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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000891092-01-000594.txt : 20010424
<SEC-HEADER>0000891092-01-000594.hdr.sgml : 20010424
ACCESSION NUMBER:		0000891092-01-000594
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20010524
FILED AS OF DATE:		20010420

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:		1607847

	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:		1607848

	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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIVEST FUND II INC
		CENTRAL INDEX KEY:			0000897269
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		
		SEC FILE NUMBER:	811-07478
		FILM NUMBER:		1607849

	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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DEBT STRATEGIES FUND INC
		CENTRAL INDEX KEY:			0001036808
		STANDARD INDUSTRIAL CLASSIFICATION:	 []
		IRS NUMBER:				223509063
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		
		SEC FILE NUMBER:	811-08171
		FILM NUMBER:		1607850

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

	MAIL ADDRESS:	
		STREET 1:		C/O MERRILL LYNCH ASSET MANAGEMENT
		STREET 2:		P O BOX 9011
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543-9011
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>0001.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>


<HTML>
<HEAD>
<TITLE> DEF 14A </TITLE>
</HEAD>
<BODY>




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

<p><table width=600><tr>
    <td  align=center><font size=2><B>As filed with the Securities and Exchange
      Commission on April 20, 2001</B></font></td>
  </tr></TABLE>
<p><table width=600><tr>
    <td  align=center><font size=2><B><font size="3">SCHEDULE 14A </font><BR>
      (Rule
14a-101)</B></font></td></tr></TABLE>
<p><table width=600><tr><td  align=center><font size=2><B>INFORMATION REQUIRED
IN PROXY STATEMENT<BR> SCHEDULE 14A INFORMATION <BR>
      PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES<BR>
       EXCHANGE ACT OF 1934 (AMENDMENT NO. &nbsp;&nbsp;)</B></font></td></tr></TABLE>
<br>
<table width=600>
  <tr>
    <td><font size="2">Filed by the Registrant |X| </font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td><font size="2">Filed by a party other than the Registrant |&nbsp;&nbsp;
      | </font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td><font size="2">Check the appropriate box:</font></td>
  </tr>
</TABLE>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><font size="2">[_]</font></td>
    <td><font size="2">Preliminary Proxy Statement</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2">[X]</font></td>
    <td><font size="2">Definitive Proxy Statement</font></td>
    <td valign="top"><font size="2">[_]</font></td>
    <td valign="bottom"><font size="2">Confidential, for Use of the Commission
      Only </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2">[_]</font></td>
    <td><font size="2">Definitive Additional Materials</font></td>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font size="2">(as permitted by Rule 14a-6(e)(2)) </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2">[_]</font></td>
    <td colspan="3"><font size="2"> Soliciting Material Pursuant to Rule 14a-11(c)
      or Rule 14a-12</font></td>
  </tr>
</TABLE>
<p><table width=600><tr><td  align=center><font size=2><B>DEBT STRATEGIES FUND,
INC.<BR> MUNIVEST FUND, INC. <BR>MUNIVEST FUND II, INC.<BR> SENIOR HIGH INCOME PORTFOLIO,
INC.<BR> P.O. Box 9011 Princeton, New Jersey 08543-9011</B></font></td></tr></TABLE>
<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>

<table width=600><tr>
    <td  align=center><font size=2><B><font size="1">(Name of Registrant as Specified
      In Its Charter) </font><BR>
      same as above</B></font></td>
  </tr></TABLE>
<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>


<table width=600><tr><td align=center><font size=1><B>(Name of Person(s)
Filing Proxy Statement, if other than the Registrant)</B></font></td></tr></TABLE>
<p><table width=600><tr><td><font size=2>Payment of Filing Fee (Check the
appropriate box):</font></td></tr></TABLE>
<table width=600><TR>
    <TD width=10% valign=top align="center"><font size=2> [X] </FONT></TD>
    <TD width=90% valign=top><font size=2>No fee required.</font></TD></TR></TABLE>
<table width=600>
  <tr>
    <td width=10% valign=top align="center"><font size=2> [_] </font></td>
    <td width=90% valign=top><font size=2>Fee computed on table below per Exchange
      Act Rules 14a-6(i)(1) and 0-11.</font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=5% valign=top align="center"><font size=2> </font></td>
    <td width=8% valign=top>&nbsp;</td>
    <td width=87% valign=top><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)
      Title of each class of securities to which transaction applies:</font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=5% valign=top align="center"><font size=2> </font></td>
    <td width=8% valign=top>&nbsp;</td>
    <td width=87% valign=top><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)
      Aggregate number of securities to which transaction applies:</font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=5% valign=top align="center"><font size=2> </font></td>
    <td width=8% valign=top>&nbsp;</td>
    <td width=87% valign=top><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 0-11 (set forth the amount on which the filing fee
      is calculated and state how it was determined):</font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=5% valign=top align="center"><font size=2> </font></td>
    <td width=8% valign=top>&nbsp;</td>
    <td width=87% valign=top><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)
      Proposed maximum aggregate value of transaction:</font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=5% valign=top align="center"><font size=2> </font></td>
    <td width=8% valign=top>&nbsp;</td>
    <td width=87% valign=top><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)
      Total fee paid:</font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=10% valign=top align="center"><font size=2> [_] </font></td>
    <td width=90% valign=top><font size=2>Fee paid previously with preliminary
      materials:</font></td>
  </tr>
</TABLE>
<table width=600>
  <tr align="left">
    <td width=100% valign=top colspan="2"><font size=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[_]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font><font size=2>Check box if any part of the fee is offset as provided
      by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting
      fee was paid previously. Identify the previous filing by registration statement
      number, or the form or schedule and the date of its filing.</font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=5% valign=top align="center"><font size=2> </font></td>
    <td width=8% valign=top>&nbsp;</td>
    <td width=87% valign=top><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Amount
      previously paid:</font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=5% valign=top align="center"><font size=2> </font></td>
    <td width=8% valign=top>&nbsp;</td>
    <td width=87% valign=top><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Form,
      Schedule or Registration Statement No.:</font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=5% valign=top align="center"><font size=2> </font></td>
    <td width=8% valign=top>&nbsp;</td>
    <td width=87% valign=top><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Filing
      Party:</font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=5% valign=top align="center"><font size=2> </font></td>
    <td width=8% valign=top>&nbsp;</td>
    <td width=87% valign=top><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Date
      Filed: </font></td>
  </tr>
</TABLE>
<p>
<p>
<br>
<br>
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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

<p><table width=600><tr><td  align=center><font size=2><B>DEBT STRATEGIES FUND,
INC.<BR> MUNIVEST FUND, INC.<BR> MUNIVEST FUND II, INC. <BR>SENIOR HIGH INCOME PORTFOLIO,
INC.<BR>
      P.O. Box 9011<br>
      Princeton, New Jersey 08543-9011</B></font></td>
  </tr></TABLE>
<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>

<table width=600><tr><td  align=center><font size=2><B>NOTICE OF 2001 ANNUAL
MEETINGS OF STOCKHOLDERS</B></font></td></tr></TABLE>
<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>


<table width=600><tr><td  align=center><font size=2><B>TO BE HELD ON MAY 24,
2001</B></font></td></tr></TABLE>
<p><table width=600><tr>
    <td><font size=2>T <font size="1">O THE </font> S<font size="1">TOCKHOLDERS
      OF </font></font></td>
  </tr></TABLE>
<table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D<font size="1">EBT</font>
      S<font size="1">TRATEGIES</font> F<font size="1">UND</font>, I<font size="1">NC.
      </font><BR>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M<font size="1">UNIVEST</font> F<font size="1">UND</font>,
      I<font size="1">NC. </font><BR>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M<font size="1">UNIVEST</font> F<font size="1">UND</font>
      II, I<font size="1">NC. </font><BR>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<font size="1">ENIOR</font> H<font size="1">IGH</font>
      I<font size="1">NCOME</font> P<font size="1">ORTFOLIO</font>, I<font size="1">NC.
      </font>:</font></td>
  </tr></TABLE>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICE
IS HEREBY GIVEN that the 2001 Annual Meeting of Stockholders (each a &#147;Meeting&#148;
and collectively, the &#147;Meetings&#148;) of each of Debt Strategies Fund, Inc.,
MuniVest Fund, Inc., MuniVest Fund II, 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 Thursday, May 24, 2001 at the time specified in Exhibit A for the following
purposes:</font></td></tr></TABLE>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To
elect a Board of Directors of each Fund to serve for the ensuing year; and</font></td></tr></TABLE>
<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;&nbsp;Each
Fund&#146;s Board of Directors has fixed the close of business on March 29, 2001 as
the record date for the determination of stockholders entitled to notice of and
to vote at the applicable Fund&#146;s Meeting or any adjournment thereof.</font></td></tr></TABLE>
<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 May 10, 2001,
      at the offices 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.</font></td>
  </tr></TABLE>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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



<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you
have any questions regarding the enclosed proxy material or need assistance in
voting your shares, please contact our proxy solicitor, Georgeson Shareholders
Communication, at 17 State Street, New York, New York 10004 at (800) 372-0883.</font></td></tr></TABLE>
<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="291">&nbsp;</td>
    <td width="309"><font size="2">By Order of the Boards of Directors </font></td>
  </tr>
  <tr>
    <td width="291">&nbsp;</td>
    <td width="309">&nbsp;</td>
  </tr>
  <tr>
    <td width="291">&nbsp;</td>
    <td width="309"><font size="2">B<font size="1">RADLEY</font> J. L<font size="1">UCIDO</font>
      </font></td>
  </tr>
  <tr>
    <td width="291">&nbsp;</td>
    <td width="309"><font size="2"><i>Secretary of Debt Strategies Fund, Inc.
      and<br>
      Senior High Income Portfolio, Inc.</i></font></td>
  </tr>
  <tr>
    <td width="291">&nbsp;</td>
    <td width="309">&nbsp;</td>
  </tr>
  <tr>
    <td width="291">&nbsp;</td>
    <td width="309"><font size="2">J<font size="1">ODI</font> M. P<font size="1">INEDO
      </font></font></td>
  </tr>
  <tr>
    <td width="291">&nbsp;</td>
    <td width="309"><font size="2"><i>Secretary of MuniVest Fund, Inc.<br>
      and MuniVest</i></font><i> <font size="2">Fund II, Inc.</font></i> </td>
  </tr>
</TABLE>
<p><table width=600><tr><td><font size=2>Plainsboro, New Jersey <BR>
      Dated: April&nbsp;20, 2001</font></td>
  </tr></TABLE>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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



<p><table width=600><tr><td  align=center><font size=2><B>COMBINED PROXY
STATEMENT</B></font></td></tr></TABLE>
<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>

<table width=600><tr><td  align=center><font size=2><B>DEBT STRATEGIES FUND,
INC.<BR> MUNIVEST FUND, INC. <BR>MUNIVEST FUND II, INC. <BR>SENIOR HIGH INCOME PORTFOLIO,
INC. <BR>
      P.O. Box 9011<br>
      Princeton, New Jersey 08543-9011</B></font></td>
  </tr></TABLE>
<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>


<table width=600><tr><td  align=center><font size=2><B>2001 ANNUAL MEETINGS
OF STOCKHOLDERS</B></font></td></tr></TABLE>
<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>


<table width=600><tr><td  align=center><font size=2><B>May 24, 2001</B></font></td></tr></TABLE>
<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>


<table width=600><tr><td  align=center><font size=2><B>INTRODUCTION</B></font></td></tr></TABLE>
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Combined Proxy Statement
      is furnished in connection with the solicitation of proxies on behalf of
      the Boards of Directors of the above-listed funds (each, a &#147;Fund&#148;
      and, collectively, the &#147;Funds&#148;) to be voted at the 2001 Annual
      Meetings of Stockholders of each Fund, (each, a &#147;Meeting&#148; and
      collectively, the &#147;Meetings&#148;), to be held at the offices of Fund
      Asset Management, L.P. (&#147;FAM&#148;), 800 Scudders Mill Road, Plainsboro,
      New Jersey, on Thursday, May 24, 2001 at the time specified in Exhibit A
      hereto. The approximate mailing date of this Combined Proxy Statement is
      April 24, 2001.</font></td>
  </tr></TABLE>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
properly executed proxies received prior to the Meetings will be voted at the
Meetings in accordance with the instructions marked thereon or otherwise as
provided therein. Unless instructions to the contrary are marked, proxies will
be voted for the election of the Board of Directors. 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><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors of each Fund has fixed the close of business on March 29,
2001 as the record date (the &#147;Record Date&#148;) for the determination of
stockholders entitled to notice of and to vote at the applicable Fund&#146;s Meeting
and at any adjournment thereof. Stockholders on the Record Date will be
entitled 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.
and MuniVest Fund II, 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.</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 knows of no business other than that mentioned
in Item 1 of the Notice of Meeting that will be presented for consideration at
the Meeting. If any other matter is properly presented, it is the intention of
the persons named in the enclosed proxy to vote in accordance with their best
judgment.</font></td></tr></TABLE>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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



<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The class of stockholders solicited
      and entitled to vote on the proposal is outlined in the following chart.</font></td>
  </tr></TABLE>
<br>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2" align="left">&nbsp;</TH>
    <TH COLSPAN="2">&nbsp;</TH>
    <TH COLSPAN="4"><font size="1">Item 1. </font>
      <hr align="center" noshade size="1" width="86%">
    </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2" align="left"><font size="1">Fund </font>
      <HR WIDTH=10% SIZE=1 noshade align="left">
    </TH>
    <TH COLSPAN="2"><font size="1">Class of<BR>
      Stockholders </font>
      <HR WIDTH=65% SIZE=1 noshade align="center">
    </TH>
    <TH COLSPAN="2"><font size="1">Election of<BR>
      AMPS<BR>
      Directors </font>
      <HR WIDTH=80% SIZE=1 noshade align="center">
    </TH>
    <TH COLSPAN="2" width="87"><font size="1">Election of<BR>
      Other<BR>
      Directors </font>
      <HR WIDTH=70% SIZE=1 noshade align="center">
    </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" height="15" colspan="2"><font size="2">Debt Strategies Fund,
      Inc.</font><font size="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;</font></TD>
    <TD ALIGN="center" height="15" colspan="2"><font size="2">Common Stock</font></TD>
    <TD ALIGN="center" colspan="2" height="15"><font size="2">N/A</font><font size="2"></font></TD>
    <TD ALIGN="center" colspan="2" height="15" WIDTH="87"><font size="2">Yes</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" colspan="2"><font size="2">MuniVest Fund, Inc.</font><font size="2"></font></TD>
    <TD ALIGN="center" colspan="2"><font size="2">AMPS</font></TD>
    <TD ALIGN="center" colspan="2"><font size="2">Yes</font><font size="2"></font></TD>
    <TD ALIGN="center" width="87" colspan="2"><font size="2">No</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" colspan="2"><font size="2">MuniVest Fund, Inc.</font><font size="2"></font></TD>
    <TD ALIGN="center" colspan="2"><font size="2">Common Stock</font><font size="2"></font></TD>
    <TD ALIGN="center" colspan="2"><font size="2">No</font><font size="2"></font></TD>
    <TD ALIGN="center" width="87" colspan="2"><font size="2">Yes</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" colspan="2"><font size="2">MuniVest Fund, II Inc.</font><font size="2"></font></TD>
    <TD ALIGN="center" colspan="2"><font size="2">AMPS</font><font size="2"></font></TD>
    <TD ALIGN="center" colspan="2"><font size="2">Yes</font><font size="2"></font></TD>
    <TD ALIGN="center" width="87" colspan="2"><font size="2">Yes</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" colspan="2"><font size="2">MuniVest Fund, II Inc.</font><font size="2"></font></TD>
    <TD ALIGN="center" colspan="2"><font size="2">Common Stock</font><font size="2"></font></TD>
    <TD ALIGN="center" colspan="2"><font size="2">No</font><font size="2"></font></TD>
    <TD ALIGN="center" width="87" colspan="2"><font size="2">Yes</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" colspan="2"><font size="2">Senior High Income Portfolio,
      Inc.</font><font size="2"></font></TD>
    <TD ALIGN="center" colspan="2"><font size="2">Common Stock</font><font size="2"></font></TD>
    <TD ALIGN="center" colspan="2"><font size="2">N/A</font><font size="2"></font></TD>
    <TD ALIGN="center" width="87" colspan="2"><font size="2">Yes</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>
<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td width="190"><b><font size="1">Fund </font></b>
      <hr width=15% size=1 noshade align="left">
    </td>
    <td width="11"><b></b></td>
    <td align="center" width="166"><b><font size="1">Nominees </font></b>
      <hr align="center" noshade size="1" width="30%">
    </td>
    <td align="center" width="41"><b></b></td>
    <td align="center" width="192"><b><font size="1">Vote Required Assuming a
      <br>
      Quorum is Present </font></b>
      <hr noshade align="center" size="1" width="65%">
    </td>
  </tr>
  <tr valign="top">
    <td width="190"><font size="2">MuniVest Fund, Inc. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width="11"><font size="2"></font></td>
    <td width="166"><font size="2"><b>To be Elected by Holders of<br>
      AMPS, Voting Separately as <br>
      a Class (&#147;AMPS Directors&#148;):</b><br>
      Ronald W. Forbes<sup>(1)(2)</sup><br>
      Richard R. West<sup>(1)(2)</sup> </font></td>
    <td width="41"><font size="2"></font></td>
    <td width="192"><font size="2">Affirmative vote of a plurality of<br>
      the votes&#146; cast by the holders of <br>
      AMPS represented at the Meeting <br>
      and entitled to vote </font></td>
  </tr>
  <tr valign="top">
    <td width="190">&nbsp;</td>
    <td width="11">&nbsp;</td>
    <td width="166">&nbsp;</td>
    <td width="41">&nbsp;</td>
    <td width="192">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="190"><font size="2"></font></td>
    <td width="11"><font size="2"></font></td>
    <td width="166"><font size="2"><b>To be Elected by Holders of<br>
      Common Stock, Voting <br>
      Separately as a Class:</b><br>
      Terry K. Glenn<sup>(1)</sup>*<br>
      Cynthia A. Montgomery<sup>(1)(2)</sup> <br>
      Charles C. Reilly<sup>(1)(2)</sup> <br>
      Kevin A. Ryan<sup>(1)(2)</sup><br>
      Roscoe S. Suddarth<sup>(1)(2)</sup> <br>
      Edward D. Zinbarg<sup>(1)(2)</sup> </font></td>
    <td width="41"><font size="2"></font></td>
    <td width="192"><font size="2">Affirmative vote of a plurality of<br>
      the votes&#146; cast by the holders of <br>
      AMPS and Common Stock represented at the Meeting and entitled to vote </font></td>
  </tr>
  <tr valign="top">
    <td width="190"><font size="2"></font></td>
    <td width="11"><font size="2"></font></td>
    <td width="166"><font size="2"></font></td>
    <td width="41"><font size="2"></font></td>
    <td width="192"><font size="2"></font></td>
  </tr>
</TABLE>
<P>&nbsp;



<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
2</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 6, page: 6" -->
<p>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td width="190"><b><font size="1">Fund </font></b>
      <hr width=15% size=1 noshade align="left">
    </td>
    <td width="11"><b></b></td>
    <td align="center" width="166"><b><font size="1">Nominees </font></b>
      <hr align="center" noshade size="1" width="30%">
    </td>
    <td align="center" width="41"><b></b></td>
    <td align="center" width="192"><b><font size="1">Vote Required Assuming a
      <br>
      Quorum is Present </font></b>
      <hr noshade align="center" size="1" width="65%">
    </td>
  </tr>
  <tr valign="top">
    <td width="190"><font size="2">MuniVest Fund II, Inc. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width="11"><font size="2"></font></td>
    <td width="166"><font size="2"><b>To be Elected by Holders of<br>
      AMPS, Voting Separately as <br>
      a Class (&#147;AMPS Directors&#148;):</b><br>
      Ronald W. Forbes<sup>(1)(2)</sup><br>
      Richard R. West<sup>(1)(2)</sup> </font></td>
    <td width="41"><font size="2"></font></td>
    <td width="192"><font size="2">Affirmative vote of a plurality of<br>
      the votes&#146; cast by the holders of <br>
      AMPS represented at the Meeting <br>
      and entitled to vote </font></td>
  </tr>
  <tr valign="top">
    <td width="190">&nbsp;</td>
    <td width="11">&nbsp;</td>
    <td width="166">&nbsp;</td>
    <td width="41">&nbsp;</td>
    <td width="192">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="190"><font size="2"></font></td>
    <td width="11"><font size="2"></font></td>
    <td width="166"><font size="2"><b>To be Elected by Holders of AMPS Common
      Stock, <br>
      Voting Together as a Single Class:</b><br>
      Terry K. Glenn<sup>(1)</sup>*<br>
      Cynthia A. Montgomery<sup>(1)(2)</sup> <br>
      Charles C. Reilly<sup>(1)(2)</sup> <br>
      Kevin A. Ryan<sup>(1)(2)</sup><br>
      Roscoe S. Suddarth<sup>(1)(2)</sup> <br>
      Edward D. Zinbarg<sup>(1)(2)</sup> </font></td>
    <td width="41"><font size="2"></font></td>
    <td width="192"><font size="2">Affirmative vote of a plurality of<br>
      the votes&#146; cast by the holders of <br>
      AMPS and Common Stock represented at the Meeting and entitled to vote </font></td>
  </tr>
  <tr valign="top">
    <td width="190">&nbsp;</td>
    <td width="11">&nbsp;</td>
    <td width="166">&nbsp;</td>
    <td width="41">&nbsp;</td>
    <td width="192">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="190"><font size="2">Debt Strategies Fund, Inc. <br>
      Senior High Income Portfolio, Inc. </font></td>
    <td width="11">&nbsp;</td>
    <td width="166"><font size="2"><b>To be Elected by Holders of<br>
      Common Stock:<br>
      </b>Ronald W. Forbes<sup>(1)(2)</sup><br>
      Terry K. Glenn<sup>(1)</sup>*<br>
      Cynthia A. Montgomery<sup>(1)(2)</sup> <br>
      Charles C. Reilly<sup>(1)(2)</sup> <br>
      Kevin A. Ryan<sup>(1)(2)</sup><br>
      Roscoe S. Suddarth<sup>(1)(2)</sup> <br>
      Richard R. West<sup>(1)(2)</sup> <br>
      Edward D. Zinbarg<sup>(1)(2)</sup> <b> </b></font></td>
    <td width="41">&nbsp;</td>
    <td width="192"><font size="2">Affirmative vote of a plurality of the votes&#146;
      cast by the holders of Common Stock represented at the Meeting and entitled
      to vote</font> </td>
  </tr>
  <tr valign="top">
    <td width="190"><font size="2"></font></td>
    <td width="11"><font size="2"></font></td>
    <td width="166"><font size="2"></font></td>
    <td width="41"><font size="2"></font></td>
    <td width="192"><font size="2"></font></td>
  </tr>
</TABLE>
<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<table width=600><tr>
    <td width=3% valign=top align="right"><font size="1">(1) </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=95%><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 Investment Managers, L.P., or their affiliates
      act as investment adviser. </font></td>
  </tr></TABLE>

<table width=600><tr>
    <td width=3% valign=top align="right"><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 align="right"><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 (the
&#147;Investment Company Act&#148;), of each of the Funds.</font></td></tr></TABLE>

<table width=600><tr>
    <td width=3% valign=top align="right"><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>

<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 for such Fund may recommend.</font></td></tr></TABLE>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
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;





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<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;<I>Committee Report.</I>
      The Board of Directors of each Fund has a standing Audit Committee (the
      &#147;Committee&#148;), which consists of Directors who are not &#147;interested
      persons&#148; of the Fund within the meaning of the Investment Company Act
      and who are &#147;independent&#148; as defined in the New York Stock Exchange
      and, with respect to MuniVest Fund, Inc., American Stock Exchange listing
      standards. Currently, Messrs. Forbes, Reilly, Ryan, Suddarth, West and Zinbarg
      and Ms. Montgomery are members of the Committee. The principal responsibilities
      of the Committee are to: (i) recommend to the Board of Directors the selection,
      retention or termination of the Fund&#146;s independent auditors; (ii) review
      with the independent auditors the scope, performance and anticipated cost
      of their audit; (iii) discuss with the independent auditors certain matters
      relating to the Fund&#146;s financial statements, including any adjustment
      to such financial statements recommended by such independent auditors, or
      any other results of any audit; (iv) ensure that the independent auditors
      submit on a periodic basis a formal written statement with respect to their
      independence, discuss with the independent auditors any relationships or
      services disclosed in the statement that may impact the objectivity and
      independence of the Fund&#146;s independent auditors and recommend that
      the Board of Directors take appropriate action in response thereto to satisfy
      itself of the independent auditors&#146; independence; and (v) consider
      the comments of the independent auditors and management&#146;s responses
      thereto with respect to the quality and adequacy of the Fund&#146;s accounting
      and financial reporting policies and practices and internal controls. Each
      Fund adopted an Audit Committee Charter at a meeting held on April 5, 2001,
      a copy of which is attached to this Combined Proxy Statement as Exhibit
      B. Each Fund&#146;s Committee also has (a) received written disclosures
      and the letter required by Independence Standards Board Standard No. 1 from
      Deloitte &amp; Touche <font size="1">LLP</font> (&#147;D&amp;T&#148;), independent
      auditors for each Fund, and (b) discussed certain matters required to be
      discussed by Statements on Auditing Standards No. 61 with D&amp;T. Each
      Fund&#146;s Committee has considered whether the provision of non-audit
      services by the Fund&#146;s independent auditors is compatible with maintaining
      the independence of those auditors.</FONT></td>
  </tr></TABLE>
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At meetings held on April 4,
      2001, each Fund&#146;s Committee reviewed and discussed the audit of each
      Fund&#146;s financial statements with Fund management and D&amp;T. No material
      concerns arose during the course of the audit and the preparation of the
      audited financial statements mailed to stockholders and included in each
      Fund&#146;s Annual Report. Based on these reviews and discussions, the Committee
      recommended to the Board that each Fund&#146;s audited financial statements
      be included in that Fund&#146;s Annual Report to Stockholders.</font></td>
  </tr></TABLE>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the above, each Fund&#146;s Committee also reviews and nominates
candidates to serve as non-interested Directors. The Committee generally will
not consider nominees recommended by stockholders of a Fund. The non-interested
Directors have retained independent legal counsel to assist them in connection
with these duties.</font></td></tr></TABLE>
<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Committee
and Board Meetings.</I> 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, the total
number of meetings of the Committee held during the period for which he or she
served. See Exhibit A for further information about 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">
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;





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<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 Debt Strategies Fund, Inc., MuniVest Fund II, Inc. and 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><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based solely on each Fund&#146;s
      review of the copies of such forms, and amendments thereto, furnished to
      it during or with respect to its most recent fiscal year, and written representations
      from certain reporting persons that 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.e., any advisory
      board member, investment adviser or affiliated person of the Fund&#146;s
      investment adviser) have complied with all filing requirements applicable
      to them with respect to transactions during the Fund&#146;s most recent
      fiscal year, except that Ms. Pinedo inadvertently made a late Form 3 filing
      to disclose her election as Secretary of MuniVest Fund Inc. and MuniVest
      Fund II, Inc.</font></td>
  </tr></TABLE>
<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interested
Persons.</I> Each Fund considers Mr. Glenn to be an &#147;interested person&#148; of the Fund
within the meaning of Section 2(a)(19) of the Investment Company Act because of
the positions he holds or has held with FAM and its affiliates and/or due to
his ownership of securities issued by Merrill Lynch &amp; Co., Inc. (&#147;ML &amp; Co.&#148;).
Mr. Glenn is the President of each Fund.</FONT></td></tr></TABLE>
<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compensation
of Directors.</I> FAM, the investment adviser of each Fund, pays all compensation
to all officers of each Fund and all Directors of each Fund who are affiliated
with ML &amp; Co. or its affiliates. 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
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 Co-Chairmen of each Fund&#146;s
Committee receive 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.</FONT></td></tr></TABLE>
<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Officers
of the Funds.</I> Information 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>&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" --><br>
  <br>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <i>S<font size="2">tock
      Ownership. </font></i><font size="2">As of the Record Date, none of the
      nominees held shares of the Funds except as set forth below: Nominee Fund
      No. of Shares Held* </font></td>
  </tr>
</TABLE>
<br>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
  </TR>
  <tr valign="BOTTOM">
    <td align="LEFT" width="29%" height="20"><font size="1"><b>Nominee</b></font>
      <hr align="left" noshade size="1" width="23%">
    </td>
    <td align="center" width="49%" valign="bottom" height="20"><font size="1"><b>Fund</b></font>
      <hr align="center" noshade size="1" width="10%">
    </td>
    <td align="center" colspan="2" valign="bottom" height="20"><font size="1"><b>No.
      of Shares Held*</b></font>
      <hr align="center" noshade size="1" width="68%">
    </td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="29%" ALIGN="LEFT"><font size="2">Ronald W. Forbes</font></TD>
    <TD WIDTH="49%" ALIGN="LEFT"><font size="2">Debt Strategies Fund, Inc.&#151;
      Common Stock</font></TD>
    <TD WIDTH="12%" ALIGN="RIGHT"><font size="2">177</font></TD>
    <TD WIDTH="10%" ALIGN="LEFT"><font size="2">**</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="29%"><font size="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;</font></TD>
    <TD ALIGN="LEFT" width="49%"><font size="2">MuniVest Fund, Inc.&#151; Common
      Stock</font></TD>
    <TD ALIGN="RIGHT" width="12%"><font size="2">1,031</font></TD>
    <TD ALIGN="LEFT" width="10%"><font size="2">**</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="29%"><font size="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;</font></TD>
    <TD ALIGN="LEFT" width="49%"><font size="2">MuniVest Fund II, Inc.&#151; Common
      Stock</font></TD>
    <TD ALIGN="RIGHT" width="12%"><font size="2">588</font></TD>
    <TD ALIGN="LEFT" width="10%"><font size="2">**</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="29%"><font size="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;</font></TD>

    <TD ALIGN="LEFT" width="49%"><font size="2">Senior High Income Portfolio,
      Inc. &#151; Common Stock</font></TD>
    <TD ALIGN="RIGHT" width="12%"><font size="2">533</font></TD>
    <TD ALIGN="LEFT" width="10%"><font size="2">**</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="29%">&nbsp;</TD>
    <TD ALIGN="LEFT" width="49%">&nbsp;</TD>
    <TD ALIGN="RIGHT" width="12%">&nbsp;</TD>
    <TD ALIGN="LEFT" width="10%">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="29%"><font size="2">Kevin A. Ryan</font></TD>
    <TD ALIGN="LEFT" width="49%"><font size="2">Debt Strategies Fund, Inc..&#151;
      Common Stock</font></TD>
    <td align="RIGHT" width="12%"><font size="2">5,610</font></td>
    <td align="LEFT" width="10%"><font size="2">**</font></td>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="29%"><font size="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;
</font></TD>
    <TD ALIGN="LEFT" width="49%"><font size="2">Senior High Income Portfolio,
      Inc.&#151; Common Stock</font></TD>
    <TD ALIGN="RIGHT" width="12%"><font size="2">10,497</font></TD>
    <TD ALIGN="LEFT" width="10%"><font size="2">**</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="29%">&nbsp;</TD>
    <TD ALIGN="LEFT" width="49%">&nbsp;</TD>
    <TD ALIGN="RIGHT" width="12%">&nbsp;</TD>
    <TD ALIGN="LEFT" width="10%">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="29%"><font size="2">Richard R. West</font></TD>
    <TD ALIGN="LEFT" width="49%"><font size="2">Debt Strategies Fund, Inc.&#151;
      Common Stock</font></TD>
    <td align="RIGHT" width="12%"><font size="2">9,238</font></td>
    <td align="LEFT" width="10%"><font size="2">**</font></td>
  </TR>
</TABLE>


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

<table width=600>
  <tr valign="bottom">
    <td width=3% align=right><font size="1">* </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% align=right valign=top><font size="1">**
</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><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the
Record Date, the Directors and officers of each of MuniVest Fund, Inc. and
MuniVest Fund II, Inc. as a group (14 persons) and of each of Debt Strategies
Fund, Inc. and Senior High Income Portfolio, Inc. as a group (13 persons) owned
an aggregate of less than 1% of the Common Stock of the applicable Fund
outstanding at such date and owned none of the AMPS outstanding as of such
date. At such date, Mr. Glenn, a Director and officer of each Fund, and the
other officers of each Fund owned an aggregate of less than 1% of the
outstanding shares of common stock of ML &amp; Co.</font></td></tr></TABLE>
<p><table width=600><tr><td  align=center><font size=2><B>ADDITIONAL INFORMATION</B></font></td></tr></TABLE>
<p><table width=600><tr>
    <td><font size=2><u>Expenses and Methods of Proxy Solicitation</u></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 Combined Proxy Statement will be borne by the Funds
in proportion to their relative net assets. The Funds will reimburse banks,
brokers and others for their reasonable expenses in forwarding proxy
solicitation material to the beneficial owners of the shares of the Funds.</font></td></tr></TABLE>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Georgeson
Shareholder Communications 17 State Street, New York, New York 10004, to assist
in the solicitation of proxies at a cost to each Fund of approximately $3,500
plus out of pocket expenses, which are estimated to be $500 per Fund.</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">
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;





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




<p><table width=600><tr>
    <td><font size=2><u>Broker Non-Votes and Abstentions</u> </font></td>
  </tr></TABLE>
<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. 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>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broker-dealer
firms, including Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated (&#147;MLPF&amp;S&#148;),
holding shares of each Fund in &#147;street name&#148; for the benefit of their customers
and clients, will request the instructions of such customers and clients on how
to vote their shares on the Item before the Meeting. The Funds understand that,
under the rules of the 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) 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 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 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.</font></td></tr></TABLE>
<p><table width=600><tr>
    <td><font size=2><u>Other Matters</u></font></td>
  </tr></TABLE>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
knows of no other matters to be presented at the Meetings. However, if other
matters are presented for a vote at the meeting or any adjournments thereof,
the proxy holders will vote the common stock and AMPS represented by properly
executed proxies according to their judgment on those matters.</font></td></tr></TABLE>
<p><table width=600><tr>
    <td><font size=2><u>Independent Auditor&#146;s Fees</u></font></td>
  </tr></TABLE>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth the aggregate fees paid to the independent auditors
for each Fund&#146;s most recent fiscal year for professional services rendered for:
(i) the audit of the Funds&#146; annual financial statements and the review of
financial statements included in the Funds&#146; reports to Stockholders; (ii)
financial information systems design and implementation services provided to
the Fund, its investment adviser and entities controlling, controlled by or
under common control with the investment adviser that provide services to the
Fund; and (iii) all other non-audit services provided to the Fund, its
investment adviser, and entities controlling, controlled by or under common
control with the investment adviser that provide services to the Fund. The
Committee of each Fund has determined that the provision of information
technology services under clause (ii) and the provision of non-audit services
under clause (iii) are compatible with maintaining the independence of the
independent auditors.</font></td></tr></TABLE>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
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;
<table cellpadding="0" cellspacing="0" border="0" width="600" height="152">
  <tr valign="BOTTOM">
    <th colspan="2"></th>
    <th colspan="2"></th>
    <th colspan="2"></th>
    <th colspan="2"></th>
    <th colspan="2" width="124"></th>
  </tr>
  <tr valign="bottom">
    <td align="LEFT" colspan="2"><b><font size="1">Fund </font></b>
      <hr noshade align="left" size="1" width="15%">
    </td>
    <td align="center" colspan="2"><b><font size="1">Independent <br>
      Auditors </font></b>
      <hr align="center" noshade size="1" width="55%">
    </td>
    <td align="center" colspan="2"><b><font size="1">Audit Fees <br>
      Charged <br>
      to the Fund </font></b>
      <hr align="center" noshade size="1" width="60%">
    </td>
    <td align="center" colspan="2"><b><font size="1">Other Fees* </font></b>
      <hr align="center" noshade size="1" width="45%">
    </td>
    <td align="center" colspan="2" width="124"><b><font size="1">Fiscal Year </font></b>
      <hr align="center" noshade size="1" width="45%">
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="2"><font size="2">Debt Strategies Fund, Inc. </font></td>
    <td align="center" colspan="2"><font size="2">D&amp;T</font><font size="2"></font></td>
    <td align="center" colspan="2"><font size="2">$49,900</font><font size="2"></font></td>
    <td align="center" colspan="2"><font size="2">$3,444,400</font><font size="2"></font></td>
    <td align="center" colspan="2" width="124"><font size="2">February 28, 2001</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="2"><font size="2">MuniVest Fund, Inc.</font><font size="2"></font></td>
    <td align="center" colspan="2"><font size="2">D&amp;T</font><font size="2"></font></td>
    <td align="center" colspan="2"><font size="2">$33,500</font><font size="2"></font></td>
    <td align="center" colspan="2"><font size="2">$3,421,300</font><font size="2"></font></td>
    <td align="center" colspan="2" width="124"><font size="2">&nbsp;August 31,
      2000</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="2"><font size="2">MuniVest Fund II, Inc.</font><font size="2"></font></td>
    <td align="center" colspan="2"><font size="2">D&amp;T</font><font size="2"></font></td>
    <td align="center" colspan="2"><font size="2">$29,600</font><font size="2"></font></td>
    <td align="center" colspan="2"><font size="2">$3,421,300</font><font size="2"></font></td>
    <td align="center" colspan="2" width="124"><font size="2">October 31, 2000</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="2"><font size="2">Senior High Income<br>
      &nbsp;&nbsp;Portfolio, Inc. </font><font size="2"></font></td>
    <td align="center" colspan="2"><font size="2">D&amp;T</font><font size="2"></font></td>
    <td align="center" colspan="2"><font size="2">$42,400</font><font size="2"></font></td>
    <td align="center" colspan="2"><font size="2">$3,423,900</font><font size="2"></font></td>
    <td align="center" colspan="2" width="124"><font size="2">February28, 2001</font></td>
  </tr>
</TABLE>
<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<table width=600><tr><td width=3% align=right valign=top><font size="1">*
</font></td><td width=2%><font size="1"></font></td>
    <td width=95% align="left" valign="top"><font size="1">$3,396,800 of these
      other non-audit services relate to all funds managed by FAM/MLIM.</font></td>
  </tr></TABLE>

<p><table width=600><tr>
    <td><font size=2><u>Address of Investment Adviser</u></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>
<p><table width=600><tr>
    <td><font size=2><u>Annual Report Delivery</u></font></td>
  </tr></TABLE>
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Each Fund will furnish,
      without charge, a copy of its annual report for the Fund&#146;s last fiscal
      year and a copy of its most recent semi-annual report to any stockholder
      upon request. </b>Such requests should be directed to the applicable Fund,
      P.O. Box 9011, Princeton, New Jersey 08543-9011, Attention: Fund Secretary
      or to 1-800-MER-FUND.</font></td>
  </tr></TABLE>
<p><table width=600><tr>
    <td><font size=2><u>Stockholder Proposals</u></font></td>
  </tr></TABLE>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a
stockholder of any Fund intends to present a proposal at the 2002 Annual
Meeting of Stockholders of such Fund, all of which are anticipated to be held
in May 2002, and desires to have the proposal included in the Fund&#146;s proxy
statement and form of proxy for that meeting, the stockholder must deliver the
proposal to the offices of the appropriate Fund by December 15, 2001. Any
stockholder of a Fund who desires to bring a proposal at the Fund&#146;s 2002 Annual
Meeting of Stockholders without including such proposal in the Fund&#146;s proxy
statement must deliver written notice thereof to the Secretary of the
respective Fund (addressed to 800 Scudders Mill Road, Plainsboro, New Jersey
08536) by December 1, 2001.</font></td></tr></TABLE>
<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="291"><font size="2"></font></td>
    <td width="309"><font size="2">By Order of the Boards of Directors </font></td>
  </tr>
  <tr>
    <td width="291">&nbsp;</td>
    <td width="309">&nbsp;</td>
  </tr>
  <tr>
    <td width="291">&nbsp;</td>
    <td width="309"><font size="2">B<font size="1">RADLEY</font> J. L<font size="1">UCIDO</font>
      </font></td>
  </tr>
  <tr>
    <td width="291">&nbsp;</td>
    <td width="309"><font size="2"><i>Secretary of Debt Strategies Fund, Inc.
      <br>
      and Senior High Income Portfolio, Inc. </i></font></td>
  </tr>
  <tr>
    <td width="291">&nbsp;</td>
    <td width="309">&nbsp;</td>
  </tr>
  <tr>
    <td width="291">&nbsp;</td>
    <td width="309"><font size="2">J<font size="1">ODI</font> M. P<font size="1">INEDO
      </font></font></td>
  </tr>
  <tr>
    <td width="291">&nbsp;</td>
    <td width="309"><font size="2"><i>Secretary of MuniVest Fund, Inc. <br>
      and MuniVest</i></font><i> <font size="2">Fund II, Inc.</font></i> </td>
  </tr>
</TABLE>
<p><table width=600><tr>
    <td><font size=2>Dated: April 20, 2001</font></td>
  </tr></TABLE>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
8</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;








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




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


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


<p>

<table width=600>
  <tr>
    <td width=100% colspan="4"><font size=3><b>&#149;</b></font><b><font size=2>
      General Information Pertaining to the Funds</font></b></td>
  </tr>
</TABLE>

<p>
<TABLE 0 CELLSPACING=0 WIDTH=600 cellpadding="0" border="0">
  <TR valign="bottom">
    <TD width="284"> <b><font size="1"> Fund </font></b>
      <hr size="1" noshade align="left" width="10%">
    </TD>
    <TD align="center" width="12"><b>&nbsp;&nbsp;</b></TD>
    <TD align="center" width="83"> <b><font size="1"> Defined Term <br>
      Used in Exhibit A </font></b>
      <hr size="1" noshade>
    </TD>
    <TD align="center" width="12">&nbsp;&nbsp;</TD>
    <TD align="center" width="56"> <b><font size="1"> Fiscal Year <br>
      End </font></b>
      <hr size="1" noshade>
    </TD>
    <TD align="center" width="11">&nbsp;&nbsp;</TD>
    <TD align="center" width="65"> <b><font size="1"> State of <br>
      Organization </font></b>
      <hr size="1" noshade>
    </TD>
    <TD align="center" width="13">&nbsp;&nbsp;</TD>
    <TD align="center" width="64"> <b><font size="1"> Meeting Time </font></b>
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="284"> <font size="2"> Debt Strategies Fund, Inc.</font></TD>
    <TD align="center" width="12">&nbsp;</TD>
    <TD align="left" width="83"> <font size="2"> DS</font></TD>
    <TD align="center" width="12">&nbsp;</TD>
    <TD align="center" width="56"> <font size="2"> 2/28</font></TD>
    <TD align="center" width="11">&nbsp;</TD>
    <TD align="center" width="65"> <font size="2"> MD</font></TD>
    <TD align="center" width="13">&nbsp;</TD>
    <TD align="center" width="64"><font size="2">&nbsp;&nbsp;9:00 a.m.</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width="284"> <font size="2"> MuniVest Fund, Inc.</font></TD>
    <TD align="center" width="12">&nbsp;</TD>
    <TD align="left" width="83"> <font size="2"> MV</font></TD>
    <TD align="center" width="12">&nbsp;</TD>
    <TD align="center" width="56"> <font size="2"> 8/31</font></TD>
    <TD align="center" width="11">&nbsp;</TD>
    <TD align="center" width="65"> <font size="2"> MD</font></TD>
    <TD align="center" width="13">&nbsp;</TD>
    <TD align="center" width="64"><font size="2">&nbsp;&nbsp;9:40 a.m.</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width="284"> <font size="2"> MuniVest Fund II, Inc.</font></TD>
    <TD align="center" width="12">&nbsp;</TD>
    <TD align="left" width="83"> <font size="2"> MVII</font></TD>
    <TD align="center" width="12">&nbsp;</TD>
    <TD align="center" width="56"> <font size="2"> 10/31</font></TD>
    <TD align="center" width="11">&nbsp;</TD>
    <TD align="center" width="65"> <font size="2"> MD</font></TD>
    <TD align="center" width="13">&nbsp;</TD>
    <TD align="center" width="64"><font size="2">10:00 a.m.</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width="284"> <font size="2"> Senior High Income Portfolio, Inc.</font></TD>
    <TD align="center" width="12">&nbsp;</TD>
    <TD align="left" width="83"> <font size="2"> SHIP</font></TD>
    <TD align="center" width="12">&nbsp;</TD>
    <TD align="center" width="56"> <font size="2"> 2/28</font></TD>
    <TD align="center" width="11">&nbsp;</TD>
    <TD align="center" width="65"> <font size="2"> MD</font></TD>
    <TD align="center" width="13">&nbsp;</TD>
    <TD align="center" width="64"><font size="2">&nbsp;&nbsp;9:20 a.m.</font></TD>
  </TR>
</TABLE>

<p>
<p><FONT FACE="Times" SIZE=2></FONT> </p>
<TABLE 0 CELLSPACING=0 cellpadding="0" border="0" WIDTH=600>
  <TR valign="bottom">
    <TD width="414">&nbsp;</TD>
    <TD width="10">&nbsp;</TD>
    <TD align="center" colspan="3"><b><font size="1">Shares of Capital Stock <br>
      Outstanding as of the Record Date </font></b>
      <hr size="1" noshade width="99%">
    </TD>
    <TD align="center" width="23">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="414"><b><font size="1">Fund </font></b>
      <hr size="1" noshade width="8%" align="left">
    </TD>
    <TD width="10">&nbsp;</TD>
    <TD align="center" colspan="2"><b><font size="1">Common <br>
      Stock </font></b>
      <hr size="1" noshade width="35%">
      <b> </b></TD>
    <TD align="right" width="58"><b><font size="1">AMPS </font></b>
      <hr size="1" noshade width="43%" align="right">
    </TD>
    <TD align="center" width="23">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="414">
      <p><font size="2">DS</font></p>
    </TD>
    <TD width="10">
      <p><font size="2"></font></p>
    </TD>
    <TD align="right" width="79">
      <p><font size="2">101,450,334</font></p>
    </TD>
    <td align="center" width="16">&nbsp; </td>
    <TD align="right" width="58">
      <p><font size="2">N/A</font></p>
    </TD>
    <TD align="right" width="23">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="414">
      <p><font size="2">MV</font></p>
    </TD>
    <TD width="10">
      <p><font size="2"></font></p>
    </TD>
    <TD align="right" width="79">
      <p><font size="2">61,346,288</font></p>
    </TD>
    <TD width="16"> <font size="2"></font></TD>
    <TD align="right" width="58">
      <p><font size="2">11,000</font></p>
    </TD>
    <TD align="right" width="23">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="414">
      <p><font size="2">MVII</font></p>
    </TD>
    <TD width="10">
      <p><font size="2"></font></p>
    </TD>
    <TD align="right" width="79">
      <p><font size="2">19,907,055</font></p>
    </TD>
    <TD width="16"> <font size="2"></font></TD>
    <TD align="right" width="58">
      <p><font size="2">5,400</font></p>
    </TD>
    <TD align="right" width="23">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="414">
      <p><font size="2">SHIP</font></p>
    </TD>
    <TD width="10">
      <p><font size="2"></font></p>
    </TD>
    <TD align="right" width="79">
      <p><font size="2">53,937,259</font></p>
    </TD>
    <TD width="16"> <font size="2"></font></TD>
    <TD align="right" width="58">
      <p><font size="2">N/A</font></p>
    </TD>
    <TD align="right" width="23">&nbsp;</TD>
  </TR>
</TABLE>

<p>

<table width=600>
  <tr>
    <td width=100% colspan="4"><font size=3><b>&#149;</b></font><b><font size=2>
      Information Pertaining to Directors</font></b></td>
  </tr>
</TABLE>



<br>
<table 0 cellspacing=0 width="600" cellpadding="0" border="0">
  <tr valign="bottom">
    <td rowspan="2">
      <p><b><font size="1">Name and Address </font></b>
      <hr size="1" noshade width="40%" align="left">
    </td>
    <td rowspan="2"><b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td rowspan="2" align="center"> <b><font size="1">Age</font></b>
      <hr size="1" noshade width="100%">
    </td>
    <td rowspan="2"><b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td rowspan="2" align="center">
      <p><b><font size="1">Principal Occupation During Past <br>
        Five Years and Public Directorships </font></b>
      <hr size="1" noshade width="48%">
    </td>
  </tr>
  <tr> </tr>
  <tr valign="top">
    <td> <font size="2">Ronald W. Forbes(1)(2) <br>
      1400 Washington Avenue <br>
      Albany, New York 12222</font></td>
    <td>&nbsp;</td>
    <td align="center"> <font size="2">60</font></td>
    <td>&nbsp;</td>
    <td> <font size="2">Professor of Finance, School of Business, State <br>
      University of New York at Albany from 1989 to 2000 <br>
      and Professor Emeritus thereof since 2000; <br>
      International Consultant, Urban Institute, <br>
      Washington, D.C. from 1995 to 1999. </font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td> <font size="2">Terry K. Glenn(1)* <br>
      P. O. Box 9011<br>
      Princeton, New Jersey 08543-9011 </font></td>
    <td>&nbsp;</td>
    <td align="center"> <font size="2">60 </font></td>
    <td>&nbsp;</td>
    <td> <font size="2">Executive Vice President of Fund Asset <br>
      Management, L.P. (&#147;FAM&#148;) and Merrill Lynch <br>
      Investment Managers, L.P. (&#147;MLIM&#148;) (the terms <br>
      FAM and MLIM, as used herein, include their <br>
      corporate predecessors) since 1983; Executive <br>
      Vice President and Director of Princeton Services, Inc. <br>
      (&#147;Princeton Services&#148;) since 1993; President of FAM <br>
      Distributors, Inc. since 1986 and Director thereof <br>
      since 1991; President of Princeton <br>
      Administrators, L.P. since 1988; Director of Financial <BR>Data Services, Inc.
      since 1985.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</TABLE>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">A-1 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 2, page: 2" -->
<p>&nbsp;
<table 0 cellspacing=0 width="600" cellpadding="0" border="0">
  <tr valign="bottom">
    <td rowspan="2">
      <p><b><font size="1">Name and Address </font></b>
      <hr size="1" noshade width="40%" align="left">
      <b> </b> </td>
    <td rowspan="2"><b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td rowspan="2" align="center"> <b><font size="1">Age </font></b>
      <hr size="1" noshade width="100%">
    </td>
    <td rowspan="2"><b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td rowspan="2" align="center">
      <p><b><font size="1">Principal Occupation During Past <br>
        Five Years and Public Directorships </font></b>
      <hr size="1" noshade width="48%">
    </td>
  </tr>
  <tr> </tr>
  <tr valign="top">
    <td> <font size="2">Cynthia A. Montgomery(1)(2) <br>
      Harvard Business School <br>
      Soldiers Field Road <br>
      Boston, Massachusetts 02163 </font></td>
    <td>&nbsp;</td>
    <td align="center"> <font size="2">48 </font></td>
    <td>&nbsp;</td>
    <td> <font size="2">Professor, Harvard Business School since 1989; <br>
      Associate Professor, J.L. Kellogg Graduate School <br>
      of Management, Northwestern University from <br>
      1985 to 1989; Assistant Professor, Graduate School <br>
      of Business Administration, The University of <br>
      Michigan from 1979 to 1985; Director, <br>
      UnumProvident Corporation since 1990 <br>
      and Director, NewellRubbermaid since 1995. </font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td> <font size="2">Charles C. Reilly(1)(2) <br>
      9 Hampton Harbor Road<br>
      Hampton Bays, New York 11946</font></td>
    <td>&nbsp;</td>
    <td align="center"> <font size="2">69</font></td>
    <td>&nbsp;</td>
    <td> <font size="2">Self-employed financial consultant since 1990;<br>
      President and Chief Investment Officer of Verus <br>
      Capital, Inc. from 1979 to 1990; Senior Vice <br>
      President of Arnhold and S. Bleichroeder, Inc.<br>
      from 1973 to 1990; Adjunct Professor, Columbia <br>
      University Graduate School of Business from 1990 <br>
      to 1991; Adjunct Professor, Wharton School, The <br>
      University of Pennsylvania from 1989 to 1990; <br>
      Partner, Small Cities Cable Television from 1986 <br>
      to&nbsp;1997.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td> <font size="2">Kevin A. Ryan(1)(2) <br>
      127Commonwealth Avenue<br>
      Chestnut Hill, <br>
      Massachusetts 02467</font></td>
    <td>&nbsp;</td>
    <td align="center"> <font size="2">68</font></td>
    <td>&nbsp;</td>
    <td> <font size="2">Founder and currently Director Emeritus of The <br>
      Boston University Center for the Advancement of <br>
      Ethics and Character and Director thereof from <br>
      1989 to 1999; Professor from 1982 to 1999 and <br>
      currently Professor Emeritus of Education at <br>
      Boston University; formerly taught on the faculties <br>
      of The University of Chicago, Stanford University <br>
      and Ohio State University. </font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td> <font size="2">Roscoe S. Suddarth(1)(2)<br>
      1761 N. Street NW<br>
      Washington, D.C. 20036-1141</font></td>
    <td>&nbsp;</td>
    <td align="center"> <font size="2">65</font></td>
    <td>&nbsp;</td>
    <td> <font size="2">President, Middle East Institute, since 1995;<br>
      Foreign Service Officer, United States Foreign <br>
      Service, from 1961 to 1995: Career Minister, from <br>
      1989 to 1995; Deputy Inspector General, U.S. <br>
      Department of State, from 1991 to 1994; U.S. <br>
      Ambassador to the Hashemite Kingdom of Jordan, <br>
      from 1987 to 1990.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td> <font size="2">Richard R. West(1)(2)<br>
      Box 604<br>
      Genoa, Nevada 89411</font></td>
    <td>&nbsp;</td>
    <td align="center"> <font size="2">63</font></td>
    <td>&nbsp;</td>
    <td> <font size="2">Professor of Finance since 1984, Dean from 1984 <br>
      to 1993, and currently Dean Emeritus of New York <br>
      University, Leonard N. Stern School of Business <br>
      Administration; Director of Bowne &amp; Co., Inc., <br>
      Vornado Realty Trust, Inc., Vornado Operating <br>
      Company and Alexander&#146;s Inc.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</TABLE>

  <P>


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



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


<table 0 cellspacing=0 width="600" cellpadding="0" border="0">
  <tr valign="bottom">
    <td rowspan="2">
      <p><b><font size="1">Name and Address </font></b>
      <hr size="1" noshade width="40%" align="left">
      <b> </b> </td>
    <td rowspan="2"><b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td rowspan="2" align="center"> <b><font size="1">Age </font></b>
      <hr size="1" noshade width="100%">
    </td>
    <td rowspan="2"><b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td rowspan="2" align="center">
      <p><b><font size="1">Principal Occupation During Past <br>
        Five Years and Public Directorships </font></b>
      <hr size="1" noshade width="48%">
    </td>
  </tr>
  <tr> </tr>
  <tr valign="top">
    <td> <font size="2">Edward D. Zinbarg(1)(2) <br>
      5 Hardwell Road<br>
      Short Hills, New Jersey 07078-2117 </font></td>
    <td>&nbsp;</td>
    <td align="center"> <font size="2">66 </font></td>
    <td>&nbsp;</td>
    <td> <font size="2">Self-employed financial consultant since 1994; <br>
      Executive Vice President of The Prudential <br>
      Insurance Company of America from 1988 to 1994; <br>
      former Director of Prudential Reinsurance Company <br>
      and former Trustee of the Prudential Foundation. </font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&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=2%><font size="1"></font></td><td width=95%><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, MLIM 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%><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.</font></td></tr></TABLE>



<p>
<p>
<TABLE 0 CELLSPACING=0 WIDTH=600 cellpadding="0" border="0">
  <TR align="center" valign="bottom">
    <TD>
      <P>&nbsp;
    </TD>
    <TD><b></b></TD>
    <TD COLSPAN=8><b><font size="1">Year in Which Each Nominee of Each Fund Became
      a Member of the Board of Directors</font></b>
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD align="left"> <b><font size="1"> Fund</font></b>
      <hr align="left" size="1" noshade width="50%">
    </TD>
    <TD><b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
</b></TD>
    <TD> <b><font size="1"> Forbes</font></b>
      <hr size="1" noshade width="80%">
    </TD>
    <TD> <b><font size="1"> Glenn</font></b>
      <hr size="1" noshade width="80%">
    </TD>
    <TD> <b><font size="1"> Montgomery</font></b>
      <hr size="1" noshade width="70%">
    </TD>
    <TD> <b><font size="1"> Reilly</font></b>
      <hr size="1" noshade width="80%">
    </TD>
    <TD> <b><font size="1"> Ryan</font></b>
      <hr size="1" noshade width="80%">
    </TD>
    <TD> <b><font size="1"> Suddarth</font></b>
      <hr size="1" noshade width="70%">
    </TD>
    <TD> <b><font size="1"> West</font></b>
      <hr size="1" noshade width="80%">
    </TD>
    <TD> <b><font size="1"> Zinbarg</font></b>
      <hr size="1" noshade width="70%">
    </TD>
  </TR>
  <TR>
    <TD VALIGN="TOP"> <font size="2">DS</font></TD>
    <TD VALIGN="TOP"><font size="2"></font></TD>
    <td valign="bottom" align="center"> <font size="2">1997</font></td>
    <td valign="bottom" align="center"> <font size="2">1999</font></td>
    <td valign="bottom" align="center"> <font size="2">1997</font></td>
    <td valign="bottom" align="center"> <font size="2">1997</font></td>
    <td valign="bottom" align="center"> <font size="2">1997</font></td>
    <td valign="bottom" align="center"> <font size="2">2000</font></td>
    <td valign="bottom" align="center"> <font size="2">1997</font></td>
    <td valign="bottom" align="center"> <font size="2">2000</font></td>
  </TR>
  <TR>
    <TD VALIGN="TOP">
      <P><font size="2">MV</font>
    </TD>
    <TD VALIGN="TOP"><font size="2"></font></TD>
    <td valign="bottom" align="center">
      <p><font size="2">1988</font>
    </td>
    <td valign="bottom" align="center">
      <p><font size="2">1999 </font>
    </td>
    <td valign="bottom" align="center">
      <p><font size="2">1993 </font>
    </td>
    <td valign="bottom" align="center">
      <p><font size="2">1990 </font>
    </td>
    <td valign="bottom" align="center">
      <p><font size="2">1992 </font>
    </td>
    <td valign="bottom" align="center">
      <p><font size="2">2000 </font>
    </td>
    <td valign="bottom" align="center">
      <p><font size="2">1988 </font>
    </td>
    <td valign="bottom" align="center">
      <p><font size="2">2000 </font>
    </td>
  </TR>
  <TR>
    <TD VALIGN="TOP">
      <P><font size="2">MVII</font>
    </TD>
    <TD VALIGN="TOP"><font size="2"></font></TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">1993</font>
    </TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">1999</font>
    </TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">1993</font>
    </TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">1993</font>
    </TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">1993</font>
    </TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">2000</font>
    </TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">1993</font>
    </TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">2000</font>
    </TD>
  </TR>
  <TR>
    <TD VALIGN="TOP">
      <P><font size="2">SHIP</font>
    </TD>
    <TD VALIGN="TOP"><font size="2"></font></TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">1993</font>
    </TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">1999</font>
    </TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">1993</font>
    </TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">1993</font>
    </TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">1993</font>
    </TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">2000</font>
    </TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">1993</font>
    </TD>
    <TD VALIGN="bottom" align="center">
      <P><font size="2">2000</font>
    </TD>
  </TR>
</TABLE>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set
forth in the 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>

<p>
<TABLE 0 CELLSPACING=0 WIDTH=600 cellpadding="0" border="0">
  <TR valign="bottom">
    <TD>
      <P></P>
    </TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN=3 align="center">
      <P><b><font size="1">Board </font></b>
      <hr size="1" noshade width="95%">
    </TD>
    <TD COLSPAN=3 align="center">
      <P><b><font size="1">Audit Committee </font></b>
      <hr size="1" noshade>
    </TD>
    <TD align="center">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
      <P><b><font size="1">Fund </font></b>
      <hr align="left" size="1" noshade width="50%">
    </TD>
    <TD><b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
</b></TD>
    <TD align="center">
      <P><b><font size="1"># Meetings <br>
        Held* </font></b>
      <hr size="1" noshade width="80%">
    </TD>
    <TD align="center">
      <P><b><font size="1">Annual <br>
        Fee ($) </font></b>
      <hr size="1" noshade width="80%">
    </TD>
    <TD align="center">
      <P><b><font size="1">Per Meeting <br>
        Fee ($) </font></b>
      <hr size="1" noshade width="75%">
    </TD>
    <TD align="center">
      <P><b><font size="1"># Meetings <br>
        Held* </font></b>
      <hr size="1" noshade width="75%">
    </TD>
    <TD align="center">
      <P><b><font size="1">Annual <br>
        Fee ($)** </font></b>
      <hr size="1" noshade width="75%">
    </TD>
    <TD align="center">
      <P><b><font size="1">Per Meeting <br>
        Fee ($)*** </font></b>
      <hr size="1" noshade width="75%">
    </TD>
    <TD align="center">
      <P><b><font size="1">Aggregate <br>
        Fees and <br>
        Expenses($) </font></b>
      <hr size="1" noshade width="75%">
    </TD>
  </TR>
  <TR valign="bottom">
    <TD>
      <P><font size="2">DS</font>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center">
      <P><font size="2">5</font>
    </TD>
    <TD align="center">
      <P><font size="2">3,000</font>
    </TD>
    <TD align="center">
      <P><font size="2">300</font>
    </TD>
    <TD align="center">
      <P><font size="2">4</font>
    </TD>
    <TD align="center">
      <P><font size="2">900</font>
    </TD>
    <TD align="center">
      <P><font size="2">N/A</font>
    </TD>
    <TD align="center">
      <P><font size="2">27,003</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD>
      <P><font size="2">MV</font>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center">
      <P><font size="2">5</font>
    </TD>
    <TD align="center">
      <P><font size="2">2,000</font>
    </TD>
    <TD align="center">
      <P><font size="2">200</font>
    </TD>
    <TD align="center">
      <P><font size="2">4</font>
    </TD>
    <TD align="center">
      <P><font size="2">800</font>
    </TD>
    <TD align="center">
      <P><font size="2">N/A</font>
    </TD>
    <TD align="center">
      <P><font size="2">22,288</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD>
      <P><font size="2">MVII</font>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center">
      <P><font size="2">5</font>
    </TD>
    <TD align="center">
      <P><font size="2">2,000</font>
    </TD>
    <TD align="center">
      <P><font size="2">200</font>
    </TD>
    <TD align="center">
      <P><font size="2">4</font>
    </TD>
    <TD align="center">
      <P><font size="2">800</font>
    </TD>
    <TD align="center">
      <P><font size="2">N/A</font>
    </TD>
    <TD align="center">
      <P><font size="2">23,854</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <td>
      <P><font size="2">SHIP</font>
    </td>
    <td>&nbsp;</td>
    <td align="center"><font size="2">5</font></td>
    <td align="center"><font size="2">3,000</font></td>
    <td align="center"><font size="2">300</font></td>
    <td align="center"><font size="2">4</font></td>
    <td align="center"><font size="2">900</font></td>
    <td align="center"><font size="2">N/A</font></td>
    <td align="center">
      <P><font size="2">27,058</font>
    </td>
  </TR>
</TABLE>


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

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

<table width=600><tr>
    <td width=3% valign=top align="right"><font size="1">** </font></td>
    <td width=2%><font size="1"></font></td><td width=95%><font size="1">The
Co-Chairmen of the Audit Committee are each paid an additional fee of $500 per
year for each Fund.</font></td></tr></TABLE>

<table width=600><tr>
    <td width=3% valign=top align="right"><font size="1">*** </font></td>
    <td width=2%><font size="1"></font></td><td width=95%><font size="1">Audit
Committee members are not paid additional compensation for Committee meetings.</font></td></tr></TABLE>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set
forth in the table below is information regarding compensation paid by each
Fund to the non-affiliated Directors during each Fund&#146;s most recently completed
fiscal year.</font></td></tr></TABLE><p>



<TABLE 0 CELLSPACING=0 WIDTH=600 cellpadding="0" border="0">
  <TR align="center" valign="bottom">
    <TD WIDTH="78">&nbsp;</TD>
    <TD WIDTH="77">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN=7>
      <P><b><font size="1">Compensation Paid by Each Fund ($)*</font></b>
      <hr size="1" noshade width="100%">
    </TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD align="left" WIDTH="78">
      <P><b><font size="1">Fund</font></b>
      <hr align="left" size="1" noshade width="30%">
    </TD>
    <TD align="left" WIDTH="77">&nbsp;</TD>
    <TD WIDTH="68" align="center">
      <P><b><font size="1">Forbes</font></b>
      <hr size="1" noshade width="50%">
    </TD>
    <TD WIDTH="63">
      <P><b><font size="1">Montgomery</font></b>
      <hr size="1" noshade width="85%">
    </TD>
    <TD WIDTH="55" align="center">
      <P><b><font size="1">Reilly</font></b>
      <hr size="1" noshade width="50%">
    </TD>
    <TD WIDTH="58">
      <P><b><font size="1">Ryan</font></b>
      <hr size="1" noshade width="50%">
    </TD>
    <TD WIDTH="69">
      <P><b><font size="1">Suddarth</font></b>
      <hr size="1" noshade width="50%">
    </TD>
    <TD WIDTH="51">
      <P><b><font size="1">West</font></b>
      <hr size="1" noshade width="50%">
    </TD>
    <TD WIDTH="63">
      <P><b><font size="1">Zinbarg</font></b>
      <hr size="1" noshade width="50%">
    </TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="78">
      <P><font size="2">DS**</font>
    </TD>
    <TD WIDTH="77">&nbsp;</TD>
    <td align="center" width="68">
      <p><font size="2">&nbsp;&nbsp;6,100&#134;</font>
    </td>
    <td align="center" width="63">
      <p><font size="2">5,400</font>
    </td>
    <td align="center" width="55">
      <p><font size="2">5,400</font>
    </td>
    <td align="center" width="58">
      <p><font size="2">5,400</font>
    </td>
    <td align="center" width="69">
      <p><font size="2">1,300</font>
    </td>
    <td align="center" width="51">
      <p><font size="2">5,400</font>
    </td>
    <td align="center" width="63">
      <p><font size="2">1,300</font>
    </td>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="78">
      <P><font size="2">MV**</font>
    </TD>
    <TD WIDTH="77">&nbsp;</TD>
    <td align="center" width="68">
      <p><font size="2">3,800</font>
    </td>
    <td align="center" width="63">
      <p><font size="2">3,800</font>
    </td>
    <td align="center" width="55">
      <p><font size="2">&nbsp;&nbsp;4,800&#134;</font>
    </td>
    <td align="center" width="58">
      <p><font size="2">3,800</font>
    </td>
    <td align="center" width="69">
      <p><font size="2">&nbsp;&nbsp;&nbsp;900</font>
    </td>
    <td align="center" width="51">
      <p><font size="2">3,800</font>
    </td>
    <td align="center" width="63">
      <p><font size="2">&nbsp;&nbsp;&nbsp;900</font>
    </td>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="78">
      <P><font size="2">MVII**</font>
    </TD>
    <TD WIDTH="77">&nbsp;</TD>
    <td align="center" width="68">
      <p><font size="2">3,800</font>
    </td>
    <td align="center" width="63">
      <p><font size="2">3,800</font>
    </td>
    <td align="center" width="55">
      <p><font size="2">&nbsp;&nbsp;4,800&#134;</font>
    </td>
    <td align="center" width="58">
      <p><font size="2">3,800</font>
    </td>
    <td align="center" width="69">
      <p><font size="2">1,567</font>
    </td>
    <td align="center" width="51">
      <p><font size="2">3,800</font>
    </td>
    <td align="center" width="63">
      <p><font size="2">1,567</font>
    </td>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="78">
      <P><font size="2">SHIP**</font>
    </TD>
    <TD WIDTH="77">&nbsp;</TD>
    <td align="center" width="68">
      <p><font size="2">&nbsp;&nbsp;6,400&#134;</font>
    </td>
    <td align="center" width="63">
      <p><font size="2">5,400</font>
    </td>
    <td align="center" width="55">
      <p><font size="2">5,400</font>
    </td>
    <td align="center" width="58">
      <p><font size="2">5,400</font>
    </td>
    <td align="center" width="69">
      <p><font size="2">3,200</font>
    </td>
    <td align="center" width="51">
      <p><font size="2">5,400</font>
    </td>
    <td align="center" width="63">
      <p><font size="2">3,200</font>
    </td>
  </TR>
</TABLE>


<table width=600>
  <tr>
    <td>
      <hr size=1 noshade align=left  width=75>
    </td>
  </tr>
</TABLE>
<table width=600><tr>
    <td width=3% valign=top align="right"><font size="1">* </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 align="right"><font size="1">** </font></td>
    <td width=2%><font size="1"></font></td><td width=95%><font size="1">These
fees include additional compensation paid in connection with a Special Meeting
of the Board of Directors held on April&nbsp;25,&nbsp;2000.</font></td></tr></TABLE>


<table width=600><tr>
    <td width=3% valign=top align="right"><font size="1">&#134;</font></td>
    <td width=2%><font size="1"></font></td><td width=95%><font size="1"> Includes
an additional fee of $1,000 for serving as the Chairman of the Audit Committee.</font></td></tr></TABLE>


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






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







<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set
forth in the table below is information regarding the aggregate compensation
paid by all registered investment companies advised by FAM and its affiliate,
MLIM (&#147;FAM/MLIM Advised Funds&#148;), including the Funds, to the
non-affiliated Directors for the year ended December 31, 2000:</font></td></tr></TABLE><p>



<TABLE 0 CELLSPACING=0 WIDTH=600 cellpadding="0" border="0">
  <TR valign="bottom">
    <TD> <b><font size="1">Name of Director </font></b>
      <hr size="1" noshade align="left" width="40%">
    </TD>
    <TD><b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;</font></b></TD>
    <TD align="center"> <b><font size="1">Aggregate Compensation Paid to Director
      by <br>
      FAM/MLIM Advised Funds ($)(1) </font></b>
      <hr size="1" noshade width="90%">
    </TD>
  </TR>
  <TR valign="bottom">
    <TD> <font size="2">Ronald W. Forbes</font></TD>
    <TD><font size="2"></font></TD>
    <TD align="center"> <font size="2">295,008</font></TD>
  </TR>
  <TR valign="bottom">
    <TD> <font size="2">Cynthia A. Montgomery</font></TD>
    <TD><font size="2"></font></TD>
    <TD align="center"> <font size="2">264,008</font></TD>
  </TR>
  <TR valign="bottom">
    <TD> <font size="2">Charles C. Reilly</font></TD>
    <TD><font size="2"></font></TD>
    <TD align="center"> <font size="2">352,050</font></TD>
  </TR>
  <TR valign="bottom">
    <TD> <font size="2">Kevin A. Ryan</font></TD>
    <TD><font size="2"></font></TD>
    <TD align="center"> <font size="2">264,008</font></TD>
  </TR>
  <TR valign="bottom">
    <TD> <font size="2">Roscoe S. Suddarth</font></TD>
    <TD><font size="2"></font></TD>
    <TD align="center"> <font size="2">193,977</font></TD>
  </TR>
  <TR valign="bottom">
    <TD> <font size="2">Richard R. West</font></TD>
    <TD><font size="2"></font></TD>
    <TD align="center"> <font size="2">373,000</font></TD>
  </TR>
  <TR valign="bottom">
    <TD> <font size="2">Edward D. Zinbarg</font></TD>
    <TD><font size="2"></font></TD>
    <TD align="center"> <font size="2">242,435</font></TD>
  </TR>
</TABLE>

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


<table width=600><tr><td width=3% valign=top><font size="1">(1)
</font></td><td width=2%><font size="1"></font></td><td width=95%><font size="1">The
Directors serve on the boards of FAM/MLIM-advised funds as follows: Mr. Forbes
(52 registered investment companies consisting of 58 portfolios); Ms.
Montgomery (52 registered investment companies consisting of 58 portfolios);
Mr. Reilly (52 registered investment companies consisting of 58 portfolios);
Mr. Ryan (52 registered investment companies consisting of 58 portfolios); Mr.
Suddarth (46 registered investment companies consisting of 43 portfolios); Mr.
West (67 registered investment companies consisting of 72 portfolios); and Mr.
Zinbarg (46 registered investment companies consisting of 43 portfolios).</font></td></tr></TABLE>



<p>
<p>
<table width=600>
  <tr>
    <td width=100% colspan="4"><b><font size=2> &#149; Information Pertaining
      to Officers</font></b></td>
  </tr>
</TABLE>

<p><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>
    <td valign="bottom" align="left" width="318">
      <p><font size="1"><b>Name and Biography</b></font>
      <hr size="1" noshade align="left" width="28%">
      <font size="1"><b> </b></font></td>
    <td valign="bottom" align="center" width="42">
      <p><font size="1"><b>Age</b></font>
      <hr size="1" noshade width="60%">
      <font size="1"><b> </b></font></td>
    <td valign="bottom" align="center" width="69">
      <p><font size="1"><b>Office</b></font>
      <hr size="1" noshade width="60%">
      <font size="1"><b> </b></font></td>
    <td valign="bottom" align="center" width="42">
      <p><font size="1"><b>DS</b></font>
      <hr size="1" noshade width="60%">
      <font size="1"><b> </b></font></td>
    <td valign="bottom" align="center" width="42">
      <p><font size="1"><b>MV</b></font>
      <hr size="1" noshade width="60%">
      <font size="1"><b> </b></font></td>
    <td valign="bottom" align="center" width="42">
      <p><font size="1"><b>MVII</b></font>
      <hr size="1" noshade width="60%">
      <font size="1"><b> </b></font></td>
    <td valign="bottom" align="center" width="45">
      <p><font size="1"><b>SHIP</b></font>
      <hr size="1" noshade width="60%">
    </td>
  </tr>
  <tr>
    <td valign="TOP" align="left" width="318">
      <p><font size="2">Terry K. Glenn <br>
        &nbsp;&nbsp; </font><font size="2">Executive Vice President of MLIM and
        FAM <br>
        &nbsp;&nbsp; since 1983; Executive Vice President and <br>
        &nbsp;&nbsp; Director of Princeton Services since 1993; <br>
        &nbsp;&nbsp; President of Princeton Funds Distributor, Inc. <br>
        &nbsp;&nbsp; (&#147;PFD&#148;) since 1986 and Director thereof <br>
        &nbsp;&nbsp; since 1991; President of Princeton <br>
        &nbsp;&nbsp; Administrators, L.P. since 1988. </font></p>
    </td>
    <td valign="TOP" align="center" width="42">
      <p><font size="2">60 </font>
    </td>
    <td valign="TOP" align="center" width="69">
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President </font>
    </td>
    <td valign="TOP" align="center" width="42">
      <p><font size="2">1997* </font>
    </td>
    <td valign="TOP" align="center" width="42">
      <p><font size="2">1988* </font>
    </td>
    <td valign="TOP" align="center" width="42">
      <p><font size="2">1993* </font>
    </td>
    <td valign="TOP" align="center" width="45">
      <p><font size="2">&nbsp;&nbsp;1993* </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" align="left" width="318">&nbsp;</td>
    <td valign="TOP" align="center" width="42">&nbsp;</td>
    <td valign="TOP" align="center" width="69">&nbsp;</td>
    <td valign="TOP" align="center" width="42">&nbsp;</td>
    <td valign="TOP" align="center" width="42">&nbsp;</td>
    <td valign="TOP" align="center" width="42">&nbsp;</td>
    <td valign="TOP" align="center" width="45">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" rowspan="4" align="left" width="318">
      <p> <font size=2>Vincent R. Giordano <br>
        &nbsp;&nbsp; Senior Vice President of FAM and MLIM <br>
        &nbsp;&nbsp; </font><font size="2">since 1984; Portfolio Manager of FAM
        and <br>
        &nbsp;&nbsp; </font><font size="2">MLIM since 1977; Senior Vice President
        of <br>
        &nbsp;&nbsp; Princeton Services since 1993. </font>
    </td>
    <td valign="TOP" rowspan=4 align="center" width="42">
      <p><font size="2">56 </font>
    </td>
    <td valign="TOP" rowspan="4" align="center" width="69">
      <p> <font size=2>Senior <br>
        &nbsp;Vice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President </font>
    </td>
    <td valign="TOP" rowspan="4" align="center" width="42">
      <p><font size="2">&#151; </font>
    </td>
    <td valign="TOP" rowspan="4" align="center" width="42">
      <p><font size="2">1988 </font>
    </td>
    <td valign="TOP" rowspan="4" align="center" width="42">
      <p><font size="2">1993 </font>
    </td>
    <td valign="TOP" rowspan="4" align="center" width="45">
      <p><font size="2">&#151; </font>
    </td>
  </tr>
  <tr> </tr>
  <tr> </tr>
  <tr> </tr>
  <tr>
    <td valign="TOP" align="left" width="318">&nbsp;</td>
    <td valign="TOP" align="center" width="42">&nbsp;</td>
    <td valign="TOP" align="center" width="69">&nbsp;</td>
    <td valign="TOP" align="center" width="42">&nbsp;</td>
    <td valign="TOP" align="center" width="42">&nbsp;</td>
    <td valign="TOP" align="center" width="42">&nbsp;</td>
    <td valign="TOP" align="center" width="45">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" rowspan="4" align="left" width="318">
      <p> <font size=2>Donald C. Burke <br>
        &nbsp;&nbsp; </font><font size=2>First Vice President of MLIM and FAM
        <br>
        &nbsp;&nbsp; </font><font size=2>since 1997 and Treasurer thereof since
        1999; <br>
        &nbsp;&nbsp; </font><font size="2">Senior Vice President and Treasurer
        of <br>
        &nbsp;&nbsp; Princeton Services since 1999; Vice President <br>
        &nbsp;&nbsp; of FAM Distributors, Inc. since 1999; Vice <br>
        &nbsp;&nbsp; President of MLIM and FAM from 1990 to <br>
        &nbsp;&nbsp; 1997; Director of Taxation of MLIM since <br>
        &nbsp;&nbsp; 1990. </font>
    </td>
    <td valign="TOP" rowspan="4" align="center" width="42">
      <p><font size="2">40 </font>
    </td>
    <td valign="TOP" rowspan="4" align="center" width="69">
      <p> <font size=2>Vice&nbsp;&nbsp;&nbsp; <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer </font>
    </td>
    <td valign="TOP" rowspan="4" align="center" width="42">
      <p> <font size=2>1997 <br>
        <br>
        </font><font size="2">1999 </font>
    </td>
    <td valign="TOP" rowspan="4" align="center" width="42">
      <p> <font size=2>1993 <br>
        <br>
        </font><font size="2">1999 </font>
    </td>
    <td valign="TOP" rowspan="4" align="center" width="42">
      <p> <font size=2>1993 <br>
        <br>
        </font><font size="2">1999 </font>
    </td>
    <td valign="TOP" rowspan="4" align="center" width="45">
      <p> <font size=2>1993 <br>
        <br>
        </font><font size="2">1999 </font>
    </td>
  </tr>
  <tr> </tr>
  <tr> </tr>
  <tr> </tr>
</TABLE>
<p>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">A-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: 5, page: 5" -->
<p>&nbsp;
<TABLE 0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
  <TR>
    <TD VALIGN="bottom" align="left" width="316">
      <P><font size="1"><b>Name and Biography</b></font>
      <hr size="1" noshade align="left" width="25%">
      <font size="1"><b> </b></font></TD>
    <TD VALIGN="bottom" align="center" width="39">
      <P><font size="1"><b>Age</b></font>
      <hr size="1" noshade width="60%">
      <font size="1"><b> </b></font></TD>
    <TD VALIGN="bottom" align="center" width="73">
      <P><font size="1"><b>Office</b></font>
      <hr size="1" noshade width="60%">
      <font size="1"><b> </b></font></TD>
    <TD VALIGN="bottom" align="center" width="41">
      <P><font size="1"><b>DS</b></font>
      <hr size="1" noshade width="60%">
      <font size="1"><b> </b></font></TD>
    <TD VALIGN="bottom" align="center" width="41">
      <P><font size="1"><b>MV</b></font>
      <hr size="1" noshade width="60%">
      <font size="1"><b> </b></font></TD>
    <TD VALIGN="bottom" align="center" width="40">
      <P><font size="1"><b>MVII</b></font>
      <hr size="1" noshade width="60%">
      <font size="1"><b> </b></font></TD>
    <TD VALIGN="bottom" align="center" width="50">
      <P><font size="1"><b>SHIP</b></font>
      <hr size="1" noshade width="60%">
    </TD>
  </TR>
  <TR>
    <TD VALIGN="bottom" rowspan="3" align="left" width="316">
      <P><font size="2">Kenneth A. Jacob <br>
        &nbsp;&nbsp; </font><font size="2"></font><font size="2">First Vice President
        of MLIM and FAM <br>
        </font><font size="2">&nbsp;&nbsp; </font><font size="2"></font><font size="2">since
        1997; Vice President of MLIM from <br>
        &nbsp;&nbsp; </font><font size="2"></font><font size="2">1984 to 1997.
        </font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" align="center" width="39">
      <P><font size="2">49 </font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" align="center" width="73">
      <P><font size="2">Vice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        <br>
        </font><font size="2">President </font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" align="center" width="41">
      <P><font size="2">&#151; </font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" align="center" width="41">
      <P><font size="2">1988 </font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" align="center" width="40">
      <P><font size="2">1993 </font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" align="center" width="50">
      <P><font size="2">&#151; </font>
    </TD>
  </TR>
  <TR> </TR>
  <TR> </TR>
  <TR>
    <TD VALIGN="bottom" align="left" width="316">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="39">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="73">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="41">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="41">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="40">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="50">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="bottom" rowspan="3" align="left" width="316">
      <P><font size="2">Kevin Booth <br>
        &nbsp;&nbsp; </font><font size="2">Director of MLIM since 1998; Vice President
        <br>
        &nbsp;&nbsp; </font><font size="2">of MLIM since 1991. </font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" align="center" width="39">
      <P><font size="2">46 </font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" align="center" width="73">
      <P><font size="2">Vice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        <br>
        </font><font size="2">President </font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" align="center" width="41">
      <P><font size="2">2001 </font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" align="center" width="41">
      <P><font size="2">&#151; </font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" align="center" width="40">
      <P><font size="2">&#151; </font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" align="center" width="50">
      <P><font size="2">2001 </font>
    </TD>
  </TR>
  <TR> </TR>
  <TR> </TR>
  <TR>
    <TD VALIGN="bottom" align="left" width="316">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="39">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="73">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="41">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="41">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="40">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="50">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="bottom" rowspan="3" align="left" width="316">
      <P><font size="2">Joseph P. Matteo <br>
        &nbsp;&nbsp; </font><font size="2">Director of MLIM since 2001; Vice President
        of MLIM <br>
        &nbsp;&nbsp; </font><font size="2">since 1997; Vice President at The Bank
        of New York <br>
        &nbsp;&nbsp; </font><font size="2"></font><font size="2">from 1994 to
        1997. </font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" align="center" width="39">
      <P><font size="2">37 </font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" align="center" width="73">
      <P><font size="2">Vice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        <br>
        </font><font size="2">President </font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" align="center" width="41">
      <P><font size="2">2001 </font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" align="center" width="41">
      <P><font size="2">&#151; </font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" align="center" width="40">
      <P><font size="2">&#151; </font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" align="center" width="50">
      <P><font size="2">2001 </font>
    </TD>
  </TR>
  <TR> </TR>
  <TR> </TR>
  <TR>
    <TD VALIGN="bottom" align="left" width="316">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="39">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="73">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="41">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="41">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="40">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="50">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="bottom" rowspan="2" align="left" width="316">
      <P><font size="2">Fred K. Stuebe <br>
        &nbsp;&nbsp; </font><font size="2">Vice President of MLIM since 1989.
        </font>
    </TD>
    <TD VALIGN="TOP" rowspan="2" align="center" width="39">
      <P><font size="2">49 </font>
    </TD>
    <TD VALIGN="TOP" rowspan="2" align="center" width="73">
      <P><font size="2">Vice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        <br>
        </font><font size="2">President </font>
    </TD>
    <TD VALIGN="TOP" rowspan="2" align="center" width="41">
      <P><font size="2">&#151; </font>
    </TD>
    <TD VALIGN="TOP" rowspan="2" align="center" width="41">
      <P><font size="2">1989 </font>
    </TD>
    <TD VALIGN="TOP" rowspan="2" align="center" width="40">
      <P><font size="2">1993 </font>
    </TD>
    <TD VALIGN="TOP" rowspan="2" align="center" width="50">
      <P><font size="2">&#151; </font>
    </TD>
  </TR>
  <TR> </TR>
  <TR>
    <TD VALIGN="bottom" align="left" width="316">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="39">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="73">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="41">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="41">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="40">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="50">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="bottom" rowspan="3" align="left" width="316">
      <P><font size="2">Bradley J. Lucido <br>
        &nbsp;&nbsp; </font><font size="2">Vice President of MLIM since 1999;
        <br>
        &nbsp;&nbsp; </font><font size="2">attorney with MLIM since 1995; attorney
        in <br>
        &nbsp;&nbsp; private practice from 1991 to 1995. </font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" align="center" width="39">
      <P><font size="2">34 </font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" align="center" width="73">
      <P><font size="2">Secretary </font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" align="center" width="41">
      <P><font size="2">1999 </font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" align="center" width="41">
      <P><font size="2">&#151; </font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" align="center" width="40">
      <P><font size="2">&#151; </font>
    </TD>
    <TD VALIGN="TOP" rowspan="3" align="center" width="50">
      <P><font size="2">1999 </font>
    </TD>
  </TR>
  <TR> </TR>
  <TR> </TR>
  <TR>
    <TD VALIGN="bottom" align="left" width="316">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="39">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="73">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="41">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="41">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="40">&nbsp;</TD>
    <TD VALIGN="TOP" align="center" width="50">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="bottom" rowspan="2" align="left" width="316">
      <P><font size="2">Jodi M. Pinedo <br>
        &nbsp;&nbsp; </font><font size="2">Vice President of MLIM since 2000;
        Attorney <br>
        &nbsp;&nbsp; with MLIM since 1999; Senior Paralegal for <br>
        &nbsp;&nbsp; MLIM from 1998 to 1999; Senior Legal <br>
        &nbsp;&nbsp; Specialist for Merrill Lynch, Pierce, Fenner &amp; <br>
        &nbsp;&nbsp; Smith Incorporated from 1996 to 1998. </font>
    </TD>
    <TD VALIGN="TOP" rowspan="2" align="center" width="39">
      <P><font size="2">30 </font>
    </TD>
    <TD VALIGN="TOP" rowspan="2" align="center" width="73">
      <P><font size="2">Secretary </font>
    </TD>
    <TD VALIGN="TOP" rowspan="2" align="center" width="41">
      <P><font size="2">&#151; </font>
    </TD>
    <TD VALIGN="TOP" rowspan="2" align="center" width="41">
      <P><font size="2">2000 </font>
    </TD>
    <TD VALIGN="TOP" rowspan="2" align="center" width="40">
      <P><font size="2">2000 </font>
    </TD>
    <TD VALIGN="TOP" rowspan="2" align="center" width="50">
      <P><font size="2">&#151; </font>
    </TD>
  </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">*
</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>



<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-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: 6, page: 6" -->
<p><table width=600><tr><td align=right><font size=2><B>EXHIBIT B</B></font></td></tr></TABLE>
<p><table width=600><tr><td  align=center><font size=2><B>CHARTER OF THE AUDIT
COMMITTEE <BR>OF THE BOARD OF DIRECTORS/TRUSTEES<BR> FOR EXCHANGE LISTED FUNDS</B></font></td></tr></TABLE>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
each investment company audit committee also serves as a nominating committee,
the following charter pertains only to each audit and nominating committee&#146;s
duties as an audit committee. The Board of Directors/Trustees of each
investment company listed on Appendix A hereto, has adopted the following audit
committee charter:</font></td></tr></TABLE>
<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> <b>I. </b></FONT></TD>
    <TD width=93% valign=top><FONT SIZE="2"><B>Composition of the Audit Committee</B></FONT></TD>
  </TR></TABLE>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee shall be composed of at least three Directors/Trustees:</font></td></tr></TABLE>
<p><table width=600><tr>
    <td width=60 align="right" valign="top"><font size=2>(a)</font></td>
    <td width=540><font size=2> each of whom shall not be an &#147;interested person&#148;
      of the Fund, as defined in Section 2(a)(19) of the Investment Company Act
      of 1940, as amended;</font></td>
  </tr></TABLE>
<p><table width=600><tr>
    <td width=60 align="right" valign="top"><font size=2>(b)</font></td>
    <td width=540><font size=2> each of whom shall not have any relationship to
      the Fund that may interfere with the exercise of their independence from
      Fund management and the Fund;</font></td>
  </tr></TABLE>
<p><table width=600><tr>
    <td width=60 align="right" valign="top"><font size=2>(c) </font></td>
    <td width=540><font size=2>each of whom shall otherwise satisfy the applicable
      independence requirements for any stock exchange or market quotation system
      on which Fund shares are listed or quoted;</font></td>
  </tr></TABLE>
<p><table width=600><tr>
    <td width=60 valign="top" align="right"><font size=2>(d)</font></td>
    <td width=540><font size=2> each of whom shall be financially literate, as
      such qualification is interpreted by the Board of Directors/Trustees in
      its business judgment, or shall become financially literate within a reasonable
      period of time after his or her appointment to the Audit Committee; and</font></td>
  </tr></TABLE>
<p><table width=600><tr>
    <td width=60 align="right" valign="top"><font size=2>(e)</font></td>
    <td width=540><font size=2> at least one of whom shall have accounting or
      related financial management expertise as the Board of Directors/Trustees
      interprets such qualification in its business judgment.</font></td>
  </tr></TABLE>


<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> <b>II. </b></FONT></TD>
    <TD width=90% valign=top><FONT SIZE="2"><B>Purposes of the Audit
Committee</B></FONT> </TD></TR></TABLE>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
purposes of the Audit Committee are to assist the Board of Directors/Trustees:
</font></td></tr></TABLE>
<p><table width=600><tr>
    <td width=60 align="right" valign="top"><font size=2>(a)</font></td>
    <td width=540><font size=2> in its oversight of the Fund&#146;s accounting and
      financial reporting policies and practices, the Fund&#146;s internal audit controls
      and procedures and, as appropriate, the internal audit controls and procedures
      of certain of the Fund&#146;s service providers; </font></td>
  </tr></TABLE>
<p><table width=600><tr>
    <td width=60 valign="top" align="right"><font size=2>(b)</font></td>
    <td width=540><font size=2> in its oversight of the Fund&#146;s financial statements
      and the independent audit thereof; and </font></td>
  </tr></TABLE>
<p><table width=600><tr>
    <td width=60 valign="top" align="right"><font size=2>(c) </font></td>
    <td width=540><font size=2>in acting as a liaison between the Fund&#146;s independent
      accountants and the Board of Directors/Trustees. </font></td>
  </tr></TABLE>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
function of the Audit Committee is oversight. Fund management is responsible
for maintaining appropriate systems for accounting. The independent accountants
of the Fund are responsible for conducting a proper audit of the Fund&#146;s
financial statements.</font></td></tr></TABLE>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
B-1</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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




<P><table width=600><TR>
    <TD width=7% valign=top> <FONT SIZE="2"><B>III.</B></FONT> </TD>
    <TD width=90% valign=top><FONT SIZE="2"><B>Responsibilities and Duties
of the Audit Committee</B></FONT> </TD></TR></TABLE>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
policies and procedures of the Audit Committee shall remain flexible to
facilitate its ability to react to changing conditions and to generally
discharge its functions. The following listed responsibilities describe areas
of attention in broad terms. </font></td></tr></TABLE>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To carry
out its purposes, the Audit Committee shall have the following responsibilities
and duties: </font></td></tr></TABLE>
<p><table width=600><tr>
    <td width=60 valign="top" align="right"><font size=2>(a)</font></td>
    <td width=540><font size=2> to recommend the selection, retention or termination
      of the Fund&#146;s independent accountants based on an evaluation of their
      independence and the nature and performance of audit services and other
      services;</font></td>
  </tr></TABLE>
<p><table width=600><tr>
    <td width=60 valign="top" align="right"><font size=2>(b)</font></td>
    <td width=540><font size=2> to ensure that the independent accountants for
      the Fund submit on a periodic basis to the Audit Committee a formal written
      statement delineating all relationships between such independent accountants
      and the Fund, consistent with Independence Standards Board Standard No.
      1, and actively engage in a dialogue with the independent accountants for
      the Fund with respect to any disclosed relationships or services that may
      impact the objectivity and independence of such independent accountants
      and, if deemed appropriate by the Audit Committee, to recommend that the
      Board of Directors/Trustees take appropriate action in response to the report
      of such independent accountants to satisfy itself of the independence of
      such independent accountants;</font></td>
  </tr></TABLE>
<p><table width=600><tr>
    <td width=60 valign="top" align="right"><font size=2>(c)</font></td>
    <td width=540><font size=2> to receive specific representations from the independent
      accountants with respect to their independence and to consider whether the
      provision of any disclosed non-audit services by the independent accountants
      is compatible with maintaining the independence of those accountants; </font></td>
  </tr></TABLE>
<p><table width=600><tr>
    <td width=60 valign="top" align="right"><font size=2>(d)</font></td>
    <td width=540><font size=2> to review the fees charged by independent accountants
      for audit and other services; </font></td>
  </tr></TABLE>
<p><table width=600><tr>
    <td width=60 valign="top" align="right"><font size=2>(e)</font></td>
    <td width=540><font size=2> to review with the independent accountants arrangements
      for annual audits and special audits and the scope thereof;</font></td>
  </tr></TABLE>
<p><table width=600><tr>
    <td width=60 valign="top" align="right"><font size=2>(f)</font></td>
    <td width=540><font size=2> to discuss with the independent accountants those
      matters required by SAS No. 61 and SAS No. 90 relating to the Fund&#146;s
      financial statements, including, without limitation, any adjustment to such
      financial statements recommended by such independent accountants, or any
      other results of any audit; </font></td>
  </tr></TABLE>
<p><table width=600><tr>
    <td width=60 valign="top" align="right"><font size=2>(g)</font></td>
    <td width=540><font size=2> to consider with the independent accountants their
      comments with respect to the quality and adequacy of the Fund&#146;s accounting
      and financial reporting policies, practices and internal controls and management&#146;s
      responses thereto, including, without limitation, the effect on the Fund
      of any recommendation of changes in accounting principles or practices by
      management or the independent accountants; </font></td>
  </tr></TABLE>
<p><table width=600><tr>
    <td width=60 valign="top" align="right"><font size=2>(h)</font></td>
    <td width=540><font size=2> to report to the Board of Directors/Trustees regularly
      with respect to the Audit Committee&#146;s activities and to make any recommendations
      it believes necessary or appropriate with respect to the Fund&#146;s accounting
      and financial reporting policies, practices and the Fund&#146;s internal
      controls;</font></td>
  </tr></TABLE>
<p><table width=600><tr>
    <td width=60 valign="top" align="right"><font size=2>(i)</font></td>
    <td width=540><font size=2> to review and reassess the adequacy of this Charter
      on an annual basis and recommend any changes to the Board of Directors/Trustees;
      </font></td>
  </tr></TABLE>
<p><table width=600><tr>
    <td width=60 valign="top" align="right"><font size=2>(j)</font></td>
    <td width=540><font size=2> to review legal and regulatory matters presented
      by counsel and the independent accountants for the Fund that may have a
      material impact on the Fund&#146;s financial statements;</font></td>
  </tr></TABLE>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
B-2</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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



<p><table width=600><tr>
    <td width=60 valign="top" align="right"><font size=2>(k)</font></td>
    <td width=540><font size=2> to cause to be prepared and to review and submit
      any report, including any recommendation of the Audit Committee, required
      to be included in the Fund&#146;s annual proxy statement by the rules of
      the Securities and Exchange Commission; </font></td>
  </tr></TABLE>
<p><table width=600><tr>
    <td width=60 valign="top" align="right"><font size=2>(l)</font></td>
    <td width=540><font size=2> to assist the Fund, if necessary, in preparing
      any written affirmation or written certification required to be filed with
      any stock exchange on which Fund shares are listed; and</font></td>
  </tr></TABLE>
<p><table width=600><tr>
    <td width=60 valign="top" align="right"><font size=2>(m)</font></td>
    <td width=540><font size=2> to perform such other functions consistent with
      this Charter, the Fund&#146;s By-laws and governing law, as the Audit Committee
      or the Board of Directors/Trustees deems necessary or appropriate. </font></td>
  </tr></TABLE>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
fulfilling their responsibilities hereunder, it is recognized that members of
the Audit Committee are not full-time employees of the Fund and are not, and do
not represent themselves to be, accountants or auditors by profession or
experts in the field of accounting or auditing. As such, it is not the duty or
responsibility of the Audit Committee or its members to conduct &#147;field work&#148; or
other types of auditing or accounting reviews or procedures, and each member of
the Audit Committee shall be entitled to rely on (i) the integrity of those
persons and organizations inside and outside the Fund from which the Audit
Committee receives information and (ii) the accuracy of the financial and other
information provided to the Audit Committee by such persons or organizations
absent actual knowledge to the contrary (which actual knowledge shall be
promptly reported to the Board of Directors/Trustees).
</font></td></tr></TABLE>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
independent accountants for the Fund are ultimately accountable to the Board of
Directors/Trustees and the Audit Committee. The Board of Directors/Trustees and
the Audit Committee have the ultimate authority and responsibility to select,
evaluate and, where appropriate, replace the independent accountants for the
Fund (or to nominate the independent accountants to be proposed for shareholder
approval in the proxy statement). </font></td></tr></TABLE>
<P><table width=600><TR><TD width=10% valign=top>
<FONT SIZE="2"><B>IV.</B></FONT>
</TD><TD width=90% valign=top><FONT SIZE="2"><B>Meetings</B></FONT>
</TD></TR></TABLE>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee shall meet at least once annually with the independent
accountants (outside the presence of Fund management) and at least once
annually with the representatives of Fund management responsible for the
financial and accounting operations of the Fund. The Audit Committee shall hold
special meetings at such times as the Audit Committee believes appropriate.
Members of the Audit Committee may participate in a meeting of the Audit
Committee by means of conference call or similar communications equipment by
means of which all persons participating in such meeting can hear each other.
</font></td></tr></TABLE>
<P><table width=600><TR><TD width=10% valign=top>
<FONT SIZE="2"><B>V.</B></FONT>
</TD><TD width=90% valign=top><FONT SIZE="2"><B>Outside Resources and
Assistance from Fund Management</B></FONT> </TD></TR></TABLE>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
appropriate officers of the Fund shall provide or arrange to provide such
information, data and services as the Audit Committee may request. The Audit
Committee shall have the power and authority to take all action it believes
necessary or appropriate to discharge its responsibilities, including the
authority to retain at the expense of the Fund their own counsel and other
experts and consultants whose expertise would be considered helpful to the
Audit Committee.</font></td></tr></TABLE>
<p><table width=600><tr>
    <td><font size=2><b>Dated: April 5, 2001</b></font></td>
  </tr></TABLE>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
B-3</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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



<p><table width=600><tr><td align=right><font size=2><B>Appendix A
</B></font></td></tr></TABLE>
<p><table width=600><tr><td><font size=2>Debt Strategies Fund, Inc. <BR>Mercury
Senior Floating Rate Fund, Inc.<BR> Merrill Lynch Senior Floating Rate Fund, Inc.<BR>
Merrill Lynch Senior Floating Rate Fund II, Inc. <BR>Merrill Lynch High Income
Municipal Bond Fund, Inc. <BR>Merrill Lynch Municipal Strategy Fund, Inc.<BR>
MuniHoldings Fund, Inc. <BR>MuniHoldings Fund II, Inc.<BR> MuniHoldings Florida Insured
Fund <BR>MuniHoldings Insured Fund, Inc.<BR> MuniHoldings New Jersey Insured Fund, Inc.<BR>
MuniHoldings New York Insured Fund, Inc.<BR> MuniVest Fund, Inc. <BR>MuniVest Fund II,
Inc. <BR>Senior High Income Portfolio, Inc. </font></td></tr></TABLE>

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







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





<P>
<TABLE width=600>

  <TR>
    <TD align=right><FONT size=2><B><font size=2><b></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 II, 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 Jodi M. Pinedo as proxies, each with
      the power to appoint his or her substitute, and hereby authorizes each of
      them to represent and to vote, as designated on the reverse hereof, all
      the Common Stock of MuniVest Fund II, Inc. (the &#147;Fund&#148;) held of
      record by the undersigned on March 29, 2001 at the Annual Meeting of Stockholders
      of the Fund to be held on <br>
      May 24, 2001 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 Proposal
      1.</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 Proposal 1 as marked,
      or if not marked, to vote &#147;FOR&#148; Proposal 1, and to use their discretion
      to vote for any other matter as may properly come before the meeting or
      any adjournment thereof. If you do not intend to personally attend the meeting,
      please complete and return this card at once in the enclosed envelope.</FONT></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"></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></b></font></b>Please mark boxes |&nbsp;&nbsp;&nbsp;|
      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><br>
      Terry K. Glenn, Cynthia A. Montgomery, Charles C. Reilly,
      Kevin A. Ryan, Roscoe S. Suddarth and Edward D. Zinbarg </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>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>
<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><font size="1">Please sign exactly as name appears hereon. When stock
        is held by joint tenants, both should sign. When signing as attorney or
        as executor, administrator, trustee or guardian, please give full title
        as such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person. </font>
      <P><FONT size=1>Dated: ________________________________________________,
        2001</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.</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></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 II, 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>
      <p><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T</FONT><FONT size=2>he undersigned
        hereby appoints Terry K. Glenn, Donald C. Burke and Jodi M. Pinedo as
        proxies, each with the power to appoint his or her substitute, and hereby
        authorizes each of them to represent and to vote, as designated on the
        reverse hereof, all the Auction Market Preferred Stock of MuniVest Fund
        II, Inc. (the &#147;Fund&#148;) held of record by the undersigned on March 29, 2001
        at the Annual Meeting of Stockholders of the Fund to be held on May 24,
        2001 or any adjournment thereof.</FONT></p>
      </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 Proposal
      1.</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 Proposal 1 as marked,
      or if not marked, to vote &#147;FOR&#148; Proposal 1, and to use their discretion
      to vote for any other matter as may properly come before the meeting or
      any adjournment thereof. If you do not intend to personally attend the meeting,
      please complete and return this card at once in the enclosed envelope.</FONT></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"></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></b></font></b>Please mark boxes |&nbsp;&nbsp;&nbsp;| 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><br>
      </i>Ronald W. Forbes, Terry K. Glenn, Cynthia A. Montgomery, Charles C.
      Reilly, Kevin A. Ryan, Roscoe S. Suddarth, Richard R. West and Edward D.
      Zinbarg. </FONT></TD>
  </TR></TABLE><BR>
<TABLE width=600>

  <TR>
    <TD vAlign=top width="2%"><FONT size=2>2. </FONT></TD>
    <TD width="95%">
      <p><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></p>
      <p><font size="2">If the undersigned is a broker-dealer, it hereby instructs
        the proxies, pursuant to Rule 452 of the New York Stock Exchange, to vote
        any uninstructed Auction Market Preferred Stock, in the same proportion
        as votes cast by holders of Auction Market Preferred Stock, who have responded
        to this proxy solicitation.</font></p>
    </TD>
  </TR></TABLE><BR>
<BR>
<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><FONT size=1>Please sign exactly as name appears hereon. When stock is
        held by joint tenants, both should sign. When signing as attorney or as
        executor, administrator, trustee or guardian, please give full title as
        such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person. </FONT>
      <P><FONT size=1>Dated: ________________________________________________,
        2001</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.</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>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 Jodi M. Pinedo as proxies, each with
      the power to appoint his or her substitute, and hereby authorizes each of
      them to represent and to vote, as designated on the reverse hereof, all
      the Common Stock of MuniVest Fund, Inc. (the &#147;Fund&#148;) held of record by the
      undersigned on March 29, 2001 at the Annual Meeting of Stockholders of the
      Fund to be held on May 24, 2001 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 Proposal
      1.</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 Proposal 1 as marked,
      or if not marked, to vote &#147;FOR&#148; Proposal 1, and to use their discretion
      to vote for any other matter as may properly come before the meeting or
      any adjournment thereof. If you do not intend to personally attend the meeting,
      please complete and return this card at once in the enclosed envelope.</FONT></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"></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></b>Please mark boxes |&nbsp;&nbsp;&nbsp;| 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><b> <i>(INSTRUCTION: To withhold authority
      to vote for any individual nominee, strike a line through the nominee&#146;s
      name in the list below.) </i></b><br>
      Terry K. Glenn, Cynthia A. Montgomery, Charles C. Reilly, Kevin A. Ryan,
      Roscoe S. Suddarth and Edward D. Zinbarg </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>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 stock is
        held by joint tenants, both should sign. When signing as attorney or as
        executor, administrator, trustee or guardian, please give full title as
        such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person. </FONT></P>
      <P><FONT size=1>Dated: ________________________________________________,
        2001</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></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>




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



<p>
<table width=600>
  <tr>
    <td align=right><font size=2><b><font size=2><b></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>
      <p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T</font><font size=2>he undersigned
        hereby appoints Terry K. Glenn, Donald C. Burke and Jodi M. Pinedo as
        proxies, each with the power to appoint his or her substitute, and hereby
        authorizes each of them to represent and to vote, as designated on the
        reverse hereof, all the Auction Market Preferred Stock of MuniVest Fund,
        Inc. (the &#147;Fund&#148;) held of record by the undersigned on March 29, 2001
        at the Annual Meeting of Stockholders of the Fund to be held on May 24,
        2001 or any adjournment thereof.</font></p>
    </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 Proposal
      1.</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 Proposal 1 as marked,
      or if not marked, to vote &#147;FOR&#148; Proposal 1, and to use their discretion
      to vote for any other matter as may properly come before the meeting or
      any adjournment thereof. If you do not intend to personally attend the meeting,
      please complete and return this card at once in the enclosed envelope.</font></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"></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: 8, page: 8" -->



<p>
<table width=600>
  <tr>
    <td><font size=2><b><font size=2><b></b></font></b>Please mark boxes |&nbsp;&nbsp;&nbsp;|
      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>
      </b>Ronald W. Forbes and Richard R. West </font></td>
  </tr>
</TABLE>
<br>
<table width=600>
  <tr>
    <td valign=top width="2%"><font size=2>2. </font></td>
    <td width="95%">
      <p><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></p>
      <p><font size="2">If the undersigned is a broker-dealer, it hereby instructs
        the proxies, pursuant to Rule 452 of the New York Stock Exchange, to vote
        any uninstructed Auction Market Preferred Stock, in the same proportion
        as votes cast by holders of Auction Market Preferred Stock, who have responded
        to this proxy solicitation.</font></p>
    </td>
  </tr>
</TABLE>
<br>
<br>
<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><font size=1>Please sign exactly as name appears hereon. When stock is
        held by joint tenants, both should sign. When signing as attorney or as
        executor, administrator, trustee or guardian, please give full title as
        such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person. </font>
      <p><font size=1>Dated: ________________________________________________,
        2001</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.</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: 9, page: 9" -->



<p>
<table width=600>
  <tr>
    <td align=right><font size=2><b>COMMON STOCK</b></font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr align="center">
    <td><font size=2><b>DEBT STRATEGIES 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 Bradley J. Lucido as proxies, each with
      the power to appoint his or her substitute, and hereby authorizes each of
      them to represent and to vote, as designated on the reverse hereof, all
      the Common Stock of Debt Strategies Fund, Inc. (the &#147;Fund&#148;) held of record
      by the undersigned on March 29, 2001 at the Annual Meeting of Stockholders
      of the Fund to be held on May 24, 2001 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 Proposal
      1.</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 Proposal 1 as marked,
      or if not marked, to vote &#147;FOR&#148; Proposal 1, and to use their discretion
      to vote for any other matter as may properly come before the meeting or
      any adjournment thereof. If you do not intend to personally attend the meeting,
      please complete and return this card at once in the enclosed envelope.</font></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"></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: 10, page: 10" -->



<p>
<table width=600>
  <tr valign="top">
    <td><font size=2><b></b>Please mark boxes |&nbsp;&nbsp;&nbsp;| 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><br>
      Ronald W. Forbes, Terry K. Glenn, Cynthia A. Montgomery, Charles C. Reilly,
      Kevin A. Ryan, Roscoe S. Suddarth, Richard R. West and Edward D. Zinbarg
      </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">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><font size="1">Please sign exactly as name appears hereon. When stock
        is held by joint tenants, both should sign. When signing as attorney or
        as executor, administrator, trustee or guardian, please give full title
        as such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person. </font>
      <p><font size=1>Dated: ________________________________________________,
        2001</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></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>
<p></p>
<p>
<hr align=left noshade size=5 width=600>
<p>




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



<p>
<table width=600>
  <tr>
    <td align=right><font size=2><b>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 or her substitute, and hereby authorizes each of
      them to represent and to vote, as designated on the reverse hereof, all
      the Common Stock of Senior High Income Portfolio, Inc. (the &#147;Fund&#148;) held
      of record by the undersigned on March 29, 2001 at the Annual Meeting of
      Stockholders of the Fund to be held on May 24, 2001 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 Proposal
      1.</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 Proposal 1 as marked,
      or if not marked, to vote &#147;FOR&#148; Proposal 1, and to use their discretion
      to vote for any other matter as may properly come before the meeting or
      any adjournment thereof. If you do not intend to personally attend the meeting,
      please complete and return this card at once in the enclosed envelope.</font></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"></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: 12, page: 12" -->



<p>
<table width=600>
  <tr valign="top">
    <td><font size=2><b></b>Please mark boxes |&nbsp;&nbsp;&nbsp;| 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><br>
      Ronald W. Forbes, Terry K. Glenn, Cynthia A. Montgomery, Charles C. Reilly,
      Kevin A. Ryan, Roscoe S. Suddarth, Richard R. West and Edward D. Zinbarg
      </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">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><font size="1">Please sign exactly as name appears hereon. When stock
        is held by joint tenants, both should sign. When signing as attorney or
        as executor, administrator, trustee or guardian, please give full title
        as such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person. </font>
      <p><font size=1>Dated: ________________________________________________,
        2001</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></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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