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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000891092-06-000724.txt : 20060322
<SEC-HEADER>0000891092-06-000724.hdr.sgml : 20060322
<ACCEPTANCE-DATETIME>20060321184629
ACCESSION NUMBER:		0000891092-06-000724
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060427
FILED AS OF DATE:		20060322
DATE AS OF CHANGE:		20060321
EFFECTIVENESS DATE:		20060322

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:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07083
		FILM NUMBER:		06702250

	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 V INC
		CENTRAL INDEX KEY:			0001160469
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-10521
		FILM NUMBER:		06702255

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05739
		FILM NUMBER:		06702253

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

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:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06540
		FILM NUMBER:		06702245

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

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:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06570
		FILM NUMBER:		06702243

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

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21318
		FILM NUMBER:		06702254

	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 QUALITY FUND INC
		CENTRAL INDEX KEY:			0000890196
		IRS NUMBER:				223170744
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06660
		FILM NUMBER:		06702241

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05227
		FILM NUMBER:		06702256

	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 CALIFORNIA INSURED FUND INC
		CENTRAL INDEX KEY:			0000888410
		IRS NUMBER:				223194459
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06692
		FILM NUMBER:		06702248

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIYIELD CALIFORNIA INSURED FUND II INC
		DATE OF NAME CHANGE:	19920929

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:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06500
		FILM NUMBER:		06702242

	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 FUND INC
		CENTRAL INDEX KEY:			0000879361
		IRS NUMBER:				223136942
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06414
		FILM NUMBER:		06702246

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06501
		FILM NUMBER:		06702244

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06499
		FILM NUMBER:		06702249

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06502
		FILM NUMBER:		06702247

	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

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:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06660
		FILM NUMBER:		06702240

	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:			MUNIHOLDINGS CALIFORNIA INSURED FUND
		CENTRAL INDEX KEY:			0001051004
		IRS NUMBER:				223559052

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08573
		FILM NUMBER:		06702252

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-09191
		FILM NUMBER:		06702251

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>e21255def14a.htm
<DESCRIPTION>DEFINITIVE 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 22, 2006
  </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>         [&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>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>         [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>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>

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<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>


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<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>
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<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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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Payment of filing fee (Check the
appropriate box): </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>         [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>

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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
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: 6; page: 6" -->







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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 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></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>NOTICE OF 2006
ANNUAL MEETINGS OF STOCKHOLDERS </B></FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>TO    BE HELD ON
APRIL 27, 2006 </B></FONT></P>


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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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: 21; page: 21" -->


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<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>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICE
IS HEREBY GIVEN that the 2006 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 27, 2006 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>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; 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>To
transact such other business as may properly come before the            Meetings or any
adjournment thereof. </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&#146;s Board has fixed the close of business on February 27, 2006 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>

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<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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<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, Computershare Fund Services, at 1-800-543-6217. </FONT></P>



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<TABLE WIDTH=100%>
  <TR ALIGN="center" VALIGN=top>
    <TD WIDTH=30%>&nbsp;</TD>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=21%>&nbsp;</TD>
    <TD WIDTH=5% align="left">&nbsp;</TD>
    <TD WIDTH=39% align="left"><font size=2>By
Order of the                                                            Boards of
Directors                                                            </font></TD>
  </TR>
  <TR ALIGN="center" VALIGN=top>
    <TD WIDTH=30%>&nbsp;</TD>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=21%>&nbsp;</TD>
    <TD WIDTH=5% align="left">&nbsp;</TD>
    <TD WIDTH=39% align="left">&nbsp;</TD>
  </TR>
  <TR ALIGN="center" VALIGN=top>
    <TD WIDTH=30%>&nbsp;</TD>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=21%>&nbsp;</TD>
    <TD WIDTH=5% align="left">&nbsp;</TD>
    <TD WIDTH=39% align="left"><font 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 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>
  <TR ALIGN="center" VALIGN=top>
    <TD WIDTH=30% align="left"><font size=2>Plainsboro,
New Jersey <br>
      Dated: March 22, 2006 </font></TD>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=21%>&nbsp;</TD>
    <TD WIDTH=5% align="left">&nbsp;</TD>
    <TD WIDTH=39% align="left">&nbsp;</TD>
  </TR>


</TABLE>



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<BR>
&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><font size="3">COMBINED PROXY
STATEMENT</font> </B></FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><font size="3">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 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 </font></B></FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><font size="3">2005 ANNUAL MEETINGS
OF STOCKHOLDERS </font></B></FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><font size="3">April 27, 2006 </font></B></FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>TABLE OF CONTENTS </B></FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT SIZE=1></FONT></TH>
     <TH COLSPAN=2><FONT SIZE=1>Page</FONT><hr width=95% size="1" noshade></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=92% ALIGN=LEFT><FONT SIZE=2>INTRODUCTION 1</FONT></TD>
     <TD WIDTH=4% ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=RIGHT><FONT SIZE=2></FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>ITEM 1.  ELECTION OF DIRECTORS</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT SIZE=2>2</FONT></TD>
        <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biographical Information</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT SIZE=2>3</FONT></TD>
        <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Committee and Board Meetings</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT SIZE=2>5</FONT></TD>
        <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director Attendance at Board and Committee Meetings</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT SIZE=2>6</FONT></TD>
        <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholder Communications</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT SIZE=2>7</FONT></TD>
        <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director Attendance at Stockholder Meetings</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT SIZE=2>7</FONT></TD>
        <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16(a) Beneficial Ownership Reporting Compliance</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT SIZE=2>7</FONT></TD>
        <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interested Persons</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT SIZE=2>7</FONT></TD>
        <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation of Directors</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT SIZE=2>7</FONT></TD>
        <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Officers of Each Fund</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT SIZE=2>8</FONT></TD>
        <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Ownership</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT SIZE=2>8</FONT></TD>
        <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>ADDITIONAL INFORMATION</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT SIZE=2>8</FONT></TD>
        <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses and Methods of Proxy Solicitation</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT SIZE=2>8</FONT></TD>
        <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quorum and Vote Required</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT SIZE=2>8</FONT></TD>
        <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broker Non-Votes and Abstentions</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT SIZE=2>10</FONT></TD>
        <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Matters</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT SIZE=2>10</FONT></TD>
        <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Registered Public Accounting Firms&#146; Fees</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT SIZE=2>10</FONT></TD>
        <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit Committee&#146;s Pre-Approval Policies and Procedures</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT SIZE=2>12</FONT></TD>
        <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT SIZE=2>12</FONT></TD>
        <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address of Investment Adviser</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT SIZE=2>12</FONT></TD>
        <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Report Delivery</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT SIZE=2>13</FONT></TD>
        <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholder Proposals</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT SIZE=2>13</FONT></TD>
        <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>



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</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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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>TABLE OF CONTENTS
(continued) </B></FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT SIZE=1></FONT></TH>
     <TH COLSPAN=2><FONT SIZE=1>Page</FONT><hr width=95% size="1" noshade></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=90% ALIGN=LEFT><FONT SIZE=2>Exhibit A &#151;  Information Pertaining to Each Fund</FONT></TD>
     <TD WIDTH=4% ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=4% ALIGN=RIGHT><FONT SIZE=2>A-1</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>Exhibit B &#151;  Information Pertaining to the Director Nominees</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT SIZE=2>B-1</FONT></TD>
        <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>Exhibit C &#151;  Information Pertaining to the Officers</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT SIZE=2>C-1</FONT></TD>
        <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Exhibit D &#151;  Audit Committee Charter</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT SIZE=2>D-1</FONT></TD>
        <TD ALIGN=LEFT><FONT SIZE=2>&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
Funds will be referred to throughout this Combined Proxy Statement as listed below. </FONT></P>





<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>

    <TH COLSPAN=2 align="left"><FONT SIZE=1>Fund</FONT>
      <hr width=10% size="1" noshade align="left">
    </TH>
     <TH COLSPAN=2><FONT SIZE=1>Term Used in this Combined Proxy Statement</FONT>
      <hr size="1" noshade>
    </TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=62% ALIGN=LEFT><FONT SIZE=2>Apex Municipal Fund, Inc.</FONT></TD>
     <TD WIDTH=4% ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=32% ALIGN=LEFT><FONT SIZE=2>Apex</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>Corporate High Yield Fund V, Inc.</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>CHY V</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>Corporate High Yield Fund VI, Inc.</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>CHY VI</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniEnhanced Fund, Inc.</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniEnhanced</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings California Insured Fund, Inc.</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MH California Insured</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings Insured Fund II, Inc.</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MH Insured II</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniYield Arizona Fund, Inc.</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MY Arizona</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniYield California Fund, Inc.</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MY California</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniYield California Insured Fund, Inc.</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MY California Insured</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniYield Florida Fund</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MY Florida</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniYield Fund, Inc.</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MY Fund</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniYield Insured Fund, Inc.</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MY Insured</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniYield Michigan Insured Fund II, Inc.</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MY Michigan Insured II</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniYield New Jersey Fund, Inc.</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MY New Jersey</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniYield New York Insured Fund, Inc.</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MY New York Insured</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniYield Quality Fund, Inc.</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MY Quality</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniYield Quality Fund II, Inc.</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MY Quality II</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>



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<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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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<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
2006 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 27, 2006, at the
time specified in Exhibit A hereto. The approximate mailing date of this Combined Proxy
Statement is March 23, 2006. </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 &#147;FOR&#148; the
election of the Director nominees of each Fund. Any proxy may be revoked at any time
prior to the exercise thereof by giving written notice to the Secretary of the applicable
Fund at 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 27, 2006 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. 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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<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 the election of Directors
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 the election of Directors are outlined in
the following chart: </FONT></P>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>

    <TH COLSPAN=2 align="left"><FONT SIZE=1>Fund</FONT>
      <hr width=10% size="1" noshade align="left">
    </TH>
     <TH COLSPAN=2><FONT SIZE=1>Item 1.<BR>
Election of <BR> Directors</FONT><hr width=95% size="1" noshade></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=46% ALIGN=LEFT><FONT SIZE=2>Apex</FONT></TD>
     <TD WIDTH=6% ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=46% ALIGN=CENTER><FONT SIZE=2>Common Stock</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>CHY V</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>Common Stock</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>CHY VI</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>Common Stock</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniEnhanced*</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>Common Stock and AMPS**</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MH California Insured*</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>Common Stock and AMPS**</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MH Insured II*</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>Common Stock and AMPS**</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MY Arizona*</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>Common Stock and AMPS**</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MY California*</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>Common Stock and AMPS**</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MY California Insured*</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>Common Stock and AMPS**</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MY Florida*</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>Common Stock and AMPS**</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MY Fund*</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>Common Stock and AMPS**</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MY Insured*</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>Common Stock and AMPS**</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MY Michigan Insured II*</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>Common Stock and AMPS**</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MY New Jersey*</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>Common Stock and AMPS**</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MY New York Insured*</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>Common Stock and AMPS**</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MY Quality*</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>Common Stock and AMPS**</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MY Quality II*</FONT></TD><TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>Common Stock and AMPS**</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>




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<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">The
holders of Shares of Common Stock and AMPS are entitled to vote on the     election of
Directors. See &#147;Additional Information&#151;Quorum and Vote     Required.&#148;</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">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>



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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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>





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





<!-- 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;On
February 15, 2006, BlackRock, Inc. (&#147;BlackRock&#148;) and Merrill Lynch &amp; Co., Inc.
(&#147;Merrill Lynch&#148;) announced that they have reached an agreement to merge Merrill Lynch&#146;s
investment management business, Merrill Lynch Investment Managers, L.P. and certain
affiliates (including Fund Asset Management, L.P. and Merrill Lynch International
Limited), and BlackRock to create a new independent company that will be one of the
world&#146;s largest asset management firms with nearly $1 trillion in assets under
management. Merrill Lynch will hold a 49.8% stake and will have a 45% voting interest in
the combined company. The new company will operate under the BlackRock name and be
governed by a board of directors with a majority of independent members. The combined
company will offer a full range of equity, fixed income, cash management and alternative
investment products with strong representation in both retail and institutional channels,
in the U.S. and in non-U.S. markets. It will have over 4,500 employees in 18 countries
and a major presence in most key markets, including the United States, the United
Kingdom, Asia, Australia, the Middle East and Europe. The transaction has been approved
by the boards of directors of both Merrill Lynch and BlackRock and is expected to close
in the third quarter of 2006. </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;As
a result of the above transaction, the combined company is expected to become the
investment adviser to each of the Funds contingent upon the approval of the Fund&#146;s Board
of Directors and shareholders. </FONT></P>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ITEM 1. ELECTION OF
DIRECTORS </B></FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </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;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., Kenneth A. Froot, Joe Grills, Herbert I. London,
Roberta Cooper Ramo and Robert S. Salomon, Jr. (collectively, the &#147;Director Nominees&#148;). </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;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, two Class I Directors of Apex are to be elected.
The Class I Director Nominees are Mr. Grills and Ms. Ramo. </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;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>


<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>For Apex: </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;All
properly executed proxies will be voted &#147;FOR&#148; the two (2) Class I Director Nominees, Joe
Grills and Roberta Cooper Ramo to serve until the 2009 Annual Meeting 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>For CHY V and CHY VI: </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;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>






<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
  <TR VALIGN=Bottom>

    <TH COLSPAN=4>&nbsp;
      </TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD WIDTH=31% ALIGN=LEFT>&nbsp;</TD>
    <td align=center colspan="2"><b><font size=1>Nominees to be Elected by Holders of <br>
       Shares of CHY V and CHY VI </font>
      </b>
      <hr width=95% size="1" noshade>
    </td>
    <TD WIDTH=23% ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD WIDTH=31% ALIGN=LEFT>&nbsp;</TD>
    <td width=24% align=LEFT><font size=2>James H. Bodurtha</font></td>
    <TD WIDTH=22% ALIGN=LEFT><FONT SIZE=2>Herbert I. London</FONT></TD>
    <TD WIDTH=23% ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="31%">&nbsp;</TD>
    <td align=LEFT width="24%"><font size=2>Robert C. Doll, Jr</font></td>
    <TD ALIGN=LEFT width="22%"><FONT SIZE=2>Roberta Cooper Ramo</FONT></TD>
    <TD ALIGN=LEFT width="23%"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="31%">&nbsp;</TD>
    <td align=LEFT width="24%"><font size=2>Kenneth A. Froot</font></td>
    <TD ALIGN=LEFT width="22%"><FONT SIZE=2>Robert S. Salomon, Jr.</FONT></TD>
    <TD ALIGN=LEFT width="23%"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="31%">&nbsp;</TD>
    <td align=LEFT width="24%"><font size=2>Joe Grills</font></td>
  </TR>
</TABLE>







<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><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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<HR SIZE=1 noshade ALIGN=left  WIDTH=75>



<!-- MARKER FORMAT-SHEET="Para Hang 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>      (1)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><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>

<!-- MARKER FORMAT-SHEET="Para Hang 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>      (2)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><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>


<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<table border=0 cellspacing=0 cellpadding=0 width="650" align="center">

  <tr valign="bottom">

    <td>

      <p align=left><b><font face="Times" size="1">Fund</font></b></p>
    </td>
    <td>

      <p align=left><b><font face="Times" size="1">Director Nominees to be
  Elected by <br>
           Holders of AMPS</font></b></p>
    </td>
    <td>

      <p align=left><b><font face="Times" size="1">Director Nominees to be
  Elected by <br>
           Holders of Shares and AMPS</font></b></p>
    </td>
  </tr>

  <tr>

    <td valign=top colspan="3">

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

  <tr>

    <td valign=top>

      <p align=left><font face="Times" size="2">MuniEnhanced</font></p>
    </td>
    <td valign=top>

      <p align=left><font face="Times" size="2">Herbert
  I. London and <br>
           Robert S. Salomon, Jr.</font></p>
    </td>
    <td valign=top>

      <p align=left><font face="Times" size="2">James H.
  Bodurtha, Robert C. Doll, Jr., Kenneth A. <br>
          Froot, Joe Grills and Roberta
  Cooper Ramo</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top colspan="3">

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

  <tr>

    <td valign=top>

      <p align=left><font face="Times" size="2">MH
  California Insured </font></p>
    </td>
    <td valign=top>

      <p align=left><font face="Times" size="2">Herbert
  I. London and <br>
          Robert S. Salomon, Jr.</font></p>
    </td>
    <td valign=top>

      <p align=left><font face="Times" size="2">James H.
  Bodurtha, Robert C. Doll, Jr., Kenneth A. <br>
          Froot, Joe Grills and Roberta
  Cooper Ramo</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top colspan="3">

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

















































</table>
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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>






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 26; page: 26" -->




<table border=0 cellspacing=0 cellpadding=0 width="650" align="center">

  <tr valign="bottom">

    <td>

      <p align=left><b><font face="Times" size="1">Fund</font></b></p>
    </td>
    <td>

      <p align=left><b><font face="Times" size="1">Director Nominees to be
  Elected by <br>
           Holders of AMPS</font></b></p>
    </td>
    <td>

      <p align=left><b><font face="Times" size="1">Director Nominees to be
  Elected by <br>
           Holders of Shares and AMPS</font></b></p>
    </td>
  </tr>

  <tr>

    <td valign=top colspan="3">

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









  <tr>

    <td valign=top>

      <p align=left><font face="Times" size="2">MH
  Insured II</font></p>
    </td>
    <td valign=top>

      <p align=left><font face="Times" size="2">James H.
  Bodurtha and <br>
          Robert S. Salomon, Jr.</font></p>
    </td>
    <td valign=top>

      <p align=left><font face="Times" size="2">Robert C.
  Doll, Jr., Kenneth A. Froot, Joe Grills, <br>
           Herbert I. London and Roberta Cooper
  Ramo</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top colspan="3">

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

  <tr>

    <td valign=top>

      <p align=left><font face="Times" size="2">MY Arizona </font></p>
    </td>
    <td valign=top>

      <p align=left><font face="Times" size="2">Herbert
  I. London and <br>
          Robert S. Salomon, Jr.</font></p>
    </td>
    <td valign=top>

      <p align=left><font face="Times" size="2">James H.
  Bodurtha, Robert C. Doll, Jr., Kenneth A. <br>
          Froot, Joe Grills and Roberta
  Cooper Ramo</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top colspan="3">

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

  <tr>

    <td valign=top>

      <p align=left><font face="Times" size="2">MY California</font></p>
    </td>
    <td valign=top>

      <p align=left><font face="Times" size="2">Herbert
  I. London and <br>
          Robert S. Salomon, Jr.</font></p>
    </td>
    <td valign=top>

      <p align=left><font face="Times" size="2">James H.
  Bodurtha, Robert C. Doll, Jr., Kenneth A. <br>
          Froot, Joe Grills and Roberta
  Cooper Ramo</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top colspan="3">

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

  <tr>

    <td valign=top>

      <p align=left><font face="Times" size="2">MY California Insured</font></p>
    </td>
    <td valign=top>

      <p align=left><font face="Times" size="2">Herbert
  I. London and <br>
          Robert S. Salomon, Jr.</font></p>
    </td>
    <td valign=top>

      <p align=left><font face="Times" size="2">James H.
  Bodurtha, Robert C. Doll, Jr., Kenneth A. <br>
          Froot, Joe Grills and Roberta
  Cooper Ramo</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top colspan="3">

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

  <tr>

    <td valign=top>

      <p align=left><font face="Times" size="2">MY Florida</font></p>
    </td>
    <td valign=top>

      <p align=left><font face="Times" size="2">Herbert
  I. London and <br>
          Robert S. Salomon, Jr.</font></p>
    </td>
    <td valign=top>

      <p align=left><font face="Times" size="2">James H.
  Bodurtha, Robert C. Doll, Jr., Kenneth A. <br>
          Froot, Joe Grills and Roberta
  Cooper Ramo</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top colspan="3">

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

  <tr>

    <td valign=top>

      <p align=left><font face="Times" size="2">MY Fund</font></p>
    </td>
    <td valign=top>

      <p align=left><font face="Times" size="2">James H.
  Bodurtha and <br>
          Herbert I. London</font></p>
    </td>
    <td valign=top>

      <p align=left><font face="Times" size="2">Robert C.
  Doll, Jr., Kenneth A. Froot, Joe Grills, <br>
          Roberta Cooper Ramo and Robert S.
  Salomon, Jr</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top colspan="3">

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

  <tr>

    <td valign=top>

      <p align=left><font face="Times" size="2">MY
  Insured</font></p>
    </td>
    <td valign=top>

      <p align=left><font face="Times" size="2">James H.
  Bodurtha and <br>
          Robert S. Salomon, Jr.</font></p>
    </td>
    <td valign=top>

      <p align=left><font face="Times" size="2">Robert C.
  Doll, Jr., Kenneth A. Froot, Joe Grills, <br>
          Herbert I. London and Roberta Cooper
  Ramo</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top colspan="3">

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

  <tr>

    <td valign=top>

      <p align=left><font face="Times" size="2">MY Michigan Insured II</font></p>
    </td>
    <td valign=top>

      <p align=left><font face="Times" size="2">Herbert
  I. London and <br>
          Robert S. Salomon, Jr.</font></p>
    </td>
    <td valign=top>

      <p align=left><font face="Times" size="2">James H.
  Bodurtha, Robert C. Doll, Jr., Kenneth A. <br>
          Froot, Joe Grills and Roberta
  Cooper Ramo</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top colspan="3">

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

  <tr>

    <td valign=top>

      <p align=left><font face="Times" size="2">MY New Jersey </font></p>
    </td>
    <td valign=top>

      <p align=left><font face="Times" size="2">Herbert
  I. London and <br>
          Robert S. Salomon, Jr.</font></p>
    </td>
    <td valign=top>

      <p align=left><font face="Times" size="2">James H.
  Bodurtha, Robert C. Doll, Jr., Kenneth A. <br>
          Froot, Joe Grills and Roberta
  Cooper Ramo</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top colspan="3">

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

  <tr>

    <td valign=top>

      <p align=left><font face="Times" size="2">MY New York Insured</font></p>
    </td>
    <td valign=top>

      <p align=left><font face="Times" size="2">Herbert
  I. London and <br>
          Robert S. Salomon, Jr.</font></p>
    </td>
    <td valign=top>

      <p align=left><font face="Times" size="2">James H.
  Bodurtha, Robert C. Doll, Jr., Kenneth A. <br>
          Froot, Joe Grills and Roberta
  Cooper Ramo</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top colspan="3">

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

  <tr>

    <td valign=top>

      <p align=left><font face="Times" size="2">MY
  Quality </font></p>
    </td>
    <td valign=top>

      <p align=left><font face="Times" size="2">Herbert
  I. London and <br>
          Robert S. Salomon, Jr.</font></p>
    </td>
    <td valign=top>

      <p align=left><font face="Times" size="2">James H.
  Bodurtha, Robert C. Doll, Jr., Kenneth A. <br>
          Froot, Joe Grills and Roberta
  Cooper Ramo</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top colspan="3">

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

  <tr>

    <td valign=top>

      <p align=left><font face="Times" size="2">MY
  Quality II</font></p>
    </td>
    <td valign=top>

      <p align=left><font face="Times" size="2">James H.
  Bodurtha and <br>
          Herbert I. London</font></p>
    </td>
    <td valign=top>

      <p align=left><font face="Times" size="2">Robert C.
  Doll, Jr., Kenneth A. Froot, Joe Grills, <br>
          Roberta Cooper Ramo and Robert S.
  Salomon, Jr.</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top colspan="3">

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

</table>
<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><!-- 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
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>


<!-- 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 cellspacing=0 cellpadding=3 width=600 align="center">

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

    <td width=105>
        <b><font face="Times" size="1">Name, Address&#134; <br>
      and Age </font></b>

      <hr size="1" noshade>
      </td>
    <td width=82>
        <b><font face="Times" size="1">Position(s) Held with Each
  Fund </font></b>

      <hr size="1" noshade>
      </td>
    <td width=82>
        <b><font face="Times" size="1">Term of Office <br>
           and Length of <br>
  Time Served </font></b>

      <hr size="1" noshade>
      </td>
    <td width=177>
        <b><font face="Times" size="1">Principal Occupation(s) <br>
           During
  Past Five Years </font></b>

      <hr size="1" noshade>
      </td>
    <td width=63>
         <b><font face="Times" size="1">Number of MLIM/FAM-Advised
  Funds** and Portfolios Overseen </font></b>

      <hr size="1" noshade>
      </td>
    <td width=53>
        <b><font face="Times" size="1">Public <br>
          Directorships </font></b>

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

  <tr>

    <td width=105 valign=top>

      <p><font face="Times" size="1">Robert C. Doll, Jr.&#134;&#134; (51)</font></p>
    </td>
    <td width=82 valign=top>

      <p><font face="Times" size="1">President and Director*</font></p>
    </td>
    <td width=82 valign=top>

      <p><font face="Times" size="1">President and Director of
  each Fund since 2005.</font></p>
    </td>
    <td width=177 valign=top>

      <p><font face="Times" 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 OppenheimerFunds,
  Inc. in 1999 and Executive Vice President thereof from 1991 to 1999. </font></p>
    </td>
    <td width=63 valign=top>

      <p><font face="Times" size="1">131 registered investment
  companies consisting of 177 ortfolios</font></p>
    </td>
    <td width=53 valign=top>

      <p><font face="Times" size="1">None</font></p>
    </td>
  </tr>

</table>
<hr size=1 noshade align=left  width=75>
<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="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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>






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 27; page: 27" -->




<!-- 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;), the American Stock Exchange (&#147;AMEX&#148;) or The NASDAQ National Market (&#147;NASDAQ&#148;),
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 cellspacing=0 cellpadding=3 width=600 align="center">

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

    <td width=105>
        <b><font face="Times" size="1">Name, Address* <br>
      and Age </font></b>

      <hr size="1" noshade>
      </td>
    <td width=82>
        <b><font face="Times" size="1">Position(s) Held with Each
  Fund </font></b>

      <hr size="1" noshade>
      </td>
    <td width=82>
        <b><font face="Times" size="1">Term of Office&#134; and Length <br>
          of Time Served </font></b>

      <hr size="1" noshade>
      </td>
    <td width=177>
        <b><font face="Times" size="1">Principal Occupation(s) <br>
          During
  Past Five Years </font></b>

      <hr size="1" noshade>
      </td>
    <td width=63>
        <b><font face="Times" size="1">Number of MLIM/FAM-Advised
  Funds and Portfolios Overseen </font></b>
      <hr noshade size="1" width="97%">
      </td>
    <td width=53>
         <b><font face="Times" size="1">&nbsp;Public Directorships </font></b>

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

  <tr>

    <td width=105 valign=top>

      <p><font face="Times" size="1">James H. Bodurtha** (62)</font></p>
    </td>
    <td width=82 valign=top>

      <p><font face="Times" size="1">Director</font></p>
    </td>
    <td width=82 valign=top>

      <p><font face="Times" size="1">Director of each Fund
  since the year listed in Exhibit B.</font></p>
    </td>
    <td width=177 valign=top>

      <p><font face="Times" size="1">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 width=63 valign=top>

      <p><font face="Times" size="1">39 registered investment
  companies consisting of 59 portfolios</font></p>
    </td>
    <td width=53 valign=top>

      <p><font face="Times" size="1">None</font></p>
    </td>
  </tr>

  <tr>

    <td width=105 valign=top>

      <p><font face="Times" size="1">Kenneth A. Froot (48)</font></p>
    </td>
    <td width=82 valign=top>

      <p><font face="Times" size="1">Director</font></p>
    </td>
    <td width=82 valign=top>

      <p><font face="Times" size="1">Director of each Fund
  since the year listed in Exhibit B.</font></p>
    </td>
    <td width=177 valign=top>

      <p><font face="Times" size="1">Professor, Harvard University
  since 1992; Professor, Massachusetts Institute of Technology from 1986 to 1992.</font></p>
    </td>
    <td width=63 valign=top>

      <p><font face="Times" size="1">39 registered investment
  companies consisting of 59 portfolios</font></p>
    </td>
    <td width=53 valign=top>

      <p><font face="Times" size="1">None</font></p>
    </td>
  </tr>

  <tr>

    <td width=105 valign=top>

      <p><font face="Times" size="1">Joe Grills** (71)</font></p>
    </td>
    <td width=82 valign=top>

      <p><font face="Times" size="1">Director</font></p>
    </td>
    <td width=82 valign=top>

      <p><font face="Times" size="1">Director of each Fund since
  the year listed in Exhibit B.</font></p>
    </td>
    <td width=177 valign=top>

      <p><font face="Times" size="1">Member of the Committee of
  Investment of Employee Benefit Assets of the Association of Financial
  Professionals (&#147;CIEBA&#148;) 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 (&#147;IBM&#148;) 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,
  Vice Chairman thereof from 2002 to 2005, and Chairman thereof since 2005;
  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 width=63 valign=top>

      <p><font face="Times" size="1">39 registered investment
  companies consisting of 59 portfolios</font></p>
    </td>
    <td width=53 valign=top>

      <p><font face="Times" size="1">Kimco Realty Corporation</font></p>
    </td>
  </tr>


  <tr>

    <td width=105 valign=top>

      <p><font face="Times" size="1">Herbert I. London (67)</font></p>
    </td>
    <td width=82 valign=top>

      <p><font face="Times" size="1">Director</font></p>
    </td>
    <td width=82 valign=top>

      <p><font face="Times" size="1">Director of each Fund
  since the year listed in Exhibit B.</font></p>
    </td>
    <td width=177 valign=top>

      <p><font face="Times" size="1">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 width=63 valign=top>

      <p><font face="Times" size="1">39 registered investment
  companies consisting of 59 portfolios</font></p>
    </td>
    <td width=53 valign=top>

      <p><font face="Times" size="1">None</font></p>
    </td>
  </tr>

</table>
&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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>






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 28; page: 28" -->





<table cellspacing=0 cellpadding=3 width=600 align="center">

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

    <td width=105>
        <b><font face="Times" size="1">Name, Address* <br>
      and Age </font></b>

      <hr size="1" noshade>
      </td>
    <td width=82>
         <b><font face="Times" size="1">Position(s) Held with Each
  Fund </font></b>

      <hr size="1" noshade>
      </td>
    <td width=82>
         <b><font face="Times" size="1">Term of Office&#134; and Length <br>
          of Time Served </font></b>

      <hr size="1" noshade>
      </td>
    <td width=177>
         <b><font face="Times" size="1">Principal Occupation(s) <br>
          During
  Past Five Years </font></b>

      <hr size="1" noshade>
      </td>
    <td width=63>
         <b><font face="Times" size="1">Number of MLIM/FAM-Advised
  Funds and Portfolios Overseen </font></b>

      <hr size="1" noshade>
      </td>
    <td width=53>
         <b><font face="Times" size="1">&nbsp;Public Directorships </font></b>

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






  <tr>

    <td width=105 valign=top>

      <p><font face="Times" size="1">Roberta Cooper Ramo (63)</font></p>
    </td>
    <td width=82 valign=top>

      <p><font face="Times" size="1">Director</font></p>
    </td>
    <td width=82 valign=top>

      <p><font face="Times" size="1">Director of each Fund
  since the year listed in Exhibit B.</font></p>
    </td>
    <td width=177 valign=top>

      <p><font face="Times" size="1">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 width=63 valign=top>

      <p><font face="Times" size="1">39 registered investment
  companies consisting of 59 portfolios</font></p>
    </td>
    <td width=53 valign=top>

      <p><font face="Times" size="1">None</font></p>
    </td>
  </tr>

  <tr>

    <td width=105 valign=top>

      <p><font face="Times" size="1">Robert S. Salomon, Jr.
  (69)</font></p>
    </td>
    <td width=82 valign=top>

      <p><font face="Times" size="1">Director</font></p>
    </td>
    <td width=82 valign=top>

      <p><font face="Times" size="1">Director of each Fund
  since the year listed in Exhibit B.</font></p>
    </td>
    <td width=177 valign=top>

      <p><font face="Times" size="1">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 2002; 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 width=63 valign=top>

      <p><font face="Times" size="1">39 registered investment
  companies consisting of 59 portfolios</font></p>
    </td>
    <td width=53 valign=top>

      <p><font face="Times" size="1">None</font></p>
    </td>
  </tr>

</table>
<hr size=1 noshade align=left  width=75>
<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, resignation, or removal as provided in the       Fund&#146;s 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>Committee and Board
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
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,
Froot, Grills, London and Salomon, 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>

<!-- 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;<I>Audit
Committees</I> </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
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 recommend 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, a copy of which is
attached to this Combined Proxy Statement as Exhibit D. Each Audit Committee has retained
independent legal counsel to assist it in connection with these duties. </FONT></P>



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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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>





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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;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 LLP (&#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
LLP (&#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>

<!-- 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
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 Fund&#146;s most recently completed 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>

<!-- 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;<I>Nominating
Committees</I> </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
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 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 has adopted a written Charter for the Nominating Committee, a copy of
which was last filed as an exhibit to the Funds&#146; Combined Proxy Statement in connection
with the 2005 Annual Meeting of Stockholders of the Funds. The nomination of Mr. Froot
was recommended to the Nominating Committee by a non-interested Director. </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
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, AMEX or
NASDAQ, 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>Director Attendance at
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;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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6</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 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>

<!-- 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;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 2005 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>Section 16(a)
Beneficial Ownership Reporting Compliance </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>

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<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.e., 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, MLIM,
Princeton Services and Princeton Administrators. 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 $150,000 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>

<!-- 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 (i) 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 received by each
non-interested Director is set forth in Exhibit B to this Combined Proxy Statement. </FONT></P>




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<BR>&nbsp;
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7</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: 31; page: 31" -->




<!-- 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>


<!-- 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 equity securities owned in all registered funds
overseen by the Director Nominee in the Merrill Lynch family of funds. </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;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>

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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 election
of the Director Nominees.</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>ADDITIONAL
INFORMATION </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>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 Computershare Fund Services, 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>


<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<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=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>
Apex
(Shares of Common Stock only)  <BR>MuniEnhanced (Shares of Common Stock       and AMPS)  <BR>MY
Arizona (Shares of Common Stock and AMPS)  <BR>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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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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>





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




<!-- 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;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=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>
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>


<!-- 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;For
Funds with Shares of Common Stock and AMPS outstanding, 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 Item 1. Election of Directors 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. </FONT></P>


<table border=0 cellspacing=0 cellpadding=0 width="660" align="center">


  <tr>

    <td valign=top width=111>

      <p align="center">&nbsp;</p>
    </td>
    <td valign=top width=16><font size="1">&nbsp;&nbsp;&nbsp;</font></td>
    <td valign=top width=513 colspan="3">

      <p align="center"><font size="1"><b>Item 1</b></font>

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

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

    <td width=111>

      <p><b><font size="1">Fund</font></b></p>
    </td>
    <td width=16><b></b></td>
    <td width=264>

      <p><b><font size="1">Election
  of <br>
          MPS Directors</font></b></p>
    </td>
    <td width=16><b><font size="1">&nbsp;&nbsp;&nbsp;</font></b></td>
    <td width=233>

      <p><b><font size="1">Election
  of Other Directors</font></b></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=640 colspan="5">

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

  <tr>

    <td valign=top width=111>

      <p><font size="1">Apex</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=264>

      <p><font size="1">N/A</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=233>

      <p><font size="1">Affirmative
  vote of a plurality of votes cast by the holders of Shares of Common Stock</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=640 colspan="5">

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

  <tr>

    <td valign=top width=111>

      <p><font size="1">CHY
  V</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=264>

      <p><font size="1">N/A</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=233>

      <p><font size="1">Affirmative
  vote of a plurality of votes cast by the holders of Shares of Common Stock</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=640 colspan="5">

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

  <tr>

    <td valign=top width=111>

      <p><font size="1">CHY
  VI</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=264>

      <p><font size="1">N/A</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=233>

      <p><font size="1">Affirmative
  vote of a plurality of votes cast by the holders of Shares of Common Stock</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=640 colspan="5">

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

  <tr>

    <td valign=top width=111>

      <p><font size="1">MuniEnhanced</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=264>

      <p><font size="1">Affirmative
  vote of a plurality of votes cast by the holders of AMPS, voting as a
  separate class</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=233>

      <p><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></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=640 colspan="5">

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

  <tr>

    <td valign=top width=111>

      <p><font size="1">MH
  California Insured</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=264>

      <p><font size="1">Affirmative
  vote of a plurality of votes cast by the holders of AMPS, voting as a
  separate class</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=233>

      <p><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></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=640 colspan="5">

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

  <tr>

    <td valign=top width=111>

      <p><font size="1">MH
  Insured II</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=264>

      <p><font size="1">Affirmative
  vote of a plurality of votes cast by the holders of AMPS, voting as a
  separate class</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=233>

      <p><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></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=640 colspan="5">

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


  <tr>

    <td valign=top width=111>

      <p><font size="1">MY
  Arizona</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=264>

      <p><font size="1">Affirmative
  vote of a plurality of votes cast by the holders of AMPS, voting as a
  separate class</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=233>

      <p><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></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=640 colspan="5">

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

  <tr>

    <td valign=top width=111>

      <p><font size="1">MY
  California</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=264>

      <p><font size="1">Affirmative
  vote of a plurality of votes cast by the holders of AMPS, voting as a
  separate class</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=233>

      <p><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></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=640 colspan="5">

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

  <tr>

    <td valign=top width=111>

      <p><font size="1">MY
  California Insured</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=264>

      <p><font size="1">Affirmative
  vote of a plurality of votes cast by the holders of AMPS, voting as a
  separate class</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=233>

      <p><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></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=640 colspan="5">

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

  <tr>

    <td valign=top width=111>

      <p><font size="1">MY
  Florida</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=264>

      <p><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></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=233>

      <p><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></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=640 colspan="5">

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

  <tr>

    <td valign=top width=111>

      <p><font size="1">MY
  Fund</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=264>

      <p><font size="1">Affirmative
  vote of a plurality of votes cast by the holders of AMPS, voting as a
  separate class</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=233>

      <p><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></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=640 colspan="5">

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

  <tr>

    <td valign=top width=111>

      <p><font size="1">MY
  Insured</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=264>

      <p><font size="1">Affirmative
  vote of a plurality of votes cast by the holders of AMPS, voting as a
  separate class</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=233>

      <p><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></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=640 colspan="5">

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

  <tr>

    <td valign=top width=111>

      <p><font size="1">MY
  Michigan Insured II</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=264>

      <p><font size="1">Affirmative
  vote of a plurality of votes cast by the holders of AMPS, voting as a
  separate class</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=233>

      <p><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></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=640 colspan="5">

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

  <tr>

    <td valign=top width=111>

      <p><font size="1">MY
  New Jersey</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=264>

      <p><font size="1">Affirmative
  vote of a plurality of votes cast by the holders of AMPS, voting as a
  separate class</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=233>

      <p><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></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=640 colspan="5">

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

  <tr>

    <td valign=top width=111>

      <p><font size="1">MY
  New York Insured</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=264>

      <p><font size="1">Affirmative
  vote of a plurality of votes cast by the holders of AMPS, voting as a
  separate class</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=233>

      <p><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></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=640 colspan="5">

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

  <tr>

    <td valign=top width=111>

      <p><font size="1">MY
  Quality</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=264>

      <p><font size="1">Affirmative
  vote of a plurality of votes cast by the holders of AMPS, voting as a
  separate class</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=233>

      <p><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></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=640 colspan="5">

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

  <tr>

    <td valign=top width=111>

      <p><font size="1">MY
  Quality II</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=264>

      <p><font size="1">Affirmative
  vote of a plurality of votes cast by the holders of AMPS, voting as a
  separate class</font></p>
    </td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=233>

      <p><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></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=640 colspan="5">

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

</table>
&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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>






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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></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;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 &#147;FOR&#148; the Director Nominees. </FONT></P>


<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Broker Non-Votes and
Abstentions </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;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 Item 1 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. 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, with respect to the election of Directors (Item 1) it
will do so with respect to Shares of Common Stock and AMPS in the 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. 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. </FONT></P>


<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Other Matters </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;Management
knows of no other matters to be presented at the Meetings. However, if other matters are
presented for a vote at a 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>


<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Independent Registered
Public Accounting Firms&#146; Fees </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
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>

<!-- 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
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=10%></TD>
    <TD WIDTH=2% VALIGN=top><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=85%><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>


<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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>






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<!-- MARKER FORMAT-SHEET="Bullet 15" FSL="Workstation" -->
<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=10%></TD>
    <TD WIDTH=2% VALIGN=top><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=85%><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>

<!-- MARKER FORMAT-SHEET="Bullet 15" FSL="Workstation" -->
<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=10%></TD>
    <TD WIDTH=2% VALIGN=top><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=85%><FONT SIZE="2"><I>Tax
Fees </I>include tax compliance, tax advice and tax planning; and </FONT> </TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Bullet 15" FSL="Workstation" -->
<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=10%></TD>
    <TD WIDTH=2% VALIGN=top><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=85%><FONT SIZE="2"><I>All
Other Fees </I>are for other products and services provided. </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;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>

<!-- 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
fiscal year end for each Fund is set forth in Exhibit A to this       Combined Proxy
Statement.  </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;<i><b>Fees
for audit and non-audit services provided       directly to the Fund: </b></i></FONT></P>





<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=660>
  <TR VALIGN=Bottom>
    <TH rowspan="3" align="left" width="162"><FONT SIZE=1></FONT><FONT SIZE=1>Fund</FONT>
      <hr width=20% size="1" noshade align="left">
    </TH>
    <TH rowspan="3" width="65"><FONT SIZE=1></FONT><FONT SIZE=1>Independent <br>
      Registered <br>
      Public <BR>
Accounting <br>
      Firm </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=4>&nbsp;</TH>
    <TH COLSPAN=4>&nbsp;</TH>
    <TH COLSPAN=3>&nbsp;</TH>
    <TH COLSPAN=3>&nbsp;</TH>
  </TR>
  <TR VALIGN=Bottom>

    <TH COLSPAN=4><FONT SIZE=1>Audit Fees ($)</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=4><FONT SIZE=1>Audit-Related Fees ($)</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=3><FONT SIZE=1>Tax Fees ($)</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=3><FONT SIZE=1>All Other Fees ($)</FONT>
      <hr width=95% size="1" noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>

    <TH COLSPAN=2><FONT SIZE=1>2005</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>2004</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>2005</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>2004</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>2005**</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH width="42"><FONT SIZE=1>2004**</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>2005</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH width="71"><FONT SIZE=1>2004</FONT>
      <hr width=95% size="1" noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="162"><FONT SIZE=2>Apex</FONT></TD>
    <TD ALIGN=center width="65"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>$27,500</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>31,200</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
    <TD ALIGN=LEFT width="10"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="32"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="25"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>$5,700</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="42"><FONT SIZE=2>5,610</FONT></TD>
    <TD ALIGN=RIGHT width="61"><FONT SIZE=2>$&nbsp;&nbsp;0</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=right width="71">
      <FONT SIZE=2>$&nbsp;&nbsp;0&nbsp; </FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="162"><FONT SIZE=2>CHY V</FONT></TD>
    <TD ALIGN=center width="65"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>37,000</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>35,000</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="10"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="32"><FONT SIZE=2>7,500</FONT></TD>
    <TD ALIGN=LEFT width="25"><FONT SIZE=2>***</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>7,900</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="42"><FONT SIZE=2>5,200</FONT></TD>
    <TD ALIGN=RIGHT width="61"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="71">
      <div align="center"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></div>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="162"><FONT SIZE=2>CHY VI</FONT></TD>
    <TD ALIGN=center width="65"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>37,000</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>35,000</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="10"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="32"><FONT SIZE=2>7,500</FONT></TD>
    <TD ALIGN=LEFT width="25"><FONT SIZE=2>***</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>7,900</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="42"><FONT SIZE=2>5,200</FONT></TD>
    <TD ALIGN=RIGHT width="61"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="71">
      <div align="center"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></div>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="162"><FONT SIZE=2>MuniEnhanced</FONT></TD>
    <TD ALIGN=center width="65"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>28,000</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>26,000</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>13,200</FONT></TD>
    <TD ALIGN=LEFT width="10"><FONT SIZE=2>*&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="32"><FONT SIZE=2>5,600</FONT></TD>
    <TD ALIGN=LEFT width="25"><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>5,700</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="42"><FONT SIZE=2>5,610</FONT></TD>
    <TD ALIGN=RIGHT width="61"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="71">
      <div align="center"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></div>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="162"><FONT SIZE=2>MH California Insured</FONT></TD>
    <TD ALIGN=center width="65"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>32,000</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>38,200</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>3,500</FONT></TD>
    <TD ALIGN=LEFT width="10"><FONT SIZE=2>*&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="32"><FONT SIZE=2>3,000</FONT></TD>
    <TD ALIGN=LEFT width="25"><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>5,700</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="42"><FONT SIZE=2>5,610</FONT></TD>
    <TD ALIGN=RIGHT width="61"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="71">
      <div align="center"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></div>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="162"><FONT SIZE=2>MH Insured II</FONT></TD>
    <TD ALIGN=center width="65"><FONT SIZE=2>E&amp;Y</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>33,000</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>31,500</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>3,500</FONT></TD>
    <TD ALIGN=LEFT width="10"><FONT SIZE=2>*&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="32"><FONT SIZE=2>3,000</FONT></TD>
    <TD ALIGN=LEFT width="25"><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>5,700</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="42"><FONT SIZE=2>5,200</FONT></TD>
    <TD ALIGN=RIGHT width="61"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="71">
      <div align="center"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></div>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="162"><FONT SIZE=2>MY Arizona</FONT></TD>
    <TD ALIGN=center width="65"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>25,000</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>24,000</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>19,900</FONT></TD>
    <TD ALIGN=LEFT width="10"><FONT SIZE=2>*&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="32"><FONT SIZE=2>3,000</FONT></TD>
    <TD ALIGN=LEFT width="25"><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>5,700</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="42"><FONT SIZE=2>5,610</FONT></TD>
    <TD ALIGN=RIGHT width="61"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="71">
      <div align="center"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></div>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="162"><FONT SIZE=2>MY California</FONT></TD>
    <TD ALIGN=center width="65"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>27,500</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>26,000</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>19,900</FONT></TD>
    <TD ALIGN=LEFT width="10"><FONT SIZE=2>*&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="32"><FONT SIZE=2>3,000</FONT></TD>
    <TD ALIGN=LEFT width="25"><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>5,700</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="42"><FONT SIZE=2>5,610</FONT></TD>
    <TD ALIGN=RIGHT width="61"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="71">
      <div align="center"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></div>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="162"><FONT SIZE=2>MY California Insured</FONT></TD>
    <TD ALIGN=center width="65"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>30,000</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>28,000</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>19,900</FONT></TD>
    <TD ALIGN=LEFT width="10"><FONT SIZE=2>*&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="32"><FONT SIZE=2>3,000</FONT></TD>
    <TD ALIGN=LEFT width="25"><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>5,700</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="42"><FONT SIZE=2>5,610</FONT></TD>
    <TD ALIGN=RIGHT width="61"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="71">
      <div align="center"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></div>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="162"><FONT SIZE=2>MY Florida</FONT></TD>
    <TD ALIGN=center width="65"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>27,000</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>25,000</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>19,900</FONT></TD>
    <TD ALIGN=LEFT width="10"><FONT SIZE=2>*&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="32"><FONT SIZE=2>3,000</FONT></TD>
    <TD ALIGN=LEFT width="25"><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>5,700</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="42"><FONT SIZE=2>5,610</FONT></TD>
    <TD ALIGN=RIGHT width="61"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="71">
      <div align="center"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></div>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="162"><FONT SIZE=2>MY Fund</FONT></TD>
    <TD ALIGN=center width="65"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>32,000</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>30,000</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>19,400</FONT></TD>
    <TD ALIGN=LEFT width="10"><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT width="32"><FONT SIZE=2>3,000</FONT></TD>
    <TD ALIGN=LEFT width="25"><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>5,700</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="42"><FONT SIZE=2>5,610</FONT></TD>
    <TD ALIGN=RIGHT width="61"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="71">
      <div align="center"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></div>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="162"><FONT SIZE=2>MY Insured</FONT></TD>
    <TD ALIGN=center width="65"><FONT SIZE=2>E&amp;Y</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>34,000</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>32,000</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>3,500</FONT></TD>
    <TD ALIGN=LEFT width="10"><FONT SIZE=2>*&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="32"><FONT SIZE=2>3,000</FONT></TD>
    <TD ALIGN=LEFT width="25"><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>5,700</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="42"><FONT SIZE=2>5,200</FONT></TD>
    <TD ALIGN=RIGHT width="61"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="71">
      <div align="center"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></div>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="162"><FONT SIZE=2>MY Michigan Insured II</FONT></TD>
    <TD ALIGN=center width="65"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>26,000</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>26,000</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>19,900</FONT></TD>
    <TD ALIGN=LEFT width="10"><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT width="32"><FONT SIZE=2>3,000</FONT></TD>
    <TD ALIGN=LEFT width="25"><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>5,700</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="42"><FONT SIZE=2>5,610</FONT></TD>
    <TD ALIGN=RIGHT width="61"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="71">
      <div align="center"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></div>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="162"><FONT SIZE=2>MY New Jersey</FONT></TD>
    <TD ALIGN=center width="65"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>34,300</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>26,000</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>13,700</FONT></TD>
    <TD ALIGN=LEFT width="10"><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT width="32"><FONT SIZE=2>3,000</FONT></TD>
    <TD ALIGN=LEFT width="25"><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>5,700</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="42"><FONT SIZE=2>5,610</FONT></TD>
    <TD ALIGN=RIGHT width="61"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="71">
      <div align="center"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></div>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="162"><FONT SIZE=2>MY New York Insured</FONT></TD>
    <TD ALIGN=center width="65"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>30,000</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>28,000</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>19,900</FONT></TD>
    <TD ALIGN=LEFT width="10"><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT width="32"><FONT SIZE=2>3,000</FONT></TD>
    <TD ALIGN=LEFT width="25"><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>5,700</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="42"><FONT SIZE=2>5,610</FONT></TD>
    <TD ALIGN=RIGHT width="61"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="71">
      <div align="center"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></div>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="162"><FONT SIZE=2>MY Quality</FONT></TD>
    <TD ALIGN=center width="65"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>30,000</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>28,000</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>19,900</FONT></TD>
    <TD ALIGN=LEFT width="10"><FONT SIZE=2>*&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="32"><FONT SIZE=2>3,000</FONT></TD>
    <TD ALIGN=LEFT width="25"><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>5,700</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="42"><FONT SIZE=2>5,610</FONT></TD>
    <TD ALIGN=RIGHT width="61"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="71">
      <div align="center"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></div>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="162"><FONT SIZE=2>MY Quality II</FONT></TD>
    <TD ALIGN=center width="65"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>27,500</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>26,000</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="48"><FONT SIZE=2>16,400</FONT></TD>
    <TD ALIGN=LEFT width="10"><FONT SIZE=2>*&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="32"><FONT SIZE=2>3,000</FONT></TD>
    <TD ALIGN=LEFT width="25"><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT width="40"><FONT SIZE=2>5,700</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="42"><FONT SIZE=2>5,610</FONT></TD>
    <TD ALIGN=RIGHT width="61"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="71">
      <div align="center"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></div>
    </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 including procedures required for issuance of new series of AMPS in 2005,  if applicable. </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
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;<i><b>Fees
for non-audit       services provided to the Fund&#146;s Affiliated Service Providers for
which       pre-approval by the Audit Committee was required: </b></i></FONT></P>









<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=660>
  <TR VALIGN=Bottom>
    <TH align="left" rowspan="3"><font size=1>Fund</font>
      <hr width=20% size="1" noshade align="left">
    </TH>
    <TH rowspan="3">
      <p><FONT SIZE=1>Independent <br>
        </FONT><FONT SIZE=1>Registered <br>
        Public <br>
        Accounting <br>
        Firm </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=4>&nbsp;</TH>
    <TH COLSPAN=4>&nbsp;</TH>
    <TH COLSPAN=3>&nbsp;</TH>
  </TR>

  <TR VALIGN=Bottom>
    <TH COLSPAN=4><font size=1>Audit-Related Fees ($)</font>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=4><font size=1>Tax Fees ($)</font>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=3><font size=1>All Other Fees ($)</font>
      <hr width=95% size="1" noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>

    <TH COLSPAN=2><FONT SIZE=1>2005</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>2004</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>2005</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>2004</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>2005</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH><FONT SIZE=1>2004</FONT>
      <hr width=95% size="1" noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Apex</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>$&nbsp;&nbsp;&nbsp;945,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>*&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>541,640</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>$&nbsp;&nbsp;0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>CHY V</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>1,227,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>*&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>945,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>CHY VI</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>1,227,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>*&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>945,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
  </TR>

  <TR VALIGN=Bottom>
    <td align=LEFT><font size=2>MuniEnhanced</font></td>
    <td align=CENTER><font size=2>D&amp;T</font></td>
    <td align=RIGHT><font size=2>945,000</font></td>
    <td align=LEFT><font size=2>*&nbsp;</font></td>
    <td align=RIGHT><font size=2>541,640</font></td>
    <td align=LEFT><font size=2>*</font></td>
    <td align=RIGHT><font size=2>0</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font size=2>0</font></td>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=center><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MH California Insured</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>945,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>*&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>541,640</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MH Insured II</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>E&amp;Y</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Arizona</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>1,227,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>*&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>945,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY California</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>1,227,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>*&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>945,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY California Insured</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>1,227,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>*&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>945,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Florida</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>1,227,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>*&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>945,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Fund</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>1,227,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>*&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>945,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Insured</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>E&amp;Y</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Michigan Insured II</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>1,227,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>*&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>945,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY New Jersey</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>1,227,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>*&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>945,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY New York Insured</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>1,227,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>*&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>945,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Quality</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>1,227,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>*&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>945,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Quality II</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>1,227,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>*&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>945,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</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">Primarily
related to examinations of internal controls and investment       management performance
returns at Affiliated Service Providers.</FONT></TD></TR></TABLE>

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<BR>
&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>





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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Aggregate
non-audit fees for services provided to the Fund and its Affiliated Service Providers,
regardless of whether pre-approval was required: </i></b></FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
  <TR VALIGN=Bottom>

    <TH><FONT SIZE=1></FONT></TH>
    <TH rowspan="2">
      <p><FONT SIZE=1></FONT><FONT SIZE=1>Independent <br>
        </FONT><FONT SIZE=1>Registered<BR>
Public <br>
        Accounting <br>
        Firm </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=4><FONT SIZE=1>Aggregate Non-Audit Fees ($)</FONT>
      <hr width=95% size="1" noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>

    <TH align="left"><FONT SIZE=1>Fund</FONT>
      <hr width=15% size="1" noshade align="left">
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>2005</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>2004</FONT>
      <hr width=95% size="1" noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>

    <TD WIDTH=40% ALIGN=LEFT><FONT SIZE=2>Apex</FONT></TD>
    <TD WIDTH=11% ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD WIDTH=17% ALIGN=RIGHT><FONT SIZE=2>$&nbsp;&nbsp;8,187,005</FONT></TD>
    <TD WIDTH=4% ALIGN=LEFT><font size="1">&#134;</font><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=17% ALIGN=RIGHT><FONT SIZE=2>16,114,216</FONT></TD>
    <TD WIDTH=3% ALIGN=LEFT><FONT SIZE=2>&#134;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>CHY V</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>7,384,927</FONT></TD>
    <TD ALIGN=LEFT><font size="1">&#134;</font><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>14,913,836</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&#134;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>CHY VI</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>7,384,927</FONT></TD>
    <TD ALIGN=LEFT><font size="1">&#134;</font><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>14,913,836</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&#134;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MuniEnhanced</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>11,239,081</FONT></TD>
    <TD ALIGN=LEFT><font size="1">&#134;</font><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>18,176,900</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&#134;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MH California Insured</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>8,190,505</FONT></TD>
    <TD ALIGN=LEFT><font size="1">&#134;</font><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>16,114,216</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&#134;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MH Insured II</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>E&amp;Y</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>13,448,860</FONT></TD>
    <TD ALIGN=LEFT><font size="1">&#134;</font><font size="1">&#134;</font><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>7,183,600</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&#134;&#134;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Arizona</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>6,303,349</FONT></TD>
    <TD ALIGN=LEFT><font size="1">&#134;</font><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>13,270,096</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&#134;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY California</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><font size=2>6,303,349</font></TD>
    <TD ALIGN=LEFT><font size="1">&#134;</font><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><font size=2>13,270,096</font></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&#134;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY California Insured</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><font size=2>6,303,349</font></TD>
    <TD ALIGN=LEFT><font size="1">&#134;</font><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><font size=2>13,270,096</font></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&#134;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Florida</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><font size=2>6,303,349</font></TD>
    <TD ALIGN=LEFT><font size="1">&#134;</font><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><font size=2>13,270,096</font></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&#134;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Fund</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><font size=2>6,302,849</font></TD>
    <TD ALIGN=LEFT><font size="1">&#134;</font><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><font size=2>13,270,096</font></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&#134;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Insured</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>E&amp;Y</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>13,448,860</FONT></TD>
    <TD ALIGN=LEFT><font size="1">&#134;</font><font size="1">&#134;</font><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>7,183,600</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&#134;&#134;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Michigan Insured II</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>6,303,349</FONT></TD>
    <TD ALIGN=LEFT><font size="1">&#134;</font><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>13,270,096</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&#134;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY New Jersey</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><font size=2>5,757,010</font></TD>
    <TD ALIGN=LEFT><font size="1">&#134;</font><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>12,448,225</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&#134;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY New York Insured</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>6,303,349</FONT></TD>
    <TD ALIGN=LEFT><font size="1">&#134;</font><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>13,270,096</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&#134;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Quality</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><font size=2>6,303,349</font></TD>
    <TD ALIGN=LEFT><font size="1">&#134;</font><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>13,270,096</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&#134;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Quality II</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><font size=2>6,299,849</font></TD>
    <TD ALIGN=LEFT><font size="1">&#134;</font><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>13,270,096</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&#134;</FONT></TD>
  </TR>
</TABLE>

<br>
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<hr size=1 noshade align=left  width=75>
<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 including procedures required for issuance of new series of AMPS in 2005, if applicable 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>


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<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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<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>

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<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>


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<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>



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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>





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




<!-- 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
1-800-543-6217. </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 2007 Annual
Meeting of Stockholders of such Fund, each of which is anticipated to be held in April
2007, 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 22, 2006. The persons named as proxies in the proxy
materials for the 2007 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 5, 2007. 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 2007.
Proposals of stockholders intended to be presented at the meetings must be received by
the Funds by November 22, 2006 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 that
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. Notice of any such business
must be in writing and received at the Fund&#146;s principal executive office during the
period from January 27, 2007 to February 26, 2007. 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="8K 3 col" FSL="Workstation" -->
<TABLE WIDTH=100%>

  <TR ALIGN="center" VALIGN=top>
    <TD WIDTH=30%>&nbsp;</TD>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=27%>&nbsp;</TD>
    <TD WIDTH=1%>&nbsp;</TD>
    <TD WIDTH=37% align="left"><font size=2>By
Order of the Boards of Directors </font></TD>
  </TR>
  <TR ALIGN="center" VALIGN=top>
    <TD WIDTH=30%>&nbsp;</TD>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=27%>&nbsp;</TD>
    <TD WIDTH=1%>&nbsp;</TD>
    <TD WIDTH=37% align="left"><font 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
                                                           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>
  <TR ALIGN="center" VALIGN=top>
    <TD WIDTH=30% align="left"><font size=2>Dated:
March 22&nbsp;, 2006 </font></TD>
    <TD WIDTH=5%>&nbsp;&nbsp;</TD>
    <TD WIDTH=27%><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1%>&nbsp;&nbsp;</TD>
    <TD WIDTH=37%><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>

</TABLE>


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<!-- 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 FACE="Times New Roman, Times, Serif" 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><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>





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





<!-- 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 in these Exhibits 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 Head 2 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 CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
  <TR VALIGN=Bottom>

    <TH><FONT SIZE=1></FONT></TH>
    <TH COLSPAN=2><FONT SIZE=1></FONT></TH>
    <TH COLSPAN=2><FONT SIZE=1></FONT></TH>
    <TH COLSPAN=3><FONT SIZE=1>Shares Outstanding <br>
      as of the Record Date </FONT>
      <hr width=95% size="1" noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>

    <TH align="left"><FONT SIZE=1>Fund </FONT>
      <hr width=15% size="1" noshade align="left">
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>Fiscal <br>
      Year End </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>Meeting Time </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>Shares of <br>
      Common Stock </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH><FONT SIZE=1>AMPS </FONT>
      <hr width=95% size="1" noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>

    <TD WIDTH=33% ALIGN=LEFT><FONT SIZE=2>Apex</FONT></TD>
    <TD WIDTH=7% ALIGN=RIGHT><FONT SIZE=2>6/30</FONT></TD>
    <TD WIDTH=4% ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=14% ALIGN=RIGHT><FONT SIZE=2>9:00 A.M.</FONT></TD>
    <TD WIDTH=4% ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=14% ALIGN=RIGHT><FONT SIZE=2>19,637,900</FONT></TD>
    <TD WIDTH=4% ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=14% ALIGN=CENTER><FONT SIZE=2>N/A</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>CHY V</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>8/31</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>9:20 A.M.</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>32,944,087</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>N/A</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>CHY VI</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>8/31</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>9:40 A.M.</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>35,286,436</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>N/A</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MuniEnhanced</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>1/31</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>10:00 A.M.</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>29,369,874</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>7,480</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MH California Insured</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>6/30</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>10:20 A.M.</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>40,760,400</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>15,600</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MH Insured II</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>9/30</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>10:40 A.M.</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>22,352,426</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>8,180</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Arizona</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>10/31</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>11:00 A.M.</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>4,504,095</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>1,612</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY California</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>10/31</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>11:20 A.M.</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>21,295,255</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>7,000</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY California Insured</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>10/31</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>11:40 A.M.</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>34,361,200</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>11,000</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Florida</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>10/31</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>12:00 P.M.</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>13,558,024</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>4,400</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Fund</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>10/31</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>12:20 P.M.</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>44,653,979</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>13,720</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Insured</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>10/31</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>12:40 P.M.</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>67,303,125</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>22,800</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Michigan Insured II</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>10/31</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>1:00 P.M.</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>12,069,721</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>3,960</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY New Jersey</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>11/30</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>1:20 P.M.</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>14,203,242</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>4,760</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY New York Insured</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>10/31</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>1:40 P.M.</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>39,445,962</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>12,160</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Quality</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>10/31</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>2:00 P.M.</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>30,425,258</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>10,000</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Quality II</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>10/31</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>2:20 P.M.</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>22,366,930</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>6,400</FONT></TD>
  </TR>
</TABLE>




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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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>






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




<!-- 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 CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=650>

  <TR VALIGN=Bottom>
    <TH align="left">&nbsp;</TH>
    <TH colspan="3"><font size=1>Board</font>
      <hr width=95% size="1" noshade>
    </TH>
    <TH colspan="3"><font size=1>Audit Committee </font>
      <hr width=95% size="1" noshade>
    </TH>
    <TH colspan="2"><font size=1>Nominating Committee </font>
      <hr width=95% size="1" noshade>
    </TH>
    <TH>&nbsp;</TH>
  </TR>
  <TR VALIGN=Bottom>

    <TH align="left"><font size=1>Fund </font>
      <hr width=15% size="1" noshade align="left">
    </TH>
    <TH><FONT SIZE=1>Number of <BR>
Meeting <BR>
Held* </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH><FONT SIZE=1>Annual <BR>
Fee<br>
      ***&#134; </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH><FONT SIZE=1>Per <BR>
Meetings <BR>
Fee** </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH><FONT SIZE=1>Number of <BR>
Meetings <BR>
Held* </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH><FONT SIZE=1>Annual <BR>
Fee <BR>
***&#134; </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH><FONT SIZE=1>Per <BR>
Meeting <BR>
Fee <BR>
** </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH><FONT SIZE=1>Number of <BR>
Meetings <BR>
Held* </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH><FONT SIZE=1>Aggregate <BR>
Fee </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH><FONT SIZE=1>Aggregate <BR>
Fees and <BR>
Expenses </FONT>
      <hr width=95% size="1" noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Apex</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$&nbsp;&nbsp;79</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$227</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$&nbsp;&nbsp;79</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$227</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>1</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$0</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$16,268</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>CHY V</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$219</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$223</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$219</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$223</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>1</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$0</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$23,987</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>CHY VI</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$233</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$223</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$233</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$223</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>1</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$0</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$24,442</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MuniEnhanced</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$237</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$212</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$237</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$212</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>1</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$0</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$25,412</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MH California Insured</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$434</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$227</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$434</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$227</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>1</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$0</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$35,836</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MH Insured II</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$226</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$223</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$226</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$223</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>1</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$0</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$24,350</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Arizona</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$&nbsp;&nbsp;41</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$223</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$&nbsp;&nbsp;41</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$223</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>1</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$0</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$14,216</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY California</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$196</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$223</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$196</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$223</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>1</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$0</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$23,237</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY California Insured</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$321</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$223</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$321</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$223</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>1</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$0</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$30,346</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Florida</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$129</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$223</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$129</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$223</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>1</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$0</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$19,256</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Fund</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$425</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$223</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$425</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$223</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>1</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$0</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$36,684</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Insured</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$695</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$223</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$695</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$223</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>1</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$0</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$52,565</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Michigan Insured II</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$115</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$223</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$115</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$223</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>1</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$0</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$18,414</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY New Jersey</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$145</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$223</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$145</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$223</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>1</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$0</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$20,680</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY New York Insured</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$359</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$223</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$359</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$223</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>1</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$0</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$33,028</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Quality</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$286</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$223</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$286</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$223</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>1</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$0</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$28,237</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Quality II</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$195</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$223</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$195</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$223</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>1</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$0</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>$23,228</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>


<!-- 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">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">Each
Co-Chairman of the Audit Committee receives an                         additional fee of
$50,000 per year. </FONT></TD></TR></TABLE>



<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 40; page: 40" -->



<!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<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 CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>

    <TH COLSPAN=2><FONT SIZE=1></FONT></TH>

    <TH COLSPAN=2><FONT SIZE=1>Bodurtha</FONT>
<hr width=95% size="1" noshade></TH>

    <TH COLSPAN=2><FONT SIZE=1>Doll</FONT>
<hr width=95% size="1" noshade></TH>

    <TH COLSPAN=2><FONT SIZE=1>Froot</FONT>
<hr width=95% size="1" noshade></TH>

    <TH COLSPAN=2><FONT SIZE=1>Grills</FONT>
<hr width=95% size="1" noshade></TH>

    <TH COLSPAN=2><FONT SIZE=1>London</FONT>
<hr width=95% size="1" noshade></TH>

    <TH COLSPAN=2><FONT SIZE=1>Ramo</FONT>
<hr width=95% size="1" noshade></TH>

    <TH COLSPAN=2><FONT SIZE=1>Salomon</FONT>
<hr width=95% size="1" noshade></TH></TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Apex</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1994</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1996</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>CHY V</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2001</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2001</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>CHY VI</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2003</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2003</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2003</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2003</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2003</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MuniEnhanced</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1995</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1989</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1999</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MH California Insured</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1997</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1997</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1999</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MH Insured II</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1999</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1999</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Arizona</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1995</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1992</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1999</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY California</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1995</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1992</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1999</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY California Insured</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1995</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1992</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1999</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Florida</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1995</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1992</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1999</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Fund</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1995</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1991</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1999</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Insured</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1994</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1996</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Michigan Insured II</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1995</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1992</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1999</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY New Jersey</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1995</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1992</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1999</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY New York Insured</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1995</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1992</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1999</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Quality</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1995</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1992</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1999</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Quality II</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1995</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1992</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>1999</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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>






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




<!-- 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 CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=640>
  <TR VALIGN=Bottom>

    <TH align="left"><FONT SIZE=1>Director Nominee</FONT>
      <hr width=40% size="1" noshade align="left">
    </TH>
    <TH><FONT SIZE=1>Fund </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH><FONT SIZE=1>Number <BR>
of
       Shares <BR>
of Common <BR>
Stock </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH><FONT SIZE=1>Number <br>
      of Shares <br>
      of AMPS </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH><FONT SIZE=1>Aggregate <BR>
Dollar Range of <BR>
Equity Securities <BR>
in Each Fund </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH><FONT SIZE=1>Aggregate <br>
      Dollar Range <BR>
of Equity <br>
       Securities in all <BR>
MLIM/FAM- <br>
      Advised Funds <BR>
Overseen by <br>
      each Director <BR>
Nominee in the <br>
      Merrill
Lynch <br>
      Family of Funds </FONT>
      <hr width=95% size="1" noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2><i>Interested Director Nominee:</i></FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;Robert C. Doll, Jr</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Over $100,000</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2><i>Non-Interested  Director Nominees:</i></FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;James H. Bodurtha</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>MuniEnhanced</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>584</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>$1 - $10,000</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Over $100,000</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2></FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>MY Quality</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>453</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>$1 - $10,000</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2></FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;Kenneth A. Froot</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>None</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;Joe Grills</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Over $100,000</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;Herbert I. London</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Over $100,000</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;Roberta Cooper Ramo</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Over $100,000</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;Robert S. Salomon, Jr</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Over $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 CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>

    <TH COLSPAN=2><FONT SIZE=1></FONT></TH>

    <TH COLSPAN=2><FONT SIZE=1>Bodurtha**</FONT>
<hr width=95% size="1" noshade></TH>

    <TH COLSPAN=2><FONT SIZE=1>Froot***</FONT>
<hr width=95% size="1" noshade></TH>

    <TH COLSPAN=2><FONT SIZE=1>Grills**</FONT>
<hr width=95% size="1" noshade></TH>

    <TH COLSPAN=2><FONT SIZE=1>London</FONT>
<hr width=95% size="1" noshade></TH>

    <TH COLSPAN=2><FONT SIZE=1>Ramo</FONT>
<hr width=95% size="1" noshade></TH>

    <TH COLSPAN=2><FONT SIZE=1>Salomon</FONT>
<hr width=95% size="1" noshade></TH>

    <TH COLSPAN=2><FONT SIZE=1>Swensrud****</FONT>
<hr width=95% size="1" noshade></TH></TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Apex</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2,644</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>55</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2,644</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2,453</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2,453</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2,453</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2,453</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>CHY V</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>4,151</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>987</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>4,151</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,542</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,542</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,542</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,542</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>CHY VI</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>4,295</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>1,023</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>4,295</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,649</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,649</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,649</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,649</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MuniEnhanced</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>4,370</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>2,451</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>4,370</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,656</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,656</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,656</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,122</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MH California Insured</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>6,324</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>291</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>6,324</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>5,288</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>5,288</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>5,288</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>5,288</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MH Insured II</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>4,230</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>1,029</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>4,230</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,599</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,599</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,599</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,599</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Arizona</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2,261</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>619</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2,261</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2,119</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2,119</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2,119</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2,119</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY California</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>4,025</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>1,350</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>4,025</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,363</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,363</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,363</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,363</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY California Insured</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>5,420</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>1,938</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>5,420</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>4,356</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>4,356</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>4,356</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>4,356</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Florida</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,243</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>1,031</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,243</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2,818</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2,818</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2,818</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2,818</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Fund</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>6,531</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>2,434</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>6,531</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>5,186</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>5,186</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>5,186</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>5,186</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Insured</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>9,529</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>3,708</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>9,529</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>7,345</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>7,345</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>7,345</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>7,345</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Michigan Insured II</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,073</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>966</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,073</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2,710</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2,710</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2,710</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2,710</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY New Jersey</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,384</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>1,537</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,384</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2,924</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2,924</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2,924</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2,924</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY New York Insured</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>5,843</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>2,114</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>5,843</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>4,661</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>4,661</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>4,661</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>4,661</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Quality</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>5,031</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>1,769</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>5,031</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>4,072</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>4,072</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>4,072</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>4,072</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY Quality II</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,971</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>1,341</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,971</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,345</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,345</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,345</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>3,345</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</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">Mr.
Froot became a Director effective June 1, 2005. </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.
Swensrud retired effective January 1, 2006.</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;Set
forth in the table below is information regarding the aggregate compensation paid by
MLIM/FAM-advised funds to the non-interested Directors for the year ended December 31,
2005. </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>

    <TH COLSPAN=2 align="left"><FONT SIZE=1>Non-Interested Director</FONT>
      <hr width=30% size="1" noshade align="left">
    </TH>

    <TH COLSPAN=2><FONT SIZE=1>Aggregate Compensation
       Paid to Non-Interested
<br>
      Directors by MLIM/FAM-Advised Funds </FONT>
<hr width=95% size="1" noshade></TH></TR>
<TR VALIGN=Bottom>

    <TD WIDTH=47% ALIGN=LEFT><FONT SIZE=2>James H. Bodurtha*</FONT></TD>

    <TD WIDTH=2% ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD WIDTH=47% ALIGN=CENTER><FONT SIZE=2>$275,000</FONT></TD>

    <TD WIDTH=4% ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="47%"><FONT SIZE=2>Kenneth A. Froot**</FONT></TD>
    <TD ALIGN=LEFT width="2%"><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER width="47%"><FONT SIZE=2>$122,917</FONT></TD>
    <TD ALIGN=LEFT width="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="47%"><FONT SIZE=2>Joe Grills*</FONT></TD>
    <TD ALIGN=LEFT width="2%"><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER width="47%"><FONT SIZE=2>$275,000</FONT></TD>
    <TD ALIGN=LEFT width="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="47%"><FONT SIZE=2>Herbert I. London</FONT></TD>
    <TD ALIGN=LEFT width="2%"><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER width="47%"><FONT SIZE=2>$225,000</FONT></TD>
    <TD ALIGN=LEFT width="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="47%"><FONT SIZE=2>Roberta Cooper Ramo</FONT></TD>
    <TD ALIGN=LEFT width="2%"><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER width="47%"><FONT SIZE=2>$225,000</FONT></TD>
    <TD ALIGN=LEFT width="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="47%"><FONT SIZE=2>Robert S. Salomon, Jr</FONT></TD>
    <TD ALIGN=LEFT width="2%"><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER width="47%"><FONT SIZE=2>$225,000</FONT></TD>
    <TD ALIGN=LEFT width="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="47%"><FONT SIZE=2>Stephen B. Swensrud***</FONT></TD>
    <TD ALIGN=LEFT width="2%"><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER width="47%"><FONT SIZE=2>$231,000</FONT></TD>
    <TD ALIGN=LEFT width="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>







<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<hr size=1 noshade align=left  width=75>
<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><FONT SIZE="1">Co-Chairman
of the Board of Directors and Co-Chairman of the Audit Committee.    </FONT></TD>
  </TR>
  <TR>
    <TD WIDTH=4% ALIGN=right VALIGN=top><font size="1">*</font><font size="1">*</font></TD>
    <TD WIDTH=2%>&nbsp;</TD>
    <TD WIDTH=94% ALIGN=left><font size="1">Mr. Froot became a
Director effective June 1, 2005.</font></TD>
  </TR>
  <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><font size="1">Mr.
Swensrud retired effective January 1, 2006.</font></td>
  </tr>

</TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>
&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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>





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




<!-- MARKER FORMAT-SHEET="Right Head 2 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 cellspacing=0 cellpadding=3 width=600 align="center">

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

    <td width=103 height="41">
        <b><font face="Times" size="1">Name, Address* <br>
           and  Age of Officer </font></b>

      <hr size="1" noshade>
      </td>
    <td height="41" colspan="2">
        <b><font face="Times" size="1">Position(s) Held,  Term of Office** and Length of Time
  Served </font></b>

      <hr size="1" noshade>
      </td>
    <td width=213 height="41">
        <b><font face="Times" size="1">Principal Occupation <br>
           During Past Five Years </font></b>

      <hr size="1" noshade>
      </td>
    <td width=59 height="41">
       <b><font face="Times" size="1">Number of MLIM/FAM-Advised <br>
           Funds and Portfolios Overseen </font></b>

      <hr size="1" noshade>
      </td>
    <td width=54 height="41">
        <b><font face="Times" size="1">Public Directorships </font></b>

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

  <tr>

    <td width=103 valign=top>

      <p><font face="Times" size="1">Robert C. Doll, Jr.&#134; (51)</font></p>
    </td>
    <td valign=top colspan="2">

      <p><font face="Times" size="1">President and Director of all Funds listed in this
  Combined Proxy Statement since 2005.</font></p>
    </td>
    <td width=213 valign=top>

      <p><font face="Times" 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></p>
    </td>
    <td width=59 valign=top>

      <p><font face="Times" size="1">131 registered investment companies consisting of 177
  portfolios</font></p>
    </td>
    <td width=54 valign=top>

      <p><font face="Times" size="1">None</font></p>
    </td>
  </tr>

  <tr>

    <td width=103 valign=top>

      <p><font face="Times" size="1">William R. Bock (69)</font></p>
    </td>
    <td valign=top colspan="2">

      <p><font face="Times" size="1">Vice President of MY Insured since 2001.</font></p>
    </td>
    <td width=213 valign=top>

      <p><font face="Times" size="1">Vice President of MLIM since 1989.</font></p>
    </td>
    <td width=59 valign=top>

      <p><font face="Times" size="1">5 registered investment companies consisting of 5
  portfolios</font></p>
    </td>
    <td width=54 valign=top>

      <p><font face="Times" size="1">None</font></p>
    </td>
  </tr>

  <tr>

    <td width=103 valign=top>

      <p><font face="Times" size="1">Timothy T. Browse (50)</font></p>
    </td>
    <td valign=top colspan="2">

      <p><font face="Times" size="1">Vice President of MY New York Insured since 2004</font></p>
    </td>
    <td width=213 valign=top>

      <p><font face="Times" size="1">Vice President (Tax-Exempt Fixed Income) and portfolio
  manager with the Tax-Exempt Fixed Income Group of MLIM; Vice President,
  portfolio manager and team leader of the Municipal Investment Team with Lord
  Abbett &amp; Co. from 2000 to 2003.</font></p>
    </td>
    <td width=59 valign=top>

      <p><font face="Times" size="1">4 registered investment companies consisting of 5
  portfolios</font></p>
    </td>
    <td width=54 valign=top>

      <p><font face="Times" size="1">None</font></p>
    </td>
  </tr>

  <tr>

    <td width=103 valign=top>

      <p><font face="Times" size="1">Donald C. Burke (45)</font></p>
    </td>
    <td width=69 valign=top>

      <p><font face="Times" size="1">Vice President <br>
        and Treasurer <br>
        of: <br>
        Apex  <br>
          CHY V <br>
           CHY VI <br>
           MuniEnhanced <br>
  MH California <br>
        Insured <br>
           MH Insured II <br>
           MY Arizona <br>
           MY California <br>
           MY California <br>
        Insured <br>
           MY Florida <br>
          MY Fund <br>
           MY Insured <br>
            MY Michigan <br>
        Insured II <br>
           MY New Jersey <br>
           MY New York <br>
           Insured <br>
          MY Quality <br>
           MY Quality II </font></p>
    </td>
    <td width=64 valign=top><font face="Times" size="1">Vice <br>
      President/ <br>
      Treasurer <br>
      since: <br>
      1993/1999
  2001/2001 2003/2003 1993/1999 <br>

        1997/1999 1999/1999 1993/1999 1993/1999 <br>
        <br>
        1993/1999
  1993/1999 1993/1999 1993/1999 <br>
        <br>
        1993/1999 1993/1999 <br>
        <br>
        1993/1999 1993/1999 1993/1999</font></td>
    <td width=213 valign=top>

      <p><font face="Times" size="1">First Vice President of FAM and MLIM since 1997 and
  Treasurer thereof since 1999; Senior Vice President and Treasurer of
  Princeton Services since 1999 and Director since 2004; Vice President of FAM
  Distributors, Inc. (&#147;FAMD&#148;) since 1999 and Director since 2004; Vice
  President of FAM and MLIM from 1990 to 1997; Director of Taxation of MLIM
  from 1990 to 2001; Vice President, Treasurer and Secretary of the IQ Funds
  since 2004.</font></p>
    </td>
    <td width=59 valign=top>

      <p><font face="Times" size="1">139 registered investment companies consisting of 185
  portfolios</font></p>
    </td>
    <td width=54 valign=top>

      <p><font face="Times" size="1">None</font></p>
    </td>
  </tr>


  <tr>

    <td width=103 valign=top>

      <p><font face="Times" size="1">Robert D. DiMella (39)</font></p>
    </td>
    <td valign=top colspan="2">

      <p><font face="Times" size="1">Vice President of MH Insured II since 1999.</font></p>
    </td>
    <td width=213 valign=top>

      <p><font face="Times" 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></p>
    </td>
    <td width=59 valign=top>

      <p><font face="Times" size="1">6 registered investment companies consisting of 6
  portfolios</font></p>
    </td>
    <td width=54 valign=top>

      <p><font face="Times" size="1">None</font></p>
    </td>
  </tr>

























</table>
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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>






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



<table cellspacing=0 cellpadding=3 width=600 align="center">














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

    <td width=103 height="41">
        <b><font face="Times" size="1">Name, Address* <br>
           and  Age of Officer </font></b>

      <hr size="1" noshade>
      </td>
    <td height="41" colspan="2">
        <b><font face="Times" size="1">Position(s) Held,  Term of Office** and Length of Time
  Served </font></b>

      <hr size="1" noshade>
      </td>
    <td width=213 height="41">
        <b><font face="Times" size="1">Principal Occupation <br>
           During Past Five Years </font></b>

      <hr size="1" noshade>
      </td>
    <td width=59 height="41">
       <b><font face="Times" size="1">Number of MLIM/FAM-Advised <br>
           Funds and Portfolios Overseen </font></b>

      <hr size="1" noshade>
      </td>
    <td width=54 height="41">
        <b><font face="Times" size="1">Public Directorships </font></b>

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


  <tr>

    <td width=103 valign=top>

      <p><font face="Times" size="1">Kenneth A. Jacob (54)</font></p>
    </td>
    <td valign=top colspan="2">

      <p><font face="Times" 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></p>
    </td>
    <td width=213 valign=top>

      <p><font face="Times" 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></p>
    </td>
    <td width=59 valign=top>

      <p><font face="Times" size="1">37 registered investment companies consisting of 49
  portfolios</font></p>
    </td>
    <td width=54 valign=top>

      <p><font face="Times" size="1">None</font></p>
    </td>
  </tr>

  <tr>

    <td width=103 valign=top>

      <p><font face="Times" size="1">Theodore R. Jaeckel, Jr. (46)</font></p>
    </td>
    <td valign=top colspan="2">

      <p><font face="Times" size="1">Vice President of Apex since 1997.</font></p>
    </td>
    <td width=213 valign=top>

      <p><font face="Times" size="1">Managing Director (Municipal Tax-Exempt Fund Management)
  of FAM since 2005; Director of FAM from 1997 to 2005.</font></p>
    </td>
    <td width=59 valign=top>

      <p><font face="Times" size="1">6 registered investment companies consisting of 6
  portfolios</font></p>
    </td>
    <td width=54 valign=top>

      <p><font face="Times" size="1">None</font></p>
    </td>
  </tr>

  <tr>

    <td width=103 valign=top>

      <p><font face="Times" size="1">Michael Kalinoski (35)</font></p>
    </td>
    <td valign=top colspan="2">

      <p><font face="Times" 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></p>
    </td>
    <td width=213 valign=top>

      <p><font face="Times" size="1">Director of MLIM since 2006; Vice President and Portfolio
  Manager of MLIM from 1999 to 2005.</font></p>
    </td>
    <td width=59 valign=top>

      <p><font face="Times" size="1">4 registered investment companies consisting of 4
  portfolios</font></p>
    </td>
    <td width=54 valign=top>

      <p><font face="Times" size="1">None</font></p>
    </td>
  </tr>

  <tr>

    <td width=103 valign=top>

      <p><font face="Times" size="1">John
  M. Loffredo (41)</font></p>
    </td>
    <td valign=top colspan="2">

      <p><font face="Times" 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></p>
    </td>
    <td width=213 valign=top>

      <p><font face="Times" 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></p>
    </td>
    <td width=59 valign=top>

      <p><font face="Times" size="1">37
  registered investment companies consisting of 49 portfolios</font></p>
    </td>
    <td width=54 valign=top>

      <p><font face="Times" size="1">None</font></p>
    </td>
  </tr>

  <tr>

    <td width=103 valign=top>

      <p><font face="Times" size="1">Walter O&#146;Connor (44)</font></p>
    </td>
    <td valign=top colspan="2">

      <p><font face="Times" 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></p>
    </td>
    <td width=213 valign=top>

      <p><font face="Times" size="1">Managing Director
  (Municipal Tax-Exempt) of MLIM since 2004; Director (Municipal Tax-Exempt) of
  MLIM from 1997 to 2004; Vice President of MLIM from 1993 to 1997.</font></p>
    </td>
    <td width=59 valign=top>

      <p><font face="Times" size="1">5 registered investment
  companies consisting of 5 portfolios</font></p>
    </td>
    <td width=54 valign=top>

      <p><font face="Times" size="1">None</font></p>
    </td>
  </tr>

  <tr>

    <td width=103 valign=top>

      <p><font face="Times" size="1">Elizabeth M. Phillips (55)</font></p>
    </td>
    <td valign=top colspan="2">

      <p><font face="Times" size="1">Vice President of CHY V
  since 2001 and Vice President of CHY VI since 2003.</font></p>
    </td>
    <td width=213 valign=top>

      <p><font face="Times" size="1">Managing Director since
  2006; Director of MLIM since 2000; Vice President of MLIM from 1990 to 2000.</font></p>
    </td>
    <td width=59 valign=top>

      <p><font face="Times" size="1">4 registered investment
  companies consisting of 4 portfolios</font></p>
    </td>
    <td width=54 valign=top>

      <p><font face="Times" size="1">None</font></p>
    </td>
  </tr>

  <tr>

    <td width=103 valign=top>

      <p><font face="Times" size="1">Robert D. Sneeden (52)</font></p>
    </td>
    <td valign=top colspan="2">

      <p><font face="Times" size="1">Vice President of MY Florida
  and MY New York Insured since 2003.</font></p>
    </td>
    <td width=213 valign=top>

      <p><font face="Times" size="1">Director since 2006; Vice
  President of MLIM from 1998 to 2006; Assistant Vice President of MLIM from
  1994 to 1998.</font></p>
    </td>
    <td width=59 valign=top>

      <p><font face="Times" size="1">3 registered investment
  companies consisting of 3 portfolios</font></p>
    </td>
    <td width=54 valign=top>

      <p><font face="Times" size="1">None</font></p>
    </td>
  </tr>

  <tr>

    <td width=103 valign=top>

      <p><font face="Times" size="1">Fred K. Steube (55)</font></p>
    </td>
    <td valign=top colspan="2">

      <p><font face="Times" size="1">Vice President of MY Michigan
  Insured II since 2003.</font></p>
    </td>
    <td width=213 valign=top>

      <p><font face="Times" size="1">Director of MLIM since
  2006; Vice President of MLIM from 1989 to 2005.</font></p>
    </td>
    <td width=59 valign=top>

      <p><font face="Times" size="1">4 registered investment
  companies consisting of 4 portfolios</font></p>
    </td>
    <td width=54 valign=top>

      <p><font face="Times" size="1">None</font></p>
    </td>
  </tr>






</table>
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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>






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





<table cellspacing=0 cellpadding=3 width=600 align="center">

































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

    <td width=103 height="41">
        <b><font face="Times" size="1">Name, Address* <br>
           and  Age of Officer </font></b>

      <hr size="1" noshade>
      </td>
    <td height="41" colspan="2">
        <b><font face="Times" size="1">Position(s) Held,  Term of Office** and Length of Time
  Served </font></b>

      <hr size="1" noshade>
      </td>
    <td width=213 height="41">
        <b><font face="Times" size="1">Principal Occupation <br>
           During Past Five Years </font></b>

      <hr size="1" noshade>
      </td>
    <td width=59 height="41">
       <b><font face="Times" size="1">Number of MLIM/FAM-Advised <br>
           Funds and Portfolios Overseen </font></b>

      <hr size="1" noshade>
      </td>
    <td width=54 height="41">
        <b><font face="Times" size="1">Public Directorships </font></b>

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


  <tr>

    <td width=103 valign=top>

      <p><font face="Times" size="1">Alice A. Pellegrino (46)</font></p>
    </td>
    <td valign=top colspan="2">

      <p><font face="Times" size="1">Secretary of all Funds
  listed in this Combined Proxy Statement since 2004.</font></p>
    </td>
    <td width=213 valign=top>

      <p><font face="Times" size="1">Director (Legal Advisory)
  of MLIM since 2002; Vice President of MLIM from 1999 to 2002; Attorney
  associated with MLIM since 1997; Secretary of MLIM, FAM, FAMD and Princeton
  Services since 2004.</font></p>
    </td>
    <td width=59 valign=top>

      <p><font face="Times" size="1">132 registered investment
  companies consisting of 178 portfolios</font></p>
    </td>
    <td width=54 valign=top>

      <p><font face="Times" size="1">None</font></p>
    </td>
  </tr>

</table>
<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.</FONT></TD></TR></TABLE>


<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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>






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




<!-- MARKER FORMAT-SHEET="Right Head 2 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>AUDIT COMMITTEE
CHARTER </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;This
document serves as the Charter for the Audit Committee of each fund (the &#147;Fund&#148;) advised
by Merrill Lynch Investment Managers, L.P., Fund Asset Management, L.P., or any
affiliated investment adviser (the &#147;investment adviser&#148;) listed on Appendix A hereto
(each such Charter being a separate Charter). The Board of Directors/Trustees of each
Fund (the &#147;Board&#148;) has adopted the following Audit Committee Charter (the &#147;Charter&#148;). </FONT></P>


<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>I. Composition of the
Audit Committee </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
Audit Committee shall be composed of at least three Directors/Trustees: </FONT></P>

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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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (a)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>each
of whom shall not be an &#147;interested person&#148; of the Fund, as            defined in Section
2(a)(19) of the Investment Company Act of 1940            (the &#147;1940 Act&#148;) (each, an
&#147;Independent Director&#148;); </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (b)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>each
of whom shall not accept directly or indirectly any consulting,            advisory, or
other compensatory fee from the Fund (other than fees            for serving on the Board
or any committee thereof and fixed amounts            of compensation under a retirement
plan for prior service with a Fund            listed or quoted on a stock exchange or
market quotation system            (&#147;Listed Fund&#148;)); and </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (c)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>each
of whom shall satisfy the independence and experience            requirements for any
stock exchange or market quotation system on            which Fund shares are or become
listed or quoted. </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;The
Board shall use its best efforts to ensure that at least one of the members of the Audit
Committee is an &#147;audit committee financial expert,&#148; as defined in rules of the Securities
and Exchange Commission. For those Funds listed on the New York Stock Exchange, no member
of the Audit Committee may serve on more than three public company audit committees
unless the Board determines that such simultaneous service would not impair the ability
of such member to serve effectively on the Audit 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>II. Purposes of the
Audit Committee </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
Audit Committee shall be responsible for: </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>assisting
Board oversight of the </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           (a)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>integrity
of the Fund&#146;s financial statements; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           (b)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>independent
accountants&#146; qualifications and independence; and </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           (c)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>performance
of the Fund&#146;s internal audit function and the Fund&#146;s independent accountants; 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>[for
Listed Funds] preparation, or overseeing the preparation of, any            audit
committee report required by rules of the Securities and            Exchange Commission
to be included in the Fund&#146;s proxy statement for            its annual meeting of
shareholders. </FONT></TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>III. Responsibilities
and Duties of the Audit Committee </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
Fund&#146;s independent accountants shall report directly to 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;As
may be necessary or appropriate to carry out its purposes, or to comply with applicable
law or the requirements of any securities exchange or market quotation system on which
Fund shares are or may become listed or quoted, the Audit Committee shall have the
following responsibilities and duties: </FONT></P>

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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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           (a)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
appointment, compensation, retention and oversight of the                 work of the
Fund&#146;s independent accountants, including the                 resolution of disagreements
between management and the                 independent accountants regarding financial
reporting; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           (b)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
(i) select an accounting firm to (1) serve as the Fund&#146;s                 independent
accountants, (2) audit the Fund&#146;s financial                 statements on an annual
basis, and (3) provide an opinion on an                 annual basis with respect to the
Fund&#146;s financial statements,                 and (ii) recommend that the Independent
Directors ratify such                 selection; </FONT></TD>
</TR>
</TABLE>
<BR>


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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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>






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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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           (c)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
pre-approve (i) all audit and permissible non-audit services                 to be
provided to the Fund by the Fund&#146;s independent accountants                 and (ii) all
permissible non-audit services to be provided by                 the Fund&#146;s independent
accountants to the Fund&#146;s investment                 adviser or any entity controlling,
controlled by, or under                 common control with the investment adviser
(&#147;adviser affiliate&#148;)                 that provides ongoing services to the Fund, if the
engagement by                 the adviser affiliate relates directly to the operations
and                 financial reporting of the Fund; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           (d)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>if
determined to be advisable, to develop policies and                 procedures for
pre-approval of the engagement of the Fund&#146;s                 independent accountants to
provide any of the audit or non-audit                 services described in Section
III(c) above; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           (e)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
consider whether each non-audit service provided by the                 Fund&#146;s
independent accountants to the Fund and to the Fund&#146;s                 investment adviser
or any adviser affiliate that provides                 ongoing services to the Fund is
compatible with maintaining the                 independence of such independent
accountants; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           (f)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
ensure that the Fund&#146;s independent accountants submit on a                 periodic basis
to the Audit Committee a formal written statement                 delineating all
relationships between such independent                 accountants and the Fund,
consistent with Independence Standards                 Board Standard No. 1, and to
actively engage in a dialogue with,                 and receive and consider specific
representations from, the                 Fund&#146;s independent accountants with respect to
any disclosed                 relationships or services that may affect the objectivity
and                 independence of such independent accountants; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           (g)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
review the arrangements for annual and special audits and the                 scope of
such audits with the Fund&#146;s independent accountants; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           (h)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
meet to review and discuss the Fund&#146;s audited financial                 statements and,
to the extent required by applicable law or                 regulations, the Fund&#146;s
semi-annual financial statements with                 Fund management and the Fund&#146;s
independent accountants,                 including the Fund&#146;s disclosure of management&#146;s
discussion of                 Fund performance; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           (i)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
review with the Fund&#146;s independent accountants any audit                 problems or
difficulties the accountants may have encountered                 during or relating to
the conduct of the audit, including any                 matters required to be discussed
pursuant to Statement of                 Accounting Standards No. 61, or any subsequent
Statement, and                 management&#146;s response; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           (j)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
establish and administer policies and procedures relating to                 the hiring
by the Fund, its investment adviser, or any                 administrator that is an
adviser affiliate of employees or                 former employees of the Fund&#146;s
independent accountants; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           (k)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
consider information and comments from the Fund&#146;s independent                 accountants
with respect to the Fund&#146;s accounting and financial                 reporting policies,
procedures and internal control over                 financial reporting (including the
Fund&#146;s critical accounting                 policies and practices) and management&#146;s
responses to any such                 comments; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           (l)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
request, receive and/or review from the Fund&#146;s independent                 accountants
such other materials as may be deemed necessary or                 advisable in the
discretion of the Committee in the exercise of                 its duties under this
Charter; such materials may (but are not                 required to) include, without
limitation, any other material                 written communications bearing on the
Fund&#146;s financial                 statements, or internal or disclosure controls, between
the                 independent accountants and the Fund, the investment adviser,
                the Fund&#146;s sub-adviser(s), if any, or other Fund service
                providers, such as any management letter or schedule of
                unadjusted differences; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           (m)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>at
least annually, to obtain and review a report by the Fund&#146;s                 independent
accountants describing: (i) such independent                 accountants&#146; internal
quality-control procedures; (ii) any                 material issues raised by the most
recent internal                 quality-control review, or peer review, of such
independent                 accountants, or by any inquiry or investigation by
governmental                 or professional authorities, within the preceding five
years,                 respecting one or more independent audits carried out by such
                firm, and any steps taken to deal with any such issues; and
                (iii) all relationships between the Fund&#146;s independent
                accountants and the Fund, the investment adviser and adviser
                affiliates (to assess the independence of the Fund&#146;s independent
                accountants); </FONT></TD>
</TR>
</TABLE>
<BR>



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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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>





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<!-- MARKER PAGE="sheet: 47; page: 47" -->




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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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           (n)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[for
Listed Funds] to discuss in general the Fund&#146;s earnings                 press releases,
as well as any financial information and                 earnings guidance provided to
analysts and rating agencies, if                 any (e.g., the types of information to
be disclosed and the type                 of presentation to be made); </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           (o)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
establish procedures for: (i) the receipt, retention, and                 treatment of
complaints received by the Fund regarding                 accounting, internal accounting
controls, or auditing matters;                 and (ii) the confidential, anonymous
submission of concerns by                 employees of the Fund&#146;s investment adviser,
manager,                 administrator, principal underwriter, or any other provider of
                accounting related services for the Fund regarding questionable
                accounting or auditing matters; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           (p)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
address reports received from attorneys in accordance with                 procedures
adopted by the Fund&#146;s investment adviser relating to                 the possible
violation of federal or state law or fiduciary                 duty; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           (q)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[for
Listed Funds] to discuss with Fund management and the                 Fund&#146;s independent
accountants policies with respect to risk                 assessment and risk management; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           (r)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[for
Listed Funds] to assist the Fund, if necessary, in                 preparing any written
affirmation or written certification                 required to be filed with any stock
exchange or market quotation                 system on which Fund shares are or become
listed or quoted; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           (s)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>on
an annual basis, to review and reassess the adequacy of this                 Charter,
recommend any changes to the Board, and evaluate the                 performance of the
Audit Committee; and </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           (t)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
perform such other functions and to have such other powers                 consistent
with this Charter, the Fund&#146;s Articles of                 Incorporation or Declaration of
Trust, as amended and                 supplemented, the Fund&#146;s By-laws, as amended, and
applicable                 law, as the Audit Committee or the Board deems necessary or
                appropriate. </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;The
Audit Committee may delegate any portion of its authority, including the authority to
grant preapprovals of audit related services and permitted non-audit services, to a
subcomittee of one or more members of the Audit Committee pursuant to preapproval
policies and procedures established by the Audit Committee; provided, however, that the
Audit Committee may not delegate preapproval of the audit required by the Securities
Exchange Act of 1934. Any decision of such subcommittee of the Audit Committee to grant
preapprovals shall be presented to the full Audit Committee at its next regularly
scheduled 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
function of the Audit Committee is oversight; it is the responsibility of Fund management
to maintain appropriate systems for accounting and internal control over financial
reporting, and the responsibility of the Fund&#146;s independent accountants to plan and carry
out a proper audit. Specifically, Fund management is responsible for: (1) the
preparation, presentation and integrity of the Fund&#146;s financial statements; (2) the
maintenance of appropriate accounting and financial reporting principles and policies;
and (3) the maintenance of internal control over financial reporting and other procedures
designed to assure compliance with accounting standards and related laws and regulations.
The Fund&#146;s independent accountants are responsible for planning and carrying out an audit
consistent with applicable legal and professional standards and the terms of their
engagement letter. Nothing in this Charter shall be construed to reduce the
responsibilities or liabilities of the Fund&#146;s service providers, including the Fund&#146;s
independent accountants. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
the Audit Committee is expected to review appropriately the matters that come before it,
such review of a Fund&#146;s financial statements by the Audit Committee is not an audit, nor
does the Committee&#146;s review substitute for the responsibilities of the Fund&#146;s management
for preparing, or the Fund&#146;s independent accountants for auditing, the financial
statements. Members of the Audit Committee are not full-time employees of the Fund and,
in serving on the Audit Committee, are not, and do not hold themselves out to be, acting
as accountants or auditors. As such, it is not the duty or responsibility of the Audit
Committee or its members to conduct &#147;field work&#148; or other types of auditing or accounting
reviews or procedures. </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
discharging their duties, the members of the Audit Committee are entitled to rely on
information, opinions, reports, or statements, including financial statements and other
financial data, if prepared or presented by: (1) one or more officers of the Fund whom
the Board reasonably believes to be reliable and competent in the matters presented; (2)
legal counsel, public accountants, or other persons as to matters the Board reasonably
believes are within the person&#146;s professional or expert competence; or (3) a committee of
the Board. </FONT></P>




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<BR>&nbsp;
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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>





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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>IV. 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
Audit Committee shall meet on a regular basis but no less frequently than annually. The
Audit Committee periodically shall meet separately with the Fund&#146;s independent
accountants, Fund management, and representatives of Fund management responsible for the
financial and accounting operations of the Fund. The Audit Committee may hold special
meetings at such times as the Audit Committee believes necessary or appropriate. Members
of the Audit Committee may participate in a meeting of the Audit Committee by means of
conference call or similar communications equipment by means of which all persons
participating in such meeting can hear each other. </FONT></P>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>V. Assistance from
Fund Management; Authority to Engage Advisers; Funding </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
appropriate officers of the Fund shall provide or arrange to provide such information,
data and services as the Audit Committee may request. The Audit Committee shall have the
power and authority to take all action it believes necessary or appropriate to discharge
its responsibilities, including the power and authority to retain independent counsel and
other advisers. The Fund shall provide for appropriate funding, as determined by the
Audit Committee as a committee of the Board, for payment of: (i) compensation to the
Fund&#146;s independent accountants or any other accounting firm engaged for the purpose of
preparing or issuing an audit report or performing other audit, review, or attest
services for the Fund, (ii) compensation to any advisers employed by the Audit Committee
under this Section V, and (iii) ordinary administrative expenses of the Audit Committee
that are necessary or appropriate in carrying out its responsibilities. </FONT></P>


<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>VI. Reporting </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
Chairman or Chairwoman of the Audit Committee shall report to the Board on the results of
its deliberations and make such recommendations as deemed necessary or appropriate. </FONT></P>


<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>VII. Amendments </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;This
Charter may be amended or modified from time to time by vote of the 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>Dated:
February 22, 2006 </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">D-4
</FONT></TD>
    <TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR ALIGN=LEFT WIDTH=100% SIZE=5 noshade><BR>







<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 16; page: 16" -->











<!-- 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>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p><font face="Times New Roman, Times, Serif" size=2>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. </font></p>
<p><font face="Times New Roman, Times, Serif" size=2><b><!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<br>
  </b></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">D-5
</font></td>
    <td width=20% align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<hr align=LEFT width=100% size=5 noshade>
<br>







<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 16; page: 16" -->











<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=RIGHT><font face="Times New Roman, Times, Serif" size=2><b></b></font></p>
<p align=RIGHT><font face="Times New Roman, Times, Serif" size=2><b>COMMON STOCK
  </b></font></p>
<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 27,
  2006, at the annual meeting of stockholders of the Fund to be held on April
  27, 2006 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;&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: 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 I Nominees to serve
  until the 2009 Annual Meeting of Stockholders: <br>
  Joe Grills and Roberta Cooper Ramo </b></font> <!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
</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 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: _________________________________________, 2006</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
  27, 2006, at the annual meeting of stockholders of the Fund to be held on April
  27, 2006 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>
  </i>James H. Bodurtha, Robert C. Doll, Jr., Kenneth A. Froot, Joe Grills, Herbert
  I. London, Roberta Cooper Ramo and Robert S. Salomon, Jr.<i> </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: _________________________________________, 2006</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 VI, Inc. (the &#147;Fund&#148;) held of record by the undersigned on February
  27, 2006, at the annual meeting of stockholders of the Fund to be held on April
  27, 2006. </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>
  </i>James H. Bodurtha, Robert C. Doll, Jr., Kenneth A. Froot, Joe Grills, Herbert
  I. London, Roberta Cooper Ramo and Robert S. Salomon, Jr.</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: _________________________________________, 2006</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 27,
  2006, at the annual meeting of stockholders of the Fund to be held on April
  27, 2006 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;&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>
<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>
  James H. Bodurtha, Robert C. Doll, Jr., Kenneth A. Froot, Joe Grills </font><font face="Times New Roman, Times, Serif" size="1"><b><font face="Times New Roman, Times, Serif" size="1"><b><font size="2">and</font></b></font></b></font>
  <font size="2">Roberta Cooper Ramo </font><font face="Times New Roman, Times, Serif" size="1"><b></b></font></b></font></p>
<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>2. </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: _________________________________________, 2006</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
  27, 2006, at the annual meeting of stockholders of the Fund to be held on April
  27, 2006 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 Proposal 1</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 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><!-- 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., Kenneth A.
  Froot, Joe Grills, Herbert I. London, Roberta Cooper Ramo and Robert S. Salomon,
  Jr. </font></b></font> <!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
</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>
<!-- 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%">&nbsp;</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: _________________________________________, 2006</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: 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 27, 2006, at the annual meeting of stockholders of the Fund to be
  held on April 27, 2006 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., Kenneth A. Froot, Joe Grills and Roberta
  Cooper Ramo</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: _________________________________________, 2006</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 27, 2006, at the annual meeting of stockholders of the Fund to be
  held on April 27, 2006 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., Kenneth A. Froot, Joe Grills, Herbert
  I. London, Roberta Cooper Ramo and Robert S. Salomon, Jr. </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: _________________________________________, 2006</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
  27, 2006, at the annual meeting of stockholders of the Fund to be held on April
  27, 2006 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., Kenneth A. Froot, Joe Grills, Herbert I. London and Roberta
  Cooper Ramo </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: _________________________________________, 2006</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 27, 2006, at the annual meeting of stockholders of the Fund to be
  held on April 27, 2006 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., Kenneth A. Froot, Joe Grills, Herbert
  I. London, Roberta Cooper Ramo and Robert S. Salomon, Jr. </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: _________________________________________, 2006</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 27,
  2006, at the annual meeting of stockholders of the Fund to be held on April
  27, 2006 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 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>
<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., Kenneth A. Froot, Joe Grills and Roberta
  Cooper Ramo </font></b></font><br>
</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>
<!-- 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: _________________________________________, 2006</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 27, 2006, at the annual meeting of stockholders of the Fund to be
  held on April 27, 2006 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;&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>
<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">
  Kenneth A. Froot, Joe Grills, Herbert I. London, Roberta Cooper Ramo and Robert
  S. Salomon, Jr. </font></b></font></b></font><br>
  <!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" --> </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>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="47%" valign="top">&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: _________________________________________, 2006</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 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
  27, 2006, at the annual meeting of stockholders of the Fund to be held on April
  27, 2006 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 Proposal 1.</font></b></td>
  </tr>
</table>
<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: 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., Kenneth A. Froot, Joe Grills and Roberta
  Cooper Ramo</font></b></font><br>
</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;&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: _________________________________________, 2006</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 27, 2006, at the annual meeting of stockholders of the Fund to be
  held on April 27, 2006 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>
<!-- 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: 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., Kenneth A. Froot, Joe Grills, Herbert
  I. London, Roberta Cooper Ramo and Robert S. Salomon, Jr. </font></b></font><br>
  <!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" --> </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 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">&nbsp;</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: _________________________________________, 2006</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: 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 27, 2006, at the annual meeting of stockholders of the Fund to be
  held on April 27, 2006 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 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 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., Kenneth A. Froot, Joe Grills and Roberta
  Cooper Ramo </font></b></font><br>
</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 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: _________________________________________, 2006</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 27, 2006, at the annual meeting of stockholders of the Fund to be
  held on April 27, 2006 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;&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 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., Kenneth A. Froot, Joe Grills and Herbert
  I. London, Roberta Cooper Ramo and Robert S. Salomon, Jr. </font></b></font><br>
  <!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" --> </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="47%" valign="top">&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: _________________________________________, 2006</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: 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 27, 2006, at the annual meeting
  of shareholders of the Fund to be held on April 27, 2006 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 Proposal 1.</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 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 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., Kenneth A. Froot, Joe Grills and Roberta Cooper Ramo
 </font></b></font></p>
<br>
<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: _________________________________________, 2006</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 27, 2006, at the annual meeting of shareholders of the Fund to be
  held on April 27, 2006 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 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;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)<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., Kenneth A. Froot, Joe Grills, Herbert I. London, Roberta
  Cooper Ramo and Robert S. Salomon, Jr.</font></b></font></p>
<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>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%" valign="top">&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: _________________________________________, 2006</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>

<!-- *************************************************************************** -->
<!-- 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 27, 2006, at the
  annual meeting of stockholders of the Fund to be held on April 27, 2006 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 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: 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., Kenneth A. Froot, Joe Grills, Roberta Cooper Ramo and Robert S. Salomon, Jr. </font></b></font></p>

<br>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font 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;</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: _________________________________________, 2006</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 27, 2006,
  at the annual meeting of stockholders of the Fund to be held on April 27, 2006
  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 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;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>
</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., Kenneth A. Froot, Joe Grills, Herbert I. London, Roberta
  Cooper Ramo and Robert S. Salomon, Jr. </font></b></font>
</p>
<br>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%>2.</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>
      </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: _________________________________________, 2006</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 27, 2006, at
  the annual meeting of stockholders of the Fund to be held on April 27, 2006
  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 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>
</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., Kenneth A. Froot, Joe Grills, Herbert I. London and Roberta
  Cooper Ramo </font></b></font></p>
<br>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font 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: _________________________________________, 2006</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
  27, 2006, at the annual meeting of stockholders of the Fund to be held on April
  27, 2006 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 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>
<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., Kenneth A. Froot, Joe Grills, Herbert I. London, Roberta
  Cooper Ramo and Robert S. Salomon, Jr. </font></b></font></p>
<br>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font 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%" valign="top">&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: _________________________________________, 2006</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
  27, 2006, at the annual meeting of stockholders of the Fund to be held on April
  27, 2006 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 Proposal 1.</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 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 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., Kenneth A. Froot, Joe Grills and Roberta Cooper Ramo </font></b></font></p>
<br>
<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: _________________________________________, 2006</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 27, 2006, at the annual meeting of stockholders of the Fund to be
  held on April 27, 2006 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 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;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: 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., Kenneth A. Froot, Joe Grills,
  Herbert I. London, Roberta Cooper Ramo and Robert S. Salomon, Jr.
  </font></b></font></p>
<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>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%" valign="top">&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: _________________________________________, 2006</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 27, 2006,
  at the annual meeting of stockholders of the Fund to be held on April 27, 2006
  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 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: 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., Kenneth A. Froot, Joe Grills and Roberta Cooper Ramo
  </font></b></font></p>
<br>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font 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: _________________________________________, 2006</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
  27, 2006, at the annual meeting of stockholders of the Fund to be held on April
  27, 2006 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 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>
<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., Kenneth A. Froot, Joe Grills, Herbert I. London, Roberta
  Cooper Ramo and Robert S. Salomon, Jr.</font></b></font></p>
<br>
<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="47%" valign="top">&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: _________________________________________, 2006</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
  27, 2006, at the annual meeting of stockholders of the Fund to be held on April
  27, 2006 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 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;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: 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., Kenneth A. Froot, Joe Grills and Roberta Cooper Ramo
 </font></b></font></p>
<br>
<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: _________________________________________, 2006</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 27, 2006, at the annual meeting of stockholders of the Fund to be held
  on April 27, 2006 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 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;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 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., Kenneth A. Froot, Joe Grills, Herbert I. London, Roberta
  Cooper Ramo and Robert S. Salomon, Jr.</font></b></font></p>
<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>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="47%" valign="top">&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: _________________________________________, 2006</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 27, 2006, at
  the annual meeting of stockholders of the Fund to be held on April 27, 2006
  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 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;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>
</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., Kenneth A. Froot, Joe Grills and Roberta Cooper Ramo
  </font></b></font></p>
<br>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font 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;</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: _________________________________________, 2006</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
  27, 2006, at the annual meeting of stockholders of the Fund to be held on April
  27, 2006 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 Proposal 1.</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 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>
</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.,
  Kenneth A. Froot, Joe Grills, Herbert I. London, Roberta Cooper Ramo and  Robert S. Salomon, Jr.
 </b> </font></p>
<br>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font 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%" valign="top">&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: _________________________________________, 2006</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 27, 2006,
  at the annual meeting of stockholders of the Fund to be held on April 27, 2006
  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 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>
</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., Kenneth A. Froot, Joe Grills, Roberta Cooper Ramo and Robert S. Salomon, Jr.
 </font></b></font></p>
<br>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font 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: _________________________________________, 2006</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
  27, 2006, at the annual meeting of stockholders of the Fund to be held on April
  27, 2006 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 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>
</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., Kenneth A. Froot, Joe Grills, Herbert I. London, Roberta
  Cooper Ramo and Robert S. Salomon, Jr. </font></b></font></p>
<br>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font 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%" valign="top">&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: _________________________________________, 2006</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>

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