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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000891092-04-006010.txt : 20041221
<SEC-HEADER>0000891092-04-006010.hdr.sgml : 20041221
<ACCEPTANCE-DATETIME>20041221160345
ACCESSION NUMBER:		0000891092-04-006010
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050127
FILED AS OF DATE:		20041221
DATE AS OF CHANGE:		20041221
EFFECTIVENESS DATE:		20041221

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FLOATING RATE INCOME STRATEGIES FUND II INC
		CENTRAL INDEX KEY:			0001269143
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21464
		FILM NUMBER:		041217464

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

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

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:		041217465

	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:		041217466

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

	MAIL ADDRESS:	
		STREET 1:		PO BOX 9011
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543-9011

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIHOLDINGS 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:		041217467

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

	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:		041217469

	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:		041217470

	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:		041217468

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

	MAIL ADDRESS:	
		STREET 1:		C/O MERRILL LYNCH ASSET MANAGEMENT
		STREET 2:		P O BOX 9011
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543-9011
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>e19806def14a.htm
<DESCRIPTION>PROXY STATEMENT
<TEXT>
<html>
<head>
<title> Notice and Proxy> </title>
</head>
<body>

<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>FLOATING RATE INCOME STRATEGIES FUND II, INC.<BR>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>
<p>



<p>&nbsp;
<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 2, page: 2" -->



<!-- MARKER FORMAT-SHEET="Center Head 3 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<B>FLOATING RATE
INCOME STRATEGIES FUND II, INC.  <BR>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></P>

<!-- MARKER FORMAT-SHEET="Cutoff rule centered" FSL="Workstation" -->
<HR SIZE=1 noshade ALIGN=CENTER WIDTH=150>

<!-- MARKER FORMAT-SHEET="Center Head 3 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<B>NOTICE OF 2005
ANNUAL MEETINGS OF STOCKHOLDERS </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Cutoff rule centered" FSL="Workstation" -->
<HR SIZE=1 noshade ALIGN=CENTER WIDTH=150>

<!-- MARKER FORMAT-SHEET="Center Head 3 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<B>TO BE HELD ON
JANUARY 27, 2005 </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>T<font size=1>O THE</font> S<font size=1>TOCKHOLDERS OF </font>
<BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F<font size=1>LOATING</font> R<font size=1>ATE</font>
I<font size=1>NCOME</font> S<font size=1>TRATEGIES</font> F<font size=1>UND</font> II, I<font size=1>NC</font>. <BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
M<font size=1>UNI</font>H<font size=1>OLDINGS</font> F<font size=1>UND</font> II, I<font size=1>NC</font>. <BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
M<font size=1>UNI</font>H<font size=1>OLDINGS</font> N<font size=1>EW</font> J<font size=1>ERSEY </font>
I<font size=1>NSURED</font> F<font size=1>UND</font>, I<font size=1>NC</font>. <BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
M<font size=1>UNI</font>H<font size=1>OLDINGS</font> N<font size=1>EW</font> Y<font size=1>ORK</font> I<font size=1>NSURED</font> F<font size=1>UND</font>, I<font size=1>NC</font>. <BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
M<font size=1>UNI</font>V<font size=1>EST</font> F<font size=1>UND</font>, I<font size=1>NC</font>. <BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;
M<font size=1>UNI</font>H<font size=1>OLDINGS</font> F<font size=1>LORIDA</font> I<font size=1>NSURED</font> F<font size=1>UND</font>: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICE
IS HEREBY GIVEN that the 2005 Annual Meeting of Stockholders (each, a &#147;Meeting&#148; and
collectively, the &#147;Meetings&#148;) of each of Floating Rate Income Strategies Fund II, Inc.,
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 Thursday, January 27, 2005 at the time specified for each Fund in Exhibit A to the
Combined Proxy Statement for the following purposes: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Hang 10" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
elect a Board of Directors (which term as used herein refers to both Directors and
Trustees, as applicable) of each Fund to serve for the ensuing year and until their
successors have been duly elected and qualified or until their earlier resignation or
removal; and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
transact such other business as may properly come before the Meeting or any adjournment
thereof. </FONT></TD>
</TR>
</TABLE>
<BR>

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<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Fund&#146;s Board of Directors has fixed the close of business on December 1, 2004 as the
record date for the determination of stockholders entitled to notice of and to vote at
the applicable Fund&#146;s Meeting or any adjournment thereof. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
are cordially invited to attend the Meeting for any Fund in which you own shares.
<B>Stockholders who do not expect to attend 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> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you have any questions regarding the enclosed proxy material or need assistance in voting
your shares, please contact our proxy solicitor, Georgeson Shareholder, at 1-800-645-4519. </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
    <TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=50%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">By
Order of the Boards of Directors/Trustees <BR>
      <BR><BR>
      A</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">LICE </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2"> A. P</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">ELLEGRINO </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>
<I>Secretary of Floating Rate
Income Strategies <BR>Fund II, Inc., 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>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Plainsboro, New Jersey <br>
  Dated:
December 21, 2004 </FONT></P>

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<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<B>COMBINED PROXY
STATEMENT </B></FONT></P>

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<HR SIZE=1 noshade ALIGN=CENTER WIDTH=150>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<B>FLOATING RATE
INCOME STRATEGIES FUND II, INC. <BR>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></P>

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

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<HR SIZE=1 noshade ALIGN=CENTER WIDTH=150>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<B>JANUARY 27, 2005 </B></FONT></P>

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<HR SIZE=1 noshade ALIGN=CENTER WIDTH=150>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Combined Proxy Statement is furnished in connection with the solicitation of proxies on
behalf of the Boards of Directors of each of Floating Rate Income Strategies Fund II,
Inc. (&#147;FRIS II&#148;), 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 2005 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 Thursday, January 27, 2005 at the time
specified in Exhibit A hereto. The approximate mailing date of this Combined Proxy
Statement is December 23, 2004. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Fund is organized as a Maryland corporation, except 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></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
  properly executed proxies received prior to a 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></P>

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<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors of each Fund has fixed the close of business on December 1, 2004 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></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors of each Fund knows of no business other than 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></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>ITEM 1. ELECTION OF
DIRECTORS </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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
Robert C. Doll, Jr., Ronald W. Forbes,  Cynthia A.  Montgomery,  Jean Margo  Reid,
 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></P>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=69%>
  <TR VALIGN=Bottom>

    <td width="26%"><FONT SIZE=1><b>Fund</b></FONT>
      <HR WIDTH=20% SIZE=1 COLOR=BLACK noshade align="left">
    </td>
    <TH width="4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TH>
    <TH width="15%"><FONT SIZE=1>AMPS <BR>
Nominee Directors </FONT>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH width="7%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TH>
    <TH width="48%"><FONT SIZE=1>Other <BR>
Nominee Directors </FONT>
      <HR WIDTH=40% SIZE=1 COLOR=BLACK noshade>
    </TH>
  </TR>
  <TR VALIGN=Top>

    <TD ALIGN=LEFT width="26%"><FONT SIZE=2>FRIS II</FONT></TD>
    <TD ALIGN=LEFT width="4%">&nbsp;</TD>
    <TD ALIGN=LEFT width="15%"><FONT SIZE=2>N/A</FONT></TD>
    <TD ALIGN=LEFT width="7%">&nbsp;</TD>
    <TD ALIGN=LEFT width="48%"><FONT SIZE=2>Doll, Forbes, Montgomery, Reid, Suddarth,
      West, Zinbarg</FONT></TD>
  </TR>
  <TR VALIGN=Top>

    <TD ALIGN=LEFT width="26%"><FONT SIZE=2>MuniHoldings II</FONT></TD>
    <TD ALIGN=LEFT width="4%">&nbsp;</TD>
    <TD ALIGN=LEFT width="15%"><FONT SIZE=2>Forbes, West</FONT></TD>
    <TD ALIGN=LEFT width="7%">&nbsp;</TD>
    <TD ALIGN=LEFT width="48%"><FONT SIZE=2>Doll, Montgomery, Reid, Suddarth,
      Zinbarg</FONT></TD>
  </TR>
  <TR VALIGN=Top>

    <TD ALIGN=LEFT width="26%"><FONT SIZE=2>MuniHoldings NJ Ins</FONT></TD>
    <TD ALIGN=LEFT width="4%">&nbsp;</TD>
    <TD ALIGN=LEFT width="15%"><FONT SIZE=2>Forbes, West</FONT></TD>
    <TD ALIGN=LEFT width="7%">&nbsp;</TD>
    <TD ALIGN=LEFT width="48%"><FONT SIZE=2>Doll, Montgomery, Reid, Suddarth,
      Zinbarg</FONT></TD>
  </TR>
  <TR VALIGN=Top>

    <TD ALIGN=LEFT width="26%"><FONT SIZE=2>MuniHoldings NY Ins</FONT></TD>
    <TD ALIGN=LEFT width="4%">&nbsp;</TD>
    <TD ALIGN=LEFT width="15%"><FONT SIZE=2>Forbes, West</FONT></TD>
    <TD ALIGN=LEFT width="7%">&nbsp;</TD>
    <TD ALIGN=LEFT width="48%"><FONT SIZE=2>Doll, Montgomery, Reid, Suddarth,
      Zinbarg</FONT></TD>
  </TR>
  <TR VALIGN=Top>

    <TD ALIGN=LEFT width="26%"><FONT SIZE=2>MuniVest I</FONT></TD>
    <TD ALIGN=LEFT width="4%">&nbsp;</TD>
    <TD ALIGN=LEFT width="15%"><FONT SIZE=2>Forbes, West</FONT></TD>
    <TD ALIGN=LEFT width="7%">&nbsp;</TD>
    <TD ALIGN=LEFT width="48%"><FONT SIZE=2>Doll, Montgomery, Reid, Suddarth,
      Zinbarg</FONT></TD>
  </TR>
  <TR VALIGN=Top>

    <TD ALIGN=LEFT width="26%"><FONT SIZE=2>MuniVest II</FONT></TD>
    <TD ALIGN=LEFT width="4%">&nbsp;</TD>
    <TD ALIGN=LEFT width="15%"><FONT SIZE=2>Forbes, West</FONT></TD>
    <TD ALIGN=LEFT width="7%">&nbsp;</TD>
    <TD ALIGN=LEFT width="48%"><FONT SIZE=2>Doll, Montgomery, Reid, Suddarth,
      Zinbarg</FONT></TD>
  </TR>
  <TR VALIGN=Top>

    <TD ALIGN=LEFT width="26%"><FONT SIZE=2>MuniHoldings FL Ins</FONT></TD>
    <TD ALIGN=LEFT width="4%">&nbsp;</TD>
    <TD ALIGN=LEFT width="15%"><FONT SIZE=2>Forbes, West</FONT></TD>
    <TD ALIGN=LEFT width="7%">&nbsp;</TD>
    <TD ALIGN=LEFT width="48%"><FONT SIZE=2>Doll, Montgomery, Reid, Suddarth,
      Zinbarg</FONT></TD>
  </TR>
</TABLE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
class of Stockholders solicited and entitled to vote on the proposal are outlined in the
following chart. </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=100%>
  <TR VALIGN=Bottom>
    <td><font size=1><b>Fund</b></font>
      <hr width=10% size=1 color=BLACK noshade align="left">
    </td>
    <TH><FONT SIZE=1>Class of <BR>
      Stockholders </FONT>
      <HR WIDTH=80% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH><FONT SIZE=1>Election of <BR>
      AMPS Directors </FONT>
      <hr width=80% size=1 color=BLACK noshade>
    </TH>
    <TH><FONT SIZE=1>Election of <BR>
      Other Directors </FONT>
      <hr width=80% size=1 color=BLACK noshade>
    </TH>
  </TR>
  <TR VALIGN=Top>
    <TD ALIGN=LEFT><FONT SIZE=2>FRIS II</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Common Stock</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>N/A</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Yes</FONT></TD>
  </TR>
  <TR VALIGN=Top>
    <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings II</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Common Stock</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>No</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Yes</FONT></TD>
  </TR>
  <TR VALIGN=Top>
    <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings II</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>AMPS</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Yes</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Yes</FONT></TD>
  </TR>
  <TR VALIGN=Top>
    <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings NJ Ins</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Common Stock</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>No</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Yes</FONT></TD>
  </TR>
  <TR VALIGN=Top>
    <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings NJ Ins</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>AMPS</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Yes</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Yes</FONT></TD>
  </TR>
  <TR VALIGN=Top>
    <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings NY Ins</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Common Stock</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>No</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Yes</FONT></TD>
  </TR>
  <TR VALIGN=Top>
    <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings NY Ins</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>AMPS</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Yes</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Yes</FONT></TD>
  </TR>
  <TR VALIGN=Top>
    <TD ALIGN=LEFT><FONT SIZE=2>MuniVest I</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Common Stock</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>No</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Yes</FONT></TD>
  </TR>
  <TR VALIGN=Top>
    <TD ALIGN=LEFT><FONT SIZE=2>MuniVest I</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>AMPS</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Yes</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>No</FONT></TD>
  </TR>
  <TR VALIGN=Top>
    <TD ALIGN=LEFT><FONT SIZE=2>MuniVest II</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Common Stock</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>No</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Yes</FONT></TD>
  </TR>
  <TR VALIGN=Top>
    <TD ALIGN=LEFT><FONT SIZE=2>MuniVest II</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>AMPS</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Yes</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Yes</FONT></TD>
  </TR>
  <TR VALIGN=Top>
    <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings FL Ins</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Common Stock</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>No</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Yes</FONT></TD>
  </TR>
</TABLE>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
2</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>

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

<br>
<table cellpadding=0 cellspacing=0 border=0 align=Center width=100%>
  <tr valign=Bottom>

    <td><font size=1><b>Fund</b></font>
      <hr width=8% size=1 color=BLACK noshade align="left">
    </td>
    <th><font size=1>Class of <br>
Stockholders </font>
      <hr width=80% size=1 color=BLACK noshade>
    </th>
    <th><font size=1>Election of <br>
AMPS Directors </font>
      <hr width=80% size=1 color=BLACK noshade>
    </th>
    <th><font size=1>Election of <br>
Other Directors </font>
      <hr width=80% size=1 color=BLACK noshade>
    </th>
  </tr>












  <tr valign=Top>

    <td align=LEFT><font size=2>MuniHoldings FL Ins</font></td>
    <td align=CENTER><font size=2>AMPS</font></td>
    <td align=CENTER><font size=2>Yes</font></td>
    <td align=CENTER><font size=2>Yes</font></td>
  </tr>
</table>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors of each Fund knows of no 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></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&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></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Biographical
Information </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
biographical and other information relating to the 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></P>


<table border=0 cellspacing=0 cellpadding=0 width=700>
  <tr valign="bottom">
    <td width=110 align="center"> <b><font size="1">Name, Address&#134; and Age
      </font></b>
      <hr size="1" width="100%" align="left" noshade>
    </td>
    <td width=10>&nbsp;&nbsp;</td>
    <td align="center" width=60> <b><font size="1">Position(s) Held <br>
      with each Fund </font></b>
      <hr size="1" width="100%" align="center" noshade>
    </td>
    <td align="center" width=10>&nbsp;&nbsp;</td>
    <td align="center" width=70> <b><font size="1">Term of Office <br>
      and Length of <br>
      Time Served </font></b>
      <hr size="1" width="100%" align="center" noshade>
    </td>
    <td align="center">&nbsp;&nbsp;</td>
    <td align="center" width=170> <b><font size="1">Principal Occupation(s) <br>
      During Past Five Years </font></b>
      <hr size="1" width="100%" align="center" noshade>
    </td>
    <td align="center" width=10>&nbsp;&nbsp;</td>
    <td align="center" width=80> <b><font size="1">Number of <br>
      FAM/MLIM- <br>
      Advised Funds** <br>
      and Portfolios <br>
      Overseen </font></b>
      <hr size="1" width="100%" align="center" noshade>
    </td>
    <td align="center" width=10>&nbsp;&nbsp;</td>
    <td align="center" width=60> <b><font size="1">Public <br>
      Directorships </font></b>
      <hr size="1" width="100%" align="center" noshade>
    </td>
  </tr>
  <tr>
    <td valign=top width=110> <font size="2">Robert C. Doll, Jr.&#134;&#134; (50)</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=60> <font size="2">Director*</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=70> <font size="2">Director of each Fund since 2004.</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=170> <font size="2">President of FAM and its affiliate,
      Merrill Lynch Investment Managers, L.P. (&#147;MLIM&#148;) since 2001; Director of
      Princeton Services since 2001; Co-Head (Americas Region) of FAM and MLIM
      from 2000 to 2001 and Senior Vice President thereof from 1999 to 2001; Chief
      Investment Officer of OppenheimerFunds, Inc. in 1999 and Executive Vice
      President thereof from 1991 to 1999.</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=80> <font size="2">40 registered investment companies
      consisting of <br>
      63 portfolios</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=60> <font size="2">None</font></td>
  </tr>
  <tr valign="bottom">
    <td width=110 align="center">&nbsp;</td>
    <td width=10>&nbsp;</td>
    <td width=60 align="center">&nbsp;</td>
    <td width=10 align="center">&nbsp;</td>
    <td width=70 align="center">&nbsp;</td>
    <td width=10 align="center">&nbsp;</td>
    <td width=170 align="center">&nbsp;</td>
    <td width=10 align="center">&nbsp;</td>
    <td width=80 align="center">&nbsp;</td>
    <td width=10 align="center">&nbsp;</td>
    <td width=60 align="center">&nbsp;</td>
  </tr>
</table>


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<HR SIZE=1 noshade ALIGN=left  WIDTH=75>

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<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">  &#134; </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">P.O.
Box 9011, Princeton, New Jersey 08543-9011.</FONT></TD></TR></TABLE>

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<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> &#134;&#134; </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Mr.
Doll is an &#147;interested person,&#148; as defined in the Investment Company Act, of each Fund
based on    his positions with MLIM, FAM and Princeton Services and/or his ownership of
securities issued by Merrill    Lynch &amp; Co., Inc. (&#147;ML &amp; Co.&#148;).</FONT></TD></TR></TABLE>

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<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">  * </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">As
a Director, Mr. Doll serves until his successor is elected and qualified,    until
December 31 of the year in which he turns 72, or until his death,    resignation, or
removal as provided in each Fund&#146;s by-laws, charter or by    statute. As of November
2004, Mr. Doll was elected as a Director by each    Fund&#146;s Board.</FONT></TD></TR></TABLE>

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<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> ** </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">The
complex of funds advised by FAM and its affiliate, MLIM (&#147;FAM/MLIM&#148;-advised funds&#148;).</FONT></TD></TR></TABLE>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
3</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&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 non-interested Nominee
Directors is a member of the Audit and Oversight Committees. </FONT></P>


<table border=0 cellspacing=0 cellpadding=0 width=700>
  <tr valign="bottom">
    <td width=110 align="center"> <b><font size="1">Name, Address&#134; and Age
      </font></b>
      <hr size="1" width="100%" align="left" noshade>
    </td>
    <td width=10>&nbsp;&nbsp;</td>
    <td width=60 align="center"> <b><font size="1">Position(s) Held <br>
      with each Fund </font></b>
      <hr size="1" width="100%" align="center" noshade>
    </td>
    <td width=10 align="center">&nbsp;&nbsp;</td>
    <td width=70 align="center"> <b><font size="1">Term of Office&#134;&#134;<br>
      and Length of <br>
      Time Served </font></b>
      <hr size="1" width="100%" align="center" noshade>
    </td>
    <td width=10 align="center">&nbsp;&nbsp;</td>
    <td width=170 align="center"> <b><font size="1">Principal Occupation(s) <br>
      During Past Five Years </font></b>
      <hr size="1" width="100%" align="center" noshade>
    </td>
    <td width=10 align="center">&nbsp;&nbsp;</td>
    <td width=80 align="center"> <b><font size="1">Number of <br>
      FAM/MLIM- <br>
      Advised Funds <br>
      and Portfolios <br>
      Overseen </font></b>
      <hr size="1" width="100%" align="center" noshade>
    </td>
    <td width=10 align="center">&nbsp;&nbsp;</td>
    <td width=60 align="center"> <b><font size="1">Public <br>
      Directorships </font></b>
      <hr size="1" width="100%" align="center" noshade>
    </td>
  </tr>
  <tr>
    <td valign=top width=110> <font size="2">Ronald W. Forbes (64)</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=60> <font size="2">Director</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=70> <font size="2">Director of each Fund since the year
      listed in Exhibit B.</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=170> <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></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=80> <font size="2">48 registered investment companies
      consisting of <br>
      48 portfolios</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=60> <font size="2">None</font></td>
  </tr>
  <tr>
    <td valign=top width=110>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=60>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=70>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=170>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=80>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=60>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=110> <font size="2">Cynthia A. Montgomery (52)</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=60> <font size="2">Director</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=70> <font size="2">Director of each Fund since the year
      listed in Exhibit B.</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=170> <font size="2">Professor, Harvard Business School
      since 1989; Associate Professor, J.L. Kellogg Graduate School of Management,
      Northwestern University from 1985 to 1989; Associate Professor, Graduate
      School of Business Administration, University of Michigan from 1979 to 1985.</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=80> <font size="2">48 registered investment companies
      consisting of <br>
      48 portfolios</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=60> <font size="2">Newell Rubbermaid Inc. (manufacturing)</font></td>
  </tr>
  <tr>
    <td valign=top width=110>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=60>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=70>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=170>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=80>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=60>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=110> <font size="2">Jean Margo Reid (59)</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=60> <font size="2">Director</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=70> <font size="2">Director of each Fund since 2004.</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=170> <font size="2">Self-employed consultant since 2001;
      Counsel of Alliance Capital Management (investment adviser) in 2000; General
      Counsel, Director and Secretary of Sanford C. Bernstein &amp; Co., Inc.
      (investment adviser/broker-dealer) from 1997 to 2000; Secretary, Sanford
      C. Bernstein Fund, Inc. from 1994 to 2000; Director and Secretary of SCB,
      Inc. from 1998 to 2000; Director and Secretary of SCB Partners, Inc. in
      2000; and Director of Covenant House from 2001 to 2004.</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=80> <font size="2">48 registered investment companies
      consisting of <br>
      48 portfolios</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=60> <font size="2">None</font></td>
  </tr>
  <tr>
    <td valign=top width=110>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=60>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=70>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=170>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=80>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=60>&nbsp;</td>
  </tr>
</table>

<p>&nbsp;

<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
4</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><p><BR>
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<p>&nbsp;
<table border=0 cellspacing=0 cellpadding=0 width=700>
  <tr valign="bottom">
    <td width=110 align="center"> <b><font size="1">Name, Address&#134; and Age
      </font></b>
      <hr size="1" width="100%" align="left" noshade>
    </td>
    <td width=10>&nbsp;&nbsp;</td>
    <td width=60 align="center"> <b><font size="1">Position(s) Held <br>
      with each Fund </font></b>
      <hr size="1" width="100%" align="center" noshade>
    </td>
    <td width=10 align="center">&nbsp;&nbsp;</td>
    <td width=70 align="center"> <b><font size="1">Term of Office&#134;&#134;<br>
      and Length of <br>
      Time Served </font></b>
      <hr size="1" width="100%" align="center" noshade>
    </td>
    <td width=10 align="center">&nbsp;&nbsp;</td>
    <td width=170 align="center"> <b><font size="1">Principal Occupation(s) <br>
      During Past Five Years </font></b>
      <hr size="1" width="100%" align="center" noshade>
    </td>
    <td width=10 align="center">&nbsp;&nbsp;</td>
    <td width=80 align="center"> <b><font size="1">Number of <br>
      FAM/MLIM- <br>
      Advised Funds <br>
      and Portfolios <br>
      Overseen </font></b>
      <hr size="1" width="100%" align="center" noshade>
    </td>
    <td width=10 align="center">&nbsp;&nbsp;</td>
    <td width=60 align="center"> <b><font size="1">Public <br>
      Directorships </font></b>
      <hr size="1" width="100%" align="center" noshade>
    </td>
  </tr>
  <tr>
    <td valign=top width=110> <font size="2">Roscoe S. Suddarth (69)</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=60> <font size="2">Director</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=70> <font size="2">Director of each Fund since the year
      listed in Exhibit B.</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=170> <font size="2">President, Middle East Institute,
      from 1995 to 2001; Foreign Service Officer, United States Foreign Service,
      from 1961 to 1995; Career Minister, from 1989 to 1995; Deputy Inspector
      General, U.S. Department of State, from 1991 to 1994; U.S. Ambassador to
      the Hashemite Kingdom of Jordan, from 1987 to 1990.</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=80> <font size="2">48 registered investment companies
      consisting of <br>
      48 portfolios</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=60> <font size="2">None</font></td>
  </tr>
  <tr>
    <td valign=top width=110>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=60>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=70>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=170>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=80>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=60>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=110> <font size="2">Richard R. West (66)</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=60> <font size="2">Director</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=70> <font size="2">Director of each Fund since the year
      listed in Exhibit B.</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=170> <font size="2">Professor of Finance since 1984,
      Dean from 1984 to 1993 and currently Dean Emeritus of New York University
      Leonard N. Stern School of Business Administration.</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=80> <font size="2">48 registered investment companies
      consisting of <br>
      48 portfolios</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=60> <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></td>
  </tr>
  <tr>
    <td valign=top width=110>&nbsp; </td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=60>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=70>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=170>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=80>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=60>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=110> <font size="2">Edward D. Zinbarg (69)</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=60> <font size="2">Director</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=70> <font size="2">Director of each Fund since the year
      listed in Exhibit B.</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=170> <font size="2">Self-employed financial consultant
      since 1994; Executive Vice President of the Prudential Insurance Company
      of America from 1988 to 1994; Former Director of Prudential Reinsurance
      Company and former Trustee of the Prudential Foundation.</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=80> <font size="2">48 registered investment companies
      consisting of <br>
      48 portfolios</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=60> <font size="2">None</font></td>
  </tr>
</table>
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<HR SIZE=1 noshade ALIGN=left  WIDTH=75>

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<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">  &#134; </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">The
address of each non-interested Director is P.O. Box 9095, Princeton, New Jersey
08543-9095.</FONT></TD></TR></TABLE>

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<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> &#134;&#134; </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">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>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
5</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Committees of the
Boards of Directors </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Fund  maintains  two standing  Board  committees,  the Audit  Committee  (the &#147;Audit
 Committee&#148;)  and the Nominating  Committee,  each consisting of the  non-interested
 Directors of the Fund, who are &#147;independent&#148; as defined in the listing  standards  of
the New York Stock  Exchange  (&#147;NYSE&#148;) and the  American  Stock  Exchange (&#147;AMEX&#148;) where
relevant.  Currently,  Mr. Forbes,  Ms.  Montgomery,  Ms. Reid, Mr.  Suddarth,  Mr. West
and Mr. Zinbarg are members of each Fund&#146;s Audit Committee and Nominating Committee. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><i>Audit Committees</i> </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal responsibilities of each Audit Committee are the appointment, compensation and
oversight of the Fund&#146;s independent registered public accounting firm, including the
resolution of disagreements regarding financial reporting between Fund management and
such independent registered public accounting firm. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
  Fund has adopted a written Charter for the Audit Committee. Each Fund&#146;s
  Audit Committee also has received written disclosures and the letter required
  by Independence Standards Board Standard No. 1, as may be modified or supplemented,
  from each Fund&#146;s respective independent registered public accounting firm.
  The Audit Committee of each of MuniHoldings II and MuniHoldings NJ Ins has discussed
  with Ernst &amp; Young<font size="1"> LLP</font> (&#147;E&amp;Y&#148;) and the
  Audit Committee of each of FRIS II, MuniHoldings FL Ins, MuniHoldings NY Ins,
  MuniVest I and MuniVest II has discussed with Deloitte &amp; Touche <font size="1">LLP</font>
  (&#147;D&amp;T&#148;) such firm&#146;s independence with respect to the Fund
  and certain matters required to be discussed by Statements on Auditing Standards
  No. 61. Each Audit Committee has considered whether the provision of nonaudit
  services by the Fund&#146;s independent registered public accounting firm is
  compatible with maintaining the independence of that registered public accounting
  firm. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Audit Committee also reviews and discusses the audit of the Fund&#146;s financial statements
with Fund management and the independent registered public accounting firm. If any
material concerns arise during the course of the audit and the preparation of the audited
financial statements mailed to stockholders and included in the Fund&#146;s Annual Report to
Stockholders, the Audit Committee would be notified by Fund management or the independent
registered public accounting firm. The Audit Committees received no such notifications
for any Fund. Following each Audit Committee&#146;s review and discussion regarding the audit
of the Fund&#146;s financial statements with Fund management and the Fund&#146;s independent
registered public accounting firm, each Audit Committee recommended to the Directors of
the Fund that the Fund&#146;s audited financial statements for the 2004 fiscal year (each
Fund&#146;s fiscal year end is set forth in Exhibit A) be included in such Fund&#146;s Annual
Report to Stockholders. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><i>Nominating Committees </i></B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal responsibilities of each Nominating Committee are to identify individuals
qualified to serve as non-interested Directors of the Fund and to recommend its nominees
for consideration by the full Board. While each Nominating Committee is solely
responsible for the selection and nomination of the Fund&#146;s non-interested Directors, the
Nominating Committee may consider nominations for the office of Director made by Fund
stockholders as it deems appropriate. Stockholders who wish to recommend a nominee should
send nominations to the applicable Fund&#146;s Secretary and include biographical information
and set forth the  </FONT></P>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
6</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>

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

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>qualifications of the proposed
nominee. The Nominating Committee evaluates nominees from whatever source using the same
standard. Each Fund adopted a Charter of the Nominating Committee on January 21, 2004, a
copy of which is attached hereto as Exhibit D. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
identifying and evaluating a potential nominee to serve as a non-interested Director of a
Fund, the Nominating Committee will consider, among other factors, (i) the person&#146;s
business and professional experience, education, character and integrity; (ii) whether
the individual is an &#147;interested person&#148; as defined in the Investment Company Act and
whether the person is otherwise qualified to serve as a Director under applicable laws
and regulations; (iii) the nature of any business, charitable, financial or family
relationships that might impair the individual&#146;s independence; (iv) whether the
individual is financially literate pursuant to the listing standards of the NYSE and with
regard to MuniVest I the AMEX; (v) whether the person serves on boards of, or is
otherwise affiliated with, competing financial service organizations or their related
investment company complexes; (vi) the person&#146;s willingness to serve and ability to
commit the time necessary to perform the duties of a Fund Director; and (vii) whether the
selection and nomination of the person is consistent with the Fund&#146;s retirement policy. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Stockholder
Communications </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders
may send written communications to a Fund&#146;s Board of Directors or to an individual
Director by mailing such correspondence to the Secretary of the applicable Fund at 800
Scudders Mill Road, Plainsboro, New Jersey 08536. Such communications must be signed by
the Stockholder and identify the class and number of shares held by the Stockholder.
Properly submitted Stockholder communications will, as appropriate, be forwarded to the
entire Board or to the individual Director. Any Stockholder proposal submitted pursuant
to Rule 14a-8 under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;),
must continue to meet all the requirements of Rule 14a-8. See &#147;Additional Information&#151;Stockholder
Proposals&#148; herein. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Director Attendance at
Stockholder Meetings </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Funds have no formal policy regarding Director attendance at stockholder meetings. None
of the Directors attended the Fund&#146;s 2004 Annual Meeting of Stockholders. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Committee and Board of
Directors Meetings </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
each Fund&#146;s last fiscal year, each of the Directors then in office attended at least 75%
of the aggregate of the total number of meetings of the Board of Directors of that Fund
held during the fiscal year and, if a member, the total number of meetings of the Audit
Committee and Nominating Committee held during the period for which he or she served. See
Exhibit A for further information about Committee and Board meetings. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Compliance with
Section 16(a) of the Exchange Act </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
16(a) of the Exchange Act requires the officers and Directors of each Fund and persons
who own more than ten percent of a registered class of 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 NYSE (in the case of FRIS
II, MuniHoldings II, MuniHoldings NJ Ins, MuniHoldings NY Ins, MuniVest II and
MuniHoldings FL Ins) or the AMEX (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></P>

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7</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.e., any advisory board member, investment adviser or affiliated person of
the Fund&#146;s investment adviser) have complied with all filing requirements applicable to
them with respect to transactions during the Fund&#146;s most recent fiscal year. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Interested Persons </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Fund considers Mr. Doll to be &#147;interested person&#148; of the Fund within the meaning of
Section 2(a)(19) of the Investment Company Act based on positions Mr. Doll holds with FAM
and its affiliates and/or due to ownership of securities issued by ML &amp; Co. In
November 2004, Mr. Doll was elected by each Fund&#146;s Board as a Director of each Fund.
Effective January 1, 2005, Mr. Doll is expected to be appointed as the President of each
Fund. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Compensation of
Directors </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAM,
the investment adviser of each Fund, pays all compensation to all officers of each Fund
and all Directors of each Fund who are affiliated with ML &amp; Co. or its subsidiaries.
Each Fund, except FRIS II, 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 Audit Committee meeting attended, together with such Director&#146;s out-of-pocket
expenses relating to attendance at such meetings. FRIS II pays each non-interested
Director a combined fee of $4,400 per year plus a fee of $325 for each in person Board
meeting attended and $325 for each in person Audit Committee meeting attended, together
with such Director&#146;s out-of-pocket expenses relating to attendance at such meetings. The
Chairman of each Fund&#146;s Audit Committee receives an additional annual fee of $1,000. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
relating to 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 B to this
Combined Proxy Statement. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Officers of Each Fund </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Stock Ownership </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the Record Date, no non-interested Nominee Director or his or her immediate family
members, owned beneficially or of record any securities of ML &amp;Co. As of the Record
Date, the Directors and officers of each Fund as a group owned an aggregate of less than
1% of the Fund&#146;s outstanding shares. At such date, Mr. Doll, Director of each Fund, and
the officers of each Fund, owned an aggregate of less than 1% of the outstanding shares
of Common Stock of ML &amp; Co. </FONT></P>

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<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
8</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Board of Directors of each Fund recommends that the Stockholders vote &#147;FOR&#148; each of the
Nominee Directors. </B></FONT> </P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>ADDITIONAL
INFORMATION </B></FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Expenses and Methods
of Proxy Solicitation; Vote Required </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
each of FRIS II, MuniHoldings II, MuniHoldings NJ Ins and MuniHoldings NY Ins, one-third
of the Fund&#146;s Shares and AMPS, where relevant, 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></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order to obtain the necessary quorum at each Meeting supplementary solicitation may be
made by mail, telephone, telegraph or personal interview by officers of each Fund. 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, where relevant,
of the Fund present in person or by proxy and entitled to vote at the time of the Meeting
to be adjourned. The persons named as proxies will vote in favor of any such adjournment
if they believe that adjournment and additional proxy solicitation are reasonable and in
the best interests of the Fund&#146;s Stockholders. Each Fund has retained Georgeson
Shareholder 17 State Street, New York, New York 10004, to assist in the solicitation of
proxies at a cost of approximately $3,500 for each Fund plus out-of-pocket expenses,
which are estimated to be $750 for each Fund. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Voting Requirement </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Shares and AMPS, where relevant, represented by properly executed proxies, unless such
proxies have previously been revoked, will be voted at each Meeting in accordance with
the directions on the proxies; if no direction is indicated, the Shares and AMPS will be
voted &#147;FOR&#148; the Nominee Directors. Except in the case of FRIS II, which has not issued
AMPS and 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 Shares of FRIS II are entitled to elect all of the 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></P>

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9</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
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<p>&nbsp;
<table border=0 cellspacing=0 cellpadding=0 width="700">
  <tr valign="top">
    <td> <b><font size="1">Fund</font></b></td>
    <td><b>&nbsp;&nbsp;</b></td>
    <td> <b><font size="1">Election of AMPS Directors</font></b></td>
    <td><b>&nbsp;&nbsp;</b></td>
    <td> <b><font size="1">Election of Other Directors</font></b></td>
  </tr>
  <tr valign="top">
    <td colspan="5">
      <hr size="1" width="100%" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td> <font size="2">FRIS II</font></td>
    <td>&nbsp;</td>
    <td> <font size="2">N/A</font></td>
    <td>&nbsp;</td>
    <td> <font size="2">Affirmative vote of a majority of <br>
      the votes cast by the holders of <br>
      Shares</font></td>
  </tr>
  <tr valign="top">
    <td colspan="5">
      <hr size="1" width="100%" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td> <font size="2">MuniHoldings II</font></td>
    <td>&nbsp;</td>
    <td> <font size="2">Affirmative vote of a plurality of <br>
      the votes cast by the holders of <br>
      AMPS, voting as a separate class </font></td>
    <td>&nbsp;</td>
    <td> <font size="2">Affirmative vote of a plurality of <br>
      the votes cast by the holders of <br>
      Shares and AMPS, voting together <br>
      as a single class</font></td>
  </tr>
  <tr valign="top">
    <td colspan="5">
      <hr size="1" width="100%" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td> <font size="2">MuniHoldings NJ Ins</font></td>
    <td>&nbsp;</td>
    <td> <font size="2">Affirmative vote of a plurality of <br>
      the votes cast by the holders of <br>
      AMPS, voting as a separate class </font></td>
    <td>&nbsp;</td>
    <td> <font size="2">Affirmative vote of a plurality of <br>
      the votes cast by the holders of <br>
      Shares and AMPS, voting together <br>
      as a single class</font></td>
  </tr>
  <tr valign="top">
    <td colspan="5">
      <hr size="1" width="100%" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td> <font size="2">MuniHoldings NY Ins</font></td>
    <td>&nbsp;</td>
    <td> <font size="2">Affirmative vote of a plurality of <br>
      the votes cast by the holders of <br>
      AMPS, voting as a separate class </font></td>
    <td>&nbsp;</td>
    <td> <font size="2">Affirmative vote of a plurality of <br>
      the votes cast by the holders of <br>
      Shares and AMPS, voting together <br>
      as a single class</font></td>
  </tr>
  <tr valign="top">
    <td colspan="5">
      <hr size="1" width="100%" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td> <font size="2">MuniVest I</font></td>
    <td>&nbsp;</td>
    <td> <font size="2">Affirmative vote of a majority of <br>
      the votes cast by the holders of <br>
      AMPS, voting as a separate class </font></td>
    <td>&nbsp;</td>
    <td> <font size="2">Affirmative vote of a majority of <br>
      the votes cast by the holders of <br>
      Shares, voting as a separate class</font></td>
  </tr>
  <tr valign="top">
    <td colspan="5">
      <hr size="1" width="100%" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td> <font size="2">MuniVest II</font></td>
    <td>&nbsp;</td>
    <td> <font size="2">Affirmative vote of a majority of <br>
      the votes cast by the holders of <br>
      AMPS, voting as a separate class </font></td>
    <td>&nbsp;</td>
    <td> <font size="2">Affirmative vote of a majority of <br>
      the votes cast by the holders of <br>
      Shares and AMPS, voting together <br>
      as a single class</font></td>
  </tr>
  <tr valign="top">
    <td colspan="5">
      <hr size="1" width="100%" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td> <font size="2">MuniHoldings FL Ins</font></td>
    <td>&nbsp;</td>
    <td> <font size="2">Affirmative vote of the holders of <br>
      a majority of the AMPS present <br>
      in person or by proxy at the <br>
      Meeting and entitled to vote, <br>
      voting as a separate class </font></td>
    <td>&nbsp;</td>
    <td> <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></td>
  </tr>
  <tr valign="top">
    <td colspan="5">
      <hr size="1" width="100%" noshade>
    </td>
  </tr>
</table>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Broker Non-Votes and
Abstentions </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broker-dealer
firms, including Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated (&#147;MLPF&amp;S&#148;),
holding Shares or AMPS, where relevant, 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 or AMPS, where relevant, on the Item before each Meeting. The
Funds understand that, under the rules of the NYSE and AMEX, 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 and AMPS 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 </FONT></P>

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<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
10</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>purposes of determining a quorum.
MLPF&amp;S has advised each Fund that if it votes Shares or AMPS 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 or AMPS, where relevant, 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 FRIS II, 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 with respect to MuniHoldings FL Ins will be counted as a vote
&#147;against&#148; Item 1. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Other Matters </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
knows of no other matters to be presented at the Meetings. However, if other matters are
presented for a vote at a Meeting or any adjournments thereof, the proxy holders will
vote the Shares of Common Stock and AMPS represented by properly executed proxies
according to their judgment on those matters. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Independent Registered
Public Accounting Firm Fees </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
SEC&#146;s auditor independence rules require the Audit Committee of each Fund to pre-approve
(a) all audit and permissible non-audit services provided by the Fund&#146;s independent
registered public accounting firm directly to the Fund and (b) those permissible
non-audit services provided by the Fund&#146;s independent registered public accounting firm
to the Fund&#146;s investment adviser and any entity controlling, controlled by or under
common control with the investment adviser that provides ongoing services to the Fund
(the &#147;Affiliated Service Providers&#148;), if the services relate directly to the operations
and financial reporting of the Fund. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
first two tables below set forth for each Fund, for its two most recent fiscal years the
fees billed by its independent registered public accounting firm for (a) all audit and
non-audit services provided directly to the Fund and (b) those non-audit services
provided to the Fund&#146;s Affiliated Service Providers that relate directly to the Fund&#146;s
operations and financial reporting, and, therefore, require Audit Committee pre-approval.
Services under the caption: </FONT></P>

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<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><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>

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<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><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>

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<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE="2"><I>Tax
Fees </I>include tax compliance, tax advice and tax planning; and </FONT></TD></TR></TABLE>

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<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE="2"><I>All
Other Fees </I>are for other products and services provided. </FONT></TD></TR></TABLE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Fund also is required to disclose the total non-audit fees paid to its independent
registered public accounting firm, for services rendered to the Fund and its Affiliated
Service Providers regardless of whether those fees were pre-approved by the Audit
Committee. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fiscal year end is February 28 for FRIS II, July 31 for MuniHoldings II and MuniHoldings
NJ Ins, August 31 for MuniHoldings FL Ins and MuniVest I, and October 31 for Holdings NY
Ins and MuniVest II. </FONT></P>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
11</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





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

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold Italic" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Fees for audit and
non-audit services provided directly to the Fund: </I></B></FONT></P>

<table cellpadding=0 cellspacing=0 border=0 width=700>
  <tr valign=Bottom>
    <th width="208"> </th>
    <th rowspan="2" width="87"><font size=1>Independent <br>
      Registered <br>
      Public <br>
      Accounting <br>
      Firm </font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th colspan=4><font size=1>Audit Fees ($)</font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th colspan=4><font size=1>Audit-Related <br>
      Fees ($)* </font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th colspan=4><font size=1>Tax Fees ($)**</font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th colspan="2"><font size=1>All Other Fees ($)</font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
  </tr>
  <tr valign=Bottom>
    <td width="208"><font size=1><b>Fund</b></font>
      <hr width=20% size=1 color=BLACK noshade align="left">
    </td>
    <th colspan=2><font size=1>2004</font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th colspan=2><font size=1>2003</font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th colspan=2><font size=1>2004</font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th colspan=2><font size=1>2003</font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th colspan=2><font size=1>2004</font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th colspan=2><font size=1>2003</font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th width="40"><font size=1>2004</font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th width="45"><font size=1>2003</font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="208"><font size=2>FRIS II***</font></td>
    <td align=CENTER width="87"><font size=2>D&amp;T</font></td>
    <td align=RIGHT width="47"><font size=2>13,600</font></td>
    <td align=LEFT width="13"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="45"><font size=2>N/A</font></td>
    <td align=LEFT width="15"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="41"><font size=2>0</font></td>
    <td align=LEFT width="9"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="41"><font size=2>N/A</font></td>
    <td align=LEFT width="9"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="39"><font size=2>&#151;</font></td>
    <td align=LEFT width="11">&nbsp;</td>
    <td align=RIGHT width="40"><font size=2>N/A</font></td>
    <td align=LEFT width="10"><font size=2>&nbsp;</font></td>
    <td align=center width="40"><font size=2>&#151;</font></td>
    <td align=center width="45"><font size=2>N/A</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="208"><font size=2>MuniHoldings II</font></td>
    <td align=CENTER width="87"><font size=2>E&amp;Y</font></td>
    <td align=RIGHT width="47"><font size=2>31,500</font></td>
    <td align=LEFT width="13"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="45"><font size=2>30,550</font></td>
    <td align=LEFT width="15"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="41"><font size=2>3,000</font></td>
    <td align=LEFT width="9"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="41"><font size=2>3,000</font></td>
    <td align=LEFT width="9"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="39"><font size=2>5,200</font></td>
    <td align=LEFT width="11"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="40"><font size=2>5,000</font></td>
    <td align=LEFT width="10"><font size=2>&nbsp;</font></td>
    <td align=center width="40"><font size=2>&#151;</font></td>
    <td align=center width="45"><font size=2>&#151;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="208"><font size=2>MuniHoldings FL Ins</font></td>
    <td align=CENTER width="87"><font size=2>D&amp;T</font></td>
    <td align=RIGHT width="47"><font size=2>30,000</font></td>
    <td align=LEFT width="13"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="45"><font size=2>26,000</font></td>
    <td align=LEFT width="15"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="41"><font size=2>3,000</font></td>
    <td align=LEFT width="9"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="41"><font size=2>8,200</font></td>
    <td align=LEFT width="9"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="39"><font size=2>5,610</font></td>
    <td align=LEFT width="11"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="40"><font size=2>4,800</font></td>
    <td align=LEFT width="10"><font size=2>&nbsp;</font></td>
    <td align=center width="40"><font size=2>&#151;</font></td>
    <td align=center width="45"><font size=2>&#151;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="208"><font size=2>MuniHoldings NJ Ins</font></td>
    <td align=CENTER width="87"><font size=2>E&amp;Y</font></td>
    <td align=RIGHT width="47"><font size=2>31,500</font></td>
    <td align=LEFT width="13"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="45"><font size=2>30,550</font></td>
    <td align=LEFT width="15"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="41"><font size=2>3,000</font></td>
    <td align=LEFT width="9"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="41"><font size=2>3,000</font></td>
    <td align=LEFT width="9"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="39"><font size=2>5,200</font></td>
    <td align=LEFT width="11"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="40"><font size=2>5,000</font></td>
    <td align=LEFT width="10"><font size=2>&nbsp;</font></td>
    <td align=center width="40"><font size=2>&#151;</font></td>
    <td align=center width="45"><font size=2>&#151;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="208"><font size=2>MuniHoldings NY Ins</font></td>
    <td align=CENTER width="87"><font size=2>D&amp;T</font></td>
    <td align=RIGHT width="47"><font size=2>27,000</font></td>
    <td align=LEFT width="13"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="45"><font size=2>26,000</font></td>
    <td align=LEFT width="15"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="41"><font size=2>3,000</font></td>
    <td align=LEFT width="9"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="41"><font size=2>8,200</font></td>
    <td align=LEFT width="9"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="39"><font size=2>5,610</font></td>
    <td align=LEFT width="11"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="40"><font size=2>4,800</font></td>
    <td align=LEFT width="10"><font size=2>&nbsp;</font></td>
    <td align=center width="40"><font size=2>&#151;</font></td>
    <td align=center width="45"><font size=2>&#151;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="208"><font size=2>MuniVest I</font></td>
    <td align=CENTER width="87"><font size=2>D&amp;T</font></td>
    <td align=RIGHT width="47"><font size=2>28,000</font></td>
    <td align=LEFT width="13"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="45"><font size=2>26,000</font></td>
    <td align=LEFT width="15"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="41"><font size=2>3,000</font></td>
    <td align=LEFT width="9"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="41"><font size=2>8,200</font></td>
    <td align=LEFT width="9"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="39"><font size=2>5,610</font></td>
    <td align=LEFT width="11"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="40"><font size=2>4,800</font></td>
    <td align=LEFT width="10"><font size=2>&nbsp;</font></td>
    <td align=center width="40"><font size=2>&#151;</font></td>
    <td align=center width="45"><font size=2>&#151;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="208" height="14"><font size=2>MuniVest II</font></td>
    <td align=CENTER width="87" height="14"><font size=2>D&amp;T</font></td>
    <td align=RIGHT width="47" height="14"><font size=2>26,000</font></td>
    <td align=LEFT width="13" height="14"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="45" height="14"><font size=2>25,000</font></td>
    <td align=LEFT width="15" height="14"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="41" height="14"><font size=2>3,000</font></td>
    <td align=LEFT width="9" height="14"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="41" height="14"><font size=2>7,800</font></td>
    <td align=LEFT width="9" height="14"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="39" height="14"><font size=2>5,610</font></td>
    <td align=LEFT width="11" height="14"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="40" height="14"><font size=2>4,800</font></td>
    <td align=LEFT width="10" height="14"><font size=2>&nbsp;</font></td>
    <td align=center width="40" height="14"><font size=2>&#151;</font></td>
    <td align=center width="45" height="14"><font size=2>&#151;</font></td>
  </tr>
</table>

<hr size=1 noshade align=left  width=75>
<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">  * </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Primarily
related to the performance of agreed upon compliance procedures associated with the
Fund&#146;s AMPS.</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> ** </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Primarily
related to tax compliance services associated with reviewing the Fund&#146;s tax returns.</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">*** </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Commenced
operations on July 30, 2004.</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold Italic" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" 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></P>

<table cellpadding=0 cellspacing=0 border=0 width=700>
  <tr valign=Bottom>
    <th>&nbsp;</th>
    <th rowspan="2"><font size=1>Independent<br>
      Registered <br>
      Public <br>
      Accounting <br>
      Firm </font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th colspan=4><font size=1>Audit-Related <br>
      Fees ($) </font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th colspan=2><font size=1>Tax Fees ($)</font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th colspan=2><font size=1>All Other Fees ($)</font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
  </tr>
  <tr valign=Bottom>
    <td><font size=1><b>Fund</b></font>
      <hr width=20% size=1 color=BLACK noshade align="left">
    </td>
    <th colspan=2><font size=1>2004</font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th colspan=2><font size=1>2003</font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th><font size=1>2004</font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th><font size=1>2003</font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th><font size=1>2004</font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th><font size=1>2003</font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=2>FRIS II***</font></td>
    <td align=center valign="bottom"><font size=2>D&amp;T</font></td>
    <td align=RIGHT><font size=2>945,000</font></td>
    <td align=LEFT><font size=2>****</font></td>
    <td align=RIGHT><font size=2>N/A</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=CENTER><font size=2>&#151;</font></td>
    <td align=CENTER><font size=2>N/A</font></td>
    <td align=CENTER><font size=2>&#151;</font></td>
    <td align=CENTER><font size=2>N/A</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=2>MuniHoldings II</font></td>
    <td align=center valign="bottom"><font size=2>E&amp;Y</font></td>
    <td align=RIGHT><font size=2>&#151;</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>&#151;</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=CENTER><font size=2>&#151;</font></td>
    <td align=CENTER><font size=2>&#151;</font></td>
    <td align=CENTER><font size=2>&#151;</font></td>
    <td align=CENTER><font size=2>&#151;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=2>MuniHoldings FL Ins</font></td>
    <td align=center valign="bottom"><font size=2>D&amp;T</font></td>
    <td align=RIGHT><font size=2>945,000</font></td>
    <td align=LEFT><font size=2>****</font></td>
    <td align=RIGHT><font size=2>450,000</font></td>
    <td align=LEFT><font size=2>****</font></td>
    <td align=CENTER><font size=2>&#151;</font></td>
    <td align=CENTER><font size=2>&#151;</font></td>
    <td align=CENTER><font size=2>&#151;</font></td>
    <td align=CENTER><font size=2>&#151;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=2>MuniHoldings NJ Ins</font></td>
    <td align=center valign="bottom"><font size=2>E&amp;Y</font></td>
    <td align=RIGHT><font size=2>&#151;</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>&#151;</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=CENTER><font size=2>&#151;</font></td>
    <td align=CENTER><font size=2>&#151;</font></td>
    <td align=CENTER><font size=2>&#151;</font></td>
    <td align=CENTER><font size=2>&#151;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=2>MuniHoldings NY Ins</font></td>
    <td align=center valign="bottom"><font size=2>D&amp;T</font></td>
    <td align=RIGHT><font size=2>945,000</font></td>
    <td align=LEFT><font size=2>****</font></td>
    <td align=RIGHT><font size=2>450,000</font></td>
    <td align=LEFT><font size=2>****</font></td>
    <td align=CENTER><font size=2>&#151;</font></td>
    <td align=CENTER><font size=2>&#151;</font></td>
    <td align=CENTER><font size=2>&#151;</font></td>
    <td align=CENTER><font size=2>&#151;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=2>MuniVest I</font></td>
    <td align=center valign="bottom"><font size=2>D&amp;T</font></td>
    <td align=RIGHT><font size=2>945,000</font></td>
    <td align=LEFT><font size=2>****</font></td>
    <td align=RIGHT><font size=2>450,000</font></td>
    <td align=LEFT><font size=2>****</font></td>
    <td align=CENTER><font size=2>&#151;</font></td>
    <td align=CENTER><font size=2>&#151;</font></td>
    <td align=CENTER><font size=2>&#151;</font></td>
    <td align=CENTER><font size=2>&#151;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=2>MuniVest II</font></td>
    <td align=center valign="bottom"><font size=2>D&amp;T</font></td>
    <td align=RIGHT><font size=2>945,000</font></td>
    <td align=LEFT><font size=2>****</font></td>
    <td align=RIGHT><font size=2>450,000</font></td>
    <td align=LEFT><font size=2>****</font></td>
    <td align=CENTER><font size=2>&#151;</font></td>
    <td align=CENTER><font size=2>&#151;</font></td>
    <td align=CENTER><font size=2>&#151;</font></td>
    <td align=CENTER><font size=2>&#151;</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Cutoff rule Footnote" FSL="Workstation" -->
<HR SIZE=1 noshade ALIGN=left  WIDTH=75>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=4% ALIGN=right VALIGN=top><font size="1">***</font></TD>
    <TD WIDTH=2%>&nbsp;</TD>
    <TD WIDTH=94% ALIGN=left VALIGN=top><font size="1">Commenced operations on
      July 30, 2004.</font></TD>
  </TR>
  <TR>
    <TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">**** </FONT></TD>
    <TD WIDTH=2%><FONT SIZE="1"></FONT></TD>
    <TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Primarily related to examinations
      of internal controls and investment management performance returns at Affiliated
      Service Providers.</FONT></TD>
  </TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold Italic" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" 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></P>

<table cellpadding=0 cellspacing=0 border=0 width=700>
  <tr valign=Bottom>
    <th width="268">&nbsp;</th>
    <th rowspan="2" width="118"><font size=1>Independent <br>
      Registered <br>
      Public <br>
      Accounting <br>
      Firm </font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th colspan=4 align="center"><font size=1>Aggregate Non-Audit Fees($)</font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
  </tr>
  <tr valign=Bottom>
    <th align="left" width="268"><font size=1>Fund</font>
      <hr width=10% size=1 color=BLACK noshade align="left">
    </th>
    <th colspan=2><font size=1>2004</font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th colspan=2><font size=1>2003</font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width=268><font size=2>FRIS II***</font></td>
    <td align=center width=118><font size=2>D&amp;T</font></td>
    <td align=RIGHT width=104><font size=2>14,921,936</font></td>
    <td align=LEFT width=58><font size=2>&#134;</font></td>
    <td align=RIGHT width=102><font size=2>N/A</font></td>
    <td align=LEFT width=50><font size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="268"><font size=2>MuniHoldings II</font></td>
    <td align=center width="118"><font size=2>E&amp;Y</font></td>
    <td align=RIGHT width="104"><font size=2>7,183,600</font></td>
    <td align=LEFT width="58"><font size=2>&#134;&#134;</font></td>
    <td align=RIGHT width="102"><font size=2>2,317,000</font></td>
    <td align=LEFT width="50"><font size=2>&#134;&#134;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="268"><font size=2>MuniHoldings FL Ins</font></td>
    <td align=center width="118"><font size=2>D&amp;T</font></td>
    <td align=RIGHT width="104"><font size=2>13,278,706</font></td>
    <td align=LEFT width="58"><font size=2>&#134;</font></td>
    <td align=RIGHT width="102"><font size=2>15,063,000</font></td>
    <td align=LEFT width="50"><font size=2>&#134;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="268"><font size=2>MuniHoldings NJ Ins</font></td>
    <td align=center width="118"><font size=2>E&amp;Y</font></td>
    <td align=RIGHT width="104"><font size=2>7,183,600</font></td>
    <td align=LEFT width="58"><font size=2>&#134;&#134;</font></td>
    <td align=RIGHT width="102"><font size=2>2,317,000</font></td>
    <td align=LEFT width="50"><font size=2>&#134;&#134;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="268"><font size=2>MuniHoldings NY Ins</font></td>
    <td align=center width="118"><font size=2>D&amp;T</font></td>
    <td align=RIGHT width="104"><font size=2>13,278,706</font></td>
    <td align=LEFT width="58"><font size=2>&#134;</font></td>
    <td align=RIGHT width="102"><font size=2>15,063,000</font></td>
    <td align=LEFT width="50"><font size=2>&#134;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="268"><font size=2>MuniVest I</font></td>
    <td align=center width="118"><font size=2>D&amp;T</font></td>
    <td align=RIGHT width="104"><font size=2>14,922,446</font></td>
    <td align=LEFT width="58"><font size=2>&#134;</font></td>
    <td align=RIGHT width="102"><font size=2>15,063,000</font></td>
    <td align=LEFT width="50"><font size=2>&#134;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="268"><font size=2>MuniVest II</font></td>
    <td align=center width="118"><font size=2>D&amp;T</font></td>
    <td align=RIGHT width="104"><font size=2>13,278,706</font></td>
    <td align=LEFT width="58"><font size=2>&#134;</font></td>
    <td align=RIGHT width="102"><font size=2>15,062,600</font></td>
    <td align=LEFT width="50"><font size=2>&#134;</font></td>
  </tr>
</table>
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<HR SIZE=1 noshade ALIGN=left  WIDTH=75>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR>
    <TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> ***</FONT></TD>
    <TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Commenced
operations on July 30, 2004.</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR>
    <TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> &#134; </FONT></TD>
    <TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">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&#146;s tax      returns.</FONT></TD></TR></TABLE>

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<TABLE WIDTH=100%><TR>
    <TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">&#134;&#134; </FONT></TD>
    <TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Primarily
associated with corporate tax consulting, cash flow analyses, and      quality
enhancement and education seminars for personnel of Affiliated      Service Providers.
Fees are also related to the performance of agreed upon      compliance procedures
associated with the Fund&#146;s AMPS, where relevant, and      tax compliance services
associated with reviewing the Fund&#146;s tax returns.</FONT></TD></TR></TABLE>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
12</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





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<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee 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 Audit Committee&#146;s pre-approval and has determined that the provision of such
services is compatible with maintaining the accountants&#146; independence. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold Italic" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Audit Committee&#146;s
Pre-Approval Policies and Procedures </I></B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee of each Fund has adopted policies and procedures with regard to the
pre-approval of services. Audit, audit-related and tax compliance services provided to
the Fund on an annual basis require specific pre-approval by the Audit 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 Audit Committee believes are a) consistent with the SEC&#146;s
auditor independence rules and b) routine and recurring services that will not impair the
independence of the independent registered public accounting firm may be approved by the
Audit Committee without consideration on a specific case-by-case basis (&#147;general
pre-approval&#148;). However, such services will only be deemed pre-approved provided that any
individual project does not exceed $5,000 attributable to the Fund or $50,000 for all of
the Funds the Committee oversees. Any proposed services exceeding the pre-approved cost
levels will require specific pre-approval by the Audit Committee, as will any other
services not subject to general pre-approval (e.g., unanticipated but permissible
services). The Audit Committee is informed of each service approved subject to general
pre-approval at the next regularly scheduled in-person board meeting. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-audit
services provided to 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 Fund&#146;s Audit Committee. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
independent registered public accounting firm annually will provide the Audit Committee
with a detailed analysis of all fees paid by ML &amp; Co. and its affiliates. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold Italic" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Other </I></B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives
of 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></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Address of Investment
Adviser </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal office of FAM is located at 800 Scudders Mill Road, Plainsboro, New Jersey
08536. </FONT></P>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
13</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





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

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Annual Report Delivery </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Each
  Fund will furnish, without charge, a copy of its Annual Report for the Fund&#146;s
  last fiscal year to any Stockholder upon request. </b>Such requests should be
  directed to the applicable Fund, P.O. Box 9011, Princeton, New Jersey 08543-9011,
  Attention: Alice A. Pellegrino, Secretary, or to 1-800-637-3863. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Stockholder Proposals </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a stockholder of any Fund intends to present a proposal at the 2006 Annual Meeting of
Stockholders of such Fund, each of which, except FRIS II, is anticipated to be held in
January 2006, 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 24, 2005. The persons named as proxies in the proxy
materials for each Fund&#146;s 2006 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 9, 2005. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of FRIS II, if a stockholder intends to present a proposal at the 2006 Annual
Meeting of Stockholders, which is anticipated to be held in August 2005, and desires to
have the proposal included in FRIS II&#146;s proxy statement and form of proxy for that
meeting, the Stockholder must deliver the proposal to the office of FRIS II by March 24,
2005. The persons named as proxies in the proxy materials for FRIS II&#146;s 2006 Annual
Meeting of Stockholders may exercise discretionary authority with respect to any
stockholder&#146;s proposal presented at such meeting if written notice of such proposal has
not been received by FRIS II by June 7, 2005. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written
proposals and notices should be sent to Alice A. Pellegrino, the Secretary of each of the
Funds (addressed to 800 Scudders Mill Road, Plainsboro, New Jersey 08536). </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
    <TD WIDTH=49%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=51%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
By
Order of the Boards of Directors/Trustees
                                                           <BR>
      <BR><BR>A<font size=1>LICE</font> A. P<font size=1>ELLEGRINO
                                                          </font> <BR>
      <i>Secretary of Floating Rate
Income Strategies <BR>
      Fund II, Inc., 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>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dated: December 21, 2004 </FONT></P>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
14</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





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

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defined
terms used in the following Exhibits and not otherwise defined shall have the same
meanings attributed thereto in the Combined Proxy Statement to which these Exhibits are
attached. </FONT></P>

<!-- MARKER FORMAT-SHEET="Right head bold" FSL="Project" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Exhibit A </B></FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>INFORMATION
PERTAINING TO EACH FUND </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>General Information
Pertaining to the Funds </B></FONT></P>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=100%>
<TR VALIGN=Bottom>

    <TH align="left"><FONT SIZE=1>Fund</FONT>
      <HR WIDTH=10% SIZE=1 COLOR=BLACK noshade align="left">
    </TH>
     <TH><FONT SIZE=1>Defined <BR>
Term </FONT>
<HR WIDTH=95% SIZE=1 COLOR=BLACK noshade></TH>
     <TH><FONT SIZE=1>Fiscal <BR>
Year End </FONT>
<HR WIDTH=95% SIZE=1 COLOR=BLACK noshade></TH>
     <TH><FONT SIZE=1>State of <BR>
Organization </FONT>
<HR WIDTH=95% SIZE=1 COLOR=BLACK noshade></TH>
     <TH><FONT SIZE=1>Meeting <BR>
Time </FONT>
<HR WIDTH=95% SIZE=1 COLOR=BLACK noshade></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=41% ALIGN=LEFT><FONT SIZE=2>Floating Rate Income</FONT></TD>
     <TD WIDTH=29% ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=18% ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=6% ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=6% ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;Strategies Fund II, Inc.</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>FRIS II</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>February 28</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>MD</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>9:00</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings Fund II, Inc.</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings II</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>July 31</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>MD</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>9:20</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings New Jersey</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;Insured Fund, Inc.</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings NJ Ins</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>July 31</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>MD</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>9:40</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings New York</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;Insured Fund, Inc.</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings NY Ins</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>October 31</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>MD</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>10:00</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniVest Fund, Inc.</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniVest I</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>August 31</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>MD</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>10:20</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniVest Fund II, Inc.</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniVest II</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>October 31</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>MD</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>10:40</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings Florida</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;Insured Fund</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings FL Ins</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>August 31</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>MA</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>11:00</FONT></TD></TR>
</TABLE>

<BR><BR>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=100%>
<TR VALIGN=Bottom>

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

    <TH COLSPAN=4><FONT SIZE=1>Shares Outstanding as <BR>
of the Record Date </FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK noshade></TH></TR>
<TR VALIGN=Bottom>

    <TH COLSPAN=2 align="left"><FONT SIZE=1>Fund</FONT>
      <HR WIDTH=10% SIZE=1 COLOR=BLACK noshade align="left">
    </TH>

    <TH COLSPAN=2><FONT SIZE=1>Shares</FONT>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade></TH>

    <TH COLSPAN=2><FONT SIZE=1>AMPS</FONT>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade></TH></TR>
<TR VALIGN=Bottom>

    <TD WIDTH=50% ALIGN=LEFT><FONT SIZE=2>FRIS II</FONT></TD>

    <TD WIDTH=6% ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD WIDTH=17% ALIGN=RIGHT><FONT SIZE=2>10,496,930</FONT></TD>

    <TD WIDTH=12% ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD WIDTH=9% ALIGN=RIGHT><FONT SIZE=2>N/A</FONT></TD>

    <TD WIDTH=6% ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="50%"><FONT SIZE=2>MuniHoldings II</FONT></TD>
    <TD ALIGN=LEFT width="6%"><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT width="17%"><FONT SIZE=2>11,135,606</FONT></TD>

    <TD ALIGN=LEFT width="12%"><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT width="9%"><FONT SIZE=2>3,480</FONT></TD>

    <TD ALIGN=LEFT width="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="50%"><FONT SIZE=2>MuniHoldings NJ Ins</FONT></TD>
    <TD ALIGN=LEFT width="6%"><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT width="17%"><FONT SIZE=2>21,038,614</FONT></TD>

    <TD ALIGN=LEFT width="12%"><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT width="9%"><FONT SIZE=2>8,120</FONT></TD>

    <TD ALIGN=LEFT width="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="50%"><FONT SIZE=2>MuniHoldings NY Ins</FONT></TD>
    <TD ALIGN=LEFT width="6%"><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT width="17%"><FONT SIZE=2>30,784,615</FONT></TD>

    <TD ALIGN=LEFT width="12%"><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT width="9%"><FONT SIZE=2>12,520</FONT></TD>

    <TD ALIGN=LEFT width="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="50%"><FONT SIZE=2>MuniVest I</FONT></TD>
    <TD ALIGN=LEFT width="6%"><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT width="17%"><FONT SIZE=2>61,346,288</FONT></TD>

    <TD ALIGN=LEFT width="12%"><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT width="9%"><FONT SIZE=2>13,360</FONT></TD>

    <TD ALIGN=LEFT width="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="50%"><FONT SIZE=2>MuniVest II</FONT></TD>
    <TD ALIGN=LEFT width="6%"><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT width="17%"><FONT SIZE=2>19,944,719</FONT></TD>

    <TD ALIGN=LEFT width="12%"><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT width="9%"><FONT SIZE=2>5,400</FONT></TD>

    <TD ALIGN=LEFT width="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="50%"><FONT SIZE=2>MuniHoldings FL Ins</FONT></TD>
    <TD ALIGN=LEFT width="6%"><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT width="17%"><FONT SIZE=2>37,628,592</FONT></TD>

    <TD ALIGN=LEFT width="12%"><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT width="9%"><FONT SIZE=2>14,530</FONT></TD>

    <TD ALIGN=LEFT width="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
A-1</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>



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

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Board, Audit and
Nominating Committee Meetings </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set
forth in the table below is information regarding Board, Audit, and Nominating Committee
meetings held, current annual and per meeting fees paid to each non-interested Director
and the aggregate fees and expenses paid by each Fund to the non-interested Directors
during each Fund&#146;s most recently completed fiscal year/period. </FONT></P>

<table cellpadding=0 cellspacing=0 border=0 width=700>
  <tr valign=Bottom>
    <th align="left">&nbsp;</th>
    <th colspan=6><font size=1>Board</font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th colspan=6><font size=1>Audit Committee</font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th colspan="5" ><font size=1>Nominating Committee</font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th colspan=2>&nbsp;</th>
  </tr>
  <tr valign=Bottom>
    <th align="left"><font size=1>Fund</font>
      <hr width=15% size=1 color=BLACK noshade align="left">
    </th>
    <th colspan=2><font size=1>No. of<br>
      Meetings<br>
      Held* </font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th colspan=2><font size=1>Annual<br>
      Fee ($) </font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th colspan=2><font size=1>Per<br>
      Meeting<br>
      Fee ($)** </font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th colspan=2><font size=1>No. of<br>
      Meetings<br>
      Held* </font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th colspan=2><font size=1>Annual<br>
      Fee ($)*** </font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th colspan=2><font size=1>Per<br>
      Meeting<br>
      Fee ($)** </font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th ><font size="1">No. of<br>
      Meetings<br>
      Held </font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th colspan=2><font size=1>Annual<br>
      Fee ($) </font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th colspan=2><font size=1>Per<br>
      Meeting<br>
      Fee ($) </font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th colspan=2><font size=1>Aggregate<br>
      Fees and<br>
      Expenses ($) </font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=2>FRIS II</font></td>
    <td align=RIGHT><font size=2>2</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>2,200</font></td>
    <td align=LEFT><font size=2>&#134;</font></td>
    <td align=RIGHT><font size=2>325</font></td>
    <td align=LEFT><font size=2>&#134;</font></td>
    <td align=RIGHT><font size=2>2</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>2,200</font></td>
    <td align=LEFT><font size=2>&#134;</font></td>
    <td align=RIGHT><font size=2>325</font></td>
    <td align=LEFT><font size=2>&#134;</font></td>
    <td align="center"><font size="2">2</font> </td>
    <td align=right><font size=2>None</font></td>
    <td align=right><font size=2>&nbsp;</font></td>
    <td align=right><font size=2>None</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>2,832</font></td>
    <td align=LEFT><font size=2>&#134;&#134;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=2>MuniHoldings II</font></td>
    <td align=RIGHT><font size=2>4</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>1,900</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>150</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>4</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>1,900</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>150</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align="center"><font size="2">2</font> </td>
    <td align=right><font size=2>None</font></td>
    <td align=right><font size=2>&nbsp;</font></td>
    <td align=right><font size=2>None</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>33,848</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=2>MuniHoldings NJ Ins</font></td>
    <td align=RIGHT><font size=2>4</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>1,900</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>150</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>4</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>1,900</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>150</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align="center"><font size="2">2</font> </td>
    <td align=right><font size=2>None</font></td>
    <td align=right><font size=2>&nbsp;</font></td>
    <td align=right><font size=2>None</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>33,848</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=2>MuniHoldings NY Ins</font></td>
    <td align=RIGHT><font size=2>4</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>1,900</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>150</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>4</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>1,900</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>150</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align="center"><font size="2">2</font> </td>
    <td align=right><font size=2>None</font></td>
    <td align=right><font size=2>&nbsp;</font></td>
    <td align=right><font size=2>None</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>35,415</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=2>MuniVest I</font></td>
    <td align=RIGHT><font size=2>4</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>1,900</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>150</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>4</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>1,900</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>150</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align="center"><font size="2">2</font> </td>
    <td align=right><font size=2>None</font></td>
    <td align=right><font size=2>&nbsp;</font></td>
    <td align=right><font size=2>None</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>35,499</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=2>MuniVest II</font></td>
    <td align=RIGHT><font size=2>4</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>1,900</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>150</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>4</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>1,900</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>150</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align="center"><font size="2">2</font> </td>
    <td align=right><font size=2>None</font></td>
    <td align=right><font size=2>&nbsp;</font></td>
    <td align=right><font size=2>None</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>32,986</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=2>MuniHoldings FL Ins</font></td>
    <td align=RIGHT><font size=2>4</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>1,900</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>150</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>4</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>1,900</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>150</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align="center"><font size="2">2</font> </td>
    <td align=right><font size=2>None</font></td>
    <td align=right><font size=2>&nbsp;</font></td>
    <td align=right><font size=2>None</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><font size=2>35,415</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
  </tr>
</table>
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<HR SIZE=1 noshade ALIGN=left  WIDTH=75>

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<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">  * </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Includes
telephonic meetings.</FONT></TD></TR></TABLE>

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<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> ** </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">The
fee is payable for each meeting attended in person. A fee is not paid for telephonic
meetings.</FONT></TD></TR></TABLE>

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<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">*** </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Does
not include the additional $1,000 fee paid to the Chairman of the Audit Committee.</FONT></TD></TR></TABLE>

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<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">  &#134; </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">For
the period ended July 30, 2004 (commencement of operations) to December 31, 2004.</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> &#134;&#134; </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">For
the period ended July 30, 2004 (commencement of operations) to August 31, 2004.</FONT></TD></TR></TABLE>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
A-2</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





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

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Exhibit B </B></FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>INFORMATION
PERTAINING TO THE NOMINEE DIRECTORS </B></FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Year in Which Each
Nominee Director of Each Fund Became a Director </B></FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=100%>
<TR VALIGN=Bottom>
     <TH><FONT SIZE=1></FONT></TH>
     <TH><FONT SIZE=1>FRIS<BR>
II </FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK noshade></TH>
     <TH><FONT SIZE=1>MuniHoldings<BR>
II </FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK noshade></TH>
     <TH><FONT SIZE=1>MuniHoldings<BR>
NY Ins </FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK noshade></TH>
     <TH><FONT SIZE=1>MuniHoldings<BR>
NJ Ins </FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK noshade></TH>
     <TH><FONT SIZE=1>MuniVest<BR>
I </FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK noshade></TH>
     <TH><FONT SIZE=1>MuniVest<BR>
II </FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK noshade></TH>
     <TH><FONT SIZE=1>MuniHoldings<BR>
FL Ins </FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK noshade></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=28% ALIGN=LEFT><FONT SIZE=2>Doll</FONT></TD>
     <TD WIDTH=11% ALIGN=CENTER><FONT SIZE=2>2004</FONT></TD>
     <TD WIDTH=11% ALIGN=CENTER><FONT SIZE=2>2004</FONT></TD>
     <TD WIDTH=11% ALIGN=CENTER><FONT SIZE=2>2004</FONT></TD>
     <TD WIDTH=11% ALIGN=CENTER><FONT SIZE=2>2004</FONT></TD>
     <TD WIDTH=11% ALIGN=CENTER><FONT SIZE=2>2004</FONT></TD>
     <TD WIDTH=11% ALIGN=CENTER><FONT SIZE=2>2004</FONT></TD>
     <TD WIDTH=6% ALIGN=CENTER><FONT SIZE=2>2004</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>Forbes</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>2004</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>1998</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>1997</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>1998</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>1988</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>1993</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>1997</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>Montgomery</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>2004</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>1998</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>1997</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>1998</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>1993</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>1993</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>1997</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>Reid</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>2004</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>2004</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>2004</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>2004</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>2004</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>2004</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>2004</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>Suddarth</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>2004</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>2000</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>2000</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>2000</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>2000</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>2000</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>2000</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>West</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>2004</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>1998</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>1997</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>1998</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>1988</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>1993</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>1997</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>Zinbarg</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>2004</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>2000</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>2000</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>2000</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>2000</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>2000</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>2000</FONT></TD></TR>
</TABLE>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
B-1</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





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

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Ownership of Shares
and AMPS by Nominee Directors as of the Record Date </B></FONT></P>


<table border=0 cellspacing=0 cellpadding=0 width="700">
  <tr valign="bottom">
    <td width=140> <b><font size="1">Name </font></b>
      <hr size="1" width="20%" align="left" noshade>
    </td>
    <td width=124>&nbsp; </td>
    <td valign=bottom align="center" width=99> <b><font size="1">No. of <br>
      Shares </font></b>
      <hr size="1" width="60%" align="center" noshade>
    </td>
    <td valign=bottom align="center" width=74> <b><font size="1">No. of <br>
      AMPS </font></b>
      <hr size="1" width="60%" align="center" noshade>
    </td>
    <td valign=bottom align="center" width=108> <b><font size="1">Aggregate <br>
      Dollar <br>
      Range of <br>
      Equity in <br>
      the Fund </font></b>
      <hr size="1" width="60%" align="center" noshade>
    </td>
    <td valign=bottom align="center" width=155> <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 size="1" width="96%" align="center" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=140> <font size="1"><i>Interested Directors:</i></font></td>
    <td width=124>&nbsp; </td>
    <td valign=bottom align="center" width=99>&nbsp; </td>
    <td valign=bottom align="center" width=74>&nbsp; </td>
    <td valign=bottom align="center" width=108>&nbsp; </td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
  <tr valign="bottom">
    <td width=140> <font size="1">&nbsp;&nbsp;&nbsp;Robert C. Doll, Jr.</font></td>
    <td width=124> <font size="1">FRIS II</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">N/A</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> <font size="1">over $100,000</font></td>
  </tr>
  <tr valign="bottom">
    <td width=140> </td>
    <td width=124> <font size="1">MuniHoldings II</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
  <tr valign="bottom">
    <td width=140> </td>
    <td width=124> <font size="1">MuniHoldings NJ Ins</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
  <tr valign="bottom">
    <td width=140> </td>
    <td width=124> <font size="1">MuniHoldings NY Ins</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
  <tr valign="bottom">
    <td width=140> </td>
    <td width=124> <font size="1">MuniVest I</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> <font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width=140> <font size="1">&nbsp;</font></td>
    <td width=124> <font size="1">MuniVest II</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> <font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width=140> <font size="1">&nbsp;</font></td>
    <td width=124> <font size="1">MuniHoldings FL Ins</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
  <tr valign="bottom">
    <td width=140> <font size="1"><i>Non-Interested Directors:</i></font></td>
    <td width=124> <font size="1">&nbsp;</font></td>
    <td valign=bottom align="center" width=99> <font size="1">&nbsp;</font></td>
    <td valign=bottom align="center" width=74> <font size="1">&nbsp;</font></td>
    <td valign=bottom align="center" width=108> <font size="1">&nbsp;</font></td>
    <td valign=bottom align="center" width=155> <font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width=140> <font size="1">&nbsp;&nbsp;&nbsp;Ronald W. Forbes</font></td>
    <td width=124> <font size="1">FRIS II</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">N/A</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> <font size="1">over $100,000</font></td>
  </tr>
  <tr valign="bottom">
    <td width=140> </td>
    <td width=124> <font size="1">MuniHoldings II</font></td>
    <td valign=bottom align="center" width=99> <font size="1">$10,001-$50,000</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">$10,001-$50,000</font></td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
  <tr valign="bottom">
    <td width=140> </td>
    <td width=124> <font size="1">MuniHoldings NJ Ins</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
  <tr valign="bottom">
    <td width=140> </td>
    <td width=124> <font size="1">MuniHoldings NY Ins</font></td>
    <td valign=bottom align="center" width=99> <font size="1">$10,001-$50,000</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">$10,001-$50,000</font></td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
  <tr valign="bottom">
    <td width=140> </td>
    <td width=124> <font size="1">MuniVest I</font></td>
    <td valign=bottom align="center" width=99> <font size="1">$10,001-$50,000</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">$10,001-$50,000</font></td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
  <tr valign="bottom">
    <td width=140> </td>
    <td width=124> <font size="1">MuniVest II</font></td>
    <td valign=bottom align="center" width=99> <font size="1">$10,001-$50,000</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">$10,001-$50,000</font></td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
  <tr valign="bottom">
    <td width=140> </td>
    <td width=124> <font size="1">MuniHoldings FL Ins</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
  <tr valign="bottom">
    <td width=140>&nbsp;</td>
    <td width=124>&nbsp;</td>
    <td valign=bottom align="center" width=99>&nbsp;</td>
    <td valign=bottom align="center" width=74>&nbsp;</td>
    <td valign=bottom align="center" width=108>&nbsp;</td>
    <td valign=bottom align="center" width=155>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=140> <font size="1">&nbsp;&nbsp;&nbsp;Cynthia A. Montgomery</font></td>
    <td width=124> <font size="1">FRIS II</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">N/A</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> <font size="1">over $100,000</font></td>
  </tr>
  <tr valign="bottom">
    <td width=140> </td>
    <td width=124> <font size="1">MuniHoldings II</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
  <tr valign="bottom">
    <td width=140> </td>
    <td width=124> <font size="1">MuniHoldings NJ Ins</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
  <tr valign="bottom">
    <td width=140> </td>
    <td width=124> <font size="1">MuniHoldings NY Ins</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
  <tr valign="bottom">
    <td width=140> </td>
    <td width=124> <font size="1">MuniVest I</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> <font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width=140> <font size="1">&nbsp;</font></td>
    <td width=124> <font size="1">MuniVest II</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> <font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width=140> <font size="1">&nbsp;</font></td>
    <td width=124> <font size="1">MuniHoldings FL Ins</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
  <tr valign="bottom">
    <td width=140>&nbsp;</td>
    <td width=124>&nbsp;</td>
    <td valign=bottom align="center" width=99>&nbsp;</td>
    <td valign=bottom align="center" width=74>&nbsp;</td>
    <td valign=bottom align="center" width=108>&nbsp;</td>
    <td valign=bottom align="center" width=155>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=140> <font size="1">&nbsp;&nbsp;&nbsp;Jean Margo Reid</font></td>
    <td width=124> <font size="1">FRIS II</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">N/A</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> <font size="1">over $100,000</font></td>
  </tr>
  <tr valign="bottom">
    <td width=140> </td>
    <td width=124> <font size="1">MuniHoldings II</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
  <tr valign="bottom">
    <td width=140> </td>
    <td width=124> <font size="1">MuniHoldings NJ Ins</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
  <tr valign="bottom">
    <td width=140> </td>
    <td width=124> <font size="1">MuniHoldings NY Ins</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
  <tr valign="bottom">
    <td width=140> </td>
    <td width=124> <font size="1">MuniVest I</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> <font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width=140> <font size="1">&nbsp;</font></td>
    <td width=124> <font size="1">MuniVest II</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> <font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width=140> <font size="1">&nbsp;</font></td>
    <td width=124> <font size="1">MuniHoldings FL Ins</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
  <tr valign="bottom">
    <td width=140>&nbsp;</td>
    <td width=124>&nbsp;</td>
    <td valign=bottom align="center" width=99>&nbsp;</td>
    <td valign=bottom align="center" width=74>&nbsp;</td>
    <td valign=bottom align="center" width=108>&nbsp;</td>
    <td valign=bottom align="center" width=155>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=140> <font size="1">&nbsp;&nbsp;&nbsp;Roscoe S. Suddarth</font></td>
    <td width=124> <font size="1">FRIS II</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">N/A</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> <font size="1">over $100,000</font></td>
  </tr>
  <tr valign="bottom">
    <td width=140> </td>
    <td width=124> <font size="1">MuniHoldings II</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
  <tr valign="bottom">
    <td width=140> </td>
    <td width=124> <font size="1">MuniHoldings NJ Ins</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
  <tr valign="bottom">
    <td width=140> </td>
    <td width=124> <font size="1">MuniHoldings NY Ins</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
  <tr valign="bottom">
    <td width=140> </td>
    <td width=124> <font size="1">MuniVest I</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> <font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width=140> <font size="1">&nbsp;</font></td>
    <td width=124> <font size="1">MuniVest II</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> <font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width=140> <font size="1">&nbsp;</font></td>
    <td width=124> <font size="1">MuniHoldings FL Ins</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
  <tr valign="bottom">
    <td width=140>&nbsp;</td>
    <td width=124>&nbsp;</td>
    <td valign=bottom align="center" width=99>&nbsp;</td>
    <td valign=bottom align="center" width=74>&nbsp;</td>
    <td valign=bottom align="center" width=108>&nbsp;</td>
    <td valign=bottom align="center" width=155>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=140> <font size="1">&nbsp;&nbsp;&nbsp;Richard R. West</font></td>
    <td width=124> <font size="1">FRIS II</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">N/A</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> <font size="1">over $100,000</font></td>
  </tr>
  <tr valign="bottom">
    <td width=140> </td>
    <td width=124> <font size="1">MuniHoldings II</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
  <tr valign="bottom">
    <td width=140> </td>
    <td width=124> <font size="1">MuniHoldings NJ Ins</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
  <tr valign="bottom">
    <td width=140> </td>
    <td width=124> <font size="1">MuniHoldings NY Ins</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
  <tr valign="bottom">
    <td width=140> </td>
    <td width=124> <font size="1">MuniVest I</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> <font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width=140> <font size="1">&nbsp;</font></td>
    <td width=124> <font size="1">MuniVest II</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> <font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width=140> <font size="1">&nbsp;</font></td>
    <td width=124> <font size="1">MuniHoldings FL Ins</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
  <tr valign="bottom">
    <td width=140>&nbsp;</td>
    <td width=124>&nbsp;</td>
    <td valign=bottom align="center" width=99>&nbsp;</td>
    <td valign=bottom align="center" width=74>&nbsp;</td>
    <td valign=bottom align="center" width=108>&nbsp;</td>
    <td valign=bottom align="center" width=155>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=140> <font size="1">&nbsp;&nbsp;&nbsp;Edward D. Zinbarg</font></td>
    <td width=124> <font size="1">FRIS II</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">N/A</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> <font size="1">over $100,000</font></td>
  </tr>
  <tr valign="bottom">
    <td width=140> </td>
    <td width=124> <font size="1">MuniHoldings II</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
  <tr valign="bottom">
    <td width=140> </td>
    <td width=124> <font size="1">MuniHoldings NJ Ins</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
  <tr valign="bottom">
    <td width=140> </td>
    <td width=124> <font size="1">MuniHoldings NY Ins</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
  <tr valign="bottom">
    <td width=140> </td>
    <td width=124> <font size="1">MuniVest I</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> <font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width=140> <font size="1"></font></td>
    <td width=124> <font size="1">MuniVest II</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> <font size="1"> </font></td>
  </tr>
  <tr valign="bottom">
    <td width=140> <font size="1"> </font></td>
    <td width=124> <font size="1">MuniHoldings FL Ins</font></td>
    <td valign=bottom align="center" width=99> <font size="1">None</font></td>
    <td valign=bottom align="center" width=74> <font size="1">None</font></td>
    <td valign=bottom align="center" width=108> <font size="1">None</font></td>
    <td valign=bottom align="center" width=155> </td>
  </tr>
</table>
<p>&nbsp;


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<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
B-2</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





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<!-- MARKER PAGE="sheet: 19; page: 19" -->

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Compensation of
Non-Interested Directors </B></FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set
forth in the table below is information regarding compensation paid by each Fund to the
non-interested Directors during each Fund&#146;s most recently completed fiscal year. </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=100%>
  <TR VALIGN=Bottom>
    <TH><FONT SIZE=1></FONT></TH>
    <TH colspan="7"><FONT SIZE=1></FONT><FONT SIZE=1></FONT><FONT SIZE=1>Compensation
      from Fund ($)*</FONT>
      <hr width=99% size=1 color=BLACK noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>
    <TH>&nbsp;</TH>
    <TH><FONT SIZE=1>Forbes**</FONT>
      <hr width=95% size=1 color=BLACK noshade>
    </TH>
    <TH><FONT SIZE=1>Montgomery </FONT>
      <hr width=95% size=1 color=BLACK noshade>
    </TH>
    <TH><FONT SIZE=1>Reid&#134; </FONT>
      <hr width=95% size=1 color=BLACK noshade>
    </TH>
    <TH><FONT SIZE=1>Ryan</FONT>
      <hr width=95% size=1 color=BLACK noshade>
    </TH>
    <TH><FONT SIZE=1>Suddarth</FONT>
      <hr width=95% size=1 color=BLACK noshade>
    </TH>
    <TH><FONT SIZE=1>West</FONT>
      <hr width=95% size=1 color=BLACK noshade>
    </TH>
    <TH><FONT SIZE=1>Zinbarg</FONT>
      <hr width=95% size=1 color=BLACK noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD WIDTH=30% ALIGN=LEFT><FONT SIZE=2>FRIS II&#134;&#134;</FONT></TD>
    <TD WIDTH=14% ALIGN=CENTER><FONT SIZE=2>4,366.67</FONT></TD>
    <TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2>3,866.67</FONT></TD>
    <TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2>2,850</FONT></TD>
    <TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2>3,133.33</FONT></TD>
    <TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2>3,866.67</FONT></TD>
    <TD WIDTH=10% ALIGN=CENTER><FONT SIZE=2>3,866.67</FONT></TD>
    <TD WIDTH=6% ALIGN=CENTER><FONT SIZE=2>3,866.67</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings II</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,916.67</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,000</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>3,783.33</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,000</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,000</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,000</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,000</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings NJ Ins</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,916.67</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,000</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>3,783.33</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,000</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,000</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,000</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,000</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings NY Ins</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,833.33</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,000</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>4,100</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,000</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,000</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,000</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,000</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=2>MuniVest I</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,833.33</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,000</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>4,100</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,000</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,000</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,000</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,000</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=2>MuniVest II</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,916.67</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,000</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>4,733.33</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,000</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,000</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,000</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,000</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings FL Ins</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,833.33</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,000</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>4,100</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,000</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,000</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,000</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>5,000</FONT></TD>
  </TR>
</TABLE>

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<HR SIZE=1 noshade ALIGN=left  WIDTH=75>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">  * </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">No
pension or retirement benefits are accrued as part of Fund expenses.</FONT></TD></TR></TABLE>

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<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> ** </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Chairman
of each Fund&#146;s Audit Committee.</FONT></TD></TR></TABLE>

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<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">  &#134; </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Ms.
Reid was elected a Director of each Fund on August 19, 2004.</FONT></TD></TR></TABLE>

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<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> &#134;&#134; </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">For
the period July 30, 2004 (commencement of operations) to December 31, 2004.</FONT></TD></TR></TABLE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set
forth in the table below is information regarding the aggregate compensation paid by
MLIM/FAM-advised funds to non-interested Directors for the year ended December 31, 2003. </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=100%>
  <TR VALIGN=Bottom>
    <TH align="left" width="75%"><FONT SIZE=1>Non-Interested Director</FONT>
      <HR WIDTH=15% SIZE=1 COLOR=BLACK noshade align="left">
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>Aggregate Compensation<BR>
      Paid by MLIM/FAM-<BR>
      Advised Funds </FONT>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD WIDTH=75% ALIGN=LEFT><FONT SIZE=2>Ronald W. Forbes*</FONT></TD>
    <TD WIDTH=15% ALIGN=RIGHT><FONT SIZE=2>$272,592</FONT></TD>
    <TD WIDTH=10% ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="75%"><FONT SIZE=2>Cynthia A. Montgomery</FONT></TD>
    <TD ALIGN=RIGHT width="15%"><FONT SIZE=2>$251,925</FONT></TD>
    <TD ALIGN=LEFT width="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="75%"><FONT SIZE=2>Charles C. Reilly**</FONT></TD>
    <TD ALIGN=RIGHT width="15%"><FONT SIZE=2>$206,617</FONT></TD>
    <TD ALIGN=LEFT width="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="75%"><FONT SIZE=2>Kevin A. Ryan</FONT></TD>
    <TD ALIGN=RIGHT width="15%"><FONT SIZE=2>$251,925</FONT></TD>
    <TD ALIGN=LEFT width="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="75%"><FONT SIZE=2>Roscoe S. Suddarth</FONT></TD>
    <TD ALIGN=RIGHT width="15%"><FONT SIZE=2>$251,925</FONT></TD>
    <TD ALIGN=LEFT width="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="75%"><FONT SIZE=2>Richard R. West</FONT></TD>
    <TD ALIGN=RIGHT width="15%"><FONT SIZE=2>$251,925</FONT></TD>
    <TD ALIGN=LEFT width="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="75%"><FONT SIZE=2>Edward D. Zinbarg</FONT></TD>
    <TD ALIGN=RIGHT width="15%"><FONT SIZE=2>$251,925</FONT></TD>
    <TD ALIGN=LEFT width="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>

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<HR SIZE=1 noshade ALIGN=left  WIDTH=75>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> * </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Chairman
of each Fund&#146;s Audit Committee.</FONT></TD></TR></TABLE>

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<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">** </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Mr.
Reilly retired as a Director effective January 1, 2004.</FONT></TD></TR></TABLE>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
B-3</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(This page
intentionally left blank) </FONT></P>

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<!-- MARKER FORMAT-SHEET="Right head bold" FSL="Project" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Exhibit C </B></FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>INFORMATION
PERTAINING TO THE OFFICERS </B></FONT></P>

<table border=0 cellspacing=0 cellpadding=0 width="701" align="center">
  <tr valign="bottom" align="center">
    <td width=120> <b><font size="1">Name, Address* and Age </font></b>
      <hr size="1" width="100%" align="center" noshade>
    </td>
    <td width=10><b><font size="1">&nbsp; </font></b></td>
    <td width=120> <b><font size="1">Position(s) Held with <br>
      applicable Fund  <br>
      Term of Office ** and  <br>
      Length of Time Served </font></b>
      <hr size="1" width="100%" align="center" noshade>
    </td>
    <td width=10><b><font size="1">&nbsp; </font></b></td>
    <td width=262> <b><font size="1">Principal Occupation(s) <br>
      During  Past Five Years </font></b>
      <hr size="1" width="100%" align="center" noshade>
    </td>
    <td width=10><b><font size="1">&nbsp; </font></b></td>
    <td width=87> <b><font size="1">Number of <br>
      FAM/MLIM-Advised <br>
      Funds Overseen </font></b>
      <hr size="1" width="100%" align="center" noshade>
    </td>
    <td width=10>&nbsp;</td>
    <td width=72> <b><font size="1">Public <br>
      Directorships </font></b>
      <hr size="1" width="100%" align="center" noshade>
    </td>
  </tr>
  <tr>
    <td valign=top width=120> <font size="2">Terry K. Glenn&#134; (64)</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=120> <font size="2">President of FRIS II since 2004 and
      each of the other Funds since 1999</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=262> <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></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=87> <font size="2">124 registered investment companies
      consisting of <br>
      154 portfolios</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=72> <font size="2">None</font></td>
  </tr>
  <tr>
    <td valign=top width=120>&nbsp;&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=120>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=262>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=87>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=72>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=120> <font size="2">Robert C. Doll, Jr.&#134;&#134; (50)</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=120> <font size="2">Director of each Fund since 2004</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=262> <font size="2">President of FAM and its affiliate,
      Merrill Lynch Investment Managers, L.P.  (&#147;MLIM&#148;) since 2001; Director of
      Princeton Services since 2001; Co-Head (Americas Region) of FAM and MLIM
      from 2000 to 2001 and Senior Vice President thereof from 1999 to 2001; Chief
      Investment Officer of OppenheimerFunds, Inc. in 1999 and Executive Vice
      President thereof from 1991 to 1999.</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=87> <font size="2">40 registered investment companies
      consisting of <br>
      63 portfolios</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=72> <font size="2">None</font></td>
  </tr>
  <tr>
    <td valign=top width=120>&nbsp;&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=120>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=262>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=87>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=72>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=120> <font size="2">Donald C. Burke (44)</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=120> <font size="2">Treasurer of FRIS II since 2004 and
      each of the other Funds since 1999 and Vice President of each Fund as follows:
      FRIS II since 2004 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></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=262> <font size="2">Global Head of Operations of MLIM
      since 2004; First Vice President of FAM and MLIM since 1997 and Treasurer
      thereof since 1999; Senior Vice President and Treasurer of Princeton Services
      since 1999; Vice President of FAMD since 1999; Vice President of FAM and
      MLIM from 1990 to 1997; Director of Taxation of MLIM since 1990.</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=87> <font size="2">123 registered investment companies
      consisting of <br>
      156 portfolios</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=72> <font size="2">None</font></td>
  </tr>
  <tr>
    <td valign=top width=120>&nbsp;&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=120>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=262>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=87>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=72>&nbsp;</td>
  </tr>
</table>
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<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
C-1</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>


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


<p>
<table border=0 cellspacing=0 cellpadding=0 width="701" align="center">
  <tr valign="bottom" align="center">
    <td width=120> <b><font size="1">Name, Address* and Age </font></b>
      <hr size="1" width="100%" align="center" noshade>
    </td>
    <td width=10><b><font size="1">&nbsp; </font></b></td>
    <td width=120> <b><font size="1">Position(s) Held with <br>
      Each Fund and <br>
      Length of Time Served** </font></b>
      <hr size="1" width="100%" align="center" noshade>
    </td>
    <td width=10><b><font size="1">&nbsp; </font></b></td>
    <td width=262> <b><font size="1">Principal Occupation(s) <br>
      During  Past Five Years </font></b>
      <hr size="1" width="100%" align="center" noshade>
    </td>
    <td width=10><b><font size="1">&nbsp; </font></b></td>
    <td width=87> <b><font size="1">Number of <br>
      FAM/MLIM-Advised <br>
      Funds Overseen </font></b>
      <hr size="1" width="100%" align="center" noshade>
    </td>
    <td width=10>&nbsp;</td>
    <td width=72> <b><font size="1">Public <br>
      Directorships </font></b>
      <hr size="1" width="100%" align="center" noshade>
    </td>
  </tr>
  <tr>
    <td valign=top width=120> <font size="2">Kenneth A. Jacob (52)</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=120> <font size="2">Senior Vice President of FRIS II
      since 2004 and each of the other Funds since 2002</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=262> <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></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=87> <font size="2">38 registered investment companies
      consisting of <br>
      50 portfolios</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=72> <font size="2">None</font></td>
  </tr>
  <tr>
    <td valign=top width=120>&nbsp;&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=120>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=262>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=87>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=72>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=120> <font size="2">John M. Loffredo (40)</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=120> <font size="2">Senior Vice President of each Fund
      since 2002</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=262> <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></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=87> <font size="2">38 registered investment companies
      consisting&nbsp;of <br>
      50 portfolios</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=72> <font size="2">None</font></td>
  </tr>
  <tr>
    <td valign=top width=120>&nbsp;&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=120>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=262>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=87>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=72>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=120> <font size="2">Robert A. DiMella, CFA (38)</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=120> <font size="2">Vice President of MuniHoldings II
      since 1998</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=262> <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></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=87> <font size="2">6 registered investment companies
      consisting&nbsp;of <br>
      6 portfolios</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=72> <font size="2">None</font></td>
  </tr>
  <tr>
    <td valign=top width=120>&nbsp;&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=120>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=262>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=87>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=72>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=120> <font size="2">Theodore R. Jaeckel (44)</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=120> <font size="2">Vice President and Portfolio Manager
      of MuniHoldings NJ Ins since 2002</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=262> <font size="2">Director (Municipal Tax-Exempt Fund
      Management) of FAM since 1997; Vice President of FAM from 1991 to 1997.</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=87> <font size="2">7 registered investment companies
      consisting of <br>
      7 portfolios</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=72> <font size="2">None</font></td>
  </tr>
  <tr>
    <td valign=top width=120>&nbsp;&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=120>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=262>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=87>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=72>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=120> <font size="2">Robert D. Sneeden (50)</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=120> <font size="2">Vice President and Portfolio Manager
      of MuniHoldings FL Ins since 1997; Co-Portfolio Manager of MuniHoldings
      NY Ins since 2003.</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=262> <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></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=87> <font size="2">4 registered investment companies
      consisting of <br>
      5 portfolios</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=72> <font size="2">None</font></td>
  </tr>
  <tr>
    <td valign=top width=120>&nbsp;&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=120>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=262>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=87>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=72>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=120> <font size="2">Fred K. Steube (52)</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=120> <font size="2">Vice President of MuniVest I since
      1989 and Vice President of MuniVest II since 1993</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=262> <font size="2">Vice President of MLIM since 1989.</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=87> <font size="2">4 registered investment companies
      consisting of <br>
      4 portfolios</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=72> <font size="2">None</font></td>
  </tr>
  <tr>
    <td valign=top width=120>&nbsp;&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=120>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=262>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=87>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=72>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=120> <font size="2">Jeffrey Hiller (53)</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=120> <font size="2">Chief Compliance Officer of each
      Fund since 2004</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=262> <font size="2">Chief Compliance Officer of the MLIM/FAM-advised
      funds and First Vice President and Chief Compliance Officer of MLIM (Americas)
      since 2004; Global Director of Compliance at Morgan Stanley Investment Management
      from 2002 to 2004; Managing Director and Global Director of Compliance at
      Citigroup Asset Management from 2000 to 2002; Chief Compliance Officer at
      Soros Fund Management in 2000; Chief Compliance Officer at Prudential Financial
      from 1995 to 2000; Senior Counsel in the Commission&#146;s Division of Enforcement
      in Washington, D.C. from 1990 to 1995.</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=87> <font size="2">124 registered investment companies
      consisting of 157&nbsp;portfolios</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=72> <font size="2">None</font></td>
  </tr>
  <tr>
    <td valign=top width=120>&nbsp;&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=120>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=262>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=87>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=72>&nbsp;</td>
  </tr>
</table>

<p>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
C-2</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 23; page: 23" -->

<p>
<table border=0 cellspacing=0 cellpadding=0 width="701">
  <tr valign="bottom" align="center">
    <td width=120> <b><font size="1">Name, Address* and Age </font></b>
      <hr size="1" width="100%" align="center" noshade>
    </td>
    <td width=10><b><font size="1">&nbsp; </font></b></td>
    <td width=120> <b><font size="1">Position(s) Held with <br>
      Each Fund and <br>
      Length of Time Served** </font></b>
      <hr size="1" width="100%" align="center" noshade>
    </td>
    <td width=10><b><font size="1">&nbsp; </font></b></td>
    <td width=262> <b><font size="1">Principal Occupation(s) <br>
      During  Past Five Years </font></b>
      <hr size="1" width="100%" align="center" noshade>
    </td>
    <td width=10><b><font size="1">&nbsp; </font></b></td>
    <td width=87> <b><font size="1">Number of <br>
      FAM/MLIM-Advised <br>
      Funds Overseen </font></b>
      <hr size="1" width="100%" align="center" noshade>
    </td>
    <td width=10>&nbsp;</td>
    <td width=72> <b><font size="1">Public <br>
      Directorships </font></b>
      <hr size="1" width="100%" align="center" noshade>
    </td>
  </tr>
  <tr>
    <td valign=top width=120> <font size="2">Alice A. Pellegrino (44)</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=120> <font size="2">Secretary of each Fund since 2004</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=262> <font size="2">Director (Legal Advisory) of MLIM
      since 2002; Vice President of MLIM from 1999 to 2002; Attorney associated
      with MLIM since 1997.</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=87> <font size="2">123 registered companies consisting
      of 156&nbsp;portfolios</font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=72> <font size="2">None</font></td>
  </tr>
  <tr>
    <td valign=top width=120>&nbsp; </td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=120>&nbsp; </td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=262>&nbsp; </td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=87>&nbsp; </td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=72>&nbsp; </td>
  </tr>
</table>
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<HR SIZE=1 noshade ALIGN=left  WIDTH=75>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> * </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">The
address of each officer is P.O. Box 9011, Princeton, New Jersey 08543-9011.</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">** </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Elected
by and serves at the pleasure of the Board of Directors of each Fund.</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> &#134; </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Mr.
Glenn is expected to retire as President of each Fund effective January 1, 2005.</FONT></TD></TR></TABLE>

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<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">&#134;&#134; </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Mr.
Doll is expected to be appointed as President of each Fund effective January 1, 2005.</FONT></TD></TR></TABLE>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
C-3</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>






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

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(This page
intentionally left blank) </FONT></P>

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<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>




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<!-- MARKER FORMAT-SHEET="Right head bold" FSL="Project" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Exhibit D </B></FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>CHARTER OF THE
AUDIT COMMITTEE                                                   <BR>OF THE BOARD OF
DIRECTORS/TRUSTEES                                                        <BR>FOR EXCHANGE
LISTED FUNDS </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>I. Composition of the
Audit Committee </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee shall be composed of at least three Directors/Trustees: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (a)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (b)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (c)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (d)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (e)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board 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></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>II. Purposes of the
Audit Committee </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee, in its capacity as a committee of the Board of Directors/Trustees, shall
be responsible for: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (a)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>overseeing
the accounting and financial reporting processes of the            Fund and the Fund&#146;s
internal control over financial reporting; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (b)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>overseeing
the integrity of the Fund&#146;s financial statements and the            independent audit
thereof; </FONT></TD>
</TR>
</TABLE>
<BR>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
D-1</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





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

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (c)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (d)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
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></P>

<font size="2"><b>III. Responsibilities and Duties of the Audit Committee </b></font>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
carry out its purposes, the Audit Committee shall have the following responsibilities and
duties: </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (a)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (b)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
(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>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (c)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
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>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (d)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
develop policies and procedures for pre-approval of the engagement            of the
Fund&#146;s independent accountants to provide any of the audit or            non-audit
services described in Section III(c) above; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (e)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
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>
<BR>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
D-2</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (f)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
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>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (g)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
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>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (h)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
review the arrangements for annual and special audits and the            scope of such
audits with the Fund&#146;s independent accountants; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (i)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
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>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (j)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
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>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (k)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
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>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (l)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
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>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (m)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
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>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (n)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
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>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (o)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
consider information and comments from the Fund&#146;s independent            accountants with
respect to the Fund&#146;s accounting and financial            reporting policies, procedures
and internal control over financial            reporting (including the Fund&#146;s critical
accounting policies and            practices) and management&#146;s responses to any such
comments; </FONT></TD>
</TR>
</TABLE>
<BR>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
D-3</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (p)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
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>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (q)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>at
least annually, to obtain and review a report by the Fund&#146;s            independent
accountants describing: (i) such independent accountants&#146;            internal
quality-control procedures; (ii) any material issues raised            by the most recent
internal quality-control review, or peer review,            of such independent
accountants, or by any inquiry or investigation            by governmental or
professional authorities, within the preceding            five years, respecting one or
more independent audits carried out by            such firm, and any steps taken to deal
with any such issues; and            (iii) all relationships between the Fund&#146;s
independent accountants            and the Fund, the investment adviser and adviser
affiliates (to            assess the independence of the Fund&#146;s independent accountants); </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (r)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
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>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (s)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
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>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (t)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
establish procedures for: (i) the receipt, retention, and            treatment of
complaints received by the Fund regarding accounting,            internal accounting
controls, or auditing matters; and (ii) the            confidential, anonymous submission
of concerns by employees of the            Fund&#146;s investment adviser, manager,
administrator, principal            underwriter, or any other provider of accounting
related services for            the Fund regarding questionable accounting or auditing
matters; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (u)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
address reports received from attorneys in accordance with            procedures adopted
by the Fund&#146;s investment adviser relating to the            possible violation of federal
or state law or fiduciary duty; </FONT></TD>
</TR>
</TABLE>
<BR>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
D-4</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





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<!-- MARKER PAGE="sheet: 29; page: 29" -->

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (v)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
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>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (w)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
discuss with Fund management and the Fund&#146;s independent            accountants policies
with respect to risk assessment and risk            management; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (x)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
assist the Fund, if necessary, in preparing any written            affirmation or written
certification required to be filed with any            stock exchange or market quotation
system on which Fund shares are or            become listed or quoted; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (y)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
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>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (z)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
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>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee may delegate any portion of its authority, including the authority to
grant preapprovals of audit related services and permitted non-audit services, to a
subcomittee of one or more members of the Audit Committee pursuant to preapproval
policies and procedures established by the Audit Committee; provided, however, that the
Audit Committee may not delegate preapproval of the audit required by the 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></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
function of the Audit Committee is oversight; it is the responsibility of Fund management
to maintain appropriate systems for accounting and internal control over financial
reporting, and the responsibility of the Fund&#146;s independent accountants to plan and carry
out a proper audit. Specifically, Fund management is responsible for: (1) the
preparation, presentation and integrity of the Fund&#146;s financial statements; (2) the
maintenance of appropriate accounting and financial reporting principles and policies;
and (3) the maintenance of internal control over financial reporting and other procedures
designed to assure compliance with accounting standards and related laws and regulations.
The Fund&#146;s independent accountants are responsible for planning and carrying out an audit
consistent with applicable legal and professional standards and the terms of their
engagement letter. Nothing in this 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></P>

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

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
D-5</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





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<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>IV. Meetings </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
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></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>V. Assistance from
Fund Management; Authority to Engage Advisers; Funding </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
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></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dated: November 13, 2003 </FONT></P>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
D-6</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





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<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>APPENDIX A </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Floating Rate Income Strategies Fund
II, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniHoldings Florida Insured Fund </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniHoldings Fund II, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniHoldings New Jersey Insured
Fund, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniHoldings New York Insured Fund,
Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniVest Fund, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniVest Fund II, Inc. </FONT></P>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
D-7</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(This page
intentionally left blank) </FONT></P>

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<!-- MARKER PAGE="sheet: 33; page: 33" -->

<!-- MARKER FORMAT-SHEET="Right head bold" FSL="Project" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Exhibit E </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>CHARTER OF THE
NOMINATING COMMITTEE </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ORGANIZATION </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating Committee (the &#147;Committee&#148;) of the Board of Directors/Trustees for the
registered investment companies (each a &#147;Fund&#148; and collectively, the &#147;Funds&#148;) listed on
Exhibit A attached hereto shall be composed solely of Directors/Trustees who are not
&#147;interested persons&#148; of the Fund as defined in Section 2(a)(19) of the Investment Company
Act of 1940, as amended (the &#147;1940 Act&#148;), and who are &#147;independent&#148; as defined in the New
York Stock Exchange and the American Stock Exchange (each, an &#147;Exchange&#148;) listing
standards (if applicable) (&#147;Independent Directors&#148;). The Board of Directors/Trustees of
the Fund (the &#147;Board&#148;) shall appoint the members of the Committee (which may or may not
be all of the Independent Directors) and shall designate the Chairman of the Committee.
The Committee shall have authority to retain outside counsel and other advisors the
Committee deems appropriate and shall have the sole authority to approve the compensation
and other terms of their retention. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>RESPONSIBILITIES </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee shall identify individuals qualified to serve as Independent Directors of the
Fund and shall recommend its nominees for consideration by the full Board. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>IDENTIFICATION AND
EVALUATION OF POTENTIAL NOMINEES </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
identifying and evaluating a person as a potential nominee to serve as an Independent
Director of the Fund, the Committee should consider among other factors it may deem
relevant: </FONT></P>

<!-- MARKER FORMAT-SHEET="Bullet 10" FSL="Workstation" -->
<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE=2>the
contribution which the person can make to the Board, with consideration being given to
the person&#146;s business and professional experience, education and such other factors as
the Committee may consider relevant;</FONT></TD></TR></TABLE>

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<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE=2>the
character and integrity of the person;</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Bullet 10" FSL="Workstation" -->
<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE=2>whether
or not the person is an &#147;interested person&#148; as defined in the 1940 Act and whether the
person is otherwise qualified under applicable laws and regulations to serve as a
Director or Independent Director of the Fund;</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Bullet 10" FSL="Workstation" -->
<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE=2>whether
or not the person has any relationships that might impair his or her independence, such
as any business, charitable, financial or family relationships with Fund management, the
investment adviser or manager of the Fund, Fund service providers or their affiliates;</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Bullet 10" FSL="Workstation" -->
<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE=2>whether
or not the person is financially literate pursuant to the applicable Exchange&#146;s audit
committee membership standards;</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Bullet 10" FSL="Workstation" -->
<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE=2>whether
or not the person serves on boards of, or is otherwise affiliated with, competing
financial service organizations or their related investment company complexes;</FONT></TD></TR></TABLE>

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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
E-1</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





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<!-- MARKER PAGE="sheet: 34; page: 34" -->

<!-- MARKER FORMAT-SHEET="Bullet 10" FSL="Workstation" -->
<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE=2>whether
or not the person is willing to serve, and willing and able to commit the time necessary
for the performance of the duties of a Director of the Fund;</FONT></TD></TR></TABLE>

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<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE=2>whether
or not the selection and nomination of the person would be consistent with the
requirements of the Fund&#146;s retirement policy.</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
the Committee is solely responsible for the selection and nomination of the Fund&#146;s
Independent Directors, the Committee may consider nominations for the office of Director
made by Fund stockholders as it deems appropriate. Stockholders who wish to recommend a
nominee should send nominations to the Secretary of the Fund which include biographical
information and set forth the qualifications of the proposed nominee. The Secretary of
the Fund will forward all nominations received to the Committee. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>QUORUM </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
majority of the members of the Committee shall constitute a quorum for the transaction of
business, and the act of a majority of the members of the Committee present at any
meeting at which there is quorum shall be the act of the Committee. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>NOMINATION OF DIRECTORS </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
a determination by the Committee that a person should be nominated as an Independent
Director of the Fund, the Committee shall present its recommendation to the full Board
for its consideration and, where appropriate, to the Independent Directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>MEETINGS </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee may meet either on its own or in conjunction with meetings of the Board.
Meetings of the Committee may be held in person, video conference or by conference
telephone. The Committee may take action by unanimous written consent in lieu of a
meeting. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Adopted: January 21, 2004 </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
E-2</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





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<!-- MARKER PAGE="sheet: 35; page: 35" -->

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Exhibit A </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Floating Rate Income Strategies Fund
II, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniHoldings Florida Insured Fund </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniHoldings Fund II, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniHoldings New Jersey Insured
Fund, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniHoldings New York Insured Fund,
Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniVest Fund, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniVest Fund II, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
E-3</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(This page
intentionally left blank) </FONT></P>

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<!-- 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, Robert C.
      Doll, Jr. and Alice A. Pellegrino as proxies, each with the power to appoint
      his or her substitute, and hereby authorizes each of them to represent and
      to vote, as designated on the reverse hereof, all of the shares of Common
      Stock of MuniHoldings Fund II, Inc. (the &#147;Fund&#148;) held of record
      by the undersigned on December 1, 2004 at the Annual Meeting of Stockholders
      of the Fund to be held on January 27, 2005 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;






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<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>
    <td width=35%><font size="2">1. ELECTION OF DIRECTORS </font></td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=35% valign=top><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width=35%><font size="2">&nbsp;</font></td>
    <td width=7% valign=top><font size="2">For<br>
      All<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top> <font size="2">Withhold<br>
      All<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">For All<br>
      Except<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=35% valign=top><font size="2">To withhold authority to vote for
      certain nominees only, mark &#147;For All Except&#148; and write each such nominee&#146;s
      number on the line below. </font></td>
  </tr>
  <tr>
    <td width=35%><font size="2">01) Robert C. Doll, Jr.<br>
      02) Cynthia A. Montgomery<br>
      03) Jean Margo Reid <br>
      04) Roscoe S. Suddarth <br>
      05) Edward D. Zinbarg </font></td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=35% valign="bottom"><font size="2">&nbsp;</font><font size="1">________________________________________________</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="2"> 2. </font></td>
    <td width=97% colspan="2"><font size="2">In the discretion of such proxies,
      upon such other business as properly may come before the meeting or any
      adjournment thereof.</font></td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="bottom"><font size="1">Please sign exactly as name
      appears hereon. When stock is held by joint tenants, both should sign. When
      signing as attorney or as executor, administrator, trustee or guardian,
      please give full title as such. If a corporation, please sign in full corporate
      name by president or other authorized officer. If a partnership, please
      sign in partnership name by authorized person. </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">Dated: ________________________________________________</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X__________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="1">X __________________________________________________________
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top">
      <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
        if held jointly </font> </p>
      </td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">&nbsp; </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>



<p><table width=600><tr><td  align=center><font size=3><B>Sign, Date and Return the Proxy
Card Promptly Using the Enclosed Envelope.</B></font></td></tr></table>



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





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



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

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

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

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


<p><table width=600><tr>
    <td><font size=2>The undersigned hereby appoints Donald C. Burke, Robert C.
      Doll, Jr. and Alice A. Pellegrino as proxies, each with the power to appoint
      his or her substitute, and hereby authorizes each of them to represent and
      to vote, as designated on the reverse hereof, all of the shares of Auction
      Market Preferred Stock of MuniHoldings Fund II, Inc. (the &#147;Fund&#148;)
      held of record by the undersigned on December 1, 2004 at the Annual Meeting
      of Stockholders of the Fund to be held on January 27, 2005 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>
    <td width=35%><font size="2">1. ELECTION OF DIRECTORS </font></td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=35% valign=top><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width=35%><font size="2">&nbsp;</font></td>
    <td width=7% valign=top><font size="2">For<br>
      All<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top> <font size="2">Withhold<br>
      All<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">For All<br>
      Except<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=35% valign=top><font size="2">To withhold authority to vote for
      certain nominees only, mark &#147;For All Except&#148; and write each such nominee&#146;s
      number on the line below. </font></td>
  </tr>
  <tr>
    <td width=35%><font size="2">01) Robert C. Doll, Jr.<br>
      </font><font size="2">02) Ronald W. Forbes<br>
      03) Cynthia A. Montgomery<br>
      04) Jean Margo Reid<br>
      05) Roscoe S. Suddarth <br>
      06) Richard R. West<br>
      07) Edward D. Zinbarg</font><font size="2"> </font></td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=35% valign="bottom"><font size="2">&nbsp;</font><font size="1">________________________________________________</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;





<!-- *************************************************************************** -->
<!-- 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, Robert C.
      Doll, Jr. and Alice A. Pellegrino as proxies, each with the power to appoint
      his or her substitute, and hereby authorizes each of them to represent and
      to vote, as designated on the reverse hereof, all of the shares of Common
      Stock of MuniHoldings New Jersey Insured Fund, Inc. (the &#147;Fund&#148;)
      held of record by the undersigned on December 1, 2004 at the Annual Meeting
      of Stockholders of the Fund to be held on January 27, 2005 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>
    <td width=35%><font size="2">1. ELECTION OF DIRECTORS </font></td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=35% valign=top><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width=35%><font size="2">&nbsp;</font></td>
    <td width=7% valign=top><font size="2">For<br>
      All<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top> <font size="2">Withhold<br>
      All<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">For All<br>
      Except<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=35% valign=top><font size="2">To withhold authority to vote for
      certain nominees only, mark &#147;For All Except&#148; and write each such nominee&#146;s
      number on the line below. </font></td>
  </tr>
  <tr>
    <td width=35%><font size="2">01) Robert C. Doll, Jr.<br>
      02) Cynthia A. Montgomery<br>
      03) Jean Margo Reid <br>
      04) Roscoe S. Suddarth <br>
      05) Edward D. Zinbarg </font></td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=35% valign="bottom"><font size="2">&nbsp;</font><font size="1">________________________________________________</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, Robert C.
      Doll, Jr. and Alice A. Pellegrino as proxies, each with the power to appoint
      his or her substitute, and hereby authorizes each of them to represent and
      to vote, as designated on the reverse hereof, all of the shares of Auction
      Market Preferred Stock of MuniHoldings New Jersey Insured Fund, Inc. (the
      &#147;Fund&#148;) held of record by the undersigned on December 1, 2004
      at the Annual Meeting of Stockholders of the Fund to be held on January
      27, 2005 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>
    <td width=35%><font size="2">1. ELECTION OF DIRECTORS </font></td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=35% valign=top><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width=35%><font size="2">&nbsp;</font></td>
    <td width=7% valign=top><font size="2">For<br>
      All<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top> <font size="2">Withhold<br>
      All<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">For All<br>
      Except<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=35% valign=top><font size="2">To withhold authority to vote for
      certain nominees only, mark &#147;For All Except&#148; and write each such nominee&#146;s
      number on the line below. </font></td>
  </tr>
  <tr>
    <td width=35%><font size="2">01) Robert C. Doll, Jr.<br>
      </font><font size="2">02) Ronald W. Forbes<br>
      03) Cynthia A. Montgomery<br>
      04) Jean Margo Reid<br>
      05) Roscoe S. Suddarth <br>
      06) Richard R. West<br>
      07) Edward D. Zinbarg</font><font size="2"> </font></td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=35% valign="bottom"><font size="2">&nbsp;</font><font size="1">________________________________________________</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, Robert C.
      Doll, Jr. and Alice A. Pellegrino as proxies, each with the power to appoint
      his or her substitute, and hereby authorizes each of them to represent and
      to vote, as designated on the reverse hereof, all of the Common Shares of
      MuniHoldings Florida Insured Fund (the &#147;Fund&#148;) held of record
      by the undersigned on December 1, 2004 at the Annual Meeting of Shareholders
      of the Fund to be held on January 27, 2005 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>
    <td width=35%><font size="2">1. ELECTION OF TRUSTEES </font></td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=35% valign=top><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width=35%><font size="2">&nbsp;</font></td>
    <td width=7% valign=top><font size="2">For<br>
      All<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top> <font size="2">Withhold<br>
      All<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">For All<br>
      Except<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=35% valign=top><font size="2">To withhold authority to vote for
      certain nominees only, mark &#147;For All Except&#148; and write each such nominee&#146;s
      number on the line below. </font></td>
  </tr>
  <tr>
    <td width=35%><font size="2">01) Robert C. Doll, Jr.<br>
      </font><font size="2">02) Cynthia A. Montgomery<br>
      03) Jean Margo Reid<br>
      04) Roscoe S. Suddarth <br>
      05) Edward D. Zinbarg</font><font size="2"> </font></td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=35% valign="bottom"><font size="2">&nbsp;</font><font size="1">________________________________________________</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, Robert C.
      Doll, Jr. and Alice A. Pellegrino as proxies, each with the power to appoint
      his or her substitute, and hereby authorizes each of them to represent and
      to vote, as designated on the reverse hereof, all of the Auction Market
      Preferred Shares of MuniHoldings Florida Insured Fund (the &#147;Fund&#148;)
      held of record by the undersigned on December 1, 2004 at the Annual Meeting
      of Shareholders of the Fund to be held on January 27, 2005 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>
    <td width=35%><font size="2">1. ELECTION OF TRUSTEES </font></td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=35% valign=top><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width=35%><font size="2">&nbsp;</font></td>
    <td width=7% valign=top><font size="2">For<br>
      All<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top> <font size="2">Withhold<br>
      All<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">For All<br>
      Except<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=35% valign=top><font size="2">To withhold authority to vote for
      certain nominees only, mark &#147;For All Except&#148; and write each such nominee&#146;s
      number on the line below. </font></td>
  </tr>
  <tr>
    <td width=35%><font size="2"> </font><font size="2">01) Ronald W. Forbes<br>
      02) Robert C. Doll, Jr.<br>
      03) Cynthia A. Montgomery<br>
      04) Jean Margo Reid<br>
      05) Roscoe S. Suddarth <br>
      06) Richard R. West<br>
      07) Edward D. Zinbarg</font><font size="2"> </font></td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=35% valign="bottom"><font size="2">&nbsp;</font><font size="1">________________________________________________</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, Robert C.
      Doll, Jr. and Alice A. Pellegrino as proxies, each with the power to appoint
      his or her substitute, and hereby authorizes each of them to represent and
      to vote, as designated on the reverse hereof, all of the shares of Common
      Stock of MuniHoldings New York Insured Fund, Inc. (the &#147;Fund&#148;)
      held of record by the undersigned on December 1, 2004 at the Annual Meeting
      of Stockholders of the Fund to be held on January 27, 2005 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>
    <td width=35%><font size="2">1. ELECTION OF DIRECTORS </font></td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=35% valign=top><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width=35%><font size="2">&nbsp;</font></td>
    <td width=7% valign=top><font size="2">For<br>
      All<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top> <font size="2">Withhold<br>
      All<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">For All<br>
      Except<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=35% valign=top><font size="2">To withhold authority to vote for
      certain nominees only, mark &#147;For All Except&#148; and write each such nominee&#146;s
      number on the line below. </font></td>
  </tr>
  <tr>
    <td width=35%><font size="2">01) Robert C. Doll, Jr.<br>
      02) Cynthia A. Montgomery<br>
      03) Jean Margo Reid <br>
      04) Roscoe S. Suddarth <br>
      05) Edward D. Zinbarg </font></td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=35% valign="bottom"><font size="2">&nbsp;</font><font size="1">________________________________________________</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, Robert C.
      Doll, Jr. and Alice A. Pellegrino as proxies, each with the power to appoint
      his or her substitute, and hereby authorizes each of them to represent and
      to vote, as designated on the reverse hereof, all of the shares of Auction
      Market Preferred Stock of MuniHoldings New York Insured Fund, Inc. (the
      &#147;Fund&#148;) held of record by the undersigned on December 1, 2004
      at the Annual Meeting of Stockholders of the Fund to be held on January
      27, 2005 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>
    <td width=35%><font size="2">1. ELECTION OF DIRECTORS </font></td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=35% valign=top><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width=35%><font size="2">&nbsp;</font></td>
    <td width=7% valign=top><font size="2">For<br>
      All<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top> <font size="2">Withhold<br>
      All<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">For All<br>
      Except<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=35% valign=top><font size="2">To withhold authority to vote for
      certain nominees only, mark &#147;For All Except&#148; and write each such nominee&#146;s
      number on the line below. </font></td>
  </tr>
  <tr>
    <td width=35%><font size="2">01) Robert C. Doll, Jr.<br>
      </font><font size="2">02) Ronald W. Forbes<br>
      03) Cynthia A. Montgomery<br>
      04) Jean Margo Reid<br>
      05) Roscoe S. Suddarth <br>
      06) Richard R. West<br>
      07) Edward D. Zinbarg</font><font size="2"> </font></td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=35% valign="bottom"><font size="2">&nbsp;</font><font size="1">________________________________________________</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, Robert C.
      Doll, Jr. and Alice A. Pellegrino as proxies, each with the power to appoint
      his or her substitute, and hereby authorizes each of them to represent and
      to vote, as designated on the reverse hereof, all of the shares of Common
      Stock of MuniVest Fund, Inc. (the &#147;Fund&#148;) held of record by the
      undersigned on December 1, 2004 at the Annual Meeting of Stockholders of
      the Fund to be held on January 27, 2005 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>
    <td width=35%><font size="2">1. ELECTION OF DIRECTORS </font></td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=35% valign=top><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width=35%><font size="2">&nbsp;</font></td>
    <td width=7% valign=top><font size="2">For<br>
      All<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top> <font size="2">Withhold<br>
      All<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">For All<br>
      Except<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=35% valign=top><font size="2">To withhold authority to vote for
      certain nominees only, mark &#147;For All Except&#148; and write each such nominee&#146;s
      number on the line below. </font></td>
  </tr>
  <tr>
    <td width=35%><font size="2">01) Robert C. Doll, Jr.<br>
      02) Cynthia A. Montgomery<br>
      03) Jean Margo Reid <br>
      04) Roscoe S. Suddarth <br>
      05) Edward D. Zinbarg </font></td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=35% valign="bottom"><font size="2">&nbsp;</font><font size="1">________________________________________________</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, Robert C.
      Doll, Jr. and Alice A. Pellegrino as proxies, each with the power to appoint
      his or her substitute, and hereby authorizes each of them to represent and
      to vote, as designated on the reverse hereof, all of the shares of Auction
      Market Preferred Stock of MuniVest Fund, Inc. (the &#147;Fund&#148;) held
      of record by the undersigned on December 1, 2004 at the Annual Meeting of
      Stockholders of the Fund to be held on January 27, 2005 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>
    <td width=35%><font size="2">1. ELECTION OF DIRECTORS </font></td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=35% valign=top><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width=35%><font size="2">&nbsp;</font></td>
    <td width=7% valign=top><font size="2">For<br>
      All<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top> <font size="2">Withhold<br>
      All<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">For All<br>
      Except<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=35% valign=top><font size="2">To withhold authority to vote for
      certain nominees only, mark &#147;For All Except&#148; and write each such nominee&#146;s
      number on the line below. </font></td>
  </tr>
  <tr>
    <td width=35%><font size="2"> </font><font size="2">01) Ronald W. Forbes<br>
      02) Richard R. West</font><font size="2"> </font></td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=35% valign="bottom"><font size="2">&nbsp;</font><font size="1">________________________________________________</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, Robert C.
      Doll, Jr. and Alice A. Pellegrino as proxies, each with the power to appoint
      his or her substitute, and hereby authorizes each of them to represent and
      to vote, as designated on the reverse hereof, all of the shares of Common
      Stock of MuniVest Fund II, Inc. (the &#147;Fund&#148;) held of record by
      the undersigned on December 1, 2004 at the Annual Meeting of Stockholders
      of the Fund to be held on January 27, 2005 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>
    <td width=35%><font size="2">1. ELECTION OF DIRECTORS </font></td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=35% valign=top><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width=35%><font size="2">&nbsp;</font></td>
    <td width=7% valign=top><font size="2">For<br>
      All<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top> <font size="2">Withhold<br>
      All<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">For All<br>
      Except<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=35% valign=top><font size="2">To withhold authority to vote for
      certain nominees only, mark &#147;For All Except&#148; and write each such nominee&#146;s
      number on the line below. </font></td>
  </tr>
  <tr>
    <td width=35%><font size="2">01) Robert C. Doll, Jr.<br>
      02) Cynthia A. Montgomery<br>
      03) Jean Margo Reid <br>
      04) Roscoe S. Suddarth <br>
      05) Edward D. Zinbarg </font></td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=35% valign="bottom"><font size="2">&nbsp;</font><font size="1">________________________________________________</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, Robert C.
      Doll, Jr. and Alice A. Pellegrino as proxies, each with the power to appoint
      his or her substitute, and hereby authorizes each of them to represent and
      to vote, as designated on the reverse hereof, all of the shares of Auction
      Market Preferred Stock of MuniVest Fund II, Inc. (the &#147;Fund&#148;)
      held of record by the undersigned on December 1, 2004 at the Annual Meeting
      of Stockholders of the Fund to be held on January 27, 2005 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>
    <td width=35%><font size="2">1. ELECTION OF DIRECTORS </font></td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=35% valign=top><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width=35%><font size="2">&nbsp;</font></td>
    <td width=7% valign=top><font size="2">For<br>
      All<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top> <font size="2">Withhold<br>
      All<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">For All<br>
      Except<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=35% valign=top><font size="2">To withhold authority to vote for
      certain nominees only, mark &#147;For All Except&#148; and write each such nominee&#146;s
      number on the line below. </font></td>
  </tr>
  <tr>
    <td width=35%><font size="2">01) Robert C. Doll, Jr.<br>
      </font><font size="2">02) Ronald W. Forbes<br>
      03) Cynthia A. Montgomery<br>
      04) Jean Margo Reid<br>
      05) Roscoe S. Suddarth <br>
      06) Richard R. West<br>
      07) Edward D. Zinbarg</font><font size="2"> </font></td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=35% valign="bottom"><font size="2">&nbsp;</font><font size="1">________________________________________________</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>


<!-- *************************************************************************** -->
<!-- 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>FLOATING RATE INCOME STRATEGIES 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, Robert C.
      Doll, Jr. and Alice A. Pellegrino as proxies, each with the power to appoint
      his or her substitute, and hereby authorizes each of them to represent and
      to vote, as designated on the reverse hereof, all of the shares of Common
      Stock of Floating Rate Income Strategies Fund II, Inc. (the &#147;Fund&#148;)
      held of record by the undersigned on December 1, 2004 at the Annual Meeting
      of Stockholders of the Fund to be held on January 27, 2005 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>
    <td width=35%><font size="2">1. ELECTION OF DIRECTORS </font></td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">&nbsp;</font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=35% valign=top><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width=35%><font size="2">&nbsp;</font></td>
    <td width=7% valign=top><font size="2">For<br>
      All<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top> <font size="2">Withhold<br>
      All<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=7% valign=top><font size="2">For All<br>
      Except<br>
      |_| </font></td>
    <td width=3% valign=top>&nbsp;</td>
    <td width=35% valign=top><font size="2">To withhold authority to vote for
      certain nominees only, mark &#147;For All Except&#148; and write each such nominee&#146;s
      number on the line below. </font></td>
  </tr>
  <tr>
    <td width=35%><font size="2">01) Robert C. Doll, Jr.<br>
      </font><font size="2">02) Ronald W. Forbes<br>
      03) Cynthia A. Montgomery<br>
      04) Jean Margo Reid<br>
      05) Roscoe S. Suddarth <br>
      06) Richard R. West<br>
      07) Edward D. Zinbarg</font><font size="2"> </font></td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=7%><font size="2">&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
    <td width=35% valign="bottom"><font size="2">&nbsp;</font><font size="1">________________________________________________</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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