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<SEC-DOCUMENT>0000891092-03-003701.txt : 20031218
<SEC-HEADER>0000891092-03-003701.hdr.sgml : 20031218
<ACCEPTANCE-DATETIME>20031218171302
ACCESSION NUMBER:		0000891092-03-003701
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031218
FILED AS OF DATE:		20031218
EFFECTIVENESS DATE:		20031218

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:		031063020

	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:		031063022

	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 INSURED FUND INC
		DATE OF NAME CHANGE:	19970519

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

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:		031063017

	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 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:		031063021

	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

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:		031063018

	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:		031063019

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

	MAIL ADDRESS:	
		STREET 1:		PO BOX 9011
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543-9011
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>e16262def_14a.htm
<DESCRIPTION>DEFINITIVE NOTICE AND PROXY STATEMENT
<TEXT>
<html>
<head>
<title> Notice and Proxy> </title>
</head>
<body>
<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 1, page: 1" --> <br>
<br>
<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>MUNIHOLDINGS FUND II, INC. <br>
      MUNIHOLDINGS NEW JERSEY INSURED FUND, INC. <br>
      MUNIHOLDINGS NEW YORK INSURED FUND, INC.<br>
      MUNIVEST FUND, INC. <br>
      MUNIVEST FUND II, INC. <br>
      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>
<!-- *************************************************************************** -->
<!-- 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>
<br>















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

<p><table width=600><tr><td  align=center><font size=3><B>MUNIHOLDINGS FUND II, INC. <BR>
MUNIHOLDINGS NEW JERSEY INSURED FUND, INC.  <BR>MUNIHOLDINGS NEW YORK INSURED FUND, INC. <BR>
MUNIVEST FUND, INC.   <BR>MUNIVEST FUND II, INC. <BR>  MUNIHOLDINGS FLORIDA INSURED FUND  <BR>P.O. Box
9011  <BR>Princeton, New Jersey 08543-9011</B></font></td></tr></table>

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

<table width=600><tr><td  align=center><font size=3><B>NOTICE OF 2004 ANNUAL MEETINGS
OF STOCKHOLDERS</B></font></td></tr></table>

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

<table width=600><tr><td  align=center><font size=3><B>TO BE HELD ON JANUARY 28, 2004</B></font></td></tr></table>

<br>
<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 align="left">
    <td width=100% valign=top colspan="2"><font size=2> </font><font size=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M<font size="1">UNI<font size="2">H</font>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>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M<font size="1">UNI<font size="2">H</font>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>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M<font size="1">UNI<font size="2">H</font>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 2004 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
Wednesday, January 28, 2004 at the time specified for each Fund in  Exhibit A to the
Combined Proxy Statement for the following purposes:</font></td></tr></table>

<br>
<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 until their successors have
      been duly elected and qualified or until their earlier resignation or removal;
      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>

<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: 3; page: 3" -->



<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, 2003 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/Trustees 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 Communications Inc.,
      at 1-800-645-4519.</font></td>
  </tr></table>


<br>
<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/Trustees</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 18, 2003</font></td>
  </tr></table>



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





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



<p><table width=600><tr><td  align=center><font size=3><B>COMBINED PROXY STATEMENT</B></font></td></tr></table>

<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>
<table width=600><tr><td  align=center><font size=3><B>MUNIHOLDINGS FUND II, INC. <BR>
MUNIHOLDINGS NEW JERSEY INSURED FUND, INC.  <BR>MUNIHOLDINGS NEW YORK INSURED FUND, INC. <BR>
MUNIVEST FUND, INC. <BR>MUNIVEST FUND II, INC.  <BR>MUNIHOLDINGS FLORIDA INSURED FUND <BR> P.O. Box
9011 <BR> Princeton, New Jersey 08543-9011</B></font></td></tr></table>

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

<table width=600><tr><td  align=center><font size=3><B>2004 ANNUAL MEETINGS OF
STOCKHOLDERS</B></font></td></tr></table>
<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>


<table width=600><tr><td  align=center><font size=3><B>JANUARY 28, 2004</B></font></td></tr></table>

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




<br>
<table width=600><tr><td  align=center><font size=3><B>INTRODUCTION</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 2004 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 Wednesday, January 28, 2004 at the time specified in Exhibit A hereto.
      The approximate mailing date of this Combined Proxy Statement is December
      22, 2003.</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 and shares of beneficial interest of
a Fund are referred to as  &#147;Shares&#148; or &#147;Shares of Common Stock,&#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 <i>for</i>
      the election of the Director nominees of the applicable Fund to serve 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>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<!-- MARKER 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 has fixed the close of business on  December 2, 2003 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 or until their earlier resignation or removal. The nominees are Ronald  W.
Forbes, Terry K. Glenn, Cynthia A. Montgomery, Kevin A. Ryan, Roscoe S. Suddarth, Richard
R. West and Edward D. Zinbarg  (collectively, the &#147;Nominee Directors&#148;). It is
intended that all properly executed proxies will be voted (unless such authority has
been withheld in the proxy or revoked as described herein) &#147;for&#148; the Nominee
Directors listed in the following chart.</font></td></tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width=166>
      <p><b><font size="1">Fund </font></b>
      <hr width="15%" size="1" noshade align="left">
    </td>
    <td width=16>
      <p>&nbsp;</p>
    </td>
    <td align="center" width=114><b><font size="1">AMPS <br>
      Nominee Directors </font></b>
      <hr width="75%" size="1" noshade align="center">
    </td>
    <td align="center" width=10>
      <p>&nbsp;</p>
    </td>
    <td align="center" width=294>
      <p><b><font size="1">Other <br>
        Nominee Directors </font></b>
      <hr width="32%" size="1" noshade align="center">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=166>
      <p><font size="2">MuniHoldings II </font></p>
    </td>
    <td width=16>
      <p>&nbsp;</p>
    </td>
    <td width=114 align="center">
      <p><font size="2">Forbes, West </font></p>
    </td>
    <td width=10>
      <p>&nbsp;</p>
    </td>
    <td width=294 align="center">
      <p><font size="2">Glenn, Montgomery, Ryan, Suddarth, Zinbarg </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=166>
      <p><font size="2">MuniHoldings NJ Ins </font></p>
    </td>
    <td width=16>
      <p>&nbsp;</p>
    </td>
    <td width=114 align="center">
      <p><font size="2">Forbes, West </font></p>
    </td>
    <td width=10>
      <p>&nbsp;</p>
    </td>
    <td width=294 align="center">
      <p><font size="2">Glenn, Montgomery, Ryan, Suddarth, Zinbarg </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=166>
      <p><font size="2">MuniHoldings NY Ins </font></p>
    </td>
    <td width=16>
      <p>&nbsp;</p>
    </td>
    <td width=114 align="center">
      <p><font size="2">Forbes, West </font></p>
    </td>
    <td width=10>
      <p>&nbsp;</p>
    </td>
    <td width=294 align="center">
      <p><font size="2">Glenn, Montgomery, Ryan, Suddarth, Zinbarg </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=166>
      <p><font size="2">MuniVest I </font></p>
    </td>
    <td width=16>
      <p>&nbsp;</p>
    </td>
    <td width=114 align="center">
      <p><font size="2">Forbes, West </font></p>
    </td>
    <td width=10>
      <p>&nbsp;</p>
    </td>
    <td width=294 align="center">
      <p><font size="2">Glenn, Montgomery, Ryan, Suddarth, Zinbarg </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=166>
      <p><font size="2">MuniVest II </font></p>
    </td>
    <td width=16>
      <p>&nbsp;</p>
    </td>
    <td width=114 align="center">
      <p><font size="2">Forbes, West </font></p>
    </td>
    <td width=10>
      <p>&nbsp;</p>
    </td>
    <td width=294 align="center">
      <p><font size="2">Glenn, Montgomery, Ryan, Suddarth, Zinbarg </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=166>
      <p><font size="2">MuniHoldings FL Ins </font></p>
    </td>
    <td width=16>
      <p>&nbsp;</p>
    </td>
    <td width=114 align="center">
      <p><font size="2">Forbes, West </font></p>
    </td>
    <td width=10>
      <p>&nbsp;</p>
    </td>
    <td width=294 align="center">
      <p><font size="2">Glenn, Montgomery, Ryan, Suddarth, Zinbarg </font></p>
    </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 border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td>
      <p><font size="1"><b>Fund</b> </font>
      <hr width="15%" size="1" noshade align="left">
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p><font size="1"><b>Class of <br>
        Stockholders</b> </font>
      <hr width="50%" size="1" noshade align="center">
    </td>
    <td align="center">
      <p><font size="1"><b>Election of <br>
        AMPS Directors</b> </font>
      <hr width="60%" size="1" noshade align="center">
    </td>
    <td align="center">
      <p><font size="1"><b>Election of <br>
        Other Directors</b> </font>
      <hr width="60%" size="1" noshade align="center">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">MuniHoldings II </font>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p><font size="2">Common Stock </font></p>
    </td>
    <td align="center">
      <p><font size="2">No </font></p>
    </td>
    <td align="center">
      <p><font size="2">Yes </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">MuniHoldings II </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p><font size="2">AMPS </font></p>
    </td>
    <td align="center">
      <p><font size="2">Yes </font></p>
    </td>
    <td align="center">
      <p><font size="2">Yes </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">MuniHoldings NJ Ins </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p><font size="2">Common Stock </font></p>
    </td>
    <td align="center">
      <p><font size="2">No </font></p>
    </td>
    <td align="center">
      <p><font size="2">Yes </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">MuniHoldings NJ Ins </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p><font size="2">AMPS </font></p>
    </td>
    <td align="center">
      <p><font size="2">Yes </font></p>
    </td>
    <td align="center">
      <p><font size="2">Yes </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">MuniHoldings NY Ins </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p><font size="2">Common Stock </font></p>
    </td>
    <td align="center">
      <p><font size="2">No </font></p>
    </td>
    <td align="center">
      <p><font size="2">Yes </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">MuniHoldings NY Ins </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p><font size="2">AMPS </font></p>
    </td>
    <td align="center">
      <p><font size="2">Yes </font></p>
    </td>
    <td align="center">
      <p><font size="2">Yes </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">MuniVest I </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p><font size="2">Common Stock </font></p>
    </td>
    <td align="center">
      <p><font size="2">No </font></p>
    </td>
    <td align="center">
      <p><font size="2">Yes </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">MuniVest I </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p><font size="2">AMPS </font></p>
    </td>
    <td align="center">
      <p><font size="2">Yes </font></p>
    </td>
    <td align="center">
      <p><font size="2">No </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">MuniVest II </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p><font size="2">Common Stock </font></p>
    </td>
    <td align="center">
      <p><font size="2">No </font></p>
    </td>
    <td align="center">
      <p><font size="2">Yes </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">MuniVest II </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p><font size="2">AMPS </font></p>
    </td>
    <td align="center">
      <p><font size="2">Yes </font></p>
    </td>
    <td align="center">
      <p><font size="2">Yes </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">MuniHoldings FL Ins </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p><font size="2">Common Stock </font></p>
    </td>
    <td align="center">
      <p><font size="2">No </font></p>
    </td>
    <td align="center">
      <p><font size="2">Yes </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">MuniHoldings FL Ins </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p><font size="2">AMPS </font></p>
    </td>
    <td align="center">
      <p><font size="2">Yes </font></p>
    </td>
    <td align="center">
      <p><font size="2">Yes </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">
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: 6; page: 6" -->



<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 Nominee  Director 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 border=0 cellspacing=0 cellpadding=0 width="640">
  <tr valign="bottom">
    <td align="center" width=116>
      <p align="center"><b><font size="1">Name, Address&#134; and Age </font></b>
      <hr width="96%" size="1" noshade align="center">
    </td>
    <td width=10>
      <p align="center">&nbsp;&nbsp;</p>
    </td>
    <td align="center" width=59>
      <p align="center"><b><font size="1">Position(s) <br>
        Held with <br>
        each Fund </font></b>
      <hr width="92%" size="1" noshade align="center">
    </td>
    <td align="center" width=9>
      <p align="center">&nbsp;&nbsp;</p>
    </td>
    <td align="center" width=70>
      <p align="center"><b><font size="1">Term of <br>
        Office and <br>
        Length of <br>
        Time Served </font></b>
      <hr width="92%" size="1" noshade align="center">
    </td>
    <td align="center" width=10>
      <p align="center">&nbsp;&nbsp;</p>
    </td>
    <td align="center" width=184>
      <p align="center"><b><font size="1">Principal Occupation(s) <br>
        During Past Five Years </font></b>
      <hr width="92%" size="1" noshade align="center">
    </td>
    <td align="center" width=9>
      <p align="center">&nbsp;&nbsp;</p>
    </td>
    <td align="center" width=80>
      <p align="center"><b><font size="1">Number of <br>
        FAM/MLIM- <br>
        Advised Funds*** <br>
        and Portfolios <br>
        Overseen </font></b>
      <hr width="92%" size="1" noshade align="center">
    </td>
    <td align="center" width=8>
      <p align="center">&nbsp;&nbsp;</p>
    </td>
    <td align="center" width=85>
      <p align="center"><b><font size="1">Public <br>
        Directorships </font></b>
      <hr width="92%" size="1" noshade align="center">
    </td>
  </tr>
  <tr valign="top">
    <td width=116>
      <p><font size="2">Terry K. Glenn&#134;&#134; (63) </font></p>
    </td>
    <td width=10>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td width=59>
      <p><font size="2">President and Director </font></p>
    </td>
    <td width=9>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td width=70>
      <p><font size="2">President** and Director* of each Fund since the year
        listed in Exhibit B. </font></p>
    </td>
    <td width=10>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td width=184>
      <p><font size="2">President and Chairman of the FAM/MLIM advised funds since
        1999; Chairman (Americas Region) of MLIM from 2000 to 2002; Executive
        Vice President of FAM and MLIM (which terms as used herein include their
        corporate predecessors) from 1983 to 2002; President of FAM Distributors,
        Inc. (&#147;FAMD&#148;) from 1986 to 2002 and Director thereof from 1991
        to 2002; Executive Vice President and Director of Princeton Services,
        Inc. (&#147;Princeton Services&#148;) from 1993 to 2002; President of
        Princeton Administrators, L.P. (&#147;Princeton Administrators&#148;)
        from 1988 to 2002; Director of Financial Data Services, Inc. from 1985
        to 2002. </font></p>
    </td>
    <td width=9>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td width=80>
      <p><font size="2">123 registered investment companies consisting of <br>
        159 portfolios </font></p>
    </td>
    <td width=8>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td width=85>
      <p><font size="2">None </font></p>
    </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%><font size="1"></font></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%><font size="1"></font></td>
    <td width=94%><font size="1"> Mr. Glenn is an &#147;interested person,&#148;
      as defined in the Investment Company Act, of each Fund based on his former
      positions with MLIM, FAM, FAMD, Princeton Services and Princeton Administrators
      and/or his ownership of securities issued by Merrill Lynch &amp; Co., Inc.
      (&#147;ML &amp; Co.&#148;).</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">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 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%><font size="1"></font></td><td width=94%><font size="1">Elected
by and serves at the pleasure of the Board of Directors.</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 complex of funds advised by FAM and its affiliate,
      Merrill Lynch Investment Managers, L.P. (&#147;MLIM&#148;) (&#147;FAM/MLIM&#148;-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: 7; page: 7" -->



<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain biographical and other
      information relating to the Nominee Directors who are not &#147;interested
      persons,&#148; as defined in the Investment Company Act, of any Fund (&#147;non-interested
      Directors&#148;) is set forth below. Each of the Nominee Directors is a
      member of the Audit and Oversight Committees.</font></td>
  </tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="640">
  <tr valign="bottom">
    <td width=147>
      <p align="center"><font size="1"><b>Name, Address&#134; <br>
        and Age</b> </font>
      <hr width="96%" size="1" noshade align="center">
    </td>
    <td width=10>
      <p align="center"><font size="1"><b>&nbsp;&nbsp;</b> </font></p>
    </td>
    <td width=65>
      <p align="center"><font size="1"><b>Position <br>
        Held with <br>
        each Fund</b> </font>
      <hr width="96%" size="1" noshade align="center">
    </td>
    <td width=10>
      <p align="center"><font size="1"><b>&nbsp;&nbsp;</b> </font></p>
    </td>
    <td width=79>
      <p align="center"><font size="1"><b>Term of <br>
        Office&#134;&#134; and <br>
        Length of <br>
        Time Served</b> </font>
      <hr width="96%" size="1" noshade align="center">
    </td>
    <td width=9>
      <p align="center"><font size="1"><b>&nbsp;&nbsp;</b> </font></p>
    </td>
    <td width=135>
      <p align="center"><font size="1"><b>Principal Occupation(s) <br>
        During Past Five Years</b> </font>
      <hr width="96%" size="1" noshade align="center">
    </td>
    <td width=10>
      <p align="center"><font size="1"><b>&nbsp;&nbsp;</b> </font></p>
    </td>
    <td width=83>
      <p align="center"><font size="1"><b>Number of <br>
        FAM/MLIM- <br>
        Advised Funds <br>
        and Portfolios <br>
        Overseen</b> </font>
      <hr width="96%" size="1" noshade align="center">
    </td>
    <td width=8>
      <p align="center"><font size="1"><b>&nbsp;&nbsp;</b> </font></p>
    </td>
    <td width=87>
      <p align="center"><font size="1"><b>Public <br>
        Directorships</b> </font>
      <hr width="96%" size="1" noshade align="center">
    </td>
  </tr>
  <tr>
    <td valign=top width=147>
      <p><font size="2">Ronald W. Forbes (63) </font></p>
    </td>
    <td valign=top width=10>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=65>
      <p><font size="2">Director </font></p>
    </td>
    <td valign=top width=10>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=79>
      <p><font size="2">Director of each Fund since the year listed in Exhibit
        B. </font></p>
    </td>
    <td valign=top width=9>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=135>
      <p><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 1999. </font></p>
    </td>
    <td valign=top width=10>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=83>
      <p><font size="2">51 registered investment companies consisting of <br>
        50 portfolios </font></p>
    </td>
    <td valign=top width=8>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=87>
      <p><font size="2">None </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=147>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=65>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=79>&nbsp;</td>
    <td valign=top width=9>&nbsp;</td>
    <td valign=top width=135>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=83>&nbsp;</td>
    <td valign=top width=8>&nbsp;</td>
    <td valign=top width=87>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=147>
      <p><font size="2">Cynthia A. Montgomery (51) </font></p>
    </td>
    <td valign=top width=10>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=65>
      <p><font size="2">Director </font></p>
    </td>
    <td valign=top width=10>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=79>
      <p><font size="2">Director of each Fund since the year listed in Exhibit
        B. </font></p>
    </td>
    <td valign=top width=9>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=135>
      <p><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></p>
    </td>
    <td valign=top width=10>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=83>
      <p><font size="2">51 registered investment companies consisting of<br>
        50 portfolios </font></p>
    </td>
    <td valign=top width=8>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=87>
      <p><font size="2">Unum-Provident Corporation (insurance products); Newell
        Rubbermaid Inc. (manu-facturing) </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=147>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=65>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=79>&nbsp;</td>
    <td valign=top width=9>&nbsp;</td>
    <td valign=top width=135>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=83>&nbsp;</td>
    <td valign=top width=8>&nbsp;</td>
    <td valign=top width=87>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=147>
      <p><font size="2">Kevin A. Ryan (71) </font></p>
    </td>
    <td valign=top width=10>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=65>
      <p><font size="2">Director </font></p>
    </td>
    <td valign=top width=10>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=79>
      <p><font size="2">Director of each Fund since the year listed in Exhibit
        B. </font></p>
    </td>
    <td valign=top width=9>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=135>
      <p><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></p>
    </td>
    <td valign=top width=10>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=83>
      <p><font size="2">51 registered investment companies consisting of <br>
        50 portfolios </font></p>
    </td>
    <td valign=top width=8>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=87>
      <p><font size="2">None </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">
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: 8; page: 8" --> <br>
  <br>
<table border=0 cellspacing=0 cellpadding=0 width="640">
  <tr valign="bottom">
    <td width=119>
      <p align="center"><font size="1"><b>Name, Address&#134; <br>
        and Age</b> </font>
      <hr width="96%" size="1" noshade align="center">
    </td>
    <td width=10>
      <p align="center"><font size="1"><b>&nbsp;&nbsp;</b> </font></p>
    </td>
    <td width=52>
      <p align="center"><font size="1"><b>Position <br>
        Held with <br>
        each Fund</b> </font>
      <hr width="96%" size="1" noshade align="center">
    </td>
    <td width=9>
      <p align="center"><font size="1"><b>&nbsp;&nbsp;</b> </font></p>
    </td>
    <td width=74>
      <p align="center"><font size="1"><b>Term of <br>
        Office&#134;&#134; and <br>
        Length of <br>
        Time Served</b> </font>
      <hr width="96%" size="1" noshade align="center">
    </td>
    <td width=8>
      <p align="center"><font size="1"><b>&nbsp;&nbsp;</b> </font></p>
    </td>
    <td width=159>
      <p align="center"><font size="1"><b>Principal Occupation(s) <br>
        During Past Five Years</b> </font>
      <hr width="96%" size="1" noshade align="center">
    </td>
    <td width=7>
      <p align="center"><font size="1"><b>&nbsp;&nbsp;</b> </font></p>
    </td>
    <td width=79>
      <p align="center"><font size="1"><b>Number of <br>
        FAM/MLIM- <br>
        Advised Funds <br>
        and Portfolios <br>
        Overseen</b> </font>
      <hr width="96%" size="1" noshade align="center">
    </td>
    <td width=6>
      <p align="center"><font size="1"><b>&nbsp;&nbsp;</b> </font></p>
    </td>
    <td width=119>
      <p align="center"><font size="1"><b>Public <br>
        Directorships</b> </font>
      <hr width="96%" size="1" noshade align="center">
    </td>
  </tr>
  <tr>
    <td valign=top width=119>
      <p><font size="2">Roscoe S. Suddarth (68) </font></p>
    </td>
    <td valign=top width=10>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=52>
      <p><font size="2">Director </font></p>
    </td>
    <td valign=top width=9>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=74>
      <p><font size="2">Director of each Fund since the year listed in Exhibit
        B. </font></p>
    </td>
    <td valign=top width=8>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=159>
      <p><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></p>
    </td>
    <td valign=top width=7>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=79>
      <p><font size="2">51 registered investment companies consisting of <br>
        50 portfolios </font></p>
    </td>
    <td valign=top width=6>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=119>
      <p><font size="2">None </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=119>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=52>&nbsp;</td>
    <td valign=top width=9>&nbsp;</td>
    <td valign=top width=74>&nbsp;</td>
    <td valign=top width=8>&nbsp;</td>
    <td valign=top width=159>&nbsp;</td>
    <td valign=top width=7>&nbsp;</td>
    <td valign=top width=79>&nbsp;</td>
    <td valign=top width=6>&nbsp;</td>
    <td valign=top width=119>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=119>
      <p><font size="2">Richard R. West (65) </font></p>
    </td>
    <td valign=top width=10>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=52>
      <p><font size="2">Director </font></p>
    </td>
    <td valign=top width=9>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=74>
      <p><font size="2">Director of each Fund since the year listed in Exhibit
        B. </font></p>
    </td>
    <td valign=top width=8>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=159>
      <p><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></p>
    </td>
    <td valign=top width=7>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=79>
      <p><font size="2">51 registered investment companies consisting of <br>
        50 portfolios </font></p>
    </td>
    <td valign=top width=6>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=119>
      <p><font size="2">Bowne &amp; Co., Inc. (financial printer); Vornado Operating
        Company (real estate company); Vornado Realty Trust, Inc. (real estate
        holding company); Alexander&#146;s, Inc. (real estate company) </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=119>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=52>&nbsp;</td>
    <td valign=top width=9>&nbsp;</td>
    <td valign=top width=74>&nbsp;</td>
    <td valign=top width=8>&nbsp;</td>
    <td valign=top width=159>&nbsp;</td>
    <td valign=top width=7>&nbsp;</td>
    <td valign=top width=79>&nbsp;</td>
    <td valign=top width=6>&nbsp;</td>
    <td valign=top width=119>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=119>
      <p><font size="2">Edward D. Zinbarg (68) </font></p>
    </td>
    <td valign=top width=10>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=52>
      <p><font size="2">Director </font></p>
    </td>
    <td valign=top width=9>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=74>
      <p><font size="2">Director of each Fund since the year listed in Exhibit
        B. </font></p>
    </td>
    <td valign=top width=8>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=159>
      <p><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></p>
    </td>
    <td valign=top width=7>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=79>
      <p><font size="2">51 registered investment companies consisting of <br>
        50 portfolios </font></p>
    </td>
    <td valign=top width=6>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=119>
      <p><font size="2">None </font></p>
    </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%><font size="1"></font></td><td width=94%><font size="1"> The
address of each non-interested Director is P.O. Box 9095, Princeton, New Jersey
08543-9095.</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%><font size="1"></font></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 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>&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;





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<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, in the American Stock Exchange, listing standards.  Currently, Messrs.
Forbes, 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 has adopted a written
      Charter for the Committee, which is attached as Exhibit D to this Combined
      Proxy Statement. Each Committee also has 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. Each Committee
      has discussed with E&amp;Y and D&amp;T, as applicable, such firm&#146;s
      independence with respect to the Fund and certain matters required to be
      discussed by Statements on Auditing Standards No. 61, 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><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 a 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 for the fiscal year ended  July 31, 2003 in
the case of MuniHoldings II and MuniHoldings NJ Ins, August 31,  2003 in the case of
MuniHoldings FL Ins, MuniHoldings NY Ins and MuniVest I and  October 31, 2003 in the case
of MuniVest II 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>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
6</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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



<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, except that (i) FAM
inadvertently made late Form 4 filings with respect to each of the Funds; and (ii)
William Bentley, Lawrence Haber, Jerry Miller, Frank Salerno and Charles Winters,
officers of FAM or its affiliate, MLIM, inadvertently made late Form 3 filings with
respect to each of the Funds.</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 based on former positions he held with
FAM and its affiliates and/or due to his ownership of securities issued by ML &amp; Co. Mr.
Glenn is the President of each Fund.</font></td></tr></table>

<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. Each Co-Chairman of each Fund&#146;s Committee receives 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>&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;





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



<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;Set forth in Exhibit B to this
      Combined Proxy Statement is the following information for each Nominee Director:
      (i) the number of Shares of Common Stock and AMPS of each Fund owned; (ii)
      the aggregate dollar range such stock ownership represents; and (iii) the
      aggregate dollar range of securities owned in all FAM/MLIM-advised funds
      for which the Nominee Director currently serves as a Director.</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 Nominee or his or her  immediate family members, owned
beneficially or of record any securities of ML &amp; Co. As of the Record Date, the Directors
and officers of each Fund as a group  owned an aggregate of less than 1% of the Fund&#146;s
outstanding shares. At such  date, Mr. Glenn, President and Director of each Fund, and
the other officers of  each Fund owned an aggregate of less than 1% of the outstanding
shares of Common  Stock of ML &amp; Co.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of
      each Fund recommends that the Stockholders vote &#147;FOR&#148; each of
      the Director Nominees.</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 and AMPS of the Funds.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><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 MuniHoldings FL Ins, 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. The quorum
      requirements must be met for each Fund&#146;s Shares and AMPS, each voting
      separately as a class.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to obtain the necessary
      quorum at each Meeting supplementary solicitation may be made by mail, telephone,
      telegraph or personal interview by officers of 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 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 Communications Inc., 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</font></td></tr></table>

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





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










<p><table width=600><tr><td><font size=2>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 as AMPS Directors 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
as AMPS Directors 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 border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="top">
    <td width=150>
      <p><font size="1"><b>Fund</b> </font></p>
    </td>
    <td width=228>
      <p><font size="1"><b>Election of AMPS Directors</b> </font></p>
    </td>
    <td width=222>
      <p><font size="1"><b>Election of Other Directors</b> </font></p>
    </td>
  </tr>
  <tr valign="top">
    <td width=600 colspan="3">
      <hr width="100%" size="1" noshade align="center">
    </td>
  </tr>
  <tr valign="top">
    <td width=150>
      <p><font size="2">MuniHoldings II </font></p>
    </td>
    <td width=228>
      <p><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></p>
    </td>
    <td width=222>
      <p><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></p>
    </td>
  </tr>
  <tr valign="top">
    <td width=600 colspan="3">
      <hr width="100%" size="1" noshade align="center">
    </td>
  </tr>
  <tr valign="top">
    <td width=150>
      <p><font size="2">MuniHoldings NJ Ins </font></p>
    </td>
    <td width=228>
      <p><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></p>
    </td>
    <td width=222>
      <p><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></p>
    </td>
  </tr>
  <tr valign="top">
    <td width=600 colspan="3">
      <hr width="100%" size="1" noshade align="center">
    </td>
  </tr>
  <tr valign="top">
    <td width=150>
      <p><font size="2">MuniHoldings NY Ins </font></p>
    </td>
    <td width=228>
      <p><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></p>
    </td>
    <td width=222>
      <p><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></p>
    </td>
  </tr>
  <tr valign="top">
    <td width=600 colspan="3">
      <hr width="100%" size="1" noshade align="center">
    </td>
  </tr>
  <tr valign="top">
    <td width=150>
      <p><font size="2">MuniVest I </font></p>
    </td>
    <td width=228>
      <p><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></p>
    </td>
    <td width=222>
      <p><font size="2">Affirmative vote of a majority of <br>
        the votes cast by the holders of <br>
        Shares, voting together <br>
        as a single class </font></p>
    </td>
  </tr>
  <tr valign="top">
    <td width=600 colspan="3">
      <hr width="100%" size="1" noshade align="center">
    </td>
  </tr>
  <tr valign="top">
    <td width=150>
      <p><font size="2">MuniVest II </font></p>
    </td>
    <td width=228>
      <p><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></p>
    </td>
    <td width=222>
      <p><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></p>
    </td>
  </tr>
  <tr valign="top">
    <td width=600 colspan="3">
      <hr width="100%" size="1" noshade align="center">
    </td>
  </tr>
  <tr valign="top">
    <td width=150>
      <p><font size="2">MuniHoldings FL Ins </font></p>
    </td>
    <td width=228>
      <p><font size="2">Affirmative vote of the holders of <br>
        a majority of the AMPS present in <br>
        person or by proxy at the Meeting <br>
        and entitled to vote, voting as a <br>
        separate class </font></p>
    </td>
    <td width=222>
      <p><font size="2">Affirmative vote of the holders of <br>
        a majority of the Shares and AMPS <br>
        present in person or by proxy at the <br>
        Meeting and entitled to vote, voting <br>
        together as a single class </font></p>
    </td>
  </tr>
  <tr valign="top">
    <td width=600 colspan="3">
      <hr width="100%" size="1" noshade align="center">
    </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,</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">
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: 13; page: 13" -->





<p><table width=600><tr>
    <td><font size=2>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 a Meeting or any adjournments thereof, the proxy holders will
      vote the Shares of Common Stock and AMPS represented by properly executed
      proxies according to their judgment on those matters.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2><B>Independent Accountants&#146; Fees</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC&#146;s auditor independence
      rules require the Committee of each Fund to pre-approve (a) all audit and
      permissible non-audit services provided by the Fund&#146;s independent accountants
      directly to the Fund and (b) those permissible non-audit services provided
      by the Fund&#146;s independent accountants to the Fund&#146;s investment
      adviser and any entity controlling, controlled by or under common control
      with the investment adviser that provides ongoing services to the Fund (the
      &#147;Affiliated Service Providers&#148;), if the services relate directly
      to the operations and financial reporting of the Fund.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The first two tables below
      set forth for each Fund, for its two most recent fiscal years the fees billed
      by its independent accountants for (a) all audit and non-audit services
      provided directly to the Fund and (b) those non-audit services provided
      to the Fund&#146;s Affiliated Service Providers that relate directly to
      the Fund&#146;s operations and financial reporting, and, therefore, require
      Committee pre-approval. Services under the caption:</font></td>
  </tr></table>

<br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><FONT SIZE="2"><I>Audit
Fees</I> are for the audit of the Fund&#146;s annual financial statements included in the Fund&#146;s
reports to stockholders and in connection with statutory and regulatory filings or
engagements;</FONT></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><FONT SIZE="2"><I>Audit-Related
Fees</I> include assurance and related services reasonably related to the performance of the
audit of financial statements not included in <I>Audit Fees</I>;</FONT></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><FONT SIZE="2"><I>Tax
Fees </I>include tax compliance, tax advice and tax planning; and</FONT></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><FONT SIZE="2"><I>All
Other Fees</I> are for other products and services provided.</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;





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



<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund also is required
      to disclose the total non-audit fees paid to its independent accountants,
      for services rendered to the Fund and its Affiliated Service Providers regardless
      of whether those fees were pre-approved by the Committee.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fiscal year
end is July 31 for MuniHoldings II and MuniHoldings NJ  Ins, August 31 for MuniHoldings
FL Ins, MuniHoldings NY Ins and MuniVest I, and  October 31 for MuniVest II.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B><I>Fees for audit and non-audit services
provided directly to the Fund:</I></B></font></td></tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="640">
  <tr align="center" valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><b><font size="1">Independent </font></b>
    </td>
    <td colspan="3">
      <p><b><font size="1">Audit Fees ($) </font></b>
      <hr width="85%" size="1" noshade align="center">
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td colspan="3">
      <p><b><font size="1">Audit-Related <br>
        Fees ($) </font></b>
      <hr width="85%" size="1" noshade align="center">
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td colspan="3">
      <p><b><font size="1">Tax Fees ($) </font></b>
      <hr width="85%" size="1" noshade align="center">
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td colspan="3">
      <p><b><font size="1">All Other <br>
        Fees ($) </font></b>
      <hr width="85%" size="1" noshade align="center">
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">
      <p><b><font size="1">Fund </font></b>
      <hr width="20%" size="1" noshade align="left">
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><b><font size="1">Accountants </font></b>
      <hr width="80%" size="1" noshade align="center">
    </td>
    <td>
      <p><b><font size="1">2003 </font></b>
      <hr width="80%" size="1" noshade align="center">
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><b><font size="1">2002 </font></b>
      <hr width="80%" size="1" noshade align="center">
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><b><font size="1">2003* </font></b>
      <hr width="80%" size="1" noshade align="center">
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><b><font size="1">2002* </font></b>
      <hr width="80%" size="1" noshade align="center">
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><b><font size="1">2003** </font></b>
      <hr width="80%" size="1" noshade align="center">
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><b><font size="1">2002** </font></b>
      <hr width="80%" size="1" noshade align="center">
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><b><font size="1">2003 </font></b>
      <hr width="80%" size="1" noshade align="center">
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><b><font size="1">2002 </font></b>
      <hr width="80%" size="1" noshade align="center">
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">
      <p><font size="1">MuniHoldings II </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><font size="1">E&amp;Y </font></p>
    </td>
    <td>
      <p><font size="1">30,550 </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><font size="1">37,275 </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><font size="1">3,000 </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><font size="1">12,000 </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><font size="1">5,000 </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><font size="1">4,740 </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><font size="1">&#151; </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><font size="1">&#151; </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p><font size="1">MuniHoldings FL Ins </font></p>
    </td>
    <td>
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">D&amp;T </font></p>
    </td>
    <td align="center">
      <p><font size="1">26,000 </font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">24,800 </font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">8,200 </font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">18,350 </font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">4,800 </font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">4,700 </font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">&#151; </font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">&#151; </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p><font size="1">MuniHoldings NJ Ins </font></p>
    </td>
    <td>
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">E&amp;Y </font></p>
    </td>
    <td align="center">
      <p><font size="1">30,550 </font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">37,275 </font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">3,000 </font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">12,000 </font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">5,000 </font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">4,740 </font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">&#151; </font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">&#151; </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p><font size="1">MuniHoldings NY Ins</font></p>
    </td>
    <td>
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">D&amp;T </font></p>
    </td>
    <td align="center">
      <p><font size="1">26,000</font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">24,800</font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">8,200</font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">18,350 </font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">4,800 </font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">4,700 </font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">&#151; </font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">&#151; </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p><font size="1">MuniVest I </font></p>
    </td>
    <td>
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">D&amp;T </font></p>
    </td>
    <td align="center">
      <p><font size="1">26,000</font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">34,600</font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">8,200</font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">18,350 </font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">4,800 </font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">4,700 </font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">&#151; </font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">&#151; </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p><font size="1">MuniVest II </font></p>
    </td>
    <td>
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">D&amp;T </font></p>
    </td>
    <td align="center">
      <p><font size="1">25,000</font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">30,600 </font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">7,800 </font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">18,350 </font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">4,800 </font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">4,700 </font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">&#151; </font></p>
    </td>
    <td align="center">
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="1">&#151; </font></p>
    </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">Primarily
related to the performance of agreed upon compliance procedures  associated with the
Fund&#146;s AMPS.</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">Primarily
related to tax compliance services associated with reviewing the  Fund&#146;s tax returns.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2><B><I>Fees for non-audit services provided to the Fund&#146;s
      Affiliated Service Providers for which pre-approval by the Committee was
      required:</I></B></font></td>
  </tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width="219"><b></b></td>
    <td width="9"><b></b></td>
    <td align="center" width="112"><b><font size="1">Independent </font></b></td>
    <td colspan="2" align="center"><b><font size="1">Audit-Related Fees ($) </font></b>
      <hr width="90" size="1" noshade align="center">
    </td>
    <td align="center" width="76"><b><font size="1">Tax Fees ($) </font></b>
      <hr width="60" size="1" noshade align="center">
    </td>
    <td align="center" width="86"><b><font size="1">All Other Fees ($) </font></b>
      <hr width="75" size="1" noshade align="center">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="219">
      <p><b><font size="1">Fund </font></b>
      <hr width="16%" size="1" noshade align="left">
    </td>
    <td width="9">
      <p>&nbsp;</p>
    </td>
    <td align="center" width="112">
      <p><b><font size="1">Accountants </font></b>
      <hr width="75" size="1" noshade align="center">
    </td>
    <td colspan="2" align="center">
      <p><b><font size="1">2003# </font></b>
      <hr width="50" size="1" noshade align="center">
    </td>
    <td align="center" width="76">
      <p><b><font size="1">2003# </font></b>
      <hr width="50" size="1" noshade align="center">
    </td>
    <td align="center" width="86">
      <p><b><font size="1">2003# </font></b>
      <hr width="50" size="1" noshade align="center">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="219">
      <p><font size="1">MuniHoldings II </font></p>
    </td>
    <td width="9">
      <p>&nbsp;</p>
    </td>
    <td align="center" width="112">
      <p><font size="1">E&amp;Y </font></p>
    </td>
    <td align="right" width="70">
      <p><font size="1">&#151; </font></p>
    </td>
    <td align="left" width="28">
      <p>&nbsp;</p>
    </td>
    <td align="center" width="76">
      <p><font size="1">&#151; </font></p>
    </td>
    <td align="center" width="86">
      <p><font size="1">&#151; </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="219">
      <p><font size="1">MuniHoldings FL Ins </font></p>
    </td>
    <td width="9">
      <p>&nbsp;</p>
    </td>
    <td align="center" width="112">
      <p><font size="1">D&amp;T </font></p>
    </td>
    <td align="right" width="70">
      <p><font size="1">450,000 </font></p>
    </td>
    <td align="left" width="28">
      <p><font size="1">*** </font></p>
    </td>
    <td align="center" width="76">
      <p><font size="1">&#151; </font></p>
    </td>
    <td align="center" width="86">
      <p><font size="1">&#151; </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="219">
      <p><font size="1">MuniHoldings NJ Ins </font></p>
    </td>
    <td width="9">
      <p>&nbsp;</p>
    </td>
    <td align="center" width="112">
      <p><font size="1">E&amp;Y </font></p>
    </td>
    <td align="right" width="70">
      <p><font size="1">&#151; </font></p>
    </td>
    <td align="left" width="28">
      <p>&nbsp;</p>
    </td>
    <td align="center" width="76">
      <p><font size="1">&#151; </font></p>
    </td>
    <td align="center" width="86">
      <p><font size="1">&#151; </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="219">
      <p><font size="1">MuniHoldings NY Ins </font></p>
    </td>
    <td width="9">
      <p>&nbsp;</p>
    </td>
    <td align="center" width="112">
      <p><font size="1">D&amp;T </font></p>
    </td>
    <td align="right" width="70">
      <p><font size="1">450,000 </font></p>
    </td>
    <td align="left" width="28">
      <p><font size="1">*** </font></p>
    </td>
    <td align="center" width="76">
      <p><font size="1">&#151; </font></p>
    </td>
    <td align="center" width="86">
      <p><font size="1">&#151; </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="219">
      <p><font size="1">MuniVest I </font></p>
    </td>
    <td width="9">
      <p>&nbsp;</p>
    </td>
    <td align="center" width="112">
      <p><font size="1">D&amp;T </font></p>
    </td>
    <td align="right" width="70">
      <p><font size="1">450,000 </font></p>
    </td>
    <td align="left" width="28">
      <p><font size="1">*** </font></p>
    </td>
    <td align="center" width="76">
      <p><font size="1">&#151; </font></p>
    </td>
    <td align="center" width="86">
      <p><font size="1">&#151; </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="219">
      <p><font size="1">MuniVest II </font></p>
    </td>
    <td width="9">
      <p>&nbsp;</p>
    </td>
    <td align="center" width="112">
      <p><font size="1">D&amp;T </font></p>
    </td>
    <td align="right" width="70">
      <p><font size="1">450,000 </font></p>
    </td>
    <td align="left" width="28">
      <p><font size="1">*** </font></p>
    </td>
    <td align="center" width="76">
      <p><font size="1">&#151; </font></p>
    </td>
    <td align="center" width="86">
      <p><font size="1">&#151; </font></p>
    </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">Primarily related to examinations of internal
      controls and investment management performance returns at Affiliated Service
      Providers.</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">Information is provided only for the 2003 fiscal
      year because the rules regarding pre-approval by the Committee of services
      provided to Affiliated Service Providers were not in effect during the 2002
      fiscal year of any Fund.</font></td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2><B><I>Aggregate non-audit fees for services
provided to the Fund and its Affiliated  Service Providers, regardless of whether
pre-approval was required.</I></B></font></td></tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width=199>
      <p>&nbsp;</p>
    </td>
    <td align="center" width=6>
      <p>&nbsp;</p>
    </td>
    <td align="center" width=170>
      <p>&nbsp;</p>
    </td>
    <td colspan="4" align="center">
      <p><b><font size="1">Aggregate Non-Audit Fees($)</font></b>
      <hr width="65%" size="1" noshade align="center">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=199>
      <p><b><font size="1">Fund </font></b>
      <hr width="12%" size="1" noshade align="left">
    </td>
    <td align="center" width=6>
      <p>&nbsp;</p>
    </td>
    <td align="center" width=170>
      <p><b><font size="1">Independent Accountants </font></b>
      <hr width="70%" size="1" noshade align="center">
    </td>
    <td colspan="2" align="center">
      <p><b><font size="1">2003 </font></b>
      <hr width="30%" size="1" noshade align="center">
    </td>
    <td colspan="2" align="center">
      <p><b><font size="1">2002 </font></b>
      <hr width="30%" size="1" noshade align="center">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=199>
      <p><font size="2">MuniHoldings II </font></p>
    </td>
    <td width=6>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td align="center" width=170>
      <p><font size="2">E&amp;Y </font></p>
    </td>
    <td align="right" width=86>
      <p><font size="2">2,317,000</font></p>
    </td>
    <td align="left" width=25>
      <p><font size="2">&#134;&#134;&nbsp; </font></p>
    </td>
    <td align="right" width=87>
      <p><font size="2">2,680,000</font></p>
    </td>
    <td align="left" width=27>
      <p><font size="2">&#134;&#134; </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=199>
      <p><font size="2">MuniHoldings FL Ins </font></p>
    </td>
    <td width=6>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td align="center" width=170>
      <p><font size="2">D&amp;T </font></p>
    </td>
    <td align="right" width=86>
      <p><font size="2">15,063,000</font></p>
    </td>
    <td align="left" width=25>
      <p>&#134;<font size="2"> </font></p>
    </td>
    <td align="right" width=87>
      <p><font size="2">13,074,050</font></p>
    </td>
    <td align="left" width=27>
      <p>&#134;</p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=199>
      <p><font size="2">MuniHoldings NJ Ins </font></p>
    </td>
    <td width=6>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td align="center" width=170>
      <p><font size="2">E&amp;Y </font></p>
    </td>
    <td align="right" width=86>
      <p><font size="2">2,317,000 </font></p>
    </td>
    <td align="left" width=25>
      <p><font size="2">&#134;&#134;&nbsp; </font></p>
    </td>
    <td align="right" width=87>
      <p><font size="2">2,680,000</font></p>
    </td>
    <td align="left" width=27>
      <p><font size="2">&#134;&#134;&nbsp; </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=199>
      <p><font size="2">MuniHoldings NY Ins </font></p>
    </td>
    <td width=6>
      <p>&nbsp;</p>
    </td>
    <td align="center" width=170>
      <p><font size="2">D&amp;T </font></p>
    </td>
    <td align="right" width=86>
      <p><font size="2">15,063,000</font></p>
    </td>
    <td align="left" width=25>
      <p>&#134;<font size="2"> </font></p>
    </td>
    <td align="right" width=87>
      <p><font size="2">13,074,050</font></p>
    </td>
    <td align="left" width=27>
      <p>&#134;</p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=199>
      <p><font size="2">MuniVest I </font></p>
    </td>
    <td width=6>
      <p>&nbsp;</p>
    </td>
    <td align="center" width=170>
      <p><font size="2">D&amp;T </font></p>
    </td>
    <td align="right" width=86>
      <p><font size="2">15,063,000</font></p>
    </td>
    <td align="left" width=25>
      <p>&#134;<font size="2"> </font></p>
    </td>
    <td align="right" width=87>
      <p><font size="2">13,074,050</font></p>
    </td>
    <td align="left" width=27>
      <p>&#134;</p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=199>
      <p><font size="2">MuniVest II </font></p>
    </td>
    <td width=6>
      <p>&nbsp;</p>
    </td>
    <td align="center" width=170>
      <p><font size="2">D&amp;T </font></p>
    </td>
    <td align="right" width=86>
      <p><font size="2">15,062,600</font></p>
    </td>
    <td align="left" width=25>
      <p>&#134;<font size="2"> </font></p>
    </td>
    <td align="right" width=87>
      <p><font size="2">13,074,050</font></p>
    </td>
    <td align="left" width=27>
      <p>&#134;</p>
    </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%><font size="1"></font></td>
    <td width=94%><font size="1"> Primarily associated with project management
      of non-financial service systems implementations, advisory and management
      consulting services, and examinations of internal controls and investment
      management performance returns for Affiliated Service Providers. Fees are
      also related to the performance of agreed upon compliance procedures associated
      with the Fund&#146;s AMPS and tax compliance services associated with reviewing
      the Fund's tax returns.</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%><font size="1"></font></td>
    <td width=94%><font size="1"> Primarily associated with corporate tax consulting,
      cash flow ananlyses, and quality enhancement and education seminars for
      personnel of Affiliated Service Providers. Fees are also related to the
      performance of agreed upon compliance procedures associated with the Fund&#146;s
      AMPS and tax compliance services associated with reviewing the Fund's tax
      returns.</font></td>
  </tr>
</table>
<p>&nbsp;</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">
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;





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<!-- MARKER PAGE="sheet: 15; page: 15" -->



<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee of each Fund
      has reviewed the non-audit services provided by the Fund&#146;s independent
      accountants to the Fund&#146;s Affiliated Service Providers that were not
      subject to the Committee&#146;s pre-approval and has determined that the
      provision of such services is compatible with maintaining the accountants&#146;
      independence.</font></td>
  </tr></table>


<p><table width=600><tr><td><font size=2><B><I>Committee&#146;s Pre-Approval Policies and
Procedures</I></B></font></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee of each Fund
      has adopted policies and procedures with regard to the pre-approval of services.
      Audit, audit-related and tax compliance services provided to the Fund on
      an annual basis require specific pre-approval by the Committee. As noted
      above, the Committee also must approve other non-audit services provided
      to a Fund and those non-audit services provided to the Fund&#146;s Affiliated
      Service Providers that relate directly to the operations and financial reporting
      of the Fund. Certain of these non-audit services that the Committee believes
      are a) consistent with the SEC&#146;s auditor independence rules and b)
      routine and recurring services that will not impair the independence of
      the independent accountants may be approved by the Committee without consideration
      on a specific case-by-case basis (&#147;general pre-approval&#148;). However,
      such services will only be deemed pre-approved provided that any individual
      project does not exceed $5,000 attributable to the Fund or $50,000 for the
      project as a whole. Any proposed services exceeding the pre-approved cost
      levels will require specific pre-approval by the Committee, as will any
      other services not subject to general pre-approval (<I>e.g.</I>, unanticipated
      but permissible services). The Committee is informed of each service approved
      subject to general pre-approval at the next regularly scheduled in-person
      board meeting.</FONT></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-audit services
provided to the Fund&#146;s Affiliated Service Providers  that have a direct impact on the
operations or financial reporting of the Fund  must be pre-approved by the Audit
Committee of ML &amp; Co. in addition to  pre-approval by the Committee.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The independent
accountants annually will provide the Committee with a  detailed analysis of all fees
paid by ML &amp; Co. and its affiliates.</font></td></tr></table>


<p><table width=600><tr><td><font size=2><B><I>Other</I></B></font></td></tr></table>

<p>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives of
E&amp;Y and D&amp;T, 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 width=600><tr><td><font size=2><B>Address of Investment Adviser</B></font></td></tr></table>

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

<br>
<table width=600>
  <tr>
    <td><font size=2><b>Annual Report Delivery</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. 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>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
12</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: 16; page: 16" -->




<p>
<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 2005 Annual Meeting of Stockholders
      of such Fund, each of which is anticipated to be held in January 2005, 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 23, 2004. The persons named
      as proxies in the proxy materials for each Fund&#146;s 2005 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 8, 2004. 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>

<br>
<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/Trustees</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., <br>
      MuniVest Fund II, Inc. <br>
      and MuniHoldings Florida Insured Fund</i> </font></td>
  </tr>
</table>
<p>
<p>
<p><table width=600><tr>
    <td><font size=2>Dated: December 18, 2003</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">
13</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: 17; page: 17" -->



<p><table width=600><tr><td  align=center><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;





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




<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>
<br>
<table width=600><tr><td align=right><font size=2><B>Exhibit A</B></font></td></tr></table>


<p>
<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>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td>
      <p><b><font size="1">Fund </font></b>
      <hr width="12%" size="1" noshade align="left">
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p><b><font size="1">Defined <br>
        Term </font></b>
      <hr width="30%" size="1" noshade align="center">
    </td>
    <td align="center">
      <p><b><font size="1">Fiscal <br>
        Year End </font></b>
      <hr width="65%" size="1" noshade align="center">
    </td>
    <td align="center">
      <p><b><font size="1">State of <br>
        Organization </font></b>
      <hr width="80%" size="1" noshade align="center">
    </td>
    <td align="center">
      <p><b><font size="1">Meeting <br>
        Time </font></b>
      <hr width="55%" size="1" noshade align="center">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">MuniHoldings Fund II, Inc. </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><font size="2">MuniHoldings II </font></p>
    </td>
    <td align="center">
      <p><font size="2">July 31 </font></p>
    </td>
    <td align="center">
      <p><font size="2">MD </font></p>
    </td>
    <td align="center">
      <p><font size="2">9:00 A.M. </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">MuniHoldings New Jersey </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;Insured Fund, Inc. </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><font size="2">MuniHoldings NJ Ins </font></p>
    </td>
    <td align="center">
      <p><font size="2">July 31 </font></p>
    </td>
    <td align="center">
      <p><font size="2">MD </font></p>
    </td>
    <td align="center">
      <p><font size="2">9:20 A.M. </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">MuniHoldings New York </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;Insured Fund, Inc. </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><font size="2">MuniHoldings NY Ins </font></p>
    </td>
    <td align="center">
      <p><font size="2">August 31 </font></p>
    </td>
    <td align="center">
      <p><font size="2">MD </font></p>
    </td>
    <td align="center">
      <p><font size="2">9:40 A.M. </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">MuniVest Fund, Inc. </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><font size="2">MuniVest I </font></p>
    </td>
    <td align="center">
      <p><font size="2">August 31 </font></p>
    </td>
    <td align="center">
      <p><font size="2">MD </font></p>
    </td>
    <td align="center">
      <p><font size="2">10:00 A.M. </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">MuniVest Fund II, Inc. </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><font size="2">MuniVest II </font></p>
    </td>
    <td align="center">
      <p><font size="2">October 31 </font></p>
    </td>
    <td align="center">
      <p><font size="2">MD </font></p>
    </td>
    <td align="center">
      <p><font size="2">10:20 A.M. </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">MuniHoldings Florida </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;Insured Fund </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><font size="2">MuniHoldings FL Ins </font></p>
    </td>
    <td align="center">
      <p><font size="2">August 31 </font></p>
    </td>
    <td align="center">
      <p><font size="2">MA </font></p>
    </td>
    <td align="center">
      <p><font size="2">10:40 A.M. </font></p>
    </td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width=420>
      <p>&nbsp;</p>
    </td>
    <td align="center" colspan="3"><font size="1"><b>Shares Outstanding as <br>
      of the Record Date</b> </font>
      <hr size="1" noshade align="center" width="70%">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="1"><b>Fund</b> </font>
      <hr width="7%" size="1" noshade align="left">
    </td>
    <td align="center" valign="bottom" width=94>
      <p><font size="1"><b>Shares</b> </font>
      <hr width="40%" size="1" noshade align="center">
    </td>
    <td align="center" valign="bottom" colspan="2">
      <p><font size="1"><b>AMPS</b> </font>
      <hr width="30%" size="1" noshade align="center">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">MuniHoldings II </font></p>
    </td>
    <td valign="bottom" align="center" width=94>
      <p><font size="2">11,098,243 </font></p>
    </td>
    <td valign="bottom" align="right" width=62>
      <p><font size="2">3,480 </font></p>
    </td>
    <td width=24>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">MuniHoldings NJ Ins </font></p>
    </td>
    <td valign="bottom" align="center" width=94>
      <p><font size="2">21,038,614 </font></p>
    </td>
    <td valign="bottom" align="right" width=62>
      <p><font size="2">8,120 </font></p>
    </td>
    <td width=24>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">MuniHoldings NY Ins </font></p>
    </td>
    <td valign="bottom" align="center" width=94>
      <p><font size="2">30,784,615 </font></p>
    </td>
    <td valign="bottom" align="right" width=62>
      <p><font size="2">12,520 </font></p>
    </td>
    <td width=24>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">MuniVest I </font></p>
    </td>
    <td valign="bottom" align="center" width=94>
      <p><font size="2">61,346,288 </font></p>
    </td>
    <td valign="bottom" align="right" width=62>
      <p><font size="2">11,000 </font></p>
    </td>
    <td width=24>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">MuniVest II </font></p>
    </td>
    <td valign="bottom" align="center" width=94>
      <p><font size="2">19,907,055 </font></p>
    </td>
    <td valign="bottom" align="right" width=62>
      <p><font size="2">5,400 </font></p>
    </td>
    <td width=24>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">MuniHoldings FL Ins </font></p>
    </td>
    <td valign="bottom" align="center" width=94>
      <p><font size="2">37,628,592 </font></p>
    </td>
    <td valign="bottom" align="right" width=62>
      <p><font size="2">14,530 </font></p>
    </td>
    <td width=24>&nbsp;</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>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td colspan="3" align="center">
      <p><b><font size="1">Board </font></b>
      <hr size="1" noshade align="center" width="90%">
    </td>
    <td colspan="4" align="center"><b><font size="1">Committee </font></b>
      <hr size="1" noshade align="center" width="90%">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><b><font size="1">Fund </font></b>
      <hr width="15%" size="1" noshade align="left">
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p><b><font size="1">No. of <br>
        Meetings <br>
        Held* </font></b>
      <hr size="1" noshade align="center" width="75%">
    </td>
    <td align="center">
      <p><b><font size="1"> <br>
        Annual <br>
        Fee ($) </font></b>
      <hr size="1" noshade align="center" width="80%">
    </td>
    <td align="center">
      <p><b><font size="1">Per <br>
        Meeting <br>
        Fee ($)** </font></b>
      <hr size="1" noshade align="center" width="80%">
    </td>
    <td align="center">
      <p><b><font size="1">No. of <br>
        Meetings <br>
        Held* </font></b>
      <hr size="1" noshade align="center" width="80%">
    </td>
    <td align="center">
      <p><b><font size="1">Annual <br>
        Fee ($)*** </font></b>
      <hr size="1" noshade align="center" width="80%">
    </td>
    <td align="center">
      <p><b><font size="1">Per <br>
        Meeting <br>
        Fee ($)** </font></b>
      <hr size="1" noshade align="center" width="80%">
    </td>
    <td align="center">
      <p><b><font size="1">Aggregate <br>
        Fees and <br>
        Expenses ($) </font></b>
      <hr size="1" noshade align="center" width="80%">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">MuniHoldings II </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p><font size="2">10 </font></p>
    </td>
    <td align="center">
      <p><font size="2">1,900 </font></p>
    </td>
    <td align="center">
      <p><font size="2">150 </font></p>
    </td>
    <td align="center">
      <p><font size="2">5 </font></p>
    </td>
    <td align="center">
      <p><font size="2">1,900 </font></p>
    </td>
    <td align="center">
      <p><font size="2">150 </font></p>
    </td>
    <td align="center">
      <p><font size="2">37,208 </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">MuniHoldings NJ Ins </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p><font size="2">10 </font></p>
    </td>
    <td align="center">
      <p><font size="2">1,900 </font></p>
    </td>
    <td align="center">
      <p><font size="2">150 </font></p>
    </td>
    <td align="center">
      <p><font size="2">5 </font></p>
    </td>
    <td align="center">
      <p><font size="2">1,900 </font></p>
    </td>
    <td align="center">
      <p><font size="2">150 </font></p>
    </td>
    <td align="center">
      <p><font size="2">37,413 </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">MuniHoldings NY Ins </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p><font size="2">11 </font></p>
    </td>
    <td align="center">
      <p><font size="2">1,900 </font></p>
    </td>
    <td align="center">
      <p><font size="2">150 </font></p>
    </td>
    <td align="center">
      <p><font size="2">5 </font></p>
    </td>
    <td align="center">
      <p><font size="2">1,900 </font></p>
    </td>
    <td align="center">
      <p><font size="2">150 </font></p>
    </td>
    <td align="center">
      <p><font size="2">34,549 </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">MuniVest I </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p><font size="2">11 </font></p>
    </td>
    <td align="center">
      <p><font size="2">1,900 </font></p>
    </td>
    <td align="center">
      <p><font size="2">150 </font></p>
    </td>
    <td align="center">
      <p><font size="2">5 </font></p>
    </td>
    <td align="center">
      <p><font size="2">1,900 </font></p>
    </td>
    <td align="center">
      <p><font size="2">150 </font></p>
    </td>
    <td align="center">
      <p><font size="2">35,248 </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">MuniVest II </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p><font size="2">10 </font></p>
    </td>
    <td align="center">
      <p><font size="2">1,900 </font></p>
    </td>
    <td align="center">
      <p><font size="2">150 </font></p>
    </td>
    <td align="center">
      <p><font size="2">5 </font></p>
    </td>
    <td align="center">
      <p><font size="2">1,900 </font></p>
    </td>
    <td align="center">
      <p><font size="2">150 </font></p>
    </td>
    <td align="center">
      <p><font size="2">37,320 </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">MuniHoldings FL Ins </font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p><font size="2">11 </font></p>
    </td>
    <td align="center">
      <p><font size="2">1,900 </font></p>
    </td>
    <td align="center">
      <p><font size="2">150 </font></p>
    </td>
    <td align="center">
      <p><font size="2">5 </font></p>
    </td>
    <td align="center">
      <p><font size="2">1,900 </font></p>
    </td>
    <td align="center">
      <p><font size="2">150 </font></p>
    </td>
    <td align="center">
      <p><font size="2">37,348 </font></p>
    </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"> 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><p>&nbsp;





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<p><table width=600><tr><td  align=center><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;





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


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


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


<br>
<table border=0 cellspacing=0 cellpadding=0 width="650">
  <tr valign="bottom">
    <td width="94">
      <p>&nbsp;</p>
    </td>
    <td align="center" width="92"> <font size="1"><b>MuniHoldings II</b> </font>
      <hr noshade align="center" size="1" width="75">
    </td>
    <td align="center" width="113"> <font size="1"><b>MuniHoldings NY Ins</b>
      </font>
      <hr noshade align="center" size="1" width="100">
    </td>
    <td align="center" width="112"> <font size="1"><b>MuniHoldings NJ Ins</b>
      </font>
      <hr noshade align="center" size="1" width="100">
    </td>
    <td align="center" width="65"> <font size="1"><b>MuniVest I</b> </font>
      <hr noshade align="center" size="1" width="55">
    </td>
    <td align="center" width="61"> <font size="1"><b>MuniVest II</b> </font>
      <hr noshade align="center" size="1" width="55">
    </td>
    <td align="center" width="113"> <font size="1"><b>MuniHoldings FL Ins</b>
      </font>
      <hr noshade align="center" size="1" width="100">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="94"> <font size="2">Forbes </font></td>
    <td align="center" width="92"> <font size="2">1998 </font></td>
    <td align="center" width="113"> <font size="2">1997 </font></td>
    <td align="center" width="112"> <font size="2">1998 </font></td>
    <td align="center" width="65"> <font size="2">1988 </font></td>
    <td align="center" width="61"> <font size="2">1993 </font></td>
    <td align="center" width="113"> <font size="2">1997 </font></td>
  </tr>
  <tr valign="bottom">
    <td width="94"> <font size="2">Glenn </font></td>
    <td align="center" width="92"> <font size="2">1999 </font></td>
    <td align="center" width="113"> <font size="2">1999 </font></td>
    <td align="center" width="112"> <font size="2">1999 </font></td>
    <td align="center" width="65"> <font size="2">1999 </font></td>
    <td align="center" width="61"> <font size="2">1999 </font></td>
    <td align="center" width="113"> <font size="2">1999 </font></td>
  </tr>
  <tr valign="bottom">
    <td width="94"> <font size="2">Montgomery </font></td>
    <td align="center" width="92"> <font size="2">1998 </font></td>
    <td align="center" width="113"> <font size="2">1997 </font></td>
    <td align="center" width="112"> <font size="2">1998 </font></td>
    <td align="center" width="65"> <font size="2">1993 </font></td>
    <td align="center" width="61"> <font size="2">1993 </font></td>
    <td align="center" width="113"> <font size="2">1997 </font></td>
  </tr>
  <tr valign="bottom">
    <td width="94"> <font size="2">Ryan </font></td>
    <td align="center" width="92"> <font size="2">1998 </font></td>
    <td align="center" width="113"> <font size="2">1997 </font></td>
    <td align="center" width="112"> <font size="2">1998 </font></td>
    <td align="center" width="65"> <font size="2">1992 </font></td>
    <td align="center" width="61"> <font size="2">1993 </font></td>
    <td align="center" width="113"> <font size="2">1997 </font></td>
  </tr>
  <tr valign="bottom">
    <td width="94"> <font size="2">Suddarth </font></td>
    <td align="center" width="92"> <font size="2">2000 </font></td>
    <td align="center" width="113"> <font size="2">2000 </font></td>
    <td align="center" width="112"> <font size="2">2000 </font></td>
    <td align="center" width="65"> <font size="2">2000 </font></td>
    <td align="center" width="61"> <font size="2">2000 </font></td>
    <td align="center" width="113"> <font size="2">2000 </font></td>
  </tr>
  <tr valign="bottom">
    <td width="94"> <font size="2">West </font></td>
    <td align="center" width="92"> <font size="2">1998 </font></td>
    <td align="center" width="113"> <font size="2">1997 </font></td>
    <td align="center" width="112"> <font size="2">1998 </font></td>
    <td align="center" width="65"> <font size="2">1988 </font></td>
    <td align="center" width="61"> <font size="2">1993 </font></td>
    <td align="center" width="113"> <font size="2">1997 </font></td>
  </tr>
  <tr valign="top">
    <td width="94"> <font size="2">Zinbarg</font></td>
    <td height="20" width="92" align="center"> <font size="2">2000 </font></td>
    <td align="center" width="113"> <font size="2">2000 </font></td>
    <td align="center" width="112"> <font size="2">2000 </font></td>
    <td align="center" width="65"> <font size="2">2000 </font></td>
    <td align="center" width="61"> <font size="2">2000 </font></td>
    <td align="center" width="113"> <font size="2">2000 </font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
B-1</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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



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


<br>
<table border=0 cellspacing=0 cellpadding=0 width="640">
  <tr valign="bottom">
    <td width=158>
      <p><b><font size="1">Name </font></b>
      <hr noshade align="left" size="1" width="18%">
    </td>
    <td width=10>&nbsp;</td>
    <td width=137>&nbsp;</td>
    <td valign="bottom" align="center" width=45>
      <p><b><font size="1">No. of <br>
        Shares </font></b>
      <hr noshade align="center" size="1" width="90%">
    </td>
    <td valign="bottom" align="center" width=43>
      <p><b><font size="1">No. of <br>
        AMPS </font></b>
      <hr noshade align="center" size="1" width="90%">
    </td>
    <td valign="bottom" align="center" width=100>
      <p><b><font size="1">Aggregate <br>
        Dollar <br>
        Range of <br>
        Equity in <br>
        the Fund </font></b>
      <hr noshade align="center" size="1" width="55%">
    </td>
    <td valign="bottom" align="center" width=147>
      <p><b><font size="1">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 </font></b>
      <hr noshade align="center" size="1" width="93%">
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p><font size="2"><i>Interested Director:</i> </font></p>
    </td>
    <td valign=top width=10>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=137>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p><font size="2">&nbsp; </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p><font size="2">&nbsp;&nbsp;&nbsp;Terry K. Glenn </font></p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniHoldings II </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p><font size="2">over $100,000 </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniHoldings NJ Ins </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniHoldings NY Ins </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniVest I </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">38,376 </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">over $100,000 </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniVest II </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniHoldings FL Ins </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p><font size="2"><i>Non-Interested Directors:</i> </font></p>
    </td>
    <td valign=top width=10>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top width=137>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p><font size="2">&nbsp; </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p><font size="2">&nbsp;&nbsp;&nbsp;Ronald W. Forbes </font></p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniHoldings II </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">1,414 </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">$10,001-$50,000 </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p><font size="2">over $100,000 </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniHoldings NJ Ins </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniHoldings NY Ins </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">1,239 </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">$10,001-$50,000 </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniVest I </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">1,230 </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">$10,001-$50,000 </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniVest II </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">702 </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">$10,001-$50,000 </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniHoldings FL Ins </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=137>&nbsp;</td>
    <td valign=top align="center" width=45>&nbsp;</td>
    <td valign=top align="center" width=43>&nbsp;</td>
    <td valign=top align="center" width=100>&nbsp;</td>
    <td valign=top align="center" width=147>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p><font size="2">&nbsp;&nbsp;&nbsp;Cynthia A. Montgomery </font></p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniHoldings II </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p><font size="2">over $100,000 </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniHoldings NJ Ins </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniHoldings NY Ins </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniVest I </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniVest II </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniHoldings FL Ins </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=137>&nbsp;</td>
    <td valign=top align="center" width=45>&nbsp;</td>
    <td valign=top align="center" width=43>&nbsp;</td>
    <td valign=top align="center" width=100>&nbsp;</td>
    <td valign=top align="center" width=147>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p><font size="2">&nbsp;&nbsp;&nbsp;Kevin A. Ryan </font></p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniHoldings II </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p><font size="2">over $100,000 </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniHoldings NJ Ins </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniHoldings NY Ins </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniVest I </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniVest II </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniHoldings FL Ins </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=137>&nbsp;</td>
    <td valign=top align="center" width=45>&nbsp;</td>
    <td valign=top align="center" width=43>&nbsp;</td>
    <td valign=top align="center" width=100>&nbsp;</td>
    <td valign=top align="center" width=147>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p><font size="2">&nbsp;&nbsp;&nbsp;Roscoe S. Suddarth </font></p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniHoldings II </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p><font size="2">over $100,000 </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniHoldings NJ Ins </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniHoldings NY Ins </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniVest I </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniVest II </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniHoldings FL Ins </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=137>&nbsp;</td>
    <td valign=top align="center" width=45>&nbsp;</td>
    <td valign=top align="center" width=43>&nbsp;</td>
    <td valign=top align="center" width=100>&nbsp;</td>
    <td valign=top align="center" width=147>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p><font size="2">&nbsp;&nbsp;&nbsp;Richard R. West </font></p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniHoldings II </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p><font size="2">over $100,000 </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniHoldings NJ Ins </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniHoldings NY Ins </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniVest I </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniVest II </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniHoldings FL Ins </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=137>&nbsp;</td>
    <td valign=top align="center" width=45>&nbsp;</td>
    <td valign=top align="center" width=43>&nbsp;</td>
    <td valign=top align="center" width=100>&nbsp;</td>
    <td valign=top align="center" width=147>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p><font size="2">&nbsp;&nbsp;&nbsp;Edward D. Zinbarg </font></p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniHoldings II </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p><font size="2">over $100,000 </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniHoldings NJ Ins </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniHoldings NY Ins </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniVest I </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniVest II </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=158>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=137>
      <p><font size="2">MuniHoldings FL Ins </font></p>
    </td>
    <td valign=top align="center" width=45>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=43>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=100>
      <p><font size="2">None </font></p>
    </td>
    <td valign=top align="center" width=147>
      <p>&nbsp;</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">
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: 22; page: 22" -->



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


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td rowspan="6">
      <p><font size="1"><b>Name</b> </font>
      <hr noshade align="left" size="1" width="12%">
    </td>
    <td rowspan="6">&nbsp;</td>
    <td rowspan="6" align="center">
      <p><font size="1"><b>Compensation <br>
        from each Fund</b> </font>
      <hr noshade align="center" size="1" width="60%">
    </td>
    <td rowspan="6" align="center">
      <p><font size="1"><b>Pension or <br>
        Retirement <br>
        Benefits <br>
        Accrued <br>
        as Part of <br>
        Fund Expense</b> </font>
      <hr noshade align="center" size="1" width="70%">
    </td>
    <td rowspan="6" align="center">
      <p><font size="1"><b>Aggregate <br>
        Compensation <br>
        from Fund <br>
        and Other <br>
        FAM/MLIM- <br>
        Advised Funds</b> </font>
      <hr noshade align="center" size="1" width="70%">
    </td>
  </tr>
  <tr valign="bottom"> </tr>
  <tr valign="bottom"> </tr>
  <tr valign="bottom"> </tr>
  <tr valign="bottom"> </tr>
  <tr valign="bottom"> </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Ronald W. Forbes* </font></p>
    </td>
    <td>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="2">$6,000 </font></p>
    </td>
    <td align="center">
      <p><font size="2">None </font></p>
    </td>
    <td align="center">
      <p><font size="2">$308,400 </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Cynthia A. Montgomery </font></p>
    </td>
    <td>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="2">$5,000 </font></p>
    </td>
    <td align="center">
      <p><font size="2">None </font></p>
    </td>
    <td align="center">
      <p><font size="2">$266,400 </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Charles C. Reilly*&#134; </font></p>
    </td>
    <td>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="2">$6,000 </font></p>
    </td>
    <td align="center">
      <p><font size="2">None </font></p>
    </td>
    <td align="center">
      <p><font size="2">$308,400 </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Kevin A. Ryan </font></p>
    </td>
    <td>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="2">$5,000 </font></p>
    </td>
    <td align="center">
      <p><font size="2">None </font></p>
    </td>
    <td align="center">
      <p><font size="2">$266,400 </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Roscoe S. Suddarth </font></p>
    </td>
    <td>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="2">$5,000 </font></p>
    </td>
    <td align="center">
      <p><font size="2">None </font></p>
    </td>
    <td align="center">
      <p><font size="2">$266,400 </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Richard R. West </font></p>
    </td>
    <td>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="2">$5,000 </font></p>
    </td>
    <td align="center">
      <p><font size="2">None </font></p>
    </td>
    <td align="center">
      <p><font size="2">$275,400 </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Edward D. Zinbarg </font></p>
    </td>
    <td>
      <p><font size="2">&nbsp; </font></p>
    </td>
    <td align="center">
      <p><font size="2">$5,000 </font></p>
    </td>
    <td align="center">
      <p><font size="2">None </font></p>
    </td>
    <td align="center">
      <p><font size="2">$266,400 </font></p>
    </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"> Co-Chairman
of each Fund&#146;s Committee.</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"> Mr.
Reilly will retire as a Director effective January 1, 2004.</font></td></tr></table>

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





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<!-- MARKER PAGE="sheet: 23; page: 23" -->




<p><table width=600><tr><td  align=center><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: 24; page: 24" -->



<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>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="center">
    <td width=100>
      <p><b><font size="1">Name, Address* <br>
        and Age </font></b>
      <hr noshade align="center" size="1" width="100%">
    </td>
    <td width=16>
      <p>&nbsp;&nbsp;</p>
    </td>
    <td width=86>
      <p><b><font size="1">Position(s) <br>
        Held with <br>
        applicable <br>
        Fund Term of <br>
        Office** and <br>
        Length of <br>
        Time Served </font></b>
      <hr noshade align="center" size="1" width="100%">
    </td>
    <td width=11>
      <p>&nbsp;&nbsp;</p>
    </td>
    <td width=221>
      <p><b><font size="1">Principal Occupation(s) <br>
        During Past Five Years </font></b>
      <hr noshade align="center" size="1" width="100%">
    </td>
    <td width=10>
      <p>&nbsp;&nbsp;</p>
    </td>
    <td width=91>
      <p><b><font size="1">Number of <br>
        FAM/MLIM- <br>
        Advised Funds <br>
        Overseen </font></b>
      <hr noshade align="center" size="1" width="100%">
    </td>
    <td width=8>
      <p>&nbsp;&nbsp;</p>
    </td>
    <td width=57>
      <p><b><font size="1">Public <br>
        Directorships </font></b>
      <hr noshade align="center" size="1" width="100%">
    </td>
  </tr>
  <tr>
    <td valign=top width=100>
      <p><font size="2">Terry K. Glenn (63) </font></p>
    </td>
    <td valign=top width=16>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=86>
      <p><font size="2">President&#134; of each Fund since 1999. </font></p>
    </td>
    <td valign=top width=11>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=221>
      <p><font size="2">President and Chairman of the FAM/MLIM advised funds since
        1999; Chairman (Americas Region) of MLIM from 2000 to 2002; Executive
        Vice President of FAM and MLIM (which terms as used herein include their
        corporate predecessors) from 1983 to 2002; President of FAM Distributors,
        Inc. (&#147;FAMD&#148;) from 1986 to 2002 and Director thereof from 1991
        to 2002; Executive Vice President and Director of Princeton Services,
        Inc. (&#147;Princeton Services&#148;) from 1993 to 2002; President of
        Princeton Administrators, L.P. (&#147;Princeton Administrators&#148;)
        from 1988 to 2002; Director of Financial Data Services, Inc. from 1985
        to 2002. </font></p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=91>
      <p><font size="2">123 registered investment companies consisting of <br>
        159 portfolios </font></p>
    </td>
    <td valign=top width=8>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=57>
      <p><font size="2">None </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=100>&nbsp;</td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=86>&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=221>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=91>&nbsp;</td>
    <td valign=top width=8>&nbsp;</td>
    <td valign=top width=57>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=100>
      <p><font size="2">Donald C. Burke (43) </font></p>
    </td>
    <td valign=top width=16>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=86>
      <p><font size="2">Treasurer of each Fund since 1999 and Vice President of
        each Fund as follows: MuniHoldings II since 1998; MuniHoldings NJ Ins
        since 1998; MuniHoldings NY Ins since 1997; MuniVest I since 1993; MuniVest
        II since 1993; MuniHoldings FL Ins since 1997 </font></p>
    </td>
    <td valign=top width=11>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=221>
      <p><font size="2">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></p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=91>
      <p><font size="2">122 registered investment companies consisting of <br>
        158 portfolios </font></p>
    </td>
    <td valign=top width=8>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=57>
      <p><font size="2">None </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=100>&nbsp;</td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=86>&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=221>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=91>&nbsp;</td>
    <td valign=top width=8>&nbsp;</td>
    <td valign=top width=57>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=100>
      <p><font size="2">Kenneth A. Jacob (51) </font></p>
    </td>
    <td valign=top width=16>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=86>
      <p><font size="2">Senior Vice President of each Fund since 2002 </font></p>
    </td>
    <td valign=top width=11>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=221>
      <p><font size="2">Managing Director of MLIM since 2000; First Vice President
        of MLIM from 1997 to 2000; Vice President of MLIM from 1984 to 1997. </font></p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=91>
      <p><font size="2">37 registered investment companies consisting of <br>
        49 portfolios </font></p>
    </td>
    <td valign=top width=8>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=57>
      <p><font size="2">None </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=100>&nbsp;</td>
    <td valign=top width=16>&nbsp;</td>
    <td valign=top width=86>&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=221>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=91>&nbsp;</td>
    <td valign=top width=8>&nbsp;</td>
    <td valign=top width=57>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=100>
      <p><font size="2">John M. Loffredo (39) </font></p>
    </td>
    <td valign=top width=16>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=86>
      <p><font size="2">Senior Vice President of each Fund since 2002 </font></p>
    </td>
    <td valign=top width=11>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=221>
      <p><font size="2">Managing Director of MLIM since 2000; First Vice President
        of MLIM from 1997 to 2000; Vice President of MLIM from 1991 to 1997; Portfolio
        Manager of FAM and MLIM since 1997. </font></p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=91>
      <p><font size="2">37 registered investment companies consisting of <br>
        49 portfolios </font></p>
    </td>
    <td valign=top width=8>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=57>
      <p><font size="2">None </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">
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: 25; page: 25" --> <br>
  <br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="center">
    <td width=141>
      <p><b><font size="1">Name, Address* <br>
        and Age </font></b>
      <hr noshade align="center" size="1" width="100%">
    </td>
    <td width=10>
      <p>&nbsp;&nbsp;</p>
    </td>
    <td width=91>
      <p><font size="1"><b>Position(s) <br>
        Held with each <br>
        Fund and <br>
        Length of <br>
        Time Served</b>** </font>
      <hr noshade align="center" size="1" width="100%">
    </td>
    <td width=20>
      <p><font size="1">&nbsp;&nbsp; </font></p>
    </td>
    <td width=172>
      <p><b><font size="1">Principal Occupation(s) <br>
        During Past Five Years </font></b>
      <hr noshade align="center" size="1" width="100%">
    </td>
    <td width=10>
      <p>&nbsp;&nbsp;</p>
    </td>
    <td width=91>
      <p><b><font size="1">Number of <br>
        FAM/MLIM- <br>
        Advised Funds <br>
        Overseen </font></b>
      <hr noshade align="center" size="1" width="100%">
    </td>
    <td width=8>
      <p>&nbsp;&nbsp;</p>
    </td>
    <td width=57>
      <p><b><font size="1">Public <br>
        Directorships </font></b>
      <hr noshade align="center" size="1" width="100%">
    </td>
  </tr>
  <tr>
    <td valign=top width=141>
      <p><font size="2">Robert A. DiMella, CFA (37) </font></p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=91>
      <p><font size="2">Vice President of MuniHoldings II since 1998 </font></p>
    </td>
    <td valign=top width=20>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=172>
      <p><font size="2">Vice President of MLIM since 1997; Assistant Vice President
        of MLIM from 1995 to 1997; Portfolio Manager of MLIM from 1993 to 1995.
        </font></p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=91>
      <p><font size="2">6 registered investment companies consisting of <br>
        6 portfolios </font></p>
    </td>
    <td valign=top width=8>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=57>
      <p><font size="2">None </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=141>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=91>&nbsp;</td>
    <td valign=top width=20>&nbsp;</td>
    <td valign=top width=172>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=91>&nbsp;</td>
    <td valign=top width=8>&nbsp;</td>
    <td valign=top width=57>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=141>
      <p><font size="2">Theodore R. Jaeckel (43) </font></p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=91>
      <p><font size="2">Vice President and Portfolio Manager of MuniHoldings NJ
        Ins since 2002 </font></p>
    </td>
    <td valign=top width=20>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=172>
      <p><font size="2">Director (Municipal Tax-Exempt Fund Management) of FAM
        since 1997; Vice President of FAM since 1991. </font></p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=91>
      <p><font size="2">6 registered investment companies consisting of <br>
        6 portfolios </font></p>
    </td>
    <td valign=top width=8>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=57>
      <p><font size="2">None </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=141>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=91>&nbsp;</td>
    <td valign=top width=20>&nbsp;</td>
    <td valign=top width=172>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=91>&nbsp;</td>
    <td valign=top width=8>&nbsp;</td>
    <td valign=top width=57>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=141>
      <p><font size="2">Robert D. Sneeden (49) </font></p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=91>
      <p><font size="2">Vice President and Portfolio Manager of MuniHoldings FL
        Ins since 1997; Co-Portfolio Manager of MuniHoldings NY Ins since 2003.
        </font></p>
    </td>
    <td valign=top width=20>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=172>
      <p><font size="2">Vice President of MLIM since 1998; Assistant Vice President
        of MLIM from 1994 to 1998; Vice President of Lehman Brothers from 1990
        to 1994. </font></p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=91>
      <p><font size="2">5 registered investment companies consisting of <br>
        5 portfolios </font></p>
    </td>
    <td valign=top width=8>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=57>
      <p><font size="2">None </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=141>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=91>&nbsp;</td>
    <td valign=top width=20>&nbsp;</td>
    <td valign=top width=172>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=91>&nbsp;</td>
    <td valign=top width=8>&nbsp;</td>
    <td valign=top width=57>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=141>
      <p><font size="2">Fred K. Steube (51) </font></p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=91>
      <p><font size="2">Vice President of MuniVest I since 1989 and Vice President
        of MuniVest II since 1993 </font></p>
    </td>
    <td valign=top width=20>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=172>
      <p><font size="2">Vice President of MLIM since 1989. </font></p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=91>
      <p><font size="2">4 registered investment companies consisting of <br>
        4 portfolios </font></p>
    </td>
    <td valign=top width=8>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=57>
      <p><font size="2">None </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=141>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=91>&nbsp;</td>
    <td valign=top width=20>&nbsp;</td>
    <td valign=top width=172>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=91>&nbsp;</td>
    <td valign=top width=8>&nbsp;</td>
    <td valign=top width=57>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=141>
      <p><font size="2">Brian D. Stewart (34) </font></p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=91>
      <p><font size="2">Secretary of each Fund since 2002 </font></p>
    </td>
    <td valign=top width=20>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=172>
      <p><font size="2">Vice President of MLIM since 2002; attorney associated
        with Reed Smith <font size=1>LLP</font> from 2001 to 2002; attorney associated with Saul Ewing
        <font size=1>LLP</font> from 1999 to 2001. </font></p>
    </td>
    <td valign=top width=10>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=91>
      <p><font size="2">39 registered investment companies consisting of <br>
        53 portfolios </font></p>
    </td>
    <td valign=top width=8>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=57>
      <p><font size="2">None </font></p>
    </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: 26; page: 26" -->



<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>

<br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(a)</font></td>
    <td width=3%></td>
    <td width=93%><font size=2> each
of whom shall not be an &#147;interested person&#148; of the Fund, as  defined in
Section  2(a)(19) of the Investment Company Act of 1940  (the &#147;1940 Act&#148;);</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top>&nbsp;</td>
    <td width=3%></td>
    <td width=93%>&nbsp;</td>
  </tr>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(b)</font></td>
    <td width=3%></td>
    <td width=93%><font size=2> each of whom shall not accept directly or indirectly
      any consulting, advisory, or other compensatory fee from the Fund (other
      than fees for serving on the Board of Directors/Trustees or any committee
      thereof);</font></td>
  </tr>
</table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top>&nbsp;</td>
    <td width=3%></td>
    <td width=93%>&nbsp;</td>
  </tr>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(c)</font></td>
    <td width=3%></td>
    <td width=93%><font size=2> each of whom shall be financially literate at
      the time of his or her appointment to the Audit Committee, 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;</font></td>
  </tr>
</table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top>&nbsp;</td>
    <td width=3%></td>
    <td width=93%>&nbsp;</td>
  </tr>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(d)</font></td>
    <td width=3%></td>
    <td width=93%><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 or become listed or quoted; and</font></td>
  </tr>
</table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top>&nbsp;</td>
    <td width=3%></td>
    <td width=93%>&nbsp;</td>
  </tr>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(e)</font></td>
    <td width=3%></td>
    <td width=93%><font size=2> at least one of whom shall have accounting or
      related financial management expertise as the Board of Directors/Trustees
      interprets such qualification in its business judgment.</font></td>
  </tr>
</table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of
Directors/Trustees shall determine annually (i) whether at  least one of the members of
the Audit Committee is an &#147;audit committee financial  expert,&#148; as defined in
Item 3 of Form N-CSR, and (ii) whether simultaneous  service on more than three public
company audit committees by a member of the  Audit Committee would not impair the ability
of such member to serve on the  Audit Committee.</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>


<br>
<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, shall be responsible
      for: </font></td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top>&nbsp;</td>
    <td width=3%></td>
    <td width=93%>&nbsp;</td>
  </tr>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(a) </font></td>
    <td width=3%></td>
    <td width=93%><font size=2> overseeing the accounting and financial reporting
      processes of the Fund and the Fund&#146;s internal control over financial
      reporting;</font></td>
  </tr>
</table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top>&nbsp;</td>
    <td width=3%></td>
    <td width=93%>&nbsp;</td>
  </tr>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(b) </font></td>
    <td width=3%></td>
    <td width=93%><font size=2> overseeing the integrity of the Fund&#146;s financial
      statements and the independent audit thereof;</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: 27; page: 27" --> <br>
  <br>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(c) </font></td>
    <td width=3%></td>
    <td width=93%><font size=2> overseeing,
or, as appropriate, assisting Board oversight of, the  Fund&#146;s compliance with legal and
regulatory requirements that relate  to the Fund&#146;s accounting and financial reporting,
internal control  over financial reporting, and independent audits; and</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top>&nbsp;</td>
    <td width=3%></td>
    <td width=93%>&nbsp;</td>
  </tr>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(d) </font></td>
    <td width=3%></td>
    <td width=93%><font size=2> the appointment, compensation, retention, 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;The Audit
Committee shall report regularly to the Board of  Directors/Trustees with respect to the
matters described in this Audit Committee  Charter and shall make such recommendations to
the Board of Directors/Trustees  relating thereto as the Audit Committee deems necessary
or appropriate. The  Fund&#146;s independent accountants shall report directly to the Audit
Committee.</font></td></tr></table>


<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>

<br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(a) </font></td>
    <td width=3%></td>
    <td width=93%><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 copies of: (i) 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>

<br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(b) </font></td>
    <td width=3%></td>
    <td width=93%><font size=2> to
(i) select an accounting firm to (1) serve as the Fund&#146;s  independent accountants, (2)
audit the Fund&#146;s financial statements on  an annual basis, and (3) provide an opinion on
an annual basis with  respect to the Fund&#146;s financial statements, and (ii) recommend that
the members of the Board of Directors/Trustees who are not  &#147;interested  persons&#148; of
the Fund, as defined in Section 2(a)(19) of  the 1940 Act, ratify such  selection;</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(c) </font></td>
    <td width=3%></td>
    <td width=93%><font size=2> to
approve, prior to appointment, the engagement of the Fund&#146;s  independent accountants to
provide other audit services to the Fund  or non-audit services to the Fund, the Fund&#146;s
investment adviser or  any entity controlling, controlled by, or under common control
with  the investment adviser (&#147;adviser affiliate&#148;) that provides ongoing
services to the Fund, if the engagement by the adviser affiliate  relates directly to the
operations and financial reporting of the  Fund;</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(d) </font></td>
    <td width=3%></td>
    <td width=93%><font size=2> to
develop policies and procedures for pre-approval of the engagement  of the Fund&#146;s
independent accountants to provide any of the audit or  non-audit services described in
Section III(c) above;</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(e) </font></td>
    <td width=3%></td>
    <td width=93%><font size=2> to
consider whether: (i) the provision of each non-audit service to  the Fund by the Fund&#146;s
independent accountants is compatible with  maintaining the independence of such
independent accountants and (ii)  the provision of each non-audit service to the Fund&#146;s
investment  adviser or any adviser affiliate that provides ongoing services to  the Fund
is compatible with maintaining the independence of such  independent accountants;</font></td></tr></table>

<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;





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



<br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(f) </font></td>
    <td width=3%></td>
    <td width=93%><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, and receive and  consider
specific representations from, the Fund&#146;s independent  accountants with respect to any
disclosed relationships or services  that may affect the objectivity and independence of
such independent  accountants 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>

<br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(g) </font></td>
    <td width=3%></td>
    <td width=93%><font size=2> to
receive and consider specific representations from the Fund&#146;s  independent accountants
with respect to audit partner rotation and  conflicts of interest as described in Section
10A(l) of the  Securities Exchange Act of 1934 the (&#147;1934 Act&#148;);</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(h) </font></td>
    <td width=3%></td>
    <td width=93%><font size=2> to
review the arrangements for annual and special audits and the  scope of such audits with
the Fund&#146;s independent accountants;</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(i) </font></td>
    <td width=3%></td>
    <td width=93%><font size=2> to
review and discuss the Fund&#146;s audited financial statements and, to  the extent required
by applicable law or regulations, the Fund&#146;s  semi-annual financial statements with Fund
management and the Fund&#146;s  independent accountants;</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(j) </font></td>
    <td width=3%></td>
    <td width=93%><font size=2> to
review and approve the fees proposed to be charged to the Fund by  the Fund&#146;s independent
accountants for each audit and non-audit  service;</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(k) </font></td>
    <td width=3%></td>
    <td width=93%><font size=2> to
discuss with the Fund&#146;s 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>

<br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(l) </font></td>
    <td width=3%></td>
    <td width=93%><font size=2> to
cause to be prepared and to review and submit any report,  including any recommendation
of the Audit Committee, required under  rules promulgated by the Securities and Exchange
Commission to be  included in any proxy statement used by the Fund;</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(m) </font></td>
    <td width=3%></td>
    <td width=93%><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>

<br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(n) </font></td>
    <td width=3%></td>
    <td width=93%><font size=2> to
establish and administer policies and procedures relating to: (i)  the hiring by the
Fund, its investment adviser, or any administrator  that is an adviser affiliate of
employees or former employees of the  Fund&#146;s independent accountants; 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>

<br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(o) </font></td>
    <td width=3%></td>
    <td width=93%><font size=2> to
consider information and comments from the Fund&#146;s independent  accountants with respect
to the Fund&#146;s accounting and financial  reporting policies, procedures and internal
control over financial  reporting (including the Fund&#146;s critical accounting policies and
practices) and management&#146;s responses to any such comments;</font></td></tr></table>

<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: 29; page: 29" -->



<br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(p) </font></td>
    <td width=3%></td>
    <td width=93%><font size=2> to
consider information and comments from the Fund&#146;s independent  accountants with respect
to, and meet with such independent  accountants to discuss any matters of concern
relating to, the Fund&#146;s  financial statements, including any adjustments to such
statements  recommended by such independent accountants, and to review the  independent
accountants&#146; opinion on the Fund&#146;s financial statements;</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(q) </font></td>
    <td width=3%></td>
    <td width=93%><font size=2> at
least annually, to obtain and review a report by the Fund&#146;s  independent accountants
describing: (i) such independent accountants&#146;  internal quality-control procedures; (ii)
any material issues raised  by the most recent internal quality-control review, or peer
review,  of such independent accountants, or by any inquiry or investigation  by
governmental or professional authorities, within the preceding  five years, respecting
one or more independent audits carried out by  such firm, and any steps taken to deal
with any such issues; and  (iii) all relationships between the Fund&#146;s independent
accountants  and the Fund, the investment adviser and adviser affiliates (to  assess the
independence of the Fund&#146;s independent accountants);</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(r) </font></td>
    <td width=3%></td>
    <td width=93%><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>

<br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(s) </font></td>
    <td width=3%></td>
    <td width=93%><font size=2> to
receive reports from the Fund&#146;s principal executive officer and  principal financial
officer, or persons performing similar functions,  regarding: (i) all significant
deficiencies in the design or  operation of the Fund&#146;s internal controls that could
adversely affect  the Fund&#146;s ability to record, process, summarize, and report  financial
data and the identification for the Fund&#146;s independent  accountants of any material
weaknesses in internal controls; (ii) any  fraud, whether or not material, that involves
Fund management or  other employees or employees of the investment adviser 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>

<br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(t) </font></td>
    <td width=3%></td>
    <td width=93%><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 by employees of the
Fund&#146;s investment adviser, manager, administrator, principal  underwriter, or any other
provider of accounting related services for  the Fund regarding questionable accounting
or auditing matters;</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(u) </font></td>
    <td width=3%></td>
    <td width=93%><font size=2> to
address reports received from attorneys in accordance with  procedures adopted by the
Fund&#146;s investment adviser relating to the  possible violation of federal or state law or
fiduciary duty;</font></td></tr></table>

<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: 30; page: 30" -->



<br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(v) </font></td>
    <td width=3%></td>
    <td width=93%><font size=2> to
address reports received from the Fund&#146;s independent accountants  relating to the
possible violation of federal or state law and to  investigate or initiate an
investigation of reports of improprieties  or suspected improprieties in connection with
the Fund&#146;s accounting  or financial reporting;</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(w) </font></td>
    <td width=3%></td>
    <td width=93%><font size=2> to
discuss with Fund management and the Fund&#146;s independent  accountants policies with
respect to risk assessment and risk  management;</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(x) </font></td>
    <td width=3%></td>
    <td width=93%><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 or market quotation system on
which Fund shares are or  become listed or quoted;</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(y) </font></td>
    <td width=3%></td>
    <td width=93%><font size=2> to
review and reassess the adequacy of this Audit Committee Charter  on an annual basis and
recommend any changes to the Board of  Directors/Trustees and to evaluate the performance
of the Audit  Committee on an annual basis; and</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=2>(z) </font></td>
    <td width=3%></td>
    <td width=93%><font size=2> to
perform such other functions and to have such other powers  consistent with this Audit
Committee Charter, the Fund&#146;s Articles of  Incorporation or Declaration of Trust, as
amended and supplemented,  the Fund&#146;s By-laws, as amended, and applicable law, as the
Audit  Committee or the Board of Directors/Trustees deems necessary or  appropriate.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit
Committee may delegate any portion of its authority, including  the authority to grant
preapprovals of audit related services and permitted  non-audit services, to a
subcommittee of one or more members of the Audit  Committee pursuant to preapproval
policies and procedures established by the  Audit Committee; provided, however, that the
Audit Committee may not delegate  preapproval of the audit required by the 1934 Act. Any
decision of such  subcommittee of the Audit Committee to grant preapprovals shall be
presented to  the full Audit Committee at its next regularly scheduled meeting.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The function of
the Audit Committee is oversight; it is the responsibility  of Fund management to
maintain appropriate systems for accounting and internal  control over financial
reporting, and the responsibility of the Fund&#146;s  independent accountants to plan and
carry out a proper audit. Specifically, Fund  management is responsible for: (1) the
preparation, presentation and integrity  of the Fund&#146;s financial statements; (2) the
maintenance of appropriate  accounting and financial reporting principles and policies;
and (3) the  maintenance of internal control over financial reporting and other
procedures  designed to assure compliance with accounting standards and related laws and
regulations. The Fund&#146;s independent accountants are responsible for planning and
carrying out an audit consistent with applicable legal and professional  standards and
the terms of their engagement letter. Nothing in this Audit  Committee Charter shall be
construed to reduce the responsibilities or  liabilities of the Fund&#146;s service providers,
including the Fund&#146;s independent  accountants.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the Audit
Committee is expected to review appropriately the  matters that come before it, such
review of a Fund&#146;s financial statements by the  Audit Committee is not an audit, nor does
the Committee&#146;s review substitute for  the responsibilities of the Fund&#146;s management for
preparing, or the Fund&#146;s  independent accountants for auditing, the financial statements.
Members of the  Audit Committee are not full-time employees of the Fund and, in serving
on the  Audit Committee, are not, and do not hold themselves out to be, acting as
accountants or auditors. As such, it is not the duty or responsibility of the  Audit
Committee or its members to conduct &#147;field work&#148; or other types of  auditing or
accounting reviews or procedures.</font></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;





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



<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In discharging
their duties, the members of the Audit Committee are  entitled to rely on information,
opinions, reports, or statements, including  financial statements and other financial
data, if prepared or presented by: (1)  one or more officers of the Fund whom the
Directors/Trustees reasonably believe  to be reliable and competent in the matters
presented; (2) legal counsel, public  accountants, or other persons as to matters the
Directors/Trustees reasonably  believe are within the person&#146;s professional or expert
competence; or (3) a  Board committee of which the Directors/Trustees are not members.</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 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: (i)
compensation to the Fund&#146;s independent accountants or any other accounting firm  engaged
for the purpose of preparing or issuing an audit report or performing  other audit,
review, or attest services for the Fund, (ii) compensation to any  advisers employed by
the Audit Committee under this Section V, and (iii)  ordinary administrative expenses of
the Audit Committee that are necessary or  appropriate in carrying out its
responsibilities.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>Dated: May 23, 2000</font></td></tr></table>

<table width=600><tr><td><font size=2>Revised: April 5, 2001</font></td></tr></table>

<table width=600><tr><td><font size=2>Further Revised: December 4, 2002</font></td></tr></table>

<table width=600><tr><td><font size=2>Further Revised: November 13, 2003</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-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: 32; page: 32" -->



<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>MuniHoldings Florida Insured Fund</font></td></tr></table>

<table width=600><tr><td><font size=2>MuniHoldings Fund II, Inc.</font></td></tr></table>

<table width=600><tr><td><font size=2>MuniHoldings New Jersey Insured Fund, Inc.</font></td></tr></table>

<table width=600><tr><td><font size=2>MuniHoldings New York Insured Fund, Inc.</font></td></tr></table>

<table width=600><tr><td><font size=2>MuniVest Fund, Inc.</font></td></tr></table>

<table width=600><tr><td><font size=2>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-7</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;









































<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 1, page: 1" --> <br>
<br>
<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, 2003 at the Annual Meeting of Stockholders of the Fund to be
      held on January 28, 2004 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>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;





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<!-- 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, 2003 at the Annual Meeting of Stockholders
      of the Fund to be held on January 28, 2004 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, 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 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;





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<!-- 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, 2003 at the Annual Meeting of Stockholders of
      the Fund to be held on January 28, 2004 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>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, 2003 at the Annual Meeting
      of Stockholders of the Fund to be held on January 28, 2004 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, 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 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, 2003 at the Annual Meeting of Shareholders of the Fund to
      be held on January 28, 2004 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>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, 2003 at the Annual Meeting of Shareholders
      of the Fund to be held on January 28, 2004 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, 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 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, 2003 at the Annual Meeting of Stockholders of
      the Fund to be held on January 28, 2004 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>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, 2003 at the Annual Meeting
      of Stockholders of the Fund to be held on January 28, 2004 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, 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 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, 2003 at the Annual Meeting of Stockholders of the Fund to be held on
      January 28, 2004 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, 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, 2003 at the Annual Meeting of Stockholders of
      the Fund to be held on January 28, 2004 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 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, 2003 at the Annual Meeting of Stockholders of the Fund to be
      held on January 28, 2004 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, 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, 2003 at the Annual Meeting of Stockholders
      of the Fund to be held on January 28, 2004 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, 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 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>







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</html>

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