=5 noshade width=600 align=LEFT>












<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 27, page: 27" -->



<p>&nbsp; </p>
<table width=600>
  <tr>
    <td align=right width="417">&nbsp;</td>
    <td align=left width="171"><font size=3><b>COMMON STOCK</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3><b>MUNIHOLDINGS NEW YORK INSURED FUND, INC.
      <br>
      P.O. Box 9011 <br>
      Princeton, New Jersey 08543-9011</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3><b>PROXY</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3><b>This proxy is solicited on behalf of the
      Board of Directors</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr valign="bottom" align="left">
    <td><font size="2">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 New York Insured Fund, Inc. (the &#147;Fund&#148;)
      held of record by the undersigned on October 25, 2001 at the Annual Meeting
      of Stockholders of the Fund to be held on December 12, 2001 or any adjournment
      thereof. </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>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
      &#147;FOR&#148; Proposal 1.</b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr align="left" valign="bottom">
    <td><font size="2">By signing and dating the reverse side of this card, you
      authorize the proxies to vote the proposal as marked, or if not marked,
      to vote &#147;FOR&#148; Proposal 1, 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. </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td>
      <p><font size="2">Sign, date and return this Proxy Card promptly using the
        enclosed envelope.</font></p>
      </td>
  </tr>
</table>
<p>
<p>
<table width=600>
  <tr>
    <td align=right><font size=1>(Continued and to be signed on the reverse side)</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>












<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 28, page: 28" -->



<p>&nbsp; </p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes <font size="5">&#149;</font> or |X| in
      blue or black ink. </font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="top">
    <td><font size="2">1. ELECTION OF DIRECTORS </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>FOR</b> all nominees listed below <br>
      (except as marked to the contrary <br>
      below) |_| </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>WITHHOLD AUTHORITY</b> <br>
      to vote for all nominees listed <br>
      below |_| </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size="1"><b><i>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.) </i><br>
      Ronald W. Forbes, Terry K. Glenn, Cynthia A. Montgomery, Kevin A. Ryan,
      Roscoe S. Suddarth, Edward D. Zinbarg</b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="2"> 2. </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="bottom"><font size="1">Please sign exactly as name
      appears herein. 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>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">Dated: ________________________________________________,
      2001 </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X__________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X __________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top">
      <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
        if held jointly </font> </p>
    </td>
  </tr>
</table>
<br>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>












<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 29, page: 29" -->



<p></p>
<table width=600>
  <tr align="right">
    <td><font size=3><b>AUCTION MARKET<br>
      PREFERRED STOCK</b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td  align=center><font size=3><b> MUNIHOLDINGS NEW YORK INSURED FUND, INC.
      <br>
      P.O. Box 9011 <br>
      Princeton, New Jersey 08543-9011</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3><b>PROXY</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3><b>This proxy is solicited on behalf of the
      Board of Directors</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr valign="bottom" align="left">
    <td><font size="2">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 Auction
      Market Preferred Stock of MuniHoldings New York Insured Fund, Inc. (the
      &#147;Fund&#148;) held of record by the undersigned on October 25, 2001
      at the Annual Meeting of Stockholders of the Fund to be held on December
      12, 2001 or any adjournment thereof. </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>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
      &#147;FOR&#148; Proposal 1.</b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr align="left" valign="bottom">
    <td><font size="2">By signing and dating the reverse side of this card, you
      authorize the proxies to vote the proposal as marked, or if not marked,
      to vote &#147;FOR&#148; Proposal 1, 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. </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td>
      <p><font size="2">Sign, date and return this Proxy Card promptly using the
        enclosed envelope.</font></p>
      </td>
  </tr>
</table>
<p>
<p>
<table width=600>
  <tr>
    <td align=right><font size=1>(Continued and to be signed on the reverse side)</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>












<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 30, page: 30" -->



<p></p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes <font size="5">&#149;</font> or |X| in
      blue or black ink. </font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="top">
    <td><font size="2">1. ELECTION OF DIRECTORS </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>FOR</b> all nominees listed below <br>
      (except as marked to the contrary <br>
      below) |_| </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>WITHHOLD AUTHORITY</b> <br>
      to vote for all nominees listed <br>
      below |_| </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size="1"><b><i>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.) </i><br>
      Ronald W. Forbes, Terry K. Glenn, Cynthia A. Montgomery, Charles C. Reilly,
      Kevin A. Ryan, Roscoe S. Suddarth, Richard R. West, Edward D. Zinbarg</b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="2"> 2. </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="bottom">
      <p><font size="1">If the undersigned is a broker-dealer, it hereby instructs
        the proxies, pursuant to Rule 452 of the New York Stock Exchange, to vote
        any uninstructed shares of Auction Market Preferred Stock in the same
        proportion as votes cast by holders of shares of Auction Market Preferred
        Stock who have responded to this proxy solicitation.</font></p>
      <p><font size="1">Please sign exactly as name appears herein. 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></p>
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">Dated: ________________________________________________,
      2001 </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X__________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X __________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top">
      <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
        if held jointly </font> </p>
    </td>
  </tr>
</table>
<br>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<br>
<hr size=5 noshade width=600 align=LEFT>












<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 31, page: 31" -->



<p></p>
<table width=600>
  <tr>
    <td align=right width="417">&nbsp;</td>
    <td align=left width="171"><font size=3><b>COMMON STOCK</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3><b>MUNIHOLDINGS NEW JERSEY INSURED FUND, INC.
      <br>
      P.O. Box 9011 <br>
      Princeton, New Jersey 08543-9011</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3><b>PROXY</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3><b>This proxy is solicited on behalf of the
      Board of Directors</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr valign="bottom" align="left">
    <td><font size="2">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 New Jersey Insured Fund, Inc. (the &#147;Fund&#148;)
      held of record by the undersigned on October 25, 2001 at the Annual Meeting
      of Stockholders of the Fund to be held on December 12, 2001 or any adjournment
      thereof. </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>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
      &#147;FOR&#148; Proposal 1.</b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr align="left" valign="bottom">
    <td><font size="2">By signing and dating the reverse side of this card, you
      authorize the proxies to vote the proposal as marked, or if not marked,
      to vote &#147;FOR&#148; Proposal 1, 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. </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td>
      <p><font size="2">Sign, date and return this Proxy Card promptly using the
        enclosed envelope.</font></p>
      </td>
  </tr>
</table>
<p>
<p>
<table width=600>
  <tr>
    <td align=right><font size=1>(Continued and to be signed on the reverse side)</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>












<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 32, page: 32" -->



<p></p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes <font size="5">&#149;</font> or |X| in
      blue or black ink. </font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="top">
    <td><font size="2">1. ELECTION OF DIRECTORS </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>FOR</b> all nominees listed below <br>
      (except as marked to the contrary <br>
      below) |_| </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>WITHHOLD AUTHORITY</b> <br>
      to vote for all nominees listed <br>
      below |_| </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size="1"><b><i>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.) </i><br>
      Ronald W. Forbes, Terry K. Glenn, Cynthia A. Montgomery, Kevin A. Ryan,
      Roscoe S. Suddarth, Edward D. Zinbarg</b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="2"> 2. </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="bottom"><font size="1">Please sign exactly as name
      appears herein. 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>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">Dated: ________________________________________________,
      2001 </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X__________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X __________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top">
      <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
        if held jointly </font> </p>
    </td>
  </tr>
</table>
<br>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<br>
<hr size=5 noshade width=600 align=LEFT>












<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 33, page: 33" -->



<p></p>
&nbsp;
<table width=600>
  <tr align="right">
    <td><font size=3><b>AUCTION MARKET<br>
      PREFERRED STOCK </b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td  align=center><font size=3><b> MUNIHOLDINGS NEW JERSEY INSURED FUND, INC.
      <br>
      P.O. Box 9011 <br>
      Princeton, New Jersey 08543-9011</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3><b>PROXY</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3><b>This proxy is solicited on behalf of the
      Board of Directors</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr valign="bottom" align="left">
    <td><font size="2">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 Auction
      Market Preferred Stock of MuniHoldings New Jersey Insured Fund, Inc. (the
      &#147;Fund&#148;) held of record by the undersigned on October 25, 2001
      at the Annual Meeting of Stockholders of the Fund to be held on December
      12, 2001 or any adjournment thereof. </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>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
      &#147;FOR&#148; Proposal 1.</b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr align="left" valign="bottom">
    <td><font size="2">By signing and dating the reverse side of this card, you
      authorize the proxies to vote the proposal as marked, or if not marked,
      to vote &#147;FOR&#148; Proposal 1, 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. </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td>
      <p><font size="2">Sign, date and return this Proxy Card promptly using the
        enclosed envelope.</font></p>
      </td>
  </tr>
</table>
<p>
<p>
<table width=600>
  <tr>
    <td align=right><font size=1>(Continued and to be signed on the reverse side)</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>












<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 34, page: 34" -->



<p></p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes <font size="5">&#149;</font> or |X| in
      blue or black ink. </font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="top">
    <td><font size="2">1. ELECTION OF DIRECTORS </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>FOR</b> all nominees listed below <br>
      (except as marked to the contrary <br>
      below) |_| </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>WITHHOLD AUTHORITY</b> <br>
      to vote for all nominees listed <br>
      below |_| </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size="1"><b><i>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.) </i><br>
      Ronald W. Forbes, Terry K. Glenn, Cynthia A. Montgomery, Charles C. Reilly,
      Kevin A. Ryan, Roscoe S. Suddarth, Richard R. West, Edward D. Zinbarg</b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="2"> 2. </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="bottom">
      <p><font size="1">If the undersigned is a broker-dealer, it hereby instructs
        the proxies, pursuant to Rule 452 of the New York Stock Exchange, to vote
        any uninstructed shares of Auction Market Preferred Stock in the same
        proportion as votes cast by holders of shares of Auction Market Preferred
        Stock who have responded to this proxy solicitation.</font></p>
      <p><font size="1">Please sign exactly as name appears herein. 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></p>
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">Dated: ________________________________________________,
      2001 </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X__________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X __________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top">
      <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
        if held jointly </font> </p>
    </td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<br>
<hr size=5 noshade width=600 align=LEFT>












<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 35, page: 35" -->



<p></p>
<table width=600>
  <tr>
    <td align=right width="417">&nbsp;</td>
    <td align=left width="171"><font size=3><b>COMMON STOCK</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3><b>MUNIHOLDINGS FUND, INC. <br>
      P.O. Box 9011 <br>
      Princeton, New Jersey 08543-9011</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3><b>PROXY</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3><b>This proxy is solicited on behalf of the
      Board of Directors</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr valign="bottom" align="left">
    <td><font size="2">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 Fund, Inc. (the &#147;Fund&#148;) held of record by
      the undersigned on October 25, 2001 at the Annual Meeting of Stockholders
      of the Fund to be held on December 12, 2001 or any adjournment thereof.
      </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>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
      &#147;FOR&#148; Proposal 1.</b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr align="left" valign="bottom">
    <td><font size="2">By signing and dating the reverse side of this card, you
      authorize the proxies to vote the proposal as marked, or if not marked,
      to vote &#147;FOR&#148; Proposal 1, 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. </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td>
      <p><font size="2">Sign, date and return this Proxy Card promptly using the
        enclosed envelope.</font></p>
      </td>
  </tr>
</table>
<p>
<p>
<table width=600>
  <tr>
    <td align=right><font size=1>(Continued and to be signed on the reverse side)</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>

















<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 36, page: 36" -->




<p></p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes <font size="5">&#149;</font> or |X| in
      blue or black ink. </font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="top">
    <td><font size="2">1. ELECTION OF DIRECTORS </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>FOR</b> all nominees listed below <br>
      (except as marked to the contrary <br>
      below) |_| </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>WITHHOLD AUTHORITY</b> <br>
      to vote for all nominees listed <br>
      below |_| </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size="1"><b><i>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.) </i><br>
      Ronald W. Forbes, Terry K. Glenn, Cynthia A. Montgomery, Kevin A. Ryan,
      Roscoe S. Suddarth, Edward D. Zinbarg</b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="2"> 2. </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="bottom"><font size="1">Please sign exactly as name
      appears herein. 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>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">Dated: ________________________________________________,
      2001 </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X__________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X __________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top">
      <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
        if held jointly </font> </p>
    </td>
  </tr>
</table>
<br>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<br>
<hr size=5 noshade width=600 align=LEFT>












<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 37, page: 37" -->



<p></p>
<table width=600>
  <tr align="right">
    <td><font size=3><b>AUCTION MARKET<br>
      PREFERRED STOCK </b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td  align=center><font size=3><b> MUNIHOLDINGS FUND, INC.<br>
      P.O. Box 9011 <br>
      Princeton, New Jersey 08543-9011</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3><b>PROXY</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3><b>This proxy is solicited on behalf of the
      Board of Directors</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr valign="bottom" align="left">
    <td><font size="2">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 Auction
      Market Preferred Stock of MuniHoldings Fund, Inc. (the &#147;Fund&#148;)
      held of record by the undersigned on October 25, 2001 at the Annual Meeting
      of Stockholders of the Fund to be held on December 12, 2001 or any adjournment
      thereof. </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>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
      &#147;FOR&#148; Proposal 1.</b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr align="left" valign="bottom">
    <td><font size="2">By signing and dating the reverse side of this card, you
      authorize the proxies to vote the proposal as marked, or if not marked,
      to vote &#147;FOR&#148; Proposal 1, 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. </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td>
      <p><font size="2">Sign, date and return this Proxy Card promptly using the
        enclosed envelope.</font></p>
      </td>
  </tr>
</table>
<p>
<p>
<table width=600>
  <tr>
    <td align=right><font size=1>(Continued and to be signed on the reverse side)</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>












<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 38, page: 38" -->


<p></p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes <font size="5">&#149;</font> or |X| in
      blue or black ink. </font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="top">
    <td><font size="2">1. ELECTION OF DIRECTORS </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>FOR</b> all nominees listed below <br>
      (except as marked to the contrary <br>
      below) |_| </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>WITHHOLD AUTHORITY</b> <br>
      to vote for all nominees listed <br>
      below |_| </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size="1"><b><i>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.) </i><br>
      Ronald W. Forbes, Terry K. Glenn, Cynthia A. Montgomery, Charles C. Reilly,
      Kevin A. Ryan, Roscoe S. Suddarth, Richard R. West, Edward D. Zinbarg</b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="2"> 2. </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="bottom">
      <p><font size="1">If the undersigned is a broker-dealer, it hereby instructs
        the proxies, pursuant to Rule 452 of the New York Stock Exchange, to vote
        any uninstructed shares of Auction Market Preferred Stock in the same
        proportion as votes cast by holders of shares of Auction Market Preferred
        Stock who have responded to this proxy solicitation.</font></p>
      <p><font size="1">Please sign exactly as name appears herein. 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></p>
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">Dated: ________________________________________________,
      2001 </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X__________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X __________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top">
      <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
        if held jointly </font> </p>
    </td>
  </tr>
</table>
<br>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<br>
<hr size=5 noshade width=600 align=LEFT>












<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 39, page: 39" -->



<p></p>
<table width=600>
  <tr>
    <td align=right width="417">&nbsp;</td>
    <td align=left width="171"><font size=3><b>COMMON STOCK</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3><b>MUNIHOLDINGS FUND II, INC. <br>
      P.O. Box 9011 <br>
      Princeton, New Jersey 08543-9011</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3><b>PROXY</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3><b>This proxy is solicited on behalf of the
      Board of Directors</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr valign="bottom" align="left">
    <td><font size="2">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 Fund II, Inc. (the &#147;Fund&#148;) held of record
      by the undersigned on October 25, 2001 at the Annual Meeting of Stockholders
      of the Fund to be held on December 12, 2001 or any adjournment thereof.
      </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>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
      &#147;FOR&#148; Proposal 1.</b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr align="left" valign="bottom">
    <td><font size="2">By signing and dating the reverse side of this card, you
      authorize the proxies to vote the proposal as marked, or if not marked,
      to vote &#147;FOR&#148; Proposal 1, 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. </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td>
      <p><font size="2">Sign, date and return this Proxy Card promptly using the
        enclosed envelope.</font></p>
      </td>
  </tr>
</table>
<p>
<p>
<table width=600>
  <tr>
    <td align=right><font size=1>(Continued and to be signed on the reverse side)</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>

















<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 40, page: 40" -->





<p></p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes <font size="5">&#149;</font> or |X| in
      blue or black ink. </font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="top">
    <td><font size="2">1. ELECTION OF DIRECTORS </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>FOR</b> all nominees listed below <br>
      (except as marked to the contrary <br>
      below) |_| </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>WITHHOLD AUTHORITY</b> <br>
      to vote for all nominees listed <br>
      below |_| </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size="1"><b><i>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.) </i><br>
      Ronald W. Forbes, Terry K. Glenn, Cynthia A. Montgomery, Kevin A. Ryan,
      Roscoe S. Suddarth, Edward D. Zinbarg</b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="2"> 2. </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="bottom"><font size="1">Please sign exactly as name
      appears herein. 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>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">Dated: ________________________________________________,
      2001 </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X__________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X __________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top">
      <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
        if held jointly </font> </p>
    </td>
  </tr>
</table>
<br>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<br>
<hr size=5 noshade width=600 align=LEFT>












<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 41, page: 41" -->



<p></p>
<table width=600>
  <tr align="right">
    <td><font size=3><b>AUCTION MARKET <br>
      PREFERRED STOCK </b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td  align=center><font size=3><b> MUNIHOLDINGS FUND II, INC.<br>
      P.O. Box 9011 <br>
      Princeton, New Jersey 08543-9011</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3><b>PROXY</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3><b>This proxy is solicited on behalf of the
      Board of Directors</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr valign="bottom" align="left">
    <td><font size="2">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 Auction
      Market Preferred Stock of MuniHoldings Fund II, Inc. (the &#147;Fund&#148;)
      held of record by the undersigned on October 25, 2001 at the Annual Meeting
      of Stockholders of the Fund to be held on December 12, 2001 or any adjournment
      thereof. </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>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
      &#147;FOR&#148; Proposal 1.</b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr align="left" valign="bottom">
    <td><font size="2">By signing and dating the reverse side of this card, you
      authorize the proxies to vote the proposal as marked, or if not marked,
      to vote &#147;FOR&#148; Proposal 1, 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. </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td>
      <p><font size="2">Sign, date and return this Proxy Card promptly using the
        enclosed envelope.</font></p>
      </td>
  </tr>
</table>
<p>
<p>
<table width=600>
  <tr>
    <td align=right><font size=1>(Continued and to be signed on the reverse side)</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>












<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 42, page: 42" -->



<p></p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes <font size="5">&#149;</font> or |X| in
      blue or black ink. </font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="top">
    <td><font size="2">1. ELECTION OF DIRECTORS </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>FOR</b> all nominees listed below <br>
      (except as marked to the contrary <br>
      below) |_| </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>WITHHOLD AUTHORITY</b> <br>
      to vote for all nominees listed <br>
      below |_| </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size="1"><b><i>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.) </i><br>
      Ronald W. Forbes, Terry K. Glenn, Cynthia A. Montgomery, Charles C. Reilly,
      Kevin A. Ryan, Roscoe S. Suddarth, Richard R. West, Edward D. Zinbarg</b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="2"> 2. </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="bottom">
      <p><font size="1">If the undersigned is a broker-dealer, it hereby instructs
        the proxies, pursuant to Rule 452 of the New York Stock Exchange, to vote
        any uninstructed shares of Auction Market Preferred Stock in the same
        proportion as votes cast by holders of shares of Auction Market Preferred
        Stock who have responded to this proxy solicitation.</font></p>
      <p><font size="1">Please sign exactly as name appears herein. 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></p>
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">Dated: ________________________________________________,
      2001 </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X__________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X __________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top">
      <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
        if held jointly </font> </p>
    </td>
  </tr>
</table>
<br>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<br>
<hr size=5 noshade width=600 align=LEFT>












<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 43, page: 43" -->



<p></p>
<table width=600>
  <tr>
    <td align=right width="417">&nbsp;</td>
    <td align=left width="171"><font size=3><b>COMMON STOCK</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3><b>MUNIHOLDINGS INSURED FUND, INC. <br>
      P.O. Box 9011 <br>
      Princeton, New Jersey 08543-9011</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3><b>PROXY</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3><b>This proxy is solicited on behalf of the
      Board of Directors</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr valign="bottom" align="left">
    <td><font size="2">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 25, 2001 at the Annual Meeting of Stockholders
      of the Fund to be held on December 12, 2001 or any adjournment thereof.
      </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>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
      &#147;FOR&#148; Proposal 1.</b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr align="left" valign="bottom">
    <td><font size="2">By signing and dating the reverse side of this card, you
      authorize the proxies to vote the proposal as marked, or if not marked,
      to vote &#147;FOR&#148; Proposal 1, 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. </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td>
      <p><font size="2">Sign, date and return this Proxy Card promptly using the
        enclosed envelope.</font></p>
      </td>
  </tr>
</table>
<p>
<p>
<table width=600>
  <tr>
    <td align=right><font size=1>(Continued and to be signed on the reverse side)</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>

















<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 44, page: 44" -->






<p></p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes <font size="5">&#149;</font> or |X| in
      blue or black ink. </font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="top">
    <td><font size="2">1. ELECTION OF DIRECTORS </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>FOR</b> all nominees listed below <br>
      (except as marked to the contrary <br>
      below) |_| </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>WITHHOLD AUTHORITY</b> <br>
      to vote for all nominees listed <br>
      below |_| </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size="1"><b><i>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.) </i><br>
      Ronald W. Forbes, Terry K. Glenn, Cynthia A. Montgomery, Kevin A. Ryan,
      Roscoe S. Suddarth, Edward D. Zinbarg</b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="2"> 2. </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="bottom"><font size="1">Please sign exactly as name
      appears herein. 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>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">Dated: ________________________________________________,
      2001 </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X__________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X __________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top">
      <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
        if held jointly </font> </p>
    </td>
  </tr>
</table>
<br>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<br>
<hr size=5 noshade width=600 align=LEFT>


















<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 45, page: 45" -->





<p></p>

<table width=600>
  <tr align="right">
    <td><font size=3><b>AUCTION MARKET <br>
      PREFERRED STOCK </b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td  align=center><font size=3><b> MUNIHOLDINGS INSURED FUND, INC. <br>
      P.O. Box 9011 <br>
      Princeton, New Jersey 08543-9011</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3><b>PROXY</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=3><b>This proxy is solicited on behalf of the
      Board of Directors</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr valign="bottom" align="left">
    <td><font size="2">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 Auction
      Market Preferred Stock of MuniHoldings Insured Fund, Inc. (the &#147;Fund&#148;)
      held of record by the undersigned on October 25, 2001 at the Annual Meeting
      of Stockholders of the Fund to be held on December 12, 2001 or any adjournment
      thereof. </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>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
      &#147;FOR&#148; Proposal 1.</b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr align="left" valign="bottom">
    <td><font size="2">By signing and dating the reverse side of this card, you
      authorize the proxies to vote the proposal as marked, or if not marked,
      to vote &#147;FOR&#148; Proposal 1, 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. </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td>
      <p><font size="2">Sign, date and return this Proxy Card promptly using the
        enclosed envelope.</font></p>
      </td>
  </tr>
</table>
<p>
<p>
<table width=600>
  <tr>
    <td align=right><font size=1>(Continued and to be signed on the reverse side)</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>

















<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 46, page: 46" -->






<p></p>

<table width=600>
  <tr>
    <td><font size=2>Please mark boxes <font size="5">&#149;</font> or |X| in
      blue or black ink. </font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="top">
    <td><font size="2">1. ELECTION OF DIRECTORS </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>FOR</b> all nominees listed below <br>
      (except as marked to the contrary <br>
      below) |_| </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>WITHHOLD AUTHORITY</b> <br>
      to vote for all nominees listed <br>
      below |_| </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size="1"><b><i>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.) </i><br>
      Ronald W. Forbes, Terry K. Glenn, Cynthia A. Montgomery, Charles C. Reilly,
      Kevin A. Ryan, Roscoe S. Suddarth, Richard R. West, Edward D. Zinbarg</b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="2"> 2. </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="bottom">
      <p><font size="1">If the undersigned is a broker-dealer, it hereby instructs
        the proxies, pursuant to Rule 452 of the New York Stock Exchange, to vote
        any uninstructed shares of Auction Market Preferred Stock in the same
        proportion as votes cast by holders of shares of Auction Market Preferred
        Stock who have responded to this proxy solicitation.</font></p>
      <p><font size="1">Please sign exactly as name appears herein. 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></p>
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">Dated: ________________________________________________,
      2001 </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X__________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X __________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top">
      <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
        if held jointly </font> </p>
    </td>
  </tr>
</table>
<br>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<br>
<hr size=5 noshade width=600 align=LEFT>



</body>
</html>



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