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<SEC-DOCUMENT>0000891092-02-001447.txt : 20021216
<SEC-HEADER>0000891092-02-001447.hdr.sgml : 20021216
<ACCEPTANCE-DATETIME>20021216171425
ACCESSION NUMBER:		0000891092-02-001447
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030128
FILED AS OF DATE:		20021216
EFFECTIVENESS DATE:		20021216

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIHOLDINGS NEW JERSEY INSURED FUND INC
		CENTRAL INDEX KEY:			0001053988
		IRS NUMBER:				223564106
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08621
		FILM NUMBER:		02859139

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIHOLDINGS FUND II INC /NJ/
		CENTRAL INDEX KEY:			0001038190
		IRS NUMBER:				223559055
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08215
		FILM NUMBER:		02859141

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

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

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIVEST FUND INC
		CENTRAL INDEX KEY:			0000835948
		IRS NUMBER:				222919170
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05611
		FILM NUMBER:		02859138

	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:			MUNIHOLDINGS NEW YORK INSURED FUND INC
		CENTRAL INDEX KEY:			0001038186
		IRS NUMBER:				223536490
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08217
		FILM NUMBER:		02859136

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

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIVEST FUND II INC
		CENTRAL INDEX KEY:			0000897269
		IRS NUMBER:				223220659
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07478
		FILM NUMBER:		02859137

	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:			MUNIHOLDINGS FLORIDA INSURED FUND INC
		CENTRAL INDEX KEY:			0001045126
		IRS NUMBER:				223536487
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08349
		FILM NUMBER:		02859140

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

	MAIL ADDRESS:	
		STREET 1:		C/O MERRILL LYNCH ASSET MANAGEMENT
		STREET 2:		P O BOX 9011
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543-9011
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>e13728def_14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<html>
<head>
<title> Notice and Proxy> </title>
</head>
<body>














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



<p>&nbsp;</p>















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

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

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
















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




<p>&nbsp;</p>
<table width=600>
  <tr>
    <td width=2% align=right valign=top>&nbsp;</td>
    <td width=5% valign="top"><font size="2">[&nbsp;&nbsp;&nbsp;]</font></td>
    <td width=93%><font size="2">Fee paid previously with preliminary materials:
      <br>
      <br>
      </font></td>
  </tr>
  <tr>
    <td width=2% align=right valign=top>&nbsp;</td>
    <td width=5%>&nbsp;</td>
    <td width=93%>
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=2% align=right valign=top>&nbsp;</td>
    <td width=5% valign="top"><font size="2">[&nbsp;&nbsp;&nbsp;]</font></td>
    <td width=93%><font size=2>Check box if any part of the fee is offset as provided
      by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting
      fee was paid previously. Identify the previous filing by registration statement
      number, or the form or schedule and the date of its filing.</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size=2>(1) Amount previously paid: <br>
      <br>
      </font></td>
  </tr>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540>
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size=2>(2) Form, Schedule or Registration Statement No.:
      <br>
      <br>
      </font></td>
  </tr>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540>
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size=2>(3) Filing Party: <br>
      <br>
      </font></td>
  </tr>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540>
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size=2>(4) Date Filed: <br>
      <br>
      </font></td>
  </tr>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540>
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<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>



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








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


<p><table width=600><tr>
    <td  align=center><font size=2><B><font size="3">MUNIHOLDINGS FUND
      II, INC.<BR>
      MUNIHOLDINGS NEW JERSEY INSURED FUND, INC. <BR>
      MUNIHOLDINGS NEW YORK INSURED FUND, INC.<BR>
      MUNIVEST FUND, INC. MUNIVEST FUND II, INC. <BR>
      MUNIHOLDINGS FLORIDA INSURED FUND</font> </B><B><BR>
      <font size="3">P.O. Box 9011 <BR>
      Princeton, New Jersey 08543-9011</font></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="3">NOTICE OF 2003 ANNUAL
      MEETINGS OF STOCKHOLDERS</font> </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="3">TO BE HELD ON JANUARY
      28, 2003</font> </B></font></td>
  </tr></table>

<P>
<table width=600 cellspacing="0" border="0">
  <TR>
    <TD width=100% valign=top colspan="2"><font size=2>T<font size="1">O</font>
      T<font size="1">HE</font> <font size="1">STOCKHOLDERS OF</font></font></TD>
  </TR>
  <TR>
    <TD width=10% valign=top align="right"><font size=2> </FONT></TD>
    <TD width=90% valign=top><font size=2> M<font size="1">UNI<font size="2">H</font>OLDINGS</font>
      F<font size="1">UND</font> II, I<font size="1">NC. </font><br>
      M<font size="1">UNI</font>H<font size="1">OLDINGS</font> N<font size="1">EW</font>
      J<font size="1">ERSEY</font> I<font size="1">NSURED</font> F<font size="1">UND</font>,
      I<font size="1">NC</font>. <br>
      M<font size="1">UNI</font>H<font size="1">OLDINGS</font> N<font size="1">EW</font>
      Y<font size="1">ORK</font> I<font size="1">NSURED</font> F<font size="1">UND</font>,
      I<font size="1">NC</font>. <br>
      M<font size="1">UNI<font size="2">V</font>EST</font> F<font size="1">UND</font>,
      I<font size="1">NC</font>. <br>
      M<font size="1">UNI<font size="2">V</font>EST</font> F<font size="1">UND</font>
      II, I<font size="1">NC</font>. <br>
      M<font size="1">UNI</font>H<font size="1">OLDINGS</font> F<font size="1">LORIDA</font>
      I<font size="1">NSURED</font> F<font size="1">UND</font>:</font></TD>
  </TR>
</TABLE>
<p></P>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICE IS HEREBY GIVEN that
      the 2003 Annual Meeting of Stockholders (each, a &#147;Meeting&#148; and
      collectively, the &#147;Meetings&#148;) of each of MuniHoldings Fund II,
      Inc., MuniHoldings New Jersey Insured Fund, Inc., MuniHoldings New York
      Insured Fund, Inc., MuniVest Fund, Inc., MuniVest Fund II, Inc. and MuniHoldings
      Florida Insured Fund (each a &#147;Fund&#148; and, collectively, the &#147;Funds&#148;)
      will be held at the offices of Fund Asset Management, L.P., 800 Scudders
      Mill Road, Plainsboro, New Jersey, on Tuesday, January 28, 2003 at the time
      specified for each Fund in Exhibit A to the Combined Proxy Statement for
      the following purposes:</font></td>
  </tr></table>

<P>
<p></P>

<P>
<table width=600>
  <TR>
    <TD valign=top align="right" width=27><font size=2>(1) </font></TD>
    <TD valign=top width=14>&nbsp;&nbsp;</TD>
    <TD valign=top width=543><font size=2>To elect a Board of Directors (which
      term as used herein refers to both Directors and Trustees, as applicable)
      of each Fund to serve for the ensuing year; and </font></TD>
  </TR>
  <TR>
    <TD valign=top align="right" width=27>&nbsp;</TD>
    <TD valign=top width=14>&nbsp;</TD>
    <TD valign=top width=543>&nbsp;</TD>
  </TR>
  <TR>
    <TD valign=top align="right" width=27><font size=2> (2) </FONT></TD>
    <TD valign=top width=14>&nbsp;</TD>
    <TD valign=top width=543><font size=2>To transact such other business as may
      properly come before the Meeting or any adjournment thereof.</font></TD>
  </TR>
</TABLE>
<p></P>


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


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



<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 December 2, 2002 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;You are cordially invited
      to attend the Meeting for any Fund in which you own shares. <B>Stockholders
      who do not expect to attend the Meeting in person are requested to complete,
      date and sign the enclosed form of proxy and return it promptly in the envelope
      provided for this purpose. If you have been provided with the opportunity
      on your proxy card or voting instruction form to provide voting instructions
      via telephone or the Internet, please take advantage of these prompt and
      efficient voting options.</B> The enclosed proxy is being solicited on behalf
      of the Board of Directors of each Fund. </FONT></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you have any
questions regarding the enclosed proxy material or need assistance in voting your shares,
please contact our proxy solicitor, Georgeson Shareholder, at 1-800-645-4519.</font></td></tr></table>

<P>
<p></P>

<P>
<p></P>

<P>
<table width=600 border="0" cellspacing="0" cellpadding="0">
  <TR>
    <TD width=51% valign=top>&nbsp;</TD>
    <TD width=49% valign=top><font size=2>By Order of the Boards of Directors</font></TD>
  </TR>
  <TR>
    <TD width=51% valign=top>&nbsp;</TD>
    <TD width=49% valign=top>&nbsp;</TD>
  </TR>
  <TR>
    <TD width=51% valign=top><font size=2> </FONT></TD>
    <TD width=49% valign=top><font size=2>B<font size="1">RIAN</font>
      D. S<font size="1">TEWART</font><br>
      <i>Secretary of MuniHoldings Fund II, Inc., <br>
      MuniHoldings New Jersey Insured Fund, Inc.,<br>
      MuniHoldings New York Insured Fund, Inc., <br>
      MuniVest Fund, Inc., MuniVest Fund II, Inc. and <br>
      MuniHoldings Florida Insured Fund </i></font></TD>
  </TR>
</TABLE>
<p></P>

<p><table width=600><tr>
    <td><font size=2>Plainsboro, New Jersey <br>
      Dated: December 16, 2002 </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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<p><table width=600><tr>
    <td  align=center><font size=2><B><font size="3">COMBINED PROXY STATEMENT</font></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="3">MUNIHOLDINGS FUND II, INC.
      <BR>
      </font></B><font size="3"><B>MUNIHOLDINGS NEW JERSEY INSURED FUND,
      INC. <BR>
      MUNIHOLDINGS NEW YORK INSURED FUND, INC. <BR>
      MUNIVEST FUND, INC. <BR>
      MUNIVEST FUND II, INC. <BR>
      MUNIHOLDINGS FLORIDA INSURED FUND</B></font><B> </B><B><BR>
      <font size="3">P.O. Box 9011 <BR>
      Princeton, New Jersey 08543-9011</font> </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="3">2003 ANNUAL MEETINGS
      OF STOCKHOLDERS</font></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="3">JANUARY 28, 2003</font>
      </B></font></td>
  </tr></table>

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


<p>
<table width=600>
  <tr align="center">
    <td><font size="2"><b><font size="3">INTRODUCTION</font></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 each of MuniHoldings Fund II, Inc.
      (&#147;MuniHoldings II&#148;), MuniHoldings New Jersey Insured Fund, Inc.
      (&#147;MuniHoldings NJ Ins&#148;), MuniHoldings New York Insured Fund, Inc.
      (&#147;MuniHoldings NY Ins&#148;), MuniVest Fund, Inc. (&#147;MuniVest I&#148;),
      MuniVest Fund II, Inc. (&#147;MuniVest II&#148;) and the Board of Trustees
      of MuniHoldings Florida Insured Fund (&#147;MuniHoldings FL Ins&#148;) (each,
      a &#147;Fund&#148; and, collectively, the &#147;Funds&#148;) to be voted
      at the 2003 Annual Meeting of Stockholders of each Fund (each, a &#147;Meeting&#148;
      and collectively, the &#147;Meetings&#148;), to be held at the offices of
      Fund Asset Management, L.P. (&#147;FAM&#148;), 800 Scudders Mill Road, Plainsboro,
      New Jersey, on Tuesday, January 28, 2003 at the time specified in Exhibit
      A hereto. The approximate mailing date of this Combined Proxy Statement
      is December 20, 2002.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund is
organized as a Maryland corporation, except for MuniHoldings FL Ins, which is organized
as a Massachusetts business trust. In each jurisdiction, nomenclature varies. For ease
and clarity of presentation, shares of common stock or shares of beneficial interest of a
Fund are referred to as &#147;Shares,&#148; shares of auction market preferred stock and auction
market preferred shares are referred to as &#147;AMPS,&#148; the holders of the outstanding Shares
and AMPS are referred to as &#147;Stockholders,&#148; the Board of Directors or Board of Trustees
of each Fund is referred to as the &#147;Board&#148; or &#147;Board of Directors,&#148; and the Directors or
Trustees of each Fund are referred to as &#147;Directors.&#148;</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All properly executed proxies
      received prior to a Meeting will be voted at that Meeting in accordance
      with the instructions marked thereon or otherwise as provided therein. Unless
      instructions to the contrary are marked, such proxies will be voted for
      the election of the Director nominees of the applicable Fund 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">
</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 PAGE="sheet: 4; page: 4" -->



<p><table width=600><tr><td><font size=2>for the ensuing year. Any proxy may be revoked
at any time prior to the exercise thereof by giving written notice to the Secretary of
the applicable Fund at that Fund&#146;s address indicated above or by voting in person at the
Meeting.</font></td></tr></table>

<p><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 December 2, 2002 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 and
      AMPS, indicated in Exhibit A. To the knowledge of each Fund, as of the Record
      Date, no person is the beneficial owner of more than five percent of the
      outstanding Shares or five percent of the outstanding AMPS of such Fund.
      This Combined Proxy Statement is being provided to the holders of Shares
      and AMPS of each Fund. </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><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 in the following chart. </font></td>
  </tr></table>



<br>
<table cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width="141"> <b><font size="1">Fund</font></b>
      <hr width="50" size="1" noshade align="left">
    </td>
    <td colspan="2" align="center"> <b><font size="1">AMPS <br>
      Nominee-Directors </font></b>
      <hr width="80%" size="1" noshade align="center">
    </td>
    <td align="center" colspan="2"> <b><font size="1">Other Nominee-Directors</font></b>
      <hr width="40%" size="1" noshade align="center">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="141"> <font size=2>MuniHoldings II</font></td>
    <td width="16">&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="90"> <font size=2>Reilly, West</font></td>
    <td width="35">&nbsp;&nbsp;&nbsp;</td>
    <td width="316"> <font size=2>Forbes, Glenn, Montgomery, Ryan, Suddarth, Zinbarg</font></td>
  </tr>
  <tr valign="bottom">
    <td width="141"> <font size=2>MuniHoldings NJ Ins</font></td>
    <td width="16">&nbsp;</td>
    <td width="90"> <font size=2>Reilly, West</font></td>
    <td width="35">&nbsp;</td>
    <td width="316"> <font size=2>Forbes, Glenn, Montgomery, Ryan, Suddarth, Zinbarg</font></td>
  </tr>
  <tr valign="bottom">
    <td width="141"> <font size=2>MuniHoldings NY Ins</font></td>
    <td width="16">&nbsp;</td>
    <td width="90"> <font size=2>Reilly, West</font></td>
    <td width="35">&nbsp;</td>
    <td width="316"> <font size=2>Forbes, Glenn, Montgomery, Ryan, Suddarth, Zinbarg</font></td>
  </tr>
  <tr valign="bottom">
    <td width="141"> <font size=2>MuniVest I</font></td>
    <td width="16">&nbsp;</td>
    <td width="90"> <font size=2>Forbes, West</font></td>
    <td width="35">&nbsp;</td>
    <td width="316"> <font size=2>Glenn, Montgomery, Reilly, Ryan, Suddarth, Zinbarg</font></td>
  </tr>
  <tr valign="bottom">
    <td width="141"><font size=2>MuniVest II</font></td>
    <td width="16">&nbsp;</td>
    <td width="90"><font size=2>Forbes, West</font></td>
    <td width="35">&nbsp;</td>
    <td width="316"><font size=2>Glenn, Montgomery, Reilly, Ryan, Suddarth, Zinbarg</font></td>
  </tr>
  <tr valign="bottom">
    <td width="141"><font size=2>MuniHoldings FL Ins</font> </td>
    <td width="16">&nbsp;</td>
    <td width="90"><font size=2>Reilly, West</font> </td>
    <td width="35">&nbsp;</td>
    <td width="316"><font size=2>Forbes, Glenn, Montgomery, Ryan, Suddarth, Zinbarg</font>
    </td>
  </tr>
</table>
<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 are outlined in the following
chart.</font></td></tr></table>


<br>
<table cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td> <b><font size="1">Fund</font></b>
      <hr width="50" size="1" noshade align="left">
    </td>
    <td align="center"> <b><font size="1">Class of <br>
      Stockholders </font></b>
      <hr width="60%" size="1" noshade align="center">
    </td>
    <td align="center"> <b><font size="1">Election of <br>
      AMPS Directors </font></b>
      <hr width="70%" size="1" noshade align="center">
    </td>
    <td align="center"> <b><font size="1">Election of <br>
      Other Directors </font></b>
      <hr width="70%" size="1" noshade align="center">
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size=2>MuniHoldings II</font></td>
    <td align="center"> <font size=2>Common Stock</font></td>
    <td align="center"> <font size=2>No</font></td>
    <td align="center"> <font size=2>Yes</font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size=2>MuniHoldings II</font></td>
    <td align="center"> <font size=2>AMPS</font></td>
    <td align="center"> <font size=2>Yes</font></td>
    <td align="center"> <font size=2>Yes</font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size=2>MuniHoldings NJ Ins</font></td>
    <td align="center"> <font size=2>Common Stock</font></td>
    <td align="center"> <font size=2>No</font></td>
    <td align="center"> <font size=2>Yes</font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size=2>MuniHoldings NJ Ins</font></td>
    <td align="center"> <font size=2>AMPS</font></td>
    <td align="center"> <font size=2>Yes</font></td>
    <td align="center"> <font size=2>Yes</font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size=2>MuniHoldings NY Ins</font></td>
    <td align="center"> <font size=2>Common Stock</font></td>
    <td align="center"> <font size=2>No</font></td>
    <td align="center"> <font size=2>Yes</font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size=2>MuniHoldings NY Ins</font></td>
    <td align="center"> <font size=2>AMPS</font></td>
    <td align="center"> <font size=2>Yes</font></td>
    <td align="center"> <font size=2>Yes</font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size=2>MuniVest I</font></td>
    <td align="center"> <font size=2>Common Stock</font></td>
    <td align="center"> <font size=2>No</font></td>
    <td align="center"> <font size=2>Yes</font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size=2>MuniVest I</font></td>
    <td align="center"> <font size=2>AMPS</font></td>
    <td align="center"> <font size=2>Yes</font></td>
    <td align="center"> <font size=2>No</font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size=2>MuniVest II</font></td>
    <td align="center"> <font size=2>Common Stock</font></td>
    <td align="center"> <font size=2>No</font></td>
    <td align="center"> <font size=2>Yes</font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size=2>MuniVest II</font></td>
    <td align="center"> <font size=2>AMPS</font></td>
    <td align="center"> <font size=2>Yes</font></td>
    <td align="center"> <font size=2>Yes</font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size=2>MuniHoldings FL Ins</font></td>
    <td align="center"> <font size=2>Common Stock</font></td>
    <td align="center"> <font size=2>No</font></td>
    <td align="center"> <font size=2>Yes</font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size=2>MuniHoldings FL Ins</font></td>
    <td align="center"> <font size=2>AMPS</font></td>
    <td align="center"> <font size=2>Yes</font></td>
    <td align="center"> <font size=2>Yes</font></td>
  </tr>
</table>
<font size=2></font>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
2</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<!-- MARKER PAGE="sheet: 5; page: 5" -->



<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 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 Boards of Directors
      of such Fund may recommend.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain information concerning
      the nominees, is set forth below. Additional information concerning the
      nominees is set forth in Exhibit B to this Combined Proxy Statement.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2><B>Biographical Information</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain biographical and other
      information relating to the Director nominee who is an &#147;interested
      person,&#148; as defined in the Investment Company Act of 1940, as amended
      (the &#147;Investment Company Act&#148;) of each Fund, is set forth below:</font></td>
  </tr></table>



<br>
<table cellspacing=0 cellpadding=0 width="605">
  <tr valign="bottom">
    <td width="120"> <b><font size="1"> Name, Address&#134; and Age </font></b>
      <hr noshade size="1" width="95%" align="left">
    </td>
    <td width="10">&nbsp;</td>
    <td align="center" width="70"> <b><font size="1"> Position(s) <br>
      Held with <br>
      each Fund </font></b>
      <hr noshade size="1" width="96%" align="left">
    </td>
    <td align="center" width="10">&nbsp;</td>
    <td align="center" width="62"> <b><font size="1"> Term of <br>
      Office and <br>
      Length* of <br>
      Time Served </font></b>
      <hr noshade size="1" width="96%" align="left">
    </td>
    <td align="center" width="9">&nbsp;</td>
    <td align="center" width="155"> <b><font size="1"> Principal Occupation(s)
      <br>
      During Past Five Years </font></b>
      <hr noshade size="1" width="96%" align="left">
    </td>
    <td align="center" width="9">&nbsp;</td>
    <td align="center" width="69"> <b><font size="1"> Number of <br>
      FAM/MLIM- <br>
      Advised Funds*** <br>
      and Portfolios <br>
      Overseen </font></b>
      <hr noshade size="1" width="96%" align="left">
    </td>
    <td align="center" width="10">&nbsp;</td>
    <td align="center" width="75"> <b><font size="1"> Public <br>
      Directorships </font></b>
      <hr noshade size="1" width="96%" align="left">
    </td>
  </tr>
  <tr valign="top">
    <td width="120"> <font size="2"> Terry K. Glenn&#134;&#134; (62)</font></td>
    <td width="10">&nbsp;&nbsp;</td>
    <td width="70"> <font size="2"> President** and Director</font></td>
    <td width="10">&nbsp;&nbsp;</td>
    <td width="62"> <font size="2"> President and Director of each Fund since
      the year listed in Exhibit B.</font></td>
    <td width="9">&nbsp;&nbsp;</td>
    <td width="155"> <font size="2"> Chairman (Americas Region) of MLIM since
      2000; Executive Vice President of FAM and MLIM (which terms as used herein
      include their corporate predecessors) since 1983; President of Merrill Lynch
      mutual funds since 1999; President of FAM Distributors, Inc. (&#147;FAMD&#148;)
      since 1986 and Director thereof since 1991; Executive Vice President and
      Director of Princeton Services, Inc. (&#147;Princeton Services&#148;) since
      1993; President of Princeton Administrators, L.P. (&#147;Princeton Administrators&#148;)
      since 1988; Director of Financial Data Services, Inc. since 1985.</font></td>
    <td width="9">&nbsp;&nbsp;</td>
    <td width="69"> <font size="2"> 117 registered investment companies consisting
      of 162 portfolios</font></td>
    <td width="10">&nbsp;&nbsp;</td>
    <td width="75"> <font size="2"> None</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=4% align=right valign=top>&nbsp;</td>
    <td width=2%>&nbsp;</td>
    <td width=94%>&nbsp;</td>
  </tr></table>
<table width=600><tr><td width=4% align=right valign=top><font size="1">&#134; </font></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="1">P.O.
Box 9011, Princeton, New Jersey 08543-9011.</font></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">&#134;&#134; </font></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="1">Mr.
Glenn is an &#147;interested person,&#148; as defined in the Investment Company Act, of the Fund
based on his positions with MLIM, FAM, FAMD, Princeton Services and Princeton
Administrators.</font></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">* </font></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="1">As
a Director, Mr. Glenn serves until his successor is elected and qualified, until December
31 of the year in which he turns 72, or until the earlier of his death, resignation, or
removal as provided in each Fund&#146;s by-laws, charter or by statute.</font></td></tr></table>

<table width=600>
  <tr>
    <td width=4% align=right valign=top><font size="1">** </font></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="1">Elected by and serves at the pleasure of the
      Board of Directors. 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>
  <tr>
    <td width=4% align=right valign=top><font size="1">*** </font></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="1">The complex of funds advised by FAM and its affiliate,
      Merrill Lynch Investment Managers, L.P. (&#147;MLIM&#148;) (&#147;FAM/MLIM-Advised
      Funds&#148;). </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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<!-- MARKER PAGE="sheet: 6; page: 6" -->



<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain biographical
      and other information relating to the Director nominees who are not &#147;interested
      persons&#148;, as defined by the Investment Company Act (&#147;non-interested
      Directors&#148;), of each Fund is set forth below.</font></td>
  </tr></table>



<br>
<table cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="120"> <b><font size="1"> Name, Address&#134; and Age </font></b>
      <hr noshade size="1" width="95%" align="left">
    </td>
    <td width="6">&nbsp;</td>
    <td align="center" width="70"> <b><font size="1"> Position(s) <br>
      Held with <br>
      each Fund </font></b>
      <hr noshade size="1" width="96%" align="left">
    </td>
    <td align="center" width="6">&nbsp;</td>
    <td align="center" width="70"> <b><font size="1"> Term of <br>
      Office* and <br>
      Length of <br>
      Time Served </font></b>
      <hr noshade size="1" width="96%" align="left">
    </td>
    <td align="center" width="6">&nbsp;</td>
    <td align="center" width="160"> <b><font size="1"> Principal Occupation(s)
      <br>
      During Past Five Years </font></b>
      <hr noshade size="1" width="96%" align="left">
    </td>
    <td align="center" width="6">&nbsp;</td>
    <td align="center" width="76"> <b><font size="1"> Number of <br>
      FAM/MLIM- <br>
      Advised Funds <br>
      and Portfolios <br>
      Overseen </font></b>
      <hr noshade size="1" width="96%" align="left">
    </td>
    <td align="center" width="10">&nbsp;</td>
    <td align="center" width="70"> <b><font size="1"> Public <br>
      Directorships </font></b>
      <hr noshade size="1" width="96%" align="left">
    </td>
  </tr>
  <tr valign="top">
    <td width="120"> <font size="2">Ronald W. Forbes (62)</font></td>
    <td width="6"><font size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td width="70"> <font size="2">Director</font></td>
    <td width="6"><font size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td width="70"> <font size="2">Director of each Fund since the year listed
      in Exhibit B.</font></td>
    <td width="6"><font size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td width="160"> <font size="2">Professor Emeritus of Finance, School of Business,
      State University of New York at Albany since 2000 and Professor thereof
      from 1989 to 2000; International Consultant, Urban Institute, Washington,
      D.C. from 1995 to&nbsp;1999.</font></td>
    <td width="6"><font size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td width="76"> <font size="2">45 registered investment companies consisting
      of 54 portfolios</font></td>
    <td width="10"><font size="2">&nbsp;&nbsp;</font></td>
    <td width="70"> <font size="2">None</font></td>
  </tr>
  <tr valign="top">
    <td width="120"><font size="2">&nbsp; </font></td>
    <td width="6"><font size="2"></font></td>
    <td width="70"><font size="2"></font></td>
    <td width="6"><font size="2"></font></td>
    <td width="70"><font size="2"></font></td>
    <td width="6"><font size="2"></font></td>
    <td width="160"><font size="2"></font></td>
    <td width="6"><font size="2"></font></td>
    <td width="76"><font size="2"></font></td>
    <td width="10"><font size="2"></font></td>
    <td width="70"><font size="2"></font></td>
  </tr>
  <tr valign="top">
    <td width="120"> <font size="2">Cynthia A. Montgomery (50) </font></td>
    <td width="6"><font size="2"></font></td>
    <td width="70"> <font size="2">Director </font></td>
    <td width="6"><font size="2"></font></td>
    <td width="70"> <font size="2">Director of each Fund since the year listed
      in Exhibit B.</font></td>
    <td width="6"><font size="2"></font></td>
    <td width="160"> <font size="2">Professor, Harvard Business School since 1989;
      Associate Professor, J.L. Kellogg Graduate School of Management, Northwestern
      University from 1985 to 1989; Associate Professor, Graduate School of Business
      Administration, University of Michigan from 1979 to 1985.</font></td>
    <td width="6"><font size="2"></font></td>
    <td width="76"> <font size="2">45 registered investment companies consisting
      of 54 portfolios</font></td>
    <td width="10"><font size="2"></font></td>
    <td width="70"> <font size="2">Unum- Provident Corporation (insurance products);
      Newell Rubbermaid Inc.</font></td>
  </tr>
  <tr valign="top">
    <td width="120"><font size="2">&nbsp; </font></td>
    <td width="6"><font size="2"></font></td>
    <td width="70"><font size="2"></font></td>
    <td width="6"><font size="2"></font></td>
    <td width="70"><font size="2"></font></td>
    <td width="6"><font size="2"></font></td>
    <td width="160"><font size="2"></font></td>
    <td width="6"><font size="2"></font></td>
    <td width="76"><font size="2"></font></td>
    <td width="10"><font size="2"></font></td>
    <td width="70"><font size="2"></font></td>
  </tr>
  <tr valign="top">
    <td width="120"> <font size="2">Charles C. Reilly (71)</font></td>
    <td width="6"><font size="2"></font></td>
    <td width="70"> <font size="2">Director</font></td>
    <td width="6"><font size="2"></font></td>
    <td width="70"> <font size="2">Director of each Fund since the year listed
      in Exhibit B.</font></td>
    <td width="6"><font size="2"></font></td>
    <td width="160"> <font size="2">Self-employed financial consultant since 1990;
      President and Chief Investment Officer of Verus Capital, Inc. from 1979
      to 1990; Senior Vice President of Arnhold and S. Bleichroeder, Inc. from
      1973 to 1990; Adjunct Professor, Columbia University Graduate School of
      Business from 1990 to 1991; Adjunct Professor, Wharton School, University
      of Pennsylvania from 1989 to 1990; Partner, Small Cities Cable Television
      from 1986&nbsp;to 1997.</font></td>
    <td width="6"><font size="2"></font></td>
    <td width="76"> <font size="2">45 registered investment companies consisting
      of 54 portfolios</font></td>
    <td width="10"><font size="2"></font></td>
    <td width="70"> <font size="2">None</font></td>
  </tr>
  <tr valign="top">
    <td width="120"><font size="2"></font></td>
    <td width="6">&nbsp;</td>
    <td width="70">&nbsp;</td>
    <td width="6">&nbsp;</td>
    <td width="70">&nbsp;</td>
    <td width="6">&nbsp;</td>
    <td width="160">&nbsp;</td>
    <td width="6">&nbsp;</td>
    <td width="76">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="70">&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">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 PAGE="sheet: 7; page: 7" -->

<P>
<table cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="120"><font size="2"></font></td>
    <td>&nbsp;</td>
    <td align="center" width="70">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center" width="70">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center" width="160">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center" width="70">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center" width="70">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="120"> <b><font size="1"> Name, Address&#134; and Age </font></b>
      <hr noshade size="1" width="95%" align="left">
    </td>
    <td>&nbsp;</td>
    <td align="center" width="70"> <b><font size="1"> Position(s) <br>
      Held with <br>
      each Fund </font></b>
      <hr noshade size="1" width="96%" align="left">
    </td>
    <td align="center">&nbsp;</td>
    <td align="center" width="70"> <b><font size="1"> Term of <br>
      Office* and <br>
      Length of <br>
      Time Served </font></b>
      <hr noshade size="1" width="96%" align="left">
    </td>
    <td align="center">&nbsp;</td>
    <td align="center" width="160"> <b><font size="1"> Principal Occupation(s)
      <br>
      During Past Five Years </font></b>
      <hr noshade size="1" width="96%" align="left">
    </td>
    <td align="center">&nbsp;</td>
    <td align="center" width="70"> <b><font size="1"> Number of <br>
      FAM/MLIM- <br>
      Advised Funds <br>
      and Portfolios <br>
      Overseen </font></b>
      <hr noshade size="1" width="96%" align="left">
    </td>
    <td align="center">&nbsp;</td>
    <td align="center" width="70"> <b><font size="1"> Public <br>
      Directorships </font></b>
      <hr noshade size="1" width="96%" align="left">
    </td>
  </tr>
  <tr valign="top">
    <td width="120"> <font size="2">Kevin A. Ryan (70)</font></td>
    <td><font size="2"></font></td>
    <td width="70"> <font size="2">Director</font></td>
    <td><font size="2"></font></td>
    <td width="70"> <font size="2">Director of each Fund since the year listed
      in Exhibit B.</font></td>
    <td><font size="2"></font></td>
    <td width="160"> <font size="2">Founder and currently Director Emeritus of
      the Boston University Center for the Advancement of Ethics and Character
      and Director thereof from 1989 to 1999; Professor from 1982 to 1999 and
      currently Professor Emeritus of Education, Boston University; formerly taught
      on the faculties of The University of Chicago, Stanford University and Ohio
      State University.</font></td>
    <td><font size="2"></font></td>
    <td width="70"> <font size="2">45 registered investment companies consisting
      of 54 portfolios</font></td>
    <td><font size="2"></font></td>
    <td width="70"> <font size="2">None</font></td>
  </tr>
  <tr valign="top">
    <td width="120">&nbsp; </td>
    <td>&nbsp;</td>
    <td width="70">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="70">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="160">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="70">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="70">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="120"> <font size="2">Roscoe S. Suddarth (67)</font></td>
    <td><font size="2"></font></td>
    <td width="70"> <font size="2">Director</font></td>
    <td><font size="2"></font></td>
    <td width="70"> <font size="2">Director of each Fund since the year listed
      in Exhibit B.</font></td>
    <td><font size="2"></font></td>
    <td width="160"> <font size="2">President, Middle East Institute, from 1995
      to 2001; Foreign Service Officer, United States Foreign Service, from 1961
      to 1995; Career Minister, from 1989 to 1995; Deputy Inspector General, U.S.
      Department of State, from 1991 to 1994; U.S. Ambassador to the Hashemite
      Kingdom of Jordan, from 1987 to 1990.</font></td>
    <td><font size="2"></font></td>
    <td width="70"> <font size="2">45 registered investment companies consisting
      of 54 portfolios</font></td>
    <td><font size="2"></font></td>
    <td width="70"> <font size="2">None</font></td>
  </tr>
  <tr valign="top">
    <td width="120">&nbsp; </td>
    <td>&nbsp;</td>
    <td width="70">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="70">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="160">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="70">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="70">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="120"> <font size="2">Edward D. Zinbarg (67)</font></td>
    <td><font size="2"></font></td>
    <td width="70"> <font size="2">Director</font></td>
    <td><font size="2"></font></td>
    <td width="70"> <font size="2">Director of each Fund since the year listed
      in Exhibit B.</font></td>
    <td><font size="2"></font></td>
    <td width="160"> <font size="2">Self-employed financial consultant since 1994;
      Executive Vice President of the Prudential Insurance Company of America
      from 1988 to 1994; Former Director of Prudential Reinsurance Company and
      former Trustee of the Prudential Foundation.</font></td>
    <td><font size="2"></font></td>
    <td width="70"> <font size="2">45 registered investment companies consisting
      of 54 portfolios</font></td>
    <td><font size="2"></font></td>
    <td width="70"> <font size="2">None</font></td>
  </tr>
  <tr valign="bottom">
    <td width="120"><font size="2"></font></td>
    <td><font size="2"></font></td>
    <td align="center" width="70"><font size="2"></font></td>
    <td align="center"><font size="2"></font></td>
    <td align="center" width="70"><font size="2"></font></td>
    <td align="center"><font size="2"></font></td>
    <td align="center" width="160"><font size="2"></font></td>
    <td align="center"><font size="2"></font></td>
    <td align="center" width="70"><font size="2"></font></td>
    <td align="center"><font size="2"></font></td>
    <td align="center" width="70"><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">
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 PAGE="sheet: 8; page: 8" -->

<p>
<table cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="120"><font size="2"></font></td>
    <td>&nbsp;</td>
    <td align="center" width="70">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center" width="70">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center" width="160">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center" width="70">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center" width="70">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="120"> <b><font size="1"> Name, Address&#134; and Age </font></b>
      <hr noshade size="1" width="95%" align="left">
    </td>
    <td>&nbsp;</td>
    <td align="center" width="70"> <b><font size="1"> Position(s) <br>
      Held with <br>
      each Fund </font></b>
      <hr noshade size="1" width="96%" align="left">
    </td>
    <td align="center">&nbsp;</td>
    <td align="center" width="70"> <b><font size="1"> Term of <br>
      Office* and <br>
      Length of <br>
      Time Served </font></b>
      <hr noshade size="1" width="96%" align="left">
    </td>
    <td align="center">&nbsp;</td>
    <td align="center" width="160"> <b><font size="1"> Principal Occupation(s)
      <br>
      During Past Five Years </font></b>
      <hr noshade size="1" width="96%" align="left">
    </td>
    <td align="center">&nbsp;</td>
    <td align="center" width="70"> <b><font size="1"> Number of <br>
      FAM/MLIM- <br>
      Advised Funds <br>
      and Portfolios <br>
      Overseen </font></b>
      <hr noshade size="1" width="96%" align="left">
    </td>
    <td align="center">&nbsp;</td>
    <td align="center" width="70"> <b><font size="1"> Public <br>
      Directorships </font></b>
      <hr noshade size="1" width="96%" align="left">
    </td>
  </tr>
  <tr valign="top">
    <td width="120"> <font size="2">Richard R. West (64)</font></td>
    <td>&nbsp;</td>
    <td width="70"> <font size="2">Director</font></td>
    <td>&nbsp;</td>
    <td width="70"> <font size="2">Director of each Fund since the year listed
      in Exhibit B.</font></td>
    <td>&nbsp;</td>
    <td width="160"> <font size="2">Professor of Finance since 1984, Dean from
      1984 to 1993 and currently Dean Emeritus of New York University Leonard
      N. Stern School of Business Administration.</font></td>
    <td>&nbsp;</td>
    <td width="70"> <font size="2">45 registered investment companies consisting
      of 54 portfolios</font></td>
    <td>&nbsp;</td>
    <td width="70"> <font size="2">Bowne &amp; Co., Inc. (financial printer);
      Vornado Operating Company (real&nbsp; estate company); Vornado Realty Trust,
      Inc. (real estate holding company); Alexander&#146;s, Inc. (real estate
      company)</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=4% align=right valign=top><font size="1">&#134;</font></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="1">The
address of each non-interested Director is P.O. Box 9011, Princeton, New Jersey
08543-9011.</font></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">* </font></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="1">Each
Director serves until his or her successor is elected and qualified, until December 31 of
the year in which he or she turns 72, or until the earlier of his or her death,
resignation, or removal as provided in each Fund&#146;s by-laws, charter or by statute.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Audit and Oversight Committee Report</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of each
      Fund has a standing Audit and Oversight Committee (the &#147;Committee&#148;),
      which consists of the Directors who are not &#147;interested persons&#148;
      of that Fund within the meaning of the Investment Company Act and who are
      &#147;independent&#148; as defined in the New York Stock Exchange and, with
      respect to MuniVest I, American Stock Exchange, listing standards. Currently,
      Messrs. Forbes, Reilly, Ryan, Suddarth, West and Zinbarg and Ms. Montgomery
      are members of the Committee of each Fund. The principal responsibilities
      of the Committee are the appointment, compensation and oversight of the
      Fund&#146;s independent accountants, including the resolution of disagreements
      regarding financial reporting between Fund management and such independent
      accountants.</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 adopted a written Charter for the Committee, which is attached as Exhibit
D to this Combined Proxy Statement. Each Committee also has (a) received
written disclosures and the letter required by Independence Standards Board
Standard No. 1, as may be modified or supplemented, from Ernst &amp; Young <FONT SIZE="1">LLP</FONT>
(&#147;E&amp;Y&#148;),the independent accountants for MuniHoldings II and MuniHoldings
NJ Ins, or from Deloitte &amp; Touche <FONT SIZE="1">LLP</FONT> (&#147;D&amp;T&#148;), the independent accountants
for MuniHoldings NY Ins, MuniVest I, MuniVest II and MuniHoldings FL Ins,
as applicable, and has discussed with E&amp;Y and D&amp;T, as applicable, such firm&#146;s
independence with respect to the Fund and (b) discussed with E&amp;Y and D&amp;T, as
applicable, certain matters required to be discussed by Statements on Auditing
Standards No. 61, as may be modified or supplemented. Each Committee has
considered whether the provision of non-audit services by the Fund&#146;s
independent accountants is compatible with maintaining the independence
of those accountants. </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 PAGE="sheet: 9; page: 9" -->



<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Committee also
      reviews and discusses the audit of the Fund&#146;s financial statements
      with Fund management and the independent accountants. If any material concerns
      arise during the course of the audit and the preparation of the audited
      financial statements mailed to Stockholders and included in the Fund&#146;s
      Annual Report to Stockholders, the Committee would be notified by Fund management
      or the independent accountants. The Committees received no such notifications
      for any of the Funds. Following each Committee&#146;s review and discussions
      regarding the audit of the Fund&#146;s financial statements with Fund management
      and the independent accountants, the Committee recommended to the Directors
      that the 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
      Committee also reviews and nominates candidates to serve as non-interested
      Directors. Each Committee generally will not consider nominees recommended
      by Stockholders of the Fund. The non-interested Directors of each Fund 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><B>Committee and Board of Directors Meetings</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During each Fund&#146;s
      last fiscal year, each of the Directors then in office attended at least
      75% of the aggregate of the total number of meetings of the Board of Directors
      of that Fund 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><table width=600><tr><td><font size=2><B>Compliance with Section 16(a) of the
Securities Exchange Act of 1934</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16(a) of the
      Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;),
      requires the officers and Directors of each Fund and persons who own more
      than ten percent of a registered class of each Fund&#146;s equity securities,
      to file reports of ownership and changes in ownership on Forms 3, 4 and
      5 with the Securities and Exchange Commission (the &#147;SEC&#148;) and
      either the New York Stock Exchange (in the case of MuniHoldings II, MuniHoldings
      NJ Ins, MuniHoldings NY Ins, MuniVest II, and MuniHoldings FL Ins) or the
      American Stock Exchange (in the case of MuniVest I). Officers, Directors
      and greater than ten percent stockholders are required by SEC regulations
      to furnish the applicable 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 they were not required to file Form
5 with respect to the most recent fiscal year, each Fund believes that all
of its officers, Directors, greater than ten percent beneficial owners and
other persons subject to Section 16 of the Exchange Act due to of the requirements
of Section 30 of the Investment Company Act (<I>i.e.</I>, any advisory board member,
investment adviser or affiliated person of the Fund&#146;s investment adviser)
have complied with all filing requirements applicable to them with respect
to transactions during the Fund&#146;s most recent fiscal year. </FONT></td>
  </tr></table>

<p><table width=600><tr><td><font size=2><B>Interested Persons</B></font></td></tr></table>

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



<p>&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 PAGE="sheet: 10; page: 10" -->

<p><table width=600><tr><td><font size=2><B>Compensation of Directors</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAM, the investment adviser
      of each Fund, pays all compensation to all officers of each Fund and all
      Directors of each Fund who are affiliated with ML &amp; Co. or its subsidiaries.
      Each Fund pays each non-interested Director a combined fee of $3,800 per
      year plus a fee of $150 for each in person Board meeting attended and $150
      for each in person Committee meeting attended, 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 of $1,000.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
relating to the aggregate fees and expenses paid by each Fund to its non-interested
Directors during each Fund&#146;s most recently completed fiscal year is set forth in Exhibit
A.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2><B>Officers of Each Fund</B></font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
relating to the officers of each Fund is set forth in Exhibit C. Officers of the Funds
are elected and appointed by the Board of Directors and hold office until they resign,
are removed or are otherwise disqualified to serve.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Stock Ownership</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information relating to each
      Director nominee&#146;s ownership as of November 30, 2002 in each Fund and
      in all registered FAM/MLIM-Advised Funds overseen or to be overseen by each
      Director nominee is set forth in Exhibit B.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the Record Date, no non-interested
      Director or nominee or his or her immediate family members, owned beneficially
      or of record any securities of ML &amp; Co. As of the Record Date, the Directors
      and officers of each Fund as a group owned an aggregate of less than 1%
      of the Fund&#146;s outstanding shares. </font></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Board of Directors
      of each Fund recommends that the Stockholders vote &#147;FOR&#148; each
      of the nominees for Director. </B></FONT></td>
  </tr></table>

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

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

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The expenses of preparation,
      printing and mailing of the enclosed forms of proxy, the accompanying Notice
      and this Combined Proxy Statement will be borne by the Funds in proportion
      to their relative net assets. The Funds will reimburse banks, brokers and
      others for their reasonable expenses in forwarding proxy solicitation material
      to the beneficial owners of the shares of the Funds.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td>
      <p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For each of MuniHoldings II,
        MuniHoldings NJ Ins and MuniHoldings NY Ins, one-third of the Fund&#146;s
        Shares and AMPS entitled to vote at the Meeting, present in person or
        by proxy, constitutes a quorum. For MuniVest I and MuniVest II, a majority
        of the Fund&#146;s Shares and AMPS entitled to vote at the Meeting, present
        in person or by proxy, constitutes a quorum and for MuniHoldings FL, a
        majority of the Fund&#146;s outstanding Shares and Amps entitled to vote
        at the Meeting, present in person or by proxy, constitutes a quorum. The
        quorum requirements must be met for each Fund&#146;s Shares and AMPS,
        each voting separately as a class.</font></p>
      <p><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 each Fund. If,
        by the time scheduled for a Meeting, a quorum of Stockholders is not present
        or if a quorum is present but sufficient votes to allow action on the
        </font></p>
    </td>
  </tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
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 PAGE="sheet: 11; page: 11" -->



<p><table width=600><tr>
    <td><font size=2>proposal are not received from the Stockholders, the persons
      named as proxies may propose one or more adjournments of the Meeting to
      permit further solicitation of proxies from Stockholders. Any such adjournment
      will require the affirmative vote of a majority of the Shares and AMPS of
      the Fund present in person or by proxy and entitled to vote at the time
      of the Meeting to be adjourned. The persons named as proxies will vote in
      favor of any such adjournment if they believe that adjournment and additional
      proxy solicitation are reasonable and in the best interests of the Fund&#146;s
      Stockholders. Each Fund has retained Georgeson Shareholder, 17 State Street,
      New York, New York 10004, to assist in the solicitation of proxies at a
      cost of approximately $3,500 for each Fund plus out-of-pocket expenses,
      which are estimated to be $500 for each Fund.</font></td>
  </tr></table>

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

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Shares and
AMPS represented by properly executed proxies, unless such proxies have previously been
revoked, will be voted at each Meeting in accordance with the directions on the proxies;
if no direction is indicated, the Shares and AMPS will be voted &#147;FOR&#148; the Director
nominees. Except in the case of MuniVest I, holders of AMPS, voting separately as a
class, are entitled to elect the two Directors designated herein and holders of Shares
and AMPS, voting together as a single class, are entitled to elect the remaining
Directors. Holders of AMPS of MuniVest I, voting separately as a class, are entitled to
elect the two Directors designated herein and holders of Shares, voting separately as a
class, are entitled to elect the remaining Directors. Assuming a quorum is present,
approval of Item 1 will require the affirmative vote of Stockholders holding at least the
percentage of shares indicated below. &#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>



<br>
<table cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="172"> <font size="1"><b>Fund</b></font> </td>
    <td width="206"> <font size="1"><b>Election of AMPS Directors</b></font> </td>
    <td width="220"> <font size="1"><b>Election of Other Directors</b></font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="598" colspan="3">
      <hr noshade size="1" width="100%" align="left">
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="172"> <font size=2>MuniHoldings II</font></td>
    <td valign="TOP" width="206"> <font size=2>Affirmative vote of a plurality
      of <br>
      the votes cast by the holders of <br>
      AMPS, voting as a separate class</font></td>
    <td valign="TOP" width="220"> <font size=2>Affirmative vote of a plurality
      of <br>
      the votes cast by the holders of <br>
      Shares and AMPS, voting together <br>
      as a single class</font></td>
  </tr>
  <tr>
    <td valign="TOP" width="598" colspan="3">
      <hr noshade size="1" width="100%" align="left">
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="172"> <font size=2>MuniHoldings NJ Ins</font></td>
    <td valign="TOP" width="206"> <font size=2>Affirmative vote of a plurality
      of <br>
      the votes cast by the holders of <br>
      AMPS, voting as a separate class</font></td>
    <td valign="TOP" width="220"> <font size=2>Affirmative vote of a plurality
      of <br>
      the votes cast by the holders of <br>
      Shares and AMPS, voting together <br>
      as a single class</font></td>
  </tr>
  <tr>
    <td valign="TOP" width="598" colspan="3">
      <hr noshade size="1" width="100%" align="left">
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="172"> <font size=2>MuniHoldings NY Ins</font></td>
    <td valign="TOP" width="206"> <font size=2>Affirmative vote of a plurality
      of <br>
      the votes cast by the holders of <br>
      AMPS, voting as a separate class</font></td>
    <td valign="TOP" width="220"> <font size=2>Affirmative vote of a plurality
      of <br>
      the votes cast by the holders of <br>
      Shares and AMPS, voting together<br>
      as a single class</font></td>
  </tr>
  <tr>
    <td valign="TOP" width="598" colspan="3">
      <hr noshade size="1" width="100%" align="left">
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="172"> <font size=2>MuniVest I</font></td>
    <td valign="TOP" width="206"> <font size=2>Affirmative vote of a majority
      of<br>
      the votes cast by the holders of <br>
      AMPS, voting as a separate class</font></td>
    <td valign="TOP" width="220"> <font size=2>Affirmative vote of a majority
      of <br>
      the votes cast by the holders of <br>
      Shares, voting together as a single <br>
      class</font></td>
  </tr>
  <tr>
    <td valign="TOP" width="598" colspan="3">
      <hr noshade size="1" width="100%" align="left">
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="172"> <font size=2>MuniVest II</font></td>
    <td valign="TOP" width="206"> <font size=2>Affirmative vote of a majority
      of <br>
      the votes cast by the holders of <br>
      AMPS, voting as a separate class</font></td>
    <td valign="TOP" width="220"> <font size=2>Affirmative vote of a majority
      of <br>
      the votes cast by the holders of <br>
      Shares and AMPS, voting together <br>
      as a single class</font></td>
  </tr>
  <tr>
    <td valign="TOP" width="598" colspan="3">
      <hr noshade size="1" width="100%" align="left">
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="172"><font size="2"></font></td>
    <td valign="TOP" width="206">&nbsp;</td>
    <td valign="TOP" width="220">&nbsp;</td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
9</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;



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<!-- MARKER PAGE="sheet: 12; page: 12" -->




<p>
<table cellspacing=0 cellpadding=0 width=600>
  <tr>
    <td valign="TOP" width="172"><font size="2"></font></td>
    <td valign="TOP" width="206">&nbsp;</td>
    <td valign="TOP" width="220">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="172"> <font size="1"><b>Fund</b></font> </td>
    <td width="206"> <font size="1"><b>Election of AMPS Directors</b></font> </td>
    <td width="220"> <font size="1"><b>Election of Other Directors</b></font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="598" colspan="3">
      <hr noshade size="1" width="100%" align="left">
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="172"> <font size=2>MuniHoldings FL Ins</font></td>
    <td valign="TOP" width="206"> <font size=2>Affirmative vote of the holders
      of a majority of the AMPS present in person or by proxy at the Meeting <br>
      and entitled to vote, voting as a separate class</font></td>
    <td valign="TOP" width="220"> <font size=2>Affirmative vote of the holders
      of a majority of the Shares and AMPS present in person or by proxy at <br>
      the Meeting and entitled to vote, voting together as a single class</font></td>
  </tr>
  <tr>
    <td valign="TOP" width="598" colspan="3">
      <hr noshade size="1" width="100%" align="left">
    </td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2><B>Broker Non-Votes and Abstentions</B></font></td></tr></table>

<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 each Meeting. The
      Funds understand that, under the rules of the New York Stock Exchange and
      the American 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 if it votes shares held in its name for which
      no instructions are received, except as limited by agreement or applicable
      law, it will do so 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, with respect to MuniHoldings II, MuniHoldings
      NJ Ins, MuniHoldings NY Ins, MuniVest I and MuniVest II, abstentions and
      broker non-votes will not have an effect on the vote on Item 1; but will
      be counted as a vote &#147;against&#148; with respect to MuniHoldings FL
      Ins. </font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2><B>Other Matters</B></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 Shares of 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><B>Independent Auditors&#146; Fees</B></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 ended for professional services rendered
      for: (i) the audit of the Funds&#146; annual financial statements included
      in the Funds&#146; reports to Stockholders; (ii) all other audit related
      services provided to each Fund; and (iii) all other non-audit services provided
      to the Fund, FAM, and entities controlling, controlled by or under common
      control with FAM that provide services to the Fund. For each Fund&#146;s
      most recent fiscal year, the independent auditors did not render any professional
      services for financial information systems design and implementation services
      to the Fund, FAM and entities controlling, controlled by or under common
      control with FAM that provide services to each Fund. The Committee of each
      Fund has determined that the provision </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">
10</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 PAGE="sheet: 13; page: 13" -->


<p><table width=600><tr>
    <td><font size=2>of other audit related services under clause (ii)
      and the provision of non-audit services under clause (iii) are compatible
      with maintaining the independence of the independent auditors. Representatives
      of D&amp;T and E&amp;Y, as applicable, are expected to be present at the Meetings and
      will have an opportunity to make a statement if they so desire and to respond
      to questions from Stockholders.</font></td>
  </tr></table>


<p>
<table cellspacing=0 cellpadding=0 width="600" border="0">
  <tr valign="bottom">
    <td height="66" width="170"> <b><font size="1">Fund</font></b>
      <hr width="20%" size="1" noshade align="left">
    </td>
    <td align="center" height="66" width="75"> <b><font size="1">Independent <br>
      Auditors </font></b>
      <hr width="80%" size="1" noshade align="center">
    </td>
    <td align="center" height="66" width="66"> <b><font size="1">Audit Fees <br>
      Charged <br>
      to the Fund </font></b>
      <hr width="80%" size="1" noshade align="center">
    </td>
    <td align="center" height="66" colspan="2"> <b><font size="1">Other Audit
      <br>
      Related <br>
      Fees Charged <br>
      to the Fund </font></b>
      <hr width="80%" size="1" noshade align="center">
    </td>
    <td align="center" height="66" width="77"> <b><font size="1">Other <br>
      Fees&#134; </font></b>
      <hr width="50%" size="1" noshade align="center">
    </td>
    <td align="center" height="66" colspan="2"> <b><font size="1">Fiscal <br>
      Year End </font></b>
      <hr width="40%" size="1" noshade align="center">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="170"> <font size="2">MuniHoldings II</font></td>
    <td align="center" width="75"> <font size="2">E&amp;Y</font></td>
    <td align="center" width="66"> <font size="2">$37,275</font></td>
    <td align="right" width="56"> <font size="2">$16,740</font></td>
    <td align="left" width="10"><font size="2">*</font></td>
    <td align="center" width="77"> <font size="2">&#151;</font></td>
    <td align="right" width="118"> <font size="2">July 31, 2002</font></td>
    <td align="right" width="28">&nbsp;&nbsp;&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="170"> <font size="2">MuniHoldings NJ Ins</font></td>
    <td align="center" width="75"> <font size="2">E&amp;Y</font></td>
    <td align="center" width="66"> <font size="2">$37,275</font></td>
    <td align="right" width="56"> <font size="2">$16,740</font></td>
    <td align="left" width="10"><font size="2">*</font></td>
    <td align="center" width="77"> <font size="2">&#151;</font></td>
    <td align="right" width="118"> <font size="2">July 31, 2002</font></td>
    <td align="right" width="28">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="170"> <font size="2">MuniHoldings NY Ins</font></td>
    <td align="center" width="75"> <font size="2">D&amp;T</font></td>
    <td align="center" width="66"> <font size="2">$24,800</font></td>
    <td align="right" width="56"> <font size="2">$23,050</font></td>
    <td align="left" width="10">&nbsp;</td>
    <td align="center" width="77"> <font size="2">$5,441,400</font></td>
    <td align="right" width="118"> <font size="2">August 31, 2002</font></td>
    <td align="right" width="28">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="170"> <font size="2">MuniVest</font></td>
    <td align="center" width="75"> <font size="2">D&amp;T</font></td>
    <td align="center" width="66"> <font size="2">$34,600</font></td>
    <td align="right" width="56"> <font size="2">$23,050</font></td>
    <td align="left" width="10">&nbsp;</td>
    <td align="center" width="77"> <font size="2">$5,441,400</font></td>
    <td align="right" width="118"> <font size="2">August 31, 2002</font></td>
    <td align="right" width="28">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="170"> <font size="2">MuniVest II</font></td>
    <td align="center" width="75"> <font size="2">D&amp;T</font></td>
    <td align="center" width="66"> <font size="2">$30,600</font></td>
    <td align="right" width="56"> <font size="2">$20,400</font></td>
    <td align="left" width="10">&nbsp;</td>
    <td align="center" width="77"> <font size="2">$5,441,400</font></td>
    <td align="right" width="118"> <font size="2">October 31, 2002</font></td>
    <td align="right" width="28">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="170"> <font size="2">MuniHoldings FL Ins</font></td>
    <td align="center" width="75"> <font size="2">D&amp;T</font></td>
    <td align="center" width="66"> <font size="2">$24,800</font></td>
    <td align="right" width="56"> <font size="2">$23,050</font></td>
    <td align="left" width="10">&nbsp;</td>
    <td align="center" width="77"> <font size="2">$5,441,400</font></td>
    <td align="right" width="118"> <font size="2">August 31, 2002</font></td>
    <td align="right" width="28">&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=4% valign=top><b><font size="1">&#134;</font></b></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="1">Includes fees billed for non-audit services rendered
      to each Fund, FAM and any entity controlling, controlled by, or under common
      control with FAM, during the year ended December 31, 2001.</font></td>
  </tr>
  <tr>
    <td width=4% valign=top><font size="1">* </font></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="1">Other audit related fees charged to the fund
      includes $4,740 per fund in tax return review fees and $12,000 per fund
      in other audit related services. Audit fees charged to other funds within
      the complex total $524,130. Tax return review fees and fees for other audit
      related services for those funds were $154,770, respectively. </font></td>
  </tr>
</table>

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

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

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

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Each Fund will
      furnish, without charge, a copy of its Annual Report for the Fund&#146;s
      last fiscal year to any Stockholder upon request.</b> Such requests should
      be directed to the applicable Fund, P.O. Box 9011, Princeton, New Jersey
      08543-9011, Attention: Brian D. Stewart, Secretary, or to 1-800-637-3863.
       </font></td>
  </tr></table>

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

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a stockholder of any Fund
      intends to present a proposal at the 2004 Annual Meeting of Stockholders
      of such Fund, each of which is anticipated to be held in January 2004, 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 August 19, 2003. The persons named
      as proxies in the proxy materials for each Fund&#146;s 2004 Annual Meetings
      of Stockholders may exercise discretionary authority with respect to any
      stockholder proposal presented at such meeting if written notice of such
      proposal has not been received by the Fund by November 5, 2003. Written
      proposals and notices should be sent to the Secretary of the applicable
      Fund (addressed to 800 Scudders Mill Road, Plainsboro, New Jersey 08536).
      </font></td>
  </tr></table>

<P>
<table width=600 border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width=51% valign=top>&nbsp;</td>
    <td width=49% valign=top><font size=2>By Order of the Boards of Directors</font></td>
  </tr>
  <tr>
    <td width=51% valign=top>&nbsp;</td>
    <td width=49% valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td width=51% valign=top><font size=2> </font></td>
    <td width=49% valign=top><font size=2>B<font size="1">RIAN</font>
      D. S<font size="1">TEWART</font><br>
      <i>Secretary of MuniHoldings Fund II, Inc., <br>
      MuniHoldings New Jersey Insured Fund, Inc.,<br>
      MuniHoldings New York Insured Fund, Inc., <br>
      MuniVest Fund, Inc., MuniVest Fund II, Inc. and <br>
      MuniHoldings Florida Insured Fund </i></font></td>
  </tr>
</table>
<p></P>

<p><table width=600><tr>
    <td><font size=2>Dated: December 16, 2002 </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">
11</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 PAGE="sheet: 1; page: 1" -->
<p>&nbsp;
<table width=600>
  <tr align="center">
    <td><font size=2>(This page intentionally left blank.)</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </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 PAGE="sheet: 1; page: 1" --> <br>
  <br>
<table width=600><tr><td align=right><font size=2><B>Exhibit A</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defined terms used
      herein and not otherwise defined shall have the same meanings attributed
      thereto in the Combined Proxy Statement to which these Exhibits are attached.</font></td>
  </tr></table>

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

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


<P>
<TABLE 0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
  <TR valign="bottom">
    <TD WIDTH="194"><font size=2></font></TD>
    <TD align="center" WIDTH="143">&nbsp;</TD>
    <TD align="center" WIDTH="85">&nbsp;</TD>
    <TD align="center" WIDTH="97">&nbsp;</TD>
    <TD align="center" WIDTH="79">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="194"> <b><font size="1"> Fund</font></b>
      <hr noshade align="left" size="1" width="12%">
    </TD>
    <TD align="center" WIDTH="143"> <b><font size="1"> Defined<br>
      Term </font></b>
      <hr noshade size="1" width="25%">
    </TD>
    <TD align="center" WIDTH="85"> <b><font size="1"> Fiscal<br>
      Year End </font></b>
      <hr noshade size="1" width="50%">
    </TD>
    <TD align="center" WIDTH="97"> <b><font size="1"> State of<br>
      Organization </font></b>
      <hr noshade size="1" width="60%">
    </TD>
    <TD align="center" WIDTH="79"> <b><font size="1"> Meeting<br>
      Time </font></b>
      <hr noshade size="1" width="45%">
    </TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="194"> <FONT SIZE=2> MuniHoldings Fund II, Inc.</FONT></TD>
    <TD WIDTH="143"> <FONT SIZE=2> MuniHoldings II</FONT></TD>
    <TD WIDTH="85" align="center"> <FONT SIZE=2> July 31</FONT></TD>
    <TD WIDTH="97" align="center"> <FONT SIZE=2> MD</FONT></TD>
    <TD WIDTH="79" align="center"> <FONT SIZE=2> 9:00 A.M.</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="194"> <FONT SIZE=2> MuniHoldings New Jersey<br>
      &nbsp;&nbsp;Insured Fund, Inc.</FONT></TD>
    <TD WIDTH="143"> <FONT SIZE=2> MuniHoldings NJ Ins</FONT></TD>
    <TD WIDTH="85" align="center"> <FONT SIZE=2> July 31</FONT></TD>
    <TD WIDTH="97" align="center"> <FONT SIZE=2> MD</FONT></TD>
    <TD WIDTH="79" align="center"> <FONT SIZE=2> 9:30 A.M.</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="194"> <FONT SIZE=2> MuniHoldings New York<br>
      &nbsp;&nbsp;Insured Fund, Inc.</FONT></TD>
    <TD WIDTH="143"> <FONT SIZE=2> MuniHoldings NY Ins</FONT></TD>
    <TD WIDTH="85" align="center"> <FONT SIZE=2> August 31</FONT></TD>
    <TD WIDTH="97" align="center"> <FONT SIZE=2> MD</FONT></TD>
    <TD WIDTH="79" align="center"> <FONT SIZE=2> 10:00 A.M.</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="194"> <FONT SIZE=2> MuniVest Fund, Inc.</FONT></TD>
    <TD WIDTH="143"> <FONT SIZE=2> MuniVest I</FONT></TD>
    <TD WIDTH="85" align="center"> <FONT SIZE=2> August 31</FONT></TD>
    <TD WIDTH="97" align="center"> <FONT SIZE=2> MD</FONT></TD>
    <TD WIDTH="79" align="center"> <FONT SIZE=2> 10:30 A.M.</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="194"> <FONT SIZE=2> MuniVest Fund II, Inc.</FONT></TD>
    <TD WIDTH="143"> <FONT SIZE=2> MuniVest II</FONT></TD>
    <TD WIDTH="85" align="center"> <FONT SIZE=2> October 31</FONT></TD>
    <TD WIDTH="97" align="center"> <FONT SIZE=2> MD</FONT></TD>
    <TD WIDTH="79" align="center"> <FONT SIZE=2> 11:00 A.M.</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="194"> <FONT SIZE=2> MuniHoldings Florida <br>
      &nbsp;&nbsp;Insured Fund</FONT></TD>
    <TD WIDTH="143"> <FONT SIZE=2> MuniHoldings FL Ins</FONT></TD>
    <TD WIDTH="85" align="center"> <FONT SIZE=2> August 31</FONT></TD>
    <TD WIDTH="97" align="center"> <FONT SIZE=2> MA</FONT></TD>
    <TD WIDTH="79" align="center"> <FONT SIZE=2> 11:30 A.M.</FONT></TD>
  </TR>
</TABLE>


<P>
<TABLE 0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
  <TR align="center" valign="bottom">
    <TD WIDTH="407">&nbsp; </TD>
    <TD colspan="2"> <b><font size="1"> Shares Outstanding as <br>
      of the Record Date </font> </b>
      <hr noshade size="1" width="70%">
    </TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="407"> <FONT SIZE=1> <b>Fund</b></FONT>
      <hr noshade align="left" size="1" width="5%">
    </TD>
    <TD WIDTH="88" align="center"> <b><font size="1"> Shares</font></b>
      <hr noshade size="1" width="30%">
    </TD>
    <TD WIDTH="103" align="center"> <b><font size="1"> AMPS</font></b>
      <hr noshade size="1" width="30%">
    </TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="407"> <FONT SIZE=2> MuniHoldings II</FONT></TD>
    <td width="103" align="center"> <font size=2> 11,073,334</font></td>
    <TD WIDTH="103" align="center"> <FONT SIZE=2> 3,480</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="407"> <FONT SIZE=2> MuniHoldings NJ Ins</FONT></TD>
    <td width="103" align="center"> <font size=2> 21,038,614</font></td>
    <TD WIDTH="103" align="center"> <FONT SIZE=2> 8,120</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="407"> <FONT SIZE=2> MuniHoldings NY Ins</FONT></TD>
    <td width="103" align="center"> <font size=2> 30,784,615</font></td>
    <TD WIDTH="103" align="center"> <FONT SIZE=2> 12,520</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="407"> <FONT SIZE=2> MuniVest I</FONT></TD>
    <td width="103" align="center"> <font size=2> 61,346,288</font></td>
    <TD WIDTH="103" align="center"> <FONT SIZE=2> 11,000</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="407"> <FONT SIZE=2> MuniVest II</FONT></TD>
    <td width="103" align="center"> <font size=2> 19,907,055</font></td>
    <TD WIDTH="103" align="center"> <FONT SIZE=2> 5,400</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="407"> <FONT SIZE=2> MuniHoldings FL Ins</FONT></TD>
    <td width="103" align="center"> <font size=2> 37,628,598</font></td>
    <TD WIDTH="103" align="center"> <FONT SIZE=2> 14,530</FONT></TD>
  </TR>
</TABLE>




<p><table width=600><tr><td><font size=2><B>Board and Committee Meetings</B></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 Committee meetings held, current annual
and per meeting fees paid to each non-interested Director and the aggregate fees and
expenses paid by each Fund to the non-interested Directors during each Fund&#146;s most
recently completed fiscal year.</font></td></tr></table>

<P>
<TABLE 0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
  <TR valign="bottom">
    <TD WIDTH="143" height="17">&nbsp;</TD>
    <TD align="center" colspan="3" height="17"> <b><font size="1">Board</font></b>
      <hr noshade size="1" width="95%">
    </TD>
    <TD align="center" colspan="4" height="17"> <b><font size="1">Committee</font></b>
      <hr noshade size="1" width="95%">
    </TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="143" rowspan="3"> <b><font size="1">Fund</font></b>
      <hr noshade align="left" size="1" width="15%">
    </TD>
    <TD WIDTH="65" align="center" rowspan="3"> <b><font size="1">No. of <BR>
      Meetings <BR>
      Held* </font></b>
      <hr noshade size="1" width="70%">
    </TD>
    <TD WIDTH="48" align="center" rowspan="3"> <b><font size="1">Annual<BR>
      Fee ($) </font></b>
      <hr noshade size="1" width="70%">
    </TD>
    <TD WIDTH="61" align="center" rowspan="3"> <b><font size="1">Per<BR>
      Meeting<BR>
      Fee ($)** </font></b>
      <hr noshade size="1" width="70%">
    </TD>
    <TD WIDTH="60" align="center" rowspan="3"> <b><font size="1">No. of<br>
      Meetings <br>
      Held* </font></b>
      <hr noshade size="1" width="70%">
    </TD>
    <TD WIDTH="69" align="center" rowspan="3"> <b><font size="1">Annual<BR>
      Fee ($)*** </font></b>
      <hr noshade size="1" width="70%">
    </TD>
    <TD WIDTH="67" align="center" rowspan="3"> <b><font size="1">Per<BR>
      Meeting<BR>
      Fee ($)** </font></b>
      <hr noshade size="1" width="70%">
    </TD>
    <TD WIDTH="85" align="center" rowspan="3"> <b><font size="1">Aggregate<br>
      Fees and<br>
      Expenses ($) </font></b>
      <hr noshade size="1" width="70%">
    </TD>
  </TR>
  <TR valign="bottom"> </TR>
  <TR valign="bottom"> </TR>
  <TR valign="bottom">
    <TD WIDTH="143"> <FONT SIZE=2>MuniHoldings II</FONT></TD>
    <TD WIDTH="65" align="center"> <FONT SIZE=2>5</FONT></TD>
    <TD WIDTH="48" align="center"> <FONT SIZE=2>1,900</FONT></TD>
    <TD WIDTH="61" align="center"> <FONT SIZE=2>150</FONT></TD>
    <td width="65" align="center"> <font size=2>5</font></td>
    <TD WIDTH="69" align="center"> <FONT SIZE=2>1,900</FONT></TD>
    <TD WIDTH="67" align="center"> <FONT SIZE=2>150</FONT></TD>
    <TD WIDTH="85" align="center"> <FONT SIZE=2>30,074</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="143"> <FONT SIZE=2>MuniHoldings NJ Ins</FONT></TD>
    <td width="65" align="center"> <font size=2>5</font></td>
    <TD WIDTH="48" align="center"> <FONT SIZE=2>1,900</FONT></TD>
    <TD WIDTH="61" align="center"> <FONT SIZE=2>150</FONT></TD>
    <td width="65" align="center"> <font size=2>5</font></td>
    <TD WIDTH="69" align="center"> <FONT SIZE=2>1,900</FONT></TD>
    <TD WIDTH="67" align="center"> <FONT SIZE=2>150</FONT></TD>
    <TD WIDTH="85" align="center"> <FONT SIZE=2>30,120</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="143"> <FONT SIZE=2>MuniHoldings NY Ins</FONT></TD>
    <td width="65" align="center"> <font size=2>5</font></td>
    <TD WIDTH="48" align="center"> <FONT SIZE=2>1,900</FONT></TD>
    <TD WIDTH="61" align="center"> <FONT SIZE=2>150</FONT></TD>
    <td width="65" align="center"> <font size=2>5</font></td>
    <TD WIDTH="69" align="center"> <FONT SIZE=2>1,900</FONT></TD>
    <TD WIDTH="67" align="center"> <FONT SIZE=2>150</FONT></TD>
    <TD WIDTH="85" align="center"> <FONT SIZE=2>30,927</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="143"> <FONT SIZE=2>MuniVest I</FONT></TD>
    <td width="65" align="center"> <font size=2>5</font></td>
    <TD WIDTH="48" align="center"> <FONT SIZE=2>1,900</FONT></TD>
    <TD WIDTH="61" align="center"> <FONT SIZE=2>150</FONT></TD>
    <td width="65" align="center"> <font size=2>5</font></td>
    <TD WIDTH="69" align="center"> <FONT SIZE=2>1,900</FONT></TD>
    <TD WIDTH="67" align="center"> <FONT SIZE=2>150</FONT></TD>
    <TD WIDTH="85" align="center"> <FONT SIZE=2>30,038</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="143"> <FONT SIZE=2>MuniVest II</FONT></TD>
    <td width="65" align="center"> <font size=2>5</font></td>
    <TD WIDTH="48" align="center"> <FONT SIZE=2>1,900</FONT></TD>
    <TD WIDTH="61" align="center"> <FONT SIZE=2>150</FONT></TD>
    <td width="65" align="center"> <font size=2>5</font></td>
    <TD WIDTH="69" align="center"> <FONT SIZE=2>1,900</FONT></TD>
    <TD WIDTH="67" align="center"> <FONT SIZE=2>150</FONT></TD>
    <TD WIDTH="85" align="center"> <FONT SIZE=2>30,400</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="143"> <FONT SIZE=2>MuniHoldings FL Ins</FONT></TD>
    <td width="65" align="center"> <font size=2>5</font></td>
    <TD WIDTH="48" align="center"> <FONT SIZE=2>1,900</FONT></TD>
    <TD WIDTH="61" align="center"> <FONT SIZE=2>150</FONT></TD>
    <td width="65" align="center"> <font size=2>5</font></td>
    <TD WIDTH="69" align="center"> <FONT SIZE=2>1,900</FONT></TD>
    <TD WIDTH="67" align="center"> <FONT SIZE=2>150</FONT></TD>
    <TD WIDTH="85" align="center"> <FONT SIZE=2>30,105</FONT></TD>
  </TR>
</TABLE>


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

<table width=600><tr><td width=4% align=right valign=top><font size="1">* </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Includes
telephonic meetings.</font></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">** </font></td><td width=2%><font size="1"></font></td>
    <td width=94%><font size="1">The fee is payable for each meeting attended
      in person. A fee is not paid for telephonic meetings. </font></td>
  </tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">*** </font></td><td width=2%><font size="1"></font></td>
    <td width=94%><font size="1">Does not include the additional $1,000 fee paid
      to the Co-Chairmen of the 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-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>
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<p>&nbsp;
<table width=600>
  <tr align="center">
    <td><font size=2>(This page intentionally left blank.)</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </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 PAGE="sheet: 1; page: 1" -->
<p>&nbsp;
<p><table width=600><tr>
    <td align=right><font size=2><b></b><B>Exhibit B</B></font></td>
  </tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2><B>INFORMATION PERTAINING TO THE DIRECTOR NOMINEES</B></font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2><B>Year in Which Each Nominee of Each Fund
Became a Director</B></font></td></tr></table>

<P>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=600>
  <TR valign="bottom">
    <TD WIDTH="116">&nbsp;</TD>
    <TD align="center" WIDTH="81"> <FONT SIZE=2>
      <P><b><font size="1">MV I</font></b>
      </FONT>
      <hr noshade size="1" width="30%">
    </TD>
    <TD align="center" WIDTH="80"> <FONT SIZE=2>
      <P><b><font size="1">MV II</font></b>
      </FONT>
      <hr noshade size="1" width="30%">
    </TD>
    <TD align="center" WIDTH="76"> <FONT SIZE=2>
      <P><b><font size="1">MH II</font></b>
      </FONT>
      <hr noshade size="1" width="35%">
    </TD>
    <TD align="center" WIDTH="79"> <FONT SIZE=2>
      <P><b><font size="1">MH NY Ins</font></b>
      </FONT>
      <hr noshade size="1" width="60%">
    </TD>
    <TD align="center" WIDTH="84"> <FONT SIZE=2>
      <P><b><font size="1">MH NJ Ins</font></b>
      </FONT>
      <hr noshade size="1" width="55%">
    </TD>
    <TD align="center" WIDTH="84"> <FONT SIZE=2>
      <P><b><font size="1">MH FL Ins</font></b>
      </FONT>
      <hr noshade size="1" width="55%">
    </TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="116"> <FONT SIZE=2>
      <P>Forbes
      </FONT></TD>
    <TD align="center" WIDTH="81"> <FONT SIZE=2>
      <P>1988
      </FONT></TD>
    <TD align="center" WIDTH="80"> <FONT SIZE=2>
      <P>1993
      </FONT></TD>
    <TD align="center" WIDTH="76"> <FONT SIZE=2>
      <P>1998
      </FONT></TD>
    <TD align="center" WIDTH="79"> <FONT SIZE=2>
      <P>1997
      </FONT></TD>
    <TD align="center" WIDTH="84"> <FONT SIZE=2>
      <P>1998
      </FONT></TD>
    <TD align="center" WIDTH="84"> <FONT SIZE=2>
      <P>1997
      </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="116"> <FONT SIZE=2>
      <P>Glenn
      </FONT></TD>
    <TD align="center" WIDTH="81"> <FONT SIZE=2>
      <P>1999
      </FONT></TD>
    <TD align="center" WIDTH="80"> <FONT SIZE=2>
      <P>1999
      </FONT></TD>
    <TD align="center" WIDTH="76"> <FONT SIZE=2>
      <P>1999
      </FONT></TD>
    <TD align="center" WIDTH="79"> <FONT SIZE=2>
      <P>1999
      </FONT></TD>
    <TD align="center" WIDTH="84"> <FONT SIZE=2>
      <P>1999
      </FONT></TD>
    <TD align="center" WIDTH="84"> <FONT SIZE=2>
      <P>1999
      </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="116"> <FONT SIZE=2>
      <P>Montgomery
      </FONT></TD>
    <TD align="center" WIDTH="81"> <FONT SIZE=2>
      <P>1993
      </FONT></TD>
    <TD align="center" WIDTH="80"> <FONT SIZE=2>
      <P>1993
      </FONT></TD>
    <TD align="center" WIDTH="76"> <FONT SIZE=2>
      <P>1998
      </FONT></TD>
    <TD align="center" WIDTH="79"> <FONT SIZE=2>
      <P>1997
      </FONT></TD>
    <TD align="center" WIDTH="84"> <FONT SIZE=2>
      <P>1998
      </FONT></TD>
    <TD align="center" WIDTH="84"> <FONT SIZE=2>
      <P>1997
      </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="116"> <FONT SIZE=2>
      <P>Reilly
      </FONT></TD>
    <TD align="center" WIDTH="81"> <FONT SIZE=2>
      <P>1990
      </FONT></TD>
    <TD align="center" WIDTH="80"> <FONT SIZE=2>
      <P>1993
      </FONT></TD>
    <TD align="center" WIDTH="76"> <FONT SIZE=2>
      <P>1998
      </FONT></TD>
    <TD align="center" WIDTH="79"> <FONT SIZE=2>
      <P>1997
      </FONT></TD>
    <TD align="center" WIDTH="84"> <FONT SIZE=2>
      <P>1998
      </FONT></TD>
    <TD align="center" WIDTH="84"> <FONT SIZE=2>
      <P>1997
      </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="116"> <FONT SIZE=2>
      <P>Ryan
      </FONT></TD>
    <TD align="center" WIDTH="81"> <FONT SIZE=2>
      <P>1992
      </FONT></TD>
    <TD align="center" WIDTH="80"> <FONT SIZE=2>
      <P>1993
      </FONT></TD>
    <TD align="center" WIDTH="76"> <FONT SIZE=2>
      <P>1998
      </FONT></TD>
    <TD align="center" WIDTH="79"> <FONT SIZE=2>
      <P>1997
      </FONT></TD>
    <TD align="center" WIDTH="84"> <FONT SIZE=2>
      <P>1998
      </FONT></TD>
    <TD align="center" WIDTH="84"> <FONT SIZE=2>
      <P>1997
      </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="116"> <FONT SIZE=2>
      <P>Suddarth
      </FONT></TD>
    <TD align="center" WIDTH="81"> <FONT SIZE=2>
      <P>2000
      </FONT></TD>
    <TD align="center" WIDTH="80"> <FONT SIZE=2>
      <P>2000
      </FONT></TD>
    <TD align="center" WIDTH="76"> <FONT SIZE=2>
      <P>2000
      </FONT></TD>
    <TD align="center" WIDTH="79"> <FONT SIZE=2>
      <P>2000
      </FONT></TD>
    <TD align="center" WIDTH="84"> <FONT SIZE=2>
      <P>2000
      </FONT></TD>
    <TD align="center" WIDTH="84"> <FONT SIZE=2>
      <P>2000
      </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="116"> <FONT SIZE=2>
      <P>West
      </FONT></TD>
    <TD align="center" WIDTH="81"> <FONT SIZE=2>
      <P>1988
      </FONT></TD>
    <TD align="center" WIDTH="80"> <FONT SIZE=2>
      <P>1993
      </FONT></TD>
    <TD align="center" WIDTH="76"> <FONT SIZE=2>
      <P>1998
      </FONT></TD>
    <TD align="center" WIDTH="79"> <FONT SIZE=2>
      <P>1997
      </FONT></TD>
    <TD align="center" WIDTH="84"> <FONT SIZE=2>
      <P>1998
      </FONT></TD>
    <TD align="center" WIDTH="84"> <FONT SIZE=2>
      <P>1997
      </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="116"> <FONT SIZE=2>
      <P>Zinbarg
      </FONT></TD>
    <TD align="center" WIDTH="81"> <FONT SIZE=2>
      <P>2000
      </FONT></TD>
    <TD align="center" WIDTH="80"> <FONT SIZE=2>
      <P>2000
      </FONT></TD>
    <TD align="center" WIDTH="76"> <FONT SIZE=2>
      <P>2000
      </FONT></TD>
    <TD align="center" WIDTH="79"> <FONT SIZE=2>
      <P>2000
      </FONT></TD>
    <TD align="center" WIDTH="84"> <FONT SIZE=2>
      <P>2000
      </FONT></TD>
    <TD align="center" WIDTH="84"> <FONT SIZE=2>
      <P>2000
      </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="116"><font size=2></font></TD>
    <TD align="center" WIDTH="81">&nbsp;</TD>
    <TD align="center" WIDTH="80">&nbsp;</TD>
    <TD align="center" WIDTH="76">&nbsp;</TD>
    <TD align="center" WIDTH="79">&nbsp;</TD>
    <TD align="center" WIDTH="84">&nbsp;</TD>
    <TD align="center" WIDTH="84">&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">
B-1</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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




<p><table width=600><tr>
    <td><font size=2><B>Ownership of Shares and AMPS as of the Record
      Date</B></font></td>
  </tr></table>

<P>
<table 0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="153">
      <p><font size="1"><b>Name</b> </font>
      <hr noshade align="left" width="15%" size="1">
    </td>
    <td align="center" width="130">
      <p></p>
    </td>
    <td align="center" width="44">
      <p><font size="1"><b>No. of<br>
        Shares </b> </font>
      <hr noshade size="1" width="80%">
    </td>
    <td align="center" width="43">
      <p><font size="1"><b>No. of<br>
        AMPS</b> </font>
      <hr noshade size="1" width="80%">
    </td>
    <td align="center" width="93">
      <p><font size="1"><b>Aggregate<br>
        Dollar<br>
        Range of<br>
        Equity in<br>
        the Fund</b> </font>
      <hr noshade size="1" width="50%">
    </td>
    <td align="center" width="137">
      <p><font size="1"><b>Aggregate Dollar Range of<br>
        Securities in all FAM/MLIM-<br>
        Advised Funds overseen by<br>
        each Director Nominee in the<br>
        Merrill Lynch Family of Funds</b> </font>
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="153"> <font size=2>
      <p><i>Interested Director:</i>
      </font></td>
    <td valign="TOP" width="130">&nbsp;</td>
    <td valign="TOP" align="center" width="44">&nbsp;</td>
    <td valign="TOP" align="center" width="43">&nbsp;</td>
    <td valign="TOP" align="center" width="93">&nbsp;</td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153"> <font size=2>
      <p>&nbsp;&nbsp;Terry K. Glenn
      </font></td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings II
      </font></td>
    <td valign="TOP" align="center" width="44"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="43"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="93"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="137"> <font size=2>
      <p>over $100,000
      </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings NJ Ins
      </font></td>
    <td valign="TOP" align="center" width="44"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="43"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="93"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings NY Ins
      </font></td>
    <td valign="TOP" align="center" width="44"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="43"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="93"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniVest I
      </font></td>
    <td valign="TOP" align="center" width="44"><font size="2">24,616</font></td>
    <td valign="TOP" align="center" width="43"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="93"><font size="2">over $100,000</font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniVest II
      </font></td>
    <td valign="TOP" align="center" width="44"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="43"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="93"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings FL Ins
      </font></td>
    <td valign="TOP" align="center" width="44"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="43"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="93"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153"> <font size=2>
      <p><i>Non-Interested Directors:</i>
      </font></td>
    <td valign="TOP" width="130">&nbsp;</td>
    <td valign="TOP" align="center" width="44">&nbsp;</td>
    <td valign="TOP" align="center" width="43">&nbsp;</td>
    <td valign="TOP" align="center" width="93">&nbsp;</td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153"> <font size=2>
      <p>&nbsp;&nbsp;Ronald W. Forbes
      </font></td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings II
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p> &nbsp;1,313
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>$10,001-$50,000
      </font></td>
    <td valign="TOP" align="center" width="137"> <font size=2>
      <p>over $100,000
      </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings NJ Ins
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings NY Ins
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>1,163
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>$10,001-$50,000
      </font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniVest I
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>1,147
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>$1-$10,000
      </font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniVest II
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>&nbsp;&nbsp;654
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>$1-$10,000
      </font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings FL Ins
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130">&nbsp;</td>
    <td valign="TOP" align="center" width="44">&nbsp;</td>
    <td valign="TOP" align="center" width="43">&nbsp;</td>
    <td valign="TOP" align="center" width="93">&nbsp;</td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153"> <font size=2>
      <p>&nbsp;&nbsp;Cynthia A. Montgomery
      </font></td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings II
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137"> <font size=2>
      <p>over $100,000
      </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings NJ Ins
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings NY Ins
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniVest I
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniVest II
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings FL Ins
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130">&nbsp;</td>
    <td valign="TOP" align="center" width="44">&nbsp;</td>
    <td valign="TOP" align="center" width="43">&nbsp;</td>
    <td valign="TOP" align="center" width="93">&nbsp;</td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153"> <font size=2>
      <p>&nbsp;&nbsp;Charles C. Reilly
      </font></td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings II
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137"> <font size=2>
      <p>over $100,000
      </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings NJ Ins
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings NY Ins
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniVest I
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniVest II
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>7,765
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>over $100,000
      </font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings FL Ins
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130">&nbsp;</td>
    <td valign="TOP" align="center" width="44">&nbsp;</td>
    <td valign="TOP" align="center" width="43">&nbsp;</td>
    <td valign="TOP" align="center" width="93">&nbsp;</td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153"> <font size=2>
      <p>&nbsp;&nbsp;Kevin A. Ryan
      </font></td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings II
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137"> <font size=2>
      <p>over $100,000
      </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings NJ Ins
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings NY Ins
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniVest I
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniVest II
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings FL Ins
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130">&nbsp;</td>
    <td valign="TOP" align="center" width="44">&nbsp;</td>
    <td valign="TOP" align="center" width="43">&nbsp;</td>
    <td valign="TOP" align="center" width="93">&nbsp;</td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153"> <font size=2>
      <p>&nbsp;&nbsp;Roscoe S. Suddarth
      </font></td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings II
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137"> <font size=2>
      <p>over $100,000
      </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings NJ Ins
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings NY Ins
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniVest I
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniVest II
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings FL Ins
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130">&nbsp;</td>
    <td valign="TOP" align="center" width="44">&nbsp;</td>
    <td valign="TOP" align="center" width="43">&nbsp;</td>
    <td valign="TOP" align="center" width="93">&nbsp;</td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153"> <font size=2>
      <p>&nbsp;&nbsp;Richard R. West
      </font></td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings II
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137"> <font size=2>
      <p>over $100,000
      </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings NJ Ins
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings NY Ins
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniVest I
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniVest II
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings FL Ins
      </font></td>
    <td valign="TOP" align="center" width="44"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="43"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="93"> <font size=2>
      <p>None
      </font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130">&nbsp;</td>
    <td valign="TOP" align="center" width="44">&nbsp;</td>
    <td valign="TOP" align="center" width="43">&nbsp;</td>
    <td valign="TOP" align="center" width="93">&nbsp;</td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153"> <font size=2>
      <p>&nbsp;&nbsp;Edward D. Zinbarg
      </font></td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings II
      </font></td>
    <td valign="TOP" align="center" width="44"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="43"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="93"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="137"> <font size=2>
      <p>over $100,000
      </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings NJ Ins
      </font></td>
    <td valign="TOP" align="center" width="44"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="43"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="93"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings NY Ins
      </font></td>
    <td valign="TOP" align="center" width="44"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="43"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="93"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniVest I
      </font></td>
    <td valign="TOP" align="center" width="44"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="43"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="93"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniVest II
      </font></td>
    <td valign="TOP" align="center" width="44"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="43"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="93"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153">&nbsp;</td>
    <td valign="TOP" width="130"> <font size=2>
      <p>MuniHoldings FL Ins
      </font></td>
    <td valign="TOP" align="center" width="44"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="43"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="93"><font size=2>None</font></td>
    <td valign="TOP" align="center" width="137">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="153"><font size=2></font></td>
    <td valign="TOP" width="130">&nbsp;</td>
    <td valign="TOP" align="center" width="44">&nbsp;</td>
    <td valign="TOP" align="center" width="43">&nbsp;</td>
    <td valign="TOP" align="center" width="93">&nbsp;</td>
    <td valign="TOP" align="center" width="137">&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">
B-2</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 4; page: 4" -->



<p><table width=600><tr><td><font size=2><B>Compensation of Non-Interested Directors</B></font></td></tr></table>

<P>
<table 0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="146"><font size=2></font></td>
    <td width="103" align="center">&nbsp;</td>
    <td width="93" align="center">&nbsp;</td>
    <td width="93" align="center">&nbsp;</td>
    <td width="107" align="center">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="146" rowspan="6">
      <p><b><font size="1">Name</font></b>
      <hr noshade size="1" width="17%" align="left">
    </td>
    <td rowspan="6" align="center"> <b><font size="1"> Compensation<br>
      </font></b><b><font size="1">from each Fund </font></b>
      <hr noshade size="1" width="70%">
    </td>
    <td width="93" rowspan="6" align="center">
      <p><b><font size="1"> Pension or<br>
        </font></b><b><font size="1">Retirement<br>
        </font></b><b><font size="1"> Benefit<br>
        </font></b><b><font size="1"> Accrued<br>
        </font></b><b><font size="1">as Part of<br>
        </font></b><b><font size="1">Fund Expense </font></b>
      <hr noshade size="1" width="70%">
    </td>
    <td width="93" rowspan="6" align="center">
      <p><b><font size="1"> Estimated<br>
        </font></b><b><font size="1">Annual<br>
        </font></b><b><font size="1">Benefits upon<br>
        </font></b><b><font size="1">Retirement </font></b>
      <hr noshade size="1" width="65%">
      <b><font size="1"> </font></b></td>
    <td width="107" rowspan="6" align="center">
      <p><b><font size="1"> Aggregate<br>
        Compensation<br>
        from Fund<br>
        and Other<br>
        FAM/MLIM-<br>
        Advised Funds </font></b>
      <hr noshade size="1" width="60%">
    </td>
  </tr>
  <tr> </tr>
  <tr> </tr>
  <tr> </tr>
  <tr> </tr>
  <tr> </tr>
  <tr valign="bottom">
    <td width="146"> <font size=2>
      <p>Ronald W. Forbes*
      </font></td>
    <td align="center"> <font size=2> $5,000 </font></td>
    <td width="103" align="center"> <font size=2>
      <p>None
      </font></td>
    <td width="93" align="center"> <font size=2>
      <p>None
      </font></td>
    <td width="93" align="center"> <font size=2>
      <p>$293,400
      </font></td>
  </tr>
  <tr valign="bottom">
    <td width="146"> <font size=2>
      <p>Cynthia A. Montgomery
      </font></td>
    <td align="center"> <font size=2> $3,700 </font></td>
    <td width="103" align="center"> <font size=2>
      <p>None
      </font></td>
    <td width="93" align="center"> <font size=2>
      <p>None
      </font></td>
    <td width="93" align="center"> <font size=2>
      <p>$234,567
      </font></td>
  </tr>
  <tr valign="bottom">
    <td width="146"> <font size=2>
      <p>Charles C. Reilly*
      </font></td>
    <td align="center"> <font size=2> $5,000 </font></td>
    <td width="103" align="center"> <font size=2>
      <p>None
      </font></td>
    <td width="93" align="center"> <font size=2>
      <p>None
      </font></td>
    <td width="93" align="center"> <font size=2>
      <p>$293,400
      </font></td>
  </tr>
  <tr valign="bottom">
    <td width="146"> <font size=2>
      <p>Kevin A. Ryan
      </font></td>
    <td align="center"> <font size=2> $4,000 </font></td>
    <td width="103" align="center"> <font size=2>
      <p>None
      </font></td>
    <td width="93" align="center"> <font size=2>
      <p>None
      </font></td>
    <td width="93" align="center"> <font size=2>
      <p>$261,067
      </font></td>
  </tr>
  <tr valign="bottom">
    <td width="146"> <font size=2>
      <p>Roscoe S. Suddarth
      </font></td>
    <td align="center"> <font size=2> $4,000 </font></td>
    <td width="103" align="center"> <font size=2>
      <p>None
      </font></td>
    <td width="93" align="center"> <font size=2>
      <p>None
      </font></td>
    <td width="93" align="center"> <font size=2>
      <p>$250,633
      </font></td>
  </tr>
  <tr valign="bottom">
    <td width="146"> <font size=2>
      <p>Richard R. West
      </font></td>
    <td align="center"> <font size=2> $4,000 </font></td>
    <td width="103" align="center"> <font size=2>
      <p>None
      </font></td>
    <td width="93" align="center"> <font size=2>
      <p>None
      </font></td>
    <td width="93" align="center"> <font size=2>
      <p>$298,567
      </font></td>
  </tr>
  <tr valign="bottom">
    <td width="146"> <font size=2>
      <p>Edward D. Zinbarg
      </font></td>
    <td align="center"> <font size=2> $4,000 </font></td>
    <td width="103" align="center"> <font size=2>
      <p>None
      </font></td>
    <td width="93" align="center"> <font size=2>
      <p>None
      </font></td>
    <td width="93" align="center"> <font size=2>
      <p>$250,633
      </font></td>
  </tr>
  <tr valign="bottom">
    <td width="146"><font size=2></font></td>
    <td align="center">&nbsp;</td>
    <td width="103" align="center">&nbsp;</td>
    <td width="93" align="center">&nbsp;</td>
    <td width="93" align="center">&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=4% valign=top><font size="1">* </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Co-Chairman
of each Fund&#146;s 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">
B-3</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 5; page: 5" -->
<p>&nbsp;
<table width=600>
  <tr align="center">
    <td><font size=2>(This page intentionally left blank.)</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </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 PAGE="sheet: 1; page: 1" -->
<p>&nbsp;
<p><table width=600><tr><td align=right><font size=2><B>Exhibit C</B></font></td></tr></table>

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

<P>
<TABLE 0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
  <TR>
    <TD VALIGN="bottom" WIDTH="129" align="left">&nbsp;</TD>
    <TD VALIGN="bottom" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="bottom" align="center" WIDTH="120">&nbsp;</TD>
    <TD VALIGN="bottom" align="center" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="bottom" align="center" WIDTH="171">&nbsp;</TD>
    <TD VALIGN="bottom" align="center" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="bottom" align="center" WIDTH="79">&nbsp;</TD>
    <TD VALIGN="bottom" align="center" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="bottom" align="center" WIDTH="61">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="bottom" WIDTH="129" align="left">
      <P><font size="1"><b>Name, Address* and Age </b></font>
      <hr noshade size="1">
    </TD>
    <TD VALIGN="bottom" WIDTH="10"><font size="1"></font></TD>
    <TD VALIGN="bottom" align="center" WIDTH="120">
      <P><font size="1"><b>Position(s) Held with <br>
        applicable Fund <br>
        Term of Office** and <br>
        Length of Time Served </b></font>
      <hr noshade size="1">
    </TD>
    <TD VALIGN="bottom" align="center" WIDTH="10"><font size="1"></font></TD>
    <TD VALIGN="bottom" align="center" WIDTH="171">
      <P><font size="1"><b>Principal Occupation(s) During <BR>
        Past Five Years </b></font>
      <hr noshade size="1">
    </TD>
    <TD VALIGN="bottom" align="center" WIDTH="10"><font size="1"></font></TD>
    <TD VALIGN="bottom" align="center" WIDTH="79">
      <P><font size="1"><b>Number of <br>
        FAM/MLIM- <br>
        Advised Funds <br>
        Overseen </b></font>
      <hr noshade size="1">
    </TD>
    <TD VALIGN="bottom" align="center" WIDTH="10"><font size="1"></font></TD>
    <TD VALIGN="bottom" align="center" WIDTH="61">
      <P><font size="1"><b>Public <br>
        Directorships </b></font>
      <hr noshade size="1">
    </TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="129">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="120">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="171">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="79">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="61">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="129"> <FONT SIZE=2>
      <P>Terry K. Glenn (62)
      </FONT></TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="120"> <FONT SIZE=2>
      <P>President&#134; of each Fund since 1999.
      </FONT></TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="171"> <FONT SIZE=2>
      <P>Chairman (Americas Region) since 2000 and Executive Vice President since
        1983 of FAM and MLIM; President of Merrill Lynch Mutual Funds since 1999;
        President of FAMD since 1986 and Director thereof since 1991; Executive
        Vice President and Director of Princeton Services since 1993; President
        of Princeton Administrators since 1988; Director of Financial Data Services,
        Inc. since 1985.
      </FONT></TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="79"> <FONT SIZE=2>
      <P>117 registered investment companies consisting of 162 portfolios
      </FONT></TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="61"> <FONT SIZE=2>
      <P>None
      </FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="129">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="120">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="171">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="79">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="61">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="129"> <FONT SIZE=2>
      <P>Donald C. Burke (42)
      </FONT></TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="120"> <FONT SIZE=2>
      <P>Treasurer of each Fund since 1999 and Vice President of each Fund as
        follows: MuniHoldings II since1998; MuniHoldings NJ Ins since 1998; MuniHoldings
        NY Ins since 1997; MuniVest I since 1993; MuniVest II since 1993; MuniHoldings
        FL Ins since 1997
      </FONT></TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="171"> <FONT SIZE=2>
      <P>First Vice President of FAM and MLIM since 1997 and Treasurer thereof
        since 1999; Senior Vice President and Treasurer of Princeton Services
        since 1999; Vice President of FAMD since 1999; Vice President of FAM and
        MLIM from 1990 to 1997; Director of Taxation of MLIM since 1990.
      </FONT></TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="79"> <FONT SIZE=2>
      <P>117 registered investment companies consisting of 162 portfolios
      </FONT></TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="61"> <FONT SIZE=2>
      <P>None
      </FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="129">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="120">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="171">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="79">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="61">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="129"> <FONT SIZE=2>
      <P>Kenneth A. Jacob (50)
      </FONT></TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="120"> <FONT SIZE=2>
      <P>Senior Vice President of each Fund since 2002
      </FONT></TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="171"> <FONT SIZE=2>
      <P>Managing Director of MLIM since 2001; First Vice President of MLIM from
        1997 to 2001; Vice President of MLIM from 1984 to 1997.
      </FONT></TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="79"> <FONT SIZE=2>
      <P>38 registered investment companies consisting of 51 portfolios
      </FONT></TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="61"> <FONT SIZE=2>
      <P>None
      </FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="129">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="120">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="171">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="79">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="61">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="129"> <FONT SIZE=2>
      <P>John M. Loffredo (38)
      </FONT></TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="120"> <FONT SIZE=2>
      <P>Senior Vice President of each Fund since 2002
      </FONT></TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="171"> <FONT SIZE=2>
      <P>Managing Director of MLIM since 2000; First Vice President of MLIM from
        1997 to 2000; Vice President of MLIM from 1991 to 1997; Portfolio Manager
        of FAM and MLIM since 1997.
      </FONT></TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="79"> <FONT SIZE=2>
      <P>38 registered investment companies consisting&nbsp;of 51 portfolios
      </FONT></TD>
    <TD VALIGN="TOP" WIDTH="10">&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="61"> <FONT SIZE=2>
      <P>None
      </FONT></TD>
  </TR>
  <tr>
    <td valign="TOP" width="155">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="93">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="173">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="75">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="62">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="155"> <font size=2>
      <p>Robert A. DiMella, CFA (36)
      </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="93"> <font size=2>
      <p>Vice President of MuniHoldings II since 1998
      </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="173"> <font size=2>
      <p>Vice President of MLIM since 1997; Assistant Vice President of MLIM from
        1995 to 1997; Portfolio Manager of MLIM from 1993 to 1995.
      </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="75"> <font size=2>
      <p>4 registered investment companies consisting&nbsp;of 4 portfolios
      </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="62"> <font size=2>
      <p>None
      </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">
C-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 PAGE="sheet: 6; page: 6" -->

<P>
<table 0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="138" align="left"><font size=2></font></td>
    <td width="10">&nbsp;</td>
    <td width="101" align="center">&nbsp;</td>
    <td width="11" align="center">&nbsp;</td>
    <td width="181" align="center">&nbsp;</td>
    <td width="10" align="center">&nbsp;</td>
    <td width="75" align="center">&nbsp;</td>
    <td width="10" align="center">&nbsp;</td>
    <td width="62" align="center">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="138" align="left">
      <p><b><font size="1">Name, Address* and Age </font></b>
      <hr noshade size="1">
    </td>
    <td width="10"><b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width="101" align="center">
      <p><b><font size="1">Position(s) Held <br>
        with each <br>
        Fund and Length <br>
        of Time Served** </font></b>
      <hr noshade size="1">
    </td>
    <td width="11" align="center"><b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width="181" align="center">
      <p><b><font size="1">Principal Occupation(s) During <br>
        Past Five Years  </font></b>
      <hr noshade size="1">
    </td>
    <td width="10" align="center"><b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width="75" align="center">
      <p><b><font size="1">Number of <br>
        FAM/MLIM- <br>
        Advised Funds <br>
        Overseen </font></b>
      <hr noshade size="1">
    </td>
    <td width="10" align="center"><b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td width="62" align="center">
      <p><b><font size="1">Public <br>
        Directorships </font></b>
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="138"> <font size=2>
      <p>Theodore R. Jaeckel (42)
      </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="101"> <font size=2>
      <p>Vice President and Portfolio Manager of MuniHoldings NJ Ins since 2002
      </font></td>
    <td valign="TOP" width="11">&nbsp;</td>
    <td valign="TOP" width="181"> <font size=2>
      <p>Director (Municipal Tax-Exempt Fund Management) of FAM since 1997; Vice
        President of FAM since 1991.
      </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="75"> <font size=2>
      <p>6 registered investment companies consisting of 6 portfolios
      </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="62"><font size=2>None </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="138">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="101">&nbsp;</td>
    <td valign="TOP" width="11">&nbsp;</td>
    <td valign="TOP" width="181">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="75">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="62">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="138"> <font size=2>
      <p>Robert D. Sneeden (48)
      </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="101"> <font size=2>
      <p>Vice President and Portfolio Manager of MuniHoldings FL Ins since 1997
      </font></td>
    <td valign="TOP" width="11">&nbsp;</td>
    <td valign="TOP" width="181"> <font size=2>
      <p>Assistant Vice President and Portfolio Manager of MLIM since 1994; Vice
        President of Lehman Brothers from 1990 to 1994.
      </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="75"> <font size=2>
      <p>6 registered investment companies consisting of 6 portfolios
      </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="62"><font size=2>None </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="138">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="101">&nbsp;</td>
    <td valign="TOP" width="11">&nbsp;</td>
    <td valign="TOP" width="181">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="75">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="62">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="138"> <font size=2>
      <p>Fred K. Steube (50)
      </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="101"> <font size=2>
      <p>Vice President of MuniVest I since 1989 and Vice President of MuniVest
        II since 1993
      </font></td>
    <td valign="TOP" width="11">&nbsp;</td>
    <td valign="TOP" width="181"> <font size=2>
      <p>Vice President of MLIM <br>
        since 1989.
      </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="75"> <font size=2>
      <p>4 registered investment companies consisting of 4 portfolios
      </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="62"><font size=2>None </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="138">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="101">&nbsp;</td>
    <td valign="TOP" width="11">&nbsp;</td>
    <td valign="TOP" width="181">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="75">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="62">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="138"> <font size=2>
      <p>Roberto W. Roffo (34)
      </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="101"> <font size=2>
      <p>Vice President and Portfolio Manager of MuniHoldings NY Ins since 1999
      </font></td>
    <td valign="TOP" width="11">&nbsp;</td>
    <td valign="TOP" width="181"> <font size=2>
      <p>Vice President of MLIM since 1996; Portfolio Manager of MLIM since 1999.
      </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="75"> <font size=2>
      <p>4 registered investment companies consisting of 4 portfolios
      </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="62"><font size=2>None </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="138">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="101">&nbsp;</td>
    <td valign="TOP" width="11">&nbsp;</td>
    <td valign="TOP" width="181">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="75">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="62">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="138"> <font size=2>
      <p>Brian D. Stewart (33)
      </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="101"> <font size=2>
      <p>Secretary of each Fund since 2002
      </font></td>
    <td valign="TOP" width="11">&nbsp;</td>
    <td valign="TOP" width="181"> <font size=2>
      <p>Vice President of MLIM since 2002; attorney associated with Reed Smith
        LLP from 2001 to 2002; attorney associated with Saul Ewing LLP from 1999
        <br>
        to 2001.
      </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="75"> <font size=2>
      <p>17 registered investment companies consisting of 22 portfolios
      </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="62"> <font size=2>
      <p>None
      </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=4% align=right valign=top><font size="1">* </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">The
address of each officer is P.O. Box 9011, Princeton, New Jersey 08543-9011.</font></td></tr></table>


<table width=600><tr><td width=4% align=right valign=top><font size="1">** </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Elected
by and serves at the pleasure of the Board of Directors of each Fund. </font></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">&#134;</font></td><td width=2%><font size="1"></font></td>
    <td width=94%><font size="1">Prior to 1999 Mr. Glenn 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">
C-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 PAGE="sheet: 7; page: 7" -->



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

<p><table width=600><tr><td><font size=2><B>I. 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=10% valign=top><font size=2>
(a)</FONT></TD><TD width=90% valign=top><font size=2>each
of whom shall not be an &#147;interested person&#147;of the Fund, as defined in Section
2(a)(19) of the Investment Company Act of 1940, as amended, or an &#147;affiliated person&#147;of
the Fund, as described in Section 10A(m) of the Securities Exchange Act of 1934, as
amended (the &#147;1934 Act&#148;);</font></TD></TR></TABLE><p></P>



<P><table width=600><TR><TD width=10% valign=top><font size=2>
(b)</FONT></TD><TD width=90% valign=top><font size=2>each
of whom shall not accept any consulting, advisory, or other compensatory fee from the
Fund (other than fees for serving on the Board of Directors/Trustees or any committee
thereof) or have any other relationship to the Fund that may interfere with the exercise
of such person&#146;s independence from the Fund and Fund management;</font></TD></TR></TABLE><p></P>


<P><table width=600><TR>
    <TD width=10% valign=top><font size=2> (c) </FONT></TD>
    <TD width=90% valign=top><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></P>


<P><table width=600><TR>
    <TD width=10% valign=top><font size=2> (d) </FONT></TD>
    <TD width=90% valign=top><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></P>


<P><table width=600><TR>
    <TD width=10% valign=top><font size=2> (e) </FONT></TD>
    <TD width=90% valign=top><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></P>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit
Committee shall determine whether at least one member of the Audit Committee is a
&#147;financial expert&#148; as defined in rules promulgated by the U.S. Securities and Exchange
Commission (the &#147;SEC&#148;) under the Sarbanes-Oxley Act of 2002 and shall consider whether
any member thereof serves on the audit committee of any other public companies.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>II. 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 Audit Committee, in its
      capacity as a committee of the Board of Directors/Trustees, is directly
      responsible for the appointment, compensation, and oversight of the Fund&#146;s
      independent accountants, including the resolution of disagreements regarding
      financial reporting between Fund management and such independent accountants.
      The Audit Committee should report regularly to the Board of Directors/Trustees
      with respect to the matters described in Section III of this Audit Committee
      Charter. The Fund&#146;s independent accountants report directly to 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">
D-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 PAGE="sheet: 8; page: 8" -->



<p><table width=600><tr>
    <td><font size=2><B>III. 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=10% valign=top><font size=2>
(a)</FONT></TD><TD width=90% valign=top><font size=2>upon
submission of an application form by the Fund&#146;s independent accountants to the
Public Company Accounting Oversight Board, to request: (i) a copy of such application
form; (ii) any material amendments to such application form; and (iii) the written
findings of the Public Company Accounting Oversight Board in connection with that Board&#146;s
inspection of the Fund&#146;s independent accountants;</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
(b) </FONT></TD><TD width=90% valign=top><font size=2>to
preapprove all auditing services to be provided to the Fund by the Fund&#146;s
independent accountants*; </font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
(c) </FONT></TD><TD width=90% valign=top><font size=2>to
preapprove all non-auditing services, including tax services, to be provided to the Fund
by the Fund&#146;s independent accountants in accordance with the 1934 Act; provided,
however, that the preapproval requirement with respect to the provision of non-auditing
services to the Fund by the Fund&#146;s independent accountants may be waived by the
Audit Committee under the circumstances described in the 1934 Act**;</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
(d) </FONT></TD><TD width=90% valign=top><font size=2>to
ensure that the Fund&#146;s independent accountants submit on a periodic basis to the
Audit Committee a formal written statement delineating all relationships between such
independent accountants and the Fund, consistent with Independence Standards Board
Standard No. 1, to actively engage in a dialogue with the Fund&#146;s independent
accountants with respect to any disclosed relationships or services that may affect the
objectivity and independence of such independent accountants 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></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
(e) </FONT></TD><TD width=90% valign=top><font size=2>to
receive and consider specific representations from the Fund&#146;s independent
accountants with respect to the independence of such accountants, audit partner rotation,
and conflicts of interest described in Section 10A(l) of the 1934 Act, and to consider
whether the provision of any non-audit services to the Fund by the Fund&#146;s
independent accountants as described in Section III(c) of this Audit Committee Charter is
compatible with maintaining the independence of those accountants;</font></TD></TR></TABLE><p></P>


<P><table width=600><TR>
    <TD width=10% valign=top><font size=2> (f)</FONT></TD>
    <TD width=90% valign=top><font size=2>to review arrangements for annual and
      special audits and the scope of such audits with the Fund&#146;s independent
      accountants;</font></TD>
  </TR></TABLE><p></P>


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


<table width=600><tr><td width=4% align=right valign=top><font size="1">* </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">The
Audit Committee may delegate to one or more designated members of the Audit Committee the
authority to grant such preapprovals; provided, however, that the Audit Committee shall
not delegate preapproval of the audit required by the 1934 Act. The decisions of any
member or members of the Audit Committee to whom such authority has been given shall be
reported to the full Audit Committee at each of its scheduled meetings.</font></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">** </font></td><td width=2%><font size="1"></font></td>
    <td width=94%><font size="1">The Audit Committee may delegate to one or more
      designated members of the Audit Committee the authority to grant such preapprovals.
      The decisions of any member or members of the Audit Committee to whom such
      authority has been given shall be reported to the full Audit Committee at
      each of its scheduled 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">
D-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 PAGE="sheet: 9; page: 9" -->




<P>
<table width=600>
  <TR>
    <TD width=10% valign=top><font size=2></font></TD>
    <TD width=90% valign=top>&nbsp;</TD>
  </TR>
  <TR>
    <TD width=10% valign=top><font size=2> (g)</FONT></TD>
    <TD width=90% valign=top><font size=2>to review and discuss the Fund&#146;s
      audited financial statements with Fund management;</font></TD>
  </TR>
</TABLE>
<p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
(h) </FONT></TD><TD width=90% valign=top><font size=2>to
discuss with the independent accountants those matters required by Statement of
Accounting Standards Nos. 61 and 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></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
(i) </FONT></TD><TD width=90% valign=top><font size=2>to
cause to be prepared and to review and submit any report, including any recommendation of
the Audit Committee, required by SEC Rules to be included in the Fund&#146;s annual proxy
statement;</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
(j) </FONT></TD><TD width=90% valign=top><font size=2>to
review legal and regulatory matters presented by counsel and the Fund&#146;s independent
accountants that may have a material impact on the Fund&#146;s financial statements;</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
(k) </FONT></TD><TD width=90% valign=top><font size=2>to
establish and administer policies and procedures relating to: (i) the hiring of employees
or former employees of the Fund&#146;s independent accountants; and (ii) the resolution
of any disagreements between Fund management and the Fund&#146;s independent accountants
regarding accounting and/or financial reporting policies and procedures;</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
(l) </FONT></TD><TD width=90% valign=top><font size=2>to
consider with the Fund&#146;s 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></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
(m) </FONT></TD><TD width=90% valign=top><font size=2>to
receive and consider reports from the Fund&#146;s independent accountants regarding: (i)
all critical accounting policies and practices to be used; (ii) all alternative
treatments of financial information within generally accepted accounting principles that
have been discussed with Fund management, ramifications of the use of such alternative
disclosures and treatments, and the treatment preferred by the independent accountants;
and (iii) other material written communications between the independent accountants and
Fund management, such as any management letter or schedule of unadjusted differences;</font></TD></TR></TABLE><p></P>


<P><table width=600><TR><TD width=10% valign=top><font size=2>
(n) </FONT></TD><TD width=90% valign=top><font size=2>to
receive reports from the principal executive officer and the principal financial officer,
or persons performing similar functions, regarding: (i) all significant deficiencies in
the design or operation of Fund internal controls that could adversely affect the Fund&#146;s
ability to record, process, summarize, and report financial data and have identified for
Fund&#146;s independent accountants any material weaknesses in internal controls; (ii)
any fraud, whether or not material, that involves Fund management or other employees who
have a significant role in the Fund&#146;s internal controls; and (iii) whether or not
there were significant changes in the Fund&#146;s internal controls or in other factors
that could significantly affect the Fund&#146;s internal controls subsequent to the date
of their evaluation, including any corrective actions with regard to significant
deficiencies and material weaknesses; </font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
(o) </FONT></TD>
    <TD width=90% valign=top><font size=2>to establish procedures for: (i) the
      receipt, retention, and treatment of complaints received by the Fund regarding
      accounting, internal accounting controls, or auditing matters; and (ii)
      the confidential, anonymous submission of concerns regarding questionable
      accounting or auditing matters;</font></TD>
  </TR></TABLE><p></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">
D-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 PAGE="sheet: 10; page: 10" -->



<P>
<table width=600>
  <TR>
    <TD width=10% valign=top><font size=2></font></TD>
    <TD width=90% valign=top>&nbsp;</TD>
  </TR>
  <TR>
    <TD width=10% valign=top><font size=2> (p)</FONT></TD>
    <TD width=90% valign=top><font size=2>to discuss with Fund management and
      the Fund&#146;s independent auditors policies with respect to risk assessment
      and risk management and the quality and adequacy of the Fund&#146;s internal
      controls and processes that could materially affect the Fund&#146;s financial
      statements and financial reporting;</font></TD>
  </TR>
</TABLE>
<p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
(q) </FONT></TD><TD width=90% valign=top><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;</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
(r) </FONT></TD><TD width=90% valign=top><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; and</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
(s) </FONT></TD><TD width=90% valign=top><font size=2>to
perform such other functions consistent with this Audit Committee Charter, the Fund&#146;s
Articles of Incorporation or Declaration of Trust, as applicable, the Fund&#146;s
By-laws, and applicable law, as the Audit Committee or the Board of Directors/Trustees
deems necessary or appropriate.</font></TD></TR></TABLE><p></P>



<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In fulfilling
their responsibilities under this Audit Committee Charter, it is recognized that members
of the Audit Committee are not full-time employees of the Fund. 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. 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;Fund management is
responsible for maintaining appropriate systems for accounting. The Fund&#146;s independent
accountants are responsible for conducting a proper audit of the Fund&#146;s financial
statements and are ultimately accountable to the Audit Committee. The Audit Committee has
the ultimate authority and responsibility to select (subject, if applicable, to
shareholder approval) and evaluate the Fund&#146;s independent accountants, to determine the
compensation of the Fund&#146;s independent accountants and, where appropriate, to replace the
Fund&#146;s independent accountants.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2><B>IV. 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 regularly with the Fund&#146;s independent accountants (outside the
presence of Fund management) and at least once annually with the representatives of Fund
management responsible for the financial and accounting operations of the Fund. The Audit
Committee shall hold special meetings at such times as the Audit Committee believes
appropriate. Members of the Audit Committee may participate in a meeting of the Audit
Committee by means of conference call or similar communications equipment by means of
which all persons participating in such meeting can hear each other.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>V. Assistance from Fund Management; Authority
to Engage Advisers; Funding</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 power and authority to
      retain independent counsel and other advisers. The Fund shall provide for
      appropriate funding, as determined by the Audit Committee as a committee
      of the Board of Directors/Trustees, for payment of compensation to: (i)
      the Fund&#146;s independent accountants and (ii) any advisers employed by
      the Audit Committee under this Section V. </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">
D-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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<!-- MARKER PAGE="sheet: 11; page: 11" -->



<p><table width=600><tr>
    <td  align=center><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>
      Senior High Income Portfolio, Inc.<br>
      MuniHoldings Florida Insured Fund<br>
      MuniHoldings Fund, Inc.<br>
      MuniHoldings Fund II, Inc.<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.</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">
D-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 PAGE="sheet: 1; page: 1" -->







<p><table width=600><tr><td align=right><font size=3><B>COMMON STOCK</B></font></td></tr></table>

<p><table width=600><tr>
    <td  align=center><FONT SIZE="3"><B>MUNIHOLDINGS FUND II, INC. <BR>
      P.O. Box 9011 <BR>
      Princeton, New Jersey 08543-9011</B></FONT></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>P R O X Y</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>This proxy is solicited on
behalf of the Board of Directors</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>The undersigned hereby appoints Donald C. Burke, Terry K.
      Glenn and Brian D. Stewart as proxies, each with the power to appoint his
      substitute, and hereby authorizes each of them to represent and to vote,
      as designated on the reverse hereof, all of the Common Stock of MuniHoldings
      Fund II, Inc. (the &#147;Fund&#148;) held of record by the undersigned on
      December 2, 2002 at the Annual Meeting of Stockholders of the Fund to be
      held on January 28, 2003 or any adjournment thereof.</font></td>
  </tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><FONT SIZE="2"><B>This proxy
when properly executed will be voted in the manner directed herein by the undersigned
stockholder. If no direction is made, this proxy will be voted FOR Proposal 1.</B></FONT></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>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><table width=600><tr><td align=right><font size=1>(Continued and to be signed on
the reverse side)</font></td></tr></table>




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






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




<p>&nbsp;</p>
<table width=600>
  <tr valign="top" align="left">
    <td><font size=2>Please mark boxes <font size="5">&#149; </font> or |X| in
      blue or black ink. &nbsp; </font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="top">
    <td><font size="2">1. ELECTION OF DIRECTORS</font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>FOR</b> all nominees listed below <br>
      (except as marked to the contrary <br>
      below) |_| </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>WITHHOLD AUTHORITY</b> <br>
      to vote for all nominees listed <br>
      below |_| </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size="1"><b><i>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.) </i><br>
      </b>Ronald W. Forbes, Terry K. Glenn, Cynthia A. Montgomery, Kevin A. Ryan,
      Roscoe S. Suddarth and Edward D. Zinbarg.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="2"> 2. </font></td>
    <td width=97% colspan="2"><font size="2">In the discretion of such proxies,
      upon such other business as properly may come before the meeting or any
      adjournment thereof.</font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="bottom"><font size="1">Please sign exactly as name
      appears hereon. When stock is held by joint tenants, both should sign. When
      signing as attorney or as executor, administrator, trustee or guardian,
      please give full title as such. If a corporation, please sign in full corporate
      name by president or other authorized officer. If a partnership, please
      sign in partnership name by authorized person. </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">Dated: ________________________________________________</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X__________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X __________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top">
      <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
        if held jointly </font> </p>
      </td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">&nbsp; </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>



<p><table width=600><tr><td  align=center><font size=3><B>Sign, Date and Return the Proxy
Card Promptly Using the Enclosed Envelope.</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">&nbsp; </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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



<p>
<table width=600>
  <tr>
    <td  align=right width="425">&nbsp;</td>
    <td  align=left width="163"><font size=3><B>AUCTION MARKET <BR>
      PREFERRED STOCK</B></font></td>
  </tr>
</table>

<p><table width=600><tr>
    <td  align=center><FONT SIZE="3"><B>MUNIHOLDINGS FUND II, INC. <br>
      P.O. Box 9011 <br>
      Princeton, New Jersey 08543-9011</B></FONT></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>P R O X Y</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>This proxy is solicited on
behalf of the Board of Directors</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>The undersigned hereby appoints Donald C. Burke, Terry K.
      Glenn and Brian D. Stewart as proxies, each with the power to appoint his
      substitute, and hereby authorizes each of them to represent and to vote,
      as designated on the reverse hereof, all of the Auction Market Preferred
      Stock of MuniHoldings Fund II, Inc. (the &#147;Fund&#148;) held of record
      by the undersigned on December 2, 2002 at the Annual Meeting of Stockholders
      of the Fund to be held on January 28, 2003 or any adjournment thereof.</font></td>
  </tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><FONT SIZE="2"><B>This proxy
when properly executed will be voted in the manner directed herein by the undersigned
stockholder. If no direction is made, this proxy will be voted FOR Proposal 1.</B></FONT></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>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><table width=600><tr><td align=right><font size=1>(Continued and to be signed on
the reverse side)</font></td></tr></table>




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





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 4; page: 4" -->







<p></p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes <font size="5">&#149;</font> or |X| in
      blue or black ink. </font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="top">
    <td><font size="2">1. ELECTION OF DIRECTORS</font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>FOR</b> all nominees listed below <br>
      (except as marked to the contrary <br>
      below) |_| </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>WITHHOLD AUTHORITY</b> <br>
      to vote for all nominees listed <br>
      below |_| </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size="1"><b><i>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.) </i><br>
      </b>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 width=3% valign=top><font size="2"> 2. </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><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></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="bottom">
      <p><font size="1">Please sign exactly as name appears hereon. When stock
        is held by joint tenants, both should sign. When signing as attorney or
        as executor, administrator, trustee or guardian, please give full title
        as such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person. </font></p>
      </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">Dated: ________________________________________________</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X__________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X __________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top">
      <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
        if held jointly </font> </p>
    </td>
  </tr>
</table>

<p><table width=600><tr><td  align=center><font size=3><B>Sign, Date and Return the Proxy
Card Promptly Using the Enclosed Envelope.</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">&nbsp; </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 5; page: 5" -->



<p><table width=600><tr><td align=right><font size=3><B>COMMON STOCK</B></font></td></tr></table>

<p><table width=600><tr>
    <td  align=center><FONT SIZE="3"><B>MUNIHOLDINGS NEW JERSEY INSURED FUND,
      INC. <br>
      P.O. Box 9011 <br>
      Princeton, New Jersey 08543-9011</B></FONT></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>P R O X Y</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>This proxy is solicited on
behalf of the Board of Directors</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>The undersigned hereby appoints Donald C. Burke, Terry K.
      Glenn and Brian D. Stewart as proxies, each with the power to appoint his
      substitute, and hereby authorizes each of them to represent and to vote,
      as designated on the reverse hereof, all of the Common Stock of MuniHoldings
      New Jersey Insured Fund, Inc. (the &#147;Fund&#148;) held of record by the
      undersigned on December 2, 2002 at the Annual Meeting of Stockholders of
      the Fund to be held on January 28, 2003 or any adjournment thereof.</font></td>
  </tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><FONT SIZE="2"><B>This proxy
when properly executed will be voted in the manner directed herein by the undersigned
stockholder. If no direction is made, this proxy will be voted FOR Proposal 1.</B></FONT></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>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><table width=600><tr><td align=right><font size=1>(Continued and to be signed on
the reverse side)</font></td></tr></table>





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






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 6; page: 6" -->





<p>&nbsp; </p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes <font size="5">&#149;</font> or |X| in
      blue or black ink. </font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="top">
    <td><font size="2">1. ELECTION OF DIRECTORS </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>FOR</b> all nominees listed below <br>
      (except as marked to the contrary <br>
      below) |_| </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>WITHHOLD AUTHORITY</b> <br>
      to vote for all nominees listed <br>
      below |_| </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size="1"><b><i>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.) </i><br>
      </b>Ronald W. Forbes, Terry K. Glenn, Cynthia A. Montgomery, Kevin A. Ryan,
      Roscoe S. Suddarth and Edward D. Zinbarg.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="2"> 2. </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="bottom"><font size="1">Please sign exactly as name
      appears hereon. When stock is held by joint tenants, both should sign. When
      signing as attorney or as executor, administrator, trustee or guardian,
      please give full title as such. If a corporation, please sign in full corporate
      name by president or other authorized officer. If a partnership, please
      sign in partnership name by authorized person. </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">Dated: ________________________________________________</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X__________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X __________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top">
      <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
        if held jointly </font> </p>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td  align=center><font size=3><B>Sign, Date and Return the Proxy
Card Promptly Using the Enclosed Envelope.</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">&nbsp; </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 7; page: 7" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td  align=right width="425">&nbsp;</td>
    <td  align=left width="163"><font size=3><b>AUCTION MARKET <br>
      PREFERRED STOCK</b></font></td>
  </tr>
</table>
<p><table width=600><tr>
    <td  align=center><FONT SIZE="3"><B>MUNIHOLDINGS NEW JERSEY INSURED FUND,
      INC. <br>
      P.O. Box 9011 <br>
      Princeton, New Jersey 08543-9011</B></FONT></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>P R O X Y</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>This proxy is solicited on
behalf of the Board of Directors</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>The undersigned hereby appoints Donald C. Burke, Terry K.
      Glenn and Brian D. Stewart as proxies, each with the power to appoint his
      substitute, and hereby authorizes each of them to represent and to vote,
      as designated on the reverse hereof, all of the Auction Market Preferred
      Stock of MuniHoldings New Jersey Insured Fund, Inc. (the &#147;Fund&#148;)
      held of record by the undersigned on December 2, 2002 at the Annual Meeting
      of Stockholders of the Fund to be held on January 28, 2003 or any adjournment
      thereof.</font></td>
  </tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><FONT SIZE="2"><B>This proxy
when properly executed will be voted in the manner directed herein by the undersigned
stockholder. If no direction is made, this proxy will be voted FOR Proposal 1.</B></FONT></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>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><table width=600><tr><td align=right><font size=1>(Continued and to be signed on
the reverse side)</font></td></tr></table>




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






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 8; page: 8" -->








<p></p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes <font size="5">&#149;</font> or |X| in
      blue or black ink. </font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="top">
    <td><font size="2">1. ELECTION OF DIRECTORS </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>FOR</b> all nominees listed below <br>
      (except as marked to the contrary <br>
      below) |_| </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>WITHHOLD AUTHORITY</b> <br>
      to vote for all nominees listed <br>
      below |_| </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size="1"><b><i>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.) </i></b> <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>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="2"> 2. </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><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></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="bottom">
      <p><font size="1">Please sign exactly as name appears hereon. When stock
        is held by joint tenants, both should sign. When signing as attorney or
        as executor, administrator, trustee or guardian, please give full title
        as such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person. </font></p>
      </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">Dated: ________________________________________________</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X__________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X __________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top">
      <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
        if held jointly </font> </p>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td  align=center><font size=3><B>Sign, Date and Return the Proxy
Card Promptly Using the Enclosed Envelope.</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">&nbsp; </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 9; page: 9" -->





<p><table width=600><tr>
    <td align=right><font size=3><B>COMMON SHARES</B></font></td>
  </tr></table>

<p><table width=600><tr>
    <td  align=center><FONT SIZE="3"><B>MUNIHOLDINGS FLORIDA INSURED FUND <BR>
      P.O. Box 9011 <BR>
      Princeton, New Jersey 08543-9011</B></FONT></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>P R O X Y</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>This proxy is solicited on
behalf of the Board of Trustees</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>The undersigned hereby appoints Donald C. Burke, Terry K.
      Glenn and Brian D. Stewart as proxies, each with the power to appoint his
      substitute, and hereby authorizes each of them to represent and to vote,
      as designated on the reverse hereof, all of the Common Shares of MuniHoldings
      Florida Insured Fund (the &#147;Fund&#148;) held of record by the undersigned
      on December 2, 2002 at the Annual Meeting of Shareholders of the Fund to
      be held on January 28, 2003 or any adjournment thereof.</font></td>
  </tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td>
    <td width=570><FONT SIZE="2"><B>This proxy when properly executed will be
      voted in the manner directed herein by the undersigned shareholder. If no
      direction is made, this proxy will be voted FOR Proposal 1.</B></FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>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><table width=600><tr><td align=right><font size=1>(Continued and to be signed on
the reverse side)</font></td></tr></table>





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







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








<p></p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes <font size="5">&#149;</font> or |X| in
      blue or black ink. </font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="top">
    <td><font size="2">1. ELECTION OF TRUSTEES</font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>FOR</b> all nominees listed below <br>
      (except as marked to the contrary <br>
      below) |_| </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>WITHHOLD AUTHORITY</b> <br>
      to vote for all nominees listed <br>
      below |_| </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size="1"><b><i>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.) </i><br>
      </b>Ronald W. Forbes, Terry K. Glenn, Cynthia A. Montgomery, Kevin A. Ryan,
      Roscoe S. Suddarth and Edward D. Zinbarg.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="2"> 2. </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="bottom"><font size="1">Please sign exactly as name
      appears hereon. When shares are held by joint tenants, both should sign.
      When signing as attorney or as executor, administrator, trustee or guardian,
      please give full title as such. If a corporation, please sign in full corporate
      name by president or other authorized officer. If a partnership, please
      sign in partnership name by authorized person. </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">Dated: ________________________________________________</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X__________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X __________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top">
      <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
        if held jointly </font> </p>
    </td>
  </tr>
</table>
<p>

<p><table width=600><tr><td  align=center><font size=3><B>Sign, Date and Return the Proxy
Card Promptly Using the Enclosed Envelope.</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">&nbsp; </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 11; page: 11" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td  align=right width="413">&nbsp;</td>
    <td  align=left width="175"><font size=3><b>AUCTION MARKET <br>
      PREFERRED SHARES</b></font></td>
  </tr>
</table>
<p><table width=600><tr>
    <td  align=center><FONT SIZE="3"><B>MUNIHOLDINGS FLORIDA INSURED FUND <br>
      P.O. Box 9011 <br>
      Princeton, New Jersey 08543-9011</B></FONT></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>P R O X Y</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>This proxy is solicited on
behalf of the Board of Trustees</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>The undersigned hereby appoints Donald C. Burke, Terry K.
      Glenn and Brian D. Stewart as proxies, each with the power to appoint his
      substitute, and hereby authorizes each of them to represent and to vote,
      as designated on the reverse hereof, all of the Auction Market Preferred
      Shares of MuniHoldings Florida Fund (the &#147;Fund&#148;) held of record
      by the undersigned on December 2, 2002 at the Annual Meeting of Shareholders
      of the Fund to be held on January 28, 2003 or any adjournment thereof.</font></td>
  </tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td>
    <td width=570><FONT SIZE="2"><B>This proxy when properly executed will be
      voted in the manner directed herein by the undersigned shareholder. If no
      direction is made, this proxy will be voted FOR Proposal 1.</B></FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>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><table width=600><tr><td align=right><font size=1>(Continued and to be signed on
the reverse side)</font></td></tr></table>





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






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 12; page: 12" -->








<p></p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes <font size="5">&#149;</font> or |X| in
      blue or black ink. </font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="top">
    <td><font size="2">1. ELECTION OF TRUSTEES</font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>FOR</b> all nominees listed below <br>
      (except as marked to the contrary <br>
      below) |_| </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>WITHHOLD AUTHORITY</b> <br>
      to vote for all nominees listed <br>
      below |_| </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size="1"><b><i>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.) </i><br>
      </b>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 width=3% valign=top><font size="2"> 2. </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><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></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="bottom">
      <p><font size="1">Please sign exactly as name appears hereon. When shares
        are held by joint tenants, both should sign. When signing as attorney
        or as executor, administrator, trustee or guardian, please give full title
        as such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person. </font></p>
      </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">Dated: ________________________________________________</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X__________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X __________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top">
      <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
        if held jointly </font> </p>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td  align=center><font size=3><B>Sign, Date and Return the Proxy
Card Promptly Using the Enclosed Envelope.</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">&nbsp; </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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





<p><table width=600><tr><td align=right><font size=3><B>COMMON STOCK</B></font></td></tr></table>

<p><table width=600><tr>
    <td  align=center><FONT SIZE="3"><B>MUNIHOLDINGS NEW YORK INSURED FUND, INC.
      <BR>
      P.O. Box 9011 <BR>
      Princeton, New Jersey 08543-9011</B></FONT></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>P R O X Y</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>This proxy is solicited on
behalf of the Board of Directors</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>The undersigned hereby appoints Donald C. Burke, Terry K.
      Glenn and Brian D. Stewart as proxies, each with the power to appoint his
      substitute, and hereby authorizes each of them to represent and to vote,
      as designated on the reverse hereof, all of the Common Stock of MuniHoldings
      New York Insured Fund, Inc. (the &#147;Fund&#148;) held of record by the
      undersigned on December 2, 2002 at the Annual Meeting of Stockholders of
      the Fund to be held on January 28, 2003 or any adjournment thereof.</font></td>
  </tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><FONT SIZE="2"><B>This proxy
when properly executed will be voted in the manner directed herein by the undersigned
stockholder. If no direction is made, this proxy will be voted FOR Proposal 1.</B></FONT></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>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><table width=600><tr><td align=right><font size=1>(Continued and to be signed on
the reverse side)</font></td></tr></table>






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






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









<p></p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes <font size="5">&#149;</font> or |X| in
      blue or black ink. </font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="top">
    <td><font size="2">1. ELECTION OF DIRECTORS </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>FOR</b> all nominees listed below <br>
      (except as marked to the contrary <br>
      below) |_| </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>WITHHOLD AUTHORITY</b> <br>
      to vote for all nominees listed <br>
      below |_| </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size="1"><b><i>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.) </i><br>
      </b>Ronald W. Forbes, Terry K. Glenn, Cynthia A. Montgomery, Kevin A. Ryan,
      Roscoe S. Suddarth and Edward D. Zinbarg.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="2"> 2. </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="bottom"><font size="1">Please sign exactly as name
      appears hereon. When stock is held by joint tenants, both should sign. When
      signing as attorney or as executor, administrator, trustee or guardian,
      please give full title as such. If a corporation, please sign in full corporate
      name by president or other authorized officer. If a partnership, please
      sign in partnership name by authorized person. </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">Dated: ________________________________________________</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X__________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X __________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top">
      <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
        if held jointly </font> </p>
    </td>
  </tr>
</table>
<p>

<p><table width=600><tr><td  align=center><font size=3><B>Sign, Date and Return the Proxy
Card Promptly Using the Enclosed Envelope.</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">&nbsp; </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 15; page: 15" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td  align=right width="425">&nbsp;</td>
    <td  align=left width="163"><font size=3><b>AUCTION MARKET <br>
      PREFERRED STOCK</b></font></td>
  </tr>
</table>
<p><table width=600><tr>
    <td  align=center><FONT SIZE="3"><B>MUNIHOLDINGS NEW YORK INSURED FUND, INC.
      <br>
      P.O. Box 9011 <br>
      Princeton, New Jersey 08543-9011</B></FONT></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>P R O X Y</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>This proxy is solicited on
behalf of the Board of Directors</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>The undersigned hereby appoints Donald C. Burke, Terry K.
      Glenn and Brian D. Stewart as proxies, each with the power to appoint his
      substitute, and hereby authorizes each of them to represent and to vote,
      as designated on the reverse hereof, all of the Auction Market Preferred
      Stock of MuniHoldings New York Insured Fund, Inc. (the &#147;Fund&#148;)
      held of record by the undersigned on December 2, 2002 at the Annual Meeting
      of Stockholders of the Fund to be held on January 28, 2003 or any adjournment
      thereof.</font></td>
  </tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><FONT SIZE="2"><B>This proxy
when properly executed will be voted in the manner directed herein by the undersigned
stockholder. If no direction is made, this proxy will be voted FOR Proposal 1.</B></FONT></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>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><table width=600><tr><td align=right><font size=1>(Continued and to be signed on
the reverse side)</font></td></tr></table>





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






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 16; page: 16" -->








<p></p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes <font size="5">&#149;</font> or |X| in
      blue or black ink. </font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="top">
    <td><font size="2">1. ELECTION OF DIRECTORS </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>FOR</b> all nominees listed below <br>
      (except as marked to the contrary <br>
      below) |_| </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>WITHHOLD AUTHORITY</b> <br>
      to vote for all nominees listed <br>
      below |_| </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size="1"><b><i>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.) </i><br>
      </b>Ronald W. Forbes, Terry K. Glenn, Cynthia A. Montgomery, Charles C.
      Reilly, Kevin A. Ryan, Roscoe S. Suddarth, Richard R. West, Edward D. Zinbarg.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="2"> 2. </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><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></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="bottom">
      <p><font size="1">Please sign exactly as name appears hereon. When stock
        is held by joint tenants, both should sign. When signing as attorney or
        as executor, administrator, trustee or guardian, please give full title
        as such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person. </font></p>
      </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">Dated: ________________________________________________</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X__________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X __________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top">
      <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
        if held jointly </font> </p>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td  align=center><font size=3><B>Sign, Date and Return the Proxy
Card Promptly Using the Enclosed Envelope.</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">&nbsp; </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 17; page: 17" -->





<p><table width=600><tr><td align=right><font size=3><B>COMMON STOCK</B></font></td></tr></table>

<p><table width=600><tr>
    <td  align=center><FONT SIZE="3"><B>MUNIVEST FUND, INC. <BR>
      P.O. Box 9011 <BR>
      Princeton, New Jersey 08543-9011</B></FONT></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>P R O X Y</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>This proxy is solicited on
behalf of the Board of Directors</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>The undersigned hereby appoints Donald C. Burke, Terry K.
      Glenn and Brian D. Stewart as proxies, each with the power to appoint his
      substitute, and hereby authorizes each of them to represent and to vote,
      as designated on the reverse hereof, all of the Common Stock of MuniVest
      Fund, Inc. (the &#147;Fund&#148;) held of record by the undersigned on December
      2, 2002 at the Annual Meeting of Stockholders of the Fund to be held on
      January 28, 2003 or any adjournment thereof.</font></td>
  </tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><FONT SIZE="2"><B>This proxy
when properly executed will be voted in the manner directed herein by the undersigned
stockholder. If no direction is made, this proxy will be voted FOR Proposal 1.</B></FONT></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>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><table width=600><tr><td align=right><font size=1>(Continued and to be signed on
the reverse side)</font></td></tr></table>




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






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 18; page: 18" -->









<p></p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes <font size="5">&#149;</font> or |X| in
      blue or black ink. </font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="top">
    <td><font size="2">1. ELECTION OF DIRECTORS </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>FOR</b> all nominees listed below <br>
      (except as marked to the contrary <br>
      below) |_| </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>WITHHOLD AUTHORITY</b> <br>
      to vote for all nominees listed <br>
      below |_| </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size="1"><b><i>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.) </i><br>
      </b>Terry K. Glenn, Cynthia A. Montgomery, Charles C. Reilly, Kevin A. Ryan,
      Roscoe S. Suddarth and Edward D. Zinbarg.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="2"> 2. </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="bottom"><font size="1">Please sign exactly as name
      appears hereon. When stock is held by joint tenants, both should sign. When
      signing as attorney or as executor, administrator, trustee or guardian,
      please give full title as such. If a corporation, please sign in full corporate
      name by president or other authorized officer. If a partnership, please
      sign in partnership name by authorized person. </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">Dated: ________________________________________________</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X__________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X __________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top">
      <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
        if held jointly </font> </p>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td  align=center><font size=3><B>Sign, Date and Return the Proxy
Card Promptly Using the Enclosed Envelope.</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">&nbsp; </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 19; page: 19" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td  align=right width="425">&nbsp;</td>
    <td  align=left width="163"><font size=3><b>AUCTION MARKET <br>
      PREFERRED STOCK</b></font></td>
  </tr>
</table>
<p><table width=600><tr>
    <td  align=center><FONT SIZE="3"><B>MUNIVEST FUND, INC. <br>
      P.O. Box 9011 <br>
      Princeton, New Jersey 08543-9011</B></FONT></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>P R O X Y</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>This proxy is solicited on
behalf of the Board of Directors</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>The undersigned hereby appoints Donald C. Burke, Terry K.
      Glenn and Brian D. Stewart as proxies, each with the power to appoint his
      substitute, and hereby authorizes each of them to represent and to vote,
      as designated on the reverse hereof, all of the Auction Market Preferred
      Stock of MuniVest Fund, Inc. (the &#147;Fund&#148;) held of record by the
      undersigned on December 2, 2002 at the Annual Meeting of Stockholders of
      the Fund to be held on January 28, 2003 or any adjournment thereof.</font></td>
  </tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><FONT SIZE="2"><B>This proxy
when properly executed will be voted in the manner directed herein by the undersigned
stockholder. If no direction is made, this proxy will be voted FOR Proposal 1.</B></FONT></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>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><table width=600><tr>
    <td align=right><font size=1>(Continued and to be signed on the reverse side)</font></td>
  </tr></table>





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






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 20; page: 20" -->







<p></p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes <font size="5">&#149;</font> or |X| in
      blue or black ink. </font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="top">
    <td><font size="2">1. ELECTION OF DIRECTORS </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>FOR</b> all nominees listed below <br>
      (except as marked to the contrary <br>
      below) |_| </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>WITHHOLD AUTHORITY</b> <br>
      to vote for all nominees listed <br>
      below |_| </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size="1"><b><i>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.) </i><br>
      </b>Ronald W. Forbes and Richard R. West.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="2"> 2. </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><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></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="bottom">
      <p><font size="1">Please sign exactly as name appears hereon. When stock
        is held by joint tenants, both should sign. When signing as attorney or
        as executor, administrator, trustee or guardian, please give full title
        as such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person. </font></p>
      </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">Dated: ________________________________________________</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X__________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X __________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top">
      <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
        if held jointly </font> </p>
    </td>
  </tr>
</table>
<p>

<p><table width=600><tr><td  align=center><font size=3><B>Sign, Date and Return the Proxy
Card Promptly Using the Enclosed Envelope.</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">&nbsp; </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;








<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 21; page: 21" -->




<p><table width=600><tr><td align=right><font size=3><B>COMMON STOCK</B></font></td></tr></table>

<p><table width=600><tr>
    <td  align=center><FONT SIZE="3"><B>MUNIVEST FUND II, INC. <BR>
      P.O. Box 9011 <BR>
      Princeton, New Jersey 08543-9011</B></FONT></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>P R O X Y</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>This proxy is solicited on
behalf of the Board of Directors</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>The undersigned hereby appoints Donald C. Burke, Terry K.
      Glenn and Brian D. Stewart as proxies, each with the power to appoint his
      substitute, and hereby authorizes each of them to represent and to vote,
      as designated on the reverse hereof, all of the Common Stock of MuniVest
      Fund II, Inc. (the &#147;Fund&#148;) held of record by the undersigned on
      December 2, 2002 at the Annual Meeting of Stockholders of the Fund to be
      held on January 28, 2003 or any adjournment thereof.</font></td>
  </tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><FONT SIZE="2"><B>This proxy
when properly executed will be voted in the manner directed herein by the undersigned
stockholder. If no direction is made, this proxy will be voted FOR Proposal 1.</B></FONT></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>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><table width=600><tr><td align=right><font size=1>(Continued and to be signed on
the reverse side)</font></td></tr></table>



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





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 22; page: 22" -->









<p></p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes <font size="5">&#149;</font> or |X| in
      blue or black ink. </font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="top">
    <td><font size="2">1. ELECTION OF DIRECTORS </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>FOR</b> all nominees listed below <br>
      (except as marked to the contrary <br>
      below) |_| </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>WITHHOLD AUTHORITY</b> <br>
      to vote for all nominees listed <br>
      below |_| </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size="1"><b><i>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.) </i><br>
      </b>Terry K. Glenn, Cynthia A. Montgomery, Charles C. Reilly, Kevin A. Ryan,
      Roscoe S. Suddarth and Edward D. Zinbarg.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="2"> 2. </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="bottom"><font size="1">Please sign exactly as name
      appears hereon. When stock is held by joint tenants, both should sign. When
      signing as attorney or as executor, administrator, trustee or guardian,
      please give full title as such. If a corporation, please sign in full corporate
      name by president or other authorized officer. If a partnership, please
      sign in partnership name by authorized person. </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">Dated: ________________________________________________</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X__________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X __________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top">
      <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
        if held jointly </font> </p>
    </td>
  </tr>
</table>
<p>

<p><table width=600><tr><td  align=center><font size=3><B>Sign, Date and Return the Proxy
Card Promptly Using the Enclosed Envelope.</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">&nbsp; </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 23; page: 23" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td  align=right width="425">&nbsp;</td>
    <td  align=left width="163"><font size=3><b>AUCTION MARKET <br>
      PREFERRED STOCK</b></font></td>
  </tr>
</table>
<p><table width=600><tr>
    <td  align=center><FONT SIZE="3"><B>MUNIVEST FUND II, INC. <br>
      P.O. Box 9011 <br>
      Princeton, New Jersey 08543-9011</B></FONT></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>P R O X Y</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>This proxy is solicited on
behalf of the Board of Directors</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>The undersigned hereby appoints Donald C. Burke, Terry K.
      Glenn and Brian D. Stewart as proxies, each with the power to appoint his
      substitute, and hereby authorizes each of them to represent and to vote,
      as designated on the reverse hereof, all of the Auction Market Preferred
      Stock of MuniVest Fund II, Inc. (the &#147;Fund&#148;) held of record by
      the undersigned on December 2, 2002 at the Annual Meeting of Stockholders
      of the Fund to be held on January 28, 2003 or any adjournment thereof.</font></td>
  </tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><FONT SIZE="2"><B>This proxy
when properly executed will be voted in the manner directed herein by the undersigned
stockholder. If no direction is made, this proxy will be voted FOR Proposal 1.</B></FONT></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>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><table width=600><tr>
    <td align=right><font size=1>(Continued and to be signed on the reverse side)</font></td>
  </tr></table>





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






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 24; page: 24" -->











<p></p>

<table width=600>
  <tr>
    <td><font size=2>Please mark boxes <font size="5">&#149;</font> or |X| in
      blue or black ink. </font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="top">
    <td><font size="2">1. ELECTION OF DIRECTORS </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>FOR</b> all nominees listed below <br>
      (except as marked to the contrary <br>
      below) |_| </font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>WITHHOLD AUTHORITY</b> <br>
      to vote for all nominees listed <br>
      below |_| </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size="1"><b><i>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.) </i><br>
      </b>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 width=3% valign=top><font size="2"> 2. </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><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></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="bottom">
      <p><font size="1">Please sign exactly as name appears hereon. When stock
        is held by joint tenants, both should sign. When signing as attorney or
        as executor, administrator, trustee or guardian, please give full title
        as such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person. </font></p>
      </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">Dated: ________________________________________________</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X__________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X __________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top">
      <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
        if held jointly </font> </p>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td  align=center><font size=3><B>Sign, Date and Return the Proxy
Card Promptly Using the Enclosed Envelope.</B></font></td></tr></table>
<p>&nbsp; </p>
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">&nbsp; </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; </p>
<p>&nbsp;</p>




</body>
</html>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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