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<SEC-DOCUMENT>0000891092-00-000473.txt : 20000525
<SEC-HEADER>0000891092-00-000473.hdr.sgml : 20000525
ACCESSION NUMBER:		0000891092-00-000473
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20000627
FILED AS OF DATE:		20000524

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIVEST FUND INC
		CENTRAL INDEX KEY:			0000835948
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		
		SEC FILE NUMBER:	811-05611
		FILM NUMBER:		642408

	BUSINESS ADDRESS:	
		STREET 1:		P O BOX 9011
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543-9011
		BUSINESS PHONE:		6092822467

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIPLUS FUND INC
		DATE OF NAME CHANGE:	19880913

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SENIOR HIGH INCOME PORTFOLIO INC
		CENTRAL INDEX KEY:			0000896665
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				223226962
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		
		SEC FILE NUMBER:	811-07456
		FILM NUMBER:		642409

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

	MAIL ADDRESS:	
		STREET 1:		PO BOX 9011
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543-9011
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<DESCRIPTION>DEF 14A
<TEXT>


<HTML>
<head>
<TITLE> DEF 14A </TITLE>
</head>
<body>

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<p>
<p>&nbsp; </p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>&lt;R&gt;As filed with the Securities and Exchange
      Commission on May 24, 2000&lt;/R&gt;</b></font></td>
  </tr>
</TABLE>
<br>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>SCHEDULE 14A INFORMATION</b></font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>Proxy Statement Pursuant to Section 14(A)
      of the Securities <br>
      Exchange Act of 1934 (Amendment No.&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</b></font></td>
  </tr>
</TABLE>
<p></p>
<p>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>Filed by the Registrant&nbsp; [X]</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>Filed by a party other than the Registrant&nbsp; [&nbsp; ]</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>Check the appropriate box:</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td width=2% align=right valign=top height="20">&nbsp;</td>
    <td width=5% valign="top" height="20"><font size="2">[&nbsp;&nbsp;&nbsp;]</font></td>
    <td width=93% valign="top" height="20" colspan="3"><font size="2">Preliminary
      Proxy Statement</font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=2% align=right valign=top>&nbsp;</td>
    <td width=5% valign="top"><font size="2">[X]</font></td>
    <td width=93%><font size="2"> Definitive Proxy Statement</font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=2% align=right valign=top>&nbsp;</td>
    <td width=5%><font size="2">[&nbsp;&nbsp;&nbsp;]</font></td>
    <td width=93%><font size="2"> Definitive Additional Materials</font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=2% align=right valign=top height="24">&nbsp;</td>
    <td width=5% height="24"><font size="2">[&nbsp;&nbsp;]</font></td>
    <td width=93% height="24"><font size="2"> Soliciting Material Pursuant to
      Rule 14a-11(c) or Rule 14a-12</font></td>
  </tr>
</TABLE>
<br>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b><font size="3">MUNIVEST FUND,
      INC.<br>
      SENIOR HIGH INCOME PORTFOLIO, INC. </font></b></font></td>
  </tr>
</TABLE>

<table width=600>
  <tr>
    <td align=center><font size=1><b>(Name of Registrant as Specified In Its Charter)</b></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr align="center">
    <td> <b>SAME AS ABOVE </b>
      <hr size=1 noshade align=CENTER width=300>
    </td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td align=center><font size=1><b>(Name of Person(s) Filing Proxy Statement)</b></font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>Payment of Filing Fee (Check the appropriate box):</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td width=2% align=right valign=top>&nbsp;</td>
    <td width=5%><font size="2">[X]</font></td>
    <td width=93%><font size="2">No fee required.</font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=2% align=right valign=top height="24">&nbsp;</td>
    <td width=5% height="24"><font size="2">[&nbsp;&nbsp; ]</font></td>
    <td width=93% height="24"><font size="2"> Fee computed on table below per
      Exchange Act Rules 14a-6(i)(1) and 0-11.</font></td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size=2>(1) Title of each class of securities to which
      transaction applies:</font></td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size=2>(2) Aggregate number of securities to which transaction
      applies:</font></td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td width=38>&nbsp;</td>
    <td width=550><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Per unit
      price or other underlying value of transaction computed pursuant to Exchange
      Act Rule<br>
      0-11 (set forth the amount on which the filing fee is calculated and state
      how it was determined):</font></td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size=2>(4) Proposed maximum aggregate value of transaction:</font></td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ &nbsp;] Check box if any
      part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and
      identify the filing for which the offsetting fee was paid previously. Identify
      the previous filing by registration statement number, or the form or schedule
      and the date of its filing.</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size=2>(1) Amount previously paid:</font></td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size=2>(2) Form, Schedule or Registration Statement No.:</font></td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size=2>(3) Filing Party:</font></td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size=2>(4) Date Filed:</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center>&nbsp;</td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>





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<!-- MARKER LABEL="sheet: 2, page: 2" -->
<p>
<table width=600><tr><td  align=center><font size=3><B>MUNIVEST
FUND, INC. <BR>
SENIOR HIGH INCOME PORTFOLIO, INC. <BR>P.O. Box 9011 <BR>Princeton, New Jersey
08543-9011</B></font></td></tr></TABLE><p></p>

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

<p><table width=600><tr><td  align=center><font size=3><B> NOTICE OF 2000
ANNUAL MEETINGS OF STOCKHOLDERS </B></font></td></tr></TABLE><p></p>

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

<p><table width=600><tr><td  align=center><font size=3><B>TO BE HELD ON JUNE
27, 2000</B></font></td></tr></TABLE>
<p>
<table width=600 cellpadding="0" cellspacing="0">
  <tr>
    <td width=600 colspan="2"><font size=2>T<font size="1">O</font> T<font size="1">HE</font>
      S<font size="1">TOCKHOLDERS</font> <font size="1">OF</font></font></td>
  </tr>
  <tr>
    <td width=30><font size="2"></font></td>
    <td width=570><font size="2">MuniVest Fund, Inc. <br>
      Senior High Income Portfolio, Inc.:</font></td>
  </tr>
</TABLE>
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICE IS HEREBY GIVEN that the 2000
Annual Meeting of Stockholders (each a &#147;Meeting&#148; and collectively, the &#147;Meetings&#148;)
of each of MuniVest Fund, Inc. and Senior High Income Portfolio, Inc. (each a &#147;Fund&#148; and,
collectively, the &#147;Funds&#148;) will be held at the offices of Fund Asset
Management, L.P., 800 Scudders Mill Road, Plainsboro, New Jersey, on Tuesday,
June 27, 2000 at the time specified in Exhibit A for the following purposes:</font></td>
  </tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="Bullet" -->
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(1) </font></td>
    <td width=3%></td>
    <td width=93%><font size=2>To elect a Board of Directors of each Fund to serve
      for the ensuing year;&lt;R&gt;</font></td>
  </tr></TABLE>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(2)</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>To consider and act upon a proposal to ratify the
      selection of Deloitte &amp; Touche <font size="1">LLP</font> to serve as
      independent auditors of each Fund for its current fiscal year; and&lt;/R&gt;</font></td>
  </tr></TABLE>


<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(3)</font></td>
    <td width=3%></td>
    <td width=93%><font size="2">To transact such other business as may properly
      come before the Meeting or any adjournment thereof.</font></td>
  </tr>
</TABLE>
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&lt;R&gt;&nbsp;The Board of Directors
      of MuniVest Fund, Inc. has fixed the close of business on May 2, 2000 and
      the Board of Directors of Senior High Income Portfolio, Inc. has fixed the
      close of business on May 5, 2000, as the record date for the determination
      of stockholders entitled to notice of and to vote at the applicable Fund&#146;s
      Meeting or any adjournment thereof.</font></td>
  </tr></TABLE>
<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A complete list of the stockholders
      of each Fund entitled to vote at its Meeting will be available and open
      to the examination of any stockholder of that Fund for any purpose germane
      to the Meeting during ordinary business hours from and after June 13, 2000,
      at the office of the Funds, 800 Scudders Mill Road, Plainsboro, New Jersey
      08536. You are cordially invited to attend the Meeting. <B>Stockholders
      who do not expect to attend the Meeting in person are requested to complete,
      date and sign the enclosed form of proxy and return it promptly in the envelope
      provided for this purpose. If you have been provided with the opportunity
      on your proxy card or voting instruction form to provide voting instructions
      via telephone or the internet, please take advantage of these prompt and
      efficient voting options.</B> The enclosed proxy is being solicited on behalf
      of the Board of Directors of each Fund.&lt;/R&gt;</FONT></td>
  </tr></TABLE>

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





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<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&lt;R&gt;If you have any questions
      regarding the enclosed proxy material or need assistance in voting your
      shares, please contact our proxy solicitor, Shareholders Communication Corporation,
      at 17 State Street, New York, New York 10004 at (800) 372-0883.&lt;/R&gt;&nbsp;</font></td>
  </tr></TABLE>
<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><font size=2>By Order of the Boards of Directors</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2>BRADLEY J. LUCIDO</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2> <i>Secretary of Senior High Income Portfolio, Inc.&nbsp;&nbsp;</i></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2>WILLIAM E. ZITELLI, JR.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2><i>&nbsp;Secretary of MuniVest Fund, Inc.</i></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="bottom"><font size=2>Plainsboro, New Jersey</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="bottom"><font size=2>&lt;R&gt;May 24, 2000&lt;/R&gt;</font></td>
    <td>&nbsp;</td>
  </tr>
</TABLE>
<p>&nbsp;</p>
<p></p>

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


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

<!-- MARKER FORMAT-SHEET="Center Head size 3" -->
<p><table width=600><tr><td  align=center><font size=3><B>COMBINED PROXY
STATEMENT </B></font></td></tr></TABLE>
<br>
<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>MUNIVEST FUND, INC.<BR>
SENIOR HIGH INCOME PORTFOLIO, INC. <BR>P.O. Box 9011 <BR> Princeton, New Jersey
08543-9011</B></font></td></tr></TABLE>
<br>
<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>2000 ANNUAL MEETINGS
OF STOCKHOLDERS</B></font></td></tr></TABLE>
<br>
<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>

<p><table width=600><tr><td  align=center><font size=3><B> June 27, 2000</B></font></td></tr></TABLE>
<br>
<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>INTRODUCTION</B></font></td></tr></TABLE>
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&lt;R&gt;This Combined Proxy
      Statement is furnished in connection with the solicitation of proxies on
      behalf of the Boards of Directors of the above-listed funds (each a &#147;Fund&#148;
      and, collectively, the &#147;Funds&#148;) to be voted at the 2000 Annual Meetings
      of Stockholders of each of MuniVest Fund, Inc. and Senior High Income Portfolio,
      Inc. (each a &#147;Meeting&#148; and collectively, the &#147;Meetings&#148;), to be held at
      the offices of Fund Asset Management, L.P. (&#147;FAM&#148;), 800 Scudders Mill Road,
      Plainsboro, New Jersey, on Tuesday, June 27, 2000 at the time specified
      in Exhibit A hereto. The approximate mailing date of this Combined Proxy
      Statement is May 24, 2000.&lt;/R&gt; </font></td>
  </tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All properly executed proxies
      received prior to the Meeting will be voted at the Meeting in accordance
      with the instructions marked thereon or otherwise as provided therein. Unless
      instructions to the contrary are marked, proxies will be voted <i>for</i> the election
      of the Board of Directors of each Fund to serve for the ensuing year and
      <i> for</i> the ratification of the selection of independent auditors to
      serve for each Fund&#146;s current fiscal year. 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></td>
  </tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&lt;R&gt;The Board of Directors
      of MuniVest Fund, Inc. has fixed the close of business on May 2, 2000 and
      the Board of Directors of Senior High Income Portfolio, Inc. has fixed the
      close of business on May 5, 2000 as the record date (in each case, the &#147;Record
      Date&#148;) for the determination of stockholders entitled to notice of and to
      vote at the applicable Fund&#146;s Meeting and at any adjournment thereof. Stockholders
      on the Record Date will be entitled 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 of common stock (&#147;Common Stock&#148;) and,
      in the case of MuniVest Fund, Inc., shares of auction market preferred stock
      (&#147;AMPS&#148;), indicated in Exhibit A. To the knowledge of each Fund, as of the
      Record Date, no person is the beneficial owner of more than five percent
      of its outstanding Common Stock or, if applicable, AMPS, at such date.&lt;/R&gt;
      </font></td>
  </tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors of each Fund knows of no business other than that mentioned
in Items 1 and 2 of the Notice of Meeting that will be presented for
consideration at the Meeting. If any other matter is properly presented, it is
the intention of the persons named in the enclosed proxy to vote in accordance
with their best judgment.</font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="PAGE BREAK" -->
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">&nbsp;</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;


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




<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
class of stockholders solicited and entitled to vote on each proposal is
outlined in the following chart.</font></td></tr></TABLE>
<p>&nbsp;</p>
<TABLE CELLSPACING=0 CELLPADDING=0 WIDTH=600>
  <TR valign="bottom">
    <TD WIDTH="188" rowspan="2"><b><font size=1>Fund </font><font size="2">&lt;R&gt;</font></b>
      <hr noshade size="1" align="left" width="30">
    </TD>
    <TD WIDTH="40" rowspan="2"><b></b></TD>
    <TD WIDTH="105" align="center" rowspan="2"><b><font size=1>Class of<br>
      Stockholders </font></b>
      <hr noshade size="1" align="center" width="60">
      <b> </b></TD>
    <TD WIDTH="16" rowspan="2"><b></b></TD>
    <TD WIDTH="136" align="center" colspan="3" height="33"><b><font size=1>Item
      1. </font></b>
      <hr noshade size="1">
    </TD>
    <TD WIDTH="15" rowspan="2"><b></b></TD>
    <td width="71" align="center" height="33"> <b><font size=1>Item 2.
      <hr noshade size="1">
      </font> </b></td>
    <TD WIDTH="30" rowspan="2"><b></b></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="59" align="center"><b><font size=1>Election of<br>
      AMPS<br>
      Directors </font></b>
      <hr noshade size="1" align="center" width="50">
    </TD>
    <TD WIDTH="16"> </TD>
    <TD WIDTH="61" align="center"><b><font size=1>Election of<br>
      Other<br>
      Directors </font></b>
      <hr size="1" noshade align="center" width="50">
    </TD>
    <td width="71" align="center"><b><font size=1> Ratification<br>
      of Selection of<br>
      Independent<br>
      Auditors </font></b>
      <hr noshade size="1" align="center" width="60">
    </td>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="188"> <font size="2">MuniVest Fund, Inc.</font> </TD>
    <TD WIDTH="40">&nbsp;</TD>
    <TD WIDTH="105" align="center"> <font size="2">Common Stock</font> </TD>
    <TD WIDTH="16">&nbsp;</TD>
    <TD WIDTH="59" align="center"> <font size="2">No</font> </TD>
    <TD WIDTH="16">&nbsp;</TD>
    <TD WIDTH="61" align="center"> <font size="2">Yes</font> </TD>
    <TD WIDTH="15">&nbsp;</TD>
    <td width="71" align="center"> <font size="2">Yes </font> </td>
    <TD WIDTH="30">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="188"> <font size="2">MuniVest Fund, Inc.</font> </TD>
    <TD WIDTH="40">&nbsp;</TD>
    <TD WIDTH="105" align="center"> <font size="2">AMPS</font> </TD>
    <TD WIDTH="16">&nbsp;</TD>
    <TD WIDTH="59" align="center"> <font size="2">Yes</font> </TD>
    <TD WIDTH="16">&nbsp;</TD>
    <TD WIDTH="61" align="center"> <font size="2">No</font> </TD>
    <TD WIDTH="15">&nbsp;</TD>
    <td width="71" align="center"> <font size="2">Yes </font> </td>
    <TD WIDTH="30">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="188"> <font size="2">Senior High Income Portfolio, Inc.</font>
    </TD>
    <TD WIDTH="40">&nbsp;</TD>
    <TD WIDTH="105" align="center"> <font size="2">Common Stock</font> </TD>
    <TD WIDTH="16">&nbsp;</TD>
    <TD WIDTH="59" align="center"> <font size="2">N/A</font> </TD>
    <TD WIDTH="16">&nbsp;</TD>
    <TD WIDTH="61" align="center"> <font size="2">Yes</font> </TD>
    <TD WIDTH="15">&nbsp;</TD>
    <td width="71" align="center"> <font size="2">Yes </font> </td>
    <TD WIDTH="30"><font size="2">&lt;/R&gt;</font></TD>
  </TR>
</TABLE>


<p><table width=600><tr><td  align=center><font size=2><B>ITEM 1. ELECTION OF
DIRECTORS</B></font></td></tr></TABLE>
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Meetings, the Board
      of Directors of each Fund will be elected to serve until the next Annual
      Meeting of Stockholders of that Fund and until their successors are elected
      and qualified. It is intended that all properly executed proxies will be
      voted (unless such authority has been withheld in the proxy) &#147;for&#148;the nominees
      listed on the proxy card. The nominees to be elected by each Fund and the
      vote required to elect such nominees appears in the following chart.</font></td>
  </tr></TABLE>
<p><FONT SIZE=2> </font>
</p>
<TABLE CELLSPACING=0 CELLPADDING=0 WIDTH=734>
  <TR>
    <TD WIDTH="24%" VALIGN="bottom"><b><font size="1">Fund </font></b>
      <hr noshade align="left" size="1" width="25">
    </TD>
    <TD WIDTH="11%" VALIGN="TOP"><b></b></TD>
    <TD WIDTH="25%" VALIGN="bottom" align="center"><b><font size=1>Nominees </font></b>
      <hr align="center" noshade size="1" width="45">
    </TD>
    <TD WIDTH="5%" VALIGN="TOP"><b></b></TD>
    <TD WIDTH="24%" VALIGN="TOP" align="center"><b><font size=1>Vote Required
      Assuming a<br>
      Quorum is Present </font></b>
      <hr align="center" noshade size="1" width="120">
    </TD>
    <TD WIDTH="11%" VALIGN="TOP"><b></b></TD>
  </TR>
  <TR>
    <TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR>
    <TD WIDTH="24%" VALIGN="TOP"> <FONT SIZE=2> MuniVest Fund, Inc.</FONT></TD>
    <TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="25%" VALIGN="TOP"> <FONT SIZE=2> <b>To be Elected by Holders of
      AMPS, Voting Separately as a Class (&#147;AMPS Directors&#148;):<br>
      </b>Ronald W. Forbes<font size="1"><sup>(1)(2)</sup></font><br>
      Richard R. West<font size="1"><sup>(1)(2)</sup></font></FONT></TD>
    <TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="24%" VALIGN="TOP"> <FONT SIZE=2>Affirmative vote of a plurality
      of the votes<font size="1"><sup>&#134;</sup></font> cast by the holders
      of AMPS represented at the Meeting and entitled to vote</font></TD>
    <TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR>
    <TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR>
    <TD WIDTH="24%" VALIGN="TOP" rowspan="9">&nbsp;</TD>
    <TD WIDTH="11%" VALIGN="TOP" rowspan="9">&nbsp;</TD>
    <TD WIDTH="25%" VALIGN="TOP" ROWSPAN=9> <FONT SIZE=2> <b>To be Elected by
      Holders of Common Stock, Voting Separately as a Class:<br>
      </b>Terry K. Glenn<font size="1"><sup>(1)*</sup></font><br>
      Cynthia A. Montgomery<font size="1"><sup>(1)(2)</sup></font><br>
      Charles C. Reilly<font size="1"><sup>(1)(2)</sup></font><br>
      Kevin A. Ryan<font size="1"><sup>(1)(2)</sup></font><br>
      Roscoe S. Suddarth<font size="1"><sup>(1)#</sup></font><br>
      Arthur Zeikel<font size="1"><sup>(1)*</sup></font><br>
      Edward D. Zinbarg<font size="1"><sup>(1)#</sup></font></FONT></TD>
    <TD WIDTH="5%" VALIGN="TOP" rowspan="9">&nbsp;</TD>
    <TD WIDTH="24%" VALIGN="TOP" ROWSPAN=9> <FONT SIZE=2> Affirmative vote of
      a plurality of the votes<font size="1"><sup>&#134;</sup></font> cast by
      the holders of Common Stock represented at the Meeting and entitled to vote</FONT></TD>
    <TD WIDTH="11%" VALIGN="TOP" rowspan="9">&nbsp;</TD>
  </TR>
  <TR> </TR>
  <TR> </TR>
  <TR> </TR>
  <TR> </TR>
  <TR> </TR>
  <TR> </TR>
  <TR> </TR>
  <TR> </TR>
</TABLE>
<FONT SIZE=2> &nbsp; </FONT>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">2</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 6, page: 6" -->
<p>
<table cellspacing=0 cellpadding=0 width=734>
  <tr>
    <td width="24%" valign="bottom"><b><font size="1">Fund </font></b>
      <hr noshade align="left" size="1" width="25">
    </td>
    <td width="11%" valign="TOP"><b></b></td>
    <td width="25%" valign="bottom" align="center"><b><font size=1>Nominees </font></b>
      <hr align="center" noshade size="1" width="45">
    </td>
    <td width="5%" valign="TOP"><b></b></td>
    <td width="24%" valign="TOP" align="center"><b><font size=1>Vote Required
      Assuming a<br>
      Quorum is Present </font></b>
      <hr align="center" noshade size="1" width="120">
    </td>
    <td width="11%" valign="TOP"><b></b></td>
  </tr>
  <tr>
    <td width="24%" valign="TOP">&nbsp;</td>
    <td width="11%" valign="TOP">&nbsp;</td>
    <td width="25%" valign="TOP">&nbsp;</td>
    <td width="5%" valign="TOP">&nbsp;</td>
    <td width="24%" valign="TOP">&nbsp;</td>
    <td width="11%" valign="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td width="24%" valign="TOP"> <font size=2> Senior&nbsp;High&nbsp;Income&nbsp;Portfolio,&nbsp;Inc.&nbsp;
      </font></td>
    <td width="11%" valign="TOP">&nbsp;</td>
    <td width="25%" valign="TOP"> <font size=2><b>To be Elected by Holders of
      Common Stock:</b> <br>
      Ronald W. Forbes<font size="1"><sup>(1)(2)</sup></font><br>
      Terry K. Glen<font size="1"><sup>(1)*</sup></font><br>
      Cynthia A. Montgomery<font size="1"><sup>(1)(2)</sup></font><br>
      Charles C. Reilly<font size="1"><sup>(1)(2)</sup></font><br>
      Kevin A. Ryan<font size="1"><sup>(1)(2)</sup></font><br>
      Roscoe S. Suddarth<font size="1"><sup>(1)#</sup></font><br>
      Richard R. West<font size="1"><sup>(1)(2)</sup></font><br>
      Arthur Zeikel<font size="1"><sup>(1)#</sup></font><br>
      Edward D. Zinbarg<font size="1"><sup>(1)#</sup></font></font></td>
    <td width="5%" valign="TOP">&nbsp;</td>
    <td width="24%" valign="TOP"><font size="2">Affirmative vote of a plurality
      of the votes<sup><font size="1">&#134;</font></sup> cast by the holders
      of Common Stock represented at the Metting and entitled to vote</font></td>
    <td width="11%" valign="TOP">&nbsp;</td>
  </tr>
</TABLE>
<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>
<table width=600><tr>
    <td width=3% valign=top height="28"><font size="1">(1)
</font></td>
    <td width=2% height="28"><font size="1"></font></td>
    <td width=95% height="28"><font size="1">Each
of the nominees is a director, trustee or member of an advisory board of one or
more additional investment companies for which FAM, Merrill Lynch Asset
Management, L.P., or their affiliates act as investment adviser. See &#147; Compensation
of Directors&#148;in Exhibit A.</font></td>
  </tr></TABLE>

<table width=600><tr><td width=3% valign=top><font size="1">(2)
</font></td><td width=2%><font size="1"></font></td><td width=95%><font size="1">Member
of Audit Committee of the Board of Directors.</font></td></tr></TABLE>

<table width=600><tr><td width=3% valign=top><font size="1">*
</font></td><td width=2%><font size="1"></font></td>
    <td width=95%><font size="1">Interested person, as defined in the Investment
      Company Act of 1940, as amended, of each of the Funds.&lt;R&gt;</font></td>
  </tr></TABLE>

<table width=600><tr><td width=3% valign=top><font size="1">#
</font></td><td width=2%><font size="1"></font></td>
    <td width=95%><font size="1">Messrs. Suddarth and Zinbarg are now nominees
      and are not &#147;interested persons,&#148; as defined in the Investment
      Company Act of 1940, as amended. If they are elected as Directors, they
      will also become members of the Audit Committee of the Board of Directors.&lt;/R&gt;</font></td>
  </tr></TABLE>

<table width=600><tr><td width=3% valign=top><font size="1">&#134;</font></td><td width=2%><font size="1"></font></td>
    <td width=95%><font size="1">&#147;Plurality
of the votes&#148;  means the candidate must receive more votes than any other
candidate for the same position, but not necessarily a majority of the votes
cast.</font></td>
  </tr></TABLE>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors of each Fund knows of no reason why any of the nominees
listed in the chart above will be unable to serve, but in the event of any such
unavailability, the proxies received will be voted for such substitute nominee
or nominees as the Board of Directors may recommend.</font></td></tr></TABLE>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
information concerning the nominees, including their addresses, biographies and
ages, is set forth in Exhibit A.</font></td></tr></TABLE>
<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&lt;R&gt;<I>Committee and
      Board Meetings.</I> The Board of each Fund has a standing Audit Committee,
      which consists of Directors who are not &#147;interested persons&#148; of the Fund
      within the meaning of the Investment Company Act of 1940, as amended (the
      &#147;Investment Company Act&#148;). The principal purpose of the Audit Committee
      is to review the scope of the annual audit conducted by the Fund&#146;s independent
      auditors and the evaluation by such auditors of the accounting procedures
      followed by the Fund. The Audit Committee also reviews and nominates candidates
      to serve as non-interested Directors. The Audit Committee generally will
      not consider nominees for Director recommended by stockholders of the Fund.
      The non-interested Directors have retained independent legal counsel to
      assist them in connection with these duties.&lt;/R&gt;</FONT></td>
  </tr></TABLE>
<p><table width=600><tr><td><font size=2>&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 held
during the fiscal year and, if a member, of the total number of meetings of the
Audit Committee held during the period for which he or she served. See Exhibit
A for further information about Audit Committee and Board meetings.
</font></td></tr></TABLE>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">3</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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



<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compliance
with Section 16(a) of the Securities Exchange Act of 1934.</I> Section 16(a) of the
Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), requires the
officers and Directors of each Fund and persons who own more than ten percent
of a registered class of 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 (the &#147;SEC&#148;) and either the New York Stock Exchange (in the
case of Senior High Income Portfolio, Inc.) or the American Stock Exchange (in
the case of MuniVest Fund, Inc.). Officers, Directors and greater than ten
percent stockholders are required by SEC regulations to furnish the Fund with
copies of all Forms 3, 4 and 5 they file.</FONT></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&lt;R&gt;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 such persons 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 because of the requirements of Section 30 of the Investment Company
      Act (<i>i.e.,</i> any advisory board member, investment adviser or affiliated
      person of the Fund&#146;s investment adviser) have complied with all filing requirements
      applicable to them with respect to transactions during the Fund&#146;s most recent
      fiscal year, except that Mr. Ryan inadvertently made a late Form 4 filing
      to disclose a purchase of shares of Senior High Income Portfolio, Inc.
      during that Fund&#146;s fiscal year ended February 29, 2000 and Bradley J. Lucido
      inadvertently made a late Form 3 filing reporting his election as Secretary
      of Senior High Income Portfolio, Inc., which report indicated he owned no
      shares of that Fund.</font></td>
  </tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interested
Persons.</I> Each Fund considers Mr. Glenn and Mr. Zeikel to be &#147;interested persons&#148; of
the Fund within the meaning of Section 2(a)(19) of the Investment Company Act
because of the positions each holds or has held with FAM and its affiliates.
Mr. Glenn is the President of each Fund.</FONT></td>
  </tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compensation of Directors.</I> FAM,
      the investment adviser of each Fund, pays all compensation 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
      Director not affiliated with FAM (each a &#147;non-affiliated Director&#148;) an annual
      fee plus a fee for each meeting attended, and each Fund also pays each member
      of its Audit Committee, which consists of all of the non-affiliated Directors
      presently in office, an annual fee, together with such Director&#146;s out-of-pocket
      expenses relating to attendance at such meetings. The Chairman of the Audit
      Committee receives an additional annual fee. Information with respect to
      the aggregate fees and expenses paid by each Fund to its non-affiliated
      Directors during each Fund&#146;s most recently completed fiscal year is set
      forth in Exhibit A.&lt;/R&gt;</FONT></td>
  </tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Officers
of the Funds.</I> Information regarding the officers of each Fund is set forth in
Exhibit A. Officers of the Funds are elected and appointed by the Board and
hold office until they resign, are removed or are otherwise disqualified to
serve.</FONT></td></tr></TABLE><p></p>


<p>&nbsp;</p>
<p></p>

<!-- MARKER FORMAT-SHEET="PAGE BREAK" -->
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">4</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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


<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;<i>&nbsp;&nbsp;</i>&lt;R&gt;<i>Stock Ownership</i>. As of the Record Date, none of the nominees held shares of the Funds except as set forth below:</font></td>
  </tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="para indent" -->
<table cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="188"><b><font size="1">Nominee </font></b>
      <hr align="left" noshade size="1" width="35">
    </td>
    <td width="22"><b></b></td>
    <td align="center" width="230"><b><font size="1">Fund </font></b>
      <hr noshade size="1">
    </td>
    <td align="center" width="21"><b></b></td>
    <td align="center" width="99"><b><font size="1">No. of Shares Held* </font></b>
      <hr align="center" noshade size="1" width="80">
    </td>
    <td width="38">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="188">
      <p><font size="2">Ronald W. Forbes</font>
    </td>
    <td width="22">&nbsp;</td>
    <td align="left" width="230">
      <p><font size="2">MuniVest Fund, Inc. &#151; Common Stock</font>
    </td>
    <td align="center" width="21">&nbsp;</td>
    <td align="right" width="99">
      <p><font size="2">971**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td width="38">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="188">&nbsp;</td>
    <td width="22">&nbsp;</td>
    <td align="left" width="230"><font size="2">Senior High Income Portfolio,
      Inc.</font> <font size="2">&#151;</font> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common
      Stock</font></td>
    <td align="center" width="21">&nbsp;</td>
    <td align="right" width="99">
      <p><font size="2">473**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td width="38">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="188" valign="top">
      <p><font size="2">Kevin A. Ryan</font>
    </td>
    <td width="22" height="22">&nbsp;</td>
    <td align="left" width="230" valign="top">
      <p><font size="2">Senior High Income Portfolio, Inc.</font> <font size="2">&#151;</font>
        <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock</font>
    </td>
    <td align="center" width="21" height="22">&nbsp;</td>
    <td align="right" width="99">
      <p><font size="2">10,450**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td width="38" height="22">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="188" valign="top"><font size="2">Terry K. Glenn</font></td>
    <td width="22" height="22">&nbsp;</td>
    <td align="left" width="230" valign="bottom"><font size="2">MuniVest Fund,
      Inc. &#151; Common Stock</font> </td>
    <td align="center" width="21" height="22">&nbsp;</td>
    <td align="right" width="99"><font size="2">20,960**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td width="38" height="22">&nbsp;</td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td>
      <hr size=1 noshade align=left  width=75>
    </td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=3% valign=top align="right"><font size="1">&nbsp;* </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=95%><font size="1">Rounded to the whole share.</font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=3% valign=top align="right"><font size="1">&nbsp;** </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=95%><font size="1">Represents less than <sup>1</sup>/10 of 1% of the shares outstanding.</font></td>
  </tr>
</TABLE>
<p><!-- MARKER FORMAT-SHEET="para indent" -->
</p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;<i>&nbsp;&nbsp;</i>At
      the Record Date, the Directors and officers of MuniVest Fund, Inc. as a
      group (14 persons) and of Senior High Income Portfolio, Inc. as a group
      (14 persons) owned an aggregate of less than 1% of the Common Stock of the
      applicable Fund outstanding at such date and, with respect to MuniVest Fund,
      Inc., owned no AMPS. At such date, Mr. Glenn, a Director and officer of
      each Fund, and Mr. Zeikel, a Director of each Fund, and the other officers
      of each Fund owned an aggregate of less than 1% of the outstanding shares
      of common stock of ML &amp; Co.&lt;/R&gt; </font></td>
  </tr>
</TABLE>
<p></p>


<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p><table width=600><tr><td  align=center><font size=2><B>ITEM 2. SELECTION OF
INDEPENDENT AUDITORS</B></font></td></tr></TABLE>
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of each
      Fund, including a majority of the Directors who are not interested persons
      of the Fund, has selected Deloitte &amp; Touche <font size="1">LLP</font> (&#147;D&amp;T&#148;)
      as independent auditors to examine the financial statements of the Fund
      for the Fund&#146;s current fiscal year as set forth in the following chart.
      Neither Fund knows of any direct or indirect financial interest of such
      auditors in such Fund. Such appointment is subject to ratification or rejection
      by the stockholders of each respective Fund. Unless a contrary specification
      is made, the accompanying proxy will be voted in favor of ratifying the
      selection of each Fund&#146;s auditors.</font></td>
  </tr></TABLE>
<br>
<TABLE CELLSPACING=0 CELLPADDING=0 WIDTH=600>
  <TR valign="bottom">
    <TD WIDTH="231"><b><font size="1">Fund </font></b>
      <hr align="left" noshade size="1" width="25">
    </TD>
    <TD WIDTH="113"><b></b></TD>
    <TD align="center" WIDTH="56"><b><font size="1">Auditor </font></b>
      <hr align="center" noshade size="1" width="40">
    </TD>
    <TD align="center" WIDTH="61"><b></b></TD>
    <TD align="center" WIDTH="99"><b><font size="1">Fiscal Year End </font></b>
      <hr align="center" noshade size="1" width="80">
    </TD>
    <TD WIDTH="38">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="231">

      <P><font size="2">MuniVest Fund, Inc.</font>
    </TD>
    <TD WIDTH="113">&nbsp;</TD>
    <TD align="center" WIDTH="56">

      <P><font size="2">D&amp;T</font>
    </TD>
    <TD align="center" WIDTH="61">&nbsp;</TD>
    <TD align="center" WIDTH="99">

      <P><font size="2">August 31, 2000</font>
    </TD>
    <TD WIDTH="38">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="231">

      <P><font size="2">Senior High Income Portfolio, Inc.</font>
    </TD>
    <TD WIDTH="113">&nbsp;</TD>
    <TD align="center" WIDTH="56">

      <P><font size="2">D&amp;T</font>
    </TD>
    <TD align="center" WIDTH="61">&nbsp;</TD>
    <TD align="center" WIDTH="99">

      <P><font size="2">February 28, 2001</font>
    </TD>
    <TD WIDTH="38">&nbsp;</TD>
  </TR>
</TABLE>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D&amp;T also acts as independent
      auditors for ML &amp; Co. and most of its subsidiaries, including FAM, and for
      most other investment companies for which FAM acts as investment adviser.
      The fees received by D&amp;T from these other entities are substantially greater,
      in the aggregate, than the total fees received by them from each Fund. The
      Board of Directors considered the fact that D&amp;T have been retained as the
      independent auditors for ML &amp; Co. and the other entities described above
      in its evaluation of the independence of D&amp;T with respect to each Fund.</font></td>
  </tr></TABLE>
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives
of D&amp;T are expected to be present at the Meetings and will have the opportunity to
make a statement if they so desire and to respond to questions from
stockholders.</font></td>
  </tr></TABLE>

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





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

<p><table width=600><tr><td  align=center><font size=2><B>ADDITIONAL INFORMATION</B></font></td></tr></TABLE>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
expenses of preparation, printing and mailing of the enclosed forms of proxy
and accompanying Notice and Proxy Statement will be borne by the Funds in
proportion to their relative net assets. The Funds will reimburse banks,
brokers and others for their reasonable expenses in forwarding proxy
solicitation material to the beneficial owners of the shares of the Funds.</font></td></tr></TABLE>
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&lt;R&gt;In order to obtain the necessary
      quorum at each Meeting, supplementary solicitation may be made by mail,
      telephone, telegraph or personal interview by officers of the Fund. A quorum
      for purposes of each Meeting consists of a majority of the shares of each
      class entitled to vote at the Meeting, present in person or by proxy. If,
      by the time scheduled for the Meetings, a quorum of the stockholders is
      not present or if a quorum is present but sufficient votes to allow action
      on the proposals are not received from the stockholders, the persons named
      as proxies may propose one or more adjournments of the Meetings to permit
      further solicitation of proxies from stockholders. Any such adjournment
      will require the affirmative vote of a majority of the shares of the Fund
      present in person or by proxy and entitled to vote at the session of the
      Meeting to be adjourned. The persons named as proxies will vote in favor
      of any such adjournment if they determine that adjournment and additional
      solicitation are reasonable and in the interests of the Fund&#146;s stockholders.
      The Funds have retained Shareholder Communications Corporation to assist
      in the solicitation of proxies at a cost to each Fund of approximately $3,500
      plus out of pocket expenses.&lt;/R&gt;</font></td>
  </tr></TABLE><p></p>


<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
shares represented by properly executed proxies, unless such proxies have
previously been revoked, will be voted at the Meetings in accordance with the
directions on the proxies; if no direction is indicated, the shares will be
voted &#147;FOR&#148; the Director nominees and &#147;FOR&#148; the ratification of the selection of D&amp;T as independent
auditors.</font></td>
  </tr></TABLE>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to the vote required on Item 1. &#147;Election of Directors,&#148;see Item 1. &#147;Election
of Directors.&#148;</font></td></tr></TABLE>
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to Item 2. &#147;Ratification of the Selection of Independent Auditors,&#148; assuming
a quorum is present, (A) for MuniVest Fund, Inc., approval will require the
affirmative vote of a majority of the votes cast by the holders of Common Stock
and AMPS, voting together as a single class, present in person or by proxy at
the Meeting and entitled to vote; and (B) for Senior High Income Portfolio,
Inc., approval will require the affirmative vote of a majority of the votes
cast by the holders of Common Stock represented in person or by proxy at the
Meeting and entitled to vote.</font></td>
  </tr></TABLE>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&lt;R&gt;Broker-dealer
firms, including Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated (&#147;MLPF&amp;S&#148;),
holding shares of each Fund in &#147;street name&#148;for the benefit of their
customers and clients, will request the instructions of such customers and
clients on how to vote their shares on each Item before the Meeting. The Funds
understand that, under the rules of the American Stock Exchange and the New
York Stock Exchange, such broker-dealer firms may, without instructions from
their customers and clients, grant authority to the proxies designated to vote
on the election of Directors (Item 1) and ratification of the selection of
independent auditors (Item 2) if no instructions have been received prior to
the date specified in the broker-dealer firm&#146;s request for voting
instructions. 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. 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 proposal (&#147;broker </font></td></tr></TABLE><p></p>






<!-- MARKER FORMAT-SHEET="PAGE BREAK" -->
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">6</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp;





<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 10, page: 10" -->



<!-- MARKER FORMAT-SHEET="para flush" -->
<p><table width=600><tr><td><font size=2>non-votes&#148;) will be counted as
present for the purposes of determining a quorum. MLPF&amp;S has advised each
Fund that it intends to vote shares held in its name for which no instructions
are received, except as limited by agreement or applicable law, on Item 1 and
Item 2 in the same proportion as the votes received from beneficial owners of
those shares for which instructions have been received, whether or not held in
nominee name. Abstentions and broker non-votes will not be counted as votes
cast. Therefore, abstentions and broker non-votes will not have an effect on
the vote on Item 1 and Item 2.&lt;/R&gt;</font></td></tr></TABLE><p></p>

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

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

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&lt;/R&gt;Each Fund will furnish,
      without charge, a copy of its annual report for the Fund&#146;s last fiscal year
      and a copy of its most recent semi-annual report to any stockholder upon
      request. Such requests should be directed to the applicable Fund, P.O. Box
      9011, Princeton, New Jersey 08543-9011, Attention: Bradley J. Lucido, Secretary
      (Senior High Income Portfolio, Inc.) or Attention: William E. Zitelli, Jr.,
      Secretary (MuniVest Fund, Inc.), or to 1-800-456-4587 ext. 123.&lt;/R&gt;</font></td>
  </tr></TABLE><p></p>


<!-- MARKER FORMAT-SHEET="para flush bold  2 w/out space" -->
<p>&nbsp;
<table width=600><tr><td><font size=2><B>Stockholder Proposals</B></font></td></tr></TABLE>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&lt;R&gt;If a stockholder of
      MuniVest Fund, Inc. or Senior High Income Portfolio, Inc. intends to present
      a proposal at the 2001 Annual Meeting of Stockholders of those Funds, which
      are anticipated to be held in May 2001, 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 December 15, 2000.&lt;/R&gt;</font></td>
  </tr></TABLE>
<br>
<table width=600>
  <tr>
    <td align=left valign=top colspan="2">&nbsp;</td>
    <td align=left valign=top width=302><font size="2">By Order of the Boards
      of Directors</font></td>
  </tr>
</TABLE>

<br>
<table width=600>
  <tr>
    <td align=left valign=top colspan="2">&nbsp;</td>
    <td align=left valign=top width=303><font size="2">B<font size="1">RADLEY
      </font>J. L<font size="1">UCIDO </font><br>
      <i>Secretary of Senior High Income Portfolio, Inc.</i></font></td>
  </tr>
</TABLE>
<br>
<table width=600>
  <tr>
    <td align=left valign=top colspan="2">&nbsp;</td>
    <td align=left valign=top width=52%><font size="2">W<font size="1">ILLIAM</font>
      E. Z<font size="1">ITELLI</font>, J<font size="1">R.</font> <br>
      <i>Secretary of MuniVest Fund, Inc.</i></font></td>
  </tr>
</TABLE>
<p><table width=600><tr>
    <td height="16"><font size=2>&lt;R&gt;Dated: May 24, 2000&lt;/R&gt;</font></td>
  </tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="PAGE BREAK" -->
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">7</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp;





<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 11, page: 11" -->
<p>&nbsp;
<p>&nbsp;


<p><table width=600>
  <tr align="center" valign="top">
    <td><font size=2>(This page intentionally left blank)</font></td>
  </tr></TABLE>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">&nbsp;</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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

<!-- MARKER FORMAT-SHEET="para flush" -->
<p><table width=600>
  <tr align="right">
    <td><font size=2><b>EXHIBIT A</b></font></td>
  </tr></TABLE>

<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p><table width=600><tr><td  align=center><font size=2><B>INFORMATION
PERTAINING TO EACH FUND</B></font></td></tr></TABLE>
<br>
<table width=600>
  <tr>
    <td width=0%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=99% colspan="2"><font size=2><b>General Information Pertaining to the Funds</b></font></td>
  </tr>
</TABLE>



<br>
<font size="1"> </font><font size="1">  </font>
 <font size="1">    </font>

<TABLE CELLSPACING=0 CELLPADDING=0 WIDTH=600>
  <TR>
    <TD VALIGN="bottom" WIDTH="200"><b><font size="1">Fund </font></b>
      <hr align="left" noshade size="1" width="25">
    </TD>
    <TD VALIGN="bottom" WIDTH="24"><b></b></TD>
    <TD VALIGN="bottom" align="center" WIDTH="85"><b><font size="1">Defined Term </font><br>
      <font size="1">Used in Exhibit A </font></b>
      <hr align="center" noshade size="1" width="80">
      </TD>
    <TD VALIGN="bottom" WIDTH="17"><b></b></TD>
    <TD VALIGN="bottom" align="center" WIDTH="60"><b><font size="1">Fiscal Year<br>
      End </font></b>
      <hr noshade align="center" size="1" width="55">
      </TD>
    <TD VALIGN="bottom" align="center" WIDTH="17"><b></b></TD>
    <TD VALIGN="bottom" align="center" WIDTH="68"><b><font size="1">State of<br>
      Organization </font></b>
      <hr noshade align="center" size="1" width="55">
      </TD>
    <TD VALIGN="bottom" align="center" WIDTH="14"><b></b></TD>
    <TD VALIGN="bottom" align="center" WIDTH="79"><b><font size="1">Meeting Time </font></b>
      <hr align="center" noshade size="1" width="60">
    </TD>
    <TD VALIGN="TOP" WIDTH="34">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="bottom" height="24" WIDTH="200">

       <font size="2">MuniVest Fund, Inc.</font>
    </TD>
    <TD VALIGN="bottom" height="24" WIDTH="24">&nbsp;</TD>
    <TD VALIGN="bottom" height="24" WIDTH="85">

       <font size="2">MV</font>
    </TD>
    <TD VALIGN="bottom" height="24" WIDTH="17">&nbsp;</TD>
    <TD VALIGN="bottom" align="center" height="24" WIDTH="60">

       <font size="2">8/31</font>
    </TD>
    <TD VALIGN="bottom" align="center" height="24" WIDTH="17">&nbsp;</TD>
    <TD VALIGN="bottom" align="center" height="24" WIDTH="68">

       <font size="2">MD</font>
    </TD>
    <TD VALIGN="bottom" align="center" height="24" WIDTH="14">&nbsp;</TD>
    <TD VALIGN="bottom" align="center" height="24" WIDTH="79">

       <font size="2">10:20 a.m.</font>
    </TD>
    <TD VALIGN="TOP" height="24" WIDTH="34">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="bottom" WIDTH="200">

       <font size="2">Senior High Income Portfolio, Inc.</font>
    </TD>
    <TD VALIGN="bottom" WIDTH="24">&nbsp;</TD>
    <TD VALIGN="bottom" WIDTH="85">

       <font size="2">SHIP</font>
    </TD>
    <TD VALIGN="bottom" WIDTH="17">&nbsp;</TD>
    <TD VALIGN="bottom" align="center" WIDTH="60">

       <font size="2">2/28</font>
    </TD>
    <TD VALIGN="bottom" align="center" WIDTH="17">&nbsp;</TD>
    <TD VALIGN="bottom" align="center" WIDTH="68">

       <font size="2">MD</font>
    </TD>
    <TD VALIGN="bottom" align="center" WIDTH="14">&nbsp;</TD>
    <TD VALIGN="bottom" align="center" WIDTH="79">

       <font size="2">11:00 a.m.</font>
    </TD>
    <TD VALIGN="TOP" WIDTH="34">&nbsp;</TD>
  </TR>
</TABLE>

<p>&nbsp;
</p><TABLE CELLSPACING=0 CELLPADDING=0 WIDTH=600>
  <TR>
    <TD VALIGN="bottom" WIDTH="52">&nbsp;</TD>
    <TD VALIGN="bottom" WIDTH="376">&nbsp;</TD>
    <TD VALIGN="bottom" align="center" colspan="3" rowspan="2"><b><font size="1">Capital Stock</font></b><b><font size="1"><br>
      Outstanding as of the Record Date </font></b>
      <hr noshade align="center" size="1" width="145">
    </TD>
    <TD VALIGN="TOP" WIDTH="20">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="bottom" WIDTH="52">&nbsp;</TD>
    <TD VALIGN="bottom" WIDTH="376">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="20">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="bottom" WIDTH="52"><b><font size="1">Fund </font></b>
      <hr noshade align="left" size="1" width="25">
    </TD>
    <TD VALIGN="bottom" WIDTH="376"><b></b></TD>
    <TD VALIGN="bottom" align="center" WIDTH="58"><b><font size="1">Common<br>
 Stock </font></b>
      <hr align="center" noshade size="1" width="40">
    </TD>
    <TD VALIGN="bottom" WIDTH="55"><b></b></TD>
    <TD VALIGN="bottom" WIDTH="37" align="center"><b><font size="1">AMPS </font></b>
      <hr align="center" noshade size="1" width="30">
    </TD>
    <TD VALIGN="bottom" WIDTH="20"><font size="2">&lt;R&gt;</font></TD>
  </TR>
  <TR>
    <TD VALIGN="bottom" WIDTH="52">

       <font size="2">MV</font>
    </TD>
    <TD VALIGN="bottom" WIDTH="376">&nbsp;</TD>
    <TD VALIGN="bottom" WIDTH="58">

       <font size="2">61,346,288</font>
    </TD>
    <TD VALIGN="bottom" WIDTH="55">&nbsp;</TD>
    <TD VALIGN="bottom" WIDTH="37" align="right">

       <font size="2">11,000</font>
    </TD>
    <TD VALIGN="TOP" WIDTH="20">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="bottom" WIDTH="52">

       <font size="2">SHIP</font>
    </TD>
    <TD VALIGN="bottom" WIDTH="376">&nbsp;</TD>
    <TD VALIGN="bottom" WIDTH="58">

       <font size="2">53,870,134</font>
    </TD>
    <TD VALIGN="bottom" WIDTH="55">&nbsp;</TD>
    <TD VALIGN="bottom" WIDTH="37" align="right">

       <font size="2">N/A</font>
    </TD>
    <TD VALIGN="bottom" WIDTH="20"><font size="2">&lt;/R&gt;</font></TD>
  </TR>
</TABLE>
<br>
<!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600>
  <tr>
    <td width=0%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=99% colspan="2"><font size=2><b><font size="2">Information Pertaining
      to Directors</font></b></font></td>
  </tr>
</TABLE>
<br>
<TABLE CELLSPACING=0 CELLPADDING=0 WIDTH=600>
  <TR>
    <TD VALIGN="bottom" WIDTH="188"><b><font size="1">Name and Address </font></b>
      <hr align="left" noshade size="1" width="85">
    </TD>
    <TD VALIGN="bottom" WIDTH="22"><b></b></TD>
    <TD VALIGN="bottom" align="center" WIDTH="35"><b><font size="1">Age </font></b>
      <hr align="center" noshade size="1" width="25">
    </TD>
    <TD VALIGN="TOP" WIDTH="30"><b></b></TD>
    <TD VALIGN="TOP" align="center" WIDTH="274"><b><font size="1">Principal Occupation During Past<br>
      Five Years and Public Directorships &lt;R&gt;  </font></b>
      <hr align="center" size="1">
      <b><font size="1">
      </font></b></TD>
    <TD VALIGN="TOP" WIDTH="49">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" rowspan="3" WIDTH="188">

       <font size="2">Ronald W. Forbes<font size="1"><sup>(1)(2)</sup></font><br>
       58 Euclid Avenue<br>
Delmar, NY 12054</font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" WIDTH="22">&nbsp;</TD>
    <TD VALIGN="top" rowspan="3" align="center" WIDTH="35">

       <font size="2">59</font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" WIDTH="30">&nbsp;</TD>
    <TD VALIGN="TOP" rowspan="3" WIDTH="274">

       <font size="2">Professor of Finance, School of Business, State
       University of New York at Albany, since 1989;
       International Consultant, Urban Institute, Washington, D.C. from  1995 to 1999. </font>
    </TD>
    <TD VALIGN="bottom" rowspan="3" WIDTH="49"><font size="1">&lt;/R&gt;</font></TD>
  </TR>
  <TR>
    </TR>
  <TR>
    </TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="188">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="22">&nbsp;</TD>
    <TD VALIGN="top" align="center" WIDTH="35">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="30">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="274">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="49">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" rowspan="3" WIDTH="188">
       <font size="2">Terry K. Glenn<font size="1"><sup>(1)*</sup></font><br>
       P. O. Box 9011<br>
      Princeton, New Jersey 08543-9011 </font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" WIDTH="22">&nbsp;</TD>
    <TD VALIGN="top" rowspan="3" align="center" WIDTH="35">
       <font size="2">59</font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" WIDTH="30">&nbsp;</TD>
    <TD VALIGN="TOP" rowspan="3" WIDTH="274"> <font size="2">Executive Vice President
      of Fund Asset Management, L.P. (&#147;FAM&#148;) and Merrill Lynch Asset
      Management, L.P. (&#147;MLAM&#148;) (the terms FAM and MLAM, as used herein,
      include their corporate predecessors) since 1983; Executive Vice President
      and Director of Princeton Services, Inc. (&#147;Princeton Services&#148;)
      since 1993; President of Princeton Funds Distributor, Inc. (&#147;PFD&#148;)
      since 1986 and Director thereof since 1991; President of Princeton Administrators,
      L.P. since 1988.&lt;R&gt; </font> </TD>
    <TD VALIGN="TOP" rowspan="3" WIDTH="49">&nbsp;</TD>
  </TR>
  <TR>
    </TR>
  <TR>
    </TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="188">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="22">&nbsp;</TD>
    <TD VALIGN="top" align="center" WIDTH="35">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="30">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="274">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="49">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" rowspan="4" WIDTH="188">
       <font size="2">Cynthia A. Montgomery<font size="1"><sup>(1)(2)</sup></font><br>
       Harvard Business School<br>
       Soldiers Field Road<br>
       Boston, Massachusetts 02163 </font>
    </TD>
    <TD VALIGN="TOP" rowspan="4" WIDTH="22">&nbsp;</TD>
    <TD VALIGN="top" rowspan="4" align="center" WIDTH="35">

       <font size="2">47</font>
    </TD>
    <TD VALIGN="TOP" rowspan="4" WIDTH="30">&nbsp;</TD>
    <TD VALIGN="TOP" rowspan="4" WIDTH="274"> <font size="2">Professor, Harvard
      Business School since 1989; Associate Professor, J.L. Kellogg Graduate School
      of Management, Northwestern University from 1985 to 1989; Assistant Professor,
      Graduate School of Business Administration, The University of Michigan from
      1979 to 1985; Director, UnumProvident Corporation since 1990 and Director,
      NewellRubbermaid since 1995.&lt;/R&gt; </font> </TD>
    <TD VALIGN="TOP" rowspan="4" WIDTH="49">&nbsp;</TD>
  </TR>
  <TR>
    </TR>
  <TR>
    </TR>
  <TR>
    </TR>
</TABLE>

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





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



</p>
<TABLE CELLSPACING=0 CELLPADDING=0 WIDTH=600>
  <TR valign="bottom">
    <TD WIDTH="188"><b><font size="1">Name and Address </font></b>
      <hr align="left" noshade size="1" width="85">
    </TD>
    <TD WIDTH="22"><b></b></TD>
    <TD align="center" WIDTH="36"><b><font size="1">Age </font></b>
      <hr align="center" noshade size="1" width="25">
    </TD>
    <TD WIDTH="29"><b></b></TD>
    <TD align="center" WIDTH="275"><b><font size="1">Principal Occupation During
      Past<br>
      Five Years and Public Directorships </font></b>
      <hr align="center" noshade size="1">
    </TD>
    <TD WIDTH="48">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="188">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="22">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" WIDTH="36">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="29">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="275">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="48">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" rowspan="3" WIDTH="188"> <font size="2">Charles C. Reilly<font size="1"><sup>(1)(2)</sup></font><br>
      9 Hampton Harbor Road<br>
      Hampton Bays, New York 11946 </font> </TD>
    <TD VALIGN="TOP" rowspan="3" WIDTH="22">&nbsp;</TD>
    <TD VALIGN="TOP" rowspan="3" align="center" WIDTH="36"> <font size="2">68</font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" WIDTH="29">&nbsp;</TD>
    <TD VALIGN="TOP" rowspan="3" WIDTH="275"> <font size="2">Self-employed financial
      consultant since 1990; President and Chief Investment Officer of Verus Capital,
      Inc. from 1979 to 1990; Senior Vice President of Arnhold and S. Bleichroeder,
      Inc. from 1973 to 1990; Adjunct Professor, Columbia University Graduate
      School of Business from 1990 to 1991; Adjunct Professor, Wharton School,
      The University of Pennsylvania from 1989 to 1990; Partner, Small Cities
      Cable Television from 1986 to 1997. </font> </TD>
    <TD VALIGN="TOP" rowspan="3" WIDTH="48">&nbsp;</TD>
  </TR>
  <TR> </TR>
  <TR> </TR>
  <TR>
    <TD VALIGN="bottom" WIDTH="188"><font size="2">&lt;R&gt;</font></TD>
    <TD VALIGN="TOP" WIDTH="22">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" WIDTH="36">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="29">&nbsp;</TD>
    <TD VALIGN="bottom" WIDTH="275">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="48">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" rowspan="4" WIDTH="188"> <font size="2">Kevin A. Ryan<font size="1"><sup>(1)(2)</sup></font><br>
      127 Commonwealth Avenue<br>
      Chestnut Hill,<br>
      Massachusetts 02467 </font> </TD>
    <TD VALIGN="TOP" rowspan="4" WIDTH="22">&nbsp;</TD>
    <TD VALIGN="TOP" rowspan="4" align="center" WIDTH="36"> <font size="2">67</font>
    </TD>
    <TD VALIGN="TOP" rowspan="4" WIDTH="29">&nbsp;</TD>
    <TD VALIGN="TOP" rowspan="4" WIDTH="275"> <font size="2">Founder and Director Emeritus of The Boston University Center for the Advancement of Ethics and
      Character and Director thereof until 1999; currently Professor Emeritus of Education at Boston University and Professor thereof from 1982 to 1999; formerly
      taught on the faculties of The University of Chicago, Stanford University
      and Ohio State University. </font> </TD>
    <TD VALIGN="TOP" rowspan="4" WIDTH="48">&nbsp;</TD>
  </TR>
  <TR> </TR>
  <TR> </TR>
  <TR> </TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="188">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="22">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" WIDTH="36">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="29">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="275">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="48">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" rowspan="3" WIDTH="188"> <font size="2">Roscoe S. Suddarth<font size="1"><sup>(1)#</sup></font><br>
      1761 N. Street NW<br>
      Washington, D.C. 20036-1141 </font> </TD>
    <TD VALIGN="TOP" rowspan="3" WIDTH="22">&nbsp;</TD>
    <TD VALIGN="TOP" rowspan="3" align="center" WIDTH="36"> <font size="2">65</font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" WIDTH="29">&nbsp;</TD>
    <TD VALIGN="TOP" rowspan="3" WIDTH="275"> <font size="2">President, Middle
      East Institute, since 1995, United States Foreign Service, from 1961 to
      1995: Career Minister, from 1989 to 1995; U.S. Ambassador to the Hashemite
      Kingdom of Jordan, from 1987 to 1990; Deputy Inspector General, U.S. Department
      of State, from 1991 to 1994.&lt;/R&gt; </font> </TD>
    <TD VALIGN="TOP" rowspan="3" WIDTH="48">&nbsp;</TD>
  </TR>
  <TR> </TR>
  <TR> </TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="188">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="22">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" WIDTH="36">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="29">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="275">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="48">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" rowspan="4" WIDTH="188"> <font size="2">Richard R. West<font size="1"><sup>(1)(2)</sup></font><br>
      Box 604<br>
      Genoa, Nevada 89411 </font> </TD>
    <TD VALIGN="TOP" rowspan="4" WIDTH="22">&nbsp;</TD>
    <TD VALIGN="TOP" rowspan="4" align="center" WIDTH="36"> <font size="2">62</font>
    </TD>
    <TD VALIGN="TOP" rowspan="4" WIDTH="29">&nbsp;</TD>
    <TD VALIGN="TOP" rowspan="4" WIDTH="275"> <font size="2">Professor of Finance
      since 1984, Dean from 1984 to 1993, and currently Dean Emeritus of New York
      University, Leonard N. Stern School of Business Administration; Director
      of Bowne &amp; Co., Inc., Vornado Realty Trust, Inc., Vornado Operating
      Company and Alexander&#146;s Inc. </font> </TD>
    <TD VALIGN="TOP" rowspan="4" WIDTH="48">&nbsp;</TD>
  </TR>
  <TR> </TR>
  <TR> </TR>
  <TR> </TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="188">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="22">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" WIDTH="36">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="29">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="275">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="48">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" rowspan="3" WIDTH="188"> <font size="2">Arthur Zeikel<font size="1"><sup>(1)*</sup></font><br>
      300 Woodland Avenue<br>
      Westfield, New Jersey 07090 </font> </TD>
    <TD VALIGN="TOP" rowspan="3" WIDTH="22">&nbsp;</TD>
    <TD VALIGN="TOP" rowspan="3" align="center" WIDTH="36"> <font size="2">67</font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" WIDTH="29">&nbsp;</TD>
    <TD VALIGN="TOP" rowspan="3" WIDTH="275"> <font size="2">Chairman of FAM and
      MLAM from 1997 to 1999; President of FAM and MLAM from 1977 to 1997; Chairman
      of Princeton Services from 1997 to 1999 and Director thereof from 1993 to
      1999; President of Princeton Services from 1993 to 1997; Executive Vice
      President of Merrill Lynch &amp; Co., Inc. from 1990 to 1999. </font> </TD>
    <TD VALIGN="TOP" rowspan="3" WIDTH="48">&nbsp;</TD>
  </TR>
  <TR> </TR>
  <TR> </TR>
</TABLE>
<p><br>
</p>
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">A-2&nbsp;</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; </p>





<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 14, page: 14" -->
<p>
<TABLE CELLSPACING=0 CELLPADDING=0 WIDTH=600>
  <TR valign="top">
    <TD height="47"><b><font size="1">Name and Address </font></b>
      <hr align="left" noshade size="1" width="85">
    </TD>
    <TD height="47"><b></b></TD>
    <TD align="center" height="47"><b><font size="1">Age </font></b>
      <hr noshade align="center" size="1" width="25">
    </TD>
    <TD height="47"><b></b></TD>
    <TD align="center" height="47">
 <b><font size="1">Principal Occupation During Past<br>
  Five Years and Public Directorships </font></b>
      <hr noshade align="center" size="1">
    </TD>
    <TD height="47" valign="bottom"><font size="2">&lt;R&gt;</font></TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="190" rowspan="3"> <font size="2">Edward D. Zinbarg<font size="1"><sup>(1)#</sup></font><br>
      5 Hardwell Road<br>
      Short Hills, New Jersey&nbsp; 07078-2117&nbsp; </font> </TD>
    <TD VALIGN="TOP" WIDTH="20" rowspan="3">&nbsp;</TD>
    <TD VALIGN="top" WIDTH="39" align="center" rowspan="3">
       <font size="2">65</font>
    </TD>
    <TD VALIGN="TOP" WIDTH="25" rowspan="3">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="261" rowspan="3"> <font size="2">Self-employed financial consultant since 1994; Executive Vice President
      of The Prudential Insurance Company of America from 1988 to 1994; former
      Director of Prudential Reinsurance Company and former Trustee of the Prudential
      Foundation.&lt;/R&gt; </font> </TD>
    <TD VALIGN="TOP" WIDTH="63" rowspan="3">&nbsp;</TD>
  </TR>
  <TR>
    </TR>
  <TR>
    </TR>
</TABLE>

<table width=600>
  <tr>
    <td>
      <hr size=1 noshade align=left  width=75>
    </td>
  </tr>
</TABLE>
<table width=600><tr>
    <td width=3% valign=top><font size="1">(1) </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=95%><font size="1">Eachof the nominees is a director, trustee or
      member of an advisory board of one or more additional investment companies
      for which FAM, MLAM or their affiliates act as investment adviser. </font></td>
  </tr></TABLE>

<table width=600><tr>
    <td width=3% valign=top><font size="1">(2)
</font></td>
    <td width=2%><font size="1"></font></td>
    <td width=95%>
      <p><font size="1">Member of Audit Committee of the Board of Directors.&lt;R&gt;</font></p>
      </td></tr></TABLE>

<table width=600>
  <tr>
    <td width=3% valign=top><font size="1">*
</font></td>
    <td width=2%><font size="1"></font></td>
    <td width=95%>
      <p><font size="1">Interested person, as defined in the Investment Company
        Act of 1940, as amended, of each of the Funds.</font></p>
      </td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="1">#
</font></td>
    <td width=2%><font size="1"></font></td>
    <td width=95%>
      <p><font size="1">Messrs. Suddarth and Zinbarg are now nominees and not
        &#147;interested persons,&#148; as defined in the Investment Company Act
        of 1940, as amended. If they are elected as Directors, they will also
        become members of the Audit Committee of the Board of Directors.&lt;/R&gt;</font></p>
    </td>
  </tr>
</TABLE>
<p>&nbsp;</p>
<TABLE CELLSPACING=  CELLPADDING=0 WIDTH=600>
  <TR>
    <TD VALIGN="TOP" width="39">&nbsp;</TD>
    <TD VALIGN="TOP" width="36">&nbsp;</TD>
    <TD VALIGN="bottom" colspan="18" align="center"><font size=1><b>Year in Which
      Each Nominee of Each Fund Became a Member of the Board of Directors</b></font>
      <hr noshade size="1">
    </TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD width="39" align="left"><b><font size="1">Fund</font> </b>
      <hr noshade size="1" width="60%" align="left">
    </TD>
    <TD width="36"><b></b></TD>
    <TD width="38"><b><font size="1">Forbes</font> </b>
      <hr noshade size="1" align="center">
    </TD>
    <TD width="10"><b></b></TD>
    <TD width="41"><b><font size="1">Glenn</font> </b>
      <hr noshade size="1">
    </TD>
    <TD width="10"><b></b></TD>
    <TD width="58"><b><font size="1">Montgomery</font> </b>
      <hr noshade size="1">
    </TD>
    <TD width="14"><b></b></TD>
    <TD width="36"><b><font size="1">Reilly</font> </b>
      <hr noshade size="1">
    </TD>
    <TD width="10"><b></b></TD>
    <TD width="36"><b><font size="1">Ryan</font> </b>
      <hr noshade size="1">
    </TD>
    <TD width="10"><b></b></TD>
    <TD width="56"><b><font size="1">Suddarth&#134;</font> </b>
      <hr noshade size="1">
    </TD>
    <TD width="10"><b></b></TD>
    <TD width="36"><b><font size="1">West</font> </b>
      <hr noshade size="1">
    </TD>
    <TD width="10"><b></b></TD>
    <TD width="36"><b><font size="1">Zeikel</font> </b>
      <hr noshade size="1">
    </TD>
    <TD width="10"><b></b></TD>
    <TD width="50"><b><font size="1">Zinbarg&#134;</font> </b>
      <hr noshade size="1">
    </TD>
    <TD align="left" width="12">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" width="39">
      <P><font size="2">MV </font>
    </TD>
    <TD VALIGN="TOP" width="36">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="38">
      <P><font size="2">1988</font>
    </TD>
    <TD VALIGN="TOP" align="center" width="10">&nbsp;&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="41">
      <P><font size="2">1999</font>
    </TD>
    <TD VALIGN="TOP" align="center" width="10">&nbsp;&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="58">
      <P><font size="2">1993</font>
    </TD>
    <TD VALIGN="TOP" align="center" width="14">&nbsp;&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="36">
      <P><font size="2">1990</font>
    </TD>
    <TD VALIGN="TOP" align="center" width="10">&nbsp;&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="36">
      <P><font size="2">1992</font>
    </TD>
    <TD VALIGN="TOP" align="center" width="10">&nbsp;&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="56">
      <P><font size="2">n/a</font>
    </TD>
    <TD VALIGN="TOP" align="center" width="10">&nbsp;&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="36">
      <P><font size="2">1988</font>
    </TD>
    <TD VALIGN="TOP" align="center" width="10">&nbsp;&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="36">
      <P><font size="2">1988</font>
    </TD>
    <TD VALIGN="TOP" align="center" width="10">&nbsp;&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="50">
      <P><font size="2">n/a</font>
    </TD>
    <TD VALIGN="TOP" align="center" width="12">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" width="39">
      <P><font size="2">SHIP</font>
    </TD>
    <TD VALIGN="TOP" width="36">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="38">
      <P><font size="2">1993</font>
    </TD>
    <TD VALIGN="TOP" align="center" width="10">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="41">
      <P><font size="2">1999</font>
    </TD>
    <TD VALIGN="TOP" align="center" width="10">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="58">
      <P><font size="2">1993</font>
    </TD>
    <TD VALIGN="TOP" align="center" width="14">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="36">
      <P><font size="2">1993</font>
    </TD>
    <TD VALIGN="TOP" align="center" width="10">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="36">
      <P><font size="2">1993</font>
    </TD>
    <TD VALIGN="TOP" align="center" width="10">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="56">
      <P><font size="2">n/a</font>
    </TD>
    <TD VALIGN="TOP" align="center" width="10">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="36">
      <P><font size="2">1993</font>
    </TD>
    <TD VALIGN="TOP" align="center" width="10">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="36">
      <P><font size="2">1993</font>
    </TD>
    <TD VALIGN="TOP" align="center" width="10">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="50">
      <P><font size="2">n/a</font>
    </TD>
    <TD VALIGN="bottom" align="left" width="12"><font size="2">&lt;R&gt;</font></TD>
  </TR>
</TABLE>
<FONT SIZE=2></FONT><FONT SIZE=2></FONT>
<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<table width=600><tr><td width=3% valign=top><font size="1"> &#134;</font></td><td width=2%><font size="1"></font></td>
    <td width=95%><font size="1">Messrs. Suddarth and Zinbarg are nominated for
      election as Directors of the Funds.</font><font size="2">&lt;/R&gt;</font></td>
  </tr></TABLE>

<p>&nbsp;</p>
<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set
forth in the table below is information regarding Board and Audit Committee
meetings held and the aggregate fees and expenses paid by each Fund to
non-affiliated Directors during each Fund&#146;s most recently completed fiscal year.</font></td></tr></TABLE>
<p><font size="1"></font><font size="1"></font><font size="1"></font>
</p>
<TABLE CELLSPACING=0 CELLPADDING=0 WIDTH=600>
  <TR>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="bottom" colspan="5" align="center"><b><font size="1">Board</font>
      </b>
      <hr size="1" noshade>
    </TD>
    <TD VALIGN="bottom" align="center">&nbsp;</TD>
    <TD VALIGN="bottom" colspan="5" align="center"><b><font size="1">Audit Committee</font>
      </b>
      <hr size="1" noshade>
    </TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="bottom"><font size="2">&lt;R&gt;</font></TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD align="left" valign="bottom"><b><font size="1">Fund </font></b>
      <hr size="1" noshade width="75%" align="left">
    </TD>
    <TD>&nbsp;</TD>
    <TD><b><font size="1"># Meetings  <br>
      Held* </font> </b>
      <hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD><b><font size="1">Annual  <br>
      Fee ($) </font> </b>
      <hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD><b><font size="1">Per Meeting  <br>
      Fee ($)*** </font> </b>
      <hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD><b><font size="1"># Meetings  <br>
      Held* </font> </b>
      <hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD><b><font size="1">Annual <br>
      Fee ($)** </font> </b>
      <hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD><b><font size="1">Per Meeting   <br>
      Fee ($)***  </font> </b>
      <hr size="1" noshade>
    </TD>
    <TD><b><font size="1">  </font></b></TD>
    <TD><b><font size="1">Aggregate <br>
      Fees and <br>
      Expenses($) </font> </b>
      <hr size="1" noshade>
    </TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="bottom">
      <P><font size="2">MV</font>
    </TD>
    <TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">4</font>
    </TD>
    <TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;</TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">2,000</font>
    </TD>
    <TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">200</font>
    </TD>
    <TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">4</font>
    </TD>
    <TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">800</font>
    </TD>
    <TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">0</font>
    </TD>
    <TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">19,712</font>
    </TD>
    <TD VALIGN="TOP">&nbsp;&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="bottom">
      <P><font size="2">SHIP</font>
    </TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">4</font>
    </TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">&nbsp;&nbsp;3,000</font>
    </TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">&nbsp;300</font>
    </TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">4</font>
    </TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">&nbsp;&nbsp;900</font>
    </TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">0</font>
    </TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">&nbsp;&nbsp;27,058</font>
    </TD>
    <TD VALIGN="bottom" align="left">&nbsp;</TD>
  </TR>
</TABLE>

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

<table width=600><tr>
    <td valign=top align="right" width=18><font size="1">* </font></td>
    <td width=10><font size="1"></font></td>
    <td width=553><font size="1">Includes meetings held via teleconferencing equipment.</font></td>
  </tr></TABLE>

<table width=600>
  <tr>
    <td width=18 valign=top align="right"><font size="1">**</font></td>
    <td width=10><font size="1"></font></td>
    <td width=553><font size="1"> The Chairman of the Audit Committee is paid
      an additional fee of $1,000 per year for MuniVest and SHIP.</font></td>
  </tr>
</TABLE>
<table width=600><tr>
    <td width=18 valign=top align="right"><font size="1">***</font></td>
    <td width=10 align="left" valign="top">&nbsp;</td>
    <td width=553><font size="1">The fee is payable for each meeting attended
      in person. A fee is not paid for telephonic meetings.&lt;/R&gt;</font></td>
  </tr></TABLE>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set
forth in the table below is information regarding compensation paid by each
Fund to the non-affiliated Directors during each Fund&#146;s most recently completed
fiscal year.</font></td></tr></TABLE>
<br>
<TABLE 0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
  <TR>
    <TD VALIGN="TOP"><b></b></TD>
    <TD VALIGN="TOP"><b></b></TD>
    <TD VALIGN="bottom" colspan="13" align="center"><b><font size=1>Compensation
      Paid by Each Fund ($)* </font> </b>
      <hr size="1" noshade>
    </TD>
    <TD VALIGN="TOP"><b></b></TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD align="left"> <b><font size="1">Fund</font></b><font size="2">&lt;R&gt;</font><b>
      </b>
      <hr size="1" noshade width="50%" align="left">
    </TD>
    <TD><b></b></TD>
    <TD> <b><font size=1>Forbes</font> </b>
      <hr size="1" noshade>
    </TD>
    <TD><b></b></TD>
    <TD><b><font size=1>Montgomery</font> </b>
      <hr size="1" noshade>
    </TD>
    <TD><b></b></TD>
    <TD><b><font size=1>Reilly</font> </b>
      <hr size="1" noshade>
    </TD>
    <TD><b></b></TD>
    <TD><b><font size=1>Ryan</font> </b>
      <hr size="1" noshade>
    </TD>
    <TD><b></b></TD>
    <TD><b><font size=1>Suddarth&#134;</font> </b>
      <hr size="1" noshade>
    </TD>
    <TD><b></b></TD>
    <TD><b><font size=1>West</font> </b>
      <hr size="1" noshade>
    </TD>
    <TD><b></b></TD>
    <TD><b><font size=1>Zinbarg&#134;</font> </b>
      <hr size="1" noshade>
    </TD>
    <TD><b></b></TD>
  </TR>
  <TR>
    <TD VALIGN="bottom">
      <P><font size="2">MV </font>
    </TD>
    <TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">3,400</font>
    </TD>
    <TD VALIGN="bottom" align="center">&nbsp;&nbsp;</TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">3,400</font>
    </TD>
    <TD VALIGN="bottom" align="center">&nbsp;&nbsp;</TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">4,400</font>
    </TD>
    <TD VALIGN="bottom" align="center">&nbsp;&nbsp;</TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">3,400</font>
    </TD>
    <TD VALIGN="bottom" align="center">&nbsp;&nbsp;</TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">n/a</font>
    </TD>
    <TD VALIGN="bottom" align="center">&nbsp;&nbsp;</TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">3,400</font>
    </TD>
    <TD VALIGN="bottom" align="center">&nbsp;&nbsp;</TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">n/a</font>
    </TD>
    <TD VALIGN="TOP">&nbsp;&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="bottom">
      <P><font size="2">SHIP</font>
    </TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">5,100</font>
    </TD>
    <TD VALIGN="bottom" align="center">&nbsp;</TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">5,100</font>
    </TD>
    <TD VALIGN="bottom" align="center">&nbsp;</TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">6,100</font>
    </TD>
    <TD VALIGN="bottom" align="center">&nbsp;</TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">5,100</font>
    </TD>
    <TD VALIGN="bottom" align="center">&nbsp;</TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">n/a</font>
    </TD>
    <TD VALIGN="bottom" align="center">&nbsp;</TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">5,100</font>
    </TD>
    <TD VALIGN="bottom" align="center">&nbsp;</TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">n/a</font>
    </TD>
    <TD VALIGN="TOP">&nbsp;</TD>
  </TR>
</TABLE>
<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

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

<table width=600><tr><td width=3% valign=top><font size="1">&#134;</font></td><td width=2%><font size="1"></font></td>
    <td width=95%><font size="1">Messrs. Suddarth and
      Zinbarg are nominated for election as Directors of the Funds.&lt;/R&gt;</font></td>
  </tr></TABLE>

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





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



<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set
forth in the table below is information regarding the aggregate compensation
paid by all registered investment companies advised by FAM and its affiliate,
MLAM (&#147;FAM/MLAM Advised Funds&#148;), including the Funds, to the non-affiliated
Directors for the year ended December 31, 1999.</font></td></tr></TABLE>
<p><font size="2">  </font>
</p>
<table 0 cellspacing=0 cellpadding=0 width=600>
  <tr>
    <td valign="bottom" align="left" width="153"><b><font size=1>Name of Director</font><font size="1">
      </font> </b>
      <hr size="1" noshade width="50%" align="left">
    </td>
    <td valign="bottom" align="left" width="53">&nbsp;</td>
    <td valign="bottom" align="center" colspan="2"> <b><font size="1">Aggregate
      Compensation Paid to Director by<br>
      FAM/MLAM Advised Funds ($)(1) &nbsp;&lt;R&gt; </font> </b>
      <hr size="1" noshade width="45%">
    </td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="153">
      <p><font size="2">Ronald W. Forbes </font>
    </td>
    <td valign="bottom" align="left" width="53">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td valign="bottom" align="right" width="228">
      <p><font size="2">213,900 </font>
    </td>
    <td valign="TOP" width="164">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="153">
      <p><font size="2">Cynthia A. Montgomery </font>
    </td>
    <td valign="bottom" align="left" width="53">&nbsp;</td>
    <td valign="bottom" align="right" width="228">
      <p><font size="2">213,900 </font>
    </td>
    <td valign="TOP" width="164">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="153">
      <p><font size="2">Charles C. Reilly </font>
    </td>
    <td valign="bottom" align="left" width="53">&nbsp;</td>
    <td valign="bottom" align="right" width="228">
      <p><font size="2">400,025 </font>
    </td>
    <td valign="TOP" width="164">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="153">
      <p><font size="2">Kevin A. Ryan </font>
    </td>
    <td valign="bottom" align="left" width="53">&nbsp;</td>
    <td valign="bottom" align="right" width="228">
      <p><font size="2">213,900 </font>
    </td>
    <td valign="TOP" width="164">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="153">
      <p><font size="2">Roscoe S. Suddarth </font>
    </td>
    <td valign="bottom" align="left" width="53">&nbsp;</td>
    <td valign="bottom" align="right" width="228">
      <p><font size="2">0 </font>
    </td>
    <td valign="TOP" width="164">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="153">
      <p><font size="2">Richard R. West </font>
    </td>
    <td valign="bottom" align="left" width="53">&nbsp;</td>
    <td valign="bottom" align="right" width="228">
      <p><font size="2">388,775 </font>
    </td>
    <td valign="TOP" width="164">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="153">
      <p><font size="2">Edward D. Zinbarg </font>
    </td>
    <td valign="bottom" align="left" width="53">&nbsp;</td>
    <td valign="bottom" align="right" width="228">
      <p><font size="2">140,875 </font>
    </td>
    <td valign="bottom" width="164">&nbsp;</td>
  </tr>
</TABLE>
<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<table width=600><tr>
    <td width=3% valign=top><font size="1">(1) </font></td>
    <td width=1%><font size="1"></font></td>
    <td width=96%><font size="1">The Directors serve on the boards of FAM/MLAM-advised
      funds as follows: Mr. Forbes (36 registered investment companies consisting
      of 49 portfolios); Ms. Montgomery (36 registered investment companies consisting
      of 49 portfolios); Mr. Reilly (57 registered investment companies consisting
      of 68 portfolios); Mr. Ryan (36 registered investment companies consisting
      of 49 portfolios); Mr. Suddarth (6 registered investment companies consisting
      of 4 portfolios); Mr. West (67 registered investment companies consisting
      of 72 portfolios); and Mr. Zinbarg (21 registered investment companies consisting
      of 19 portfolios).</font></td>
  </tr></TABLE>

<p>&nbsp;</p>
<table width=600>
  <tr>
    <td width=3%><font size=3>&#149;</font></td>
    <td width=1% valign=top>&nbsp;&nbsp;<font size=2><b>Information&nbsp;Pertaining&nbsp;to&nbsp;Officers</b></font>&nbsp;&nbsp;</td>
    <td width=96% colspan="2"><font size=2></font></td>
  </tr>
</TABLE>

<br>
<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set
forth below are the names of the officers of each of the Funds, certain
biographical data and the year in which they were first elected to their
respective offices.</font></td></tr></TABLE>
<br>
<TABLE 0 CELLSPACING=0 CELLPADDING=0 WIDTH=600 border="0">
  <TR valign="bottom">
    <TD COLSPAN=2><b><font size=1>Name and Biography</font>
      </b>
      <hr noshade size="1" width="28%" align="left">
    </TD>
    <TD><b></b></TD>
    <TD align="center"><b><font size=1>Age</font>
      </b>
      <hr noshade size="1" width="100%" align="center">
    </TD>
    <TD align="center"><b></b></TD>
    <TD align="center"><b><font size=1>Office</font>
      </b>
      <hr noshade size="1" width="100%" align="center">
    </TD>
    <TD align="center"><b></b></TD>
    <TD align="center"><b><font size=1>MV</font>
      </b>
      <hr noshade size="1" width="100%" align="center">
    </TD>
    <TD align="center"><b></b></TD>
    <TD align="center"><b><font size=1>SHIP</font>
      </b>
      <hr noshade size="1" width="100%" align="center">
    </TD>
    <TD align="center"><b></b></TD>
    <TD align="center"><b></b></TD>
  </TR>
  <TR valign="top">
    <TD colspan="2"><font size=2>Terry K. Glenn<br>
      &nbsp;&nbsp;&nbsp;&nbsp;Executive&nbsp;Vice&nbsp;President&nbsp;of&nbsp;MLAM&nbsp;and
      FAM<br>
      &nbsp;&nbsp;&nbsp;&nbsp;since 1983; Executive Vice President and <br>
      &nbsp;&nbsp;&nbsp;&nbsp;Director of Princeton Services since 1993;<br>
      &nbsp;&nbsp;&nbsp; President of Princeton Funds Distributor, Inc.<br>
      &nbsp;&nbsp;&nbsp; (&#147;PFD&#148;) since 1986 and Director thereof since<br>
      &nbsp;&nbsp;&nbsp; 1991; President of Princeton Administrators,<br>
      &nbsp;&nbsp;&nbsp;&nbsp;L.P. since 1988. </font></TD>
    <TD>&nbsp;</TD>
    <TD align="center"><font size=2>59</font></TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align="left"><font size=2>President </font></TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align="right"><font size=2>1988</font></TD>
    <TD><font size=2>*&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
    <TD align="right"><font size=2>1993</font></TD>
    <TD><font  size=2>*</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD COLSPAN=2>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD COLSPAN=2> <FONT SIZE=2>
      <P>Vincent R. Giordano<br>
        &nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President of FAM and MLAM<br>
        &nbsp;&nbsp;&nbsp;&nbsp;since 1984; Portfolio Manager of FAM and <br>
        &nbsp;&nbsp;&nbsp;&nbsp;MLAM since 1977; Senior Vice President of <br>
        &nbsp;&nbsp;&nbsp;&nbsp;Princeton Services since 1993.
      </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center"> <FONT SIZE=2>
      <P>55
      </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left"> <FONT SIZE=2> Senior <br>
      Vice <br>
      President </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"> <FONT SIZE=2>
      <P>1988
      </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"> <FONT SIZE=2>
      <P>&#151;
      </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD COLSPAN=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD COLSPAN=2> <FONT   SIZE=2>
      <P>Joseph T. Monagle, Jr.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President of MLAM and FAM<br>
        &nbsp;&nbsp;&nbsp;&nbsp;since 1990; Department Head of the Global<br>
        &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income Division of MLAM and FAM <br>
        &nbsp;&nbsp;&nbsp;&nbsp;since 1997; Senior Vice President of Princeton&nbsp;<br>
        &nbsp;&nbsp;&nbsp;&nbsp;Services since 1993.&lt;/R&gt;
      </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center"> <FONT SIZE=2>
      <P>51
      </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left"> <FONT   SIZE=2>Senior <br>
      Vice <br>
      President </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"> <FONT   SIZE=2>
      <P>&#151;
      </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"> <FONT   SIZE=2>
      <P>1993
      </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="PAGE BREAK" -->
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=480 align=center><font size="2">A-4</font></td>
<td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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



<FONT   SIZE=2>
</FONT><FONT SIZE=1>
<P>&nbsp;</P>
</FONT>
<TABLE 0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
  <tr valign="bottom">
    <td colspan=2><b><font size=1>Name and Biography</font>
      </b>
      <hr noshade size="1" width="34%" align="left">
    </td>
    <td align="center">&nbsp; </td>
    <td align="center"><b><font size=1>Age</font>
      </b>
      <hr noshade size="1" width="100%" align="center">
    </td>
    <td align="center">&nbsp; </td>
    <td align="center"><b><font size=1>Office</font>
      </b>
      <hr noshade size="1" width="100%" align="center">
    </td>
    <td align="center">&nbsp; </td>
    <td align="center"><b><font size=1>MV</font>
      </b>
      <hr noshade size="1" width="100%" align="center">
    </td>
    <td align="center">&nbsp; </td>
    <td align="center"><b><font size=1>SHIP</font>
      </b>
      <hr noshade size="1" width="100%" align="center">
    </td>
    <td align="center"><b></b></td>
    <td align="center">&nbsp;</td>
  </tr>
  <TR>
    <TD VALIGN="TOP" COLSPAN=2 height="18"> <FONT   SIZE=2>
      <P>Donald C. Burke<br>
        &nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President and Treasurer of MLAM &nbsp;&nbsp;&nbsp;&nbsp;and
        FAM since 1999; Senior Vice President and &nbsp;&nbsp;&nbsp;&nbsp;Treasurer
        of Princeton Services since 1999;<br>
        &nbsp;&nbsp;&nbsp;&nbsp;Vice President of PFD since 1999; First Vice<br>
        &nbsp;&nbsp;&nbsp;&nbsp;President of MLAM from 1997 to 1999; Vice &nbsp;&nbsp;&nbsp;&nbsp;President
        of MLAM from 1990 to 1997;<br>
        &nbsp;&nbsp;&nbsp;&nbsp;Director of Taxation of MLAM since 1990.
      </FONT></TD>
    <TD VALIGN="TOP" height="18">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD VALIGN="TOP" align="center" height="18"> <FONT   SIZE=2>
      <P>39
      </FONT></TD>
    <TD VALIGN="TOP" height="18">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD VALIGN="TOP"> <FONT   SIZE=2> Vice <br>
      President<br>
      Treasurer </FONT></TD>
    <TD VALIGN="TOP" height="18">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD VALIGN="TOP" align="right"><FONT   SIZE=2>1993 <br>
      <br>
      1999 </FONT></TD>
    <TD VALIGN="TOP" height="18"><font   size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font></TD>
    <TD VALIGN="top"> <FONT   SIZE=2> 1993<br>
      <br>
      1999</FONT></TD>
    <TD VALIGN="TOP" height="18"><font   size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font></TD>
    <TD VALIGN="TOP" height="18">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" COLSPAN=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="center">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="right">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="right">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" COLSPAN=2> <FONT   SIZE=2>
      <P>Kenneth A. Jacob<br>
        &nbsp;&nbsp;&nbsp;&nbsp;First Vice President of MLAM and FAM since &nbsp;&nbsp;&nbsp;&nbsp;1997;
        Vice President of MLAM from <br>
        &nbsp;&nbsp;&nbsp;&nbsp;1984 to 1997.&nbsp;
      </FONT></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="center"> <FONT   SIZE=2>
      <P>49
      </FONT></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP"><FONT   SIZE=2> Vice <br>
      President</FONT></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="right"> <FONT   SIZE=2>
      <P>1988
      </FONT></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="right"> <FONT   SIZE=2>
      <P>&#151;
      </FONT></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="center">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="right">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="right">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" COLSPAN=2> <FONT   SIZE=2>
      <P>Richard C. Kilbride<br>
        &nbsp;&nbsp;&nbsp;&nbsp;First Vice President of MLAM since 1999; &nbsp;&nbsp;&nbsp;&nbsp;Managing
        Director of Merrill Lynch Mercury &nbsp;&nbsp;&nbsp;&nbsp;Asset Management
        and Hotchkis and Wiley<br>
        &nbsp;&nbsp;&nbsp;&nbsp;from 1997 to 1999; Managing Director of<br>
        &nbsp;&nbsp;&nbsp;&nbsp;Global Fixed Income at Merrill Lynch Global<br>
        &nbsp;&nbsp;&nbsp;&nbsp;Asset Management, Ltd., from 1995 to 1997;<br>
        &nbsp;&nbsp;&nbsp;&nbsp;Vice President of MLAM from 1990 to 1995.
      </FONT></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="center"> <FONT   SIZE=2>
      <P>44
      </FONT></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP"> <FONT   SIZE=2>
      <P>Vice <br>
        President </P>
      </FONT><FONT   SIZE=2></FONT></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="right"> <FONT   SIZE=2>
      <P>&#151;
      </FONT></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="right"> <FONT   SIZE=2>
      <P>1999
      </FONT></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="center">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="right">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="right">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" COLSPAN=2> <FONT   SIZE=2>
      <P>Gilles Marchand &lt;R&gt;<br>
      &nbsp;&nbsp;&nbsp;&nbsp;Vice President of MLAM since 1997; Credit &nbsp;&nbsp;&nbsp;&nbsp;Analyst
      at MLAM from 1996 to 1997; Security &nbsp;&nbsp;&nbsp;&nbsp;Analyst at Massachusetts
      Mutual Insurance &nbsp;&nbsp;&nbsp;&nbsp;Company from 1990 to 1996. </FONT></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="center"> <FONT   SIZE=2>
      <P>35
      </FONT></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP"> <FONT   SIZE=2> Vice <br>
      President </FONT></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="right"> <FONT   SIZE=2>
      <P>&#151;
      </FONT></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="right"> <FONT   SIZE=2>
      <P>1999
      </FONT></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="center">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="right">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="right">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" COLSPAN=2> <FONT   SIZE=2>
      <P>Fred K. Stuebe<br>
      &nbsp;&nbsp;&nbsp;&nbsp;Vice President of MLAM since 1989. </FONT></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="center"> <FONT   SIZE=2>
      <P>49
      </FONT></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP"> <FONT   SIZE=2> Vice <br>
      President</FONT></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="right"> <FONT   SIZE=2>
      <P>1989
      </FONT></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="right"> <FONT   SIZE=2>
      <P>&#151;
      </FONT></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="center">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="right">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="right">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" COLSPAN=2> <FONT   SIZE=2>
      <P>Bradley J. Lucido<br>
      &nbsp;&nbsp;&nbsp;&nbsp;Vice President of MLAM since 1999; attorney &nbsp;&nbsp;&nbsp;&nbsp;with
      MLAM since 1995; attorney in private &nbsp;&nbsp;&nbsp;&nbsp;practice from
      1991 to 1995. </FONT></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="center"> <FONT   SIZE=2>
      <P>34
      </FONT></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP"> <FONT   SIZE=2>
      <P>Secretary
      </FONT></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="right"> <FONT   SIZE=2>
      <P>&#151;
      </FONT></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="right"> <FONT   SIZE=2>
      <P>1999
      </FONT></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="center">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="right">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="right">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" COLSPAN=2> <FONT   SIZE=2>
      <P>William E. Zitelli, Jr.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;Vice President of MLAM since 2000; Attorney &nbsp;&nbsp;&nbsp;&nbsp;with
        MLAM since 1998; Attorney associated<br>
        &nbsp;&nbsp;&nbsp;&nbsp;with Pepper Hamilton LLP from 1997 to 1998; &nbsp;&nbsp;&nbsp;&nbsp;Attorney
        associated with Reboul, MacMurray, &nbsp;&nbsp;&nbsp;&nbsp;Hewitt, Maynard
        &amp; Kristol from 1994 to 1997.
      </FONT></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="center"> <FONT   SIZE=2>
      <P>31
      </FONT></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP"> <FONT   SIZE=2>
      <P>Secretary
      </FONT></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="right"> <FONT   SIZE=2>
      <P>1999
      </FONT></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP" align="right"> <FONT   SIZE=2>
      <P>&#151;
      </FONT></TD>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="TOP">&nbsp;</TD>
  </TR>
</TABLE>

<FONT SIZE=2></FONT>
<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<table width=600><tr><td width=3% valign=top><font size="1">*
</font></td><td width=2%><font size="1"></font></td><td width=95%><font size="1">Mr.
Glenn was elected President of each Fund in 1999. Prior to that he served as
Executive Vice President of each Fund.</font></td></tr></TABLE>

&lt;/<font   size=2>R&gt;</font><!-- MARKER FORMAT-SHEET="PAGE BREAK" -->
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">&nbsp;A-5</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;


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


<P>
<TABLE width=600>

  <TR>
    <TD align=right><FONT size=2><B><font size=2><b>&lt;R&gt;</b></font>COMMON
STOCK</B></FONT></TD>
  </TR></TABLE>
<P></P>
<P>
<TABLE width=600>

  <TR align="center">
    <TD><FONT size=2><B>MUNIVEST FUND, INC.<BR>
      P.O. Box 9011<BR>
      Princeton, New Jersey
  08543-9011</B></FONT></TD></TR></TABLE>
<P></P>
<TABLE width=600>

  <TR align="center">
    <TD><FONT size=2><B>PROXY</B></FONT></TD>
  </TR></TABLE>
<P></P>
<TABLE width=600>

  <TR align="center">
    <TD><FONT size=2><B>This proxy is solicited on behalf of the
      Board of Directors</B></FONT></TD>
  </TR></TABLE>
<P></P>
<TABLE width=600>

  <TR>
    <TD><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby
      appoints Terry K. Glenn, Donald C. Burke and William E. Zitelli, Jr. as
      proxies, each with the power to appoint his substitute, and hereby authorizes
      each of them to represent and to vote, as designated on the reverse hereof,
      all the shares of Common Stock of MuniVest Fund, Inc. (the &#147;Fund&#148;)
      held of record by the undersigned on May 2, 2000 at the annual meeting of
      stockholders of the Fund to be held on June 27, 2000 or any adjournment
      thereof.</FONT></TD>
  </TR></TABLE>
<P></P>
<TABLE width=600>

  <TR>
    <TD width=46>&nbsp;</TD>
    <TD width=460><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>This proxy
      when properly executed will be voted in the manner directed herein by the
      undersigned stockholder. If no direction is made, this proxy will be voted
      FOR Proposals 1 and 2.</B></FONT></TD>
    <TD width=78><FONT size=2></FONT></TD></TR></TABLE>
<P></P>
<TABLE width=600>

  <TR>
    <TD><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the
      reverse side of this card, you authorize the proxies to vote each proposal
      as marked, or if not marked, to vote &#147;FOR&#148; each proposal, and to use their
      discretion to vote for any other matter as may properly come before the
      meeting or any adjournment thereof. If you do not intend to personally
      attend the meeting, please complete and return this card at once in the
      enclosed envelope.</FONT></TD></TR></TABLE>
<P></P>
<TABLE width=600>

  <TR>
    <TD align=right><FONT size=1>(Continued and to be signed on the reverse
      side)</FONT><font size=2><b><font size=2><b><font size="1">&lt;/R&gt;</font></b></font></b></font></TD>
  </TR></TABLE>
<P></P>
<P>&nbsp;
<TABLE width=600>

  <TR>
    <TD align=left width=60><FONT size=1>&nbsp;</FONT></TD>
    <TD align=middle width=480><FONT size=2></FONT></TD>
    <TD align=right width=60><FONT size=1>&nbsp;</FONT></TD></TR></TABLE>
<P>
<HR align=left noshade SIZE=5 width=600>






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



<P>

<TABLE width=600>

  <TR>
    <TD><FONT size=2><b><font size=2><b>&lt;R&gt;</b></font></b>Please mark boxes |X| or |X| in blue or black
    ink.</FONT></TD>
  </TR></TABLE><BR><BR>
<TABLE border=0 cellPadding=0 cellSpacing=0 width=600>

  <TR>
    <TD vAlign=top width="28%">
      <P><FONT size=2>1</FONT><FONT size=1>.&nbsp;&nbsp;ELECTION OF
      DIRECTORS</FONT> </P></TD>
    <TD nowrap vAlign=top width="34%">
      <P><FONT size=1><B>FOR</B> all nominees listed below<BR>(except as marked
      to the contrary below) |<U>&nbsp;&nbsp;&nbsp;</U>|</FONT></P></TD>
    <TD nowrap vAlign=top width="38%">
      <P><FONT size=1><B>WITHHOLD AUTHORITY</B><BR>to vote for all nominees
      listed below |<U>&nbsp;&nbsp;&nbsp;</U>|</FONT></P></TD></TR></TABLE>
<P>
<TABLE width=600>

  <TR>
    <TD width=600><FONT size=1><I><B>(INSTRUCTION: To withhold authority to vote
      for any individual nominee, strike a line through the nominee&#146;s name
      in the list below.)</b></I><B><BR>
      Terry K. Glenn, Cynthia A. Montgomery, Charles C. Reilly, Kevin A. Ryan, Roscoe S. Suddarth, Arthur Zeikel and Edward D. Zinbarg</b></FONT></TD>
  </TR></TABLE><BR><BR>
<TABLE width=600>

  <TR>
    <TD vAlign=top width="2%"><FONT size=2>2. </FONT></TD>
    <TD width="95%"><FONT size=2>Proposal to ratify the selection of Deloitte
      &amp; Touche <FONT size=1>LLP</FONT> as the independent auditors of the
      Fund to serve for the current fiscal year.</FONT></TD></TR></TABLE><BR>
<TABLE border=0 cellPadding=0 cellSpacing=0 width=342>

  <TR vAlign=bottom>
    <TD width="33%"><B><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR
      </FONT></B><FONT size=1>|<U>&nbsp;&nbsp;&nbsp;</U>|</FONT></TD>
    <TD width="39%"><B><FONT size=1>AGAINST </FONT></B><FONT size=1>|<U>&nbsp;&nbsp;&nbsp;</U>|</FONT></TD>
    <TD width="28%"><B><FONT size=1>ABSTAIN </FONT></B><FONT size=1>|<U>&nbsp;&nbsp;&nbsp;</U>|</FONT></TD></TR></TABLE><BR><BR>
<TABLE width=600>

  <TR>
    <TD vAlign=top width="2%"><FONT size=2>3. </FONT></TD>
    <TD width="95%"><FONT size=2>In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</FONT></TD></TR></TABLE><BR>
<TABLE border=0 cellPadding=0 cellSpacing=0 width=600>

  <TR>
    <TD vAlign=top width="30%">&nbsp;</TD>
    <TD vAlign=top width="16%">&nbsp;</TD>
    <TD vAlign=top width="54%">
      <P>
      <P><FONT size=1>Please sign exactly as name appears hereon. When shares
      are held by joint tenants, both should sign. When signing as attorney or
      as executor, administrator, trustee or guardian, please give full title as
      such. If a corporation, please sign in full corporate name by president or
      other authorized officer. If a partnership, please sign in partnership
      name by authorized person. </FONT></P>
      <P><FONT size=1>Dated: ________________________________________________,
      2000</FONT></P>
      <P><FONT size=1>X_________________________________________________________<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
      </FONT>
      <P><FONT size=1>X_________________________________________________________<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </FONT></P></TD></TR></TABLE><BR>
<P>
<TABLE width=600>

  <TR>
    <TD width=600><FONT size=2><B><FONT size=1>Sign, Date and Return the Proxy
      Card Promptly Using the Enclosed
Envelope.&lt;/R&gt;</FONT></B></FONT></TD>
  </TR></TABLE>
<P>&nbsp;
<TABLE width=600>

  <TR>
    <TD align=left width=60><FONT size=1>&nbsp;</FONT></TD>
    <TD align=middle width=480><FONT size=2></FONT></TD>
    <TD align=right width=60><FONT size=1>&nbsp;</FONT></TD></TR></TABLE>
<P>
<HR align=left noshade SIZE=5 width=600>


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




<P>
<TABLE width=600>

  <TR>
    <TD align=right><FONT size=2><B><font size=2><b>&lt;R&gt;</b></font>AUCTION MARKET<BR>
      PREFERRED
      STOCK</B></FONT></TD>
  </TR></TABLE>
<P></P>
<P>
<TABLE width=600>

  <TR align="center">
    <TD><FONT size=2><B>MUNIVEST FUND, INC.<BR>
      P.O. Box 9011<BR>
      Princeton, New Jersey
  08543-9011</B></FONT></TD></TR></TABLE>
<P></P>
<TABLE width=600>

  <TR align="center">
    <TD><FONT size=2><B>PROXY</B></FONT></TD>
  </TR></TABLE>
<P></P>
<TABLE width=600>

  <TR align="center">
    <TD><FONT size=2><B>This proxy is solicited on behalf of the
      Board of Directors</B></FONT></TD>
  </TR></TABLE>
<P></P>
<TABLE width=600>

  <TR>
    <TD><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby
      appoints Terry K. Glenn, Donald C. Burke and William E. Zitelli, Jr. as
      proxies, each with the power to appoint his or her substitute, and hereby
      authorizes each of them to represent and to vote, as designated on the
      reverse hereof, all the shares of Auction Market Preferred Stock of
      MuniVest Fund, Inc. (the &#147;Fund&#148;) held of record by the
      undersigned on May 2, 2000 at the annual meeting of stockholders of
      the Fund to be held on June 27, 2000 or any adjournment
  thereof.</FONT></TD></TR></TABLE>
<P></P>
<TABLE width=600>

  <TR>
    <TD width=46>&nbsp;</TD>
    <TD width=460><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>This proxy
      when properly executed will be voted in the manner directed herein by the
      undersigned stockholder. If no direction is made, this proxy will be voted
      FOR Proposals 1 and 2.</B></FONT></TD>
    <TD width=78><FONT size=2></FONT></TD></TR></TABLE>
<P></P>
<TABLE width=600>

  <TR>
    <TD><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the
      reverse side of this card, you authorize the proxies to vote each proposal
      as marked, or if not marked, to vote &#147;FOR&#148; each proposal, and to use their
      discretion to vote for any other matter as may properly come before the
      meeting or any adjournment thereof. If you do not intend to personally
      attend the meeting, please complete and return this card at once in the
      enclosed envelope.</FONT></TD></TR></TABLE>
<P></P>
<TABLE width=600>

  <TR>
    <TD align=right><FONT size=1>(Continued and to be signed on the reverse
      side)</FONT><font size=2><b><font size=2><b><font size="1">&lt;/R&gt;</font></b></font></b></font></TD>
  </TR></TABLE>
<P></P>
<P>&nbsp;
<TABLE width=600>

  <TR>
    <TD align=left width=60><FONT size=1>&nbsp;</FONT></TD>
    <TD align=middle width=480><FONT size=2></FONT></TD>
    <TD align=right width=60><FONT size=1>&nbsp;</FONT></TD></TR></TABLE>
<P>
<HR align=left noshade SIZE=5 width=600>







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



<P>
<TABLE width=600>

  <TR>
    <TD><FONT size=2><b><font size=2><b>&lt;R&gt;</b></font></b>Please mark boxes |X| or |X| in blue or black
    ink.</FONT></TD>
  </TR></TABLE><BR><BR>
<TABLE border=0 cellPadding=0 cellSpacing=0 width=600>

  <TR>
    <TD vAlign=top width="28%">
      <P><FONT size=2>1</FONT><FONT size=1>.&nbsp;&nbsp;ELECTION OF
      DIRECTORS</FONT> </P></TD>
    <TD nowrap vAlign=top width="34%">
      <P><FONT size=1><B>FOR</B> all nominees listed below<BR>(except as marked
      to the contrary below) |<U>&nbsp;&nbsp;&nbsp;</U>|</FONT></P></TD>
    <TD nowrap vAlign=top width="38%">
      <P><FONT size=1><B>WITHHOLD AUTHORITY</B><BR>to vote for all nominees
      listed below |<U>&nbsp;&nbsp;&nbsp;</U>|</FONT></P></TD></TR></TABLE>
<P>
<TABLE width=600>

  <TR>
    <TD width=600><FONT size=1><I><B>(INSTRUCTION: To withhold authority to
      vote for any individual nominee, strike a line through the nominee&#146;s name
      in the list below.)</B></I><B><BR>Ronald W. Forbes and Richard R. West</B></FONT></TD></TR></TABLE><BR>
<TABLE width=600>

  <TR>
    <TD vAlign=top width="2%"><FONT size=2>2. </FONT></TD>
    <TD width="95%"><FONT size=2>Proposal to ratify the selection of Deloitte
      &amp; Touche <FONT size=1>LLP</FONT> as the independent auditors of the
      Fund to serve for the current fiscal year.</FONT></TD></TR></TABLE><BR>
<TABLE border=0 cellPadding=0 cellSpacing=0 width=342>

  <TR vAlign=bottom>
    <TD width="33%"><B><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR
      </FONT></B><FONT size=1>|<U>&nbsp;&nbsp;&nbsp;</U>|</FONT></TD>
    <TD width="39%"><B><FONT size=1>AGAINST </FONT></B><FONT size=1>|<U>&nbsp;&nbsp;&nbsp;</U>|</FONT></TD>
    <TD width="28%"><B><FONT size=1>ABSTAIN </FONT></B><FONT size=1>|<U>&nbsp;&nbsp;&nbsp;</U>|</FONT></TD></TR></TABLE><BR><BR>
<TABLE width=600>

  <TR>
    <TD vAlign=top width="2%"><FONT size=2>3. </FONT></TD>
    <TD width="95%"><FONT size=2>In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.<br>
      <br>
      If the undersigned is a broker-dealer, it hereby instructs the proxies pursuant
      to Rule 452 of the New York Stock Exchange, to vote any uninstructed Auction
      Market Preferred Stock, in the same proportion as votes cast by holders
      of Auction Market Preferred Stock, who have responded to this proxy solicitation.</FONT></TD>
  </TR></TABLE><BR>

<TABLE border=0 cellPadding=0 cellSpacing=0 width=600>

  <TR>
    <TD vAlign=top width="30%">&nbsp;</TD>
    <TD vAlign=top width="16%">&nbsp;</TD>
    <TD vAlign=top width="54%">
      <P>
      <P><FONT size=1>Please sign exactly as name appears hereon. When shares
      are held by joint tenants, both should sign. When signing as attorney or
      as executor, administrator, trustee or guardian, please give full title as
      such. If a corporation, please sign in full corporate name by president or
      other authorized officer. If a partnership, please sign in partnership
      name by authorized person. </FONT></P>
      <P><FONT size=1>Dated: ________________________________________________,
      2000</FONT></P>
      <P><FONT size=1>X_________________________________________________________<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
      </FONT>
      <P><FONT size=1>X_________________________________________________________<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </FONT></P></TD></TR></TABLE><BR>
<P>
<TABLE width=600>

  <TR>
    <TD width=600><FONT size=2><B><FONT size=1>Sign, Date and Return the Proxy
      Card Promptly Using the Enclosed
Envelope.&lt;/R&gt;</FONT></B></FONT></TD>
  </TR></TABLE>
<P>&nbsp;
<TABLE width=600>

  <TR>
    <TD align=left width=60><FONT size=1>&nbsp;</FONT></TD>
    <TD align=middle width=480><FONT size=2></FONT></TD>
    <TD align=right width=60><FONT size=1>&nbsp;</FONT></TD></TR></TABLE><p></P>
<P>
<HR align=left noshade SIZE=5 width=600>


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



<P>
<TABLE width=600>
  <TR>
    <TD align=right><FONT size=2><B>&lt;R&gt;COMMON
STOCK</B></FONT></TD>
  </TR></TABLE>
<P></P>
<P>
<TABLE width=600>

  <TR align="center">
    <TD><FONT size=2><B>SENIOR HIGH INCOME PORTFOLIO, INC.<BR>
      P.O. Box 9011<BR>
      Princeton, New Jersey
  08543-9011</B></FONT></TD></TR></TABLE>
<P></P>
<TABLE width=600>

  <TR align="center">
    <TD><FONT size=2><B>PROXY</B></FONT></TD>
  </TR></TABLE>
<P></P>
<TABLE width=600>

  <TR align="center">
    <TD><FONT size=2><B>This proxy is solicited on behalf of the
      Board of Directors</B></FONT></TD>
  </TR></TABLE>
<P></P>
<TABLE width=600>

  <TR>
    <TD><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby
      appoints Terry K. Glenn, Donald C. Burke and Bradley J. Lucido as
      proxies, each with the power to appoint his substitute, and hereby
      authorizes each of them to represent and to vote, as designated on the
      reverse hereof, all the shares of Common Stock of Senior High Income Portfolio, Inc. (the &#147;Fund&#148;) held of record by the undersigned on
      May 5, 2000 at the annual meeting of stockholders of the Fund to be
      held on June 27, 2000 or any adjournment
thereof.</FONT></TD></TR></TABLE>
<P></P>
<TABLE width=600>

  <TR>
    <TD width=46>&nbsp;</TD>
    <TD width=460><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>This proxy
      when properly executed will be voted in the manner directed herein by the
      undersigned stockholder. If no direction is made, this proxy will be voted
      FOR Proposals 1 and 2.</B></FONT></TD>
    <TD width=78><FONT size=2></FONT></TD></TR></TABLE>
<P></P>
<TABLE width=600>

  <TR>
    <TD><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the
      reverse side of this card, you authorize the proxies to vote each proposal
      as marked, or if not marked, to vote &#147;FOR&#148; each proposal, and to use their
      discretion to vote for any other matter as may properly come before the
      meeting or any adjournment thereof. If you do not intend to personally
      attend the meeting, please complete and return this card at once in the
      enclosed envelope.</FONT></TD></TR></TABLE>
<P></P>
<TABLE width=600>

  <TR>
    <TD align=right><FONT size=1>(Continued and to be signed on the reverse
      side)</FONT><font size=2><b><font size="1">&lt;/R&gt;</font></b></font></TD>
  </TR></TABLE>
<P>&nbsp;
<TABLE width=600>

  <TR>
    <TD align=left width=60><FONT size=1>&nbsp;</FONT></TD>
    <TD align=middle width=480><FONT size=2></FONT></TD>
    <TD align=right width=60><FONT size=1>&nbsp;</FONT></TD></TR></TABLE>
<P>
<HR align=left noshade SIZE=5 width=600>






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


<TABLE width=600>
  <TR valign="top">
    <TD><FONT size=2><b>&lt;R&gt;</b>Please mark boxes |X| or |X| in blue or black
    ink.</FONT></TD>
  </TR></TABLE><BR><BR>
<TABLE border=0 cellPadding=0 cellSpacing=0 width=600>

  <TR>
    <TD vAlign=top width="28%">
      <P><FONT size=2>1</FONT><FONT size=1>.&nbsp;&nbsp;ELECTION OF
      DIRECTORS</FONT> </P></TD>
    <TD nowrap vAlign=top width="34%">
      <P><FONT size=1><B>FOR</B> all nominees listed below<BR>(except as marked
      to the contrary below) |<U>&nbsp;&nbsp;&nbsp;</U>|</FONT></P></TD>
    <TD nowrap vAlign=top width="38%">
      <P><FONT size=1><B>WITHHOLD AUTHORITY</B><BR>to vote for all nominees
      listed below |<U>&nbsp;&nbsp;&nbsp;</U>|</FONT></P></TD></TR></TABLE>
<P>
<TABLE width=600>

  <TR>
    <TD width=600><FONT size=1><I><b>(INSTRUCTION: To withhold authority to vote
      for any individual nominee, strike a line through the nominee&#146;s name
      in the list below.)</b></I><b><BR>
      Ronald W. Forbes, Terry K. Glenn, Cynthia A. Montgomery, Charles C. Reilly, Kevin A. Ryan, Roscoe S. Suddarth, Richard R. West, Arthur Zeikel and Edward D. Zinbarg</b></FONT></TD>
  </TR></TABLE><BR><BR>
<TABLE width=600>

  <TR>
    <TD vAlign=top width="2%"><FONT size=2>2. </FONT></TD>
    <TD width="95%"><FONT size=2>Proposal to ratify the selection of Deloitte
      &amp; Touche <FONT size=1>LLP</FONT> as the independent auditors of the
      Fund to serve for the current fiscal year.</FONT></TD></TR></TABLE><BR>
<TABLE border=0 cellPadding=0 cellSpacing=0 width=342>

  <TR vAlign=bottom>
    <TD width="33%"><B><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR
      </FONT></B><FONT size=1>|<U>&nbsp;&nbsp;&nbsp;</U>|</FONT></TD>
    <TD width="39%"><B><FONT size=1>AGAINST </FONT></B><FONT size=1>|<U>&nbsp;&nbsp;&nbsp;</U>|</FONT></TD>
    <TD width="28%"><B><FONT size=1>ABSTAIN </FONT></B><FONT size=1>|<U>&nbsp;&nbsp;&nbsp;</U>|</FONT></TD></TR></TABLE><BR><BR>
<TABLE width=600>

  <TR>
    <TD vAlign=top width="2%"><FONT size=2>3. </FONT></TD>
    <TD width="95%"><FONT size=2>In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</FONT></TD></TR></TABLE><BR>
<TABLE border=0 cellPadding=0 cellSpacing=0 width=600>

  <TR>
    <TD vAlign=top width="30%">&nbsp;</TD>
    <TD vAlign=top width="16%">&nbsp;</TD>
    <TD vAlign=top width="54%">
      <P>
      <P><FONT size=1>Please sign exactly as name appears hereon. When shares
      are held by joint tenants, both should sign. When signing as attorney or
      as executor, administrator, trustee or guardian, please give full title as
      such. If a corporation, please sign in full corporate name by president or
      other authorized officer. If a partnership, please sign in partnership
      name by authorized person. </FONT></P>
      <P><FONT size=1>Dated: ________________________________________________,
      2000</FONT></P>
      <P><FONT size=1>X_________________________________________________________<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
      </FONT>
      <P><FONT size=1>X_________________________________________________________<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly </FONT></P></TD></TR></TABLE><BR>
<P>
<TABLE width=600>

  <TR>
    <TD width=600 height="19"><FONT size=2><B><FONT size=1>Sign, Date and Return the Proxy
      Card Promptly Using the Enclosed
Envelope.</FONT><font size=2><b><font size=1>&lt;/R&gt;</font></b></font></B></FONT></TD>
  </TR></TABLE>
<P>&nbsp;
<TABLE width=600>

  <TR>
    <TD align=left width=60><FONT size=1>&nbsp;</FONT></TD>
    <TD align=middle width=480><FONT size=2></FONT></TD>
    <TD align=right width=60><FONT size=1>&nbsp;</FONT></TD></TR></TABLE>
<P>
<HR align=left noshade SIZE=5 width=600>


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