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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000891092-05-000450.txt : 20050307
<SEC-HEADER>0000891092-05-000450.hdr.sgml : 20050307
<ACCEPTANCE-DATETIME>20050307162727
ACCESSION NUMBER:		0000891092-05-000450
CONFORMED SUBMISSION TYPE:	PRE 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050428
FILED AS OF DATE:		20050307
DATE AS OF CHANGE:		20050307

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD QUALITY FUND INC
		CENTRAL INDEX KEY:			0000890196
		IRS NUMBER:				223170744
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06660
		FILM NUMBER:		05664269

	BUSINESS ADDRESS:	
		STREET 1:		800 SCUDDER MILL ROAD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536
		BUSINESS PHONE:		6092822800

	MAIL ADDRESS:	
		STREET 1:		P O BOX 9011
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543-9011

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD NEW JERSEY FUND INC
		CENTRAL INDEX KEY:			0000884216
		IRS NUMBER:				223153971
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06570
		FILM NUMBER:		05664271

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 9011
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543
		BUSINESS PHONE:		6092822800

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD FUND INC
		CENTRAL INDEX KEY:			0000879361
		IRS NUMBER:				223136942
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06414
		FILM NUMBER:		05664274

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD CALIFORNIA INSURED FUND INC
		CENTRAL INDEX KEY:			0000887126
		IRS NUMBER:				223170743
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06645
		FILM NUMBER:		05664276

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD CALIFORNIA FUND INC
		CENTRAL INDEX KEY:			0000882152
		IRS NUMBER:				223144221
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06499
		FILM NUMBER:		05664277

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

	MAIL ADDRESS:	
		STREET 1:		P O BOX 9066
		STREET 2:		C/O MERRILL LYNCH ASSET MANAGEMENT
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543-9011

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CALIFORNIA MUNIYIELD FUND INC
		DATE OF NAME CHANGE:	19600201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIHOLDINGS CALIFORNIA INSURED FUND
		CENTRAL INDEX KEY:			0001051004
		IRS NUMBER:				223559052

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08573
		FILM NUMBER:		05664281

	BUSINESS ADDRESS:	
		STREET 1:		MERRILL LYNCH INVESTMENT MANAGERS
		STREET 2:		800 SCUDDERS MILL RD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536
		BUSINESS PHONE:		6092823087

	MAIL ADDRESS:	
		STREET 1:		MERRILL LYNCH INVESTMENT MANAGERS
		STREET 2:		PO BOX 9011 INFORMATION SYSTEMS SEC 2-B,
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543-9011

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIHOLDINGS CALIFORNIA INSURED FUND II INC/
		DATE OF NAME CHANGE:	19980120

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIHOLDINGS CALIFORNIA FUND INC/
		DATE OF NAME CHANGE:	19971218

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIHOLDINGS CALIFORNIA INSURED FUND II INC
		DATE OF NAME CHANGE:	19971208

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			APEX MUNICIPAL FUND INC
		CENTRAL INDEX KEY:			0000817998
		IRS NUMBER:				222984252
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05227
		FILM NUMBER:		05664267

	BUSINESS ADDRESS:	
		STREET 1:		MERRILL LYNCH ASSET MANAGEMENT
		STREET 2:		800 SCUDDERS MILL RD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536
		BUSINESS PHONE:		6092822518

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MAXIMUM YIELD MUNICIPAL FUND INC
		DATE OF NAME CHANGE:	19871019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIMAX FUND INC
		DATE OF NAME CHANGE:	19871015

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD MICHIGAN INSURED FUND II INC
		CENTRAL INDEX KEY:			0000882151
		IRS NUMBER:				223144219
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06501
		FILM NUMBER:		05664272

	BUSINESS ADDRESS:	
		STREET 1:		800 SCUDDERS MILL RD
		STREET 2:		C/O MERRILL LYNCH ASSET MANAGEMENT
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08543-9011
		BUSINESS PHONE:		6092822800

	MAIL ADDRESS:	
		STREET 1:		800 SCUDDERS MILL RD
		STREET 2:		C/O MERRILL LYNCH ASSET MANAGEMENT
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIYIELD MICHIGAN FUND INC
		DATE OF NAME CHANGE:	19920717

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MICHIGAN MUNIYIELD FUND INC
		DATE OF NAME CHANGE:	19600201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIHOLDINGS INSURED FUND II INC
		CENTRAL INDEX KEY:			0001071899
		IRS NUMBER:				223636347
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-09191
		FILM NUMBER:		05664279

	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:		PO BOX 9011, INFO SYSTEMS SECT 2-B
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543-9011

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIENHANCED FUND INC
		CENTRAL INDEX KEY:			0000844172
		IRS NUMBER:				222946695
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05739
		FILM NUMBER:		05664282

	BUSINESS ADDRESS:	
		STREET 1:		P O BOX 9011
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543
		BUSINESS PHONE:		6092823319

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CORPORATE HIGH YIELD FUND V INC
		CENTRAL INDEX KEY:			0001160469
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-10521
		FILM NUMBER:		05664284

	BUSINESS ADDRESS:	
		STREET 1:		800 SCUDDERS MILL RD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536

	MAIL ADDRESS:	
		STREET 1:		800 SCUDDERS MILL RD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD QUALITY FUND II INC
		CENTRAL INDEX KEY:			0000887394
		IRS NUMBER:				223194461
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06660
		FILM NUMBER:		05664268

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

	MAIL ADDRESS:	
		STREET 1:		P O BOX 9011
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543-9011

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD ARIZONA FUND INC /NJ/
		CENTRAL INDEX KEY:			0000911308
		IRS NUMBER:				223246522
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07083
		FILM NUMBER:		05664278

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIYIELD ARIZONA FUND II INC
		DATE OF NAME CHANGE:	19930826

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CORPORATE HIGH YIELD FUND VI INC
		CENTRAL INDEX KEY:			0001222401
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21318
		FILM NUMBER:		05664283

	BUSINESS ADDRESS:	
		STREET 1:		C/O MERRILL LYNCH ASSET MANAGEMENT
		STREET 2:		800 SCUDDERS MILL ROAD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536
		BUSINESS PHONE:		6092822116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CORPORATE HIGH YIELD VI
		DATE OF NAME CHANGE:	20030310

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD NEW YORK INSURED FUND INC
		CENTRAL INDEX KEY:			0000882150
		IRS NUMBER:				223144223
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06500
		FILM NUMBER:		05664270

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEW YORK MUNIYIELD FUND INC
		DATE OF NAME CHANGE:	19600201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD INSURED FUND INC
		CENTRAL INDEX KEY:			0000883412
		IRS NUMBER:				223165131
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06540
		FILM NUMBER:		05664273

	BUSINESS ADDRESS:	
		STREET 1:		800 SCUDDERS MILL ROAD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08530
		BUSINESS PHONE:		6092822800

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD FLORIDA FUND
		CENTRAL INDEX KEY:			0000882153
		IRS NUMBER:				223144222
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06502
		FILM NUMBER:		05664275

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FLORIDA MUNIYIELD FUND INC
		DATE OF NAME CHANGE:	19600201
</SEC-HEADER>
<DOCUMENT>
<TYPE>PRE 14A
<SEQUENCE>1
<FILENAME>e19996pre_14a.htm
<DESCRIPTION>PRELIMINARY PROXY STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->







<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>As filed with the
Securities and Exchange Commission on March 7, 2005 </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>SCHEDULE 14A
                                  <BR>RULE 14a-101 </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>INFORMATION
REQUIRED IN PROXY STATEMENT                             <BR>SCHEDULE 14A INFORMATION
           <BR>PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES
                      <BR>EXCHANGE ACT OF 1934 (AMENDMENT NO. &nbsp;) </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Filed by the Registrant [X]
                         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filed by a party other than the Registrant [&nbsp;&nbsp;&nbsp;] </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Check the appropriate box: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Hang 10" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         [X] </font></td>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Preliminary
Proxy Statement </font></td>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 10" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         [&nbsp;&nbsp;&nbsp;] </font></td>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Definitive
Proxy Statement </font></td>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 10" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         [&nbsp;&nbsp;&nbsp;] </font></td>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Definitive
Additional Materials </font></td>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 10" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         [&nbsp;&nbsp;&nbsp;] </font></td>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Soliciting
Material Pursuant to Rule 14a-12 </font></td>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 10" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         [&nbsp;&nbsp;&nbsp;] </font></td>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Confidential,
for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) </font></td>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>APEX MUNICIPAL
FUND, INC.                         <BR>CORPORATE HIGH YIELD FUND V, INC.
                       <BR>CORPORATE HIGH YIELD FUND VI, INC.
                             <BR>MUNIENHANCED FUND, INC.                    <BR>MUNIHOLDINGS
CALIFORNIA INSURED FUND, INC.                        <BR>MUNIHOLDINGS INSURED FUND II, INC.
                          <BR>MUNIYIELD ARIZONA FUND, INC.                          <BR>MUNIYIELD
CALIFORNIA FUND, INC.                      <BR>MUNIYIELD CALIFORNIA INSURED FUND, INC.
                             <BR>MUNIYIELD FLORIDA FUND
                              <BR>MUNIYIELD FUND, INC.                           <BR>MUNIYIELD
INSURED FUND, INC.                     <BR>MUNIYIELD MICHIGAN INSURED FUND II, INC.
                         <BR>MUNIYIELD NEW JERSEY FUND, INC.                       <BR>MUNIYIELD
NEW YORK INSURED FUND, INC.                           <BR>MUNIYIELD QUALITY FUND, INC.
                         <BR>MUNIYIELD QUALITY FUND II, INC. </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>P.O. Box 9011,
Princeton, New Jersey 08543-9011 </B></FONT></P>


<!-- MARKER FORMAT-SHEET="Center head no bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
</FONT></P>
<hr size="1" noshade>
<div align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Name of Registrant as
Specified in Its Charter) </FONT>
</div>
<!-- MARKER FORMAT-SHEET="Center head no bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
</FONT></P>
<hr size="1" noshade>
<div align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Name of
  Person(s) Filing Proxy Statement if other than the Registrant) </FONT>
  <p><BR>
  </p>
</div>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>




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<!-- MARKER PAGE="sheet: 2; page: 2" -->



<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Payment of filing fee (Check the
appropriate box): </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Hang 10" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         [X] </font></td>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No
fee required. </font></td>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 10" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         [&nbsp;&nbsp;&nbsp;] </font></td>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fee
computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. </font></td>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         (1) </font></td>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Title
of each class of securities to which transaction applies: </font></td>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD WIDTH=90%>
      <hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<BR>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         (2) </font></td>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Aggregate
number of securities to which transaction applies: </font></td>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD WIDTH=90%>
      <hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<BR>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         (3) </font></td>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" 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.): </font></td>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD WIDTH=90%>
      <hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<BR>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         (4) </font></td>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Proposed
maximum aggregate value of transaction: </font></td>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD WIDTH=90%>
      <hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<BR>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         (5) </font></td>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total
fee paid: </font></td>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD WIDTH=90%>
      <hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<BR>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         [&nbsp;&nbsp;&nbsp;] </font></td>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fee
paid previously with preliminary materials: </font></td>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD WIDTH=90%>
      <hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<BR>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         [&nbsp;&nbsp;&nbsp;] </font></td>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" 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>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
    <TD WIDTH=4% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                  (1) </font></td>
    <TD WIDTH=86% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amount
previously paid: </font></td>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=10%>&nbsp;</TD>
    <TD colspan="2" align="left">
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=10%>&nbsp;</TD>
    <TD WIDTH=4% align="left">&nbsp;</TD>
    <TD WIDTH=86% align="left">&nbsp;</TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=10%>&nbsp;</TD>
    <TD WIDTH=4% align="left"><font face="Times New Roman, Times, Serif" size=2>(2) </font></td>
    <TD WIDTH=86% align="left"><font face="Times New Roman, Times, Serif" size=2>Form,
Schedule or Registration Statement No.: </font></td>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=10%>&nbsp;</TD>
    <TD colspan="2" align="left">
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=10%>&nbsp;</TD>
    <TD WIDTH=4% align="left">&nbsp;</TD>
    <TD WIDTH=86% align="left">&nbsp;</TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=10%>&nbsp;</TD>
    <TD WIDTH=4% align="left"><font face="Times New Roman, Times, Serif" size=2>(3) </font></td>
    <TD WIDTH=86% align="left"><font face="Times New Roman, Times, Serif" size=2>Filing
Party: </font></td>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=10%>&nbsp;</TD>
    <TD colspan="2" align="left">
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=10%>&nbsp;</TD>
    <TD WIDTH=4% align="left">&nbsp;</TD>
    <TD WIDTH=86% align="left">&nbsp;</TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=10%>&nbsp;</TD>
    <TD WIDTH=4% align="left"><font face="Times New Roman, Times, Serif" size=2>(4) </font></td>
    <TD WIDTH=86% align="left"><font face="Times New Roman, Times, Serif" size=2>Date
Filed: </font></td>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=10%>&nbsp;</TD>
    <TD colspan="2" align="left">
      <hr size="1" noshade>
    </TD>
  </TR>

</TABLE>
<BR>


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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>




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<!-- MARKER PAGE="sheet: 46; page: 46" -->



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>APEX MUNICIPAL
FUND, INC.                         <BR>CORPORATE HIGH YIELD FUND V, INC.
                       <BR>CORPORATE HIGH YIELD FUND VI, INC.
                             <BR>MUNIENHANCED FUND, INC.                    <BR>MUNIHOLDINGS
CALIFORNIA INSURED FUND, INC.                        <BR>MUNIHOLDINGS INSURED FUND II, INC.
                          <BR>MUNIYIELD ARIZONA FUND, INC.                          <BR>MUNIYIELD
CALIFORNIA FUND, INC.                      <BR>MUNIYIELD CALIFORNIA INSURED FUND, INC.
                             <BR>MUNIYIELD FLORIDA FUND
                              <BR>MUNIYIELD FUND, INC.                           <BR>MUNIYIELD
INSURED FUND, INC.                     <BR>MUNIYIELD MICHIGAN INSURED FUND II, INC.
                         <BR>MUNIYIELD NEW JERSEY FUND, INC.                       <BR>MUNIYIELD
NEW YORK INSURED FUND, INC.                           <BR>MUNIYIELD QUALITY FUND, INC.
                         <BR>MUNIYIELD QUALITY FUND II, INC.
                                                             <BR>P.O. Box 9011
                        <BR>Princeton, New Jersey 08543-9011 </B></FONT>

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<HR SIZE=1 noshade ALIGN=CENTER WIDTH=150>
<div align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>NOTICE OF 2005
ANNUAL MEETINGS OF STOCKHOLDERS </B></FONT><!-- MARKER FORMAT-SHEET="Cutoff rule centered" FSL="Workstation" -->
</div>
<HR SIZE=1 noshade ALIGN=CENTER WIDTH=150>
<div align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>TO BE HELD ON APRIL
28, 2005 </B></FONT><!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
 <br>
  <br>
  <BR>
</div>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->



<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>T<font size="1">O THE</font> S<font size="1">TOCKHOLDERS: </font></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICE
IS HEREBY GIVEN that the 2005 Annual Meeting 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. (&#147;FAM&#148;), 800 Scudders Mill Road, Plainsboro, New Jersey 08536, on
Thursday, April 28, 2005 at the time specified for each Fund in Exhibit A to the Combined
Proxy Statement for the following purposes: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (1) </font></td>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>For
all Funds: </B>To elect a Board of Directors (which term as used herein refers to
both Directors and Trustees, as applicable) of each Fund to serve for the
ensuing year and until their successors have been duly elected and qualified
or until their earlier retirement, resignation or removal; </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (2) </font></td>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>For
Apex Municipal Fund, Inc., MuniEnhanced Fund, Inc., MuniYield Arizona Fund,
Inc., MuniYield California Fund, Inc., MuniYield California Insured Fund,
Inc., MuniYield Florida Fund, MuniYield Fund, Inc., MuniYield Insured Fund,
Inc., MuniYield Michigan Insured Fund II, Inc., MuniYield New Jersey Fund,
Inc., MuniYield New York Insured Fund, Inc., MuniYield Quality Fund, Inc. and
MuniYield Quality Fund II, Inc.: </B>To consider and act upon a proposal to amend
a fundamental investment restriction of the Fund with respect to
investment in other investment companies; </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (3) </font></td>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>For
MuniYield Arizona Fund, Inc., MuniYield California Fund, Inc., MuniYield
California Insured Fund, Inc., MuniYield Florida Fund, MuniYield Michigan
Insured Fund II, Inc., MuniYield New York Insured Fund, Inc., MuniYield
Quality Fund, Inc. and MuniYield Quality Fund II, Inc. </B>To consider and act
upon a proposal to approve an amendment to the Articles Supplementary or
Certificate of Designation, as applicable, to permit the Fund to issue
additional auction market preferred stock or auction market preferred shares,
as applicable, (&#147;AMPS&#148;), without obtaining the approval of existing holders of
AMPS; and </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (4) </font></td>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>For
all Funds: </B>To transact such other business as may properly come before the
Meetings or any adjournment thereof. </FONT> </TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Fund&#146;s Board has fixed the close of business on February 28, 2005 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></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&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 a Meeting in person are requested to complete,
date and sign the enclosed form of proxy and return it promptly in the envelope provided
for this purpose. If you have been provided with the opportunity on your proxy card or
voting instruction form to provide voting instructions via telephone or the Internet,
please take advantage of these prompt and efficient voting options. </b>The enclosed proxy is
being solicited on behalf of the Board of Directors of each Fund. </FONT> </P>




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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 2; page: 2" -->



<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&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 1-800-645-4519. </FONT></P>

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<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="62%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="38%"><font face="Times New Roman, Times, Serif" size="2">By Order of the Boards of Directors </font></td>
  </tr>
  <tr>
    <td width="62%">&nbsp;</td>
    <td width="38%">&nbsp;</td>
  </tr>
  <tr>
    <td width="62%">&nbsp;</td>
    <td width="38%"><font face="Times New Roman, Times, Serif" size="2">ALICE A. PELLEGRINO <br>
  <i>Secretary of Apex Municipal
Fund, Inc. <br>
  Corporate High
Yield Fund V, Inc. <br>
  Corporate
High Yield Fund VI, Inc.
<br>
  MuniEnhanced Fund, Inc.
<br>
  MuniHoldings California
Insured Fund, Inc.
<br>
  MuniHoldings Insured Fund II,
Inc. <br>
  MuniYield Arizona Fund,
Inc. <br>
  MuniYield California
Fund, Inc. <br>
  MuniYield
California Insured Fund, Inc.
<br>
  MuniYield Florida Fund
<br>
  MuniYield Fund, Inc.
<br>
  MuniYield Insured Fund, Inc.
<br>
  MuniYield Michigan Insured
Fund II, Inc. <br>
  MuniYield New
Jersey Fund, Inc. <br>
  MuniYield
New York Insured Fund, Inc.
<br>
  MuniYield Quality Fund, Inc.
<br>
  MuniYield Quality Fund II, Inc.</i> </font></td>
  </tr>
</table>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Plainsboro, New Jersey  <BR>
  Dated: March 20, 2005 </FONT></P>



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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>






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<!-- MARKER PAGE="sheet: 3; page: 3" -->





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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>Subject to
Completion <br>
  Preliminary Combined Proxy Statement Dated March 7, 2005 </B></FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>COMBINED PROXY
STATEMENT </B></FONT></P>

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<B>APEX MUNICIPAL
FUND, INC.                         <BR>CORPORATE HIGH YIELD FUND V, INC.
                       <BR>CORPORATE HIGH YIELD FUND VI, INC.
                             <BR>MUNIENHANCED FUND, INC.                    <BR>MUNIHOLDINGS
CALIFORNIA INSURED FUND, INC.                        <BR>MUNIHOLDINGS INSURED FUND II, INC.
                          <BR>MUNIYIELD ARIZONA FUND, INC.                          <BR>MUNIYIELD
CALIFORNIA FUND, INC.                      <BR>MUNIYIELD CALIFORNIA INSURED FUND, INC.
                             <BR>MUNIYIELD FLORIDA FUND
                              <BR>MUNIYIELD FUND, INC.                           <BR>MUNIYIELD
INSURED FUND, INC.                     <BR>MUNIYIELD MICHIGAN INSURED FUND II, INC.
                         <BR>MUNIYIELD NEW JERSEY FUND, INC.                       <BR>
  MUNIYIELD
NEW YORK INSURED FUND, INC.                           <br>
  MUNIYIELD QUALITY FUND, INC.
                         <BR>
  MUNIYIELD QUALITY FUND II, INC.
                                                             <BR>P.O. Box 9011
                        <BR>Princeton, New Jersey 08543-9011                       <BR>2005
ANNUAL MEETINGS OF STOCKHOLDERS </B></FONT>

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<div align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>April 28, 2005 </B></FONT><!-- MARKER FORMAT-SHEET="Cutoff rule centered" FSL="Workstation" -->
</div>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2> <B>TABLE OF
  CONTENTS </B></FONT></P>
<div align="center">
  <TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
    <TR VALIGN=Bottom>
      <TH COLSPAN=2></TH>
      <TH width="9%"></TH>
    </TR>
    <TR VALIGN=Bottom>
      <TD WIDTH=10% ALIGN=LEFT><font size="2"> </font></td>
      <TD WIDTH=81% ALIGN=LEFT><font size="2"> </font></td>
      <TD WIDTH=9% ALIGN=RIGHT><font size="2"><b><u>Page</u></b> </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT colspan="2"><font size="2">INTRODUCTION</font><font size="2"> </font></td>
      <TD WIDTH=9% ALIGN=RIGHT><font size="2">1 </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD WIDTH=10% ALIGN=LEFT><font size="2">ITEM 1. </font></td>
      <TD WIDTH=81% ALIGN=LEFT><font size="2">ELECTION OF DIRECTORS </font></td>
      <TD WIDTH=9% ALIGN=RIGHT><font size="2">2 </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="10%"><font size="2"> </font></td>
      <TD ALIGN=LEFT width="81%"><font size="2">Biographical Information </font></td>
      <TD ALIGN=RIGHT width="9%"><font size="2">5 </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="10%"><font size="2"> </font></td>
      <TD ALIGN=LEFT width="81%"><font size="2">Committees and Board Meetings </font></td>
      <TD ALIGN=RIGHT width="9%"><font size="2">7 </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="10%"><font size="2"> </font></td>
      <TD ALIGN=LEFT width="81%"><font size="2">Stockholder Communications </font></td>
      <TD ALIGN=RIGHT width="9%"><font size="2">9 </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="10%"><font size="2"> </font></td>
      <TD ALIGN=LEFT width="81%"><font size="2">Director Attendance at Stockholder
        Meetings </font></td>
      <TD ALIGN=RIGHT width="9%"><font size="2">9 </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="10%"><font size="2"> </font></td>
      <TD ALIGN=LEFT width="81%"><font size="2">Committee and Board of Directors
        Meetings </font></td>
      <TD ALIGN=RIGHT width="9%"><font size="2">9 </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="10%"><font size="2"> </font></td>
      <TD ALIGN=LEFT width="81%"><font size="2">Compliance with Section 16(a)
        of the Securities Exchange Act of 1934 </font></td>
      <TD ALIGN=RIGHT width="9%"><font size="2">10 </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="10%"><font size="2"> </font></td>
      <TD ALIGN=LEFT width="81%"><font size="2">Interested Persons </font></td>
      <TD ALIGN=RIGHT width="9%"><font size="2">10 </font></td>
    </TR>
  </TABLE>
   <br>
</div>

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<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2> <B>TABLE OF
  CONTENTS (continued)</B></FONT></P>
<div align="center">
  <TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
    <TR VALIGN=Bottom>
      <TH COLSPAN=2></TH>
      <TH width="9%"></TH>
    </TR>
    <TR VALIGN=Bottom>
      <TD WIDTH=10% ALIGN=LEFT><font size="2"> </font></td>
      <TD WIDTH=81% ALIGN=LEFT><font size="2"> </font></td>
      <TD WIDTH=9% ALIGN=RIGHT><font size="2"><b><u>Page</u></b> </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="10%"><font size="2"> </font></td>
      <TD ALIGN=LEFT width="81%"><font size="2">Compensation of Directors </font></td>
      <TD ALIGN=RIGHT width="9%"><font size="2">10 </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="10%"><font size="2"> </font></td>
      <TD ALIGN=LEFT width="81%"><font size="2">Officers of Each Fund </font></td>
      <TD ALIGN=RIGHT width="9%"><font size="2">10 </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="10%"><font size="2"> </font></td>
      <TD ALIGN=LEFT width="81%"><font size="2">Stock Ownership </font></td>
      <TD ALIGN=RIGHT width="9%"><font size="2">11 </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="10%"><font size="2">ITEM 2. </font></td>
      <TD ALIGN=LEFT width="81%"><font size="2">APPROVAL OF CHANGE TO FUNDAMENTAL
        INVESTMENT RESTRICTION </font></td>
      <TD ALIGN=RIGHT width="9%"><font size="2">11 </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="10%" valign="top"><font size="2">ITEM 3. </font></td>
      <TD ALIGN=LEFT width="81%"><font size="2">PROPOSED AMENDMENT TO ARTICLES
        SUPPLEMENTARY OR CERTIFICATE OF DESIGNATION </font></td>
      <TD ALIGN=RIGHT width="9%"><font size="2">12 </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT colspan="2"><font size="2">ADDITIONAL INFORMATION </font></td>
      <TD ALIGN=RIGHT width="9%"><font size="2">14 </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="10%"><font size="2"> </font></td>
      <TD ALIGN=LEFT width="81%"><font size="2">Expenses and Methods of Proxy
        Solicitation </font></td>
      <TD ALIGN=RIGHT width="9%"><font size="2">14 </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="10%"><font size="2"> </font></td>
      <TD ALIGN=LEFT width="81%"><font size="2">Quorum and Vote Required </font></td>
      <TD ALIGN=RIGHT width="9%"><font size="2">14 </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="10%"><font size="2"> </font></td>
      <TD ALIGN=LEFT width="81%"><font size="2">Broker Non-Votes and Abstentions </font></td>
      <TD ALIGN=RIGHT width="9%"><font size="2">18 </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="10%"><font size="2"> </font></td>
      <TD ALIGN=LEFT width="81%"><font size="2">Other Matters </font></td>
      <TD ALIGN=RIGHT width="9%"><font size="2">19 </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="10%"><font size="2"> </font></td>
      <TD ALIGN=LEFT width="81%"><font size="2">Independent Registered Public
        Accounting Firms&#146; Fees </font></td>
      <TD ALIGN=RIGHT width="9%"><font size="2">19 </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="10%"><font size="2"> </font></td>
      <TD ALIGN=LEFT width="81%"><font size="2">Audit Committee&#146;s Pre-Approval
        Policies and Procedures </font></td>
      <TD ALIGN=RIGHT width="9%"><font size="2">21 </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="10%"><font size="2"> </font></td>
      <TD ALIGN=LEFT width="81%"><font size="2">Other </font></td>
      <TD ALIGN=RIGHT width="9%"><font size="2">22 </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="10%"><font size="2"> </font></td>
      <TD ALIGN=LEFT width="81%"><font size="2">Address of Investment Adviser </font></td>
      <TD ALIGN=RIGHT width="9%"><font size="2">22 </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="10%"><font size="2"> </font></td>
      <TD ALIGN=LEFT width="81%"><font size="2">Annual Report Delivery </font></td>
      <TD ALIGN=RIGHT width="9%"><font size="2">22 </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="10%"><font size="2"> </font></td>
      <TD ALIGN=LEFT width="81%"><font size="2">Stockholder Proposals </font></td>
      <TD ALIGN=RIGHT width="9%"><font size="2">22 </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT colspan="2"><font size="2">Exhibit A &#151; Information Pertaining
        to Each Fund </font></td>
      <TD ALIGN=RIGHT width="9%"><font size="2">A-1 </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT colspan="2"><font size="2">Exhibit B &#151; Information Pertaining
        to the Director Nominees </font></td>
      <TD ALIGN=RIGHT width="9%"><font size="2">B-1 </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT colspan="2"><font size="2">Exhibit C &#151; Information Pertaining
        to the Officers </font></td>
      <TD ALIGN=RIGHT width="9%"><font size="2">C-1 </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT colspan="2"><font size="2">Exhibit D &#151; Charter of the
        Nominating Committee </font></td>
      <TD ALIGN=RIGHT width="9%"><font size="2">D-1 </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT colspan="2"><FONT SIZE=2>Exhibit E &#151; Forms of Charter
        Amendments </font></td>
      <TD ALIGN=RIGHT width="9%"><FONT SIZE=2>E-1-1 </font></td>
    </TR>
  </TABLE>
   <br>
</div>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Funds will be referred to throughout this Combined Proxy Statement as listed below. </FONT></P>
<div align="center">
  <TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
    <TR VALIGN=Bottom>

      <TH align="left" width="61%"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Fund</u></font>

    </TH>
      <TH COLSPAN=2 align="left"><font size="1"><u>Term Used in this Combined Proxy Statement</u></font>

    </TH>
    </TR>
    <TR VALIGN=Bottom>

      <TD WIDTH=61% ALIGN=LEFT><FONT SIZE=2>Apex Municipal Fund, Inc. </font></td>
      <TD WIDTH=3% ALIGN=LEFT>&nbsp;&nbsp;&nbsp;</TD>
      <TD WIDTH=36% ALIGN=LEFT><FONT SIZE=2>Apex </font></td>
    </TR>
    <TR VALIGN=Bottom>

      <TD ALIGN=LEFT width="61%"><FONT SIZE=2>Corporate High Yield Fund V, Inc. </font></td>
      <TD ALIGN=LEFT width="3%">&nbsp;</TD>
      <TD ALIGN=LEFT width="36%"><FONT SIZE=2>CHY V </font></td>
    </TR>
    <TR VALIGN=Bottom>

      <TD ALIGN=LEFT width="61%"><FONT SIZE=2>Corporate High Yield Fund VI, Inc. </font></td>
      <TD ALIGN=LEFT width="3%">&nbsp;</TD>
      <TD ALIGN=LEFT width="36%"><FONT SIZE=2>CHY VI </font></td>
    </TR>
    <TR VALIGN=Bottom>

      <TD ALIGN=LEFT width="61%"><FONT SIZE=2>MuniEnhanced Fund, Inc. </font></td>
      <TD ALIGN=LEFT width="3%">&nbsp;</TD>
      <TD ALIGN=LEFT width="36%"><FONT SIZE=2>MuniEnhanced </font></td>
    </TR>
    <TR VALIGN=Bottom>

      <TD ALIGN=LEFT width="61%"><FONT SIZE=2>MuniHoldings California Insured Fund, Inc. </font></td>
      <TD ALIGN=LEFT width="3%">&nbsp;</TD>
      <TD ALIGN=LEFT width="36%"><FONT SIZE=2>MH California Insured </font></td>
    </TR>
    <TR VALIGN=Bottom>

      <TD ALIGN=LEFT width="61%"><FONT SIZE=2>MuniHoldings Insured Fund II, Inc. </font></td>
      <TD ALIGN=LEFT width="3%">&nbsp;</TD>
      <TD ALIGN=LEFT width="36%"><FONT SIZE=2>MH Insured II </font></td>
    </TR>
    <TR VALIGN=Bottom>

      <TD ALIGN=LEFT width="61%"><FONT SIZE=2>MuniYield Arizona Fund, Inc. </font></td>
      <TD ALIGN=LEFT width="3%">&nbsp;</TD>
      <TD ALIGN=LEFT width="36%"><FONT SIZE=2>MY Arizona </font></td>
    </TR>
    <TR VALIGN=Bottom>

      <TD ALIGN=LEFT width="61%"><FONT SIZE=2>MuniYield California Fund, Inc. </font></td>
      <TD ALIGN=LEFT width="3%">&nbsp;</TD>
      <TD ALIGN=LEFT width="36%"><FONT SIZE=2>MY California </font></td>
    </TR>
    <TR VALIGN=Bottom>

      <TD ALIGN=LEFT width="61%"><FONT SIZE=2>MuniYield California Insured Fund, Inc. </font></td>
      <TD ALIGN=LEFT width="3%">&nbsp;</TD>
      <TD ALIGN=LEFT width="36%"><FONT SIZE=2>MY California Insured </font></td>
    </TR>
    <TR VALIGN=Bottom>

      <TD ALIGN=LEFT width="61%"><FONT SIZE=2>MuniYield Florida Fund </font></td>
      <TD ALIGN=LEFT width="3%">&nbsp;</TD>
      <TD ALIGN=LEFT width="36%"><FONT SIZE=2>MY Florida </font></td>
    </TR>
    <TR VALIGN=Bottom>

      <TD ALIGN=LEFT width="61%"><FONT SIZE=2>MuniYield Fund, Inc. </font></td>
      <TD ALIGN=LEFT width="3%">&nbsp;</TD>
      <TD ALIGN=LEFT width="36%"><FONT SIZE=2>MY Fund </font></td>
    </TR>
    <TR VALIGN=Bottom>

      <TD ALIGN=LEFT width="61%"><FONT SIZE=2>MuniYield Insured Fund, Inc. </font></td>
      <TD ALIGN=LEFT width="3%">&nbsp;</TD>
      <TD ALIGN=LEFT width="36%"><FONT SIZE=2>MY Insured </font></td>
    </TR>
    <TR VALIGN=Bottom>

      <TD ALIGN=LEFT width="61%"><FONT SIZE=2>MuniYield Michigan Insured Fund II, Inc. </font></td>
      <TD ALIGN=LEFT width="3%">&nbsp;</TD>
      <TD ALIGN=LEFT width="36%"><FONT SIZE=2>MY Michigan Insured II </font></td>
    </TR>
    <TR VALIGN=Bottom>

      <TD ALIGN=LEFT width="61%"><FONT SIZE=2>MuniYield New Jersey Fund, Inc. </font></td>
      <TD ALIGN=LEFT width="3%">&nbsp;</TD>
      <TD ALIGN=LEFT width="36%"><FONT SIZE=2>MY New Jersey </font></td>
    </TR>
    <TR VALIGN=Bottom>

      <TD ALIGN=LEFT width="61%"><FONT SIZE=2>MuniYield New York Insured Fund, Inc. </font></td>
      <TD ALIGN=LEFT width="3%">&nbsp;</TD>
      <TD ALIGN=LEFT width="36%"><FONT SIZE=2>MY New York Insured </font></td>
    </TR>
    <TR VALIGN=Bottom>

      <TD ALIGN=LEFT width="61%"><FONT SIZE=2>MuniYield Quality Fund, Inc. </font></td>
      <TD ALIGN=LEFT width="3%">&nbsp;</TD>
      <TD ALIGN=LEFT width="36%"><FONT SIZE=2>MY Quality </font></td>
    </TR>
    <TR VALIGN=Bottom>

      <TD ALIGN=LEFT width="61%"><FONT SIZE=2>MuniYield Quality Fund II, Inc. </font></td>
      <TD ALIGN=LEFT width="3%">&nbsp;</TD>
      <TD ALIGN=LEFT width="36%"><FONT SIZE=2>MY Quality II </font></td>
    </TR>
  </TABLE>
   <br>
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<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>INTRODUCTION </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Combined Proxy Statement is furnished in connection with the solicitation of proxies on
behalf of the Board of Directors or the Board of Trustees, as applicable, of the
above-listed funds (each a &#147;Fund&#148; and, collectively, the &#147;Funds&#148;), to be voted at the
2005 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 08536, on Thursday, April 28, 2005, at the
time specified in Exhibit A hereto. The approximate mailing date of this Combined Proxy
Statement is March 20, 2005. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
  Fund is organized as a Maryland corporation, except MY Florida, which is organized
  as a Massachusetts business trust. In each jurisdiction, nomenclature varies.
  For ease and clarity of presentation, shares of common stock or common shares
  of beneficial interest of a Fund are referred to herein as &#147;Shares&#148;
  or &#147;Shares of Common Stock,&#148; shares of auction market preferred stock
  and auction market preferred shares of beneficial interest are referred to as
  &#147;AMPS,&#148; the holders of the outstanding Shares and AMPS are referred
  to as &#147;stockholders,&#148; for the Maryland corporations, the Articles
  of Incorporation and Articles Supplementary, and for the Massachusetts business
  trust, the Declaration of Trust and Certificate of Designation, are referred
  to separately or together as the &#147;Charter,&#148; the Board of Directors
  or Board of Trustees of each Fund 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; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&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: </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      1. </font></td>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;FOR&#148;
the election of the Director nominees of each Fund; </font></td>
</TR>
</TABLE>
<BR>





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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      2. </font></td>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;FOR&#148;
approval of the proposed amendment to the fundamental investment restriction of the
applicable Fund and </font></td>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      3. </font></td>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;FOR&#148;
approval of the amendment to the Charter of the applicable Fund. </font></td>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
proxy may be revoked at any time prior to the exercise thereof by giving written notice
to the Secretary of the applicable Fund at that Fund&#146;s address indicated above or by
voting in person at the Meeting. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  Board of Directors of each Fund has fixed the close of business on February
  28, 2005 as the record date (the &#147;Record Date&#148;) for the determination
  of stockholders entitled to notice of and to vote at the Meetings and at any
  adjournments thereof. Stockholders on the Record Date will be entitled to one
  vote for each share held, with no shares having cumulative voting rights. As
  of the Record Date, each Fund had outstanding the number of Shares and AMPS,
  if applicable, indicated in Exhibit A. Except as set forth in Exhibit A to this
  Combined Proxy Statement, to the knowledge of each Fund, as of the Record Date,
  no person is the beneficial owner of five percent or more of that Fund&#146;s
  outstanding Shares or five percent or more of the outstanding AMPS of such Fund,
  if applicable. This Combined Proxy Statement is being provided to the holders
  of Shares and AMPS, if applicable, of each Fund. </FONT></P>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td>
    <TD WIDTH=60% ALIGN=center><FONT SIZE="2">1
 </font></td>
    <TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>






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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors of each Fund knows of no business other than mentioned in Items 1
through 3, as applicable, of the Notice of Meeting that will be presented for
consideration at its 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></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
stockholders solicited and entitled to vote on Items 1, 2 and 3 are outlined in the
following chart: </FONT></P>
<div align="center">
  <TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>

    <TR VALIGN=Bottom>
      <TD ALIGN=center width="221"><font size="1"><b>Fund </b></font>
        <hr size="1" width="35" noshade>
        <font size="1"><b> </b> </font></td>
      <TD ALIGN=center colspan="2"><font size="1"><b>Item 1. <br>
Election of <br>
Directors </b></font>
        <hr size="1" noshade width="55">
        <font size="1"><b> </b></font><font size="1"> </font></td>
      <TD ALIGN=center width="13">&nbsp;</TD>
      <TD ALIGN=center width="105"><font size="1"><b>Item 2. <br>
Approval of <br>
Amendment to <br>
Fundamental <br>
Investment <br>
Restriction </b></font>
        <hr size="1" noshade width="65">
        <font size="1"><b>

    </b> </font></td>
      <TD ALIGN=center width="14"><font size="1"> </font></td>
      <TD ALIGN=center width="159"><font size="1"><b>Item 3. <br>
Approval of <br>
Charter Amendment </b></font>
        <hr size="1" noshade width="95">
      </TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="221"><font size="2">Apex </font></td>
      <TD ALIGN=right width="54"><font size="2">Yes </font></td>
      <TD ALIGN=LEFT width="34">&nbsp;</TD>
      <TD ALIGN=LEFT width="13">&nbsp;&nbsp;</TD>
      <TD ALIGN=CENTER width="105"><font size="2">Yes </font></td>
      <TD ALIGN=LEFT width="14"><font size="2">&nbsp;&nbsp;&nbsp; </font></td>
      <TD ALIGN=CENTER width="159"><font size="2">No </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="221"><font size="2">CHY V </font></td>
      <TD ALIGN=right width="54"><font size="2">Yes </font></td>
      <TD ALIGN=LEFT width="34"><font size="2">&nbsp; </font></td>
      <TD ALIGN=LEFT width="13">&nbsp;</TD>
      <TD ALIGN=CENTER width="105"><font size="2">No </font></td>
      <TD ALIGN=LEFT width="14"><font size="2">&nbsp; </font></td>
      <TD ALIGN=CENTER width="159"><font size="2">No </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="221"><font size="2">CHY VI </font></td>
      <TD ALIGN=right width="54"><font size="2">Yes </font></td>
      <TD ALIGN=LEFT width="34"><font size="2">&nbsp; </font></td>
      <TD ALIGN=LEFT width="13">&nbsp;</TD>
      <TD ALIGN=CENTER width="105"><font size="2">No </font></td>
      <TD ALIGN=LEFT width="14"><font size="2">&nbsp; </font></td>
      <TD ALIGN=CENTER width="159"><font size="2">No </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="221"><font size="2">MuniEnhanced* </font></td>
      <TD ALIGN=right width="54"><font size="2">Yes </font></td>
      <TD ALIGN=LEFT width="34"><font size="2">**&nbsp; </font></td>
      <TD ALIGN=LEFT width="13">&nbsp;</TD>
      <TD ALIGN=CENTER width="105"><font size="2">Yes </font></td>
      <TD ALIGN=LEFT width="14"><font size="2">&nbsp; </font></td>
      <TD ALIGN=CENTER width="159"><font size="2">No </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="221"><font size="2">MH California Insured* </font></td>
      <TD ALIGN=right width="54"><font size="2">Yes </font></td>
      <TD ALIGN=LEFT width="34"><font size="2">**&nbsp; </font></td>
      <TD ALIGN=LEFT width="13">&nbsp;</TD>
      <TD ALIGN=CENTER width="105"><font size="2">No </font></td>
      <TD ALIGN=LEFT width="14"><font size="2">&nbsp; </font></td>
      <TD ALIGN=CENTER width="159"><font size="2">No </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="221"><font size="2">MH Insured II* </font></td>
      <TD ALIGN=right width="54"><font size="2">Yes </font></td>
      <TD ALIGN=LEFT width="34"><font size="2">**&nbsp; </font></td>
      <TD ALIGN=LEFT width="13">&nbsp;</TD>
      <TD ALIGN=CENTER width="105"><font size="2">No </font></td>
      <TD ALIGN=LEFT width="14"><font size="2">&nbsp; </font></td>
      <TD ALIGN=CENTER width="159"><font size="2">No </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="221"><font size="2">MY Arizona* </font></td>
      <TD ALIGN=right width="54"><font size="2">Yes </font></td>
      <TD ALIGN=LEFT width="34"><font size="2">**&nbsp; </font></td>
      <TD ALIGN=LEFT width="13">&nbsp;</TD>
      <TD ALIGN=CENTER width="105"><font size="2">Yes </font></td>
      <TD ALIGN=LEFT width="14"><font size="2">&nbsp; </font></td>
      <TD ALIGN=CENTER width="159"><font size="2">Yes </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="221"><font size="2">MY California* </font></td>
      <TD ALIGN=right width="54"><font size="2">Yes </font></td>
      <TD ALIGN=LEFT width="34"><font size="2">**&nbsp; </font></td>
      <TD ALIGN=LEFT width="13">&nbsp;</TD>
      <TD ALIGN=CENTER width="105"><font size="2">Yes </font></td>
      <TD ALIGN=LEFT width="14"><font size="2">&nbsp; </font></td>
      <TD ALIGN=CENTER width="159"><font size="2">Yes </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="221"><font size="2">MY California Insured* </font></td>
      <TD ALIGN=right width="54"><font size="2">Yes </font></td>
      <TD ALIGN=LEFT width="34"><font size="2">**&nbsp; </font></td>
      <TD ALIGN=LEFT width="13">&nbsp;</TD>
      <TD ALIGN=CENTER width="105"><font size="2">Yes </font></td>
      <TD ALIGN=LEFT width="14"><font size="2">&nbsp; </font></td>
      <TD ALIGN=CENTER width="159"><font size="2">Yes </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="221"><font size="2">MY Florida* </font></td>
      <TD ALIGN=right width="54"><font size="2">Yes </font></td>
      <TD ALIGN=LEFT width="34"><font size="2">**&nbsp; </font></td>
      <TD ALIGN=LEFT width="13">&nbsp;</TD>
      <TD ALIGN=CENTER width="105"><font size="2">Yes </font></td>
      <TD ALIGN=LEFT width="14"><font size="2">&nbsp; </font></td>
      <TD ALIGN=CENTER width="159"><font size="2">Yes </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="221"><font size="2">MY Fund* </font></td>
      <TD ALIGN=right width="54"><font size="2">Yes </font></td>
      <TD ALIGN=LEFT width="34"><font size="2">**&nbsp; </font></td>
      <TD ALIGN=LEFT width="13">&nbsp;</TD>
      <TD ALIGN=CENTER width="105"><font size="2">Yes </font></td>
      <TD ALIGN=LEFT width="14"><font size="2">&nbsp; </font></td>
      <TD ALIGN=CENTER width="159"><font size="2">No </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="221"><font size="2">MY Insured* </font></td>
      <TD ALIGN=right width="54"><font size="2">Yes </font></td>
      <TD ALIGN=LEFT width="34"><font size="2">**&nbsp; </font></td>
      <TD ALIGN=LEFT width="13">&nbsp;</TD>
      <TD ALIGN=CENTER width="105"><font size="2">Yes </font></td>
      <TD ALIGN=LEFT width="14"><font size="2">&nbsp; </font></td>
      <TD ALIGN=CENTER width="159"><font size="2">No </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="221"><font size="2">MY Michigan Insured II* </font></td>
      <TD ALIGN=right width="54"><font size="2">Yes </font></td>
      <TD ALIGN=LEFT width="34"><font size="2">**&nbsp; </font></td>
      <TD ALIGN=LEFT width="13">&nbsp;</TD>
      <TD ALIGN=CENTER width="105"><font size="2">Yes </font></td>
      <TD ALIGN=LEFT width="14"><font size="2">&nbsp; </font></td>
      <TD ALIGN=CENTER width="159"><font size="2">Yes </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="221"><font size="2">MY New Jersey* </font></td>
      <TD ALIGN=right width="54"><font size="2">Yes </font></td>
      <TD ALIGN=LEFT width="34"><font size="2">**&nbsp; </font></td>
      <TD ALIGN=LEFT width="13">&nbsp;</TD>
      <TD ALIGN=CENTER width="105"><font size="2">Yes </font></td>
      <TD ALIGN=LEFT width="14"><font size="2">&nbsp; </font></td>
      <TD ALIGN=CENTER width="159"><font size="2">No </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="221"><font size="2">MY New York Insured* </font></td>
      <TD ALIGN=right width="54"><font size="2">Yes </font></td>
      <TD ALIGN=LEFT width="34"><font size="2">**&nbsp; </font></td>
      <TD ALIGN=LEFT width="13">&nbsp;</TD>
      <TD ALIGN=CENTER width="105"><font size="2">Yes </font></td>
      <TD ALIGN=LEFT width="14"><font size="2">&nbsp; </font></td>
      <TD ALIGN=CENTER width="159"><font size="2">Yes </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="221"><font size="2">MY Quality* </font></td>
      <TD ALIGN=right width="54"><font size="2">Yes </font></td>
      <TD ALIGN=LEFT width="34"><font size="2">**&nbsp; </font></td>
      <TD ALIGN=LEFT width="13">&nbsp;</TD>
      <TD ALIGN=CENTER width="105"><font size="2">Yes </font></td>
      <TD ALIGN=LEFT width="14"><font size="2">&nbsp; </font></td>
      <TD ALIGN=CENTER width="159"><font size="2">Yes </font></td>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="221"><font size="2">MY Quality II* </font></td>
      <TD ALIGN=right width="54"><font size="2">Yes </font></td>
      <TD ALIGN=LEFT width="34"><font size="2">**&nbsp; </font></td>
      <TD ALIGN=LEFT width="13">&nbsp;</TD>
      <TD ALIGN=CENTER width="105"><font size="2">Yes </font></td>
      <TD ALIGN=LEFT width="14"><font size="2">&nbsp; </font></td>
      <TD ALIGN=CENTER width="159"><font size="2">Yes </font></td>
    </TR>
  </TABLE>

</div>
<HR SIZE=1 noshade ALIGN=left  WIDTH=75>

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<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">  * </font></td><TD WIDTH=2%><FONT SIZE="1"> </font></td>
    <TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">With respect to each Item
      applicable to a Fund, the holders of Shares of Common Stock and AMPS are
      entitled to vote on the Item. See &#147;Additional Information&#151;Quorum
      and Vote Required.&#148; </font></td>
  </TR></TABLE>

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<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">** </font></td><TD WIDTH=2%><FONT SIZE="1"> </font></td>
    <TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Only holders of AMPS are
      entitled to vote on the election of the two AMPS Directors. The holders
      of Shares of Common Stock and AMPS are entitled to vote on the election
      of the remaining Directors. See &#147;Item 1. Election of Directors&#148;
      and &#147;Additional Information&#151;Quorum and Vote Required.&#148; </font></td>
  </TR></TABLE>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>ITEM 1. ELECTION OF
DIRECTORS </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the Meetings of all the Funds (except for Apex, for which information is provided in the
following paragraph), the Directors 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 retirement, resignation or removal. The nominees are
James H. Bodurtha, Robert C. Doll, Jr., Joe Grills, Herbert I. London, Roberta Cooper
Ramo, Robert S. Salomon, Jr. and Stephen B. Swensrud (collectively, the &#147;Director
Nominees&#148;). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Charter of Apex, the Board is divided into three classes, designated Class I,
Class II and Class III. Each class has a term of office of three years and each year the
term of office of one class expires. A Director elected by stockholders will serve until
the Annual Meeting of Stockholders in the year in which his or her term expires and until
his or her successor is elected and qualified or until their earlier retirement,
resignation or removal. At the Meeting, three Class II Directors and one Class III
Director of Apex are to be elected. The Class II Director Nominees are Messrs. Bodurtha,
London and Swensrud and the Class III Director Nominee is Mr. Doll. </FONT></P>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
2 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is intended that all properly executed proxies will be voted on the election of directors
(unless such authority has been withheld in the proxy or revoked as described herein) as
set forth below: </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>For Apex: </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
properly executed proxies will be voted (1) &#147;FOR&#148; the three (3) Class II Director
Nominees, James H. Bodurtha, Herbert I. London and Stephen B. Swensrud to serve until the
2008 Annual Meeting of Stockholders; and (2) &#147;FOR&#148; the one (1) Class III Director
Nominee, Robert C. Doll, Jr., to serve with Robert S. Salomon, Jr., who was previously
elected a Class III Director, until the 2007 Annual Meeting of Stockholders. </FONT></P>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>For CHY V and CHY VI: </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
properly executed proxies will be voted &#147;FOR&#148; the seven (7) Director Nominees listed
below to serve until the next Annual Meeting of Stockholders and until their successors
are elected and qualified or until their earlier retirement, resignation or removal. </FONT></P>
<div align="center">
  <TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=300>

    <TR VALIGN=Bottom align="center">
      <TD colspan="2"><font size="1"><b>Nominees to be Elected by Holders of<br>
Shares of CHY V and CHY VI </b></font>
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR VALIGN=Bottom>

      <TD WIDTH=56% ALIGN=LEFT><FONT SIZE=2>James H. Bodurtha </font></td>
      <TD WIDTH=44% ALIGN=LEFT><FONT SIZE=2>Roberta Cooper Ramo </font></td>
    </TR>
    <TR VALIGN=Bottom>

      <TD ALIGN=LEFT width="56%"><FONT SIZE=2>Robert C. Doll, Jr </font></td>
      <TD ALIGN=LEFT width="44%"><FONT SIZE=2>Robert S. Salomon, Jr. </font></td>
    </TR>
    <TR VALIGN=Bottom>

      <TD ALIGN=LEFT width="56%"><FONT SIZE=2>Joe Grills </font></td>
      <TD ALIGN=LEFT width="44%"><FONT SIZE=2>Stephen B. Swensrud </font></td>
    </TR>
    <TR VALIGN=Bottom>

      <TD ALIGN=LEFT width="56%"><FONT SIZE=2>Herbert I. London </font></td>
    </TR>
  </TABLE> <br>
</div>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>For MuniEnhanced, MH
California Insured, MH Insured II, MY Arizona, MY California, MY California Insured, MY
Florida, MY Fund, MY Insured, MY Michigan Insured II, MY New Jersey, MY New York Insured,
MY Quality and MY Quality II: </B></FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (1) </font></td>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All
properly executed proxies of the holders of AMPS, voting            separately as a
class, will be voted &#147;FOR&#148; the two (2) Director            Nominees listed in the chart
below to be elected by the holders of            AMPS; and </font></td>
</TR>
</TABLE>
<BR>









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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (2) </font></td>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All
properly executed proxies of the holders of Shares and AMPS,            voting together
as a single class, will be voted &#147;FOR&#148; the five (5)            Director Nominees listed
in the chart below to be elected by the            holders of Shares and AMPS: </font></td>
</TR>
</TABLE>
<BR>
<table border=0 cellspacing=0 cellpadding=0 align="center" width="600">
  <tr valign="bottom">
    <td>
      <p align=left><b><font size="1">Fund</font></b></p>
    </td>
    <td><b><font size="1">&nbsp;&nbsp;&nbsp;</font></b></td>
    <td>
      <p align=left><b><font size="1">Director Nominees to be Elected by <br>
        Holders of AMPS</font></b></p>
    </td>
    <td><b><font size="1">&nbsp;&nbsp;&nbsp;</font></b></td>
    <td>
      <p align=left><b><font size="1">Director Nominees to be Elected by <br>
        Holders of Shares and AMPS</font></b></p>
    </td>
  </tr>
  <tr valign="top">
    <td colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td><font size="2">MuniEnhanced</font><font size="2">&nbsp;</font><font size="2">
      </font><font size="2">&nbsp; </font></td>
    <td>&nbsp;</td>
    <td><font size="2">Herbert I. London and <br>
      </font><font size="2">Robert S. Salomon, Jr. </font></td>
    <td>&nbsp;</td>
    <td><font size="2">James H. Bodurtha, Robert C. Doll, Jr., <br>
      </font><font size="2">Joe Grills, Roberta Cooper Ramo, and <br>
      </font><font size="2">Stephen B. Swensrud </font></td>
  </tr>
  <tr valign="top">
    <td colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td><font size="2">MH California Insured </font></td>
    <td>&nbsp;</td>
    <td><font size="2">Herbert I. London and <br>
      </font><font size="2">Robert S. Salomon, Jr. </font></td>
    <td>&nbsp;</td>
    <td><font size="2">James H. Bodurtha, Robert C. Doll, Jr., <br>
      </font><font size="2">Joe Grills, Roberta Cooper Ramo and <br>
      </font><font size="2">Stephen B. Swensrud </font></td>
  </tr>
  <tr valign="top">
    <td colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td><font size="2">MH Insured II </font></td>
    <td>&nbsp;</td>
    <td><font size="2">James H. Bodurtha and <br>
      </font><font size="2">Robert S. Salomon, Jr. </font></td>
    <td>&nbsp;</td>
    <td><font size="2">Robert C. Doll, Jr., Joe Grills, Herbert I. <br>
      </font><font size="2">London, Roberta Cooper Ramo and <br>
      </font><font size="2">Stephen B. Swensrud </font></td>
  </tr>
  <tr valign="top">
    <td colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<br>
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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
3 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>

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<p>
<table border=0 cellspacing=0 cellpadding=0 align="center" width="600">
  <tr valign="bottom">
    <td>
      <p align=left><b><font size="1">Fund</font></b></p>
    </td>
    <td><b><font size="1">&nbsp;&nbsp;&nbsp;</font></b></td>
    <td>
      <p align=left><b><font size="1">Director Nominees to be Elected by <br>
        Holders of AMPS</font></b></p>
    </td>
    <td><b><font size="1">&nbsp;&nbsp;&nbsp;</font></b></td>
    <td>
      <p align=left><b><font size="1">Director Nominees to be Elected by <br>
        Holders of Shares and AMPS</font></b></p>
    </td>
  </tr>
  <tr valign="top">
    <td colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td><font size="2">MY Arizona </font><font size="2">&nbsp; </font></td>
    <td>&nbsp;</td>
    <td><font size="2">Herbert I. London and <br>
      </font><font size="2">Robert S. Salomon, Jr. </font></td>
    <td>&nbsp;</td>
    <td><font size="2">James H. Bodurtha, Robert C. Doll, Jr., <br>
      </font><font size="2">Joe Grills, Roberta Cooper Ramo, and <br>
      </font><font size="2">Stephen B. Swensrud </font></td>
  </tr>
  <tr valign="top">
    <td colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td><font size="2">MY California </font></td>
    <td>&nbsp;</td>
    <td><font size="2">Herbert I. London and <br>
      </font><font size="2">Robert S. Salomon, Jr. </font></td>
    <td>&nbsp;</td>
    <td><font size="2">James H. Bodurtha, Robert C. Doll, Jr., <br>
      </font><font size="2">Joe Grills, Roberta Cooper Ramo, and <br>
      </font><font size="2">Stephen B. Swensrud </font></td>
  </tr>
  <tr valign="top">
    <td colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td><font size="2">MY California Insured </font></td>
    <td>&nbsp;</td>
    <td><font size="2">Herbert I. London and <br>
      </font><font size="2">Robert S. Salomon, Jr. </font></td>
    <td>&nbsp;</td>
    <td><font size="2">James H. Bodurtha, Robert C. Doll, Jr., <br>
      </font><font size="2">Joe Grills, Roberta Cooper Ramo, and <br>
      </font><font size="2">Stephen B. Swensrud </font></td>
  </tr>
  <tr valign="top">
    <td colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td><font size="2">MY Florida </font></td>
    <td>&nbsp;</td>
    <td><font size="2">Herbert I. London and <br>
      </font><font size="2">Robert S. Salomon, Jr. </font></td>
    <td>&nbsp;</td>
    <td><font size="2">James H. Bodurtha, Robert C. Doll, Jr., <br>
      </font><font size="2">Joe Grills, Roberta Cooper Ramo and <br>
      </font><font size="2">Stephen B. Swensrud </font></td>
  </tr>
  <tr valign="top">
    <td colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td><font size="2">MY Fund</font><font size="2">&nbsp; </font></td>
    <td>&nbsp;</td>
    <td><font size="2">James H. Bodurtha and <br>
      </font><font size="2">Herbert I. London </font></td>
    <td>&nbsp;</td>
    <td><font size="2">Robert C. Doll, Jr., Joe Grills, Roberta <br>
      </font><font size="2">Cooper Ramo, Robert S. Salomon, Jr. <br>
      </font><font size="2">and Stephen B. Swensrud </font></td>
  </tr>
  <tr valign="top">
    <td colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td><font size="2">MY Insured</font><font size="2">&nbsp; </font></td>
    <td>&nbsp;</td>
    <td><font size="2">James H. Bodurtha and <br>
      </font><font size="2">Robert S. Salomon, Jr. </font></td>
    <td>&nbsp;</td>
    <td><font size="2">Robert C. Doll, Jr., Joe Grills, Herbert I. <br>
      </font><font size="2">London, Roberta Cooper Ramo and <br>
      </font><font size="2">Stephen B. Swensrud </font></td>
  </tr>
  <tr valign="top">
    <td colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td><font size="2">MY Michigan Insured II</font><font size="2">&nbsp; </font></td>
    <td>&nbsp;</td>
    <td><font size="2">Herbert I. London and <br>
      </font><font size="2">Robert S. Salomon, Jr. </font></td>
    <td>&nbsp;</td>
    <td><font size="2">James H. Bodurtha, Robert C. Doll, Jr., <br>
      </font><font size="2">Joe Grills, Roberta Cooper Ramo and <br>
      </font><font size="2">Stephen B. Swensrud </font></td>
  </tr>
  <tr valign="top">
    <td colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td><font size="2">MY New Jersey </font></td>
    <td>&nbsp;</td>
    <td><font size="2">Herbert I. London and <br>
      </font><font size="2">Robert S. Salomon, Jr. </font></td>
    <td>&nbsp;</td>
    <td><font size="2">James H. Bodurtha, Robert C. Doll, Jr., <br>
      </font><font size="2">Joe Grills, Roberta Cooper Ramo and <br>
      </font><font size="2">Stephen B. Swensrud </font></td>
  </tr>
  <tr valign="top">
    <td colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td><font size="2">MY New York Insured</font><font size="2">&nbsp; </font></td>
    <td>&nbsp;</td>
    <td><font size="2">Herbert I. London and <br>
      </font><font size="2">Robert S. Salomon, Jr. </font></td>
    <td>&nbsp;</td>
    <td><font size="2">James H. Bodurtha, Robert C. Doll, Jr., <br>
      </font><font size="2">Joe Grills, Roberta Cooper Ramo and <br>
      </font><font size="2">Stephen B. Swensrud </font></td>
  </tr>
  <tr valign="top">
    <td colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td><font size="2">MY Quality </font></td>
    <td>&nbsp;</td>
    <td><font size="2">Herbert I. London and <br>
      </font><font size="2">Robert S. Salomon, Jr. </font></td>
    <td>&nbsp;</td>
    <td><font size="2">James H. Bodurtha, Robert C. Doll, Jr., <br>
      </font><font size="2">Joe Grills, Roberta Cooper Ramo and <br>
      </font><font size="2">Stephen B. Swensrud </font></td>
  </tr>
  <tr valign="top">
    <td colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td><font size="2">MY Quality II </font></td>
    <td>&nbsp;</td>
    <td><font size="2">James H. Bodurtha and <br>
      </font><font size="2">Herbert I. London </font></td>
    <td>&nbsp;</td>
    <td><font size="2">Robert C. Doll, Jr., Joe Grills, Roberta <br>
      </font><font size="2">Cooper Ramo, Robert S. Salomon, Jr. <br>
      </font><font size="2">and Stephen B. Swensrud </font></td>
  </tr>
  <tr valign="top">
    <td colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="top"><td></td> </tr>
  <tr valign="top"><td></td> </tr>
</table>
<BR>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of each Fund knows of no reason why any of the Director Nominees listed above for
any Fund 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 that Fund&#146;s
Board of Directors may recommend. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
information concerning the Director Nominees is set forth below. Additional information
concerning the Director Nominees is set forth in Exhibit B to this Combined Proxy
Statement. </FONT></P>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
4 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 9; page: 9" --> <!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Biographical
Information </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
biographical and other information relating to the Director Nominee who is an &#147;interested
person,&#148; as defined in the Investment Company Act of 1940, as amended (the &#147;Investment
Company Act&#148;) of each Fund, is set forth below: </FONT></P>


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

  <tr valign="bottom" align="center">

    <td width="11%"><b><font size="1">Name, Address&#134; <br>
        and Age </font></b>

      <hr noshade size="1">
      </td>
    <td width="1%">&nbsp;&nbsp;&nbsp;</td>
    <td width="11%"><b><font size="1">Position(s) Held <br>
        with Each Fund </font></b>

      <hr noshade size="1">
      </td>
    <td width="1%">&nbsp;&nbsp;&nbsp;</td>
    <td width="12%"><b><font size="1">Term of Office <br>
        and Length of <br>
        Time Served </font></b>

      <hr noshade size="1">
      </td>
    <td width="1%">&nbsp;&nbsp;&nbsp;</td>
    <td width="38%"><b><font size="1">Principal Occupation(s) <br>
        During Past Five Years </font></b>

      <hr noshade size="1">
      </td>
    <td width="1%">&nbsp;&nbsp;&nbsp;</td>
    <td width="15%"><b><font size="1">Number of MLIM/FAM- <br>
        Advised Funds** and <br>
        Portfolios Overseen </font></b>

      <hr noshade size="1">
      </td>
    <td width="1%">&nbsp;&nbsp;&nbsp;</td>
    <td width="8%"><b><font size="1">Public <br>
        Directorships </font></b>

      <hr noshade size="1">
      </td>
  </tr>

  <tr valign="top">

    <td width="11%"> <font size="2">Robert C.
        Doll, Jr.&#134;&#134; (50) </font> </td>
    <td width="1%">&nbsp;</td>
    <td width="11%"> <font size="2">President
        and Director*</font> </td>
    <td width="1%">&nbsp;</td>
    <td width="12%"> <font size="2">President
        and Director of each Fund since 2005.</font> </td>
    <td width="1%">&nbsp;</td>
    <td width="38%"> <font size="2">President
        of MLIM/FAM-advised funds since 2005; President of MLIM and FAM since
        2001; Co-Head (Americas Region) thereof from 2000 to 2001 and Senior Vice
        President from 1999 to 2001; President and Director of Princeton Services,
        Inc. (&#147;Princeton Services&#148;) since 2001; President of Princeton
        Administrators, L.P. (&#147;Princeton Administrators&#148;) since 2001;
        Chief Investment Officer of OppenheimerFunds, Inc. in 1999 and Executive
        Vice President thereof from 1991 to 1999.</font> </td>
    <td width="1%">&nbsp;</td>
    <td width="15%"> <font size="2">114 registered investment companies consisting
      of 150&nbsp;portfolios </font> </td>
    <td width="1%">&nbsp;</td>
    <td width="8%"><font size="2">None </font></td>
  </tr>

</table>


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<HR SIZE=1 noshade ALIGN=left  WIDTH=75>


<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> &#134; </font></td><TD WIDTH=2%><FONT SIZE="1"> </font></td><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">P.O.
Box 9011, Princeton, New Jersey 08543-9011. </font></td></TR></TABLE>


<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR>
    <TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">&#134;&#134; </font></td>
    <TD WIDTH=2%><FONT SIZE="1"> </font></td>
    <TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1"> Mr. Doll is an &#147;interested
      person,&#148; as defined in the Investment Company Act, of each Fund based
      on his positions with Merrill Lynch Investment Managers, L.P. (&#147;MLIM&#148;), FAM, Princeton Services and Princeton Administrators,
      L.P. </font></td>
  </TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> * </font></td><TD WIDTH=2%><FONT SIZE="1"> </font></td><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">As
a Director, Mr. Doll serves until his successor is elected and       qualified, until
December 31 of the year in which he turns 72, or until       his death, resignation, or
removal as provided in each Fund&#146;s by-laws,       charter or by statute. </font></td></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">** </font></td><TD WIDTH=2%><FONT SIZE="1"> </font></td><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">The
complex of funds advised by FAM and MLIM. </font></td></TR></TABLE>




<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
biographical and other information relating to the Director Nominees who are not
&#147;interested persons,&#148; as defined in the Investment Company Act of any Fund and who are
&#147;independent&#148; as defined in the listing standards of the New York Stock Exchange (&#147;NYSE&#148;)
or NASDAQ, as applicable, with respect to each Fund (&#147;non-interested Directors&#148;) is set
forth below. Each non-interested Director Nominee is a member of each Fund&#146;s Audit
Committee and Nominating Committee. </FONT></P>


<table border=0 cellspacing=0 cellpadding=0 width="100%">
  <tr valign="bottom" align="center">
    <td width=11%> <b><font size="1">Name, Address* <br>
      and Age </font></b>
      <hr noshade size="1">
    </td>
    <td width=1%>&nbsp;&nbsp;&nbsp;</td>
    <td width=11%> <b><font size="1">Position(s) Held <br>
      with Each Fund </font></b>
      <hr noshade size="1">
    </td>
    <td width=1%>&nbsp;&nbsp;&nbsp;</td>
    <td width=12%> <b><font size="1">Term of Office&#134; <br>
      and Length of <br>
      Time Served </font></b>
      <hr noshade size="1">
    </td>
    <td width=1%>&nbsp;&nbsp;&nbsp;</td>
    <td width=38%> <b><font size="1">Principal Occupation(s) <br>
      During Past Five Years </font></b>
      <hr noshade size="1">
    </td>
    <td width=1%>&nbsp;&nbsp;&nbsp;</td>
    <td width=15%> <b><font size="1">Number of MLIM/FAM- <br>
      Advised Funds and <br>
      Portfolios Overseen </font></b>
      <hr noshade size="1">
    </td>
    <td width=1%>&nbsp;&nbsp;&nbsp;</td>
    <td width=8%> <b><font size="1">Public <br>
      Directorships </font></b>
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top width=11%>
      <p><font size="2">James H. Bodurtha** (61)</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=11%>
      <p><font size="2">Director</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=12%>
      <p><font size="2">Director of each Fund since the year listed in Exhibit
        B.</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=38%>
      <p><font size="2">Director, The China Business Group, Inc. since 1996 and
        Executive Vice President thereof from 1996 to 2003; Chairman of the Board,
        Berkshire Holding Corporation since 1980; Partner, Squire, Sanders &amp;
        Dempsey from 1980 to 1993.</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=15%>
      <p><font size="2">38 registered investment companies consisting of 55&nbsp;portfolios</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=8%>
      <p><font size="2">None</font></p>
    </td>
  </tr>
</table>
<br>

<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
5 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 10; page: 10" -->


<p><table border=0 cellspacing=0 cellpadding=0 width="100%">
  <tr valign="bottom" align="center">
    <td width=11%> <b><font size="1">Name, Address* <br>
      and Age </font></b>
      <hr noshade size="1">
    </td>
    <td width=1%>&nbsp;&nbsp;&nbsp;</td>
    <td width=11%> <b><font size="1">Position(s) Held <br>
      with Each Fund </font></b>
      <hr noshade size="1">
    </td>
    <td width=1%>&nbsp;&nbsp;&nbsp;</td>
    <td width=12%> <b><font size="1">Term of Office&#134; <br>
      and Length of <br>
      Time Served </font></b>
      <hr noshade size="1">
    </td>
    <td width=1%>&nbsp;&nbsp;&nbsp;</td>
    <td width=38%> <b><font size="1">Principal Occupation(s) <br>
      During Past Five Years </font></b>
      <hr noshade size="1">
    </td>
    <td width=1%>&nbsp;&nbsp;&nbsp;</td>
    <td width=15%><b><font size="1">Number of MLIM/FAM-<br>
      Advised Funds and <br>
      Portfolios Overseen </font></b>
      <hr noshade size="1">
    </td>
    <td width=1%>&nbsp;&nbsp;&nbsp;</td>
    <td width=8%> <b><font size="1">Public <br>
      Directorships </font></b>
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top width=11%>
      <p><font size="2">Joe Grills** (69)</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=11%>
      <p><font size="2">Director</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=12%>
      <p><font size="2">Director of each Fund since the year listed in Exhibit
        B.</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=38%>
      <p><font size="2">Member of the Committee of Investment of Employee Benefit
        Assets of the Association of Financial Professionals (<font size="2">&#147;</font>CIEBA<font size="2">&#148;</font>)
        since 1986; Member of CIEBA&#146;s Executive Committee since 1988 and
        its Chairman from 1991 to 1992; Assistant Treasurer of International Business
        Machines Corporation (<font size="2">&#147;</font>IBM<font size="2">&#148;</font>)
        and Chief Investment Officer of IBM Retirement Funds from 1986 to 1993;
        Member of the Investment Advisory Committee of the State of New York Common
        Retirement Fund since 1989; Member of the Investment Advisory Committee
        of the Howard Hughes Medical Institute from 1997 to 2000; Director, Duke
        University Management Company from 1992 to 2004, Vice Chairman thereof
        from 1998 to 2004 and Director Emeritus thereof since 2004; Director,
        LaSalle Street Fund from 1995 to 2001; Director, Kimco Realty Corporation
        since 1997; Member of the Investment Advisory Committee of the Virginia
        Retirement System since 1998 and Vice Chairman thereof since 2002; Director,
        Montpelier Foundation since 1998 and its Vice Chairman since 2000; Member
        of the Investment Committee of the Woodberry Forest School since 2000;
        Member of the Investment Committee of the National Trust for Historic
        Preservation since 2000.</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=15%>
      <p><font size="2">38 registered investment companies consisting of 55&nbsp;portfolios</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=8%>
      <p><font size="2">Kimco Realty Corporation</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=11%>&nbsp;</td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=11%>&nbsp;</td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=12%>&nbsp;</td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=38%>&nbsp;</td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=15%>&nbsp;</td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=8%>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=11%>
      <p><font size="2">Herbert I. London (66)</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=11%>
      <p><font size="2">Director</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=12%>
      <p><font size="2">Director of each Fund since the year listed in Exhibit
        B.</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=38%>
      <p><font size="2">John M. Olin Professor of Humanities, New York University
        since 1993 and Professor thereof since 1980; President, Hudson Institute
        since 1997 and Trustee thereof since 1980; Dean, Gallatin Division of
        New York University from 1976 to 1993; Distinguished Fellow, Herman Kahn
        Chair, Hudson Institute from 1984 to 1985; Director, Damon Corp. from
        1991 to 1995; Overseer, Center for Naval Analyses from 1983 to 1993; Limited
        Partner, Hypertech LP since 1996.</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=15%>
      <p><font size="2">38 registered investment companies consisting of 55&nbsp;portfolios</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=8%>
      <p><font size="2">None</font></p>
    </td>
  </tr>
</table>
<br>

  <!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
6 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





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<!-- MARKER PAGE="sheet: 11; page: 11" -->






<p><table border=0 cellspacing=0 cellpadding=0 width="100%">
  <tr valign="bottom" align="center">
    <td width=11%> <b><font size="1">Name, Address* <br>
      and Age </font></b>
      <hr noshade size="1">
    </td>
    <td width=1%>&nbsp;&nbsp;&nbsp;</td>
    <td width=11%> <b><font size="1">Position(s) Held <br>
      with Each Fund </font></b>
      <hr noshade size="1">
    </td>
    <td width=1%>&nbsp;&nbsp;&nbsp;</td>
    <td width=12%> <b><font size="1">Term of Office&#134; <br>
      and Length of <br>
      Time Served </font></b>
      <hr noshade size="1">
    </td>
    <td width=1%>&nbsp;&nbsp;&nbsp;</td>
    <td width=38%> <b><font size="1">Principal Occupation(s) <br>
      During Past Five Years </font></b>
      <hr noshade size="1">
    </td>
    <td width=1%>&nbsp;&nbsp;&nbsp;</td>
    <td width=15%> <b><font size="1">Number of MLIM/FAM- <br>
      Advised Funds and <br>
      Portfolios Overseen </font></b>
      <hr noshade size="1">
    </td>
    <td width=1%>&nbsp;&nbsp;&nbsp;</td>
    <td width=8%> <b><font size="1">Public <br>
      Directorships </font></b>
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top width=11%>
      <p><font size="2">Roberta Cooper Ramo (62)</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=11%>
      <p><font size="2">Director</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=12%>
      <p><font size="2">Director of each Fund since the year listed in Exhibit
        B.</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=38%>
      <p><font size="2">Shareholder, Modrall, Sperling, Roehl, Harris &amp; Sisk,
        P.A. since 1993; President, American Bar Association from 1995 to 1996
        and Member of the Board of Governors thereof from 1994 to 1997; Shareholder,
        Poole, Kelly &amp; Ramo, Attorneys at Law, P.C. from 1977 to 1993; Director,
        Coopers, Inc. since 1999; Director of ECMC Group (service provider to
        students, schools and lenders) since 2001; Director, United New Mexico
        Bank (now Wells Fargo) from 1983 to 1988; Director, First National Bank
        of New Mexico (now Wells Fargo) from 1975 to 1976; Vice President, American
        Law Institute since 2004.</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=15%>
      <p><font size="2">38 registered investment companies consisting of 55&nbsp;portfolios</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=8%>
      <p><font size="2">None</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=11%>&nbsp;</td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=11%>&nbsp;</td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=12%>&nbsp;</td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=38%>&nbsp;</td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=15%>&nbsp;</td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=8%>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=11%>
      <p><font size="2">Robert S. Salomon, Jr. (68)</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=11%>
      <p><font size="2">Director</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=12%>
      <p><font size="2">Director of each Fund since the year listed in Exhibit
        B.</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=38%>
      <p><font size="2">Principal of STI Management (investment adviser) since
        1994; Chairman and CEO of Salomon Brothers Asset Management Inc. from
        1992 to 1995; Chairman of Salomon Brothers equity mutual funds from 1992
        to 1995; regular columnist with Forbes Magazine from 1992 to 2001; Director
        of Stock Research and U.S. Equity Strategist at Salomon Brothers Inc.
        from 1975 to 1991; Trustee, Commonfund from 1980 to 2001.</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=15%>
      <p><font size="2">38 registered investment companies consisting of 55&nbsp;portfolios</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=8%>
      <p><font size="2">None</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=11%>&nbsp;</td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=11%>&nbsp;</td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=12%>&nbsp;</td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=38%>&nbsp;</td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=15%>&nbsp;</td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=8%>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=11%>
      <p><font size="2">Stephen B. Swensrud (71)</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=11%>
      <p><font size="2">Director</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=12%>
      <p><font size="2">Director of each Fund since the year listed in Exhibit
        B.</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=38%>
      <p><font size="2">Chairman of Fernwood Advisors Inc. (investment adviser)
        since 1996; Principal of Fernwood Associates (financial consultant) since
        1975; Chairman of R.P.P. Corporation (manufacturing) since 1978; Director,
        International Mobile Communications, Inc. (telecommunications) since 1998.</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=15%>
      <p><font size="2">39 registered investment companies consisting of 56&nbsp;portfolios</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=8%>
      <p><font size="2">None</font></p>
    </td>
  </tr>
</table>





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<HR SIZE=1 noshade ALIGN=left  WIDTH=75>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> * </font></td><TD WIDTH=2%><FONT SIZE="1"> </font></td><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">The
address of each non-interested Director is P.O. Box 9095, Princeton, New Jersey
08543-9095. </font></td></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">** </font></td><TD WIDTH=2%><FONT SIZE="1"> </font></td><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Co-Chairman
of the Board of Directors and Co-Chairman of the Audit Committee of each Fund. </font></td></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> &#134; </font></td><TD WIDTH=2%><FONT SIZE="1"> </font></td><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Each
Director serves until his or her successor is elected and qualified,       or until his
or her death or resignation, or removal as provided in the       Funds&#146; respective
by-laws or charter or by statute, or until December 31       of the year in which he or
she turns 72. </font></td></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Committees and Board
Meetings </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of each Fund maintains a standing Audit Committee and a standing Nominating
Committee. Currently, all of the non-interested Directors, Ms. Ramo and Messrs. Bodurtha,
Grills, London, Salomon and Swensrud, are members of each Fund&#146;s Audit Committee. The
Nominating Committee of each Fund consists of three of the non-interested Directors, Ms.
Ramo and Messrs. London and Salomon. </FONT></P>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
7 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>






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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><i>Audit
Committees </i></FONT></P>
<i><!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
</i>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal responsibilities of each Audit Committee are the appointment, compensation and
oversight of the Fund&#146;s independent registered public accounting firm, including the
resolution of disagreements regarding financial reporting between Fund management and
such independent registered public accounting firm. The Audit Committee&#146;s
responsibilities include, without limitation, to (i) review with the independent
registered public accounting firm the arrangements for and scope of annual and special
audits and any other services provided by the independent registered public accounting
firm to the Fund; (ii) discuss with the independent registered public accounting firm
certain matters relating to the Fund&#146;s financial statements, including any adjustment to
such financial statements recommended by such independent registered public accounting
firm or any other results of any audit; (iii) ensure that the independent registered
public accounting firm submits on a periodic basis a formal written statement with
respect to their independence, discuss with the independent registered public accounting
firm any relationships or services disclosed in the statement that may impact the
objectivity and independence of the Fund&#146;s independent registered public accounting firm
and recommended that the Board take appropriate action in response thereto to satisfy
itself of the independent registered public accounting firm&#146;s independence; and (iv)
consider the comments of the independent registered public accounting firm with respect
to the quality and adequacy of the Fund&#146;s accounting and financial reporting policies and
practices and internal controls and Fund management&#146;s responses thereto. The Board of
each Fund has adopted a written charter for the Audit Committee. Each Audit Committee has
retained independent legal counsel to assist it in connection with these duties. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Fund&#146;s Audit Committee also has received written disclosures and the letter required by
Independence Standards Board Standard No. 1, as may be modified or supplemented, from
Deloitte &amp; Touche <font size="1">LLP</font> (&#147;D&amp;T&#148;), independent registered public accounting firm for
all the Funds, except MH Insured II and MY Insured, which received such written
disclosures from their independent registered public accounting firm, Ernst &amp; Young
<font size="1">LLP</font> (&#147;E&amp;Y&#148;). Each Audit Committee has discussed with D&amp;T and E&amp;Y, as
applicable, such firm&#146;s independence with respect to the Fund and certain matters
required to be discussed by Statements on Auditing Standards No. 61. Each Audit Committee
has considered whether the provision of non-audit services by the Fund&#146;s independent
registered public accounting firm is compatible with maintaining the independence of that
registered public accounting firm. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Audit Committee also reviews and discusses the audit of the Fund&#146;s financial statements
with Fund management and the independent registered public accounting firm. If any
material concerns arise during the course of the audit and the preparation of the audited
financial statements mailed to stockholders and included in the Fund&#146;s Annual Report to
Stockholders, the Audit Committee would be notified by Fund management or the independent
registered public accounting firm. The Audit Committees received no such notifications
for any Fund. Following each Audit Committee&#146;s review and discussion regarding the audit
of the Fund&#146;s financial statements with Fund management and the Fund&#146;s independent
registered public accounting firm, each Audit Committee recommended to the Directors that
the Fund&#146;s audited financial statements for the 2004 fiscal year (each Fund&#146;s fiscal year
end is set forth in Exhibit A) be included in each Fund&#146;s Annual Report to Stockholders. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Nominating Committees </I></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal responsibilities of each Nominating Committee are to identify individuals
qualified to serve as non-interested Directors of the Fund and to recommend its nominees
for consideration by the full Board. The non-interested Directors have retained
independent legal counsel to assist them in connection with these </FONT></P>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
8 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>








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<!-- MARKER PAGE="sheet: 13; page: 13" -->




<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>duties. While each
Nominating Committee is solely responsible for the selection and nomination of the Fund&#146;s
non-interested Directors, the Nominating Committee may consider nominations for the
office of Director made by Fund stockholders as it deems appropriate. Stockholders who
wish to recommend a nominee should send nominations to the applicable Fund&#146;s Secretary
that include biographical information and set forth the qualifications of the proposed
nominee. The Nominating Committee evaluates nominees from whatever source using the same
standard. Each Fund adopted a Charter of the Nominating Committee on February 18, 2004, a
copy of which is attached hereto as Exhibit D. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
identifying and evaluating a potential nominee to serve as a non-interested Director of a
Fund, the Nominating Committee will consider, among other factors, (i) the contribution
that the person can make to the Board, with consideration being given to the person&#146;s
business and professional experience, education, and such other factors as the Committee
may consider relevant; (ii) the character and integrity of the person; (iii) whether or
not the person is an &#147;interested person&#148; as defined in the Investment Company Act and
whether the person is otherwise qualified under applicable laws and regulations to serve
as a Director; (iv) whether or not the person has any business, charitable, financial or
family relationships with Fund management, the investment adviser or manager of the Fund,
any sub-adviser to the Fund, Fund service providers or their affiliates; (v) whether the
individual is financially literate pursuant to the listing standards of the NYSE or
American Stock Exchange, as applicable; (vi) whether or not the person serves on boards
of, or is otherwise affiliated with, competing financial service organizations or their
related investment company complexes; (vii) whether or not the person is willing to
serve, and willing and able to commit the time necessary to perform the duties of a Fund
Director; and (viii) whether or not the selection and nomination of the person would be
consistent with the Fund&#146;s retirement policy. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Stockholder
Communications </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders
may send written communications to a Fund&#146;s Board of Directors or to an individual
Director by mailing such correspondence to the Director or Directors at P.O. Box 9095,
Princeton, New Jersey 08543-9095. Such communications must be signed by the stockholder
and identify the Fund, class and number of shares held by the stockholder. Properly
submitted stockholder communications will, as appropriate, be forwarded to the entire
Board or to the individual Director. Any stockholder proposal submitted pursuant to Rule
14a-8 under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), must
continue to meet all the requirements of Rule 14a-8. See &#147;Additional
Information&#151;Stockholder Proposals&#148; herein. </FONT></P>


<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Director Attendance at
Stockholder Meetings </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Funds have no formal policy regarding Director attendance at stockholder meetings. None
of the Funds&#146; Directors attended the 2004 Annual Meetings of Stockholders. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Committee and Board of
Directors Meetings </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
each Fund&#146;s last 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, the total number of meetings of the Audit
Committee and Nominating Committee held during the period for which he or she served. For
information about the number of meetings of the Board, the Audit Committee and the
Nominating Committee held during each Fund&#146;s most recently completed fiscal year, see
Exhibit A to the Combined Proxy Statement. </FONT></P>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
9 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>






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<!-- MARKER PAGE="sheet: 14; page: 14" -->



<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Compliance with
Section 16(a) of the Securities Exchange Act of 1934 </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
16(a) of the Exchange Act requires the officers and Directors of each Fund and persons
who own more than ten percent of a registered class of the 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 (&#147;SEC&#148;) and the NYSE. Officers, Directors and greater
than ten percent stockholders of each Fund are required by SEC regulations to furnish the
Fund with copies of all Forms 3, 4 and 5 they file. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&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 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></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Interested Persons </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Fund considers Mr. Doll to be an &#147;interested person&#148; of the Fund within the meaning of
Section 2(a)(19) of the Investment Company Act based on his positions with FAM and its
affiliates. Effective January 1, 2005, Mr. Doll was elected by each Fund&#146;s Board as a
Director of each Fund. Effective January 1, 2005, Mr. Doll was also elected as President
of each Fund by the Fund&#146;s Board. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Compensation of
Directors </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAM,
the investment adviser of each Fund, pays all compensation to all officers of each Fund
and all Directors of each Fund who are affiliated with Merrill Lynch &amp; Co., Inc. (&#147;ML
&amp; Co.&#148;) or its subsidiaries. Each Fund pays each non-interested Director an annual
retainer of $125,000 for his or her services to MLIM/FAM-advised funds, including the
Funds. The portion of the annual retainer allocated to each MLIM/FAM-advised fund is
determined quarterly based on the relative net assets of each such fund. In addition,
each non-interested Director receives a fee per in-person Board meeting attended and per
in-person Audit Committee meeting attended.
The annual per meeting fees paid to each non-interested Director aggregate $100,000 for
all MLIM/FAM-advised funds for which that Director serves and are allocated equally among
those funds. Each Co-Chairman of the Audit Committee receives an additional annual
retainer in the amount of $50,000, which is paid quarterly and allocated to each
MLIM/FAM-advised fund for which such Co-Chairman provides services based on the relative
net assets of the fund. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
  relating to (i) the aggregate fees and expenses paid by each Fund to its non-interested
  Directors during each Fund&#146;s most recently completed fiscal year is set
  forth in Exhibit A to this Combined Proxy Statement and (ii) the compensation
  required by each non-interested Director is set forth in Exhibit B to this Combined
  Proxy Statement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Officers of Each Fund </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
relating to the officers of each Fund is set forth in Exhibit C to this Combined Proxy
Statement. 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></P>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
10 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





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<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Stock Ownership </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set
forth in Exhibit B to the Combined Proxy Statement is the following information for each
Director Nominee: (i) the number of Shares of Common Stock and AMPS, if applicable, of
each Fund owned; (ii) the aggregate dollar range such stock ownership represents; and
(iii) the aggregate dollar range of securities owned in all registered funds overseen by
the Director Nominee in the Merrill Lynch family of funds. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the Record Date, no non-interested Director Nominee or his or her immediate family
members, owned beneficially or of record any securities of ML &amp;Co.. As of the Record
Date, the Directors and officers of each Fund as a group owned an aggregate of less than
1% of the Fund&#146;s outstanding shares. At such date, Mr. Doll, a Director and officer 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></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
&#147;Additional Information&#151;Quorum and Vote Required&#148; for the required vote necessary for
the election of the Director Nominees with respect to each Fund. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors
of each Fund recommends that the stockholders vote &#147;FOR&#148; the election of the Director
Nominees. </B></FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>ITEM 2. APPROVAL OF
CHANGE TO FUNDAMENTAL INVESTMENT RESTRICTION </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of each of Apex, MuniEnhanced, MY Arizona, MY California MY California Insured, MY
Florida, MY Fund, MY Insured, MY Michigan Insured II, MY New Jersey, MY New York, MY
Quality and MY Quality II has approved, and recommends that Fund stockholders approve,
the amendment to the investment restriction of the Fund prohibiting investment in other
investment companies, except under certain circumstances. The investment restriction is a
fundamental policy of each Fund and may not be changed without stockholder approval. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
investment restriction as proposed to be amended is set forth below. The language to be
added appears in bold face type. </FONT></P>





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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Fund may not: </font></td>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Purchase
securities of other investment companies, except (i) in       connection with a merger,
consolidation, acquisition or reorganization,       <b>(ii) by purchase of shares of
tax-exempt money market funds advised by the       Investment Adviser or its affiliates
(as defined in the Investment Company       Act) to the extent permitted by an exemptive
order issued to the Fund by       the Securities and Exchange Commission, or (iii)</b> by
purchase in the open       market of securities of closed-end investment companies and
only if       immediately thereafter not more than 10% of the Fund&#146;s total assets would
      be invested in such securities. </font></td>
</TR>
</TABLE>
<BR>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Fund has adopted a fundamental       investment restriction that provides that a Fund may
not invest in other       investment companies except under certain specified
circumstances. You are being asked to approve changes to that fundamental investment
restriction that would allow each Fund to invest in other investment companies by
purchasing shares of tax-exempt money market funds advised by the Fund&#146;s Investment
Adviser and its affiliates as permitted by an exemptive order issued to each Fund by the
SEC (the &#147;SEC Order&#148;). This change will make it possible for each Fund, in the future, to
invest uninvested cash balances in the shares of </font></p>

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<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
11 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>affiliated tax-exempt money market
funds. Uninvested cash might arise from a variety of sources including dividend or
interest payments, unsettled securities transactions, reserves held for investment
strategy purposes, scheduled maturity of investments or liquidation of portfolio
securities. Any such investment will be on the same terms and on the same basis as other
stockholders in such tax-exempt money market funds, except that shares of tax-exempt
money market funds sold to and redeemed by a Fund will not be subject to a sales load,
redemption fee, distribution fee under a Rule 12b-1 plan or a service fee, and if the
shares are subject to any such fee, the Investment Adviser will waive its advisory fee in
an amount necessary to offset the amount of any such fees incurred. If such investment
would be subject to an advisory fee, the Fund&#146;s Investment Adviser has agreed to waive a
portion of its advisory fee in an amount to offset the amount of fees incurred by the
Fund. The SEC Order permits a Fund to invest up to 25% of its total assets in an
affiliated tax-exempt money market fund. If the proposed amendment is adopted, each Fund
will interpret the amended restriction in light of the existing SEC Order or as it may be
amended in the future. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of each Fund believes that investment in affiliated tax-exempt money market funds
would provide each Fund with an efficient and cost-effective means of investing
uninvested cash balances. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
  &#147;Additional Information&#151;Quorum and Vote Required&#148; for the required
  vote necessary for the approval of the change to the fundamental investment
  restriction with respect to each applicable Fund. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Board of Directors of each Fund recommends that the stockholders of that Fund vote FOR
the proposal to amend the Fund&#146;s fundamental investment restriction regarding investing
in other investment companies.</B> </FONT> </P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>ITEM 3. PROPOSED
AMENDMENT TO ARTICLES SUPPLEMENTARY OR                            <BR>CERTIFICATE OF
DESIGNATION </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
meetings held in November 2004, the Board of each of the Funds approved amendments to
Section 5(c) of the Articles Supplementary or Certificate of Designation, as applicable,
of that Fund. The proposed amendment of Section 5(c) will affect issued and outstanding
AMPS. The proposed amendment is described below and a form of amended Section 5(c) for
each Fund is attached as Exhibit E to this Combined Proxy Statement. The Board of each Fund
has declared the amendment advisable and has directed that the proposed amendment be
submitted to the stockholders of each of the Funds for approval at the Meeting. The
Boards recommend that the stockholders of each Fund approve the proposed amendment to
that Fund&#146;s Articles Supplementary or Certificate of Designation. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currently,
the Articles Supplementary or Certificate of Designation of each Fund require the
approval of a majority of a Fund&#146;s outstanding shares of AMPS in order to issue any
additional shares of AMPS or any other preferred stock. The proposed amendment would
delete this requirement and permit each Fund, upon Board approval, to issue additional
shares of preferred stock, including AMPS, without obtaining stockholder approval,
provided that such additional preferred stock does not rank prior to the AMPS or any
other outstanding preferred stock in a Fund&#146;s capital structure. </FONT></P>

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<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
12 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
proposed amendment provides the Board and each Fund with greater flexibility to adjust a
Fund&#146;s leverage in response to market conditions. The proposed amendment permits the
Board to authorize a Fund to issue additional AMPS in order to maintain the Fund&#146;s
targeted level of financial leverage without the time delays and costs involved with
seeking stockholder approval each time a Fund wishes to issue additional AMPS. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
issuance of additional AMPS may provide holders of Shares of Common Stock with a
potentially higher yield or at least provide the Fund with additional income to maintain
the current level of its monthly dividend. Further, the issuance of additional leverage
will enable each Fund to be more in line with the leverage percentages of its peer funds
and therefore be on more of a level playing field with respect to overall performance
comparisons. The use of leverage, however, involves certain risks for holders of Shares
of Common Stock, including the greater likelihood of higher volatility of the Fund&#146;s
yield, its net asset value and the market price of the Shares of Common Stock.
Furthermore, since any decline in the value of the Fund&#146;s investments will affect only
the holders of Shares of Common Stock, in a declining market the use of leverage will
cause the Fund&#146;s net asset value to decrease more than it would if the Fund were not
leveraged. This decrease in net asset value will likely also cause a decline in the
market price for Shares of Common Stock. There can be no assurance that the Fund will
earn a higher yield or return on its investment portfolio than the then current dividend
rate (and any additional distribution) it pays on the AMPS. Under certain circumstances,
when the Fund is required to allocate taxable income to holders of AMPS, the Fund
anticipates that the terms of any additional AMPS will require the Fund to make an
additional distribution to such holders in an amount approximately equal to the tax
liability resulting from such allocation. Under certain conditions, the benefits of
leverage to holders of Shares of Common Stock will be reduced or eliminated, and the
Fund&#146;s leveraged capital structure could result in a lower yield or return to holders of
Shares of Common Stock than if the Fund were not leveraged. Leverage also creates the
risk that the investment return on the Fund&#146;s Shares of Common Stock will be reduced to
the extent the dividends paid on preferred stock and other expenses of the preferred
stock exceed the income earned by the Fund on its investments. If the Fund is liquidated,
preferred stockholders will be entitled to receive liquidating distributions before any
distribution is made to holders of Shares of Common Stock. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fee paid to the Investment Adviser for investment advisory and management services is
based on the Fund&#146;s average weekly net assets, including assets acquired from the sale of
preferred stock. Therefore, the fee paid to the Investment Adviser will increase as a
result of any issuance of additional AMPS or other preferred stock. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
issuance of additional shares of preferred stock by a Fund must be in compliance with the
200% asset coverage requirement of Section 18 of the Investment Company Act. Also, the
Funds currently anticipate that any additional shares of preferred stock to be issued
would also be AMPS and that any such AMPS would be rated by nationally recognized
statistical rating organizations (&#147;NRSROs&#148;) as are all currently outstanding AMPS. These
NRSROs, in rating the additional AMPS, will impose their own asset coverage requirements
on the additional AMPS. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
additional AMPS or other shares of preferred stock are issued by a Fund, except as
indicated below and as otherwise required by applicable law, holders of shares of any
newly issued AMPS or other preferred stock will have equal voting rights with outstanding
Shares of Common Stock and AMPS (one vote per share) and will vote together with holders
of outstanding Shares of Common Stock and AMPS as a single class. </FONT></P>

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<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
13 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the election of a Fund&#146;s Board, holders of shares of any newly issued
AMPS or other preferred stock along with holders of outstanding AMPS, voting together as
a separate class, will be entitled to elect two of the Fund&#146;s Board members, and the
remaining Board members will be elected by all holders of Shares of Common Stock and
AMPS. If at any time dividends on shares of the Fund&#146;s preferred stock shall be unpaid in
an amount equal to two full years&#146; dividends thereon, the holders of any newly issued
AMPS or other preferred stock and outstanding AMPS, voting together as a separate class,
will be entitled to elect a majority of the Fund&#146;s Board members until all dividends in
default have been paid or declared and set apart for payment. Also, the affirmative vote
of the holders of any newly issued AMPS or other preferred stock and the outstanding
AMPS, voting together as a separate class, will be required to approve any plan of
reorganization adversely affecting such shares or any action requiring a vote of security
holders under Section 13(a) of the Investment Company Act, including any vote to convert
the Fund to an open-end investment company or to change the Fund&#146;s fundamental investment
policies. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders
will not be entitled to appraisal rights under Maryland law with respect to Maryland
corporations and under Massachusetts law with respect to Massachusetts business trusts. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
&#147;Additional Information&#151;Quorum and Vote Required&#148; for the required vote necessary for
the approval of the Charter amendment for the listed Funds. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Board of Directors of each Fund recommends that the stockholders vote &#147;FOR&#148; the proposed
amendment to the Fund&#146;s Articles Supplementary or Certificate of Designation, as
applicable.</B> </FONT> </P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>ADDITIONAL
INFORMATION </B></FONT></P>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Expenses and Methods
of Proxy Solicitation </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&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 each Fund in
proportion to its 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 Shares of Common Stock and AMPS of the Funds. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&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 each Fund. Each
Fund has retained Georgeson Shareholder, 17 State Street, New York, New York 10004, to
assist in the solicitation of proxies at a cost of approximately $3,500 for each Fund,
plus out-of-pocket expenses estimated to be $750 for each Fund. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Quorum and Vote
Required </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the Funds listed below, a quorum consists of a majority of the shares entitled to vote at
the Meetings (whether Shares of Common Stock only or Shares of Common Stock and AMPS, as
applicable), present in person or by proxy: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
    <TD WIDTH=3%>&nbsp;</TD>
    <TD WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Apex
 (Shares of Common Stock only)  <br>
      MuniEnhanced (Shares of Common Stock and       AMPS)  <br>
      MY
Arizona (Shares of Common Stock and AMPS) </font></td></TR>
</TABLE>
<BR>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
14 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
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<p><TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
    <TD WIDTH=3%>&nbsp;</TD>
    <TD WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      MY California (Shares       of Common Stock and
AMPS)  <br>
      MY California Insured (Shares of Common Stock       and AMPS)  <br>
      MY Florida (Shares of
Common Stock and AMPS)  <br>
      MY Fund (Shares of       Common Stock and AMPS)  <br>
      MY Insured (Shares
of Common Stock and AMPS)  <br>
      MY       Michigan Insured II (Shares of Common Stock and AMPS)
 <br>
      MY New Jersey       (Shares of Common Stock and AMPS)  <br>
      MY New York Insured (Shares of
Common       Stock and AMPS)  <br>
      MY Quality (Shares of Common Stock and AMPS) <br>
       MY Quality II
      (Shares of Common Stock and AMPS) </font></td>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the Funds listed below, a quorum consists of holders of one-third of the shares (Shares
of Common Stock only or Shares of Common Stock and AMPS, as applicable) entitled to vote
at the Meetings, present in person or by proxy: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
    <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
    <TD WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
CHY
V (Shares of Common Stock only) <br>
       CHY VI (Shares of Common Stock only) <br>
             MH California
Insured (Shares of Common Stock and AMPS)  <br>
      MH Insured II       (Shares of Common Stock and
AMPS) </font></td>
</TR>
</TABLE>
<BR>





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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
Funds with Shares of Common Stock and AMPS, the quorum requirements must be met for
holders of Shares of Common Stock and AMPS, each considered separately as a class. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assuming
a quorum is present, approval of Items 1 and 3 will require the affirmative vote of
stockholders holding at least the percentage of Shares of Common Stock and AMPS indicated
in the chart below. For purposes of Item 1, a &#147;plurality of the votes&#148; cast means the
candidate must receive more votes than any other candidate for the same position, but not
necessarily a majority of the votes cast. The vote required for approval of Item 2 is the
affirmative vote of the lesser of (i) 67% of the shares represented at the Meeting at
which more than 50% of the outstanding shares of the applicable Fund are represented or
(ii) more than 50% of the outstanding shares of the applicable Fund (an &#147;Investment
Company Act Majority&#148;). The Investment Company Act Majority must be obtained by the
Shares of Common Stock and AMPS, voting together as a single class, and by the AMPS,
voting separately as a class. </FONT></P>


<table align=center border=0 cellspacing=0 cellpadding=0 width="640">
  <tr align="center" valign="bottom">
    <td width=108> <b><font size="1">&nbsp;</font></b></td>
    <td width=9> <b><font size="1">&nbsp;</font></b></td>
    <td width=336 colspan="3"> <b><font size="1">Item 1 </font></b>
      <hr size="1" noshade>
    </td>
    <td width=16> <b><font size="1">&nbsp;</font></b></td>
    <td width=171> <b><font size="1">Item 3 </font></b>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td width=108> <b><font size="1">Fund</font></b></td>
    <td width=9> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=152> <b><font size="1">Election of <br>
      AMPS Directors </font></b></td>
    <td width=14> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=170> <b><font size="1">Election of Other Directors </font></b></td>
    <td width=16> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=171> <b><font size="1">Proposed Amendment to <br>
      Articles Supplementary or <br>
      Certificate of Designation </font></b></td>
  </tr>
  <tr align="left">
    <td valign=top width=640 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left">
    <td valign=top width=108> <font size="1">Apex </font></td>
    <td valign=top width=9> <font size="1">&nbsp; </font></td>
    <td valign=top width=152> <font size="1">N/A </font></td>
    <td valign=top width=14> <font size="1">&nbsp; </font></td>
    <td valign=top width=170> <font size="1">Affirmative vote of a plurality of
      votes cast by the holders of Shares of Common Stock </font></td>
    <td valign=top width=16> <font size="1">&nbsp; </font></td>
    <td valign=top width=171> <font size="1">N/A </font></td>
  </tr>
  <tr align="left">
    <td valign=top width=640 colspan="7" height="2">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left">
    <td valign=top width=108> <font size="1">CHY V </font></td>
    <td valign=top width=9> <font size="1">&nbsp; </font></td>
    <td valign=top width=152> <font size="1">N/A </font></td>
    <td valign=top width=14> <font size="1">&nbsp; </font></td>
    <td valign=top width=170> <font size="1">Affirmative vote of a plurality of
      votes cast by the holders of Shares of Common Stock </font></td>
    <td valign=top width=16> <font size="1">&nbsp; </font></td>
    <td valign=top width=171> <font size="1">N/A </font></td>
  </tr>
  <tr align="left">
    <td valign=top width=640 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left">
    <td valign=top width=108> <font size="1">CHY VI </font></td>
    <td valign=top width=9> <font size="1">&nbsp; </font></td>
    <td valign=top width=152> <font size="1">N/A </font></td>
    <td valign=top width=14> <font size="1">&nbsp; </font></td>
    <td valign=top width=170> <font size="1">Affirmative vote of a plurality of
      votes cast by the holders of Shares of Common Stock </font></td>
    <td valign=top width=16> <font size="1">&nbsp; </font></td>
    <td valign=top width=171> <font size="1">N/A </font></td>
  </tr>
  <tr align="left">
    <td valign=top width=640 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<br>
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15 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
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<p><table align=center border=0 cellspacing=0 cellpadding=0 width="640">
  <tr align="center" valign="bottom">
    <td width=108> <b><font size="1">&nbsp;</font></b></td>
    <td width=9> <b><font size="1">&nbsp;</font></b></td>
    <td width=336 colspan="3"> <b><font size="1">Item 1 </font></b>
      <hr size="1" noshade>
    </td>
    <td width=16> <b><font size="1">&nbsp;</font></b></td>
    <td width=171> <b><font size="1">Item 3 </font></b>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td width=108> <b><font size="1">Fund</font></b></td>
    <td width=9> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=152> <b><font size="1">Election of <br>
      AMPS Directors </font></b></td>
    <td width=14> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=170> <b><font size="1">Election of Other Directors </font></b></td>
    <td width=16> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=171> <b><font size="1">Proposed Amendment to <br>
      Articles Supplementary or <br>
      Certificate of Designation </font></b></td>
  </tr>
  <tr align="left">
    <td valign=top width=640 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left">
    <td valign=top width=108> <font size="1">MuniEnhanced </font></td>
    <td valign=top width=9> <font size="1">&nbsp; </font></td>
    <td valign=top width=152> <font size="1">Affirmative vote of a plurality of
      votes cast by the holders of AMPS, voting as a separate class </font></td>
    <td valign=top width=14> <font size="1">&nbsp; </font></td>
    <td valign=top width=170> <font size="1">Affirmative vote of a plurality of
      votes cast by the holders of Shares of Common Stock and AMPS, voting together
      as a single class </font></td>
    <td valign=top width=16> <font size="1">&nbsp; </font></td>
    <td valign=top width=171> <font size="1">Affirmative vote of a majority of
      the outstanding Shares of Common Stock and AMPS, voting together as a single
      class, and a majority of the outstanding AMPS, voting separately as a class </font></td>
  </tr>
  <tr align="left">
    <td valign=top width=640 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left">
    <td valign=top width=108> <font size="1">MH California Insured </font></td>
    <td valign=top width=9> <font size="1">&nbsp; </font></td>
    <td valign=top width=152> <font size="1">Affirmative vote of a plurality of
      votes cast by the holders of AMPS, voting as a separate class </font></td>
    <td valign=top width=14> <font size="1">&nbsp; </font></td>
    <td valign=top width=170> <font size="1">Affirmative vote of a plurality of
      votes cast by the holders of Shares of Common Stock and AMPS, voting together
      as a single class </font></td>
    <td valign=top width=16> <font size="1">&nbsp; </font></td>
    <td valign=top width=171> <font size="1">Affirmative vote of a majority of
      the outstanding Shares of Common Stock and AMPS, voting together as a single
      class, and a majority of the outstanding AMPS, voting separately as a class </font></td>
  </tr>
  <tr align="left">
    <td valign=top width=640 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left">
    <td valign=top width=108> <font size="1">MH Insured II </font></td>
    <td valign=top width=9> <font size="1">&nbsp; </font></td>
    <td valign=top width=152> <font size="1">Affirmative vote of a plurality of
      votes cast by the holders of AMPS, voting as a separate class </font></td>
    <td valign=top width=14> <font size="1">&nbsp; </font></td>
    <td valign=top width=170> <font size="1">Affirmative vote of a plurality of
      votes cast by the holders of Shares of Common Stock and AMPS, voting together
      as a single class </font></td>
    <td valign=top width=16> <font size="1">&nbsp; </font></td>
    <td valign=top width=171> <font size="1">Affirmative vote of a majority of
      the outstanding Shares of Common Stock and AMPS, voting together as a single
      class, and a majority of the outstanding AMPS, voting separately as a class </font></td>
  </tr>
  <tr align="left">
    <td valign=top width=640 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left">
    <td valign=top width=108> <font size="1">MY Arizona </font></td>
    <td valign=top width=9> <font size="1">&nbsp; </font></td>
    <td valign=top width=152> <font size="1">Affirmative vote of a plurality of
      votes cast by the holders of AMPS, voting as a separate class </font></td>
    <td valign=top width=14> <font size="1">&nbsp; </font></td>
    <td valign=top width=170> <font size="1">Affirmative vote of a plurality of
      votes cast by the holders of Shares of Common Stock and AMPS, voting together
      as a single class </font></td>
    <td valign=top width=16> <font size="1">&nbsp; </font></td>
    <td valign=top width=171> <font size="1">Affirmative vote of a majority of
      the outstanding Shares of Common Stock and AMPS, voting together as a single
      class, and a majority of the outstanding AMPS, voting separately as a class </font></td>
  </tr>
  <tr align="left">
    <td valign=top width=640 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>

  <tr align="left">
    <td valign=top width=108> <font size="1">MY California </font></td>
    <td valign=top width=9> <font size="1">&nbsp; </font></td>
    <td valign=top width=152> <font size="1">Affirmative vote of a plurality of
      votes cast by the holders of AMPS, voting as a separate class </font></td>
    <td valign=top width=14> <font size="1">&nbsp; </font></td>
    <td valign=top width=170> <font size="1">Affirmative vote of a plurality of
      votes cast by the holders of Shares of Common Stock and AMPS, voting together
      as a single class </font></td>
    <td valign=top width=16> <font size="1">&nbsp; </font></td>
    <td valign=top width=171> <font size="1">Affirmative vote of a majority of
      the outstanding Shares of Common Stock and AMPS, voting together as a single
      class, and a majority of the outstanding AMPS, voting separately as a class </font></td>
  </tr>
  <tr align="left">
    <td valign=top width=640 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left">
    <td valign=top width=108> <font size="1">MY California Insured </font></td>
    <td valign=top width=9> <font size="1">&nbsp; </font></td>
    <td valign=top width=152> <font size="1">Affirmative vote of a plurality of
      votes cast by the holders of AMPS, voting as a separate class </font></td>
    <td valign=top width=14> <font size="1">&nbsp; </font></td>
    <td valign=top width=170> <font size="1">Affirmative vote of a plurality of
      votes cast by the holders of Shares of Common Stock and AMPS, voting together
      as a single class </font></td>
    <td valign=top width=16> <font size="1">&nbsp; </font></td>
    <td valign=top width=171> <font size="1">Affirmative vote of a majority of
      the outstanding Shares of Common Stock and AMPS, voting together as a single
      class, and a majority of the outstanding AMPS, voting separately as a class </font></td>
  </tr>
  <tr align="left">
    <td valign=top width=640 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left">
    <td valign=top width=108> <font size="1">MY Florida </font></td>
    <td valign=top width=9> <font size="1">&nbsp; </font></td>
    <td valign=top width=152> <font size="1">Affirmative vote of the holders of
      a majority of the AMPS present in person or by proxy at the Meeting and
      entitled to vote, voting as a separate class </font></td>
    <td valign=top width=14> <font size="1">&nbsp; </font></td>
    <td valign=top width=170> <font size="1">Affirmative vote of the holders of
      a majority of the Shares of Common Stock and AMPS present in person or by
      proxy at the Meeting and entitled to vote, voting together as a single class </font></td>
    <td valign=top width=16> <font size="1">&nbsp; </font></td>
    <td valign=top width=171> <font size="1">Affirmative vote of a majority of
      the Shares of Common Stock and AMPS, outstanding and entitled to vote, voting
      together as a single class, and two-thirds of the AMPS outstanding and entitled
      to vote, voting separately as a class </font></td>
  </tr>
  <tr align="left">
    <td valign=top width=640 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
</table>









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<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
16 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
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<p><table align=center border=0 cellspacing=0 cellpadding=0 width="640">
  <tr align="center" valign="bottom">
    <td width=108> <b><font size="1">&nbsp;</font></b></td>
    <td width=9> <b><font size="1">&nbsp;</font></b></td>
    <td width=336 colspan="3"> <b><font size="1">Item 1 </font></b>
      <hr size="1" noshade>
    </td>
    <td width=16> <b><font size="1">&nbsp;</font></b></td>
    <td width=171> <b><font size="1">Item 3 </font></b>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td width=108> <b><font size="1">Fund</font></b></td>
    <td width=9> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=152> <b><font size="1">Election of <br>
      AMPS Directors </font></b></td>
    <td width=14> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=170> <b><font size="1">Election of Other Directors </font></b></td>
    <td width=16> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=171> <b><font size="1">Proposed Amendment to <br>
      Articles Supplementary or <br>
      Certificate of Designation </font></b></td>
  </tr>
  <tr align="left">
    <td valign=top width=640 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left">
    <td valign=top width=108> <font size="1">MY Fund </font></td>
    <td valign=top width=9> <font size="1">&nbsp; </font></td>
    <td valign=top width=152> <font size="1">Affirmative vote of a plurality of
      votes cast by the holders of AMPS, voting as a separate class </font></td>
    <td valign=top width=14> <font size="1">&nbsp; </font></td>
    <td valign=top width=170> <font size="1">Affirmative vote of a plurality of
      votes cast by the holders of Shares of Common Stock and AMPS, voting together
      as a single class </font></td>
    <td valign=top width=16> <font size="1">&nbsp; </font></td>
    <td valign=top width=171> <font size="1">Affirmative vote of a majority of
      the outstanding Shares of Common Stock and AMPS, voting together as a single
      class, and a majority of the outstanding AMPS, voting separately as a class </font></td>
  </tr>
  <tr align="left">
    <td valign=top width=640 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left">
    <td valign=top width=108> <font size="1">MY Insured </font></td>
    <td valign=top width=9> <font size="1">&nbsp; </font></td>
    <td valign=top width=152> <font size="1">Affirmative vote of a plurality of
      votes cast by the holders of AMPS, voting as a separate class </font></td>
    <td valign=top width=14> <font size="1">&nbsp; </font></td>
    <td valign=top width=170> <font size="1">Affirmative vote of a plurality of
      votes cast by the holders of Shares of Common Stock and AMPS, voting together
      as a single class </font></td>
    <td valign=top width=16> <font size="1">&nbsp; </font></td>
    <td valign=top width=171> <font size="1">Affirmative vote of a majority of
      the outstanding Shares of Common Stock and AMPS, voting together as a single
      class, and a majority of the outstanding AMPS, voting separately as a class </font></td>
  </tr>
  <tr align="left">
    <td valign=top width=640 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left">
    <td valign=top width=108> <font size="1">MY Michigan Insured II </font></td>
    <td valign=top width=9> <font size="1">&nbsp; </font></td>
    <td valign=top width=152> <font size="1">Affirmative vote of a plurality of
      votes cast by the holders of AMPS, voting as a separate class </font></td>
    <td valign=top width=14> <font size="1">&nbsp; </font></td>
    <td valign=top width=170> <font size="1">Affirmative vote of a plurality of
      votes cast by the holders of Shares of Common Stock and AMPS, voting together
      as a single class </font></td>
    <td valign=top width=16> <font size="1">&nbsp; </font></td>
    <td valign=top width=171> <font size="1">Affirmative vote of a majority of
      the outstanding Shares of Common Stock and AMPS, voting together as a single
      class, and a majority of the outstanding AMPS, voting separately as a class </font></td>
  </tr>
  <tr align="left">
    <td valign=top width=640 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left">
    <td valign=top width=108> <font size="1">MY New Jersey </font></td>
    <td valign=top width=9> <font size="1">&nbsp; </font></td>
    <td valign=top width=152> <font size="1">Affirmative vote of a plurality of
      votes cast by the holders of AMPS, voting as a separate class </font></td>
    <td valign=top width=14> <font size="1">&nbsp; </font></td>
    <td valign=top width=170> <font size="1">Affirmative vote of a plurality of
      votes cast by the holders of Shares of Common Stock and AMPS, voting together
      as a single class </font></td>
    <td valign=top width=16> <font size="1">&nbsp; </font></td>
    <td valign=top width=171> <font size="1">Affirmative vote of a majority of
      the outstanding Shares of Common Stock and AMPS, voting together as a single
      class, and a majority of the outstanding AMPS, voting separately as a class </font></td>
  </tr>
  <tr align="left">
    <td valign=top width=640 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left">
    <td valign=top width=108> <font size="1">MY New York Insured </font></td>
    <td valign=top width=9> <font size="1">&nbsp; </font></td>
    <td valign=top width=152> <font size="1">Affirmative vote of a plurality of
      votes cast by the holders of AMPS, voting as a separate class </font></td>
    <td valign=top width=14> <font size="1">&nbsp; </font></td>
    <td valign=top width=170> <font size="1">Affirmative vote of a plurality of
      votes cast by the holders of Shares of Common Stock and AMPS, voting together
      as a single class </font></td>
    <td valign=top width=16> <font size="1">&nbsp; </font></td>
    <td valign=top width=171> <font size="1">Affirmative vote of a majority of
      the outstanding Shares of Common Stock and AMPS, voting together as a single
      class, and a majority of the outstanding AMPS, voting separately as a class </font></td>
  </tr>
  <tr align="left">
    <td valign=top width=640 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left">
    <td valign=top width=108> <font size="1">MY Quality </font></td>
    <td valign=top width=9> <font size="1">&nbsp; </font></td>
    <td valign=top width=152> <font size="1">Affirmative vote of a plurality of
      votes cast by the holders of AMPS, voting as a separate class </font></td>
    <td valign=top width=14> <font size="1">&nbsp; </font></td>
    <td valign=top width=170> <font size="1">Affirmative vote of a plurality of
      votes cast by the holders of Shares of Common Stock and AMPS, voting together
      as a single class </font></td>
    <td valign=top width=16> <font size="1">&nbsp; </font></td>
    <td valign=top width=171> <font size="1">Affirmative vote of a majority of
      the outstanding Shares of Common Stock and AMPS, voting together as a single
      class, and a majority of the outstanding AMPS, voting separately as a class </font></td>
  </tr>
  <tr align="left">
    <td valign=top width=640 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left">
    <td valign=top width=108> <font size="1">MY Quality II </font></td>
    <td valign=top width=9> <font size="1">&nbsp; </font></td>
    <td valign=top width=152> <font size="1">Affirmative vote of a plurality of
      votes cast by the holders of AMPS, voting as a separate class </font></td>
    <td valign=top width=14> <font size="1">&nbsp; </font></td>
    <td valign=top width=170> <font size="1">Affirmative vote of a plurality of
      votes cast by the holders of Shares of Common Stock and AMPS, voting together
      as a single class </font></td>
    <td valign=top width=16> <font size="1">&nbsp; </font></td>
    <td valign=top width=171> <font size="1">Affirmative vote of a majority of
      the outstanding Shares of Common Stock and AMPS, voting together as a single
      class, and a majority of the outstanding AMPS, voting separately as a class </font></td>
  </tr>
  <tr align="left">
    <td valign=top width=640 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<br>

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17 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
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<p><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 one or more 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 of Common Stock and AMPS, if applicable, 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 the adjournment and additional proxy solicitation are reasonable and in
the best interests of the Fund&#146;s stockholders. </FONT><!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Shares of Common Stock and AMPS represented by properly executed proxies, unless such
proxies have previously been revoked, will be voted at each Meeting in accordance with
the directions on the proxies; if no direction is indicated, the Shares of Common Stock
and AMPS will be voted: </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      1. </font></td>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;FOR&#148;
the Director Nominees; </font></td>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      2. </font></td>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;FOR&#148;
the approval of an amendment to a fundamental investment restriction for each applicable
Fund; and </font></td>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      3. </font></td>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;FOR&#148;
the approval of the Charter amendment for each applicable Fund. </font></td>
</TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Broker Non-Votes and
Abstentions </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broker-dealer
firms, including Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated (&#147;MLPF&amp;S&#148;),
holding shares of a Fund in &#147;street name&#148; for the benefit of their customers and clients,
will request the instructions of such customers and clients on how to vote their shares
on each Item before the Meeting. The Funds 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 shares present for purposes of determining whether the necessary
quorum of stockholders of each Fund exists. The Funds understand that, under the rules of
the NYSE, 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. With respect to the Shares of
Common Stock of the Funds, broker-dealer firms, including MLPF&amp;S, will not be
permitted to grant voting authority without instructions with respect to the amendment to
the fundamental investment restriction (Item 2) or the proposed Charter amendment (Item
3). Shares of AMPS of any Fund held in &#147;street name,&#148; however, may be voted by
broker-dealer firms without instructions under certain conditions with respect to the
approval of non-routine matters such as Item 2 or Item 3, as applicable, and counted for
purposes of establishing a quorum of that Fund if no instructions are received one
business day before the applicable Meeting or, if adjourned, one business day before the
day to which the Meeting is adjourned. These conditions include, among others, that (i)
with respect to each Fund, at least 30% of that Fund&#146;s AMPS outstanding have voted on the
Item, (ii) with respect to each Fund, less than 10% of that Fund&#146;s AMPS outstanding have
voted against the Item and (iii) with respect to each Fund, holders of that Fund&#146;s Shares
of Common Stock have voted to approve the Item. In such instances, the broker-dealer firm
will vote such uninstructed shares of AMPS on the Item in the same proportion as the
votes cast by all holders of that Fund&#146;s AMPS who voted on the Item. MLPF&amp;S has
advised each Fund that if it votes shares held in its name for which no instructions have
been received, except as limited by agreement or applicable law, (a) with respect to the
election of Directors (Item 1) it will do so with respect to Shares of Common Stock and
AMPS in the </font></p>

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18 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>same proportion as the votes received from beneficial owners of those Shares
of Common Stock and AMPS, if applicable, for which instructions have been received,
whether or not held in nominee name and (b) with respect to the amendment to the
fundamental investment restriction (Item 2) or the amendment to the Fund&#146;s Charter (Item
3), it will do so with respect to the AMPS only, in the same proportion as the votes
received from beneficial owners of AMPS for which instructions have been received,
whether or not held in nominee name. Proxies that are returned to a Fund but that are
marked &#147;abstain&#148; or on which a broker-dealer has declined to vote on any non-routine
proposal (&#147;broker non-votes&#148;) will be counted as present for the purposes of determining
a quorum. 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 vote on Item 1 for any
Fund, except for MY Florida; in the case of MY Florida, abstentions and broker non-votes
will have the same effect as a vote against Item 1. For all Funds, abstentions and broker
non-votes will have the same effect as a vote against Items 2 and 3. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Other Matters </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
knows of no other matters to be presented at the Meetings. However, if other matters are
presented for a vote at the Meeting or any adjournments thereof, the proxy holders will
vote the Shares of Common Stock and AMPS represented by properly executed proxies
according to their judgment on those matters. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Independent Registered
Public Accounting Firms&#146; Fees </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
SEC&#146;s auditor independence rules require the Audit Committee of each Fund to pre-approve
(a) all audit and permissible non-audit services provided by the Fund&#146;s independent
registered public accounting firm directly to
the Fund and (b) those permissible non-audit services provided by the Fund&#146;s independent
registered public accounting firm to the Fund&#146;s Investment Adviser and any entity
controlling, controlled by or under common control with the Investment Adviser that
provides ongoing services to the Fund (the &#147;Affiliated Service Providers&#148;), if the
services relate directly to the operations and financial reporting of the Fund. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
first two tables below set forth for each Fund, for its two most recent fiscal years the
fees billed by its independent registered public accounting firm for (a) all audit and
non-audit services provided directly to the Fund and (b) those non-audit services
provided to the Fund&#146;s Affiliated Service Providers that relate directly to the Fund&#146;s
operations and financial reporting, and, therefore, require Audit Committee pre-approval.
Services under the caption: </FONT></P>

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<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149; </font></td>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE="2"><I>Audit
Fees </I>are for the audit of the Fund&#146;s annual financial statements included in
the Fund&#146;s reports to stockholders and in connection with statutory and
regulatory filing or engagements; </font></td></TR></TABLE>

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<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149; </font></td>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE="2"><I>Audit-Related
Fees </I>include assurance and related services reasonably related to the
performance of the audit of financial statements not included in Audit Fees; </font></td></TR></TABLE>

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<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149; </font></td>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE="2"><I>Tax
Fees </I>include tax compliance, tax advice and tax planning; and </font></td></TR></TABLE>

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<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149; </font></td>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE="2"><I>All
Other Fees </I>are for other products and services provided. </font></td></TR></TABLE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Fund also is required to disclose the total non-audit fees paid to its independent
registered public accounting firm, for services rendered to the Fund and its Affiliated
Service Providers regardless of whether those fees were pre-approved by the Audit
Committee. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fiscal year end for each Fund is set forth in Exhibit A to this Combined Proxy Statement. </FONT></P>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
19 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 25; page: 25" -->


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees
for audit and non-audit services provided directly to the Fund: </FONT></P>


<table align=center border=0 cellspacing=0 cellpadding=0 width="640">
  <tr valign="bottom" align="center">
    <td rowspan="2" align="left" width=112> <b><font size="1">Fund </font></b>
      <hr size="1" noshade width="25" align="left">
    </td>
    <td width=12> <b><font size="1">&nbsp;</font></b></td>
    <td rowspan="2" width=83> <b><font size="1"> Independent <br>
      Registered Public <br>
      Accounting Firm </font></b>
      <hr size="1" noshade>
    </td>
    <td width=10> <b><font size="1">&nbsp;</font></b></td>
    <td colspan="3"> <b><font size="1">Audit Fees ($) </font></b>
      <hr size="1" noshade>
      <b></b></td>
    <td width=11> <b><font size="1">&nbsp;</font></b></td>
    <td colspan="5"> <b><font size="1">Audit-Related Fees ($) </font></b>
      <hr size="1" noshade>
    </td>
    <td width=13> <b><font size="1">&nbsp;</font></b></td>
    <td colspan="3"> <b><font size="1">Tax Fees ($) </font></b>
      <hr size="1" noshade>
    </td>
    <td width=10> <b><font size="1">&nbsp;</font></b></td>
    <td colspan="3"> <b><font size="1">All Other Fees ($)</font></b>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td width=12> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=10> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=39> <b><font size="1">2004</font></b>
      <hr size="1" noshade>
    </td>
    <td width=7> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=46> <b><font size="1">2003</font></b>
      <hr size="1" noshade>
    </td>
    <td width=11> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td colspan="2"> <b><font size="1">2004</font></b>
      <hr size="1" noshade>
    </td>
    <td width=10> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td colspan="2"> <b><font size="1">2003</font></b>
      <hr size="1" noshade>
    </td>
    <td width=13> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=40> <b><font size="1">2004**</font></b>
      <hr size="1" noshade>
    </td>
    <td width=11> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=43> <b><font size="1">2003**</font></b>
      <hr size="1" noshade>
    </td>
    <td width=10> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=39> <b><font size="1">2004</font></b>
      <hr size="1" noshade>
    </td>
    <td width=7> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=40> <b><font size="1">2003</font></b>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="left">
    <td width=112> <font size="1">Apex </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=83> <font size="1">D&amp;T </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">31,200 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=46> <font size="1">24,000 </font></td>
    <td width=11> <font size="1">&nbsp; </font></td>
    <td align="right" width=29> <font size="1">0 </font></td>
    <td width=21> <font size="1">&nbsp; </font></td>
    <td width=10> <font size="1">&nbsp; </font></td>
    <td align="right" width=36> <font size="1">0 </font></td>
    <td width=21> <font size="1">&nbsp; </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">5,610 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=43> <font size="1">4,800 </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">0 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">0 </font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td width=112> <font size="1">CHY V </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=83> <font size="1">D&amp;T </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">35,000 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=46> <font size="1">35,000 </font></td>
    <td width=11> <font size="1">&nbsp; </font></td>
    <td align="right" width=29> <font size="1">7,500 </font></td>
    <td width=21> <font size="1">*** </font></td>
    <td width=10> <font size="1">&nbsp; </font></td>
    <td align="right" width=36> <font size="1">7,500 </font></td>
    <td width=21> <font size="1">*** </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">5,200 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=43> <font size="1">9,800 </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">0 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">0 </font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td width=112> <font size="1">CHY VI </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=83> <font size="1">D&amp;T </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">35,000 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=46> <font size="1">31,500 </font></td>
    <td width=11> <font size="1">&nbsp; </font></td>
    <td align="right" width=29> <font size="1">7,500 </font></td>
    <td width=21> <font size="1">*** </font></td>
    <td width=10> <font size="1">&nbsp; </font></td>
    <td align="right" width=36> <font size="1">0 </font></td>
    <td width=21> <font size="1">&nbsp; </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">5,200 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=43> <font size="1">4,800 </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">0 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">0 </font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td width=112> <font size="1">MuniEnhanced </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=83> <font size="1">D&amp;T </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">26,000 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=46> <font size="1">25,000 </font></td>
    <td width=11> <font size="1">&nbsp; </font></td>
    <td align="right" width=29> <font size="1">5,600 </font></td>
    <td width=21> <font size="1">* </font></td>
    <td width=10> <font size="1">&nbsp; </font></td>
    <td align="right" width=36> <font size="1">10,400 </font></td>
    <td width=21> <font size="1">* </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">5,610 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=43> <font size="1">4,800 </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">0 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">0 </font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td width=112> <font size="1">MH California Insured </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=83> <font size="1">D&amp;T </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">38,200 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=46> <font size="1">26,000 </font></td>
    <td width=11> <font size="1">&nbsp; </font></td>
    <td align="right" width=29> <font size="1">3,000 </font></td>
    <td width=21> <font size="1">* </font></td>
    <td width=10> <font size="1">&nbsp; </font></td>
    <td align="right" width=36> <font size="1">10,800 </font></td>
    <td width=21> <font size="1">* </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">5,610 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=43> <font size="1">4,800 </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">0 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">0 </font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td width=112> <font size="1">MH Insured II </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=83> <font size="1">E&amp;Y </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">31,500 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=46> <font size="1">30,550 </font></td>
    <td width=11> <font size="1">&nbsp; </font></td>
    <td align="right" width=29> <font size="1">3,000 </font></td>
    <td width=21> <font size="1">* </font></td>
    <td width=10> <font size="1">&nbsp; </font></td>
    <td align="right" width=36> <font size="1">3,000 </font></td>
    <td width=21> <font size="1">* </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">5,200 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=43> <font size="1">5,000 </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">0 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">0 </font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td width=112> <font size="1">MY Arizona </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=83> <font size="1">D&amp;T </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">24,000 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=46> <font size="1">23,000 </font></td>
    <td width=11> <font size="1">&nbsp; </font></td>
    <td align="right" width=29> <font size="1">3,000 </font></td>
    <td width=21> <font size="1">* </font></td>
    <td width=10> <font size="1">&nbsp; </font></td>
    <td align="right" width=36> <font size="1">5,600 </font></td>
    <td width=21> <font size="1">* </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">5,610 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=43> <font size="1">4,800 </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">0 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">0 </font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td width=112> <font size="1">MY California </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=83> <font size="1">D&amp;T </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">26,000 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=46> <font size="1">25,000 </font></td>
    <td width=11> <font size="1">&nbsp; </font></td>
    <td align="right" width=29> <font size="1">3,000 </font></td>
    <td width=21> <font size="1">* </font></td>
    <td width=10> <font size="1">&nbsp; </font></td>
    <td align="right" width=36> <font size="1">5,600 </font></td>
    <td width=21> <font size="1">* </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">5,610 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=43> <font size="1">4,800 </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">0 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">0 </font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td width=112> <font size="1">MY California Insured </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=83> <font size="1">D&amp;T </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">28,000 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=46> <font size="1">26,000 </font></td>
    <td width=11> <font size="1">&nbsp; </font></td>
    <td align="right" width=29> <font size="1">3,000 </font></td>
    <td width=21> <font size="1">* </font></td>
    <td width=10> <font size="1">&nbsp; </font></td>
    <td align="right" width=36> <font size="1">5,600 </font></td>
    <td width=21> <font size="1">* </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">5,610 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=43> <font size="1">4,800 </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">0 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">0 </font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td width=112> <font size="1">MY Florida </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=83> <font size="1">D&amp;T </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">25,000 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=46> <font size="1">25,000 </font></td>
    <td width=11> <font size="1">&nbsp; </font></td>
    <td align="right" width=29> <font size="1">3,000 </font></td>
    <td width=21> <font size="1">* </font></td>
    <td width=10> <font size="1">&nbsp; </font></td>
    <td align="right" width=36> <font size="1">5,600 </font></td>
    <td width=21> <font size="1">* </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">5,610 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=43> <font size="1">4,800 </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">0 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">0 </font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td width=112> <font size="1">MY Fund </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=83> <font size="1">D&amp;T </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">30,000 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=46> <font size="1">26,000 </font></td>
    <td width=11> <font size="1">&nbsp; </font></td>
    <td align="right" width=29> <font size="1">3,000 </font></td>
    <td width=21> <font size="1">* </font></td>
    <td width=10> <font size="1">&nbsp; </font></td>
    <td align="right" width=36> <font size="1">5,600 </font></td>
    <td width=21> <font size="1">* </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">5,610 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=43> <font size="1">4,800 </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">0 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">0 </font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td width=112> <font size="1">MY Insured </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=83> <font size="1">E&amp;Y </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">32,000 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=46> <font size="1">32,550 </font></td>
    <td width=11> <font size="1">&nbsp; </font></td>
    <td align="right" width=29> <font size="1">3,000 </font></td>
    <td width=21> <font size="1">* </font></td>
    <td width=10> <font size="1">&nbsp; </font></td>
    <td align="right" width=36> <font size="1">3,000 </font></td>
    <td width=21> <font size="1">* </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">5,200 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=43> <font size="1">5,000 </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">0 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">0 </font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td width=112> <font size="1">MY Michigan Insured II </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=83> <font size="1">D&amp;T </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">26,000 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=46> <font size="1">25,000 </font></td>
    <td width=11> <font size="1">&nbsp; </font></td>
    <td align="right" width=29> <font size="1">3,000 </font></td>
    <td width=21> <font size="1">* </font></td>
    <td width=10> <font size="1">&nbsp; </font></td>
    <td align="right" width=36> <font size="1">5,600 </font></td>
    <td width=21> <font size="1">* </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">5,610 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=43> <font size="1">4,800 </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">0 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">0 </font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td width=112> <font size="1">MY New Jersey </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=83> <font size="1">D&amp;T </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">26,000 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=46> <font size="1">25,000 </font></td>
    <td width=11> <font size="1">&nbsp; </font></td>
    <td align="right" width=29> <font size="1">3,000 </font></td>
    <td width=21> <font size="1">* </font></td>
    <td width=10> <font size="1">&nbsp; </font></td>
    <td align="right" width=36> <font size="1">5,600 </font></td>
    <td width=21> <font size="1">* </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">5,610 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=43> <font size="1">4,800 </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">0 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">0 </font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td width=112> <font size="1">MY New York Insured </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=83> <font size="1">D&amp;T </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">28,000 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=46> <font size="1">26,000 </font></td>
    <td width=11> <font size="1">&nbsp; </font></td>
    <td align="right" width=29> <font size="1">3,000 </font></td>
    <td width=21> <font size="1">* </font></td>
    <td width=10> <font size="1">&nbsp; </font></td>
    <td align="right" width=36> <font size="1">5,600 </font></td>
    <td width=21> <font size="1">* </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">5,610 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=43> <font size="1">4,800 </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">0 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">0 </font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td width=112> <font size="1">MY Quality </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=83> <font size="1">D&amp;T </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">28,000 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=46> <font size="1">26,000 </font></td>
    <td width=11> <font size="1">&nbsp; </font></td>
    <td align="right" width=29> <font size="1">3,000 </font></td>
    <td width=21> <font size="1">* </font></td>
    <td width=10> <font size="1">&nbsp; </font></td>
    <td align="right" width=36> <font size="1">5,600 </font></td>
    <td width=21> <font size="1">* </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">5,610 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=43> <font size="1">4,800 </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">0 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">0 </font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td width=112> <font size="1">MY Quality II </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=83> <font size="1">D&amp;T </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">26,000 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=46> <font size="1">25,000 </font></td>
    <td width=11> <font size="1">&nbsp; </font></td>
    <td align="right" width=29> <font size="1">3,000 </font></td>
    <td width=21> <font size="1">* </font></td>
    <td width=10> <font size="1">&nbsp; </font></td>
    <td align="right" width=36> <font size="1">5,600 </font></td>
    <td width=21> <font size="1">* </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">5,610 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=43> <font size="1">4,800 </font></td>
    <td align="center" width=10> <font size="1">&nbsp; </font></td>
    <td align="center" width=39> <font size="1">0 </font></td>
    <td align="center" width=7> <font size="1">&nbsp; </font></td>
    <td align="center" width=40> <font size="1">0 </font></td>
  </tr>
</table>


<!-- MARKER FORMAT-SHEET="Cutoff rule Footnote" FSL="Workstation" -->
<HR SIZE=1 noshade ALIGN=left  WIDTH=75>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">  * </font></td><TD WIDTH=2%><FONT SIZE="1"> </font></td><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Primarily
related to the performance of agreed upon compliance procedures  associated with the
Fund&#146;s AMPS. </font></td></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">** </font></td><TD WIDTH=2%><FONT SIZE="1"> </font></td>
    <TD WIDTH=94% ALIGN=left VALIGN=top><font size="1">Primarily related to tax
      compliance services associated with reviewing the Fund&#146;s tax returns. </font></td>
  </TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR>
    <TD WIDTH=4% ALIGN=right VALIGN=top height="22"><FONT SIZE="1">*** </font></td>
    <TD WIDTH=2% height="22"><FONT SIZE="1"> </font></td>
    <TD WIDTH=94% ALIGN=left VALIGN=top height="22"><FONT SIZE="1">Primarily related
      to the performance of agreed upon compliance procedures related to revolving
      credit and security agreements. </font></td>
  </TR></TABLE>


<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees
for non-audit services provided to the Fund&#146;s Affiliated Service Providers for which
pre-approval by the Audit Committee was required: </FONT></P>


<table align=center border=0 cellspacing=0 cellpadding=0 width="640">
  <tr valign="bottom" align="center">
    <td align="left" rowspan="2"> <b><font size="1">Fund</font></b>
      <hr size="1" noshade width="25" align="left">
    </td>
    <td> <font size="1">&nbsp; </font></td>
    <td rowspan="2"> <b><font size="1">Independent <br>
      Registered Public <br>
      Accounting Firm </font></b>
      <hr size="1" noshade>
    </td>
    <td> <font size="1">&nbsp; </font></td>
    <td colspan="5"> <b><font size="1">Audit-Related Fees ($)</font></b>
      <hr size="1" noshade>
    </td>
    <td> <b><font size="1">&nbsp;</font></b></td>
    <td colspan="3"> <b><font size="1">Tax Fees ($)&nbsp;</font></b>
      <hr size="1" noshade>
    </td>
    <td> <b><font size="1">&nbsp;</font></b></td>
    <td colspan="4"> <b><font size="1">All Other Fees ($)&nbsp;</font></b>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td colspan="2"> <b><font size="1">2004</font></b>
      <hr size="1" noshade>
    </td>
    <td> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td colspan="2"> <b><font size="1">2003</font></b>
      <hr size="1" noshade>
    </td>
    <td> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td> <b><font size="1">2004</font></b>
      <hr size="1" noshade>
    </td>
    <td> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td> <b><font size="1">2003</font></b>
      <hr size="1" noshade>
    </td>
    <td> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td> <b><font size="1">2004</font></b>
      <hr size="1" noshade>
    </td>
    <td> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td colspan="2"> <b><font size="1">2003</font></b>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td><font size="1">Apex </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="center"><font size="1">D&amp;T </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">945,000 </font></td>
    <td><font size="1">* </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">485,500 </font></td>
    <td><font size="1">* </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">5,610 </font></td>
    <td align="left"><font size="1">** </font></td>
    <td align="right"><font size="1">4,800 </font></td>
    <td align="left"><font size="1">** </font></td>
    <td align="right"><font size="1">0 </font></td>
    <td align="right"><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">56,140 </font></td>
    <td><font size="1">*** </font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="1">CHY V </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="center"><font size="1">D&amp;T </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">945,000 </font></td>
    <td><font size="1">* </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">485,500 </font></td>
    <td><font size="1">* </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">5,200 </font></td>
    <td align="left"><font size="1">** </font></td>
    <td align="right"><font size="1">9,800 </font></td>
    <td align="left"><font size="1">** </font></td>
    <td align="right"><font size="1">0 </font></td>
    <td align="right"><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">56,140 </font></td>
    <td><font size="1">*** </font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="1">CHY VI </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="center"><font size="1">D&amp;T </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">945,000 </font></td>
    <td><font size="1">* </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">485,500 </font></td>
    <td><font size="1">* </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">5,200 </font></td>
    <td align="left"><font size="1">** </font></td>
    <td align="right"><font size="1">4,800 </font></td>
    <td align="left"><font size="1">** </font></td>
    <td align="right"><font size="1">0 </font></td>
    <td align="right"><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">56,140 </font></td>
    <td><font size="1">*** </font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="1">MuniEnhanced </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="center"><font size="1">D&amp;T </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">485,500 </font></td>
    <td><font size="1">* </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">0 </font></td>
    <td><font size="1"></font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">5,610 </font></td>
    <td align="left"><font size="1">** </font></td>
    <td align="right"><font size="1">4,800 </font></td>
    <td align="left"><font size="1">** </font></td>
    <td align="right"><font size="1">56,140 </font></td>
    <td align="left"><font size="1">*** </font></td>
    <td align="right"><font size="1">0 </font></td>
    <td><font size="1">&nbsp; </font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="1">MH California Insured </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="center"><font size="1">D&amp;T </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">945,000 </font></td>
    <td><font size="1">* </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">485,500 </font></td>
    <td><font size="1">* </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">5,610 </font></td>
    <td align="left"><font size="1">** </font></td>
    <td align="right"><font size="1">4,800 </font></td>
    <td align="left"><font size="1">** </font></td>
    <td align="right"><font size="1">0 </font></td>
    <td align="right"><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">56,140 </font></td>
    <td><font size="1">*** </font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="1">MH Insured II </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="center"><font size="1">E&amp;Y </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">0 </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">0 </font></td>
    <td><font size="1"></font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">0 </font></td>
    <td align="left"><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">0 </font></td>
    <td align="left"><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">0 </font></td>
    <td align="right"><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">0 </font></td>
    <td><font size="1">&nbsp; </font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="1">MY Arizona </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="center"><font size="1">D&amp;T </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">945,000 </font></td>
    <td><font size="1">* </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">485,500 </font></td>
    <td><font size="1">* </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">5,610 </font></td>
    <td align="left"><font size="1">**&nbsp; </font></td>
    <td align="right"><font size="1">4,800 </font></td>
    <td align="left"><font size="1">**&nbsp; </font></td>
    <td align="right"><font size="1">0 </font></td>
    <td align="right"><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">56,140 </font></td>
    <td><font size="1">*** </font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="1">MY California </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="center"><font size="1">D&amp;T </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">945,000 </font></td>
    <td><font size="1">* </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">485,500 </font></td>
    <td><font size="1">* </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">5,610 </font></td>
    <td align="left"><font size="1">**&nbsp; </font></td>
    <td align="right"><font size="1">4,800 </font></td>
    <td align="left"><font size="1">**&nbsp; </font></td>
    <td align="right"><font size="1">0 </font></td>
    <td align="right"><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">56,140 </font></td>
    <td><font size="1">*** </font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="1">MY California Insured </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="center"><font size="1">D&amp;T </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">945,000 </font></td>
    <td><font size="1">* </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">485,500 </font></td>
    <td><font size="1">* </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">5,610 </font></td>
    <td align="left"><font size="1">**&nbsp; </font></td>
    <td align="right"><font size="1">4,800 </font></td>
    <td align="left"><font size="1">**&nbsp; </font></td>
    <td align="right"><font size="1">0 </font></td>
    <td align="right"><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">56,140 </font></td>
    <td><font size="1">*** </font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="1">MY Florida </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="center"><font size="1">D&amp;T </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">945,000 </font></td>
    <td><font size="1">* </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">485,500 </font></td>
    <td><font size="1">* </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">5,610 </font></td>
    <td align="left"><font size="1">**&nbsp; </font></td>
    <td align="right"><font size="1">4,800 </font></td>
    <td align="left"><font size="1">**&nbsp; </font></td>
    <td align="right"><font size="1">0 </font></td>
    <td align="right"><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">56,140 </font></td>
    <td><font size="1">*** </font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="1">MY Fund </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="center"><font size="1">D&amp;T </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">945,000 </font></td>
    <td><font size="1">* </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">485,500 </font></td>
    <td><font size="1">* </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">5,610 </font></td>
    <td align="left"><font size="1">**&nbsp; </font></td>
    <td align="right"><font size="1">4,800 </font></td>
    <td align="left"><font size="1">**&nbsp; </font></td>
    <td align="right"><font size="1">0 </font></td>
    <td align="right"><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">56,140 </font></td>
    <td><font size="1">*** </font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="1">MY Insured </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="center"><font size="1">E&amp;Y </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">0 </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">0 </font></td>
    <td><font size="1"></font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">0 </font></td>
    <td align="left"><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">0 </font></td>
    <td align="left"><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">0 </font></td>
    <td align="right"><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">0 </font></td>
    <td><font size="1">&nbsp; </font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="1">MY Michigan Insured II </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="center"><font size="1">D&amp;T </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">945,000 </font></td>
    <td><font size="1">* </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">485,500 </font></td>
    <td><font size="1">* </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">5,610 </font></td>
    <td align="left"><font size="1">**&nbsp; </font></td>
    <td align="right"><font size="1">4,800 </font></td>
    <td align="left"><font size="1">**&nbsp; </font></td>
    <td align="right"><font size="1">0 </font></td>
    <td align="right"><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">56,140 </font></td>
    <td><font size="1">*** </font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="1">MY New Jersey </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="center"><font size="1">D&amp;T </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">945,000 </font></td>
    <td><font size="1">* </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">485,500 </font></td>
    <td><font size="1">* </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">5,610 </font></td>
    <td align="left"><font size="1">** </font></td>
    <td align="right"><font size="1">4,800 </font></td>
    <td align="left"><font size="1">** </font></td>
    <td align="right"><font size="1">0 </font></td>
    <td align="right"><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">56,140 </font></td>
    <td><font size="1">*** </font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="1">MY New York Insured </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="center"><font size="1">D&amp;T </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">945,000 </font></td>
    <td><font size="1">* </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">485,500 </font></td>
    <td><font size="1">* </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">5,610 </font></td>
    <td align="left"><font size="1">&nbsp;** </font></td>
    <td align="right"><font size="1">4,800 </font></td>
    <td align="left"><font size="1">&nbsp;** </font></td>
    <td align="right"><font size="1">0 </font></td>
    <td align="right"><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">56,140 </font></td>
    <td><font size="1">*** </font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="1">MY Quality </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="center"><font size="1">D&amp;T </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">945,000 </font></td>
    <td><font size="1">* </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">485,500 </font></td>
    <td><font size="1">* </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">5,610 </font></td>
    <td align="left"><font size="1">**&nbsp; </font></td>
    <td align="right"><font size="1">4,800 </font></td>
    <td align="left"><font size="1">**&nbsp; </font></td>
    <td align="right"><font size="1">0 </font></td>
    <td align="right"><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">56,140 </font></td>
    <td><font size="1">*** </font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="1">MY Quality II </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="center"><font size="1">D&amp;T </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">945,000 </font></td>
    <td><font size="1">* </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">485,500 </font></td>
    <td><font size="1">* </font></td>
    <td><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">5,610 </font></td>
    <td align="left"><font size="1">**&nbsp; </font></td>
    <td align="right"><font size="1">4,800 </font></td>
    <td align="left"><font size="1">**&nbsp; </font></td>
    <td align="right"><font size="1">0 </font></td>
    <td align="right"><font size="1">&nbsp; </font></td>
    <td align="right"><font size="1">56,140 </font></td>
    <td><font size="1">*** </font></td>
  </tr>
</table>

<!-- MARKER FORMAT-SHEET="Cutoff rule Footnote" FSL="Workstation" -->
<HR SIZE=1 noshade ALIGN=left  WIDTH=75>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> * </font></td><TD WIDTH=2%><FONT SIZE="1"> </font></td><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Primarily
related to examinations of internal controls and investment       management performance
returns at Affiliated Service Providers. </font></td></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">** </font></td><TD WIDTH=2%><FONT SIZE="1"> </font></td>
    <TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Primarily related to tax
      compliance services associated with reviewing the Fund&#146;s tax returns. </font></td>
  </TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">*** </font></td><TD WIDTH=2%><FONT SIZE="1"> </font></td><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Primarily
associated with project management of non-financial systems implementations. </font></td></TR></TABLE>

<br>

<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
20 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>






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<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate
non-audit fees for services provided to the Fund and its Affiliated Service Providers,
regardless of whether pre-approval was required. </FONT></P>


<table align=center border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width=180 rowspan="2"> <b><font size="1">Fund</font></b>
      <hr size="1" noshade width="25" align="left">
    </td>
    <td width=78>&nbsp;</td>
    <td width=116 rowspan="2" align="center"> <b><font size="1">Independent Registered
      <br>
      Public Accounting Firm </font></b>
      <hr size="1" noshade>
      <b><font size="1"> </font></b></td>
    <td width=57> <font size="1">&nbsp; </font></td>
    <td align="center" colspan="5"> <b><font size="1">Aggregate Non-Audit Fees
      ($)</font></b>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=78>&nbsp;</td>
    <td width=57> <font size="1">&nbsp;&nbsp; </font></td>
    <td align="center" colspan="2"> <b><font size="1">2004</font></b>
      <hr size="1" noshade>
    </td>
    <td width=20> <font size="1">&nbsp;&nbsp; </font></td>
    <td align="center" colspan="2"> <b><font size="1">2003</font></b>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=top width=180> <font size="1">Apex </font></td>
    <td valign=top width=78> <font size="1">&nbsp; </font></td>
    <td valign=top align="center" width=116> <font size="1">D&amp;T </font></td>
    <td valign=top width=57> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">16,119,826 </font></td>
    <td valign=top width=18> <font size="1">&#134; </font></td>
    <td valign=top width=20> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">18,695,237 </font></td>
    <td valign=top width=19> <font size="1">&#134; </font></td>
  </tr>
  <tr>
    <td valign=top width=180> <font size="1">CHY V </font></td>
    <td valign=top width=78> <font size="1">&nbsp; </font></td>
    <td valign=top align="center" width=116> <font size="1">D&amp;T </font></td>
    <td valign=top width=57> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">14,926,536 </font></td>
    <td valign=top width=18> <font size="1">&#134; </font></td>
    <td valign=top width=20> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">18,707,737 </font></td>
    <td valign=top width=19> <font size="1">&#134; </font></td>
  </tr>
  <tr>
    <td valign=top width=180> <font size="1">CHY VI </font></td>
    <td valign=top width=78> <font size="1">&nbsp; </font></td>
    <td valign=top align="center" width=116> <font size="1">D&amp;T </font></td>
    <td valign=top width=57> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">14,926,536 </font></td>
    <td valign=top width=18> <font size="1">&#134; </font></td>
    <td valign=top width=20> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">17,032,558 </font></td>
    <td valign=top width=19> <font size="1">&#134; </font></td>
  </tr>
  <tr>
    <td valign=top width=180> <font size="1">MuniEnhanced </font></td>
    <td valign=top width=78> <font size="1">&nbsp; </font></td>
    <td valign=top align="center" width=116> <font size="1">D&amp;T </font></td>
    <td valign=top width=57> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">18,188,110 </font></td>
    <td valign=top width=18> <font size="1">&#134; </font></td>
    <td valign=top width=20> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">17,149,448 </font></td>
    <td valign=top width=19> <font size="1">&#134; </font></td>
  </tr>
  <tr>
    <td valign=top width=180> <font size="1">MH California Insured </font></td>
    <td valign=top width=78> <font size="1">&nbsp; </font></td>
    <td valign=top align="center" width=116> <font size="1">D&amp;T </font></td>
    <td valign=top width=57> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">16,122,826 </font></td>
    <td valign=top width=18> <font size="1">&#134; </font></td>
    <td valign=top width=20> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">18,706,037 </font></td>
    <td valign=top width=19> <font size="1">&#134; </font></td>
  </tr>
  <tr>
    <td valign=top width=180> <font size="1">MH Insured II </font></td>
    <td valign=top width=78> <font size="1">&nbsp; </font></td>
    <td valign=top align="center" width=116> <font size="1">E&amp;Y </font></td>
    <td valign=top width=57> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">7,183,600 </font></td>
    <td valign=top width=18> <font size="1">&#134;&#134; </font></td>
    <td valign=top width=20> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">2,317,000 </font></td>
    <td valign=top width=19> <font size="1">&#134;&#134; </font></td>
  </tr>
  <tr>
    <td valign=top width=180> <font size="1">MY Arizona </font></td>
    <td valign=top width=78> <font size="1">&nbsp; </font></td>
    <td valign=top align="center" width=116> <font size="1">D&amp;T </font></td>
    <td valign=top width=57> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">13,278,706 </font></td>
    <td valign=top width=18> <font size="1">&#134; </font></td>
    <td valign=top width=20> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">18,700,837 </font></td>
    <td valign=top width=19> <font size="1">&#134; </font></td>
  </tr>
  <tr>
    <td valign=top width=180> <font size="1">MY California </font></td>
    <td valign=top width=78> <font size="1">&nbsp; </font></td>
    <td valign=top align="center" width=116> <font size="1">D&amp;T </font></td>
    <td valign=top width=57> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">13,278,706 </font></td>
    <td valign=top width=18> <font size="1">&#134; </font></td>
    <td valign=top width=20> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">18,700,837 </font></td>
    <td valign=top width=19> <font size="1">&#134; </font></td>
  </tr>
  <tr>
    <td valign=top width=180> <font size="1">MY California Insured </font></td>
    <td valign=top width=78> <font size="1">&nbsp; </font></td>
    <td valign=top align="center" width=116> <font size="1">D&amp;T </font></td>
    <td valign=top width=57> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">13,278,706 </font></td>
    <td valign=top width=18> <font size="1">&#134; </font></td>
    <td valign=top width=20> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">18,700,837 </font></td>
    <td valign=top width=19> <font size="1">&#134; </font></td>
  </tr>
  <tr>
    <td valign=top width=180> <font size="1">MY Florida </font></td>
    <td valign=top width=78> <font size="1">&nbsp; </font></td>
    <td valign=top align="center" width=116> <font size="1">D&amp;T </font></td>
    <td valign=top width=57> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">13,278,706 </font></td>
    <td valign=top width=18> <font size="1">&#134; </font></td>
    <td valign=top width=20> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">18,700,837 </font></td>
    <td valign=top width=19> <font size="1">&#134; </font></td>
  </tr>
  <tr>
    <td valign=top width=180> <font size="1">MY Fund </font></td>
    <td valign=top width=78> <font size="1">&nbsp; </font></td>
    <td valign=top align="center" width=116> <font size="1">D&amp;T </font></td>
    <td valign=top width=57> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">13,278,706 </font></td>
    <td valign=top width=18> <font size="1">&#134; </font></td>
    <td valign=top width=20> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">18,700,837 </font></td>
    <td valign=top width=19> <font size="1">&#134; </font></td>
  </tr>
  <tr>
    <td valign=top width=180> <font size="1">MY Insured </font></td>
    <td valign=top width=78> <font size="1">&nbsp; </font></td>
    <td valign=top align="center" width=116> <font size="1">E&amp;Y </font></td>
    <td valign=top width=57> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">7,183,600 </font></td>
    <td valign=top width=18> <font size="1">&#134;&#134; </font></td>
    <td valign=top width=20> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">2,317,000 </font></td>
    <td valign=top width=19> <font size="1">&#134;&#134; </font></td>
  </tr>
  <tr>
    <td valign=top width=180> <font size="1">MY Michigan Insured II </font></td>
    <td valign=top width=78> <font size="1">&nbsp; </font></td>
    <td valign=top align="center" width=116> <font size="1">D&amp;T </font></td>
    <td valign=top width=57> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">13,278,706 </font></td>
    <td valign=top width=18> <font size="1">&#134; </font></td>
    <td valign=top width=20> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">18,700,837 </font></td>
    <td valign=top width=19> <font size="1">&#134; </font></td>
  </tr>
  <tr>
    <td valign=top width=180> <font size="1">MY New Jersey </font></td>
    <td valign=top width=78> <font size="1">&nbsp; </font></td>
    <td valign=top align="center" width=116> <font size="1">D&amp;T </font></td>
    <td valign=top width=57> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">12,456,835 </font></td>
    <td valign=top width=18> <font size="1">&#134; </font></td>
    <td valign=top width=20> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">18,700,837 </font></td>
    <td valign=top width=19> <font size="1">&#134; </font></td>
  </tr>
  <tr>
    <td valign=top width=180> <font size="1">MY New York Insured </font></td>
    <td valign=top width=78> <font size="1">&nbsp; </font></td>
    <td valign=top align="center" width=116> <font size="1">D&amp;T </font></td>
    <td valign=top width=57> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">13,278,706 </font></td>
    <td valign=top width=18> <font size="1">&#134; </font></td>
    <td valign=top width=20> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">18,700,837 </font></td>
    <td valign=top width=19> <font size="1">&#134; </font></td>
  </tr>
  <tr>
    <td valign=top width=180> <font size="1">MY Quality </font></td>
    <td valign=top width=78> <font size="1">&nbsp; </font></td>
    <td valign=top align="center" width=116> <font size="1">D&amp;T </font></td>
    <td valign=top width=57> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">13,278,706 </font></td>
    <td valign=top width=18> <font size="1">&#134; </font></td>
    <td valign=top width=20> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">18,700,837 </font></td>
    <td valign=top width=19> <font size="1">&#134; </font></td>
  </tr>
  <tr>
    <td valign=top width=180> <font size="1">MY Quality II </font></td>
    <td valign=top width=78> <font size="1">&nbsp; </font></td>
    <td valign=top align="center" width=116> <font size="1">D&amp;T </font></td>
    <td valign=top width=57> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">13,278,706 </font></td>
    <td valign=top width=18> <font size="1">&#134; </font></td>
    <td valign=top width=20> <font size="1">&nbsp; </font></td>
    <td valign=top align="right" width=56> <font size="1">18,700,837 </font></td>
    <td valign=top width=19> <font size="1">&#134; </font></td>
  </tr>
</table>

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<HR SIZE=1 noshade ALIGN=left  WIDTH=75>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> &#134; </font></td><TD WIDTH=2%><FONT SIZE="1"> </font></td><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Primarily
associated with project management of non-financial service       systems
implementations, advisory and management consulting services, and       examinations of
internal controls and investment management performance       returns for Affiliated
Service Providers. Fees are also related to the       performance of agreed upon
compliance procedures associated with the       Fund&#146;s AMPS and tax compliance services
associated with reviewing the       Fund&#146;s tax returns. </font></td></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR>
    <TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">&#134;&#134; </font></td>
    <TD WIDTH=2%><FONT SIZE="1"> </font></td>
    <TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">    Primarily
associated with corporate tax consulting, cash flow analyses,       and quality
enhancement and education seminars for personnel of Affiliated       Service Providers.
Fees are also related to the performance of agreed upon       compliance procedures
associated with the Fund&#146;s AMPS and tax compliance       services associated with
reviewing the Fund&#146;s tax returns. </font></td>
  </TR></TABLE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee of each Fund has reviewed the non-audit services provided by the Fund&#146;s
independent registered public accounting firm to the Fund&#146;s Affiliated Service Providers
that were not subject to the Audit Committee&#146;s pre-approval and has determined that the
provision of such services is compatible with maintaining the independence of the
independent registered public accounting firm. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Audit Committee&#146;s
Pre-Approval Policies and Procedures </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee of each Fund has adopted policies and procedures with regard to the
pre-approval of services. Audit, audit-related and tax compliance services provided to a
Fund on an annual basis require specific pre-approval by the Fund&#146;s Audit Committee. As
noted above, the Audit Committee also must approve other non-audit services provided to a
Fund and those non-audit services provided to the Fund&#146;s Affiliated Service Providers
that relate directly to the operations and financial reporting of the Fund. Certain of
these non-audit services that the Audit Committee believes are (a) consistent with the
SEC&#146;s auditor independence rules and (b) routine and recurring services that will not
impair the independence of the independent registered public accounting firm may be
approved by the Audit Committee without consideration on a specific case-by-case basis
(&#147;general pre-approval&#148;). However, such services will only be deemed pre-approved
provided that any individual project does not exceed $5,000 attributable to the Fund or
$50,000 for the project as a whole. Any proposed services exceeding the pre-approved cost
levels will require specific pre-approval by the Audit Committee, as will any other
services not subject to general pre-approval (e.g. unanticipated but permissible
services). The Audit Committee is informed of each service approved subject to general
pre-approval at the next regularly scheduled in-person board meeting. </FONT></P>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
21 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>






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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-audit
services provided to a Fund&#146;s Affiliated Service Providers that have a direct impact on
the operations or financial reporting of the Fund must be pre-approved by the Audit
Committee of ML &amp; Co. in addition to pre-approval by the Fund&#146;s Audit Committee. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
independent registered public accounting firm annually will provide the Audit Committee
with a detailed analysis of all fees paid by ML &amp; Co. and its affiliates. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Other </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives
of D&amp;T and E&amp;Y, as applicable, are expected to be present at the Meetings and
will have an opportunity to make a statement if they so desire and to respond to
questions from stockholders. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Address of Investment
Adviser </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal office of FAM is located at 800 Scudders Mill Road, Plainsboro, New Jersey
08536. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Annual Report Delivery </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Each
Fund will furnish, without charge, a copy of its Annual Report for the Fund&#146;s last fiscal
year to any stockholder upon request. </B> Such requests should be directed to the applicable
Fund, P.O. Box 9011, Princeton, New Jersey 08543-9011, Attention: Fund Secretary, or to
1-800-637-3863. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Stockholder Proposals </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
  a stockholder of any Fund (with the exception of CHY V and CHY VI, for which
  information is provided in the next paragraph) intends to present a proposal
  at the 2006 Annual Meeting of Stockholders of such Fund, each of which is anticipated
  to be held in April 2006, 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 November 21, 2005. The
  persons named as proxies in the proxy materials for the 2006 Annual Meeting
  of Stockholders for each of the Funds (except CHY V and CHY VI) may exercise
  discretionary authority with respect to any stockholder proposal presented at
  such meeting if written notice of such proposal has not been received by the
  Fund by February 4, 2006. Written proposals and notices should be sent to the
  Secretary of the respective Fund, 800 Scudders Mill Road, Plainsboro, New Jersey
  08536. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHY
  V and CHY VI each expects to hold its next Annual Meeting of Stockholders in
  April 2006. Proposals of stockholders intended to be presented at the meetings
  must be received by the Funds by November 21, 2005 for inclusion in the applicable
  Fund&#146;s proxy statement and form of proxy for that meeting. The By-Laws
  of CHY V and CHY VI generally require advance notice be given to the Fund in
  the event a stockholder desires to transact any business from the floor at an
  Annual Meeting of Stockholders. </FONT></P>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
22 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>
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<!-- MARKER PAGE="sheet: 28; page: 28" --> <!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Notice of any such business
  must be in writing and received at the Fund&#146;s principal executive office
  during the period from January 29, 2006 to February 28, 2006. Written proposals
  and notices should be sent to the Secretary of the Fund, 800 Scudders Mill Road,
  Plainsboro, New Jersey 08536. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="54%">&nbsp;&nbsp;&nbsp;</td>
    <td width="46%"><font face="Times New Roman, Times, Serif" size="2">By Order of the Boards of Directors </font></td>
  </tr>
  <tr>
    <td width="54%">&nbsp;</td>
    <td width="46%">&nbsp;</td>
  </tr>
  <tr>
    <td width="54%">&nbsp;</td>
    <td width="46%"><font face="Times New Roman, Times, Serif" size="2">ALICE A. PELLEGRINO <br>
  <i>Secretary of Apex Municipal
Fund, Inc. <br>
  Corporate High
Yield Fund V, Inc. <br>
  Corporate
High Yield Fund VI, Inc.
<br>
  MuniEnhanced Fund, Inc.
<br>
  MuniHoldings California
Insured Fund, Inc.
<br>
  MuniHoldings Insured Fund II,
Inc. <br>
  MuniYield Arizona Fund,
Inc. MuniYield California Fund, Inc.
<br>
  MuniYield California Insured
Fund, Inc. <br>
  MuniYield Florida
Fund <br>
  MuniYield Fund, Inc.
<br>
  MuniYield Insured Fund, Inc.
<br>
  MuniYield Michigan Insured
Fund II, Inc. <br>
  MuniYield New
Jersey Fund, Inc. <br>
  MuniYield
New York Insured Fund, Inc.
<br>
  MuniYield Quality Fund, Inc.
<br>
  MuniYield Quality Fund II, Inc.</i> </font></td>
  </tr>
</table>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dated: March 20, 2005 </FONT></P>



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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
23 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>






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<!-- MARKER PAGE="sheet: 29; page: 29" -->




<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&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 these Exhibits are attached. </FONT></P>

<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Exhibit A</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>INFORMATION
PERTAINING TO EACH FUND </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>General Information
Pertaining to the Funds </B></FONT></P>


<table align=center border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="center">
    <td width=105> <b><font size="1">&nbsp;</font></b></td>
    <td width=159> <b><font size="1">&nbsp;</font></b></td>
    <td width=79> <b><font size="1">&nbsp;</font></b></td>
    <td width=19> <b><font size="1">&nbsp;</font></b></td>
    <td width=75> <b><font size="1">&nbsp;</font></b></td>
    <td width=21> <b><font size="1">&nbsp;</font></b></td>
    <td colspan="3"> <b><font size="1">Shares Outstanding <br>
      as of the Record Date </font></b>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td width=105> <b><font size="1">Fund </font></b>
      <hr size="1" noshade width="25" align="center">
    </td>
    <td width=159> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=79> <b><font size="1">Fiscal Year End </font></b>
      <hr size="1" noshade>
    </td>
    <td width=19> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=75> <b><font size="1">Meeting Time </font></b>
      <hr size="1" noshade>
    </td>
    <td width=21> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=79> <b><font size="1">Shares of <br>
      Common Stock </font></b>
      <hr size="1" noshade>
      <b><font size="1"> </font></b></td>
    <td width=14> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=49> <b><font size="1">AMPS </font></b>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=105> <font size="1">Apex </font></td>
    <td width=159> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">6/30 </font></td>
    <td align="center" width=19> <font size="1">&nbsp; </font></td>
    <td align="center" width=75> <font size="1">&nbsp;&nbsp;9:00 A.M. </font></td>
    <td align="center" width=21> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">19,596,732 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=49> <font size="1">n/a </font></td>
  </tr>
  <tr valign="bottom">
    <td width=105> <font size="1">CHY V </font></td>
    <td width=159> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">8/31 </font></td>
    <td align="center" width=19> <font size="1">&nbsp; </font></td>
    <td align="center" width=75> <font size="1">&nbsp;&nbsp;9:20 A.M. </font></td>
    <td align="center" width=21> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">32,922,493 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=49> <font size="1">n/a </font></td>
  </tr>
  <tr valign="bottom">
    <td width=105> <font size="1">CHY VI </font></td>
    <td width=159> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">8/31 </font></td>
    <td align="center" width=19> <font size="1">&nbsp; </font></td>
    <td align="center" width=75> <font size="1">&nbsp;&nbsp;9:40 A.M. </font></td>
    <td align="center" width=21> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">35,281,981 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=49> <font size="1">n/a </font></td>
  </tr>
  <tr valign="bottom">
    <td width=105> <font size="1">MuniEnhanced </font></td>
    <td width=159> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">1/31 </font></td>
    <td align="center" width=19> <font size="1">&nbsp; </font></td>
    <td align="center" width=75> <font size="1">10:00 A.M. </font></td>
    <td align="center" width=21> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">29,369,874 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=49> <font size="1">&nbsp;&nbsp;&nbsp;7,480 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=105> <font size="1">MH California Insured </font></td>
    <td width=159> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">6/30 </font></td>
    <td align="center" width=19> <font size="1">&nbsp; </font></td>
    <td align="center" width=75> <font size="1">10:20 A.M. </font></td>
    <td align="center" width=21> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">40,657,301 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=49> <font size="1">15,600 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=105> <font size="1">MH Insured II </font></td>
    <td width=159> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">9/30 </font></td>
    <td align="center" width=19> <font size="1">&nbsp; </font></td>
    <td align="center" width=75> <font size="1">10:40 A.M. </font></td>
    <td align="center" width=21> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">22,352,426 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=49> <font size="1">&nbsp;&nbsp;&nbsp;8,180 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=105> <font size="1">MY Arizona </font></td>
    <td width=159> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">10/31 </font></td>
    <td align="center" width=19> <font size="1">&nbsp; </font></td>
    <td align="center" width=75> <font size="1">11:00 A.M. </font></td>
    <td align="center" width=21> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">&nbsp;&nbsp;4,478,382 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=49> <font size="1">&nbsp;&nbsp;&nbsp;1,212 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=105> <font size="1">MY California </font></td>
    <td width=159> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">10/31 </font></td>
    <td align="center" width=19> <font size="1">&nbsp; </font></td>
    <td align="center" width=75> <font size="1">11:20 A.M. </font></td>
    <td align="center" width=21> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">21,295,255 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=49> <font size="1">&nbsp;&nbsp;&nbsp;5,600 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=105> <font size="1">MY California Insured </font></td>
    <td width=159> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">10/31 </font></td>
    <td align="center" width=19> <font size="1">&nbsp; </font></td>
    <td align="center" width=75> <font size="1">11:40 A.M. </font></td>
    <td align="center" width=21> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">34,361,200 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=49> <font size="1">&nbsp;&nbsp;&nbsp;9,200 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=105> <font size="1">MY Florida </font></td>
    <td width=159> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">10/31 </font></td>
    <td align="center" width=19> <font size="1">&nbsp; </font></td>
    <td align="center" width=75> <font size="1">12:00 P.M. </font></td>
    <td align="center" width=21> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">13,551,880 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=49> <font size="1">&nbsp;&nbsp;&nbsp;3,800 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=105> <font size="1">MY Fund </font></td>
    <td width=159> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">10/31 </font></td>
    <td align="center" width=19> <font size="1">&nbsp; </font></td>
    <td align="center" width=75> <font size="1">12:20 P.M. </font></td>
    <td align="center" width=21> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">44,430,631 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=49> <font size="1">13,720 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=105> <font size="1">MY Insured </font></td>
    <td width=159> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">10/31 </font></td>
    <td align="center" width=19> <font size="1">&nbsp; </font></td>
    <td align="center" width=75> <font size="1">12:40 P.M. </font></td>
    <td align="center" width=21> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">67,303,125 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=49> <font size="1">22,800 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=105> <font size="1">MY Michigan Insured II </font></td>
    <td width=159> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">10/31 </font></td>
    <td align="center" width=19> <font size="1">&nbsp; </font></td>
    <td align="center" width=75> <font size="1">&nbsp;&nbsp;1:00 P.M. </font></td>
    <td align="center" width=21> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">12,046,592 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=49> <font size="1">&nbsp;&nbsp;&nbsp;3,560 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=105> <font size="1">MY New Jersey </font></td>
    <td width=159> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">11/30 </font></td>
    <td align="center" width=19> <font size="1">&nbsp; </font></td>
    <td align="center" width=75> <font size="1">&nbsp;&nbsp;1:20 P.M. </font></td>
    <td align="center" width=21> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">14,203,242 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=49> <font size="1">&nbsp;&nbsp;&nbsp;4,760 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=105> <font size="1">MY New York Insured </font></td>
    <td width=159> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">10/31 </font></td>
    <td align="center" width=19> <font size="1">&nbsp; </font></td>
    <td align="center" width=75> <font size="1">&nbsp;&nbsp;1:40 P.M. </font></td>
    <td align="center" width=21> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">39,445,962 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=49> <font size="1">10,360 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=105> <font size="1">MY Quality </font></td>
    <td width=159> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">10/31 </font></td>
    <td align="center" width=19> <font size="1">&nbsp; </font></td>
    <td align="center" width=75> <font size="1">&nbsp;&nbsp;2:00 P.M. </font></td>
    <td align="center" width=21> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">30,425,258 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=49> <font size="1">&nbsp;&nbsp;&nbsp;8,000 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=105> <font size="1">MY Quality II </font></td>
    <td width=159> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">10/31 </font></td>
    <td align="center" width=19> <font size="1">&nbsp; </font></td>
    <td align="center" width=75> <font size="1">&nbsp;&nbsp;2:20 P.M. </font></td>
    <td align="center" width=21> <font size="1">&nbsp; </font></td>
    <td align="center" width=79> <font size="1">22,366,930 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=49> <font size="1">&nbsp;&nbsp;&nbsp;6,000 </font></td>
  </tr>
</table>



 <br>
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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
A-1 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





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<!-- MARKER PAGE="sheet: 30; page: 30" -->



<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Board and Committee
Meetings </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set
forth in the table below is information regarding Board, Audit Committee and Nominating
Committee meetings held, current annual and per meeting fees paid to each non-interested
Director and the aggregate fees and expenses paid by each Fund to the non-interested
Directors during each Fund&#146;s most recently completed fiscal year. </FONT></P>


<table align=center border=0 cellspacing=0 cellpadding=0 width=640>
  <tr valign="bottom" align="center">
    <td width=82> <b><font size="1">&nbsp;</font></b></td>
    <td width=5> <b><font size="1">&nbsp;</font></b></td>
    <td colspan="5"> <b><font size="1">Board</font></b>
      <hr size="1" noshade>
    </td>
    <td width=17> <b><font size="1">&nbsp;</font></b></td>
    <td colspan="5"> <b><font size="1">Audit Committee</font></b>
      <hr size="1" noshade>
    </td>
    <td width=15> <b><font size="1">&nbsp;</font></b></td>
    <td colspan="5"> <b><font size="1">Nominating Committee</font></b>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=82> <b><font size="1">Fund</font></b>
      <hr size="1" noshade width="25" align="left">
    </td>
    <td width=5> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=56> <b><font size="1">Number of <br>
      Meetings <br>
      Held* </font></b>
      <hr size="1" noshade>
    </td>
    <td width=7> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=44> <b><font size="1">Annual <br>
      Fee </font></b>
      <hr size="1" noshade>
    </td>
    <td width=6> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=49> <b><font size="1">Per <br>
      Meeting <br>
      Fee** </font></b>
      <hr size="1" noshade>
    </td>
    <td width=17> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=54> <b><font size="1">Number of <br>
      Meetings <br>
      Held* </font></b>
      <hr size="1" noshade>
    </td>
    <td width=9> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=44> <b><font size="1">Annual <br>
      Fee <br>
      *** </font></b>
      <hr size="1" noshade>
    </td>
    <td width=12> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=48> <b><font size="1">Per <br>
      Meeting <br>
      Fee <br>
      ** </font></b>
      <hr size="1" noshade>
    </td>
    <td width=15> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=55> <b><font size="1">Number of <br>
      Meetings <br>
      Held* </font></b>
      <hr size="1" noshade>
    </td>
    <td width=11> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=56> <b><font size="1">Aggregate <br>
      Fee </font></b>
      <hr size="1" noshade>
    </td>
    <td width=10> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=60> <b><font size="1">Aggregate <br>
      Fees and <br>
      Expenses </font></b>
      <hr size="1" noshade>
     </td>
  </tr>
  <tr valign="bottom">
    <td width=82><font size="1">Apex </font></td>
    <td width=5><font size="1">&nbsp; </font></td>
    <td width=56 align="center"><font size="1">4 </font></td>
    <td width=7><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$&nbsp;&nbsp;78 </font></td>
    <td align="center" width=6><font size="1">&nbsp; </font></td>
    <td align="center" width=49><font size="1">$218 </font></td>
    <td align="center" width=17><font size="1">&nbsp; </font></td>
    <td align="center" width=54><font size="1">4 </font></td>
    <td align="center" width=9><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$&nbsp;78 </font></td>
    <td align="center" width=12><font size="1">&nbsp; </font></td>
    <td align="center" width=48><font size="1">$218 </font></td>
    <td align="center" width=15><font size="1">&nbsp; </font></td>
    <td align="center" width=55><font size="1">1 </font></td>
    <td align="center" width=11><font size="1">&nbsp; </font></td>
    <td align="center" width=56><font size="1">$0 </font></td>
    <td align="center" width=10><font size="1">&nbsp; </font></td>
    <td align="center" width=60><font size="1">$12,608 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=82><font size="1">CHY V </font></td>
    <td width=5><font size="1">&nbsp; </font></td>
    <td width=56 align="center"><font size="1">4 </font></td>
    <td width=7><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$227 </font></td>
    <td align="center" width=6><font size="1">&nbsp; </font></td>
    <td align="center" width=49><font size="1">$221 </font></td>
    <td align="center" width=17><font size="1">&nbsp; </font></td>
    <td align="center" width=54><font size="1">4 </font></td>
    <td align="center" width=9><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$227 </font></td>
    <td align="center" width=12><font size="1">&nbsp; </font></td>
    <td align="center" width=48><font size="1">$221 </font></td>
    <td align="center" width=15><font size="1">&nbsp; </font></td>
    <td align="center" width=55><font size="1">1 </font></td>
    <td align="center" width=11><font size="1">&nbsp; </font></td>
    <td align="center" width=56><font size="1">$0 </font></td>
    <td align="center" width=10><font size="1">&nbsp; </font></td>
    <td align="center" width=60><font size="1">$16,507 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=82 height="11"><font size="1">CHY VI </font></td>
    <td width=5 height="11"><font size="1">&nbsp; </font></td>
    <td width=56 height="11" align="center"><font size="1">4 </font></td>
    <td width=7 height="11"><font size="1">&nbsp; </font></td>
    <td align="center" width=44 height="11"><font size="1">$238 </font></td>
    <td align="center" width=6 height="11"><font size="1">&nbsp; </font></td>
    <td align="center" width=49 height="11"><font size="1">$221 </font></td>
    <td align="center" width=17 height="11"><font size="1">&nbsp; </font></td>
    <td align="center" width=54 height="11"><font size="1">4 </font></td>
    <td align="center" width=9 height="11"><font size="1">&nbsp; </font></td>
    <td align="center" width=44 height="11"><font size="1">$238 </font></td>
    <td align="center" width=12 height="11"><font size="1">&nbsp; </font></td>
    <td align="center" width=48 height="11"><font size="1">$221 </font></td>
    <td align="center" width=15 height="11"><font size="1">&nbsp; </font></td>
    <td align="center" width=55 height="11"><font size="1">1 </font></td>
    <td align="center" width=11 height="11"><font size="1">&nbsp; </font></td>
    <td align="center" width=56 height="11"><font size="1">$0 </font></td>
    <td align="center" width=10 height="11"><font size="1">&nbsp; </font></td>
    <td align="center" width=60 height="11"><font size="1">$25,842 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=82><font size="1">MuniEnhanced </font></td>
    <td width=5><font size="1">&nbsp; </font></td>
    <td width=56 align="center"><font size="1">4 </font></td>
    <td width=7><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$220 </font></td>
    <td align="center" width=6><font size="1">&nbsp; </font></td>
    <td align="center" width=49><font size="1">$225 </font></td>
    <td align="center" width=17><font size="1">&nbsp; </font></td>
    <td align="center" width=54><font size="1">4 </font></td>
    <td align="center" width=9><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$220 </font></td>
    <td align="center" width=12><font size="1">&nbsp; </font></td>
    <td align="center" width=48><font size="1">$225 </font></td>
    <td align="center" width=15><font size="1">&nbsp; </font></td>
    <td align="center" width=55><font size="1">1 </font></td>
    <td align="center" width=11><font size="1">&nbsp; </font></td>
    <td align="center" width=56><font size="1">$0 </font></td>
    <td align="center" width=10><font size="1">&nbsp; </font></td>
    <td align="center" width=60><font size="1">$21,772 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=82><font size="1">MH California </font><br>
      <font size="1">&nbsp;&nbsp;Insured </font></td>
    <td width=5><font size="1">&nbsp; </font></td>
    <td width=56 align="center"><font size="1">4 </font></td>
    <td width=7><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$437 </font></td>
    <td align="center" width=6><font size="1">&nbsp; </font></td>
    <td align="center" width=49><font size="1">$218 </font></td>
    <td align="center" width=17><font size="1">&nbsp; </font></td>
    <td align="center" width=54><font size="1">4 </font></td>
    <td align="center" width=9><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$437 </font></td>
    <td align="center" width=12><font size="1">&nbsp; </font></td>
    <td align="center" width=48><font size="1">$218 </font></td>
    <td align="center" width=15><font size="1">&nbsp; </font></td>
    <td align="center" width=55><font size="1">1 </font></td>
    <td align="center" width=11><font size="1">&nbsp; </font></td>
    <td align="center" width=56><font size="1">$0 </font></td>
    <td align="center" width=10><font size="1">&nbsp; </font></td>
    <td align="center" width=60><font size="1">$32,943 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=82><font size="1">MH Insured II </font></td>
    <td width=5><font size="1">&nbsp; </font></td>
    <td width=56 align="center"><font size="1">4 </font></td>
    <td width=7><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$227 </font></td>
    <td align="center" width=6><font size="1">&nbsp; </font></td>
    <td align="center" width=49><font size="1">$221 </font></td>
    <td align="center" width=17><font size="1">&nbsp; </font></td>
    <td align="center" width=54><font size="1">4 </font></td>
    <td align="center" width=9><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$227 </font></td>
    <td align="center" width=12><font size="1">&nbsp; </font></td>
    <td align="center" width=48><font size="1">$221 </font></td>
    <td align="center" width=15><font size="1">&nbsp; </font></td>
    <td align="center" width=55><font size="1">1 </font></td>
    <td align="center" width=11><font size="1">&nbsp; </font></td>
    <td align="center" width=56><font size="1">$0 </font></td>
    <td align="center" width=10><font size="1">&nbsp; </font></td>
    <td align="center" width=60><font size="1">$22,873 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=82><font size="1">MY Arizona </font></td>
    <td width=5><font size="1">&nbsp; </font></td>
    <td width=56 align="center"><font size="1">4 </font></td>
    <td width=7><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$&nbsp;42 </font></td>
    <td align="center" width=6><font size="1">&nbsp; </font></td>
    <td align="center" width=49><font size="1">$221 </font></td>
    <td align="center" width=17><font size="1">&nbsp; </font></td>
    <td align="center" width=54><font size="1">4 </font></td>
    <td align="center" width=9><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$&nbsp;&nbsp;42 </font></td>
    <td align="center" width=12><font size="1">&nbsp; </font></td>
    <td align="center" width=48><font size="1">$221 </font></td>
    <td align="center" width=15><font size="1">&nbsp; </font></td>
    <td align="center" width=55><font size="1">1 </font></td>
    <td align="center" width=11><font size="1">&nbsp; </font></td>
    <td align="center" width=56><font size="1">$0 </font></td>
    <td align="center" width=10><font size="1">&nbsp; </font></td>
    <td align="center" width=60><font size="1">$14,620 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=82><font size="1">MY California </font></td>
    <td width=5><font size="1">&nbsp; </font></td>
    <td width=56 align="center"><font size="1">4 </font></td>
    <td width=7><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$200 </font></td>
    <td align="center" width=6><font size="1">&nbsp; </font></td>
    <td align="center" width=49><font size="1">$221 </font></td>
    <td align="center" width=17><font size="1">&nbsp; </font></td>
    <td align="center" width=54><font size="1">4 </font></td>
    <td align="center" width=9><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$200 </font></td>
    <td align="center" width=12><font size="1">&nbsp; </font></td>
    <td align="center" width=48><font size="1">$221 </font></td>
    <td align="center" width=15><font size="1">&nbsp; </font></td>
    <td align="center" width=55><font size="1">1 </font></td>
    <td align="center" width=11><font size="1">&nbsp; </font></td>
    <td align="center" width=56><font size="1">$0 </font></td>
    <td align="center" width=10><font size="1">&nbsp; </font></td>
    <td align="center" width=60><font size="1">$22,337 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=82><font size="1">MY California </font><br>
      <font size="1">&nbsp;&nbsp;Insured </font></td>
    <td width=5><font size="1">&nbsp; </font></td>
    <td width=56 align="center"><font size="1">4 </font></td>
    <td width=7><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$324 </font></td>
    <td align="center" width=6><font size="1">&nbsp; </font></td>
    <td align="center" width=49><font size="1">$221 </font></td>
    <td align="center" width=17><font size="1">&nbsp; </font></td>
    <td align="center" width=54><font size="1">4 </font></td>
    <td align="center" width=9><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$324 </font></td>
    <td align="center" width=12><font size="1">&nbsp; </font></td>
    <td align="center" width=48><font size="1">$221 </font></td>
    <td align="center" width=15><font size="1">&nbsp; </font></td>
    <td align="center" width=55><font size="1">1 </font></td>
    <td align="center" width=11><font size="1">&nbsp; </font></td>
    <td align="center" width=56><font size="1">$0 </font></td>
    <td align="center" width=10><font size="1">&nbsp; </font></td>
    <td align="center" width=60><font size="1">$25,343 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=82><font size="1">MY Florida </font></td>
    <td width=5><font size="1">&nbsp; </font></td>
    <td width=56 align="center"><font size="1">4 </font></td>
    <td width=7><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$129 </font></td>
    <td align="center" width=6><font size="1">&nbsp; </font></td>
    <td align="center" width=49><font size="1">$221 </font></td>
    <td align="center" width=17><font size="1">&nbsp; </font></td>
    <td align="center" width=54><font size="1">4 </font></td>
    <td align="center" width=9><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$129 </font></td>
    <td align="center" width=12><font size="1">&nbsp; </font></td>
    <td align="center" width=48><font size="1">$221 </font></td>
    <td align="center" width=15><font size="1">&nbsp; </font></td>
    <td align="center" width=55><font size="1">1 </font></td>
    <td align="center" width=11><font size="1">&nbsp; </font></td>
    <td align="center" width=56><font size="1">$0 </font></td>
    <td align="center" width=10><font size="1">&nbsp; </font></td>
    <td align="center" width=60><font size="1">$15,943 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=82><font size="1">MY Fund </font></td>
    <td width=5><font size="1">&nbsp; </font></td>
    <td width=56 align="center"><font size="1">4 </font></td>
    <td width=7><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$401 </font></td>
    <td align="center" width=6><font size="1">&nbsp; </font></td>
    <td align="center" width=49><font size="1">$221 </font></td>
    <td align="center" width=17><font size="1">&nbsp; </font></td>
    <td align="center" width=54><font size="1">4 </font></td>
    <td align="center" width=9><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$401 </font></td>
    <td align="center" width=12><font size="1">&nbsp; </font></td>
    <td align="center" width=48><font size="1">$221 </font></td>
    <td align="center" width=15><font size="1">&nbsp; </font></td>
    <td align="center" width=55><font size="1">1 </font></td>
    <td align="center" width=11><font size="1">&nbsp; </font></td>
    <td align="center" width=56><font size="1">$0 </font></td>
    <td align="center" width=10><font size="1">&nbsp; </font></td>
    <td align="center" width=60><font size="1">$31,310 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=82><font size="1">MY Insured </font></td>
    <td width=5><font size="1">&nbsp; </font></td>
    <td width=56 align="center"><font size="1">4 </font></td>
    <td width=7><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$636 </font></td>
    <td align="center" width=6><font size="1">&nbsp; </font></td>
    <td align="center" width=49><font size="1">$221 </font></td>
    <td align="center" width=17><font size="1">&nbsp; </font></td>
    <td align="center" width=54><font size="1">4 </font></td>
    <td align="center" width=9><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$636 </font></td>
    <td align="center" width=12><font size="1">&nbsp; </font></td>
    <td align="center" width=48><font size="1">$221 </font></td>
    <td align="center" width=15><font size="1">&nbsp; </font></td>
    <td align="center" width=55><font size="1">1 </font></td>
    <td align="center" width=11><font size="1">&nbsp; </font></td>
    <td align="center" width=56><font size="1">$0 </font></td>
    <td align="center" width=10><font size="1">&nbsp; </font></td>
    <td align="center" width=60><font size="1">$41,834 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=82><font size="1">MY Michigan </font><br>
      <font size="1">&nbsp;&nbsp;Insured II </font></td>
    <td width=5><font size="1">&nbsp; </font></td>
    <td width=56 align="center"><font size="1">4 </font></td>
    <td width=7><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$117 </font></td>
    <td align="center" width=6><font size="1">&nbsp; </font></td>
    <td align="center" width=49><font size="1">$221 </font></td>
    <td align="center" width=17><font size="1">&nbsp; </font></td>
    <td align="center" width=54><font size="1">4 </font></td>
    <td align="center" width=9><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$117 </font></td>
    <td align="center" width=12><font size="1">&nbsp; </font></td>
    <td align="center" width=48><font size="1">$221 </font></td>
    <td align="center" width=15><font size="1">&nbsp; </font></td>
    <td align="center" width=55><font size="1">1 </font></td>
    <td align="center" width=11><font size="1">&nbsp; </font></td>
    <td align="center" width=56><font size="1">$0 </font></td>
    <td align="center" width=10><font size="1">&nbsp; </font></td>
    <td align="center" width=60><font size="1">$18,386 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=82><font size="1">MY New Jersey </font></td>
    <td width=5><font size="1">&nbsp; </font></td>
    <td width=56 align="center"><font size="1">4 </font></td>
    <td width=7><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$138 </font></td>
    <td align="center" width=6><font size="1">&nbsp; </font></td>
    <td align="center" width=49><font size="1">$225 </font></td>
    <td align="center" width=17><font size="1">&nbsp; </font></td>
    <td align="center" width=54><font size="1">4 </font></td>
    <td align="center" width=9><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$138 </font></td>
    <td align="center" width=12><font size="1">&nbsp; </font></td>
    <td align="center" width=48><font size="1">$225 </font></td>
    <td align="center" width=15><font size="1">&nbsp; </font></td>
    <td align="center" width=55><font size="1">1 </font></td>
    <td align="center" width=11><font size="1">&nbsp; </font></td>
    <td align="center" width=56><font size="1">$0 </font></td>
    <td align="center" width=10><font size="1">&nbsp; </font></td>
    <td align="center" width=60><font size="1">$19,109 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=82><font size="1">MY New York </font><br>
      <font size="1">&nbsp;&nbsp;Insured </font></td>
    <td width=5><font size="1">&nbsp; </font></td>
    <td width=56 align="center"><font size="1">4 </font></td>
    <td width=7><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$363 </font></td>
    <td align="center" width=6><font size="1">&nbsp; </font></td>
    <td align="center" width=49><font size="1">$221 </font></td>
    <td align="center" width=17><font size="1">&nbsp; </font></td>
    <td align="center" width=54><font size="1">4 </font></td>
    <td align="center" width=9><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$363 </font></td>
    <td align="center" width=12><font size="1">&nbsp; </font></td>
    <td align="center" width=48><font size="1">$221 </font></td>
    <td align="center" width=15><font size="1">&nbsp; </font></td>
    <td align="center" width=55><font size="1">1 </font></td>
    <td align="center" width=11><font size="1">&nbsp; </font></td>
    <td align="center" width=56><font size="1">$0 </font></td>
    <td align="center" width=10><font size="1">&nbsp; </font></td>
    <td align="center" width=60><font size="1">$26,692 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=82><font size="1">MY Quality </font></td>
    <td width=5><font size="1">&nbsp; </font></td>
    <td width=56 align="center"><font size="1">4 </font></td>
    <td width=7><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$289 </font></td>
    <td align="center" width=6><font size="1">&nbsp; </font></td>
    <td align="center" width=49><font size="1">$221 </font></td>
    <td align="center" width=17><font size="1">&nbsp; </font></td>
    <td align="center" width=54><font size="1">4 </font></td>
    <td align="center" width=9><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$289 </font></td>
    <td align="center" width=12><font size="1">&nbsp; </font></td>
    <td align="center" width=48><font size="1">$221 </font></td>
    <td align="center" width=15><font size="1">&nbsp; </font></td>
    <td align="center" width=55><font size="1">1 </font></td>
    <td align="center" width=11><font size="1">&nbsp; </font></td>
    <td align="center" width=56><font size="1">$0 </font></td>
    <td align="center" width=10><font size="1">&nbsp; </font></td>
    <td align="center" width=60><font size="1">$26,763 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=82><font size="1">MY Quality II </font></td>
    <td width=5><font size="1">&nbsp; </font></td>
    <td width=56 align="center"><font size="1">4 </font></td>
    <td width=7><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$196 </font></td>
    <td align="center" width=6><font size="1">&nbsp; </font></td>
    <td align="center" width=49><font size="1">$221 </font></td>
    <td align="center" width=17><font size="1">&nbsp; </font></td>
    <td align="center" width=54><font size="1">4 </font></td>
    <td align="center" width=9><font size="1">&nbsp; </font></td>
    <td align="center" width=44><font size="1">$196 </font></td>
    <td align="center" width=12><font size="1">&nbsp; </font></td>
    <td align="center" width=48><font size="1">$221 </font></td>
    <td align="center" width=15><font size="1">&nbsp; </font></td>
    <td align="center" width=55><font size="1">1 </font></td>
    <td align="center" width=11><font size="1">&nbsp; </font></td>
    <td align="center" width=56><font size="1">$0 </font></td>
    <td align="center" width=10><font size="1">&nbsp; </font></td>
    <td align="center" width=60><font size="1">$21,716 </font></td>
  </tr>
</table>

<!-- MARKER FORMAT-SHEET="Cutoff rule Footnote" FSL="Workstation" -->
<HR SIZE=1 noshade ALIGN=left  WIDTH=75>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">  * </font></td><TD WIDTH=2%><FONT SIZE="1"> </font></td><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Includes
telephonic meetings. </font></td></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> ** </font></td><TD WIDTH=2%><FONT SIZE="1"> </font></td>
    <TD WIDTH=94% ALIGN=left VALIGN=top><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=100%>
  <tr>
    <td width=4% align=right valign=top><font size="1"> *** </font></td>
    <td width=2%><font size="1"> </font></td>
    <td width=94% align=left valign=top><font size="1">Does not include the additional fee paid to the Co-Chairmen of the Audit
Committee. </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">  &#134; </font></td><TD WIDTH=2%><FONT SIZE="1"> </font></td><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Co-Chairman
of the Audit Committee receives an additional fee of $50,000 per year. </font></td></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
</FONT></P>


<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
A-2 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>
<p><BR>





  <!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 31; page: 31" -->



<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
</p>
<p><!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
</p>
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>
<b>Information about
5% Beneficial Owners of Shares of Common Stock or AMPS </b></font></p>
<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<br>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2">A-3 </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 31; page: 31" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Exhibit B</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>INFORMATION
PERTAINING TO THE DIRECTOR NOMINEES </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Year in Which Each
Director Nominee of Each Fund Became a Director </B></FONT></P>


<table align=center border=0 cellspacing=0 cellpadding=0 width="640">
  <tr valign="bottom" align="center">
    <td align="left" width=177> <font size="1">&nbsp; </font></td>
    <td width=12> <font size="1">&nbsp;&nbsp; </font></td>
    <td width=57> <b><font size="1">Bodurtha</font></b>
      <hr size="1" noshade>
    </td>
    <td width=15> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=42> <b><font size="1">Doll</font></b>
      <hr size="1" noshade>
    </td>
    <td width=17> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=46> <b><font size="1">Grills</font></b>
      <hr size="1" noshade>
    </td>
    <td width=13> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=54> <b><font size="1">London</font></b>
      <hr size="1" noshade>
    </td>
    <td width=14> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=48> <b><font size="1">Ramo</font></b>
      <hr size="1" noshade>
    </td>
    <td width=14> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=57> <b><font size="1">Salomon</font></b>
      <hr size="1" noshade>
    </td>
    <td width=13> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=61> <b><font size="1">Swensrud</font></b>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=177> <font size="1">Apex </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">2002 </font></td>
    <td width=15> <font size="1">&nbsp; </font></td>
    <td width=42> <font size="1">2005 </font></td>
    <td width=17> <font size="1">&nbsp; </font></td>
    <td width=46> <font size="1">1994 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=54> <font size="1">2002 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=48> <font size="1">2002 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">1996 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=61> <font size="1">1992 </font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=177> <font size="1">CHY V </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">2002 </font></td>
    <td width=15> <font size="1">&nbsp; </font></td>
    <td width=42> <font size="1">2005 </font></td>
    <td width=17> <font size="1">&nbsp; </font></td>
    <td width=46> <font size="1">2001 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=54> <font size="1">2002 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=48> <font size="1">2002 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">2001 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=61> <font size="1">2001 </font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=177> <font size="1">CHY VI </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">2003 </font></td>
    <td width=15> <font size="1">&nbsp; </font></td>
    <td width=42> <font size="1">2005 </font></td>
    <td width=17> <font size="1">&nbsp; </font></td>
    <td width=46> <font size="1">2003 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=54> <font size="1">2003 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=48> <font size="1">2003 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">2003 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=61> <font size="1">2003 </font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=177> <font size="1">MuniEnhanced </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">1995 </font></td>
    <td width=15> <font size="1">&nbsp; </font></td>
    <td width=42> <font size="1">2005 </font></td>
    <td width=17> <font size="1">&nbsp; </font></td>
    <td width=46> <font size="1">2002 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=54> <font size="1">1989 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=48> <font size="1">1999 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">2002 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=61> <font size="1">2002 </font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=177> <font size="1">MH California Insured </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">1997 </font></td>
    <td width=15> <font size="1">&nbsp; </font></td>
    <td width=42> <font size="1">2005 </font></td>
    <td width=17> <font size="1">&nbsp; </font></td>
    <td width=46> <font size="1">2002 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=54> <font size="1">1997 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=48> <font size="1">1999 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">2002 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=61> <font size="1">2002 </font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=177> <font size="1">MH Insured II </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">2002 </font></td>
    <td width=15> <font size="1">&nbsp; </font></td>
    <td width=42> <font size="1">2005 </font></td>
    <td width=17> <font size="1">&nbsp; </font></td>
    <td width=46> <font size="1">1999 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=54> <font size="1">2002 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=48> <font size="1">2002 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">1999 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=61> <font size="1">1999 </font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=177> <font size="1">MY Arizona </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">1995 </font></td>
    <td width=15> <font size="1">&nbsp; </font></td>
    <td width=42> <font size="1">2005 </font></td>
    <td width=17> <font size="1">&nbsp; </font></td>
    <td width=46> <font size="1">2002 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=54> <font size="1">1992 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=48> <font size="1">1999 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">2002 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=61> <font size="1">2002 </font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=177> <font size="1">MY California </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">1995 </font></td>
    <td width=15> <font size="1">&nbsp; </font></td>
    <td width=42> <font size="1">2005 </font></td>
    <td width=17> <font size="1">&nbsp; </font></td>
    <td width=46> <font size="1">2002 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=54> <font size="1">1992 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=48> <font size="1">1999 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">2002 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=61> <font size="1">2002 </font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=177> <font size="1">MY California Insured </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">1995 </font></td>
    <td width=15> <font size="1">&nbsp; </font></td>
    <td width=42> <font size="1">2005 </font></td>
    <td width=17> <font size="1">&nbsp; </font></td>
    <td width=46> <font size="1">2002 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=54> <font size="1">1992 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=48> <font size="1">1999 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">2002 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=61> <font size="1">2002 </font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=177> <font size="1">MY Florida </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">1995 </font></td>
    <td width=15> <font size="1">&nbsp; </font></td>
    <td width=42> <font size="1">2005 </font></td>
    <td width=17> <font size="1">&nbsp; </font></td>
    <td width=46> <font size="1">2002 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=54> <font size="1">1992 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=48> <font size="1">1999 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">2002 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=61> <font size="1">2002 </font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=177> <font size="1">MY Fund </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">1995 </font></td>
    <td width=15> <font size="1">&nbsp; </font></td>
    <td width=42> <font size="1">2005 </font></td>
    <td width=17> <font size="1">&nbsp; </font></td>
    <td width=46> <font size="1">2002 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=54> <font size="1">1991 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=48> <font size="1">1999 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">2002 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=61> <font size="1">2002 </font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=177> <font size="1">MY Insured </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">2002 </font></td>
    <td width=15> <font size="1">&nbsp; </font></td>
    <td width=42> <font size="1">2005 </font></td>
    <td width=17> <font size="1">&nbsp; </font></td>
    <td width=46> <font size="1">1994 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=54> <font size="1">2002 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=48> <font size="1">2002 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">1996 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=61> <font size="1">1992 </font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=177> <font size="1">MY Michigan Insured II </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">1995 </font></td>
    <td width=15> <font size="1">&nbsp; </font></td>
    <td width=42> <font size="1">2005 </font></td>
    <td width=17> <font size="1">&nbsp; </font></td>
    <td width=46> <font size="1">2002 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=54> <font size="1">1992 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=48> <font size="1">1999 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">2002 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=61> <font size="1">2002 </font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=177> <font size="1">MY New Jersey </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">1995 </font></td>
    <td width=15> <font size="1">&nbsp; </font></td>
    <td width=42> <font size="1">2005 </font></td>
    <td width=17> <font size="1">&nbsp; </font></td>
    <td width=46> <font size="1">2002 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=54> <font size="1">1992 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=48> <font size="1">1999 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">2002 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=61> <font size="1">2002 </font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=177> <font size="1">MY New York Insured </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">1995 </font></td>
    <td width=15> <font size="1">&nbsp; </font></td>
    <td width=42> <font size="1">2005 </font></td>
    <td width=17> <font size="1">&nbsp; </font></td>
    <td width=46> <font size="1">2002 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=54> <font size="1">1992 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=48> <font size="1">1999 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">2002 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=61> <font size="1">2002 </font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=177> <font size="1">MY Quality </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">1995 </font></td>
    <td width=15> <font size="1">&nbsp; </font></td>
    <td width=42> <font size="1">2005 </font></td>
    <td width=17> <font size="1">&nbsp; </font></td>
    <td width=46> <font size="1">2002 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=54> <font size="1">1992 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=48> <font size="1">1999 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">2002 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=61> <font size="1">2002 </font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=177> <font size="1">MY Quality II </font></td>
    <td width=12> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">1995 </font></td>
    <td width=15> <font size="1">&nbsp; </font></td>
    <td width=42> <font size="1">2005 </font></td>
    <td width=17> <font size="1">&nbsp; </font></td>
    <td width=46> <font size="1">2002 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=54> <font size="1">1992 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=48> <font size="1">1999 </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=57> <font size="1">2002 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=61> <font size="1">2002 </font></td>
  </tr>
</table>



 <br>
<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
B-1 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 32; page: 32" -->





<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Ownership of Shares of
Common Stock and AMPS by Director Nominees as of the Record Date </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
relating to the share ownership, if any, by the Director Nominees as of the Record Date
is set forth in the chart below. </FONT></P>


<table align=center border=0 cellspacing=0 cellpadding=0 width="640">
  <tr valign="bottom" align="center">
    <td align="left" width=156> <b><font size="1">Director Nominee </font></b>
      <hr size="1" noshade align="left" width="75">
    </td>
    <td width=22> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=74> <b><font size="1">Fund </font></b>
      <hr size="1" noshade>
    </td>
    <td width=16> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=60> <b><font size="1">Number <br>
      of Shares <br>
      of Common <br>
      Stock </font></b>
      <hr size="1" noshade>
    </td>
    <td width=14> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=54> <b><font size="1">Number <br>
      of Shares <br>
      of AMPS </font></b>
      <hr size="1" noshade>
    </td>
    <td width=14> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=85> <b><font size="1">Aggregate <br>
      Dollar Range of <br>
      Equity <br>
      in Each Fund </font></b>
      <hr size="1" noshade>
    </td>
    <td width=13> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width=132> <b><font size="1">Aggregate Dollar Range <br>
      of Securities in all <br>
      MLIM/FAM-Advised Funds <br>
      Overseen by each Director <br>
      Nominee in the Merrill <br>
      Lynch Family of Funds </font></b>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=156> <font size="1"><i>Interested Director Nominee:</i> </font></td>
    <td width=22> <font size="1">&nbsp; </font></td>
    <td width=74> <font size="1">&nbsp; </font></td>
    <td width=16> <font size="1">&nbsp; </font></td>
    <td width=60> <font size="1">&nbsp; </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=54> <font size="1">&nbsp; </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=85>&nbsp; </td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=132> <font size="1">&nbsp; </font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=156> <font size="1">&nbsp;&nbsp;&nbsp;Robert C. Doll,
      Jr. </font></td>
    <td width=22> <font size="1">&nbsp; </font></td>
    <td width=74> <font size="1">None&nbsp; </font></td>
    <td width=16> <font size="1">&nbsp; </font></td>
    <td width=60> <font size="1">&nbsp; None</font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=54> <font size="1">&nbsp; None</font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=85> <font size="1">None&nbsp; </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=132> <font size="1">Over $100,000&nbsp; </font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=156> <font size="1"><i>Non-Interested <br>
      Director Nominees:</i> </font></td>
    <td width=22> <font size="1">&nbsp; </font></td>
    <td width=74> <font size="1">&nbsp; </font></td>
    <td width=16> <font size="1">&nbsp; </font></td>
    <td width=60> <font size="1">&nbsp; </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=54> <font size="1">&nbsp; </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=85> <font size="1">&nbsp; </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=132> <font size="1">&nbsp; </font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=156> <font size="1">&nbsp;&nbsp;&nbsp;James H. Bodurtha </font></td>
    <td width=22> <font size="1">&nbsp; </font></td>
    <td width=74> <font size="1">MuniEnhanced </font></td>
    <td width=16> <font size="1">&nbsp; </font></td>
    <td width=60> <font size="1">&nbsp; </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=54> <font size="1">&nbsp; </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=85> <font size="1">$1 - $10,000 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=132> <font size="1">Over $100,000 </font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=156> <font size="1">&nbsp; </font></td>
    <td width=22> <font size="1">&nbsp; </font></td>
    <td width=74> <font size="1">MY Quality </font></td>
    <td width=16> <font size="1">&nbsp; </font></td>
    <td width=60> <font size="1">&nbsp; </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=54> <font size="1">&nbsp; </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=85> <font size="1">$1 - $10,000 </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=132> <font size="1">&nbsp; </font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=156> <font size="1">&nbsp;&nbsp;&nbsp;Joe Grills </font></td>
    <td width=22> <font size="1">&nbsp; </font></td>
    <td width=74> <font size="1">None </font></td>
    <td width=16> <font size="1">&nbsp; </font></td>
    <td width=60> <font size="1">None </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=54> <font size="1">None </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=85> <font size="1">None </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=132> <font size="1">Over $100,000 </font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=156> <font size="1">&nbsp;&nbsp;&nbsp;Herbert I. London </font></td>
    <td width=22> <font size="1">&nbsp; </font></td>
    <td width=74> <font size="1">None </font></td>
    <td width=16> <font size="1">&nbsp; </font></td>
    <td width=60> <font size="1">None </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=54> <font size="1">None </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=85> <font size="1">None </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=132> <font size="1">Over $100,000 </font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=156> <font size="1">&nbsp;&nbsp;&nbsp;Roberta Cooper
      Ramo </font></td>
    <td width=22> <font size="1">&nbsp; </font></td>
    <td width=74> <font size="1">None </font></td>
    <td width=16> <font size="1">&nbsp; </font></td>
    <td width=60> <font size="1">None </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=54> <font size="1">None </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=85> <font size="1">None </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=132> <font size="1">Over $100,000 </font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=156> <font size="1">&nbsp;&nbsp;&nbsp;Robert S. Salomon,
      Jr. </font></td>
    <td width=22> <font size="1">&nbsp; </font></td>
    <td width=74> <font size="1">None </font></td>
    <td width=16> <font size="1">&nbsp; </font></td>
    <td width=60> <font size="1">None </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=54> <font size="1">None </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=85> <font size="1">None </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=132> <font size="1">Over $100,000 </font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=156> <font size="1">&nbsp;&nbsp;&nbsp;Stephen B. Swensrud </font></td>
    <td width=22> <font size="1">&nbsp; </font></td>
    <td width=74> <font size="1">None </font></td>
    <td width=16> <font size="1">&nbsp; </font></td>
    <td width=60> <font size="1">None </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=54> <font size="1">None </font></td>
    <td width=14> <font size="1">&nbsp; </font></td>
    <td width=85> <font size="1">None </font></td>
    <td width=13> <font size="1">&nbsp; </font></td>
    <td width=132> <font size="1">$50,001 - $100,000 </font></td>
  </tr>
</table>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Compensation of
Non-Interested Directors </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set
forth in the table below is information regarding compensation paid by each Fund to the
non-interested Directors during each Fund&#146;s most recently completed fiscal year. </FONT></P>

<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>Compensation Paid
by Each Fund($)* </B></FONT></P>


<table align=center border=0 cellspacing=0 cellpadding=0 width="640">
  <tr valign="bottom">
    <td width=158> <font size="1">&nbsp; </font></td>
    <td width=6> <font size="1">&nbsp;&nbsp; </font></td>
    <td align="center" width=67> <b><font size="1">Bodurtha**</font></b>
      <hr size="1" noshade>
    </td>
    <td align="center" width=12> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td align="center" width=57> <b><font size="1">Grills**</font></b>
      <hr size="1" noshade>
    </td>
    <td align="center" width=12> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td align="center" width=52> <b><font size="1">London</font></b>
      <hr size="1" noshade>
    </td>
    <td align="center" width=12> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td align="center" width=61> <b><font size="1">Perold***</font></b>
      <hr size="1" noshade>
    </td>
    <td align="center" width=14> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td align="center" width=47> <b><font size="1">Ramo</font></b>
      <hr size="1" noshade>
    </td>
    <td align="center" width=12> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td align="center" width=58> <b><font size="1">Salomon</font></b>
      <hr size="1" noshade>
    </td>
    <td align="center" width=11> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td align="center" width=61> <b><font size="1">Swensrud</font></b>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=158> <font size="1">Apex </font></td>
    <td width=6> <font size="1">&nbsp; </font></td>
    <td align="center" width=67> <font size="1">1,974 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=57> <font size="1">1,974 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=52> <font size="1">1,888 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">1,888 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=47> <font size="1">1,888 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=58> <font size="1">1,888 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">1,888 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=158> <font size="1">CHY V </font></td>
    <td width=6> <font size="1">&nbsp; </font></td>
    <td align="center" width=67> <font size="1">3,160 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=57> <font size="1">3,160 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=52> <font size="1">2,820 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">2,820 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=47> <font size="1">2,820 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=58> <font size="1">2,820 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">2,820 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=158> <font size="1">CHY VI </font></td>
    <td width=6> <font size="1">&nbsp; </font></td>
    <td align="center" width=67> <font size="1">4,026 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=57> <font size="1">4,026 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=52> <font size="1">3,669 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">3,669 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=47> <font size="1">3,669 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=58> <font size="1">3,669 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">3,669 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=158> <font size="1">MuniEnhanced </font></td>
    <td width=6> <font size="1">&nbsp; </font></td>
    <td align="center" width=67> <font size="1">4,000 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=57> <font size="1">4,000 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=52> <font size="1">3,559 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">2,189 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=47> <font size="1">3,559 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=58> <font size="1">3,559 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">3,559 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=158> <font size="1">MH California Insured </font></td>
    <td width=6> <font size="1">&nbsp; </font></td>
    <td align="center" width=67> <font size="1">4,435 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=57> <font size="1">4,435 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=52> <font size="1">3,944 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">3,944 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=47> <font size="1">3,944 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=58> <font size="1">3,944 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">3,944 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=158> <font size="1">MH Insured II </font></td>
    <td width=6> <font size="1">&nbsp; </font></td>
    <td align="center" width=67> <font size="1">3,471 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=57> <font size="1">3,471 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=52> <font size="1">3,126 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">3,126 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=47> <font size="1">3,126 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=58> <font size="1">3,126 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">3,126 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=158> <font size="1">MY Arizona </font></td>
    <td width=6> <font size="1">&nbsp; </font></td>
    <td align="center" width=67> <font size="1">2,171 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=57> <font size="1">2,171 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=52> <font size="1">2,105 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">2,019 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=47> <font size="1">2,105 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=58> <font size="1">2,105 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">2,105 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=158> <font size="1">MY California </font></td>
    <td width=6> <font size="1">&nbsp; </font></td>
    <td align="center" width=67> <font size="1">3,692 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=57> <font size="1">3,692 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=52> <font size="1">3,372 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">2,962 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=47> <font size="1">3,372 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=58> <font size="1">3,372 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">3,372 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=158> <font size="1">MY California Insured </font></td>
    <td width=6> <font size="1">&nbsp; </font></td>
    <td align="center" width=67> <font size="1">4,877 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=57> <font size="1">4,877 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=52> <font size="1">4,359 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">3,698 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=47> <font size="1">4,359 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=58> <font size="1">4,359 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">4,359 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=158> <font size="1">MY Florida </font></td>
    <td width=6> <font size="1">&nbsp; </font></td>
    <td align="center" width=67> <font size="1">3,013 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=57> <font size="1">3,013 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=52> <font size="1">2,806 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">2,541 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=47> <font size="1">2,806 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=58> <font size="1">2,806 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">2,806 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=158> <font size="1">MY Fund </font></td>
    <td width=6> <font size="1">&nbsp; </font></td>
    <td align="center" width=67> <font size="1">5,621 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=57> <font size="1">5,621 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=52> <font size="1">4,980 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">4,124 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=47> <font size="1">4,980 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=58> <font size="1">4,980 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">4,980 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=158> <font size="1">MY Insured </font></td>
    <td width=6> <font size="1">&nbsp; </font></td>
    <td align="center" width=67> <font size="1">7,875 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=57> <font size="1">7,875 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=52> <font size="1">6,858 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">5,438 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=47> <font size="1">6,858 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=58> <font size="1">6,858 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">6,858 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=158> <font size="1">MY Michigan Insured II </font></td>
    <td width=6> <font size="1">&nbsp; </font></td>
    <td align="center" width=67> <font size="1">2,898 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=57> <font size="1">2,898 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=52> <font size="1">2,711 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">2,471 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=47> <font size="1">2,711 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=58> <font size="1">2,711 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">2,711 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=158> <font size="1">MY New Jersey </font></td>
    <td width=6> <font size="1">&nbsp; </font></td>
    <td align="center" width=67> <font size="1">3,128 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=57> <font size="1">3,128 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=52> <font size="1">2,907 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">2,155 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=47> <font size="1">2,907 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=58> <font size="1">2,907 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">2,907 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=158> <font size="1">MY New York Insured </font></td>
    <td width=6> <font size="1">&nbsp; </font></td>
    <td align="center" width=67> <font size="1">5,257 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=57> <font size="1">5,257 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=52> <font size="1">4,676 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">3,934 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=47> <font size="1">4,676 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=58> <font size="1">4,676 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">4,676 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=158> <font size="1">MY Quality </font></td>
    <td width=6> <font size="1">&nbsp; </font></td>
    <td align="center" width=67> <font size="1">4,549 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=57> <font size="1">4,549 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=52> <font size="1">4,086 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">3,494 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=47> <font size="1">4,086 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=58> <font size="1">4,086 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">4,086 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=158> <font size="1">MY Quality II </font></td>
    <td width=6> <font size="1">&nbsp; </font></td>
    <td align="center" width=67> <font size="1">3,650 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=57> <font size="1">3,650 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=52> <font size="1">3,337 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">2,937 </font></td>
    <td align="center" width=14> <font size="1">&nbsp; </font></td>
    <td align="center" width=47> <font size="1">3,337 </font></td>
    <td align="center" width=12> <font size="1">&nbsp; </font></td>
    <td align="center" width=58> <font size="1">3,337 </font></td>
    <td align="center" width=11> <font size="1">&nbsp; </font></td>
    <td align="center" width=61> <font size="1">3,337 </font></td>
  </tr>
</table>

<!-- MARKER FORMAT-SHEET="Cutoff rule Footnote" FSL="Workstation" -->
<HR SIZE=1 noshade ALIGN=left  WIDTH=75>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">  * </font></td><TD WIDTH=2%><FONT SIZE="1"> </font></td><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">No
pension or retirement benefits are accrued as part of Fund expenses. </font></td></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">** </font></td><TD WIDTH=2%><FONT SIZE="1"> </font></td><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Co-Chairman
of the Board of Directors and Co-Chairman of the Audit Committee. </font></td></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">*** </font></td><TD WIDTH=2%><FONT SIZE="1"> </font></td><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Resigned
effective October 1, 2004. </font></td></TR></TABLE>



<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
B-2 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 33; page: 33" -->





<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set
forth in the table below is information regarding the aggregate compensation paid by
MLIM/FAM-advised funds to non-interested Directors for the year ended December 31, 2004. </FONT></P>


<table align=center border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width=191> <b><font size="1">Non-Interested Director</font></b>
      <hr size="1" noshade align="left" width="100">
    </td>
    <td width=194> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td align="center" width=215> <b><font size="1">Aggregate Compensation Paid
      to Non-Interested <br>
      Directors by MLIM/FAM-Advised Funds </font></b>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=191> <font size="1">James H. Bodurtha* </font></td>
    <td width=194> <font size="1">&nbsp; </font></td>
    <td align="center" width=215> <font size="1">$250,000 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=191> <font size="1">Joe Grills* </font></td>
    <td width=194> <font size="1">&nbsp; </font></td>
    <td align="center" width=215> <font size="1">$250,000 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=191> <font size="1">Herbert I. London </font></td>
    <td width=194> <font size="1">&nbsp; </font></td>
    <td align="center" width=215> <font size="1">$225,000 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=191> <font size="1">Andre Perold** </font></td>
    <td width=194> <font size="1">&nbsp; </font></td>
    <td align="center" width=215> <font size="1">$168,750 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=191> <font size="1">Roberta Cooper Ramo </font></td>
    <td width=194> <font size="1">&nbsp; </font></td>
    <td align="center" width=215> <font size="1">$225,000 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=191> <font size="1">Robert S. Salomon, Jr. </font></td>
    <td width=194> <font size="1">&nbsp; </font></td>
    <td align="center" width=215> <font size="1">$225,000 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=191> <font size="1">Stephen B. Swensrud </font></td>
    <td width=194> <font size="1">&nbsp; </font></td>
    <td align="center" width=215> <font size="1">$225,000 </font></td>
  </tr>
</table>


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<HR SIZE=1 noshade ALIGN=left  WIDTH=75>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> * </font></td><TD WIDTH=2%><FONT SIZE="1"> </font></td><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Co-Chairman
of the Board of Directors and Co-Chairman of the Audit Committee. </font></td></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">** </font></td><TD WIDTH=2%><FONT SIZE="1"> </font></td><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Mr.
Perold resigned effective October 1, 2004. </font></td></TR></TABLE>



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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
B-3 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 34; page: 34" -->






<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Exhibit C</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>INFORMATION
PERTAINING TO THE OFFICERS </B></FONT></P>


<table align=center border=0 cellspacing=0 cellpadding=0 width="640">
  <tr align="center" valign="bottom">
    <td width="122"> <b><font size="1">Name, Address* <br>
      and Age of Officer </font></b>
      <hr size="1" noshade>
    </td>
    <td width="10"> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td colspan="3"> <b><font size="1">Position(s) Held and <br>
      Length of Time Served** </font></b>
      <hr size="1" noshade>
    </td>
    <td width="10"> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width="165"> <b><font size="1">Principal Occupation <br>
      During Past Five Years </font></b>
      <hr size="1" noshade>
    </td>
    <td width="10"> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width="70"> <b><font size="1">Number of <br>
      MLIM/FAM- <br>
      Advised Funds <br>
      and Portfolios <br>
      Overseen </font></b>
      <hr size="1" noshade>
    </td>
    <td width="10"> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width="62"> <b><font size="1">Public <br>
      Directorships </font></b>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=top width="122"> <font size="1">Robert C. Doll, Jr.&#134;(50) </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top colspan="3"> <font size="1">President and Director of all Funds
      listed in this Combined Proxy Statement since 2005. </font> </td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="165"> <font size="1">President of MLIM/FAM-advised funds
      since 2005; President of MLIM and FAM since 2001; Co-Head (Americas Region)
      thereof from 2000 to 2001 and Senior Vice President from 1999 to 2001; President
      and Director of Princeton Services, Inc. (&#147;Princeton Services&#148;) since 2001;
      President of Princeton Administrators, L.P. (&#147;Princeton Administrators&#148;)
      since 2001; Chief Investment Officer of Oppenheimer Funds, Inc. in 1999
      and Executive Vice President thereof from 1991 to 1999. </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="70"> <font size="1">114 registered investment companies
      consisting of<br>
      150 portfolios </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="62"> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign=top width="122"> <font size="1">&nbsp; </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="101"> <font size="1">&nbsp; </font></td>
    <td valign=top width="11"> <font size="1">&nbsp; </font></td>
    <td valign=top width="70"> <font size="1">&nbsp; </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="165"> <font size="1">&nbsp; </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="70"> <font size="1">&nbsp; </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="62"> <font size="1">&nbsp; </font></td>
  </tr>
  <tr>
    <td valign=top width="122"> <font size="1">William R. Bock (69) </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top colspan="3"> <font size="1">Vice President of MY Florida since
      2002.<br>
      Vice President of MY Insured since 2001. </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="165"> <font size="1">Vice President of MLIM since 1989. </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="70"> <font size="1">5 registered investment companies
      consisting of <br>
      5&nbsp;portfolios </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="62"> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign=top width="122">&nbsp; </td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="101">&nbsp; </td>
    <td valign=top width="11">&nbsp; </td>
    <td valign=top width="70">&nbsp; </td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="165">&nbsp; </td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="70">&nbsp; </td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="62">&nbsp; </td>
  </tr>
  <tr>
    <td valign=top width="122"> <font size="1">Donald C. Burke (44) </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="101"> <font size="1">Vice President and Treasurer of:<br>
      Apex<br>
      CHY V<br>
      CHY VI<br>
      MuniEnhanced<br>
      MH California Insured<br>
      MH Insured II<br>
      MY Arizona<br>
      MY California <br>
      MY California Insured<br>
      MY Florida<br>
      MY Fund<br>
      MY Insured<br>
      MY Michigan Insured II<br>
      MY New Jersey<br>
      MY New York Insured<br>
      MY Quality<br>
      MY Quality II </font></td>
    <td valign=top width="11"> <font size="1">&nbsp; </font></td>
    <td valign=top width="70"> <font size="1">Vice President/ Treasurer since:<br>
      1993/1999<br>
      2001/2001<br>
      2003/2003<br>
      1993/1999<br>
      1997/1999<br>
      1999/1999<br>
      1993/1999<br>
      1993/1999<br>
      1993/1999<br>
      1993/1999<br>
      1993/1999<br>
      1993/1999<br>
      1993/1999<br>
      1993/1999<br>
      1993/1999<br>
      1993/1999<br>
      1993/1999 </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="165"> <font size="1">First Vice President of FAM and
      MLIM since 1997 and the Treasurer thereof since 1999; Senior Vice President
      and Treasurer of Princeton Services since 1999 and Director since 2004;
      Vice President of FAMD since 1999; Vice President of FAM and MLIM from 1990
      to 1997; Director of Taxation of MLIM from 1990 to 2001. </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="70"> <font size="1">124 registered investment companies
      consisting of<br>
      163 portfolios </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="62"> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign=top width="122"> <font size="1">&nbsp; </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="101"> <font size="1">&nbsp; </font></td>
    <td valign=top width="11"> <font size="1">&nbsp; </font></td>
    <td valign=top width="70"> <font size="1">&nbsp; </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="165"> <font size="1">&nbsp; </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="70"> <font size="1">&nbsp; </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="62"> <font size="1">&nbsp; </font></td>
  </tr>
</table>


 <br>
<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
C-1 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 35; page: 35" -->




<table align=center border=0 cellspacing=0 cellpadding=0 width="640">
  <tr align="center" valign="bottom">
    <td width="122"> <b><font size="1">Name, Address* <br>
      and Age of Officer </font></b>
      <hr size="1" noshade>
    </td>
    <td width="10"> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td colspan="3"> <b><font size="1">Position(s) Held and <br>
      Length of Time Served** </font></b>
      <hr size="1" noshade>
    </td>
    <td width="10"> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width="165"> <b><font size="1">Principal Occupation <br>
      During Past Five Years </font></b>
      <hr size="1" noshade>
    </td>
    <td width="10"> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width="70"> <b><font size="1">Number of <br>
      MLIM/FAM- <br>
      Advised Funds <br>
      Overseen </font></b>
      <hr size="1" noshade>
    </td>
    <td width="10"> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width="62"> <b><font size="1">Public <br>
      Directorships </font></b>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=top width="122"> <font size="1">Robert D. DiMella (38) </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top colspan="3"> <font size="1">Vice President of MH Insured II
      since 1999. </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="165"> <font size="1">Managing Director of MLIM since
      2004; Vice President of MLIM from 1997 to 2004; Assistant Vice President
      of MLIM from 1995 to 1997; Portfolio Manager of MLIM from 1993 to 1995. </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="70"> <font size="1">6 registered investment companies
      consisting of<br>
      6&nbsp;portfolios </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="62"> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign=top width="122"> <font size="1">&nbsp; </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="101"> <font size="1">&nbsp; </font></td>
    <td valign=top width="11"> <font size="1">&nbsp; </font></td>
    <td valign=top width="70"> <font size="1">&nbsp; </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="165"> <font size="1">&nbsp; </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="70"> <font size="1">&nbsp; </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="62"> <font size="1">&nbsp; </font></td>
  </tr>
  <tr>
    <td valign=top width="122"> <font size="1">B. Daniel Evans (60) </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top colspan="3"> <font size="1">Vice President of CHY V since 2001.<br>
      Vice President of CHY VI since 2003. </font> </td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="165"> <font size="1">Managing Director of MLIM since
      2004; Director of MLIM from 2000 to 2004; Vice President of MLIM from 1995
      to 2000. </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="70"> <font size="1">10 registered investment companies
      consisting of<font><br>
      </font>9&nbsp;portfolios </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="62"> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign=top width="122">&nbsp; </td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="101">&nbsp; </td>
    <td valign=top width="11">&nbsp; </td>
    <td valign=top width="70">&nbsp; </td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="165">&nbsp; </td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="70">&nbsp; </td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="62">&nbsp; </td>
  </tr>
  <tr>
    <td valign=top width="122"> <font size="1">Kenneth A. Jacob (50) </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top colspan="3"> <font size="1">Senior Vice President since 2001
      of MH California Insured, MuniEnhanced, MY Arizona, MY California, MY Florida,
      MY Fund, MY New Jersey, MY New York Insured, MY Quality and MY Quality II.
      Senior Vice President since 2002 of Apex, MH Insured II, MY California Insured,
      MY Insured and MY Michigan Insured II. </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="165"> <font size="1">Managing Director of MLIM since
      2000; First Vice President of MLIM from 1997 to 2000; Vice President of
      MLIM from 1984 to 1997 </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="70"> <font size="1">37 registered investment companies
      consisting of<br>
      49 portfolios </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="62"> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign=top width="122"> <font size="1">&nbsp; </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="101"> <font size="1">&nbsp; </font></td>
    <td valign=top width="11"> <font size="1">&nbsp; </font></td>
    <td valign=top width="70"> <font size="1">&nbsp; </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="165"> <font size="1">&nbsp; </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="70"> <font size="1">&nbsp; </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="62"> <font size="1">&nbsp; </font></td>
  </tr>
  <tr>
    <td valign=top width="122"> <font size="1">Theodore R. Jaeckel, Jr. (44) </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top colspan="3"> <font size="1">Vice President of Apex since&nbsp;1997. </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="165"> <font size="1">Managing Director (Municipal Tax-Exempt
      Fund Management) of FAM since 2005; Director of FAM from 1997 to 2005. </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="70"> <font size="1">6 registered investment companies
      consisting of<br>
      6&nbsp;portfolios </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="62"> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign=top width="122"> <font size="1">&nbsp; </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="101"> <font size="1">&nbsp; </font></td>
    <td valign=top width="11"> <font size="1">&nbsp; </font></td>
    <td valign=top width="70"> <font size="1">&nbsp; </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="165"> <font size="1">&nbsp; </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="70"> <font size="1">&nbsp; </font></td>
    <td valign=top width="10"> <font size="1">&nbsp; </font></td>
    <td valign=top width="62"> <font size="1">&nbsp; </font></td>
  </tr>
  <tr>
    <td valign=top width="122"> <font size="1">John M. Loffredo (41) </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top colspan="3"> <font size="1">Senior Vice President since 2001
      of MH California Insured, MuniEnhanced, MY Arizona, MY California, MY Florida,
      MY Fund, MY New Jersey, MY New York Insured, MY Quality and MY Quality II.
      Senior Vice President since 2002 of Apex, MH Insured II, MY California Insured,
      MY Insured and MY Michigan Insured II. </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="165"> <font size="1">Managing Director of MLIM since
      2000; First Vice President of MLIM from 1997 to 2000; Vice President of
      MLIM from 1991 to 1997; Portfolio Manager of FAM and MLIM since 1997. </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="70"> <font size="1">37 registered investment companies
      consisting of<font><br>
      </font>49 portfolios </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="62"> <font size="1">None </font></td>
  </tr>
</table>




 <br>
<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
C-2 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 36; page: 36" -->




<table align=center border=0 cellspacing=0 cellpadding=0 width="640">
  <tr align="center" valign="bottom">
    <td width="122"> <b><font size="1">Name, Address* <br>
      and Age of Officer </font></b>
      <hr size="1" noshade>
    </td>
    <td width="10"> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td colspan="3"> <b><font size="1">Position(s) Held and <br>
      Length of Time Served** </font></b>
      <hr size="1" noshade>
    </td>
    <td width="10"> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width="165"> <b><font size="1">Principal Occupation <br>
      During Past Five Years </font></b>
      <hr size="1" noshade>
    </td>
    <td width="10"> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width="70"> <b><font size="1">Number of <br>
      MLIM/FAM- <br>
      Advised Funds <br>
      and Portfolios <br>
      Overseen </font></b>
      <hr size="1" noshade>
    </td>
    <td width="10"> <b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width="62"> <b><font size="1">Public <br>
      Directorships </font></b>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=top width="122"> <font size="1">Michael Kalinoski (34) </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top colspan="3"> <font size="1">Vice President of MY Arizona and
      MY Quality since 1999; Vice President of MY Quality II since 2000 and Vice
      President of MuniEnhanced since 2002. </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="165"> <font size="1">Vice President and Portfolio Manager
      of MLIM since 1999. </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="70"> <font size="1">4 registered investment companies
      consisting of<font><br>
      </font>4&nbsp;portfolios </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="62"> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign=top width="122">&nbsp; </td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="101">&nbsp; </td>
    <td valign=top width="11">&nbsp; </td>
    <td valign=top width="70">&nbsp; </td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="165">&nbsp; </td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="70">&nbsp; </td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="62">&nbsp; </td>
  </tr>
  <tr>
    <td valign=top width="122"> <font size="1">Walter O&#146;Connor (42) </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top colspan="3"> <font size="1">Vice President of MY California
      since 1995; Vice President of MH California Insured since 1997; Vice President
      of MY New York Insured since 2002; Vice President of MY California Insured
      since 2002. </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="165"> <font size="1">Managing Director (Municipal Tax-Exempt)
      of MLIM since 2004; Director (Municipal Tax-Exempt) of MLIM from 1997 to
      2004; Vice&nbsp;President of MLIM from 1993 to 1997. </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="70"> <font size="1">5 registered investment companies
      consisting of<font><br>
      </font>5&nbsp;portfolios </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="62"> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign=top width="122">&nbsp; </td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="101">&nbsp; </td>
    <td valign=top width="11">&nbsp; </td>
    <td valign=top width="70">&nbsp; </td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="165">&nbsp; </td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="70">&nbsp; </td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="62">&nbsp; </td>
  </tr>
  <tr>
    <td valign=top width="122"> <font size="1">Elizabeth M. Phillips (53) </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top colspan="3"> <font size="1">Vice President of CHY V since&nbsp;2001
      and Vice President of CHY VI since 2003. </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="165"> <font size="1">Director of MLIM since 2000; Vice
      President of MLIM from 1990 to 2000. </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="70"> <font size="1">4 registered investment companies
      consisting of<font><br>
      </font>4&nbsp;portfolios </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="62"> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign=top width="122">&nbsp; </td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="101">&nbsp; </td>
    <td valign=top width="11">&nbsp; </td>
    <td valign=top width="70">&nbsp; </td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="165">&nbsp; </td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="70">&nbsp; </td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="62">&nbsp; </td>
  </tr>
  <tr>
    <td valign=top width="122"> <font size="1">Robert D. Sneeden (51) </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top colspan="3"> <font size="1">Vice President of MY Florida and
      MY New York Insured since 2003. </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="165"> <font size="1">Vice President of MLIM since 1998;
      Assistant Vice President of MLIM from 1994 to 1998. </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="70"> <font size="1">3 registered investment companies
      consisting of<font><br>
      </font>3&nbsp;portfolios </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="62"> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign=top width="122">&nbsp; </td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="101">&nbsp; </td>
    <td valign=top width="11">&nbsp; </td>
    <td valign=top width="70">&nbsp; </td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="165">&nbsp; </td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="70">&nbsp; </td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="62">&nbsp; </td>
  </tr>
  <tr>
    <td valign=top width="122"> <font size="1">Fred K. Steube (53) </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top colspan="3"> <font size="1">Vice President of MY Michigan Insured
      II since 2003. </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="165"> <font size="1">Vice President of MLIM since 1989. </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="70"> <font size="1">4 registered investment companies
      consisting of<font><br>
      </font>4&nbsp;portfolios </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="62"> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign=top width="122">&nbsp; </td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="101">&nbsp; </td>
    <td valign=top width="11">&nbsp; </td>
    <td valign=top width="70">&nbsp; </td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="165">&nbsp; </td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="70">&nbsp; </td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="62">&nbsp; </td>
  </tr>
  <tr>
    <td valign=top width="122"> <font size="1">Alice A. Pellegrino (44) </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top colspan="3"> <font size="1">Secretary of all Funds listed in
      this Combined Proxy Statement since 2004. </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="165"> <font size="1">Director (Legal Advisory) of MLIM
      since 2002; Vice President of MLIM from 1999 to 2002; Attorney associated
      with MLIM since 1997. </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="70"> <font size="1">123 registered investment companies
      consisting of<font><br>
      </font>156 portfolios </font></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top width="62"> <font size="1">None </font></td>
  </tr>
</table>


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<HR SIZE=1 noshade ALIGN=left  WIDTH=75>


<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> * </font></td><TD WIDTH=2%><FONT SIZE="1"> </font></td><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">The
address of each officer listed above is P.O. Box 9011, Princeton, New Jersey 08543-9011. </font></td></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">** </font></td><TD WIDTH=2%><FONT SIZE="1"> </font></td><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Elected
by and serves at the pleasure of the Board of Directors of each Fund. </font></td></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> &#134; </font></td><TD WIDTH=2%><FONT SIZE="1"> </font></td><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Mr.
Doll is an &#147;interested person,&#148; as defined in the Investment Company       Act, of each
Fund based on his positions with FAM, MLIM, Princeton       Services and Princeton
Administrators, L.P. </font></td></TR></TABLE>




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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
C-3 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





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<!-- MARKER PAGE="sheet: 37; page: 37" -->





<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Exhibit D</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>CHARTER OF THE
NOMINATING COMMITTEE </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Organization </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Nominating Committee (the
&#147;Committee&#148;) of the Board of Directors/Trustees for the registered investment companies
(each a &#147;Fund&#148; and collectively, the &#147;Funds&#148;) listed on Exhibit A attached hereto shall
be composed solely of Directors/Trustees who are not &#147;interested persons&#148; of the Fund as
defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the &#147;1940
Act&#148;), and who are &#147;independent&#148; as defined in the New York Stock Exchange and the
American Stock Exchange (each, an &#147;Exchange&#148;) listing standards (if applicable)
(&#147;Independent Directors&#148;). The Board of Directors/Trustees of the Fund (the &#147;Board&#148;)
shall appoint the members of the Committee (which may or may not be all of the
Independent Directors) and shall designate the Chairman of the Committee. The Committee
shall have authority to retain outside counsel and other advisors the Committee deems
appropriate and shall have the sole authority to approve the compensation and other terms
of their retention. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Responsibilities </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Committee shall identify
individuals qualified to serve as Independent Directors of the Fund and shall recommend
its nominees for consideration by the full Board. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Identification And
Evaluation Of Potential Nominees </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In identifying and evaluating a
person as a potential nominee to serve as an Independent Director of the Fund, the
Committee should consider among other factors it may deem relevant: </FONT></P>

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<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149; </font></td>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE=2>the
contribution which the person can make to the Board, with          consideration being
given to the person&#146;s business and professional          experience, education and such
other factors as the Committee may          consider relevant; </font></td></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Bullet 10" FSL="Workstation" -->
<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149; </font></td>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE=2>the
character and integrity of the person; </font></td></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Bullet 10" FSL="Workstation" -->
<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149; </font></td>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE=2>whether
or not the person is an &#147;interested person&#148; as defined in the          1940 Act and
whether the person is otherwise qualified under applicable          laws and regulations
to serve as a Director or Independent Director of          the Fund; </font></td></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Bullet 10" FSL="Workstation" -->
<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149; </font></td>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE=2>whether
or not the person has any relationships that might impair his          or her
independence, such as any business, charitable, financial or          family
relationships with Fund management, the investment adviser or          manager of the
Fund, Fund service providers or their affiliates; </font></td></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Bullet 10" FSL="Workstation" -->
<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149; </font></td>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE=2>whether
or not the person is financially literate pursuant to the applicable Exchange&#146;s audit
committee membership standards; </font></td></TR></TABLE>

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<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149; </font></td>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE=2>whether
or not the person serves on boards of, or is otherwise          affiliated with,
competing financial service organizations or their          related investment company
complexes; </font></td></TR></TABLE>



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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
D-1 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>






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<!-- MARKER PAGE="sheet: 38; page: 38" -->




<!-- MARKER FORMAT-SHEET="Bullet 10" FSL="Workstation" -->
<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149; </font></td>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE=2>whether
or not the person is willing to serve, and willing and able to          commit the time
necessary for the performance of the duties of a          Director of the Fund; </font></td></TR></TABLE>

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<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149; </font></td>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE=2>whether
or not the selection and nomination of the person would be          consistent with the
requirements of the Fund&#146;s retirement policy. </font></td></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>While the Committee is solely
responsible for the selection and nomination of the Fund&#146;s Independent Directors, the
Committee may consider nominations for the office of Director made by Fund stockholders
or by management in the same manner as it deems appropriate. Stockholders who wish to
recommend a nominee should send nominations to the Secretary of the Fund which include
biographical information and set forth the qualifications of the proposed nominee. The
Secretary of the Fund will forward all nominations received to the Committee. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Quorum </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A majority of the members of the
Committee shall constitute a quorum for the transaction of business, and the act of a
majority of the members of the Committee present at any meeting at which there is quorum
shall be the act of the Committee. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Nomination Of Directors </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>After a determination by the
Committee that a person should be nominated as an Independent Director of the Fund, the
Committee shall present its recommendation to the full Board for its consideration and,
where appropriate, to the Independent Directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Meetings </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Committee may meet either on its
own or in conjunction with meetings of the Board. Meetings of the Committee may be held
in person, video conference or by conference telephone. The Committee may take action by
unanimous written consent in lieu of a meeting. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Adopted: February 18, 2004 </FONT></P>




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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
D-2 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>






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<!-- MARKER PAGE="sheet: 39; page: 39" -->




<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>APPENDIX A </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Apex Municipal Fund, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporate High Yield Fund, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporate High Yield Fund III, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporate High Yield Fund V, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporate High Yield Fund VI, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniAssets Fund, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniHoldings Insured Fund II, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniInsured Fund, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniYield Insured Fund, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniEnhanced Fund, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniHoldings California Insured
Fund, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniYield Arizona Fund, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniYield California Fund, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniYield California Insured Fund,
Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniYield Florida Fund </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniYield Fund, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniYield Michigan Insured Fund II,
Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniYield New Jersey Fund, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniYield New York Insured Fund, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniYield Quality Fund, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniYield Quality Fund II, Inc. </FONT></P>



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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
D-3 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





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<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>EXHIBIT E-1</B> </FONT> </P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>PROPOSED AMENDMENT
TO ARTICLES SUPPLEMENTARY OF: </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>MUNIYIELD ARIZONA
FUND, INC. SERIES A                  <BR>MUNIYIELD CALIFORNIA FUND, INC. SERIES A AND B
             <BR>MUNIYIELD CALIFORNIA INSURED FUND, INC. SERIES A AND B
                                        <BR>MUNIYIELD MICHIGAN INSURED FUND II, INC. SERIES A
AND B                                          <BR>MUNIYIELD NEW YORK INSURED FUND, INC.
SERIES A AND B                                            <BR>MUNIYIELD QUALITY FUND, INC.
SERIES A, B, C AND D                                            <BR>MUNIYIELD QUALITY FUND
II, INC. SERIES A, B AND C </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5(c) of the Articles Supplementary is revised to read as follows (the bold face text
indicates language added; brackets indicate language deleted): </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Right
to Vote with Respect to Certain Other Matters. </I>So long as any shares of AMPS are
outstanding, the Corporation shall not, without the affirmative vote of the holders
of a majority of the shares of the Preferred Stock Outstanding at the time, voting
separately as one class: (i) authorize, create or issue[, or increase the
authorized or issued amount of,] any class or series of stock ranking prior to <b>the
AMPS</b> or [on a parity with] any <b>other</b> series of Preferred Stock with respect to
payment of dividends or the distribution of assets on liquidation, [or increase
the authorized amount of AMPS or any other Preferred Stock] or (ii) amend,
alter or repeal the provisions of the Charter, whether by merger,
consolidation or otherwise, so as to adversely affect any of the contract
rights expressly set forth in the Charter of holders of shares of AMPS or any
other Preferred Stock. To the extent permitted under the 1940 Act, in the event
shares of more than one series of AMPS are outstanding, the Corporation shall not
approve any of the actions set forth in clause (i) or (ii) which adversely affects
the contract rights expressly set forth in the Charter of a Holder of shares of a
series of AMPS differently than those of a Holder of shares of any other series of
AMPS without the affirmative vote of the holders of at least a majority of the
shares of AMPS of each series adversely affected and outstanding at such time (each
such adversely affected series voting separately as a class). The Corporation
shall notify Moody&#146;s and S&amp;P 10 Business Days prior to any such vote described
in clause (i) or (ii). Unless a higher percentage is provided for under the
Charter, the affirmative vote of the holders of a majority of the outstanding
shares of Preferred Stock, including AMPS, voting together as a single class, will
be required to approve any plan of reorganization (including bankruptcy
proceedings) adversely affecting such shares or any action requiring a vote of
security holders under Section 13(a) of the 1940 Act. The class vote of holders of
shares of Preferred Stock, including AMPS, described above will in each case be in
addition to a separate vote of the requisite percentage of shares of Common Stock
and shares of Preferred Stock, including AMPS, voting together as a single
class necessary to authorize the action in question. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
E-1-1 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 41; page: 41" -->



<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>EXHIBIT E-2</B> </FONT> </P>


<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>PROPOSED AMENDMENT
TO ARTICLES SUPPLEMENTARY OF: </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>MUNIYIELD ARIZONA
FUND, INC. SERIES B </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5(c) of the Articles Supplementary is revised to read as follows (the bold face text
indicates language added; brackets indicate language deleted): </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Right
to Vote with Respect to Certain Other Matters. </I>So long as any shares of AMPS are
outstanding, the Corporation shall not, without the affirmative vote of the holders
of a majority of the shares of the Preferred Stock Outstanding at the time, voting
separately as one class: (i) authorize, create or issue [(other than the AMPS
authorized hereby), or increase the authorized or issued aggregate stated capital
amount (other than the AMPS authorized hereby) of,] any class or series of stock
ranking prior to <b>the AMPS</b> or [on a parity with] any <b>other</b> series of Preferred
Stock with respect to payment of dividends or the distribution of assets on
liquidation, [or increase the authorized amount of AMPS or any other Preferred
Stock] or (ii) amend, alter or repeal the provisions of the Charter, whether by
merger, consolidation or otherwise, so as to adversely affect any of the contract
rights expressly set forth in the Charter of holders of shares of AMPS or any other
Preferred Stock. To the extent permitted under the 1940 Act, in the event shares of
more than one series of AMPS are outstanding, the Corporation shall not approve any
of the actions set forth in clause (i) or (ii) which adversely affects the
contract rights expressly set forth in the Charter of a Holder of shares of a
series of AMPS differently than those of a Holder of shares of any other series of
AMPS without the affirmative vote of the holders of at least a majority of the
shares of AMPS of each series adversely affected and outstanding at such time (each
such adversely affected series voting separately as a class). The Corporation shall
notify Moody&#146;s and S&amp;P ten Business Days prior to any such vote described in
clause (i) or (ii). Unless a higher percentage is provided for under the Charter,
the affirmative vote of the holders of a majority of the outstanding shares of
Preferred Stock, including AMPS, voting together as a single class, will be
required to approve any plan of reorganization (including bankruptcy proceedings)
adversely affecting such shares or any action requiring a vote of security holders
under Section 13(a) of the 1940 Act. The class vote of holders of shares of
Preferred Stock, including AMPS, described above will in each case be in addition
to a separate vote of the requisite percentage of shares of Common Stock and shares
of Preferred Stock, including AMPS, voting together as a single class necessary to
authorize the action in question. </FONT>
</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
E-2-1 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 42; page: 42" -->





<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>EXHIBIT E-3</B> </FONT> </P>


<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>PROPOSED AMENDMENT
TO ARTICLES SUPPLEMENTARY OF: </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>MUNIYIELD
CALIFORNIA FUND, INC. SERIES C </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5(c) of the Articles Supplementary is revised to read as follows (the bold face text
indicates language added; brackets indicate language deleted): </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Right
to Vote with Respect to Certain Other Matters. </I>So long as any shares of AMPS are
outstanding, the Corporation shall not, without the affirmative vote of the holders
of a majority of the shares of the Preferred Stock Outstanding at the time, voting
separately as one class: (i) authorize, create or issue [(other than with respect
to the issuance of AMPS authorized hereby), or increase the authorized or issued
aggregate stated capital amount of (other than with respect to the issuance of AMPS
authorized hereby),] any series of stock ranking prior to <b>the AMPS</b> or [on a
parity with] any <b>other</b> series of Preferred Stock with respect to payment of
dividends or the distribution of assets on liquidation, [or increase the authorized
aggregate stated capital amount of AMPS or any other Preferred Stock] or (ii)
amend, alter or repeal the provisions of the Charter, whether by merger,
consolidation or otherwise, so as to adversely affect any of the contract rights
expressly set forth in the Charter of holders of shares of AMPS or any other
Preferred Stock. To the extent permitted under the 1940 Act, in the event shares of
more than one series of AMPS or Other AMPS are outstanding, the Corporation shall
not approve any of the actions set forth in clause (i) or (ii) which adversely
affects the contract rights expressly set forth in the Charter of a Holder of
shares of a series of AMPS or Other AMPS differently than those of a Holder
of shares of any other series of AMPS or Other AMPS without the affirmative vote of
the holders of at least a majority of the shares of AMPS or Other AMPS of each
series adversely affected and outstanding at such time (each such adversely
affected series voting separately as a class). The Corporation shall notify Moody&#146;s
and S&amp;P ten Business Days prior to any such vote described in clause (i) or
(ii). Unless a higher percentage is provided for under the Charter, the affirmative
vote of the holders of a majority of the outstanding shares of Preferred Stock,
including AMPS, voting together as a single class, will be required to
approve any plan of reorganization (including bankruptcy proceedings)
adversely affecting such shares or any action requiring a vote of security
holders under Section 13(a) of the 1940 Act. The class vote of holders of
shares of Preferred Stock, including AMPS, described above will in each case
be in addition to a separate vote of the requisite percentage of shares of Common
Stock and shares of Preferred Stock, including AMPS, voting together as a single
class necessary to authorize the action in question. </FONT>
</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
E-3-1 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 43; page: 43" -->





<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>EXHIBIT E-4</B> </FONT> </P>


<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>PROPOSED AMENDMENT
TO ARTICLES SUPPLEMENTARY OF: </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>MUNIYIELD NEW YORK
INSURED FUND, INC. SERIES C, D AND E </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5(c) of the Articles Supplementary is revised to read as follows (the bold face text
indicates language added; brackets indicate language deleted): </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Right
to Vote with Respect to Certain Other Matters. </I>So long as any shares of AMPS are
outstanding, the Corporation shall not, without the affirmative vote of the holders
of a majority of the shares of Preferred Stock Outstanding at the time, voting
separately as one class: (i) authorize, create or issue any class or series of
stock ranking prior to <b>the AMPS</b> or [on a parity with] any <b>other</b> series of Preferred
Stock with respect to payment of dividends or the distribution of assets on
liquidation, [or increase the authorized amount of AMPS or any other
Preferred Stock] or (ii) amend, alter or repeal the provisions of the
Charter, whether by merger, consolidation or otherwise, so as to adversely
affect any of the contract rights expressly set forth in the Charter of
holders of shares of AMPS or any other Preferred Stock. To the extent
permitted under the 1940 Act, in the event shares of more than one series of
AMPS are outstanding, the Corporation shall not approve any of the actions set
forth in clause (i) or (ii) which adversely affects the contract rights expressly
set forth in the Charter of a Holder of shares of a series of AMPS differently than
those of a Holder of shares of any other series of AMPS without the affirmative
vote of the holders of at least a majority of the shares of AMPS of each series
adversely affected and outstanding at such time (each such adversely affected
series voting separately as a class). The Corporation shall notify Moody&#146;s and S&amp;P
ten Business Days prior to any such vote described in clause (i) or (ii).
Unless a higher percentage is provided for under the Charter, the affirmative
vote of the holders of a majority of the outstanding shares of Preferred Stock,
including AMPS, voting together as a single class, will be required to approve any
plan of reorganization (including bankruptcy proceedings) adversely affecting such
shares or any action requiring a vote of security holders under Section 13(a) of
the 1940 Act. The class vote of holders of shares of Preferred Stock, including
AMPS, described above will in each case be in addition to a separate vote of the
requisite percentage of shares of Common Stock and shares of Preferred Stock,
including AMPS, voting together as a single class necessary to authorize the
action in question. </FONT>
</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
E-4-1 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 44; page: 44" -->



<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>EXHIBIT E-5</B> </FONT> </P>


<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>PROPOSED AMENDMENT
TO CERTIFICATE OF DESIGNATION OF </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>MUNIYIELD FLORIDA
FUND, SERIES A </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5(c) of the Certificate of Designation is revised to read as follows (the bold face text
indicates language added; brackets indicate language deleted): </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Right
to Vote with Respect to Certain Other Matters. </I>So long as any shares of AMPS are
outstanding, the Trust shall not, without the affirmative vote of the holders of a
majority of the Preferred Shares Outstanding at the time, voting separately as one
class: (i) authorize, create or issue[, or increase the authorized or issued amount
of,] any class or series of shares of beneficial interest ranking prior to <B>the AMPS
</B>or [on a parity with] any <b>other</b> series of Preferred Shares with respect to
payment of dividends or the distribution of assets on liquidation, [or
increase the authorized amount of AMPS or any other Preferred Shares]
<B>provided however that the Board of Trustees, without the vote or consent of
the holders of AMPS, may from time to time increase the amount of authorized and
issued shares of any series of AMPS or any other series of Preferred Shares ranking
on a parity with AMPS with respect to the payment of dividends, or the distribution
of assets upon dissolution, liquidation or winding up the affairs of the Trust then
outstanding and issue such shares, </B>or (ii) amend, alter or repeal the provisions of
the Declaration, whether by merger, consolidation or otherwise, so as to adversely
affect any of the contract rights expressly set forth in the Declaration of
holders of shares of AMPS or any other Preferred Shares, <B>provided however
that the amendment of the Declaration solely to incorporate an increase in
the amount of any series of AMPS or Preferred Shares and the terms of
issuance thereof, as permitted by subsection (i) of this subparagraph (c)
shall not be deemed to adversely affect any of the contract rights expressly
set forth in the Declaration of holders of shares of AMPS or any other Preferred
Shares. </B>To the extent permitted under the 1940 Act, in the event shares of AMPS are
issued in more than one series, the Trust shall not approve any of the actions set
forth in clause (i) or (ii) which adversely affects the contract rights expressly
set forth in the Declaration of a Holder of shares of a series of AMPS differently
than those of a Holder of shares of any other series of AMPS without the
affirmative vote of the holders of at least a majority of the shares of AMPS
of each series adversely affected and outstanding at such time (each such adversely
affected series voting separately as a class). The Trust shall notify Moody&#146;s and S&amp;P
10 Business Days prior to any such vote described in clause (i) or (ii). Unless a
higher percentage is provided for under the Declaration, the affirmative vote of
the holders of a majority of the outstanding Preferred Shares, including AMPS,
voting together as a single class, will be required to approve any plan of
reorganization (including bankruptcy proceedings) adversely affecting such
shares or any action requiring a vote of security holders under Section 13(a)
of the 1940 Act. The class vote of holders of Preferred Shares, including AMPS,
described above will in each case be in addition to a separate vote of the
requisite percentage of Common Shares and Preferred Shares, including AMPS, voting
together as a single class necessary to authorize the action in question. </FONT>
</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
E-5-1 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 45; page: 45" -->




<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>EXHIBIT E-6</B> </FONT> </P>


<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>PROPOSED AMENDMENT
TO CERTIFICATE OF DESIGNATION OF </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>MUNIYIELD FLORIDA
FUND, SERIES B </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5(c) of the Certificate of Designation is revised to read as follows (the bold face text
indicates language added; brackets indicate language deleted): </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </font></td>
    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Right
to Vote with Respect to Certain Other Matters. </I>So long as any AMPS are outstanding,
the Trust shall not, without the affirmative vote of the holders of a majority of
the Preferred Shares Outstanding at the time, voting separately as one class: (i)
authorize, create or issue[, or increase the authorized or issued amount of,] any
class or series of shares ranking prior to <B>the AMPS </B>or [on a parity with] any <b>other</b>
series of Preferred Shares with respect to payment of dividends or the distribution
of assets on liquidation, <B>provided however that the Board of Trustees,
without the vote or consent of the holders of AMPS, may from time to time
increase the amount of authorized and issued shares of any series of AMPS or
any other series of Preferred Shares ranking on a parity with AMPS with respect to
the payment of dividends, or the distribution of assets upon dissolution,
liquidation or winding up the affairs of the Trust then outstanding and issue such
shares, </B>or (ii) amend, alter or repeal the provisions of the Declaration, whether
by merger, consolidation or otherwise, so as to adversely affect any of the
contract rights expressly set forth in the Declaration of holders of AMPS or any
other Preferred Shares, <B>provided however that the amendment of the Declaration
solely to incorporate an increase in the amount of any series of AMPS or Preferred
Shares and the terms of issuance thereof, as permitted by subsection (i) of
this subparagraph (c) shall not be deemed to adversely affect any of the contract
rights expressly set forth in the Declaration of holders of shares of AMPS or any
other Preferred Shares. </B>To the extent permitted under the 1940 Act, in the event
shares of more than one series of AMPS are outstanding, the Trust shall not approve
any of the actions set forth in clause (i) or (ii) which adversely affects the
contract rights expressly set forth in the Declaration of a Holder of shares of a
series of AMPS differently than those of a Holder of shares of any other series
of AMPS without the affirmative vote of the holders of at least a majority of
the shares of AMPS of each series adversely affected and outstanding at such time
(each such adversely affected series voting separately as a class). The Trust shall
notify Moody&#146;s and S&amp;P ten Business Days prior to any such vote described in
clause (i) or (ii). Unless a higher percentage is provided for under the
Declaration, the affirmative vote of the holders of a majority of the outstanding
Preferred Shares, including AMPS, voting together as a single class, will be
required to approve any plan of reorganization (including bankruptcy proceedings)
adversely affecting such shares or any action requiring a vote of security holders
under Section 13(a) of the 1940 Act. The class vote of holders of Preferred Shares,
including AMPS, described above will in each case be in addition to a
separate vote of the requisite percentage of shares of beneficial interest
and Preferred Shares, including AMPS, voting together as a single class
necessary to authorize the action in question. </FONT>
</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp; </font></td><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
E-6-1 </font></td><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp; </font></td></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 6; page: 6" --> <!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>APEX MUNICIPAL
  FUND, INC. <br>
  P.O. Box 9011 <br>
  Princeton, New Jersey 08543-9011 </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2><b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2><b>This proxy
  is solicited on behalf of the Board of Directors </b></font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  undersigned hereby appoints Andrew J. Donohue, 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 Apex Municipal Fund,
  Inc. (the &#147;Fund&#148;) held of record by the undersigned on February 28, 2005, at
  the annual meeting of stockholders of the Fund to be held on April 28, 2005
  or any adjournment thereof. </font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
      proxy when properly executed will be voted in the manner directed herein
      by the undersigned stockholder. If no direction is made, this proxy will
      be voted FOR Proposals 1 and 2.</b> </font> </td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
  signing and dating the reverse side of this card, you authorize the proxies
  to vote Proposals 1 and 2 as marked, or if not marked, to vote &#147;FOR&#148; Proposals
  1 and 2, 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></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 no bold" FSL="Workstation" -->
<p align=RIGHT><font face="Times New Roman, Times, Serif" size="2">(Continued
  and to be signed on the reverse side) </font></p>
<font size="1"><!-- MARKER FORMAT-SHEET="Page Break Center" FSL="Workstation" -->
</font><br>
&nbsp;
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center> <font size="2"> </font></td>
    <td width=20% align=right><font size="1"> <b><i></i></b></font> </td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>|
  or |X| in blue or black ink. </font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td><font size=2> ELECTION OF DIRECTORS </font></td>
    <td><font size=2><b>FOR</b> all nominees listed <br>
      below (except as marked to <br>
      the contrary below) |_| </font></td>
    <td><font size=2><b>WITHHOLD AUTHORITY</b> <br>
      to vote for all nominees listed <br>
      below </font><font face="Times New Roman, Times, Serif" size=2> |_| </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size="2"><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></b> </font> </p>
<font size="1"><!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
</font>
<p><font face="Times New Roman, Times, Serif" size=2><b>Class II Nominees to serve
  until the 2008 Annual Meeting of Stockholders: <br>
  James H. Bodurtha, Herbert I. London and Stephen B. Swensrud </b></font></p>
<b><!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" --> </b>
<p><b><font face="Times New Roman, Times, Serif" size=2>Class III Nominee to serve
  until the 2007 Annual Meeting of Stockholders: <br>
  Robert C. Doll, Jr. </font></b></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2. </font></td>
    <td width=33%><font face="Times New Roman, Times, Serif" size=2>Proposal to
      approve <br>
      an amendment to the <br>
      Fund&#146;s fundamental <br>
      investment restriction. </font></td>
    <td width=20%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=21%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp; </b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|_| </font></td>
    <td width=24%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" --> <br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>3. </font></td>
    <td width=98%><font face="Times New Roman, Times, Serif" 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 width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 width="50%" align="left" valign="top">
      <p><font size=2>Please sign exactly as name appears hereon. When stock is
        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 width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="8K 3 col" FSL="Workstation" --> <!-- MARKER FORMAT-SHEET="8K 3 col" FSL="Workstation" -->
<!-- MARKER FORMAT-SHEET="8K 3 col" FSL="Workstation" --> <!-- MARKER FORMAT-SHEET="8K 3 col" FSL="Workstation" -->
<!-- MARKER FORMAT-SHEET="8K 3 col" FSL="Workstation" --> <!-- MARKER FORMAT-SHEET="Page Break Center" FSL="Workstation" -->
<br>
&nbsp;
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center> <font size="2"> </font></td>
    <td width=20% align=right><font size="1"> <b><i></i></b></font> </td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 2; page: 2" --> <!-- MARKER FORMAT-SHEET="Center Head 2" FSL="Workstation" -->
<p align=RIGHT><font face="Times New Roman, Times, Serif" size=2><b>COMMON STOCK
  </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2><b>CORPORATE
  HIGH YIELD FUND V, INC. <br>
  P.O. Box 9011 <br>
  Princeton, New Jersey 08543-9011 </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2><b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2><b>This proxy
  is solicited on behalf of the Board of Directors </b></font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  undersigned hereby appoints Andrew J. Donohue, 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 Corporate High Yield
  Fund V, Inc. (the &#147;Fund&#148;) held of record by the undersigned on February 28,
  2005, at the annual meeting of stockholders of the Fund to be held on April
  28, 2005 or any adjournment thereof. </font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&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 FOR Proposal 1.</B> </FONT> </td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
  signing and dating the reverse side of this card, you authorize the proxies
  to vote Proposal 1 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></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 no bold" FSL="Workstation" -->
<p align=RIGHT><font face="Times New Roman, Times, Serif" size="2">(Continued
  and to be signed on the reverse side) </font></p>
<font size="1"><!-- MARKER FORMAT-SHEET="Page Break Center" FSL="Workstation" -->
</font><br>
&nbsp;
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center> <font size="2"> </font></td>
    <td width=20% align=right><font size="1"> <b><i></i></b></font> </td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 3; page: 3" -->
<p><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Please mark boxes | </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&#149; </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">| or
|X| in blue or black ink. </FONT> </p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td><font size=2> ELECTION OF DIRECTORS </font></td>
    <td><font size=2><b>FOR</b> all nominees listed <br>
      below (except as marked to <br>
      the contrary below) |_| </font></td>
    <td><FONT SIZE="2"><B>WITHHOLD AUTHORITY </B><br>
to vote for all nominees listed <br>
below </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2">|_| </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size="2"><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.) <br>
  <BR>
  James H. Bodurtha, Robert C. Doll, Jr., Joe Grills, Herbert I. London, Roberta
  Cooper Ramo, Robert S. Salomon, Jr. and Stephen B. Swensrud</i></b> </font>
</p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size="2">2. </font></td>
    <td width=98%> <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 width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 width="50%" align="left" valign="top">
      <p><font size="2">Please sign exactly as name appears hereon. When stock
        is 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 width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<font size="1"><!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
</font>
<p align="center"><font face="Times New Roman, Times, Serif" size="1"><b><font size="2">Sign,
  Date and Return the Proxy Card Promptly Using the Enclosed Envelope</font></b>
  </font> </p>
<!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<p align=RIGHT>&nbsp;</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 2; page: 2" --> <!-- MARKER FORMAT-SHEET="Center Head 2" FSL="Workstation" -->
<p align=RIGHT><font face="Times New Roman, Times, Serif" size=2><b>COMMON STOCK
  </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2><b>CORPORATE
  HIGH YIELD FUND VI, INC. <br>
  P.O. Box 9011 <br>
  Princeton, New Jersey 08543-9011 </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2><b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2><b>This proxy
  is solicited on behalf of the Board of Directors </b></font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  undersigned hereby appoints Andrew J. Donohue, 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 Corporate High Yield
  Fund V, Inc. (the &#147;Fund&#148;) held of record by the undersigned on February
  28, 2005, at the annual meeting of stockholders of the Fund to be held on April
  28, 2005 or any adjournment thereof. </font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&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 FOR Proposal 1.</b> </font> </td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
  signing and dating the reverse side of this card, you authorize the proxies
  to vote Proposal 1 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></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 no bold" FSL="Workstation" -->
<p align=RIGHT><font face="Times New Roman, Times, Serif" size="2">(Continued
  and to be signed on the reverse side) </font></p>
<font size="1"><!-- MARKER FORMAT-SHEET="Page Break Center" FSL="Workstation" -->
</font><br>
&nbsp;
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center> <font size="2"> </font></td>
    <td width=20% align=right><font size="1"> <b><i></i></b></font> </td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 3; page: 3" -->
<p><font face="Times New Roman, Times, Serif" size="2">Please mark boxes | </font><font face="Times New Roman, Times, Serif" size="3">&#149;
  </font><font face="Times New Roman, Times, Serif" size="2">| or |X| in blue
  or black ink. </font> </p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td><font size=2> ELECTION OF DIRECTORS </font></td>
    <td><font size=2><b>FOR</b> all nominees listed <br>
      below (except as marked to <br>
      the contrary below) |_| </font></td>
    <td><font size="2"><b>WITHHOLD AUTHORITY </b><br>
      to vote for all nominees listed <br>
      below </font> <font face="Times New Roman, Times, Serif" size="2">|_| </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size="2"><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.) <br>
  <br>
  James H. Bodurtha, Robert C. Doll, Jr., Joe Grills, Herbert I. London, Roberta
  Cooper Ramo, Robert S. Salomon, Jr. and Stephen B. Swensrud</i></b> </font>
</p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size="2">2. </font></td>
    <td width=98%> <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 width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 width="50%" align="left" valign="top">
      <p><font size="2">Please sign exactly as name appears hereon. When stock
        is 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 width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<br>
<div align="center"><font size="2"><!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
  </font> </div>
<p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>Sign,
  Date and Return the Proxy Card Promptly Using the Enclosed Envelope</b> </font>
</p>
<!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<p align=RIGHT>&nbsp;</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->





<div align="right">
  <p>&nbsp;</p>
  <p><font face="Times New Roman, Times, Serif" size="2"><b>COMMON STOCK</b> </font>
    <!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" --> </p>
</div>
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>MUNIENHANCED
  FUND, INC. <br>
  P.O. Box 9011 <br>
  Princeton, New Jersey 08543-9011 </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>This proxy
  is solicited on behalf of the Board of Directors </b></font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  undersigned hereby appoints Andrew J. Donohue, 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 MuniEnhanced Fund,
  Inc. (the &#147;Fund&#148;) held of record by the undersigned on February 28, 2005, at
  the annual meeting of stockholders of the Fund to be held on April 28, 2005
  or any adjournment thereof.</font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
      proxy when properly executed will be voted in the manner directed herein
      by the undersigned stockholder. If no direction is made, this proxy will
      be voted FOR Proposals 1 and 2.</b></font> </td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
  signing and dating the reverse side of this card, you authorize the proxies
  to vote Proposals 1 and 2 as marked, or if not marked, to vote &#147;FOR&#148; Proposals
  1 and 2, 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></p>
<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font face="Times New Roman, Times, Serif" size="2">(Continued
  and to be signed on the reverse side) </font></p>
<font size="2"><!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
</font><br>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 19; page: 19" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>|
  or |X| in blue or black ink. </font></p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>ELECTION OF DIRECTORS
 </font></td>
    <td><font size="2"><b>FOR</b> all nominees listed <br>
      below (except as marked to <br>
      the contrary below)</font><font face="Times New Roman, Times, Serif" size=2>
      |_|</font><font size="2"> </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD AUTHORITY</b>
      <br>
      to vote for all nominees listed below |_| </font></td>
  </tr>
</table>
<p><font face="Times New Roman, Times, Serif" size="1"><b><i><font size="2">(Instruction:
  To withhold authority to vote for any individual nominee, strike a line through
  the nominee&#146;s name in the list below.)</font></i><font size="2"> <br>
  <br>
  Robert C. Doll, Jr., Joe Grills, Roberta Cooper Ramo and Stephen B. Swensrud
  </font></b></font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2. </font></td>
    <td width=30%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      Fund&#146;s fundamental <br>
      investment restriction. </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=20%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp; </b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|_| </font></td>
    <td width=26%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>3. </font></td>
    <td width=98%><font face="Times New Roman, Times, Serif" 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>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="50%"><font size="2">Please sign exactly as name appears hereon.
      When stock is 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 width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p align="center"><font face="Times New Roman, Times, Serif" size="1"><b><font size="2">Sign,
  Date and Return the Proxy Card Promptly Using the Enclosed Envelope.</font></b>
  </font> </p>
<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" --> <br>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 20; page: 20" --> <!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font face="Times New Roman, Times, Serif" size="2"><b>AUCTION
  MARKET <br>
  PREFERRED STOCK</b> </font> </p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>MUNIENHANCED
  FUND, INC. <br>
  P.O. Box 9011 <br>
  Princeton, New Jersey 08543-9011 </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>This proxy
  is solicited on behalf of the Board of Directors </b></font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  undersigned hereby appoints Andrew J. Donohue, 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 MuniEnhanced
  Fund, Inc. (the &#147;Fund&#148;) held of record by the undersigned on February 28, 2005,
  at the annual meeting of stockholders of the Fund to be held on April 28, 2005
  or any adjournment thereof.</font></p>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font><font size="2"><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 FOR Proposals 1 and 2</b></font>.</td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" --><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
signing and dating the reverse side of this card, you authorize the proxies to
vote Proposals 1 and 2 as marked, or if not marked, to vote &#147;FOR&#148; Proposals 1
and 2, 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><!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font face="Times New Roman, Times, Serif" size="2">(Continued
  and to be signed on the reverse side) </font></p>
<font size="2"><!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
</font><br>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 21; page: 21" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>|
  or |X| in blue or black ink. </font></p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>ELECTION OF DIRECTORS
 </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>FOR</b> all nominees
      listed below <br>
      (except as marked to the contrary below) |_| </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD AUTHORITY</b>
      <br>
      to vote for all nominees listed below |_| </font></td>
  </tr>
</table>
<p><font face="Times New Roman, Times, Serif" size="1"><b><i><font size="2">(Instruction:
  To withhold authority to vote for any individual nominee, strike a line through
  the nominee&#146;s name in the list below.) <br>
  <br>
  </font></i><font size="2">James H. Bodurtha, Robert C. Doll, Jr., Joe Grills,
  Herbert I. London, Roberta Cooper Ramo, Robert S. Salomon, Jr. and Stephen B.
  Swensrud</font></b></font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2. </font></td>
    <td width=26%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      Fund&#146;s fundamental <br>
      investment restriction. </font></td>
    <td width=24%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=23%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=25%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>3. </font></td>
    <td width=98%><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>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="47%"><font face="Times New Roman, Times, Serif" size=2>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 Auction Market
      Preferred Stock in the same proportion as votes cast by holders of Auction
      Market Preferred Stock who have responded to this proxy solicitation. </font></td>
    <td width="3%">&nbsp;</td>
    <td width="50%"><font size="2">Please sign exactly as name appears hereon.
      When stock is 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 width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<p align=center><font face="Times New Roman, Times, Serif" size=1><b><font size="2">Sign,
  Date and Return the Proxy Card Promptly Using the Enclosed Envelope. </font></b></font></p>
<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" --> <br>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 13; page: 13" --> <!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font face="Times New Roman, Times, Serif" size="2"><b>COMMON STOCK</b>
  </font> </p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>MUNIYIELD
  CALIFORNIA FUND, INC. <br>
  P.O. Box 9011 <br>
  Princeton, New Jersey 08543-9011 </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>This proxy
  is solicited on behalf of the Board of Directors </b></font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  undersigned hereby appoints Andrew J. Donohue, 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 MuniYield California
  Fund, Inc. (the &#147;Fund&#148;) held of record by the undersigned on February 28, 2005,
  at the annual meeting of stockholders of the Fund to be held on April 28, 2005
  or any adjournment thereof.</font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font><b><font size="2">This
      proxy when properly executed will be voted in the manner directed herein
      by the undersigned stockholder. If no direction is made, this proxy will
      be voted FOR Proposals 1, 2 and 3.</font></b></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
  signing and dating the reverse side of this card, you authorize the proxies
  to vote Proposals 1, 2 and 3 as marked, or if not marked, to vote &#147;FOR&#148; Proposals
  1, 2, and 3 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></p>
<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font face="Times New Roman, Times, Serif" size="2">(Continued
  and to be signed on the reverse side) </font></p>
<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" --> <br>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 14; page: 14" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>|
  or |X| in blue or black ink. </font></p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>ELECTION OF DIRECTORS
 </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>FOR</b> all nominees
      listed below <br>
      (except as marked to the contrary below) |_| </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD AUTHORITY</b>
      <br>
      to vote for all nominees listed below |_| </font></td>
  </tr>
</table>
<p><font face="Times New Roman, Times, Serif" size="1"><b><i><font size="2">(Instruction:
  To withhold authority to vote for any individual nominee, strike a line through
  the nominee&#146;s name in the list below.)</font></i><font size="2"> <br>
  <br>
  James H. Bodurtha, Robert C. Doll, Jr., Joe Grills, Roberta Cooper Ramo and
  Stephen B. Swensrud</font></b></font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2. </font></td>
    <td width=26%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      Fund&#146;s fundamental <br>
      investment restriction. </font></td>
    <td width=25%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=24%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=23%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>3. </font></td>
    <td width=26%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      articles supplementary <br>
      of the Fund. </font></td>
    <td width=25%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=24%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=23%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>4. </font></td>
    <td width=98%><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 width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 width="50%" align="left" valign="top">
      <p><font size="2">Please sign exactly as name appears hereon. When stock
        is 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 width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<p align=center><font face="Times New Roman, Times, Serif" size=1><b><font size="2">Sign,
  Date and Return the Proxy Card Promptly Using the Enclosed Envelope </font></b></font></p>
<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" --> <br>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 22; page: 22" --> <!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><b><font size="2">AUCTION MARKET <br>
  PREFERRED STOCK</font></b></p>
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>MUNIYIELD
  CALIFORNIA FUND, INC. <br>
  P.O. Box 9011<br>
  Princeton, New Jersey 08543-9011 </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>This proxy
  is solicited on behalf of the Board of Directors </b></font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  undersigned hereby appoints Andrew J. Donohue, 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 MuniYield
  California Fund, Inc. (the &#147;Fund&#148;) held of record by the undersigned on February
  28, 2005, at the annual meeting of stockholders of the Fund to be held on April
  28, 2005 or any adjournment thereof.</font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
      proxy when properly executed will be voted in the manner directed herein
      by the undersigned stockholder. If no direction is made, this proxy will
      be voted FOR Proposals 1, 2 and 3.</b></font> </td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
  signing and dating the reverse side of this card, you authorize the proxies
  to vote Proposals 1, 2 and 3 as marked, or if not marked, to vote &#147;FOR&#148; Proposals
  1, 2 and 3 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></p>
<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font size="2">(Continued and to be signed on the reverse side)</font><br>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 23; page: 23" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>|
  or |X| in blue or black ink. </font></p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>ELECTION OF DIRECTORS
 </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>FOR</b> all nominees
      listed below <br>
      (except as marked to the contrary below) |_| </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD AUTHORITY</b>
      <br>
      to vote for all nominees listed below |_| </font></td>
  </tr>
</table>
<p><font face="Times New Roman, Times, Serif" size="1"><b><i><font size="2">(Instruction:
  To withhold authority to vote for any individual nominee, strike a line through
  the nominee&#146;s name in the list below.)</font></i><font size="2"> <br>
  <br>
  James H. Bodurtha, Robert C. Doll, Jr., Joe Grills, Herbert I. London, Roberta
  Cooper Ramo, Robert S. Salomon, Jr. and Stephen B. Swensrud</font></b> </font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2. </font></td>
    <td width=26%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      Fund&#146;s fundamental <br>
      investment restriction. </font></td>
    <td width=23%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=25%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=24%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>3. </font></td>
    <td width=26%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      articles supplementary <br>
      of the Fund. </font></td>
    <td width=23%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=25%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=24%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>4. </font></td>
    <td width=98%><font face="Times New Roman, Times, Serif" 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 width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="47%" valign="top"><font face="Times New Roman, Times, Serif" size=2>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 Auction
      Market Preferred Stock in the same proportion as votes cast by holders
      of Auction Market Preferred Stock  who have responded to this proxy solicitation. </font></td>
    <td width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="50%" valign="top"><font size="2">Please sign exactly as name appears
      hereon. When stock is 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 width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<p align=center><font face="Times New Roman, Times, Serif" size=1><b><font size="2">Sign,
  Date and Return the Proxy Card Promptly Using the Enclosed Envelope</font></b></font></p>
<div align="center"><font size="2"><!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
  </font><br>
</div>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 15; page: 15" --> <!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=right><font face="Times New Roman, Times, Serif" size="2"><b>COMMON STOCK</b>
  </font> </p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>MUNIHOLDINGS
  CALIFORNIA INSURED FUND, INC.<br>
  P.O. Box 9011 <br>
  Princeton, New Jersey 08543-9011 </b></font></p>
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2><b> </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>This proxy
  is solicited on behalf of the Board of Directors</b></font></p>
<b><!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
</b>
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  undersigned hereby appoints Andrew J. Donohue, 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 California
  Insured Fund, Inc. (the &#147;Fund&#148;) held of record by the undersigned on February
  28, 2005, at the annual meeting of stockholders of the Fund to be held on April
  28, 2005 or any adjournment thereof.</font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font><b><font size="2">This
      proxy when properly executed will be voted in the manner directed herein
      by the undersigned stockholder. If no direction is made, this proxy will
      be voted FOR Proposal 1.</font></b></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
  signing and dating the reverse side of this card, you authorize the proxies
  to vote Proposal 1 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></p>
<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font face="Times New Roman, Times, Serif" size="2">(Continued
  and to be signed on the reverse side) </font></p>
<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" --> <br>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 16; page: 16" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>|
  or |X| in blue or black ink. </font></p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>ELECTION OF DIRECTORS
 </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>FOR</b> all nominees
      listed below <br>
      (except as marked to the contrary below) |_| </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD AUTHORITY</b>
      <br>
      to vote for all nominees listed below |_| </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size="1"><b><i><font size="2">(Instruction:
  To withhold authority to vote for any individual nominee, strike a line through
  the nominee&#146;s name in the list below.)</font></i> <font size="2"><br>
  <br>
  James H. Bodurtha, Robert C. Doll, Jr., Joe Grills, Roberta Cooper Ramo and
  Stephen B. Swensrud</font></b></font></p>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2. </font></td>
    <td width=98%><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 width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 width="50%" align="left" valign="top">
      <p><font size="2">Please sign exactly as name appears hereon. When stock
        is 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 width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p align="center"><font face="Times New Roman, Times, Serif" size="1"><b><font size="2">Sign,
  Date and Return the Proxy Card Promptly Using the Enclosed Envelope</font></b></font></p>
<p align="center"><font face="Times New Roman, Times, Serif" size="2"> <!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
  </font><font face="Times New Roman, Times, Serif" size="1"><br>
  </font></p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 16; page: 16" --> <br>
<p align=right><font face="Times New Roman, Times, Serif" size="2"><b> AUCTION
  MARKET <br>
  PREFERRED STOCK</b> </font> </p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>MUNIHOLDINGS
  CALIFORNIA INSURED FUND, INC. <br>
  P.O. Box 9011 <br>
  Princeton, New Jersey 08543-9011 </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>This proxy
  is solicited on behalf of the Board of Directors </b></font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  undersigned hereby appoints Andrew J. Donohue, 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
  California Insured Fund, Inc. (the &#147;Fund&#148;) held of record by the undersigned
  on February 28, 2005, at the annual meeting of stockholders of the Fund to be
  held on April 28, 2005 or any adjournment thereof.</font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2>&nbsp;<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
      proxy when properly executed will be voted in the manner directed herein
      by the undersigned stockholder. If no direction is made, this proxy will
      be voted FOR Proposal 1.</b></font> </td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
  signing and dating the reverse side of this card, you authorize the proxies
  to vote Proposal 1 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></p>
<p align=right><font size="2">(Continued and to be signed on the reverse side)</font><br>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 17; page: 17" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>|
  or |X| in blue or black ink. </font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>ELECTION OF DIRECTORS
 </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>FOR</b> all nominees
      listed below <br>
      (except as marked to the contrary below) |_| </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD AUTHORITY</b>
      <br>
      to vote for all nominees listed below |_| </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size="1"><b><i><font size="2">(Instruction:
  To withhold authority to vote for any individual nominee, strike a line through
  the nominee's name in the list below.)</font></i><font size="2"> <br>
  <br>
  James H. Bodurtha, Robert C. Doll, Jr., Joe Grills, Herbert I. London, Roberta
  Cooper Ramo, Robert S. Salomon, Jr. and Stephen B. Swensrud</font></b></font></p>
<font size="2"><!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" --> </font>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2. </font></td>
    <td width=98%><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>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;&nbsp;&nbsp;<br>
      &nbsp;&nbsp;&nbsp;</td>
    <td width="50%" valign="top"><font size="2">Please sign exactly as name appears
      hereon. When stock is 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 width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<p align="center"><font face="Times New Roman, Times, Serif" size="1"><b><font size="2">Sign,
  Date and Return the Proxy Card Promptly Using the Enclosed Envelope</font></b>
  </font> </p>
<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" --> <br>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 9; page: 9" --> <!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font size="2"><b>COMMON STOCK</b></font></p>
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>MUNIHOLDINGS
  INSURED FUND II, INC.<br>
  P.O. Box 9011 <br>
  Princeton, New Jersey 08543-9011 </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>This proxy
  is solicited on behalf of the Board of Directors </b></font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  undersigned hereby appoints Andrew J. Donohue, 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 II, Inc. (the &#147;Fund&#148;) held of record by the undersigned on February 28,
  2005, at the annual meeting of stockholders of the Fund to be held on April
  28, 2005 or any adjournment thereof.</font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
      proxy when properly executed will be voted in the manner directed herein
      by the undersigned stockholder. If no direction is made, this proxy will
      be voted FOR Proposal 1.</b></font> </td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  By signing and dating the reverse side of this card, you authorize the proxies
  to vote Proposal 1 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></p>
<p align=right><font size="2">(Continued and to be signed on the reverse side)</font><br>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 10; page: 10" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>|
  or |X| in blue or black ink. </font></p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>ELECTION OF DIRECTORS
 </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>FOR</b> all nominees
      listed below <br>
      (except as marked to the contrary below) |_| </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD AUTHORITY</b>
      <br>
      to vote for all nominees listed below |_| </font></td>
  </tr>
</table>
<p><font face="Times New Roman, Times, Serif" size="1"><b><i><font size="2">(Instruction:
  To withhold authority to vote for any individual nominee, strike a line through
  the nominee&#146;s name in the list below.)</font></i><font size="2"> <br>
  <br>
  Robert C. Doll, Jr., Joe Grills, Herbert I. London, Roberta Cooper Ramo and
  Stephen B. Swensrud</font></b> </font> </p>
<font size="2"><!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" --> </font>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2. </font></td>
    <td width=98%><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>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 width="50%" align="left" valign="top">
      <p><font size="2">Please sign exactly as name appears hereon. When stock
        is 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 width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<p align="center"><font face="Times New Roman, Times, Serif" size=1><b><font size="2">Sign,
  Date and Return the Proxy Card Promptly Using the Enclosed Envelope</font></b></font></p>
<div align="center"><font size="2"><!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
  </font><br>
</div>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 18; page: 18" --> <!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font face="Times New Roman, Times, Serif" size="2"><b>AUCTION
  MARKET <br>
  PREFERRED STOCK</b> </font> </p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>MUNIHOLDINGS
  INSURED FUND II, INC.<br>
  P.O. Box 9011 <br>
  Princeton, New Jersey 08543-9011 </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>This proxy
  is solicited on behalf of the Board of Directors</b></font></p>
<b><!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" --> </b>
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  The undersigned hereby appoints Andrew J. Donohue, 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 II, Inc. (the &#147;Fund&#148;) held of record by the undersigned on February
  28, 2005, at the annual meeting of stockholders of the Fund to be held on April
  28, 2005 or any adjournment thereof.</font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
      proxy when properly executed will be voted in the manner directed herein
      by the undersigned stockholder. If no direction is made, this proxy will
      be voted FOR Proposal 1.</b></font> </td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
  signing and dating the reverse side of this card, you authorize the proxies
  to vote Proposal 1 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></p>
<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font size="2">(Continued and to be signed on the reverse side)</font><br>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 19; page: 19" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>|
  or |X| in blue or black ink. </font></p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>ELECTION OF DIRECTORS
 </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>FOR</b> all nominees
      listed below <br>
      (except as marked to the contrary below) |_| </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD AUTHORITY</b>
      <br>
      to vote for all nominees listed below |_| </font></td>
  </tr>
</table>
<p><font face="Times New Roman, Times, Serif" size="1"><b><i><font size="2">(Instruction:
  To withhold authority to vote for any individual nominee, strike a line through
  the nominee&#146;s name in the list below.)</font></i><font size="2"> <br>
  <br>
  James H. Bodurtha, Robert C. Doll, Jr., Joe Grills, Herbert I. London, Roberta
  Cooper Ramo, Robert S. Salomon, Jr. and Stephen B. Swensrud</font></b> </font></p>
<font size="2"><!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" --> </font>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2. </font></td>
    <td width=98%><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>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></td>
    <td width="50%"><font size="2">Please sign exactly as name appears hereon.
      When stock is 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 width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p align="center"><font size="1"><b><font size="2">Sign, Date and Return the Proxy
  Card Promptly Using the Enclosed Envelope</font></b></font><br>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 11; page: 11" --> <!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font face="Times New Roman, Times, Serif" size="2"><b>COMMON STOCK</b>
  </font> </p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>MUNIYIELD
  ARIZONA FUND, INC.<br>
  P.O. Box 9011 <br>
  Princeton, New Jersey 08543-9011 </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>This proxy
  is solicited on behalf of the Board of Directors </b></font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  undersigned hereby appoints Andrew J. Donohue, 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 MuniYield Arizona Fund,
  Inc. (the &#147;Fund&#148;) held of record by the undersigned on February 28, 2005, at
  the annual meeting of stockholders of the Fund to be held on April 28, 2005
  or any adjournment thereof.</font></p>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font><b><font size="2">This
      proxy when properly executed will be voted in the manner directed herein
      by the undersigned stockholder. If no direction is made, this proxy will
      be voted FOR Proposals 1, 2 and 3.</font></b></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
  signing and dating the reverse side of this card, you authorize the proxies
  to vote Proposals 1, 2 and 3 as marked, or if not marked, to vote &#147;FOR&#148; Proposals
  1, 2, and 3 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></p>
<p align=right><font face="Times New Roman, Times, Serif" size="2">(Continued
  and to be signed on the reverse side) </font></p>
<font size="2"><!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
</font><br>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 12; page: 12" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>|
  or |X| in blue or black ink. </font></p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>ELECTION OF DIRECTORS
 </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>FOR</b> all nominees
      listed below <br>
      (except as marked to the contrary below) |_| </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD AUTHORITY</b>
      <br>
      to vote for all nominees listed below |_| </font></td>
  </tr>
</table>
<p><font face="Times New Roman, Times, Serif" size="1"><b><i><font size="2">(Instruction:
  To withhold authority to vote for any individual nominee, strike a line through
  the nominee&#146;s name in the list below.)</font></i><font size="2"> <br>
  <br>
  James H. Bodurtha, Robert C. Doll, Jr., Joe Grills, Roberta Cooper Ramo and
  Stephen B. Swensrud</font></b></font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2. </font></td>
    <td width=26%><font face="Times New Roman, Times, Serif" size=2>Proposal to
      approve <br>
      an amendment to the <br>
      Fund&#146;s fundamental <br>
      investment restriction. </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=23%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=27%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>3. </font></td>
    <td width=26%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      articles supplementary <br>
      of the Fund. </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=23%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=27%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>4. </font></td>
    <td width=98%><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>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 width="50%" align="left" valign="top">
      <p><font size="2">Please sign exactly as name appears hereon. When stock
        is 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 width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<p align=center><font face="Times New Roman, Times, Serif" size=1><b><font size="2">Sign,
  Date and Return the Proxy Card Promptly Using the Enclosed Envelope</font></b></font></p>
<div align="center"><font size="2"><!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
  </font><br>
</div>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 20; page: 20" --> <!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font face="Times New Roman, Times, Serif" size="2"><b>AUCTION
  MARKET <br>
  PREFERRED STOCK</b> </font> </p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>MUNIYIELD
  ARIZONA FUND, INC. <br>
  P.O. Box 9011<br>
  Princeton, New Jersey 08543-9011 </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>This proxy
  is solicited on behalf of the Board of Directors</b></font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  undersigned hereby appoints Andrew J. Donohue, 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 MuniYield
  Arizona Fund, Inc. (the &#147;Fund&#148;) held of record by the undersigned on February
  28, 2005, at the annual meeting of stockholders of the Fund to be held on April
  28, 2005 or any adjournment thereof.</font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
      proxy when properly executed will be voted in the manner directed herein
      by the undersigned stockholder. If no direction is made, this proxy will
      be voted FOR Proposals 1, 2 and 3.</b></font> </td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
  signing and dating the reverse side of this card, you authorize the proxies
  to vote Proposals 1, 2 and 3 as marked, or if not marked, to vote &#147;FOR&#148; Proposals
  1, 2 and 3 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></p>
<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font face="Times New Roman, Times, Serif" size="2">(Continued
  and to be signed on the reverse side) </font></p>
<font size="2"><!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
</font><br>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 21; page: 21" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>|
  or |X| in blue or black ink. </font></p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width="2%"><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td width="26%"><font face="Times New Roman, Times, Serif" size=2>ELECTION
      OF DIRECTORS </font></td>
    <td width="37%"><font face="Times New Roman, Times, Serif" size=2><b>FOR</b>
      all nominees listed below <br>
      (except as marked to the contrary below) |_| </font></td>
    <td width="35%"><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD
      AUTHORITY</b> <br>
      to vote for all nominees listed below |_| </font></td>
  </tr>
</table>
<p><font face="Times New Roman, Times, Serif" size="1"><b><i><font size="2">(INSTRUCTION:
  To withhold authority to vote for any individual nominee, strike a line through
  the nominee&#146;s name in the list below.) <br>
  <br>
  </font></i><font face="Times New Roman, Times, Serif" size="1"><b><font size="2">James H. Bodurtha</font></b></font><font size="2">, Robert C. Doll, Jr.,  </font><font face="Times New Roman, Times, Serif" size="1"><b><font size="2">Joe Grills, Herbert I. London, Roberta Cooper Ramo, Robert S. Salomon, Jr.   and
  Stephen B. Swensrud</font></b></font></b> </font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2. </font></td>
    <td width=26%><font face="Times New Roman, Times, Serif" size=2>Proposal to
      approve <br>
      an amendment to the <br>
      Fund&#146;s fundamental <br>
      investment restriction. </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=24%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=26%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>3. </font></td>
    <td width=26%><font face="Times New Roman, Times, Serif" size=2>Proposal to
      approve <br>
      an amendment to the <br>
      articles supplementary <br>
      of the Fund. </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=24%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=26%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>4. </font></td>
    <td width=98%><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>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="47%" valign="top"><font face="Times New Roman, Times, Serif" size=2>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 Auction
      Market Preferred Stock  in the same proportion as votes cast by holders
      of Auction Market Preferred Stock who have responded to this proxy solicitation. </font></td>
    <td width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="50%"><font size="2">Please sign exactly as name appears hereon.
      When stock is 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 width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<p align=center><font face="Times New Roman, Times, Serif" size=1><b><font size="2">Sign,
  Date and Return the Proxy Card Promptly Using the Enclosed Envelope</font></b></font></p>
<div align="center"><font size="2"><!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
  </font><br>
</div>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 13; page: 13" --> <!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font face="Times New Roman, Times, Serif" size="2"> <b>COMMON
  STOCK</b> </font> </p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>MUNIYIELD
  CALIFORNIA INSURED FUND, INC. <br>
  P.O. Box 9011<br>
  Princeton, New Jersey 08543-9011</b></font></p>
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>This proxy
  is solicited on behalf of the Board of Directors </b></font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  undersigned hereby appoints Andrew J. Donohue, 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 MuniYield California
  Insured Fund, Inc. (the &#147;Fund&#148;) held of record by the undersigned on February
  28, 2005, at the annual meeting of stockholders of the Fund to be held on April
  28, 2005 or any adjournment thereof.</font></p>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
      proxy when properly executed will be voted in the manner directed herein
      by the undersigned stockholder. If no direction is made, this proxy will
      be voted FOR Proposals 1, 2 and 3.</b></font> </td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
  signing and dating the reverse side of this card, you authorize the proxies
  to vote Proposals 1, 2 and 3 as marked, or if not marked, to vote &#147;FOR&#148; Proposals
  1, 2, and 3 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></p>
<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font face="Times New Roman, Times, Serif" size="2">(Continued
  and to be signed on the reverse side) </font></p>
<font size="2"><!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
</font><br>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 14; page: 14" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>|
  or |X| in blue or black ink. </font></p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width="2%"><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td width="26%"><font size="2">ELECTION OF DIRECTORS </font></td>
    <td width="37%"><font face="Times New Roman, Times, Serif" size=2><b>FOR</b>
      all nominees listed below <br>
      (except as marked to the contrary below) |_| </font></td>
    <td width="35%"><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD
      AUTHORITY</b> <br>
      to vote for all nominees listed below |_| </font></td>
  </tr>
</table>
<p><font face="Times New Roman, Times, Serif" size="1"><b><i><font size="2">(Instruction:
  To withhold authority to vote for any individual nominee, strike a line through
  the nominee&#146;s name in the list below.)</font></i> <font size="2"><br>
  <br>
  James H. Bodurtha, Robert C. Doll, Jr., Joe Grills, Roberta Cooper Ramo and
  Stephen B. Swensrud</font></b></font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2. </font></td>
    <td width=26%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      Fund&#146;s fundamental <br>
      investment restriction. </font></td>
    <td width=21%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=24%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=27%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|_| </font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>3. </font></td>
    <td width=26%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      articles supplementary <br>
      of the Fund. </font></td>
    <td width=21%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=24%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=27%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>4. </font></td>
    <td width=98%><font face="Times New Roman, Times, Serif" 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 width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 width="50%" align="left" valign="top">
      <p><font size="2">Please sign exactly as name appears hereon. When stock
        is 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 width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<p align=center><font size="1"><b><font size="2">Sign, Date and Return the Proxy
  Card Promptly Using the Enclosed Envelope</font></b></font><br>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 22; page: 22" --> <!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font face="Times New Roman, Times, Serif" size="2"><b>AUCTION
  MARKET <br>
  PREFERRED STOCK</b> </font> </p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>MUNIYIELD
  CALIFORNIA INSURED FUND, INC.<br>
  P.O. Box 9011<br>
  Princeton, New Jersey 08543-9011 </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>This proxy
  is solicited on behalf of the Board of Directors </b></font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  undersigned hereby appoints Andrew J. Donohue, 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 MuniYield
  California Insured Fund, Inc. (the &#147;Fund&#148;) held of record by the undersigned
  on February 28, 2005, at the annual meeting of stockholders of the Fund to be
  held on April 28, 2005 or any adjournment thereof. </font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
      proxy when properly executed will be voted in the manner directed herein
      by the undersigned stockholder. If no direction is made, this proxy will
      be voted FOR Proposals 1, 2 and 3.</b></font> </td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
  signing and dating the reverse side of this card, you authorize the proxies
  to vote Proposals 1, 2 and 3 as marked, or if not marked, to vote &#147;FOR&#148; Proposals
  1, 2 and 3 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></p>
<p align=right><font face="Times New Roman, Times, Serif" size="2">(Continued
  and to be signed on the reverse side) </font></p>
<font size="2"><!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
</font><br>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 23; page: 23" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>|
  or |X| in blue or black ink. </font></p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width="2%"><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td width="26%"><font face="Times New Roman, Times, Serif" size=2>ELECTION
      OF DIRECTORS </font></td>
    <td width="35%"><font face="Times New Roman, Times, Serif" size=2><b>FOR</b>
      all nominees listed below <br>
      (except as marked to the contrary below) |_| </font></td>
    <td width="37%"><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD
      AUTHORITY</b> <br>
      to vote for all nominees listed below |_| </font></td>
  </tr>
</table>
<p><font face="Times New Roman, Times, Serif" size="1"><b><i><font size="2">(Instruction:
  To withhold authority to vote for any individual nominee, strike a line through
  the nominee&#146;s name in the list below.) </font></i> <font size="2"><br>
  <br>
  James H. Bodurtha, Robert C. Doll, Jr., Joe Grills, Herbert I. London, Roberta
  Cooper Ramo, Robert S. Salomon, Jr. and Stephen B. Swensrud</font></b></font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2. </font></td>
    <td width=26%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      Fund&#146;s fundamental <br>
      investment restriction. </font></td>
    <td width=21%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=24%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=27%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>3. </font></td>
    <td width=26%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      articles supplementary <br>
      of the Fund. </font></td>
    <td width=21%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=24%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=27%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>4. </font></td>
    <td width=98%><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 width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="47%" valign="top"><font face="Times New Roman, Times, Serif" size=2>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 Auction
      Market Preferred Stock in the same proportion as votes cast by holders
      of Auction Market Preferred Stock who have responded to this proxy solicitation. </font></td>
    <td width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="50%"><font size="2">Please sign exactly as name appears hereon.
      When stock is 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 width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<p align=center><font face="Times New Roman, Times, Serif" size=1><b><font size="2">Sign,
  Date and Return the Proxy Card Promptly Using the Enclosed Envelope</font></b></font></p>
<div align="center"><font size="2"><!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
  </font><br>
</div>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 15; page: 15" --> <!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> </font></p>
<p align=right><font face="Times New Roman, Times, Serif" size="2"><b>COMMON STOCK</b>
  </font> </p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>MUNIYIELD
  FUND, INC.<br>
  P.O. Box 9011 <br>
  Princeton, New Jersey 08543-9011 </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>This proxy
  is solicited on behalf of the Board of Directors</b></font></p>
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  undersigned hereby appoints Andrew J. Donohue, 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 MuniYield Fund, Inc.
  (the &#147;Fund&#148;) held of record by the undersigned on February 28, 2005, at the
  annual meeting of stockholders of the Fund to be held on April 28, 2005 or any
  adjournment thereof.</font> </p>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font><font size="2"><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 FOR Proposals 1 and 2.</b> </font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
  signing and dating the reverse side of this card, you authorize the proxies
  to vote Proposals 1 and 2 as marked, or if not marked, to vote &#147;FOR&#148; Proposals
  1 and 2, 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></p>
<p align=right><font size="2">(Continued and to be signed on the reverse side)</font><br>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 16; page: 16" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>|
  or |X| in blue or black ink. </font></p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width="1%"><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td width="27%"><font face="Times New Roman, Times, Serif" size=2>ELECTION
      OF DIRECTORS </font></td>
    <td width="35%"><font face="Times New Roman, Times, Serif" size=2><b>FOR</b>
      all nominees listed below <br>
      (except as marked to the contrary below) |_| </font></td>
    <td width="37%"><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD
      AUTHORITY</b> <br>
      to vote for all nominees listed below |_| </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size="1"><b><i><font size="2">(Instruction:
  To withhold authority to vote for any individual nominee, strike a line through
  the nominee&#146;s name in the list below.)</font></i> <font size="2"><br>
  <br>
  Robert C. Doll, Jr., Joe Grills, Roberta Cooper Ramo, Robert S. Salomon, Jr.
  and Stephen B. Swensrud </font></b></font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2. </font></td>
    <td width=26%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      Fund&#146;s fundamental <br>
      investment restriction. </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font size="2">3. </font></td>
    <td width=98%> <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 width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 width="50%" align="left" valign="top">
      <p><font size="2">Please sign exactly as name appears hereon. When stock
        is 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 width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p align="center"><font face="Times New Roman, Times, Serif" size="1"><b><font size="2">Sign,
  Date and Return the Proxy Card Promptly Using the Enclosed Envelope</font></b></font></p>
<p><font face="Times New Roman, Times, Serif" size="1"> <!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
  <br>
  </font></p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 16; page: 16" --> <br>
<p align=right><font face="Times New Roman, Times, Serif" size="2"><b> AUCTION
  MARKET <br>
  PREFERRED STOCK</b> </font> </p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>MUNIYIELD
  FUND, INC.<br>
  P.O. Box 9011 <br>
  Princeton, New Jersey 08543-9011 </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>This proxy
  is solicited on behalf of the Board of Directors</b></font></p>
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  undersigned hereby appoints Andrew J. Donohue, 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 MuniYield
  Fund, Inc. (the &#147;Fund&#148;) held of record by the undersigned on February 28, 2005,
  at the annual meeting of stockholders of the Fund to be held on April 28, 2005
  or any adjournment thereof.</font> </p>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font><font size="2"><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 FOR Proposals 1 and 2.</b> </font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
  signing and dating the reverse side of this card, you authorize the proxies
  to vote Proposals 1 and 2 as marked, or if not marked, to vote &#147;FOR&#148; Proposals
  1 and 2, 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></p>
<p align=right><font size="2">(Continued and to be signed on the reverse side)</font>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 17; page: 17" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>|
  or |X| in blue or black ink. </font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width="2%"><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td width="26%"><font face="Times New Roman, Times, Serif" size=2>ELECTION
      OF DIRECTORS </font></td>
    <td width="37%"><font face="Times New Roman, Times, Serif" size=2><b>FOR</b>
      all nominees listed below <br>
      (except as marked to the contrary below) |_| </font></td>
    <td width="35%"><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD
      AUTHORITY</b> <br>
      to vote for all nominees listed below |_| </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size="1"><b><i><font size="2">(Instruction:
  To withhold authority to vote for any individual nominee, strike a line through
  the nominee&#146;s name in the list below.)</font></i> <font size="2"><br>
  <br>
  James H. Bodurtha, Robert C. Doll, Jr., Joe Grills, Herbert I. London, Roberta
  Cooper Ramo, Robert S. Salomon, Jr. and Stephen B. Swensrud </font></b></font>
</p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2. </font></td>
    <td width=26%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      Fund&#146;s fundamental <br>
      investment restriction. </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%>3.</td>
    <td width=98%> <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>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="47%" valign="top"><font face="Times New Roman, Times, Serif" size=2>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 Auction
      Market Preferred Stock in the same proportion as votes cast by holders of
      Auction Market Preferred Stock who have responded to this proxy solicitation.
      </font></td>
    <td width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="50%"><font size="2">Please sign exactly as name appears hereon.
      When stock is 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 width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<p align="center"><b><font size="2">Sign, Date and Return the Proxy Card Promptly
  Using the Enclosed Envelope</font></b> </p>
<div align="center"><font size="2"><!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
  </font><br>
</div>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 9; page: 9" --> <!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font size="2"><b>COMMON STOCK</b></font></p>
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>MUNIYIELD
  INSURED FUND, INC.<br>
  P.O. Box 9011<br>
  Princeton, New Jersey 08543-9011</b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>This proxy
  is solicited on behalf of the Board of Directors </b></font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  undersigned hereby appoints Andrew J. Donohue, 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 MuniYield Insured Fund,
  Inc. (the &#147;Fund&#148;) held of record by the undersigned on February 28, 2005, at
  the annual meeting of stockholders of the Fund to be held on April 28, 2005
  or any adjournment thereof.</font> </p>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font><font size="2"><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 FOR Proposals 1 and 2.</b> </font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  By signing and dating the reverse side of this card, you authorize the proxies
  to vote Proposals 1 and 2 as marked, or if not marked, to vote &#147;FOR&#148; Proposals
  1 and 2, 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></p>
<p align=right><font size="2">(Continued and to be signed on the reverse side)</font>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center>&nbsp;</td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 10; page: 10" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>|
  or |X| in blue or black ink. </font></p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width="2%"><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td width="26%"><font face="Times New Roman, Times, Serif" size=2>ELECTION
      OF DIRECTORS </font></td>
    <td width="37%"><font face="Times New Roman, Times, Serif" size=2><b>FOR</b>
      all nominees listed below <br>
      (except as marked to the contrary below) |_| </font></td>
    <td width="35%"><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD
      AUTHORITY</b> <br>
      to vote for all nominees listed below |_| </font></td>
  </tr>
</table>
<p><font face="Times New Roman, Times, Serif" size="1"><b><i><font size="2">(Instruction:
  To withhold authority to vote for any individual nominee, strike a line through
  the nominee&#146;s name in the list below.)</font></i> <font size="2"><br>
  <br>
  Robert C. Doll, Jr., Joe Grills, Herbert I. London, Roberta
  Cooper Ramo  and Stephen B. Swensrud</font></b></font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2. </font></td>
    <td width=26%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      Fund&#146;s fundamental <br>
      investment restriction. </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%>3.</td>
    <td width=98%> <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>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 width="50%" align="left" valign="top">
      <p><font size="2">Please sign exactly as name appears hereon. When stock
        is 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 width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<p align="center"><font size="1"><b><font size="2">Sign, Date and Return the Proxy
  Card Promptly Using the Enclosed Envelope</font></b></font> <br>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 18; page: 18" --> <!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font face="Times New Roman, Times, Serif" size="2"><b>AUCTION
  MARKET <br>
  PREFERRED STOCK</b> </font> </p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>MUNIYIELD
  INSURED FUND, INC.<br>
  P.O. Box 9011<br>
  Princeton, New Jersey 08543-9011 </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>This proxy
  is solicited on behalf of the Board of Directors</b></font></p>
<b><!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" --> </b>
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  The undersigned hereby appoints Andrew J. Donohue, 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 MuniYield
  Insured Fund, Inc. (the &#147;Fund&#148;) held of record by the undersigned on February
  28, 2005, at the annual meeting of stockholders of the Fund to be held on April
  28, 2005 or any adjournment thereof.</font></p>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font><b><font size="2">This
      proxy when properly executed will be voted in the manner directed herein
      by the undersigned stockholder. If no direction is made, this proxy will
      be voted FOR Proposals 1 and 2.</font></b></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
  signing and dating the reverse side of this card, you authorize the proxies
  to vote Proposals 1 and 2 as marked, or if not marked, to vote &#147;FOR&#148; Proposals
  1 and 2, 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> </p>
<p align=right><font size="2">(Continued and to be signed on the reverse side)</font><br>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 19; page: 19" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>|
  or |X| in blue or black ink. </font></p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width="2%"><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td width="26%"><font face="Times New Roman, Times, Serif" size=2>ELECTION
      OF DIRECTORS </font></td>
    <td width="37%"><font face="Times New Roman, Times, Serif" size=2><b>FOR</b>
      all nominees listed below <br>
      (except as marked to the contrary below) |_| </font></td>
    <td width="35%"><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD
      AUTHORITY</b> <br>
      to vote for all nominees listed below |_| </font></td>
  </tr>
</table>
<p><font face="Times New Roman, Times, Serif" size="1"><b><i><font size="2">(Instruction:
  To withhold authority to vote for any individual nominee, strike a line through
  the nominee&#146;s name in the list below.)</font></i> <font size="2"><br>
  <br>
  James H. Bodurtha, Robert C. Doll, Jr., Joe Grills, Herbert I. London, Roberta
  Cooper Ramo, Robert S. Salomon, Jr. and Stephen B. Swensrud</font></b></font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2. </font></td>
    <td width=26%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      Fund&#146;s fundamental <br>
      investment restriction. </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%>3.</td>
    <td width=98%> <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>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="47%" valign="top"><font face="Times New Roman, Times, Serif" size=2>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 Auction
      Market Preferred Stock in the same proportion as votes cast by holders
      of Auction Market Preferred Stock who have responded to this proxy solicitation. </font></td>
    <td width="3%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></td>
    <td width="50%"><font size="2">Please sign exactly as name appears hereon.
      When stock is 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 width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p align="center"><font size="1"><b><font size="2">Sign, Date and Return the Proxy
  Card Promptly Using the Enclosed Envelope</font></b></font><br>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 11; page: 11" --> <!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font face="Times New Roman, Times, Serif" size="2"><b>COMMON STOCK</b>
  </font> </p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>MUNIYIELD
  MICHIGAN INSURED FUND II, INC.<br>
  P.O. Box 9011 <br>
  Princeton, New Jersey 08543-9011 </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>This proxy
  is solicited on behalf of the Board of Directors</b></font></p>
<b><!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" --> </b>
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  undersigned hereby appoints Andrew J. Donohue, 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 MuniYield Michigan
  Insured Fund II, Inc. (the &#147;Fund&#148;) held of record by the undersigned on February
  28, 2005, at the annual meeting of stockholders of the Fund to be held on April
  28, 2005 or any adjournment thereof.</font></p>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font><font size="2"><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 FOR Proposals 1, 2 and 3.</b> </font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" --><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
signing and dating the reverse side of this card, you authorize the proxies to
vote Proposals 1, 2 and 3 as marked, or if not marked, to vote &#147;FOR&#148; Proposals
1, 2, and 3 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>
<p align=right><font size="2">(Continued and to be signed on the reverse side)</font></p>
<font size="2"><!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
</font><br>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 12; page: 12" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>|
  or |X| in blue or black ink. </font></p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width="2%"><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td width="26%"><font face="Times New Roman, Times, Serif" size=2>ELECTION
      OF DIRECTORS </font></td>
    <td width="37%"><font face="Times New Roman, Times, Serif" size=2><b>FOR</b>
      all nominees listed below <br>
      (except as marked to the contrary below) |_| </font></td>
    <td width="35%"><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD
      AUTHORITY</b> <br>
      to vote for all nominees listed below |_| </font></td>
  </tr>
</table>
<p><font face="Times New Roman, Times, Serif" size="1"><b><i><font size="2">(Instruction:
  To withhold authority to vote for any individual nominee, strike a line through
  the nominee&#146;s name in the list below.)</font></i><font size="2"><br>
  <br>
  James H. Bodurtha, Robert C. Doll, Jr., Joe Grills, Roberta Cooper Ramo and
  Stephen B. Swensrud</font></b></font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2. </font></td>
    <td width=26%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      Fund&#146;s fundamental <br>
      investment restriction. </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>3. </font></td>
    <td width=26%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      articles supplementary <br>
      of the Fund. </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>4. </font></td>
    <td width=98%><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>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 width="50%" align="left" valign="top">
      <p><font size="2">Please sign exactly as name appears hereon. When stock
        is 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 width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<p align=center><font size="1"><b><font size="2">Sign, Date and Return the Proxy
  Card Promptly Using the Enclosed Envelope</font></b></font><font size="2"><br>
  </font> </p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 20; page: 20" --> <!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font face="Times New Roman, Times, Serif" size="2"><b>AUCTION
  MARKET <br>
  PREFERRED STOCK</b> </font> </p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>MUNIYIELD
  MICHIGAN INSURED FUND II, INC. <br>
  P.O. Box 9011<br>
  Princeton, New Jersey 08543-9011</b></font></p>
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>This proxy
  is solicited on behalf of the Board of Directors</b></font> </p>
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  The undersigned hereby appoints Andrew J. Donohue, 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 MuniYield
  Michigan Insured Fund II, Inc. (the &#147;Fund&#148;) held of record by the undersigned
  on February 28, 2005, at the annual meeting of stockholders of the Fund to be
  held on April 28, 2005 or any adjournment thereof.</font> </p>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font><font size="2"><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 FOR Proposals 1, 2 and 3.</b> </font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
  signing and dating the reverse side of this card, you authorize the proxies
  to vote Proposals 1, 2 and 3 as marked, or if not marked, to vote &#147;FOR&#148; Proposals
  1, 2 and 3 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></p>
<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font size="2">(Continued and to be signed on the reverse side)</font><br>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 21; page: 21" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>|
  or |X| in blue or black ink. </font></p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width="1%"><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td width="27%"><font face="Times New Roman, Times, Serif" size=2>ELECTION
      OF DIRECTORS </font></td>
    <td width="35%"><font face="Times New Roman, Times, Serif" size=2><b>FOR</b>
      all nominees listed below <br>
      (except as marked to the contrary below) |_| </font></td>
    <td width="37%"><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD
      AUTHORITY</b> <br>
      to vote for all nominees listed below |_| </font></td>
  </tr>
</table>
<p><font face="Times New Roman, Times, Serif" size="1"><b><i><font size="2">(Instruction:
  To withhold authority to vote for any individual nominee, strike a line through
  the nominee&#146;s name in the list below.)<br>
  <br>
  </font></i><font size="2">James H. Bodurtha, Robert C. Doll, Jr., Joe Grills,
  Herbert I. London, Roberta Cooper Ramo, Robert S. Salomon, Jr. and Stephen B.
  Swensrud</font></b></font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2. </font></td>
    <td width=26%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      Fund&#146;s fundamental <br>
      investment restriction. </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>3. </font></td>
    <td width=26%><font face="Times New Roman, Times, Serif" size=2>Proposal to
      approve <br>
      an amendment to the <br>
      articles supplementary <br>
      of the Fund. </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>4. </font></td>
    <td width=98%><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>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="47%" valign="top"><font face="Times New Roman, Times, Serif" size=2>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 Auction
      Market Preferred Stock in the same proportion as votes cast by holders
      of Auction Market Preferred Stock who have responded to this proxy solicitation. </font></td>
    <td width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="50%"><font size="2">Please sign exactly as name appears hereon.
      When stock is 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 width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<p align=center><font size="1"><b><font size="2">Sign, Date and Return the Proxy
  Card Promptly Using the Enclosed Envelope</font></b></font> <br>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 13; page: 13" --> <!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font face="Times New Roman, Times, Serif" size="2"> <b>COMMON
  STOCK</b> </font> </p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b> MUNIYIELD
  NEW JERSEY FUND, INC.<br>
  P.O. Box 9011<br>
  Princeton, New Jersey 08543-9011</b></font></p>
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>This proxy
  is solicited on behalf of the Board of Directors </b></font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  undersigned hereby appoints Andrew J. Donohue, 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 MuniYield New Jersey
  Fund, Inc. (the &#147;Fund&#148;) held of record by the undersigned on February 28, 2005,
  at the annual meeting of stockholders of the Fund to be held on April 28, 2005
  or any adjournment thereof.</font></p>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font><font size="2"><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 FOR Proposals 1 and 2.</b> </font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
  signing and dating the reverse side of this card, you authorize the proxies
  to vote Proposals 1 and 2 as marked, or if not marked, to vote &#147;FOR&#148; Proposals
  1 and 2, 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></p>
<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font size="2">(Continued and to be signed on the reverse side)</font><br>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 14; page: 14" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>|
  or |X| in blue or black ink. </font></p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width="2%"><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td width="26%"><font size="2">ELECTION OF DIRECTORS </font></td>
    <td width="37%"><font face="Times New Roman, Times, Serif" size=2><b>FOR</b>
      all nominees listed below <br>
      (except as marked to the contrary below) |_| </font></td>
    <td width="35%"><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD
      AUTHORITY</b> <br>
      to vote for all nominees listed below |_| </font></td>
  </tr>
</table>
<p><font face="Times New Roman, Times, Serif" size="1"><b><i><font size="2">(Instruction:
  To withhold authority to vote for any individual nominee, strike a line through
  the nominee&#146;s name in the list below.)</font></i><font size="2"><br>
  <br>
  James H. Bodurtha, Robert C. Doll, Jr., Joe Grills, Roberta Cooper Ramo and
  Stephen B. Swensrud</font></b></font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2. </font></td>
    <td width=26%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      Fund&#146;s fundamental <br>
      investment restriction. </font></td>
    <td width=21%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=29%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font size="2">3. </font></td>
    <td width=98%><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 width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 width="50%" align="left" valign="top">
      <p><font size="2">Please sign exactly as name appears hereon. When stock
        is 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 width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<p align=center><font size="1"><b><font size="2">Sign, Date and Return the Proxy
  Card Promptly Using the Enclosed Envelope</font></b></font><br>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 22; page: 22" --> <!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font face="Times New Roman, Times, Serif" size="2"><b>AUCTION
  MARKET <br>
  PREFERRED STOCK</b> </font> </p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>MUNIYIELD
  NEW JERSEY FUND, INC.<br>
  P.O. Box 9011<br>
  Princeton, New Jersey 08543-9011 </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>This proxy
  is solicited on behalf of the Board of Directors </b></font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  undersigned hereby appoints Andrew J. Donohue, 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 MuniYield
  New Jersey Fund, Inc. (the &#147;Fund&#148;) held of record by the undersigned on February
  28, 2005, at the annual meeting of stockholders of the Fund to be held on April
  28, 2005 or any adjournment thereof.</font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font><b><font size="2">This
      proxy when properly executed will be voted in the manner directed herein
      by the undersigned stockholder. If no direction is made, this proxy will
      be voted FOR Proposals 1 and 2. </font></b></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
  signing and dating the reverse side of this card, you authorize the proxies
  to vote Proposals 1 and 2 as marked, or if not marked, to vote &#147;FOR&#148; Proposals
  1 and 2, 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></p>
<p align=right><font size="2">(Continued and to be signed on the reverse side)</font><br>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 23; page: 23" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>|
  or |X| in blue or black ink. </font></p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width="1%"><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td width="27%"><font face="Times New Roman, Times, Serif" size=2>ELECTION
      OF DIRECTORS </font></td>
    <td width="35%"><font face="Times New Roman, Times, Serif" size=2><b>FOR</b>
      all nominees listed below <br>
      (except as marked to the contrary below) |_| </font></td>
    <td width="37%"><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD
      AUTHORITY</b> <br>
      to vote for all nominees listed below |_| </font></td>
  </tr>
</table>
<p><font face="Times New Roman, Times, Serif" size="1"><b><i><font size="2">(Instruction:
  To withhold authority to vote for any individual nominee, strike a line through
  the nominee&#146;s name in the list below.)</font></i> <font size="2"><br>
  <br>
  James H. Bodurtha, Robert C. Doll, Jr., Joe Grills, Herbert I. London, Roberta
  Cooper Ramo, Robert S. Salomon, Jr. and Stephen B. Swensrud</font></b></font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2. </font></td>
    <td width=26%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      Fund&#146;s fundamental <br>
      investment restriction. </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>3. </font></td>
    <td width=98%><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 width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="47%" valign="top"><font face="Times New Roman, Times, Serif" size=2>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 Auction
      Market Preferred Stock in the same proportion as votes cast by holders
      of Auction Market Preferred Stock who have responded to this proxy solicitation. </font></td>
    <td width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="50%"><font size="2">Please sign exactly as name appears hereon.
      When stock is 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 width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<p align=center><font size="1"><b><font size="2">Sign, Date and Return the Proxy
  Card Promptly Using the Enclosed Envelope</font></b></font><br>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 15; page: 15" --> <!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=right><font face="Times New Roman, Times, Serif" size="2"><b>COMMON STOCK</b>
  </font> </p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>MUNIYIELD
  NEW YORK INSURED FUND, INC.<br>
  P.O. Box 9011<br>
  Princeton, New Jersey 08543-9011</b></font></p>
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>This proxy
  is solicited on behalf of the Board of Directors</b></font></p>
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  undersigned hereby appoints Andrew J. Donohue, 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 MuniYield New York
  Insured Fund, Inc. (the &#147;Fund&#148;) held of record by the undersigned on February
  28, 2005, at the annual meeting of stockholders of the Fund to be held on April
  28, 2005 or any adjournment thereof.</font></p>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font><font size="2"><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 FOR Proposals 1, 2 and 3.</b> </font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
  signing and dating the reverse side of this card, you authorize the proxies
  to vote Proposals 1, 2 and 3 as marked, or if not marked, to vote &#147;FOR&#148; Proposals
  1, 2, and 3 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></p>
<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font size="2">(Continued and to be signed on the reverse side)</font><br>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 14; page: 14" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>|
  or |X| in blue or black ink. </font></p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width="2%"><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td width="26%"><font size="2">ELECTION OF DIRECTORS </font></td>
    <td width="37%"><font face="Times New Roman, Times, Serif" size=2><b>FOR</b>
      all nominees listed below <br>
      (except as marked to the contrary below) |_| </font></td>
    <td width="35%"><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD
      AUTHORITY</b> <br>
      to vote for all nominees listed below |_| </font></td>
  </tr>
</table>
<p><font face="Times New Roman, Times, Serif" size="1"><b><i><font size="2">(Instruction:
  To withhold authority to vote for any individual nominee, strike a line through
  the nominee&#146;s name in the list below.)</font></i><font size="2"><br>
  <br>
  James H. Bodurtha, Robert C. Doll, Jr., Joe Grills, Roberta Cooper Ramo and
  Stephen B. Swensrud</font></b></font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2. </font></td>
    <td width=26%><font size="2">Proposal to approve an <br>
      amendment to the Fund&#146;s <br>
      fundamental investment <br>
      restriction. </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>3. </font></td>
    <td width=26%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      articles supplementary <br>
      of the Fund. </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>4. </font></td>
    <td width=98%><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 width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 width="50%" align="left" valign="top">
      <p><font size="2">Please sign exactly as name appears hereon. When stock
        is 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 width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<p align=center><font size="1"><b><font size="2">Sign, Date and Return the Proxy
  Card Promptly Using the Enclosed Envelope</font></b></font><br>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 22; page: 22" --> <!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font face="Times New Roman, Times, Serif" size="2"><b>AUCTION
  MARKET <br>
  PREFERRED STOCK</b> </font> </p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>MUNIYIELD
  NEW YORK INSURED FUND, INC.<br>
  P.O. Box 9011<br>
  Princeton, New Jersey 08543-9011</b></font></p>
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>This proxy
  is solicited on behalf of the Board of Directors</b></font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  undersigned hereby appoints Andrew J. Donohue, 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 MuniYield
  New York Insured Fund, Inc. (the &#147;Fund&#148;) held of record by the undersigned on
  February 28, 2005, at the annual meeting of stockholders of the Fund to be held
  on April 28, 2005 or any adjournment thereof.</font></p>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font><font size="2"><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 FOR Proposals 1, 2 and 3.</b> </font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
  signing and dating the reverse side of this card, you authorize the proxies
  to vote Proposals 1, 2 and 3 as marked, or if not marked, to vote &#147;FOR&#148; Proposals
  1, 2 and 3 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></p>
<p align=right><font face="Times New Roman, Times, Serif" size="2">(Continued
  and to be signed on the reverse side) </font></p>
<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" --> <br>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 23; page: 23" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>|
  or |X| in blue or black ink. </font></p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width="1%"><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td width="27%"><font face="Times New Roman, Times, Serif" size=2>ELECTION
      OF DIRECTORS </font></td>
    <td width="35%"><font face="Times New Roman, Times, Serif" size=2><b>FOR</b>
      all nominees listed below <br>
      (except as marked to the contrary below) |_| </font></td>
    <td width="37%"><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD
      AUTHORITY</b> <br>
      to vote for all nominees listed below |_| </font></td>
  </tr>
</table>
<p><font face="Times New Roman, Times, Serif" size="1"><b><i><font size="2">(Instruction:
  To withhold authority to vote for any individual nominee, strike a line through
  the nominee&#146;s name in the list below.)</font></i><font size="2"><br>
  <br>
  James H. Bodurtha, Robert C. Doll, Jr., Joe Grills, Herbert I. London, Roberta
  Cooper Ramo, Robert S. Salomon, Jr. and Stephen B. Swensrud</font></b></font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2. </font></td>
    <td width=26%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      Fund&#146;s fundamental <br>
      investment restriction. </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>3. </font></td>
    <td width=26%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      articles supplementary <br>
      of the Fund. </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>4. </font></td>
    <td width=98%><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 width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="47%" valign="top"><font face="Times New Roman, Times, Serif" size=2>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 Auction
      Market Preferred Stock in the same proportion as votes cast by holders
      of Auction Market Preferred Stock who have responded to this proxy solicitation. </font></td>
    <td width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="50%"><font size="2">Please sign exactly as name appears hereon.
      When stock is 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 width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<p align=center><font size="1"><b><font size="2">Sign, Date and Return the Proxy
  Card Promptly Using the Enclosed Envelope</font></b></font><br>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 15; page: 15" --> <!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> </font></p>
<p align=right><font face="Times New Roman, Times, Serif" size="2"><b>COMMON STOCK</b>
  </font> </p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>MUNIYIELD
  QUALITY FUND, INC.<br>
  P.O. Box 9011<br>
  Princeton, New Jersey 08543-9011</b></font></p>
<p align=CENTER><!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
  <font face="Times New Roman, Times, Serif" size=2><b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>This proxy
  is solicited on behalf of the Board of Directors</b></font></p>
<p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2">The
  undersigned hereby appoints Andrew J. Donohue, 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 MuniYield Quality Fund,
  Inc. (the &#147;Fund&#148;) held of record by the undersigned on February 28, 2005, at
  the annual meeting of stockholders of the Fund to be held on April 28, 2005
  or any adjournment thereof.</font></p>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font><b><font size="2">This
      proxy when properly executed will be voted in the manner directed herein
      by the undersigned stockholder. If no direction is made, this proxy will
      be voted FOR Proposals 1, 2 and 3.</font></b></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
  signing and dating the reverse side of this card, you authorize the proxies
  to vote Proposals 1, 2 and 3 as marked, or if not marked, to vote &#147;FOR&#148; Proposals
  1, 2, and 3 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></p>
<p align=right><font size="2">(Continued and to be signed on the reverse side)</font>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 16; page: 16" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>|
  or |X| in blue or black ink. </font></p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width="1%"><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td width="27%"><font face="Times New Roman, Times, Serif" size=2>ELECTION
      OF DIRECTORS </font></td>
    <td width="35%"><font face="Times New Roman, Times, Serif" size=2><b>FOR</b>
      all nominees listed below <br>
      (except as marked to the contrary below) |_| </font></td>
    <td width="37%"><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD
      AUTHORITY</b> <br>
      to vote for all nominees listed below |_| </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size="1"><b><i><font size="2">(Instruction:
  To withhold authority to vote for any individual nominee, strike a line through
  the nominee&#146;s name in the list below.)</font></i><font size="2"> <br>
  <br>
  James H. Bodurtha, Robert C. Doll, Jr., Joe Grills, Roberta Cooper Ramo and
  Stephen B. Swensrud</font></b></font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2. </font></td>
    <td width=26%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      Fund&#146;s fundamental <br>
      investment restriction. </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font size="2">3. </font></td>
    <td width=26%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      articles supplementary <br>
      of the Fund. </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font size="2">4. </font></td>
    <td width=98%> <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 width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 width="50%" align="left" valign="top">
      <p><font size="2">Please sign exactly as name appears hereon. When stock
        is 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 width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p align="center"><font face="Times New Roman, Times, Serif" size="1"><b><font size="2">Sign,
  Date and Return the Proxy Card Promptly Using the Enclosed Envelope</font></b></font></p>
<p><font face="Times New Roman, Times, Serif" size="1"> <!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
  <br>
  </font></p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 16; page: 16" --> <br>
<p align=right><font face="Times New Roman, Times, Serif" size="2"><b> AUCTION
  MARKET<br>
  PREFERRED STOCK</b> </font> </p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>MUNIYIELD
  QUALITY FUND, INC.<br>
  P.O. Box 9011 <br>
  Princeton, New Jersey 08543-9011 </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>This proxy
  is solicited on behalf of the Board of Directors</b></font></p>
<p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2">The
  undersigned hereby appoints Andrew J. Donohue, 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 MuniYield
  Quality Fund, Inc. (the &#147;Fund&#148;) held of record by the undersigned on February
  28, 2005, at the annual meeting of stockholders of the Fund to be held on April
  28, 2005 or any adjournment thereof.</font></p>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font><b><font size="2">This
      proxy when properly executed will be voted in the manner directed herein
      by the undersigned stockholder. If no direction is made, this proxy will
      be voted FOR Proposals 1, 2 and 3.</font></b></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
  signing and dating the reverse side of this card, you authorize the proxies
  to vote Proposals 1, 2 and 3 as marked, or if not marked, to vote &#147;FOR&#148; Proposals
  1, 2 and 3 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></p>
<p align="right"><font size="2">(Continued and to be signed on the reverse side)</font>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 17; page: 17" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>|
  or |X| in blue or black ink. </font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width="1%"><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td width="27%"><font face="Times New Roman, Times, Serif" size=2>ELECTION
      OF DIRECTORS </font></td>
    <td width="35%"><font face="Times New Roman, Times, Serif" size=2><b>FOR</b>
      all nominees listed below <br>
      (except as marked to the contrary below) |_| </font></td>
    <td width="37%"><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD
      AUTHORITY</b> <br>
      to vote for all nominees listed below |_| </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size="1"><b><i><font size="2">(Instruction:
  To withhold authority to vote for any individual nominee, strike a line through
  the nominee&#146;s name in the list below.)</font></i> <font size="2"><br>
  <br>
  </font></b></font><font size="2"><b>James H. Bodurtha, Robert C. Doll, Jr.,
  Joe Grills, Herbert I. London, Roberta Cooper Ramo, Robert S. Salomon, Jr. and
  Stephen B. Swensrud</b> </font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2. </font></td>
    <td width=26%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      Fund&#146;s fundamental <br>
      investment restriction. </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font size="2">3. </font></td>
    <td width=26%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      articles supplementary <br>
      of the Fund. </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font size="2">4. </font></td>
    <td width=98%> <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>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="47%" valign="top"><font face="Times New Roman, Times, Serif" size=2>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 Auction
      Market Preferred Stock  in the same proportion as votes cast by holders
      of Auction Market Preferred Stock who have responded to this proxy solicitation. </font></td>
    <td width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="50%"><font size="2">Please sign exactly as name appears hereon.
      When stock is 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 width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<p align="center"><b><font size="2">Sign, Date and Return the Proxy Card Promptly
  Using the Enclosed Envelope</font></b> </p>
<div align="center"><font size="2"><!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
  </font><br>
</div>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 9; page: 9" --> <!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font size="2"><b>COMMON STOCK</b></font></p>
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>MUNIYIELD
  QUALITY FUND II, INC.<br>
  P.O. Box 9011<br>
  Princeton, New Jersey 08543-9011</b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>This proxy
  is solicited on behalf of the Board of Directors </b></font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2">The
  undersigned hereby appoints Andrew J. Donohue, 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 MuniYield Quality Fund
  II, Inc. (the &#147;Fund&#148;) held of record by the undersigned on February 28, 2005,
  at the annual meeting of stockholders of the Fund to be held on April 28, 2005
  or any adjournment thereof.</font></p>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font><font size="2"><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 FOR Proposals 1, 2 and 3.</b> </font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  By signing and dating the reverse side of this card, you authorize the proxies
  to vote Proposals 1, 2 and 3 as marked, or if not marked, to vote &#147;FOR&#148; Proposals
  1, 2, and 3 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></p>
<p align=right><font size="2">(Continued and to be signed on the reverse side)</font>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 10; page: 10" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>|
  or |X| in blue or black ink. </font></p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width="2%"><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td width="26%"><font face="Times New Roman, Times, Serif" size=2>ELECTION
      OF DIRECTORS </font></td>
    <td width="37%"><font face="Times New Roman, Times, Serif" size=2><b>FOR</b>
      all nominees listed below <br>
      (except as marked to the contrary below) |_| </font></td>
    <td width="35%"><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD
      AUTHORITY</b> <br>
      to vote for all nominees listed below |_| </font></td>
  </tr>
</table>
<p><font face="Times New Roman, Times, Serif" size="1"><b><i><font size="2">(Instruction:
  To withhold authority to vote for any individual nominee, strike a line through
  the nominee&#146;s name in the list below.)</font></i> <font size="2"><br>
  <br>
  Robert C. Doll, Jr., Joe Grills, Roberta Cooper Ramo, Robert S. Salomon, Jr.  and
  Stephen B. Swensrud</font></b></font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2. </font></td>
    <td width=26%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      Fund&#146;s fundamental <br>
      investment restriction. </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font size="2">3. </font></td>
    <td width=26%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      articles supplementary <br>
      of the Fund. </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font size="2">4. </font></td>
    <td width=98%> <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>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 width="50%" align="left" valign="top">
      <p><font size="2">Please sign exactly as name appears hereon. When stock
        is 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 width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<p align="center"><b><font size="2">Sign, Date and Return the Proxy Card Promptly
  Using the Enclosed Envelope</font></b> <br>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 18; page: 18" --> <!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font face="Times New Roman, Times, Serif" size="2"><b>AUCTION
  MARKET <br>
  PREFERRED STOCK</b> </font> </p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>MUNIYIELD
  QUALITY FUND II, INC.<br>
  P.O. Box 9011<br>
  Princeton, New Jersey 08543-9011 </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>This proxy
  is solicited on behalf of the Board of Directors</b></font></p>
<b><!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" --> </b>
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  The undersigned hereby appoints Andrew J. Donohue, 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 MuniYield
  Quality Fund II, Inc. (the &#147;Fund&#148;) held of record by the undersigned on February
  28, 2005, at the annual meeting of stockholders of the Fund to be held on April
  28, 2005 or any adjournment thereof.</font></p>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font><font size="2"><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 FOR Proposals 1, 2 and 3.</b> </font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
  signing and dating the reverse side of this card, you authorize the proxies
  to vote Proposals 1, 2 and 3 as marked, or if not marked, to vote &#147;FOR&#148; Proposals
  1, 2 and 3 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></p>
<p align=right><font size="2">(Continued and to be signed on the reverse side)</font>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 19; page: 19" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>|
  or |X| in blue or black ink. </font></p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width="1%"><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td width="27%"><font face="Times New Roman, Times, Serif" size=2>ELECTION
      OF DIRECTORS </font></td>
    <td width="35%"><font face="Times New Roman, Times, Serif" size=2><b>FOR</b>
      all nominees listed below <br>
      (except as marked to the contrary below) |_| </font></td>
    <td width="37%"><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD
      AUTHORITY</b> <br>
      to vote for all nominees listed below |_| </font></td>
  </tr>
</table>
<p><font face="Times New Roman, Times, Serif" size="1"><b><i><font size="2">(Instruction:
  To withhold authority to vote for any individual nominee, strike a line through
  the nominee&#146;s name in the list below.)</font></i> <font size="2"><br>
  <br>
  James H. Bodurtha, Robert C. Doll, Jr., Joe Grills, Herbert I. London, Roberta
  Cooper Ramo, Robert S. Salomon, Jr. and Stephen B. Swensrud</font></b></font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2. </font></td>
    <td width=26%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      Fund&#146;s fundamental <br>
      investment restriction. </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font size="2">3. </font></td>
    <td width=26%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      articles supplementary <br>
      of the Fund. </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font size="2">4. </font></td>
    <td width=98%> <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>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="47%" valign="top"><font face="Times New Roman, Times, Serif" size=2>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 Auction
      Market Preferred Stock in the same proportion as votes cast by holders
      of Auction Market Preferred Stock  who have responded to this proxy solicitation. </font></td>
    <td width="3%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></td>
    <td width="50%"><font size="2">Please sign exactly as name appears hereon.
      When stock is 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 width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p align="center"><font size="1"><b><font size="2">Sign, Date and Return the Proxy
  Card Promptly Using the Enclosed Envelope</font></b></font><br>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 11; page: 11" --> <!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font face="Times New Roman, Times, Serif" size="2"><b>COMMON SHARES</b>
  </font> </p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>MUNIYIELD
  FLORIDA FUND<br>
  P.O. Box 9011<br>
  Princeton, New Jersey 08543-9011</b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>This proxy
  is solicited on behalf of the Board of Trustees</b></font></p>
<b><!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" --> </b>
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  undersigned hereby appoints Andrew J. Donohue, Donald C. Burke and Alice A.
  Pellegrino, as proxies, each with the power to appoint his or her substitute,
  and hereby authorizes each of them to represent and to vote, as designated on
  the reverse hereof, all the Common Shares of MuniYield Florida Fund (the &#147;Fund&#148;)
  held of record by the undersigned on February 28, 2005, at the annual meeting
  of shareholders of the Fund to be held on April 28, 2005 or any adjournment
  thereof.</font></p>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font><font size="2"><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 FOR Proposals 1, 2 and 3.</b> </font></td>
  </tr>
</table>
<font size="2"><br>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" --><font face="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>By
signing and dating the reverse side of this card, you authorize the proxies to
vote Proposals 1, 2 and 3 as marked, or if not marked, to vote &#147;FOR&#148; Proposals
1, 2 and 3, 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>
<p align=right><font size="2">(Continued and to be signed on the reverse side)</font><br>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 12; page: 12" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>|
  or |X| in blue or black ink. </font></p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>ELECTION OF TRUSTEES
 </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>FOR</b> all nominees
      listed below <br>
      (except as marked to the contrary below) |_| </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD AUTHORITY</b>
      <br>
      to vote for all nominees listed below |_| </font></td>
  </tr>
</table>
<p><font face="Times New Roman, Times, Serif" size="1"><b><i><font size="2">(Instruction:
  To withhold authority to vote for any individual nominee, strike a line through
  the nominee&#146;s name in the list below.)</font></i> <font size="2"><br>
  <br>
  James H. Bodurtha, Robert C. Doll, Jr., Joe Grills, Roberta Cooper Ramo and
  Stephen B. Swensrud</font></b></font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2. </font></td>
    <td width=25%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      Fund&#146;s fundamental <br>
      investment restriction. </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=29%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>3. </font></td>
    <td width=25%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      certificate of designation <br>
      of the Fund. </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=29%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>4. </font></td>
    <td width=98%><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>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 width="50%" align="left" valign="top">
      <p><font size="2">Please sign exactly as name appears hereon. When stock
        is 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 width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<p align=center><font size="1"><b><font size="2">Sign, Date and Return the Proxy
  Card Promptly Using the Enclosed Envelope</font></b></font><br>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 20; page: 20" --> <!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font face="Times New Roman, Times, Serif" size="2"><b>AUCTION
  MARKET <br>
  PREFERRED SHARES</b></font></p>
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>MUNIYIELD
  FLORIDA FUND<br>
  P.O. Box 9011<br>
  Princeton, New Jersey 08543-9011</b></font></p>
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2> <b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font size="2"><b>This proxy is solicited on behalf of the Board
  of Trustees</b></font> </p>
<p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font><font size="2">The undersigned hereby appoints Andrew J. Donohue, Donald
  C. Burke and Alice A. Pellegrino, as proxies, each with the power to appoint
  his or her substitute, and hereby authorizes each of them to represent and to
  vote, as designated on the reverse hereof, all the Auction Market Preferred
  Shares of MuniYield Florida Fund (the &#147;Fund&#148;) held of record by the undersigned
  on February 28, 2005, at the annual meeting of shareholders of the Fund to be
  held on April 28, 2005 or any adjournment thereof.</font></p>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font><font size="2"><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 FOR Proposals 1, 2 and 3.</b> </font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
  signing and dating the reverse side of this card, you authorize the proxies
  to vote Proposals 1, 2 and 3 as marked, or if not marked, to vote &#147;FOR&#148; Proposals
  1, 2 and 3, 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></p>
<p align=right><font size="2">(Continued and to be signed on the reverse side)<br>
  </font> </p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 21; page: 21" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>|
  or |X| in blue or black ink. </font></p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width="2%"><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td width="25%"><font face="Times New Roman, Times, Serif" size=2>ELECTION
      OF TRUSTEES </font></td>
    <td width="38%"><font face="Times New Roman, Times, Serif" size=2><b>FOR</b>
      all nominees listed below <br>
      (except as marked to the contrary below) |_| </font></td>
    <td width="35%"><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD
      AUTHORITY</b> <br>
      to vote for all nominees listed below |_| </font></td>
  </tr>
</table>
<p><font face="Times New Roman, Times, Serif" size="1"><b><i><font size="2">(Instruction:
  To withhold authority to vote for any individual nominee, strike a line through
  the nominee&#146;s name in the list below.)<br>
  </font></i> <font size="2"><br>
  James H. Bodurtha, Robert C. Doll, Jr., Joe Grills, Herbert I. London, Roberta
  Cooper Ramo, Robert S. Salomon, Jr. and Stephen B. Swensrud</font></b></font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2. </font></td>
    <td width=25%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      Fund&#146;s fundamental <br>
      investment restriction. </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=29%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>3. </font></td>
    <td width=25%><font size="2">Proposal to approve <br>
      an amendment to the <br>
      certificate of designation <br>
      of the Fund. </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font>
      <font face="Times New Roman, Times, Serif" size=2> <br>
      &nbsp; |_| </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b> |_| </font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |_| </font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>4. </font></td>
    <td width=98%><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>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="47%" valign="top"><font face="Times New Roman, Times, Serif" size=2>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 Auction
      Market Preferred Shares in the same proportion as votes cast by holders
      of Auction Market Preferred Shares who have responded to this proxy solicitation. </font></td>
    <td width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="50%"><font size="2">Please sign exactly as name appears hereon.
      When stock is 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 width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"> </font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<p align=center><b><font size="2">Sign, Date and Return the Proxy Card Promptly
  Using the Enclosed Envelope</font></b><br>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp; </font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp; </font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>



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