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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000891092-05-002492.txt : 20051212
<SEC-HEADER>0000891092-05-002492.hdr.sgml : 20051212
<ACCEPTANCE-DATETIME>20051212165932
ACCESSION NUMBER:		0000891092-05-002492
CONFORMED SUBMISSION TYPE:	PRE 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060126
FILED AS OF DATE:		20051212
DATE AS OF CHANGE:		20051212

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:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08215
		FILM NUMBER:		051258881

	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:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05611
		FILM NUMBER:		051258882

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

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07478
		FILM NUMBER:		051258885

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

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08217
		FILM NUMBER:		051258884

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

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08349
		FILM NUMBER:		051258880

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

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

FILER:

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

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08621
		FILM NUMBER:		051258886

	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:			FLOATING RATE INCOME STRATEGIES FUND II INC
		CENTRAL INDEX KEY:			0001269143
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21464
		FILM NUMBER:		051258883

	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:			Diversified Income Strategies Portfolio, Inc.
		CENTRAL INDEX KEY:			0001303649
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21637
		FILM NUMBER:		051258887

	BUSINESS ADDRESS:	
		STREET 1:		800 SCUDDERS MILL RD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536
		BUSINESS PHONE:		609-282-5904

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Diversified Income Strategy Portfolio, Inc.
		DATE OF NAME CHANGE:	20040920

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Deversified Income Strategy Portfolio, Inc.
		DATE OF NAME CHANGE:	20040920
</SEC-HEADER>
<DOCUMENT>
<TYPE>PRE 14A
<SEQUENCE>1
<FILENAME>e22864pre14a.htm
<DESCRIPTION>PRELIMINARY 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. 2)</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">[X]</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">[&nbsp;&nbsp;&nbsp;]</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>DIVERSIFIED INCOME STRATEGIES
      PORTFOLIO, INC.<br>
      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">&nbsp; </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">&nbsp; </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">&nbsp; </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">&nbsp; </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 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><font size="3">DIVERSIFIED
  INCOME STRATEGIES PORTFOLIO, INC. <BR>
  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 </font></B></FONT></P>



<!-- MARKER FORMAT-SHEET="Cutoff rule centered" FSL="Workstation" -->
<HR SIZE=1 noshade ALIGN=CENTER WIDTH=150>
<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><font size="3">NOTICE
  OF 2006 ANNUAL MEETINGS OF STOCKHOLDERS </font></B></FONT></P>
<font size="3"><!-- MARKER FORMAT-SHEET="Cutoff rule centered" FSL="Workstation" -->
</font>
<HR SIZE=1 noshade ALIGN=CENTER WIDTH=150>



<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><font size="3">TO
  BE HELD ON JANUARY 26, 2006 </font></B></FONT></P>
<font size="3"><!-- MARKER FORMAT-SHEET="Para Flush 05" FSL="Workstation" -->
</font>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=100% colspan="2"><font face="Times New Roman, Times, Serif" size=2>T<font size="1">O
      THE</font> S<font size="1">TOCKHOLDERS OF</font></font></TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> D<font size="1">IVERSIFIED</font>
      I<font size="1">NCOME</font> S<font size="1">TRATEGIES</font> P<font size="1">ORTFOLIO</font>,
      I<font size="1">NC.</font> <BR>
      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>
      M<font size="1">UNI<font size="2">H</font>OLDINGS</font> F<font size="1">UND</font>
      II, I<font size="1">NC. </font><BR>
      M<font size="1">UNI<font size="2">H</font>OLDINGS</font> N<font size="1">EW</font>
      J<font size="1">ERSEY</font> I<font size="1">NSURED</font> F<font size="1">UND,</font>
      I<font size="1">NC. </font><BR>
      M<font size="1">UNI<font size="2">H</font>OLDINGS</font> N<font size="1">EW</font>
      Y<font size="1">ORK</font> I<font size="1">NSURED</font> F<font size="1">UND,</font>
      I<font size="1">NC. </font><BR>
      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>
      M<font size="1">UNI</font>V<font size="1">EST</font> F<font size="1">UND</font>
      II, I<font size="1">NC. </font><BR>
      M<font size="1">UNI</font>H<font size="1">OLDINGS</font> F<font size="1">LORIDA</font>
      I<font size="1">NSURED</font> F<font size="1">UND: </font></FONT></TD>
  </TR>
</TABLE>
<BR>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICE
IS HEREBY GIVEN that the 2006 Annual Meeting of Stockholders (each, a &#147;Meeting&#148; and
collectively, the &#147;Meetings&#148;) of each of the funds listed above (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 26, 2006 at the time
specified for each Fund in Exhibit A to the Combined Proxy Statement for the following
purposes: </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>(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"><B>For all Funds:
      </B>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><B>For MuniVest
      Fund, Inc. and MuniVest II Fund, Inc.: </B>To consider and act upon a proposal
      to amend a fundamental investment restriction of the Fund with respect to
      investment in other investment companies; 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>(3)  </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"><B>For all Funds:
      </B>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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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">&nbsp;
</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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<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/Trustees has fixed the close of business on
           November 30, 2005 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, Computershare Fund Services, at
1-800-645-4519. </FONT></P>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
    <TD WIDTH=56%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=44%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> By Order of the
      Boards of Directors/Trustees </FONT></TD>
</TR>
</TABLE>
<BR>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
    <TD WIDTH=56%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=44%> <FONT FACE="Times New Roman, Times, Serif" SIZE="2">A<font size="1">LICE</font>
      A. P<font size="1">ELLEGRINO</font> <BR>
<I>Secretary of Diversified Income Strategies <BR>
Portfolio, Inc., 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., <BR>
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 [&nbsp;&nbsp;], 2005 </FONT></P>





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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">&nbsp;
</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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<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>DIVERSIFIED INCOME STRATEGIES PORTFOLIO, INC. <BR>
                  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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<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>2006 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 26, 2006 </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 Diversified Income Strategies
  Portfolio, Inc. (&#147;Diversified Income&#148;), 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 2006 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 26, 2006 at the time specified in Exhibit A hereto. The approximate
  mailing date of this Combined Proxy Statement is December 20, 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;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, proxies will be voted: </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>      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>&nbsp;&#147;<B>For</B>&#148; the
election of the Director nominees of each Fund; 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>&nbsp;&#147;<B>For</B>&#148; approval
of the proposed amendment to the fundamental investment restriction for MuniVest I and
MuniVest II.  </FONT></TD>
</TR>
</TABLE>

<BR>




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







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



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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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<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 November 30, 2005 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, if applicable, indicated in
Exhibit A. To the knowledge of each Fund, as of the Record Date, no person is the
beneficial owner of five percent or more of that Fund&#146;s outstanding Shares or five
percent or more of that Fund&#146;s outstanding AMPS of such Fund, if applicable. This
Combined Proxy Statement is being provided to the holders of Shares and AMPS, if
applicable, 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 Items 1
and 2, as applicable, 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><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 WIDTH=600 align="center">
  <TR VALIGN=Bottom>
    <TH align="left" width="421"><FONT SIZE=1>Fund</FONT>
      <HR WIDTH=15% SIZE=1 noshade align="left">
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>Item 1</FONT>
      <HR WIDTH=90% SIZE=1 noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>Item 2</FONT>
      <HR WIDTH=90% SIZE=1 noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT WIDTH=421><FONT SIZE=2>Diversified Income</FONT></TD>
    <TD ALIGN=center WIDTH=90><FONT SIZE=2>Yes</FONT></TD>
    <TD ALIGN=LEFT WIDTH=10><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center WIDTH=67><FONT SIZE=2>No</FONT></TD>
    <TD ALIGN=LEFT WIDTH=12><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="421"><FONT SIZE=2>FRIS II</FONT></TD>
    <TD ALIGN=center width="90"><FONT SIZE=2>Yes</FONT></TD>
    <TD ALIGN=LEFT width="10"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="67"><FONT SIZE=2>No</FONT></TD>
    <TD ALIGN=LEFT width="12"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="421"><FONT SIZE=2>MuniHoldings II</FONT></TD>
    <TD ALIGN=center width="90"><FONT SIZE=2>Yes*</FONT></TD>
    <TD ALIGN=LEFT width="10"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="67"><FONT SIZE=2>No</FONT></TD>
    <TD ALIGN=LEFT width="12"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="421"><FONT SIZE=2>MuniHoldings NJ Ins</FONT></TD>
    <TD ALIGN=center width="90"><FONT SIZE=2>Yes*</FONT></TD>
    <TD ALIGN=LEFT width="10"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="67"><FONT SIZE=2>No</FONT></TD>
    <TD ALIGN=LEFT width="12"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="421"><FONT SIZE=2>MuniHoldings NY Ins</FONT></TD>
    <TD ALIGN=center width="90"><FONT SIZE=2>Yes*</FONT></TD>
    <TD ALIGN=LEFT width="10"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="67"><FONT SIZE=2>No</FONT></TD>
    <TD ALIGN=LEFT width="12"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="421"><FONT SIZE=2>MuniVest I</FONT></TD>
    <TD ALIGN=center width="90"><FONT SIZE=2>Yes**</FONT></TD>
    <TD ALIGN=LEFT width="10"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="67"><FONT SIZE=2>Yes</FONT></TD>
    <TD ALIGN=LEFT width="12"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="421"><FONT SIZE=2>MuniVest II</FONT></TD>
    <TD ALIGN=center width="90"><FONT SIZE=2>Yes*</FONT></TD>
    <TD ALIGN=LEFT width="10"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="67"><FONT SIZE=2>Yes</FONT></TD>
    <TD ALIGN=LEFT width="12"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="421"><FONT SIZE=2>MuniHoldings FL Ins</FONT></TD>
    <TD ALIGN=center width="90"><FONT SIZE=2>Yes*</FONT></TD>
    <TD ALIGN=LEFT width="10"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="67"><FONT SIZE=2>No</FONT></TD>
    <TD ALIGN=LEFT width="12"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>

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<hr size=1 noshade align=left  width=75>
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> * </FONT></TD><TD WIDTH=2%><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Only holders of AMPS are
      entitled to vote on the election of the two AMPS Directors. The holders
      of Shares and AMPS are entitled to vote on the election of the remaining
      Directors. See &#147;Item 1. Election of Directors&#148; and &#147;Additional
      Information &#151; Vote Requirement.&#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">&nbsp;</FONT></TD>
    <TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Only holders of AMPS are
      entitled to vote on the election of the two AMPS Directors; and only holders
      of Shares of Common Stock are entitled to vote on the election of the five
      other Directors. See &#147;Item 1. Election of Directors&#148; and &#147;Additional
      Information &#151; Vote Requirement.&#148;</FONT></TD>
  </TR></TABLE>




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<BR>&nbsp;
<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>







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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;Director Nominees&#148;). </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>For Diversified
Income and FRIS II </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;It
is intended that all properly executed proxies submitted by the holders of Shares of
Common Stock, voting together as a single class, will be voted (unless such authority has
been withheld in the proxy or revoked as described herein) &#147;FOR&#148; the seven (7)
Director Nominees listed in the chart below under &#147;Other Director Nominees.&#148; </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>For MuniHoldings
II, MuniHoldings NJ Ins, MuniHoldings NY Ins, MuniVest II and MuniHoldings FL Ins </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;It
  is intended that all properly executed proxies submitted by the holders of AMPS,
  voting separately as a class, will be voted (unless such authority has been
  withheld in the proxy or revoked as described herein) &#147;FOR&#148; the two
  (2) Director Nominees listed in the chart below under &#147;AMPS Director Nominees,&#148;
  and all properly executed proxies submitted by the holders of Shares of Common
  Stock and AMPS, voting together as a single class, will be voted &#147;FOR&#148;
  the Director Nominees listed in the chart below under &#147;Other Director Nominees.&#148;
  </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>For MuniVest I </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;It
is intended that all properly executed proxies submitted by the holders of AMPS, voting
separately as a class, will be voted (unless such authority has been withheld in the
proxy or revoked as described herein) &#147;FOR&#148; the two (2) Director Nominees
listed in the chart below under &#147;AMPS Director Nominees,&#148; and all properly
executed proxies submitted by the holders of Shares of Common Stock, voting separately as
a class, will be voted &#147;FOR&#148; the Director Nominees listed in the chart below
under &#147;Other Director Nominees.&#148; </FONT></P>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600 align="center">
  <TR VALIGN=Bottom>
    <TH align="left"><FONT SIZE=1>Fund </FONT>
      <HR WIDTH=20% SIZE=1 noshade align="left">
    </TH>
    <TH>&nbsp;</TH>
    <TH><FONT SIZE=1>AMPS <BR>
      Director Nominees </FONT>
      <HR WIDTH=95% SIZE=1 noshade>
    </TH>
    <TH>&nbsp;</TH>
    <TH><FONT SIZE=1>Other <BR>
      Director Nominees </FONT>
      <HR WIDTH=50% SIZE=1 noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=2>Diversified Income</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN=LEFT><FONT SIZE=2>N/A</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN=LEFT><FONT SIZE=2>Doll, Forbes, Montgomery, Reid, Suddarth, West,
      Zinbarg</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=2>FRIS II</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT><FONT SIZE=2>N/A</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT><FONT SIZE=2>Doll, Forbes, Montgomery, Reid, Suddarth, West,
      Zinbarg</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings II</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT><FONT SIZE=2>Forbes, West</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT><FONT SIZE=2>Doll, Montgomery, Reid, Suddarth, Zinbarg</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings NJ Ins</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT><FONT SIZE=2>Forbes, West</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT><FONT SIZE=2>Doll, Montgomery, Reid, Suddarth, Zinbarg</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings NY Ins</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT><FONT SIZE=2>Forbes, West</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT><FONT SIZE=2>Doll, Montgomery, Reid, Suddarth, Zinbarg</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=2>MuniVest I</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT><FONT SIZE=2>Forbes, West</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT><FONT SIZE=2>Doll, Montgomery, Reid, Suddarth, Zinbarg</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=2>MuniVest II</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT><FONT SIZE=2>Forbes, West</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT><FONT SIZE=2>Doll, Montgomery, Reid, Suddarth, Zinbarg</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings FL Ins</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT><FONT SIZE=2>Forbes, West</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT><FONT SIZE=2>Doll, Montgomery, Reid, Suddarth, Zinbarg</FONT></TD>
  </TR>
</TABLE>




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<BR>&nbsp;
<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>







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













<!-- 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 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>

<!-- 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
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>




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<BR>&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>







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






<!-- 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 Director Nominee who is an &#147;interested
person,&#148; as defined in the Investment Company Act of 1940, as amended (the &#147;Investment
Company Act&#148;) of each Fund, is set forth below: </FONT></P>





<table border=0 cellspacing=0 cellpadding=0 width="100%">
  <tr valign="bottom" align="center">
    <td width="11%"> <b><font size="1">Name, Address&#134; and Age </font></b>
      <hr noshade size="1">
    </td>
    <td width="1%"><b></b></td>
    <td width="7%"> <b><font size="1">Position(s) <br>
      Held with <br>
      each Fund </font></b>
      <hr noshade size="1">
    </td>
    <td width="1%"><b></b></td>
    <td width="9%"> <b><font size="1">Term of <br>
      Office and <br>
      Length of <br>
      Time Served </font></b>
      <hr noshade size="1">
    </td>
    <td width="2%"><b></b></td>
    <td width="40%"> <b><font size="1">Principal Occupation(s) <br>
      During Past Five Years </font></b>
      <hr noshade size="1">
    </td>
    <td width="1%"><b></b></td>
    <td width="16%"> <b><font size="1">Number of <br>
      FAM/MLIM- <br>
      Advised <br>
      Funds** <br>
      and Portfolios <br>
      Overseen </font></b>
      <hr noshade size="1">
    </td>
    <td width="1%"><b></b></td>
    <td width="11%"> <b><font size="1">Public <br>
      Directorships </font></b>
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top width="11%">
      <p><font size="1">Robert C. Doll, Jr.&#134;&#134; (51)</font></p>
    </td>
    <td valign=top width="1%"><font size="1">&nbsp;&nbsp;&nbsp;</font></td>
    <td valign=top width="7%">
      <p><font size="1">President and Director*</font></p>
    </td>
    <td valign=top width="1%"><font size="1">&nbsp;&nbsp;&nbsp;</font></td>
    <td valign=top width="9%">
      <p><font size="1">President since 2005 and Director of each Fund since 2004.</font></p>
    </td>
    <td valign=top width="2%"><font size="1">&nbsp;&nbsp;&nbsp;</font></td>
    <td valign=top width="40%">
      <p><font size="1">President of the FAM/MLIM-advised funds since 2005; President
        of MLIM and FAM since 2001; Co-Head (Americas Region) thereof from 2000
        to 2001 and Senior Vice President from 1999 to 2001; President and Director
        of Princeton Services, Inc. (&#147;Princeton Services&#148;) since 2001;
        President of Princeton Administrators, L.P. (&#147;Princeton Administrators&#148;)
        since 2001; Chief Investment Officer of OppenheimerFunds, Inc. in 1999
        and Executive Vice President thereof from 1991 to 1999.</font></p>
    </td>
    <td valign=top width="1%"><font size="1">&nbsp;&nbsp;&nbsp;</font></td>
    <td valign=top width="16%">
      <p><font size="1">131 registered investment companies consisting of 177
        portfolios</font></p>
    </td>
    <td valign=top width="1%"><font size="1">&nbsp;&nbsp;&nbsp;</font></td>
    <td valign=top width="11%">
      <p><font size="1">None</font></p>
    </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">  &#134;</FONT></TD><TD WIDTH=2%><FONT SIZE="1">&nbsp;</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>

<!-- 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">&nbsp;</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, Princeton Services and Princeton Administrators.</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">&nbsp;</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.</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">&nbsp;</FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">The
complex of funds advised by FAM and its affiliate, Merrill Lynch     Investment Managers,
L.P. (&#147;MLIM&#148;) (&#147;FAM/MLIM-advised funds&#148;).</FONT></TD></TR></TABLE>





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<BR>&nbsp;
<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>







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<!-- MARKER PAGE="sheet: 7; page: 7" -->







<!-- 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 Director Nominees 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 Director Nominees is a member of the Audit Committee of
  each of the Funds. </FONT></P>


<table border=0 cellspacing=0 cellpadding=0 width="100%">
  <tr valign="bottom" align="center">
    <td width="11%"> <b><font size="1">Name, Address&#134; and Age </font></b>
      <hr noshade size="1">
    </td>
    <td width="1%">&nbsp;</td>
    <td width="7%"> <b><font size="1">Position <br>
      Held with <br>
      each Fund </font></b>
      <hr noshade size="1">
    </td>
    <td width="2%">&nbsp;</td>
    <td width="11%"> <b><font size="1">Term of <br>
      Office&#134;&#134; and <br>
      Length of <br>
      Time Served </font></b>
      <hr noshade size="1">
    </td>
    <td width="1%">&nbsp;</td>
    <td width="43%"> <b><font size="1">Principal Occupation(s) <br>
      During Past Five Years </font></b>
      <hr noshade size="1">
    </td>
    <td width="1%">&nbsp;</td>
    <td width="13%"> <b><font size="1">Number of <br>
      FAM/MLIM- <br>
      Advised Funds <br>
      and Portfolios <br>
      Overseen </font></b>
      <hr noshade size="1">
    </td>
    <td width="1%">&nbsp;</td>
    <td width="9%"> <b><font size="1">Public <br>
      Directorships </font></b>
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top width="11%">
      <p><font size="1">Ronald W. Forbes (65)*</font></p>
    </td>
    <td valign=top width="1%">&nbsp;&nbsp;&nbsp;</td>
    <td valign=top width="7%">
      <p><font size="1">Director</font></p>
    </td>
    <td valign=top width="2%">&nbsp;&nbsp;&nbsp;</td>
    <td valign=top width="11%">
      <p><font size="1">Director of each Fund since the year listed in Exhibit
        B.</font></p>
    </td>
    <td valign=top width="1%">&nbsp;&nbsp;&nbsp;</td>
    <td valign=top width="43%">
      <p><font size="1">Professor Emeritus of Finance, School of Business, State
        University of New York at Albany since 2000 and Professor thereof from
        1989 to 2000; International Consultant, Urban Institute, Washington, D.C.
        from 1995 to&nbsp;1999.</font></p>
    </td>
    <td valign=top width="1%">&nbsp;&nbsp;&nbsp;</td>
    <td valign=top width="13%">
      <p><font size="1">49 registered investment companies consisting of 50 portfolios</font></p>
    </td>
    <td valign=top width="1%">&nbsp;&nbsp;&nbsp;</td>
    <td valign=top width="9%">
      <p><font size="1">None</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width="11%">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td valign=top width="1%">&nbsp;</td>
    <td valign=top width="7%">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td valign=top width="2%">&nbsp;</td>
    <td valign=top width="11%">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td valign=top width="1%">&nbsp;</td>
    <td valign=top width="43%">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td valign=top width="1%">&nbsp;</td>
    <td valign=top width="13%">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td valign=top width="1%">&nbsp;</td>
    <td valign=top width="9%">
      <p><font size="1">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width="11%">
      <p><font size="1">Cynthia A. Montgomery <br>
        (53)**</font></p>
    </td>
    <td valign=top width="1%">&nbsp;</td>
    <td valign=top width="7%">
      <p><font size="1">Director</font></p>
    </td>
    <td valign=top width="2%">&nbsp;</td>
    <td valign=top width="11%">
      <p><font size="1">Director of each Fund since the year listed in Exhibit
        B.</font></p>
    </td>
    <td valign=top width="1%">&nbsp;</td>
    <td valign=top width="43%">
      <p><font size="1">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; Director, Harvard Business School
        of Publishing since 2005.</font></p>
    </td>
    <td valign=top width="1%">&nbsp;</td>
    <td valign=top width="13%">
      <p><font size="1">49 registered investment companies consisting of 50 portfolios</font></p>
    </td>
    <td valign=top width="1%">&nbsp;</td>
    <td valign=top width="9%">
      <p><font size="1">Newell Rubbermaid Inc. (manufacturing)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width="11%">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td valign=top width="1%">&nbsp;</td>
    <td valign=top width="7%">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td valign=top width="2%">&nbsp;</td>
    <td valign=top width="11%">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td valign=top width="1%">&nbsp;</td>
    <td valign=top width="43%">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td valign=top width="1%">&nbsp;</td>
    <td valign=top width="13%">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td valign=top width="1%">&nbsp;</td>
    <td valign=top width="9%">
      <p><font size="1">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width="11%">
      <p><font size="1">Jean Margo Reid (60)</font></p>
    </td>
    <td valign=top width="1%">&nbsp;</td>
    <td valign=top width="7%">
      <p><font size="1">Director</font></p>
    </td>
    <td valign=top width="2%">&nbsp;</td>
    <td valign=top width="11%">
      <p><font size="1">Director of each Fund since 2004.</font></p>
    </td>
    <td valign=top width="1%">&nbsp;</td>
    <td valign=top width="43%">
      <p><font size="1">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. since 1998; Director and
        Secretary of SCB Partners, Inc. since 2000; and Director of Covenant House
        from 2001 to 2004.</font></p>
    </td>
    <td valign=top width="1%">&nbsp;</td>
    <td valign=top width="13%">
      <p><font size="1">49 registered investment companies consisting of 50&nbsp;portfolios</font></p>
    </td>
    <td valign=top width="1%">&nbsp;</td>
    <td valign=top width="9%">
      <p><font size="1">None</font></p>
    </td>
  </tr>
</table>


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&nbsp;
<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>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 8; page: 8" -->
<table border=0 cellspacing=0 cellpadding=0 width="100%">
  <tr valign="bottom" align="center">
    <td width=11%><b><font size="1">Name, Address&#134; and Age </font></b>
      <hr noshade size="1">
    </td>
    <td width=1%>&nbsp;</td>
    <td width=7%><b><font size="1">Position <br>
      Held with <br>
      each Fund </font></b>
      <hr noshade size="1">
    </td>
    <td width=2%>&nbsp;</td>
    <td width=11%><b><font size="1">Term of <br>
      Office&#134;&#134; and <br>
      Length of <br>
      Time Served </font></b>
      <hr noshade size="1">
    </td>
    <td width=1%>&nbsp;</td>
    <td width=43%><b><font size="1">Principal Occupation(s) <br>
      During Past Five Years </font></b>
      <hr noshade size="1">
    </td>
    <td width=1%>&nbsp;</td>
    <td width=13%><b><font size="1">Number of <br>
      FAM/MLIM- <br>
      Advised Funds <br>
      and Portfolios <br>
      Overseen </font></b>
      <hr noshade size="1">
    </td>
    <td width=1%>&nbsp;</td>
    <td width=9%><b><font size="1">Public <br>
      Directorships </font></b>
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top width=11%>
      <p><font size="1">Roscoe S. Suddarth (70)</font></p>
    </td>
    <td valign=top width=1%>&nbsp;&nbsp;&nbsp;</td>
    <td valign=top width=7%>
      <p><font size="1">Director</font></p>
    </td>
    <td valign=top width=2%>&nbsp;&nbsp;&nbsp;</td>
    <td valign=top width=11%>
      <p><font size="1">Director of each Fund since the year listed in Exhibit
        B.</font></p>
    </td>
    <td valign=top width=1%>&nbsp;&nbsp;&nbsp;</td>
    <td valign=top width=43%>
      <p><font size="1">President, Middle East Institute, from 1995 to 2001; Foreign
        Service Officer, United States Foreign Service, from 1961 to 1995 and
        Career Minister, from 1989 to 1995; Deputy Inspector General, U.S. Department
        of State, from 1991 to 1994; U.S. Ambassador to the Hashemite Kingdom
        of Jordan, from 1987 to 1990.</font></p>
    </td>
    <td valign=top width=1%>&nbsp;&nbsp;&nbsp;</td>
    <td valign=top width=13%>
      <p><font size="1">49 registered investment companies consisting of 50 portfolios</font></p>
    </td>
    <td valign=top width=1%>&nbsp;&nbsp;&nbsp;</td>
    <td valign=top width=9%>
      <p><font size="1">None</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=11%>&nbsp;</td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=7%>&nbsp;</td>
    <td valign=top width=2%>&nbsp;</td>
    <td valign=top width=11%>&nbsp;</td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=43%>&nbsp;</td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=13%>&nbsp;</td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=9%>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=11%>
      <p><font size="1">Richard R. West (67)</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=7%>
      <p><font size="1">Director</font></p>
    </td>
    <td valign=top width=2%>&nbsp;</td>
    <td valign=top width=11%>
      <p><font size="1">Director of each Fund since the year listed in Exhibit
        B.</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=43%>
      <p><font size="1">Professor of Finance from 1984 to 1995, Dean from 1984
        to 1993 and since 1995 Dean Emeritus of New York University&#146;s Leonard
        N. Stern School of Business Administration.</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=13%>
      <p><font size="1">49 registered investment companies consisting of 50 portfolios</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=9%>
      <p><font size="1">Bowne &amp; Co., Inc. (financial printer); Vornado Realty
        Trust, Inc. (real estate holding company); Alexander&#146;s, Inc. (real estate
        company)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=11%>&nbsp;</td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=7%>&nbsp;</td>
    <td valign=top width=2%>&nbsp;</td>
    <td valign=top width=11%>&nbsp;</td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=43%>&nbsp;</td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=13%>&nbsp;</td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=9%>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=11%>
      <p><font size="1">Edward D. Zinbarg (71)</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=7%>
      <p><font size="1">Director</font></p>
    </td>
    <td valign=top width=2%>&nbsp;</td>
    <td valign=top width=11%>
      <p><font size="1">Director of each Fund since the year listed in Exhibit
        B.</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=43%>
      <p><font size="1">Self-employed financial consultant since 1994; Executive
        Vice President of the Prudential Insurance Company of America from 1988
        to 1994; Former Director of Prudential Reinsurance Company and former
        Trustee of the Prudential Foundation.</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=13%>
      <p><font size="1">49 registered investment companies consisting of 50 portfolios</font></p>
    </td>
    <td valign=top width=1%>&nbsp;</td>
    <td valign=top width=9%>
      <p><font size="1">None</font></p>
    </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">&nbsp;</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">&nbsp;</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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<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">  * </FONT></TD><TD WIDTH=2%><FONT SIZE="1">&nbsp;</FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Chairman
of each Fund&#146;s Board and 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">&nbsp;</FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Chairman
of each Fund&#146;s Nominating Committee.</FONT></TD></TR></TABLE>





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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Committee and Board
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;Each
  Fund maintains two standing Board committees, the Audit Committee and the Nominating
  Committee. Currently, all of the non-interested Directors are members of each
  Fund&#146;s Audit Committee. Each Fund&#146;s Nominating Committee currently
  consists of Mr. Forbes and Ms. Montgomery. </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. For information about the number of meetings of the Board, the Audit Committee
and the Nominating Committee held during each Fund&#146;s most recently completed fiscal
year, see Exhibit A to the Combined Proxy Statement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Audit Committees</I> </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. The Audit Committee&#146;s
responsibilities include, without limitation, to (i) review with the independent
registered public accounting firm the arrangements for and scope of annual and special
audits and any other services provided by the independent registered public accounting
firm to the Fund; (ii) discuss with the independent registered public accounting firm
certain matters relating to the Fund&#146;s financial statements, including any
adjustment to such financial statements recommended by such independent registered public
accounting firm or any other results of any audit; (iii) ensure that the independent
registered public accounting firm submits on a periodic basis a formal written statement
with respect to their independence, discuss with the independent registered public
accounting firm any relationships or services disclosed in the statement that may impact
the objectivity and independence of the Fund&#146;s independent registered public
accounting firm and recommend that the Board take appropriate action in response thereto
to satisfy itself of the independent registered public accounting firm&#146;s
independence; and (iv) consider the comments of the independent registered public
accounting firm with respect to the quality and adequacy of the Fund&#146;s accounting
and financial reporting policies and practices and internal controls and Fund management&#146;s
responses thereto. </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, a copy of which
  is attached to this Combined Proxy Statement as Exhibit D. 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 Deloitte &amp; Touche <font size="1">LLP</font> (&#147;D&amp;T&#148;),
  independent registered public accounting firm for Diversified Income, FRIS II,
  MuniHoldings FL Ins, MuniHoldings NY Ins, MuniVest I and MuniVest II, and from
  Ernst &amp; Young <font size="1">LLP</font> (&#147;E&amp;Y&#148;), independent
  registered public accounting firm for MuniHoldings II and MuniHoldings NJ Ins.
  Each Audit Committee has discussed with D&amp;T or E&amp;Y, as applicable, such
  firm&#146;s independence with respect to the Fund and certain matters required
  to be discussed by Statements on Auditing Standards No. 61. Each Audit Committee
  has considered whether the provision of non-audit services by the Fund&#146;s
  independent registered public accounting firm is compatible with maintaining
  the independence of those 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;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 of the Funds. Following each Audit Committee&#146;s review and
discussion regarding the audit of the Fund&#146;s financial statements with Fund
management and the independent registered public accounting firm, each Audit Committee
recommended to the Directors that the Fund&#146;s audited financial statements for the
Funds&#146;2005 fiscal year (each Fund&#146;s fiscal year end is set forth in Exhibit A)
be included in each Fund&#146;s Annual Report to Stockholders. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Nominating Committees</I> </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 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 qualifications of the proposed nominee. The Nominating
Committee evaluates nominees from whatever source using the same standard. The Board of
each Fund has adopted a written Charter for the Nominating Committee a copy of which is
attached to this Combined Proxy Statement as Exhibit E. </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; (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>Section 16(a)
Beneficial Ownership Reporting Compliance </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 Diversified Income, 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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<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>i.e.,</i> any
  advisory board member, investment adviser or affiliated person of the Fund&#146;s
  investment adviser) have complied with all filing requirements applicable to
  them with respect to transactions during the Fund&#146;s most recent fiscal
  year. </FONT></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, MLIM, Princeton Services and Princeton Administrators. Effective January
1, 2005, Mr. Doll was 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 Diversified Income and 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. Diversified Income and FRIS
  II pay 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 $1,389. </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 (i) the aggregate fees and expenses paid by each Fund to its non-interested
Directors during each Fund&#146;s most recently completed fiscal year is set forth in
Exhibit B to this Combined Proxy Statement and (ii) the compensation received by each
non-interested Director from each Fund and from all FAM/MLIM-advised funds is also 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 to this Combined Proxy
Statement. 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
Director Nominee: (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 Director
Nominee 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 Director Nominee or his or her immediate family
members, owned beneficially or of record any securities of ML &amp;Co. As of the Record
Date, the Directors and officers of each Fund as a group owned an aggregate of less than
1% of the Fund&#146;s outstanding shares. At such date, Mr. 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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<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 Director Nominees.</B> </FONT> </P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ITEM 2. APPROVAL OF
CHANGE TO FUNDAMENTAL INVESTMENT RESTRICTION </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
  Boards of each of MuniVest Iand MuniVest II have approved, and recommend that
  the Stockholders of each of MuniVest I and MuniVest II Fund&#146;s stockholders
  approve, the amendment to the Fund&#146;s fundamental investment restriction
  prohibiting investment in other investment companies, except under certain circumstances.
  The investment restriction is a fundamental policy of each Fund and may not
  be changed without Stockholder approval. </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
investment restriction as proposed to be amended is set forth below. The language to be
added appears in bold face type. </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
Fund may not: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase
securities of other investment companies, except <B>(i) </B>in connection with a merger,
consolidation, acquisition or reorganization, <B>(ii) by purchase of shares of money market
funds advised by the Investment Adviser or its affiliates (as defined in the Investment
Company Act) to the extent permitted by an exemptive order issued to the Fund by the
Securities and Exchange Commission, or (iii) </B>by purchase in the open market of securities
of closed-end investment companies and only if immediately thereafter not more than 10%
of the Fund&#146;s total assets would be invested in such securities. </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
of MuniVest Iand MuniVest II has adopted a fundamental investment restriction that
provides that it may not invest in other investment companies except under certain
specified circumstances. You are being asked to approve changes to that fundamental
investment restriction that would allow these Funds to invest in other investment
companies by purchasing shares of money market funds advised by the Funds&#146; investment
adviser and its affiliates as permitted by an exemptive order issued to these Funds by
the SEC (the &#147;SEC Order&#148;). This change will make it possible for these Funds,
in the future, to invest cash balances, including any cash collateral received in
securities lending activities and cash that is otherwise not invested in portfolio
securities, in affiliated money market funds pursuant to conditions imposed by the SEC
Order. Uninvested cash might arise from a variety of sources including dividend or
interest payments, unsettled securities transactions, reserves held for investment
strategy purposes, scheduled maturity of investments or liquidation of portfolio
securities. Any such investment will be on the same terms and on the same basis as other
stockholders in such money market funds, except that shares of money market funds sold to
and redeemed by each Fund will not be subject to a sales load, redemption fee,
distribution fee under a Rule 12b-1 plan or a service fee, and if the shares are subject
to any such fee, the investment adviser will waive its advisory fee in an amount
necessary to offset the amount of any such fees incurred. The SEC Order permits these
Funds to invest up to 25% of its total assets in an affiliated money market fund. If the
proposed amendment is adopted, these Funds will interpret the amended restriction in
light of the existing SEC Order or as it may be amended in the future. </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
Boards of each of MuniVest Iand MuniVest II believe that investment in affiliated money
market funds would provide each Fund with an efficient and cost-effective means of
investing uninvested cash balances and cash collateral. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
  &#147;Additional Information&#151;Vote Requirement&#148; for the required vote
  necessary for the approval of the change to the fundamental investment restriction.
  </FONT></P>

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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 of MuniVest I and MuniVest II recommends that Stockholders
  vote FOR the proposal to amend each Fund&#146;s fundamental investment restriction
  regarding investing in other investment companies.</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 </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;Each
  Fund has retained Computershare Fund Services, 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 aggregate out-of-pocket expenses of approximately
  $55,534. </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">
12</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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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Quorum </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;For
each of Diversified Income, 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 separately by 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. </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;With
respect to all Funds except Diversified Income and FRIS II, which have 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. With respect
to Diversified Income and FRIS II, holders of Shares of Common Stock are entitled to
elect all of the Directors. With respect to 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 of Common Stock, voting separately as a class, are
entitled to elect the remaining Directors. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assuming
a quorum is present, approval of Item 1 Election of Directors will require the
affirmative vote of Stockholders holding at least the percentage of shares indicated
below. As used in the chart, &#147;plurality of the votes cast&#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. The vote required for approval of Item 2
(applicable only to MuniVest I and MuniVest II) is the affirmative vote of the lesser of
(i) 67% of the shares represented at the Meeting at which more than 50% of the
outstanding shares are represented or (ii) more than 50% of the outstanding shares (&#147;Investment
Company Act Majority&#148;). The Investment Company Act Majority applies separately to
Shares of Common Stock and AMPS. </FONT></P>








<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=640 align="center">
  <TR VALIGN=Bottom>
    <TH align="left" width="135"><FONT SIZE=1>Fund</FONT> </TH>
    <TH align="left" width="16">&nbsp;</TH>
    <TH width="214"><FONT SIZE=1>Election of AMPS Directors</FONT> </TH>
    <TH width="14">&nbsp;&nbsp;&nbsp;</TH>
    <TH width="261"><FONT SIZE=1>Election of Other Directors</FONT> </TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="5">
      <hr noshade size="1">
    </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT WIDTH=135 valign="top"><FONT SIZE=2>Diversified Income</FONT></TD>
    <TD ALIGN=LEFT WIDTH=16>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN=left WIDTH=214 valign="top"><FONT SIZE=2>N/A</FONT></TD>
    <TD ALIGN=RIGHT WIDTH=14>&nbsp;</TD>
    <TD ALIGN=left WIDTH=261 valign="top"><FONT SIZE=2>Affirmative vote of a majority
      of the votes cast by the holders of Shares</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="5">
      <hr noshade size="1">
    </TD>
  </TR>
</TABLE>




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<BR>&nbsp;
<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>







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<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=640 align="center">
  <TR VALIGN=Bottom>
    <TH width="137"><FONT SIZE=1>Fund</FONT></TH>
    <TH width="14">&nbsp;</TH>
    <TH width="214"><FONT SIZE=1>Election of AMPS Directors</FONT></TH>
    <TH width="15">&nbsp;</TH>
    <TH width="260"><FONT SIZE=1>Election of Other Directors</FONT> </TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT WIDTH=640 colspan="5">
      <hr noshade size="1">
    </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT WIDTH=137 valign="top"><FONT SIZE=2>FRIS II</FONT></TD>
    <TD ALIGN=LEFT WIDTH=14 valign="top">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN=LEFT WIDTH=214 valign="top"><FONT SIZE=2>N/A</FONT></TD>
    <TD ALIGN=LEFT WIDTH=15>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN=LEFT WIDTH=260 valign="top"><FONT SIZE=2>Affirmative vote of a majority
      of the votes cast by the holders of Shares</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="640" colspan="5">
      <hr noshade size="1">
    </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="137" valign="top"><FONT SIZE=2>MuniHoldings II</FONT></TD>
    <TD ALIGN=LEFT width="14" valign="top">&nbsp;</TD>
    <TD ALIGN=LEFT width="214" valign="top"><FONT SIZE=2>Affirmative vote of a
      plurality of the votes cast by the holders of AMPS, voting as a separate
      class</FONT></TD>
    <TD ALIGN=LEFT width="15">&nbsp;</TD>
    <TD ALIGN=LEFT width="260" valign="top"><FONT SIZE=2>Affirmative vote of a
      plurality of the votes cast by the holders of Shares and AMPS, voting together
      as a single class</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="640" colspan="5">
      <hr noshade size="1">
    </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="137" valign="top"><FONT SIZE=2>MuniHoldings NJ Ins</FONT></TD>
    <TD ALIGN=LEFT width="14" valign="top">&nbsp;</TD>
    <TD ALIGN=LEFT width="214" valign="top"><FONT SIZE=2>Affirmative vote of a
      plurality of the votes cast by the holders of AMPS, voting as a separate
      class</FONT></TD>
    <TD ALIGN=LEFT width="15">&nbsp;</TD>
    <TD ALIGN=LEFT width="260" valign="top"><FONT SIZE=2>Affirmative vote of a
      plurality of the votes cast by the holders of Shares and AMPS, voting together
      as a single class</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="640" colspan="5">
      <hr noshade size="1">
    </TD>
  </TR>
  <TR VALIGN=top>
    <TD ALIGN=LEFT width="137"><FONT SIZE=2>MuniHoldings NY Ins</FONT></TD>
    <TD ALIGN=LEFT width="14">&nbsp;</TD>
    <TD ALIGN=LEFT width="214"><FONT SIZE=2>Affirmative vote of a plurality of
      the votes cast by the holders of AMPS, voting as a separate class</FONT></TD>
    <TD ALIGN=LEFT width="15">&nbsp;</TD>
    <TD ALIGN=LEFT width="260"><FONT SIZE=2>Affirmative vote of a plurality of
      the votes cast by the holders of Shares and AMPS, voting together as a single
      class</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="640" colspan="5">
      <hr noshade size="1">
    </TD>
  </TR>
  <TR VALIGN=top>
    <TD ALIGN=LEFT width="137"><FONT SIZE=2>MuniVest I</FONT></TD>
    <TD ALIGN=LEFT width="14">&nbsp;</TD>
    <TD ALIGN=LEFT width="214"><FONT SIZE=2>Affirmative vote of a majority of
      the votes cast by the holders of AMPS, voting as a separate class</FONT></TD>
    <TD ALIGN=LEFT width="15">&nbsp;</TD>
    <TD ALIGN=LEFT width="260"><FONT SIZE=2>Affirmative vote of a majority of
      the votes cast by the holders of Shares, voting as a separate class</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="640" colspan="5">
      <hr noshade size="1">
    </TD>
  </TR>
  <TR VALIGN=top>
    <TD ALIGN=LEFT width="137"><FONT SIZE=2>MuniVest II</FONT></TD>
    <TD ALIGN=LEFT width="14">&nbsp;</TD>
    <TD ALIGN=LEFT width="214"><FONT SIZE=2>Affirmative vote of a majority of
      the votes cast by the holders of AMPS, voting as a separate class</FONT></TD>
    <TD ALIGN=LEFT width="15">&nbsp;</TD>
    <TD ALIGN=LEFT width="260"><FONT SIZE=2>Affirmative vote of a majority of
      the votes cast by the holders of Shares and AMPS, voting together as a single
      class</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="640" colspan="5">
      <hr noshade size="1">
    </TD>
  </TR>
  <TR VALIGN=top>
    <TD ALIGN=LEFT width="137"><FONT SIZE=2>MuniHoldings FL Ins</FONT></TD>
    <TD ALIGN=LEFT width="14">&nbsp;</TD>
    <TD ALIGN=LEFT width="214"><FONT SIZE=2>Affirmative vote of the holders of
      a majority of the AMPS present in person or by proxy at the Meeting and
      entitled to vote, voting as a separate class</FONT></TD>
    <TD ALIGN=LEFT width="15">&nbsp;</TD>
    <TD ALIGN=LEFT width="260"><FONT SIZE=2>Affirmative vote of the holders of
      a majority of the Shares and AMPS present in person or by proxy at the Meeting
      and entitled to vote, voting together as a single class</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="640" colspan="5">
      <hr noshade size="1">
    </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;For
  all Funds, 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: </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>      1.  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#147;<B>FOR</B>&#148;
      the Director Nominees 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>      2.  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#147;<B>FOR</B>&#148;
      the approval of an amendment to a fundamental investment restriction with
      respect to properly executed proxies submitted by Stockholders of MuniVest
      I and MuniVest II.</FONT> </TD>
</TR>
</TABLE>
<BR>


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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 of a Fund in &#147;street name&#148; for the benefit of their
  customers and clients, will request the instructions of such customers and clients
  on how to vote their shares on each Item before each Meeting. The </FONT></P>




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14</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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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Funds will include shares
  held of record by broker-dealers as to which such authority has been granted
  in its tabulation of the total number of shares present for purposes of determining
  whether the necessary quorum of Stockholders of each Fund exists. The Funds
  understand that, under the rules of the NYSE, 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. With respect to the holders of Shares of Common
  Stock of MuniVest I and MuniVest II, broker-dealer firms, including MLPF&amp;S,
  will not be permitted to grant voting authority without instructions with respect
  to the amendment to the fundamental investment restriction (Item 2). Shares
  of AMPS of either MuniVest I or MuniVest II held in &#147;street name,&#148;
  however, may be voted by broker-dealer firms without instructions under certain
  conditions with respect to the approval of non-routine matters such as Item
  2 and counted for purposes of establishing a quorum of that Fund if no instructions
  are received one business day before the applicable Meeting or, if adjourned,
  one business day before the day to which the Meeting is adjourned. These conditions
  include, among others, that (i) with respect to each Fund, at least 30% of that
  Fund&#146;s AMPS outstanding have voted on Item 2, (ii) with respect to each
  Fund, less than 10% of that Fund&#146;s AMPS outstanding have voted against
  Item 2 and (iii) with respect to each Fund, holders of that Fund&#146;s Shares
  of Common Stock have voted to approve Item 2. In such instances, the broker-dealer
  firm will vote such uninstructed AMPS on Item 2 in the same proportion as the
  votes cast by all holders of that Fund&#146;s AMPS who voted on Item 2. MLPF&amp;S
  has advised each Fund that if it votes shares held in its name for which no
  instructions have been received, except as limited by agreement or applicable
  law, (a) with respect to the election of Directors (Item 1) it will do so with
  respect to Shares and AMPS in the same proportion as the votes received from
  beneficial owners of those Shares and AMPS, if applicable, for which instructions
  have been received, whether or not held in nominee name and (b) with respect
  to the amendment to the fundamental investment restriction (Item 2), it will
  do so with respect to the AMPS only, in the same proportion as the votes received
  from beneficial owners of AMPS for which instructions have been received, whether
  or not held in nominee name.. 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 non-routine proposal (&#147;broker non-votes&#148;) will be counted as
  present for the purposes of determining a quorum. Abstentions and broker non-votes
  will not be counted as votes cast. Therefore, abstentions and broker non-votes
  will not have an effect on the vote on Item 1 for any Fund, except MuniHoldings
  FL Ins; in the case of MuniHoldings FL Ins abstentions and broker non-votes
  will have the same effect as a vote &#147;against&#148;Item 1. For MuniVest
  I and MuniVest II, abstentions and broker non-votes will have the same effect
  as a vote against Item 2. </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;D&amp;T
has been selected as the independent registered public accounting firm for Diversified
Income, FRIS II, MuniHoldings FL Ins, MuniHoldings NY Ins, MuniVest I and MuniVest II. E&amp;Y
has been selected as the independent registered public accounting firm for MuniHoldings
II and MuniHoldings NJ Ins. D&amp;T and  </FONT></P>




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15</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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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>E&amp;Y, in accordance with
  Independence Standards Board Standard No. 1, have confirmed to each applicable
  Fund&#146;s Audit Committee that they are the independent registered public
  accounting firm with respect to that 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
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 Audit Fees; </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 for each Fund is set forth in Exhibit A to the Combined Proxy Statement. </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>Fees for audit and
non-audit services provided directly to the Fund: </I></B></FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=640 align="center">
  <TR VALIGN=Bottom align="center">
    <TD rowspan="2" ALIGN=left><b><font size=1>Fund</font></b>
      <hr noshade size="1" align="left" width="20%">
    </TD>
    <TD rowspan="2"><b><font size="1">Independent <br>
      Registered <br>
      Public <br>
      Accounting</font></b><b><font size=1> <br>
      Firm</font> </b>
      <hr noshade size="1">
    </TD>
    <TD>&nbsp;</TD>
    <TD colspan="3"><b><font size="1">Audit Fees ($)</font></b>
      <hr noshade size="1">
    </TD>
    <TD>&nbsp;</TD>
    <TD colspan="3"><b><font size="1">Audit-Related <br>
      Fees ($)*</font></b>
      <hr noshade size="1">
    </TD>
    <TD>&nbsp;</TD>
    <TD colspan="3"><b><font size="1">Tax Fees ($)**</font></b>
      <hr noshade size="1">
    </TD>
    <TD>&nbsp;</TD>
    <TD colspan="3"><b><font size="1">All Other Fees ($)</font></b>
      <hr noshade size="1">
    </TD>
  </TR>
  <TR VALIGN=Bottom align="center">
    <TD>&nbsp;</TD>
    <TD><b><font size=1>2005</font> </b>
      <hr noshade size="1">
    </TD>
    <TD>&nbsp;</TD>
    <TD><b><font size=1>2004</font></b>
      <hr noshade size="1">
      <b> </b></TD>
    <TD>&nbsp;</TD>
    <TD><b><font size=1>2005</font> </b>
      <hr noshade size="1">
    </TD>
    <TD>&nbsp;</TD>
    <TD><b><font size=1>2004</font></b>
      <hr noshade size="1">
    </TD>
    <TD>&nbsp;</TD>
    <TD><b><font size=1>2005</font></b>
      <hr noshade size="1">
    </TD>
    <TD>&nbsp;</TD>
    <TD><b><font size=1>2004</font> </b>
      <hr noshade size="1">
    </TD>
    <TD>&nbsp;</TD>
    <TD><b><font size=1>2005</font></b>
      <hr noshade size="1">
    </TD>
    <TD>&nbsp;</TD>
    <TD><b><font size="1">2004</font></b>
      <hr noshade size="1">
    </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=2>Diversified Income****</FONT> </TD>
    <TD ALIGN=center><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=center>&nbsp;&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>42,000</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>9,600</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>5,700</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;&nbsp;</TD>
    <td align=right><font size=2>&#151;</font></td>
    <TD ALIGN=RIGHT>&nbsp;&nbsp;</TD>
    <TD ALIGN=center><font size=2>&#151;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size=2>FRIS II***</font></TD>
    <TD ALIGN=center><font size=2>D&amp;T</font></TD>
    <TD ALIGN=center>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>42,000</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><font size=2>&#151;</font></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>9,600</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><font size=2>&#151;</font></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>5,700</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><font size=2>&#151;</font></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <td align=right><font size=2>&#151;</font></td>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=center><font size=2>&#151;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings II</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>E&amp;Y</FONT></TD>
    <TD ALIGN=center>&nbsp;</TD>
    <TD ALIGN=RIGHT><font size=2>32,000</font></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>31,500</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><font size=2>3,500</font></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>3,000</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><font size=2>5,700</font></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>5,200</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <td align=right><font size=2>&#151;</font></td>
    <TD ALIGN=RIGHT>&nbsp;</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><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=center>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>32,000</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>30,000</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>3,500</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>3,000</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>5,700</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>5,610</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <td align=right><font size=2>&#151;</font></td>
    <TD ALIGN=RIGHT>&nbsp;</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><FONT SIZE=2>E&amp;Y</FONT></TD>
    <TD ALIGN=center>&nbsp;</TD>
    <TD ALIGN=RIGHT><font size=2>32,000</font></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>31,500</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><font size=2>3,500</font></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>3,000</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><font size=2>5,700</font></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>5,200</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <td align=right><font size=2>&#151;</font></td>
    <TD ALIGN=RIGHT>&nbsp;</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><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=center>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>30,000</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>27,000</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>3,500</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>3,000</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>5,700</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>5,610</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <td align=right><font size=2>&#151;</font></td>
    <TD ALIGN=RIGHT>&nbsp;</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><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=center>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>30,000</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>28,000</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>16,400</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>3,000</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>5,700</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>5,610</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <td align=right><font size=2>&#151;</font></td>
    <TD ALIGN=RIGHT>&nbsp;</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><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=center>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>27,500</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>26,000</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>3,000</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>5,610</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <td align=right><font size=2>&#151;</font></td>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=center><font size=2>&#151;</font></TD>
  </TR>
  <TR>
    <TD COLSPAN=18>
      <HR noshade COLOR=#000000 SIZE=1>
    </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%><FONT SIZE="1">&nbsp;</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">&nbsp;</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">&nbsp;</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">**** </FONT></TD><TD WIDTH=2%><FONT SIZE="1">&nbsp;</FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Commenced
operations on January 31, 2005.</FONT></TD></TR></TABLE>






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







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




<!-- 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 Audit Committee was required: </I></B></FONT></P>














<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=640 align="center">
  <TR VALIGN=Bottom>
    <TH rowspan="2" align="left"><FONT SIZE=1></FONT><FONT SIZE=1>Fund</FONT>
      <HR WIDTH=20% SIZE=1 noshade align="left"> </TH>
    <TH rowspan="2"> <font size=1>Independent <br>
      Registered <br>
      Public <br>
      Accounting <br>
      Firm </font> <hr noshade size="1"> </TH>
    <TH COLSPAN=4><FONT SIZE=1>Audit-Related <br>
      Fees ($) </FONT> <HR WIDTH=95% SIZE=1 noshade> </TH>
    <TH COLSPAN=4><FONT SIZE=1>Tax Fees ($)</FONT> <HR WIDTH=95% SIZE=1 noshade>
    </TH>
    <TH COLSPAN=3><FONT SIZE=1>All Other Fees ($)</FONT> <hr width=95% size=1 noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>
    <TH COLSPAN=2><font size=1>2005</font> <hr width=95% size=1 noshade> </TH>
    <TH COLSPAN=2><FONT SIZE=1>2004</FONT> <hr width=95% size=1 noshade> </TH>
    <TH COLSPAN=2><FONT SIZE=1>2005</FONT> <HR WIDTH=95% SIZE=1 noshade> </TH>
    <TH COLSPAN=2><FONT SIZE=1>2004</FONT> <HR WIDTH=95% SIZE=1 noshade> </TH>
    <TH COLSPAN=2><FONT SIZE=1>2005</FONT> <HR WIDTH=95% SIZE=1 noshade> </TH>
    <TH><FONT SIZE=1>2004</FONT> <HR WIDTH=95% SIZE=1 noshade> </TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=2>Diversified Income**</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>1,227,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>***</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=center><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=center>&nbsp;</TD>
    <TD ALIGN=center><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=center>&nbsp;</TD>
    <TD ALIGN=center><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=center>&nbsp;</TD>
    <TD ALIGN=center><FONT SIZE=2>&#151;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=2>FRIS II*</FONT></TD>
    <TD ALIGN=center><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>&#151;</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=center><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=center>&nbsp;</TD>
    <TD ALIGN=center><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=center>&nbsp;</TD>
    <TD ALIGN=center><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=center>&nbsp;</TD>
    <TD ALIGN=center><FONT SIZE=2>&#151;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings II</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>E&amp;Y</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</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>&nbsp;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</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><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>1,227,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>***</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>945,000</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>&nbsp;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</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><FONT SIZE=2>E&amp;Y</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</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>&nbsp;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</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><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>1,227,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>***</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>945,000</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>&nbsp;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</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><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>1,227,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>***</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>945,000</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>&nbsp;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</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><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>***</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>945,000</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>&nbsp;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</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%><FONT SIZE="1">&nbsp;</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">** </FONT></TD><TD WIDTH=2%><FONT SIZE="1">&nbsp;</FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Commenced
operations on January  31, 2005.</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">&nbsp;</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=600 align="center">
  <TR VALIGN=Bottom>
    <TH rowspan="2" align="left" width="234"><FONT SIZE=1></FONT><font size=1>Fund</font>
      <hr width=20% size=1 noshade align="left">
    </TH>
    <TH rowspan="2" width="103"><FONT SIZE=1></FONT><font size=1>Independent <br>
      Registered <br>
      Public <br>
      Accounting <br>
      Firm </font>
      <hr width=85% size=1 noshade>
    </TH>
    <TH COLSPAN=4><FONT SIZE=1>Aggregate Non-Audit Fees ($)</FONT>
      <HR WIDTH=95% SIZE=1 noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>
    <TH COLSPAN=2><font size=1>2005</font>
      <hr width=60% size=1 noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>2004</FONT>
      <hr width=60% size=1 noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT WIDTH=234><FONT SIZE=2>Diversified Income**</FONT></TD>
    <TD ALIGN=center WIDTH=103><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT WIDTH=89>&nbsp;</TD>
    <TD ALIGN=LEFT WIDTH=35><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT WIDTH=86><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT WIDTH=53><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="234"><FONT SIZE=2>FRIS II*</FONT></TD>
    <TD ALIGN=center width="103"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT width="89"><FONT SIZE=2>11,046,527</FONT></TD>
    <TD ALIGN=LEFT width="35"><FONT SIZE=2>&#134;&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="86"><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT width="53"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="234"><FONT SIZE=2>MuniHoldings II</FONT></TD>
    <TD ALIGN=center width="103"><FONT SIZE=2>E&amp;Y</FONT></TD>
    <TD ALIGN=RIGHT width="89"><FONT SIZE=2>18,890,262</FONT></TD>
    <TD ALIGN=LEFT width="35"><FONT SIZE=2>&#134;&#134;</FONT></TD>
    <TD ALIGN=RIGHT width="86"><FONT SIZE=2>7,183,600</FONT></TD>
    <TD ALIGN=LEFT width="53"><FONT SIZE=2>&nbsp;&#134;&#134;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="234"><FONT SIZE=2>MuniHoldings FL Ins</FONT></TD>
    <TD ALIGN=center width="103"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT width="89"><FONT SIZE=2>14,913,836</FONT></TD>
    <TD ALIGN=LEFT width="35"><FONT SIZE=2>&#134;&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="86"><FONT SIZE=2>13,278,706</FONT></TD>
    <TD ALIGN=LEFT width="53"><FONT SIZE=2>&nbsp;&#134;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="234"><FONT SIZE=2>MuniHoldings NJ Ins</FONT></TD>
    <TD ALIGN=center width="103"><FONT SIZE=2>E&amp;Y</FONT></TD>
    <TD ALIGN=RIGHT width="89"><FONT SIZE=2>18,890,262</FONT></TD>
    <TD ALIGN=LEFT width="35"><FONT SIZE=2>&#134;&#134;</FONT></TD>
    <TD ALIGN=RIGHT width="86"><FONT SIZE=2>7,183,600</FONT></TD>
    <TD ALIGN=LEFT width="53"><FONT SIZE=2>&nbsp;&#134;&#134;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="234"><FONT SIZE=2>MuniHoldings NY Ins</FONT></TD>
    <TD ALIGN=center width="103"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT width="89"><FONT SIZE=2>14,913,836</FONT></TD>
    <TD ALIGN=LEFT width="35"><FONT SIZE=2>&#134;&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="86"><FONT SIZE=2>13,278,706</FONT></TD>
    <TD ALIGN=LEFT width="53"><FONT SIZE=2>&nbsp;&#134;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="234"><FONT SIZE=2>MuniVest I</FONT></TD>
    <TD ALIGN=center width="103"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT width="89"><FONT SIZE=2>14,913,836</FONT></TD>
    <TD ALIGN=LEFT width="35"><FONT SIZE=2>&#134;&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="86"><FONT SIZE=2>14,922,446</FONT></TD>
    <TD ALIGN=LEFT width="53"><FONT SIZE=2>&nbsp;&#134;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="234"><FONT SIZE=2>MuniVest II</FONT></TD>
    <TD ALIGN=center width="103"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=RIGHT width="89"><FONT SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT width="35"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="86"><FONT SIZE=2>13,278,706</FONT></TD>
    <TD ALIGN=LEFT width="53"><FONT SIZE=2>&nbsp;&#134;</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">&nbsp;</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">** </FONT></TD><TD WIDTH=2%><FONT SIZE="1">&nbsp;</FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Commenced
operations on January 31, 2005.</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">&nbsp;</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>

<!-- 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">&nbsp;</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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<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 registered public accounting firm 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>





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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
17</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 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 Audit 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 Audit 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 (<i>e.g.,</i> 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>

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<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>

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<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>

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<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>

<!-- 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 1-800-543-6217. </FONT> </P>



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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
18</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: 20; page: 20" -->



<!-- 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 except FRIS II intends to present a proposal at the
  2007 Annual Meeting of Stockholders of such Fund, each of which, is anticipated
  to be held in January 2007, 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 ,
  2006. The persons named as proxies in the proxy materials for the Funds&#146;
  2007 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 , 2006. The By-laws
  of Diversified Income additionally require that advance notice be given to the
  Fund in the event a stockholder desires to transact any business from the floor
  at an Annual Meeting of Stockholders. With respect to the next Annual Meeting,
  notice of any such business must be in writing and received at the principal
  executive office of Diversified Income between October 28, 2006 and November
  27, 2006.</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRIS
  II expects to hold its next Annual Meeting of Stockholders in August 2006. Proposals
  of stockholders intended to be presented at that meeting must be received by
  FRIS II by [ ], 2006. The By-laws of FRIS II additionally require that advance
  notice be given to the Fund in the event a stockholder desires to transact any
  business from the floor at an Annual Meeting of Stockholders. With respect to
  the next Annual Meeting, notice of any such business must be in writing and
  received at FRIS II&#146;s principal executive office on or before the first
  to occur of, 60 calendar days prior to the date of the next Annual Meeting or
  15 calendar days after notice of that meeting was made public or mailed.</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=56%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=44%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> By Order of the
      Boards of Directors/Trustees </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
    <TD WIDTH=56%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=44%> <FONT FACE="Times New Roman, Times, Serif" SIZE="2">A<font size="1">LICE</font>
      A. P<font size="1">ELLEGRINO</font> <BR>
<I>Secretary of Diversified Income Strategies <BR>
Portfolio, Inc., 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>Dated: December &nbsp;&nbsp;, 2005 </FONT></P>





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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
19</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: 21; page: 21" -->







<!-- 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 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Exhibit A </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>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>





<div align="center">
  <TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=640>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT><b><font size=1>Fund </font></b>
        <hr size="1" noshade align="left" width="35">
      </TD>
      <TD ALIGN=LEFT><b></b></TD>
      <TD ALIGN=center><b><font size=1>Defined <br>
        Term </font></b>
        <hr size="1" noshade width="55">
        <b><font size=1> </font></b></TD>
      <TD ALIGN=center><b>&nbsp;&nbsp;</b></TD>
      <TD ALIGN=center><b><font size=1>Fiscal <br>
        Year End </font></b>
        <hr size="1" noshade width="55">
        <b><font size=1> </font></b></TD>
      <TD ALIGN=center><b>&nbsp;&nbsp;</b></TD>
      <TD ALIGN=center><b><font size=1>State of <br>
        Organization </font></b>
        <hr size="1" noshade width="65">
        <b><font size=1> </font></b></TD>
      <TD ALIGN=center><b>&nbsp;&nbsp;</b></TD>
      <TD ALIGN=center><b><font size=1>Meeting <br>
        Time </font></b>
        <hr size="1" noshade width="55">
        <b><font size=1> </font></b></TD>
      <TD ALIGN=LEFT>&nbsp;&nbsp;</TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT><FONT SIZE=2>Diversified Income</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;Strategies Portfolio, Inc.</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>Diversified Income</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=CENTER><FONT SIZE=2>August 31</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=CENTER><FONT SIZE=2>MD</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=RIGHT><FONT SIZE=2>9:15 a.m.</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT><FONT SIZE=2>Floating Rate Income</FONT></TD>
      <TD ALIGN=LEFT><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>&nbsp;</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>FRIS II</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=CENTER><FONT SIZE=2>February 28</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=CENTER><FONT SIZE=2>MD</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=RIGHT><FONT SIZE=2>9:30 a.m.</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings Fund II, Inc.</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings II</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=CENTER><FONT SIZE=2>July 31</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=CENTER><FONT SIZE=2>MD</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=RIGHT><FONT SIZE=2>9:45 a.m.</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings New Jersey</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</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>&nbsp;</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings NJ Ins</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=CENTER><FONT SIZE=2>July 31</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=CENTER><FONT SIZE=2>MD</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=RIGHT><FONT SIZE=2>10:00 a.m.</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings New York</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</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>&nbsp;</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings NY Ins</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=CENTER><FONT SIZE=2>August 31</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=CENTER><FONT SIZE=2>MD</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=RIGHT><FONT SIZE=2>10:15 a.m.</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT><FONT SIZE=2>MuniVest Fund, Inc.</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>MuniVest I</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=CENTER><FONT SIZE=2>August 31</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=CENTER><FONT SIZE=2>MD</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=RIGHT><FONT SIZE=2>10:30 a.m.</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT><FONT SIZE=2>MuniVest Fund II, Inc.</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>MuniVest II</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=CENTER><FONT SIZE=2>October 31</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=CENTER><FONT SIZE=2>MD</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=RIGHT><FONT SIZE=2>10:45 a.m.</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings Florida</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;Insured Fund</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings FL Ins</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=CENTER><FONT SIZE=2>August 31</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=CENTER><FONT SIZE=2>MA</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=RIGHT><FONT SIZE=2>11:00 a.m.</FONT></TD>
      <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    </TR>
  </TABLE>
  <br>
  <TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
    <TR VALIGN=Bottom>
      <TD WIDTH=68% ALIGN=LEFT><b></b></TD>
      <TD ALIGN=center colspan="4"><b><font size=1>Shares Outstanding as <br>
        of the Record Date </font></b>
        <hr size="1" noshade>
        <b><font size=1> </font></b><b></b></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD WIDTH=68% ALIGN=LEFT><b><font size=1>Fund </font></b>
        <hr size="1" noshade align="left" width="35">
      </TD>
      <TD WIDTH=16% ALIGN=center><b><font size=1>Shares </font></b>
        <hr size="1" noshade width="40">
      </TD>
      <TD WIDTH=3% ALIGN=LEFT><b></b></TD>
      <TD WIDTH=13% ALIGN=center colspan="2"><b><font size=1>AMPS </font></b>
        <hr size="1" noshade width="40">
      </TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD WIDTH=68% ALIGN=LEFT><FONT SIZE=2>Diversified Income</FONT></TD>
      <TD WIDTH=16% ALIGN=center><FONT SIZE=2>11,955,236</FONT></TD>
      <TD WIDTH=3% ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD WIDTH=10% ALIGN=RIGHT><FONT SIZE=2>N/A</FONT></TD>
      <TD WIDTH=3% ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="68%"><FONT SIZE=2>FRIS II</FONT></TD>
      <TD ALIGN=center width="16%"><FONT SIZE=2>10,496,930</FONT></TD>
      <TD ALIGN=LEFT width="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=RIGHT width="10%"><FONT SIZE=2>N/A</FONT></TD>
      <TD ALIGN=LEFT width="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="68%"><FONT SIZE=2>MuniHoldings II</FONT></TD>
      <TD ALIGN=center width="16%"><FONT SIZE=2>11,163,827</FONT></TD>
      <TD ALIGN=LEFT width="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=RIGHT width="10%"><FONT SIZE=2>3,480</FONT></TD>
      <TD ALIGN=LEFT width="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="68%"><FONT SIZE=2>MuniHoldings NJ Ins</FONT></TD>
      <TD ALIGN=center width="16%"><FONT SIZE=2>21,098,728</FONT></TD>
      <TD ALIGN=LEFT width="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=RIGHT width="10%"><FONT SIZE=2>8,120</FONT></TD>
      <TD ALIGN=LEFT width="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="68%"><FONT SIZE=2>MuniHoldings NY Ins</FONT></TD>
      <TD ALIGN=center width="16%"><FONT SIZE=2>30,784,615</FONT></TD>
      <TD ALIGN=LEFT width="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=RIGHT width="10%"><FONT SIZE=2>12,520</FONT></TD>
      <TD ALIGN=LEFT width="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="68%"><FONT SIZE=2>MuniVest I</FONT></TD>
      <TD ALIGN=center width="16%"><FONT SIZE=2>61,417,932</FONT></TD>
      <TD ALIGN=LEFT width="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=RIGHT width="10%"><FONT SIZE=2>13,360</FONT></TD>
      <TD ALIGN=LEFT width="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="68%"><FONT SIZE=2>MuniVest II</FONT></TD>
      <TD ALIGN=center width="16%"><FONT SIZE=2>20,083,250</FONT></TD>
      <TD ALIGN=LEFT width="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=RIGHT width="10%"><FONT SIZE=2>7,000</FONT></TD>
      <TD ALIGN=LEFT width="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="68%"><FONT SIZE=2>MuniHoldings FL Ins</FONT></TD>
      <TD ALIGN=center width="16%"><FONT SIZE=2>37,663,759</FONT></TD>
      <TD ALIGN=LEFT width="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=RIGHT width="10%"><FONT SIZE=2>14,530</FONT></TD>
      <TD ALIGN=LEFT width="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
    </TR>
  </TABLE>
</div>
<p>&nbsp;</p>
<p> <!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
  <BR>
  &nbsp; </p>
<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>





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




<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<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
  (each Fund&#146;s fiscal year end is set forth in chart on prior page). </FONT></P>
<div align="left">
  <TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=720>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="168">&nbsp;</TD>
      <TD ALIGN=center colspan="5"><b><font size=1>Board </font></b>
        <hr size="1" noshade>
      </TD>
      <TD ALIGN=center width="7"><b></b></TD>
      <TD ALIGN=center colspan="5"><b><font size=1>Audit Committee </font></b>
        <hr size="1" noshade>
        <b><font size=1> </font></b></TD>
      <TD ALIGN=center width="7"><b></b></TD>
      <TD ALIGN=center colspan="5"><b><font size=1>Nominating Committee </font></b>
        <hr size="1" noshade>
        <b><font size=1> </font></b></TD>
      <TD ALIGN=LEFT width="10">&nbsp;</TD>
      <TD ALIGN=RIGHT width="64">&nbsp;</TD>
      <TD ALIGN=LEFT width="12">&nbsp;</TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="168"><b><font size=1>Fund </font></b></TD>
      <TD ALIGN=center width="50"><b><font size=1>No. of <br>
        Meetings <br>
        Held* </font></b>
        <hr size="1" noshade>
        <b><font size=1> </font></b></TD>
      <TD ALIGN=center width="7"><b></b></TD>
      <TD ALIGN=center width="43"><b><font size=1>Annual <br>
        Fee($) </font></b>
        <hr size="1" noshade>
      </TD>
      <TD ALIGN=center width="7"><b></b></TD>
      <TD ALIGN=center width="46"><b><font size=1>Per <br>
        Meeting <br>
        Fee($)** </font></b>
        <hr size="1" noshade>
        <b><font size=1> </font></b></TD>
      <TD ALIGN=center width="7"><b></b></TD>
      <TD ALIGN=center width="50"><b><font size=1>No. of <br>
        Meetings <br>
        Held* </font></b>
        <hr size="1" noshade>
        <b><font size=1> </font></b></TD>
      <TD ALIGN=center width="7"><b></b></TD>
      <TD ALIGN=center width="53"><b><font size=1>Annual <br>
        Fee($)*** </font></b>
        <hr size="1" noshade>
        <b><font size=1> </font></b></TD>
      <TD ALIGN=center width="7"><b></b></TD>
      <TD ALIGN=center width="46"><b><font size=1>Per <br>
        Meeting <br>
        Fee($)** </font></b>
        <hr size="1" noshade>
        <b><font size=1> </font></b></TD>
      <TD ALIGN=center width="7"><b></b></TD>
      <TD ALIGN=center width="50"><b><font size=1>No. of <br>
        Meetings <br>
        Held </font></b>
        <hr size="1" noshade>
      </TD>
      <TD ALIGN=center width="7"><b></b></TD>
      <TD ALIGN=center width="43"><b><font size=1>Annual <br>
        Fee($) </font></b>
        <hr size="1" noshade>
      </TD>
      <TD ALIGN=center width="7"><b></b></TD>
      <TD ALIGN=center width="49"><b><font size=1>Per <br>
        Meeting <br>
        Fee($) </font></b>
        <hr size="1" noshade>
        <b><font size=1> </font></b></TD>
      <TD ALIGN=center width="10"><b></b></TD>
      <TD ALIGN=center width="76" colspan="2"><b><font size=1>Aggregate <br>
        Fees and <br>
        Expenses($) </font></b>
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="168"><font size="1">Diversified Income</font></TD>
      <TD ALIGN=center width="50"><font size="1">4</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;&nbsp;&nbsp;</font></TD>
      <TD ALIGN=center width="43"><font size="1">2,200</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;&nbsp;&nbsp;</font></TD>
      <TD ALIGN=center width="46"><font size="1">325</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;&nbsp;&nbsp;</font></TD>
      <TD ALIGN=center width="50"><font size="1">4</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;&nbsp;&nbsp;</font></TD>
      <TD ALIGN=center width="53"><font size="1">2,200</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;&nbsp;&nbsp;</font></TD>
      <TD ALIGN=center width="46"><font size="1">325</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;&nbsp;&nbsp;</font></TD>
      <TD ALIGN=center width="50"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="43"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="49"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=LEFT width="10"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=RIGHT width="64"><font size="1">28,672</font></TD>
      <TD ALIGN=LEFT width="12"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="168"><font size="1">FRIS II</font></TD>
      <TD ALIGN=center width="50"><font size="1">4</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="43"><font size="1">2,200</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="46"><font size="1">325</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="50"><font size="1">4</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="53"><font size="1">2,200</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="46"><font size="1">325</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="50"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;&nbsp;&nbsp;</font></TD>
      <TD ALIGN=center width="43"><font size="1">None</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;&nbsp;&nbsp;</font></TD>
      <TD ALIGN=center width="49"><font size="1">None</font></TD>
      <TD ALIGN=LEFT width="10"><font size="1">&nbsp;&nbsp;&nbsp;</font></TD>
      <TD ALIGN=RIGHT width="64"><font size="1">30,725</font></TD>
      <TD ALIGN=LEFT width="12"><font size="1">&nbsp;&nbsp;</font></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="168"><font size="1">MuniHoldings II</font></TD>
      <TD ALIGN=center width="50"><font size="1">4</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="43"><font size="1">1,900</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="46"><font size="1">150</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="50"><font size="1">4</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="53"><font size="1">1,900</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="46"><font size="1">150</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="50"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="43"><font size="1">None</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="49"><font size="1">None</font></TD>
      <TD ALIGN=LEFT width="10"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=RIGHT width="64"><font size="1">33,433</font></TD>
      <TD ALIGN=LEFT width="12"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="168"><font size="1">MuniHoldings NJ Ins</font></TD>
      <TD ALIGN=center width="50"><font size="1">4</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="43"><font size="1">1,900</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="46"><font size="1">150</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="50"><font size="1">4</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="53"><font size="1">1,900</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="46"><font size="1">150</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="50"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="43"><font size="1">None</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="49"><font size="1">None</font></TD>
      <TD ALIGN=LEFT width="10"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=RIGHT width="64"><font size="1">33,433</font></TD>
      <TD ALIGN=LEFT width="12"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="168"><font size="1">MuniHoldings NY Ins</font></TD>
      <TD ALIGN=center width="50"><font size="1">4</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="43"><font size="1">1,900</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="46"><font size="1">150</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="50"><font size="1">4</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="53"><font size="1">1,900</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="46"><font size="1">150</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="50"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="43"><font size="1">None</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="49"><font size="1">None</font></TD>
      <TD ALIGN=LEFT width="10"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=RIGHT width="64"><font size="1">33,643</font></TD>
      <TD ALIGN=LEFT width="12"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="168"><font size="1">MuniVest I</font></TD>
      <TD ALIGN=center width="50"><font size="1">4</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="43"><font size="1">1,900</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="46"><font size="1">150</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="50"><font size="1">4</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="53"><font size="1">1,900</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="46"><font size="1">150</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="50"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="43"><font size="1">None</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="49"><font size="1">None</font></TD>
      <TD ALIGN=LEFT width="10"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=RIGHT width="64"><font size="1">33.530</font></TD>
      <TD ALIGN=LEFT width="12"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="168"><font size="1">MuniVest II</font></TD>
      <TD ALIGN=center width="50"><font size="1">4</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="43"><font size="1">1,900</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="46"><font size="1">150</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="50"><font size="1">4</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="53"><font size="1">1,900</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="46"><font size="1">150</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="50"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="43"><font size="1">None</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="49"><font size="1">None</font></TD>
      <TD ALIGN=LEFT width="10"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=RIGHT width="64"><font size="1">33,024</font></TD>
      <TD ALIGN=LEFT width="12"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT width="168"><font size="1">MuniHoldings FL Ins</font></TD>
      <TD ALIGN=center width="50"><font size="1">4</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="43"><font size="1">1,900</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="46"><font size="1">150</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="50"><font size="1">4</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="53"><font size="1">1,900</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="46"><font size="1">150</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="50"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="43"><font size="1">None</font></TD>
      <TD ALIGN=center width="7"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=center width="49"><font size="1">None</font></TD>
      <TD ALIGN=LEFT width="10"><font size="1">&nbsp;</font></TD>
      <TD ALIGN=RIGHT width="64"><font size="1">33,540</font></TD>
      <TD ALIGN=LEFT width="12"><font size="1">&nbsp;</font></TD>
    </TR>
  </TABLE>
  <!-- MARKER FORMAT-SHEET="Cutoff rule Footnote" FSL="Workstation" --> </div>
<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">&nbsp;</FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Includes
telephonic meetings.</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">&nbsp;</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>


<!-- 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">&nbsp;</FONT></TD>
    <TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Does not include the additional
      $1,389 fee paid to the Chairman of the Audit Committee.</FONT></TD>
  </TR></TABLE>


<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" --> <BR>
&nbsp;
<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>





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



<!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Exhibit B </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>INFORMATION
PERTAINING TO THE DIRECTOR NOMINEES </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>Year in Which
  Each Director Nominee of Each Fund Became a Director </B></FONT></P>
<div align="center">
  <TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=670>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT>&nbsp;</TD>
      <TD ALIGN=center><b><font size=1>Diversified <br>
        Income </font></b>
        <hr size="1" noshade>
        <b><font size=1> </font></b></TD>
      <TD ALIGN=center><b></b></TD>
      <TD ALIGN=center><b><font size=1>FRIS <br>
        II </font></b>
        <hr size="1" noshade>
      </TD>
      <TD ALIGN=center><b></b></TD>
      <TD ALIGN=center><b><font size=1>MuniHoldings <br>
        II </font></b>
        <hr size="1" noshade>
      </TD>
      <TD ALIGN=center><b></b></TD>
      <TD ALIGN=center><b><font size=1>MuniHoldings <br>
        NY Ins </font></b>
        <hr size="1" noshade>
        <b><font size=1> </font></b></TD>
      <TD ALIGN=center><b></b></TD>
      <TD ALIGN=center><b><font size=1>MuniHoldings <br>
        NJ Ins </font></b>
        <hr size="1" noshade>
      </TD>
      <TD ALIGN=center><b></b></TD>
      <TD ALIGN=center><b><font size=1>MuniVest <br>
        I </font></b>
        <hr size="1" noshade>
      </TD>
      <TD ALIGN=center><b></b></TD>
      <TD ALIGN=center><b><font size=1>MuniVest <br>
        II </font></b>
        <hr size="1" noshade>
        <b><font size=1> </font></b></TD>
      <TD ALIGN=center><b></b></TD>
      <TD ALIGN=center><b><font size=1>MuniHoldings <br>
        FL Ins </font></b>
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT><FONT SIZE=2>Doll</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>2004</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>2004</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>2004</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>2004</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>2004</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>2004</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>2004</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT></TD>
      <TD 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>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>2004</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>1998</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>1997</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>1998</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>1988</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>1993</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</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>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>2004</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>1998</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>1997</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>1998</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>1993</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>1993</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</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>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>2004</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>2004</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>2004</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>2004</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>2004</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>2004</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</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>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>2004</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>2000</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>2000</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>2000</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>2000</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>2000</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</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>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>2004</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>1998</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>1997</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>1998</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>1988</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>1993</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</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>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>2004</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>2000</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>2000</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>2000</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>2000</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>2000</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>2000</FONT></TD>
    </TR>
  </TABLE>
</div>
 <!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
  <BR>
  &nbsp;
<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>





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




<!-- 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 Director Nominees as of the Record Date </B></FONT></P>

<div align="center">
  <table border=0 cellspacing=0 cellpadding=0 width="740">
    <tr valign="bottom">
      <td width=153><b><font size="1">Name </font></b>
        <hr size="1" noshade align="left" width="35">
      </td>
      <td width=124><b></b></td>
      <td width=13><b></b></td>
      <td align="center" width=57><b><font size="1">No. of <br>
        Shares </font></b>
        <hr size="1" noshade width="40">
      </td>
      <td align="center" width=12><b></b></td>
      <td align="center" width=48><b><font size="1">No. of <br>
        AMPS </font></b>
        <hr size="1" noshade width="40">
      </td>
      <td align="center" width=15><b></b></td>
      <td align="center" width=112><b><font size="1">Aggregate <br>
        Dollar Range <br>
        of Equity <br>
        Securities in <br>
        the Fund </font></b>
        <hr size="1" noshade width="75">
      </td>
      <td align="center" width=17><b></b></td>
      <td align="center" width=189><b><font size="1">Aggregate Dollar Range of
        Equity <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" noshade width="165">
      </td>
    </tr>
    <tr valign="bottom">
      <td width=153> <i><font size="1">Interested Director:</font></i></td>
      <td width=124>&nbsp; </td>
      <td width=13>&nbsp;</td>
      <td width=57>&nbsp; </td>
      <td width=12>&nbsp;</td>
      <td width=48>&nbsp; </td>
      <td width=15>&nbsp;</td>
      <td width=112>&nbsp; </td>
      <td width=17>&nbsp;</td>
      <td width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153> <font size="1">&nbsp;&nbsp;Robert C. Doll, Jr.</font></td>
      <td align="left" width=124> <font size="1">Diversified Income</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">&nbsp;</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">&nbsp;N/A</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189> <font size="1">over $100,000&nbsp;</font></td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">FRIS II</font></td>
      <td align="left" width=13>&nbsp;&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;&nbsp;</td>
      <td align="center" width=48> <font size="1">N/A</font></td>
      <td align="center" width=15>&nbsp;&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniHoldings II</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniHoldings NJ Ins</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniHoldings NY Ins</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniVest I</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniVest II</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniHoldings FL Ins</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp;</td>
      <td align="left" width=124>&nbsp;</td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57>&nbsp;</td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48>&nbsp;</td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112>&nbsp;</td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189><i></i></td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153> <i><font size="1">Non-Interested Directors:</font></i></td>
      <td align="left" width=124>&nbsp; </td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57>&nbsp; </td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48>&nbsp; </td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112>&nbsp; </td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153> <font size="1">&nbsp;&nbsp;&nbsp;Ronald W. Forbes</font></td>
      <td align="left" width=124> <font size="1">Diversified Income</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">&nbsp;623</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">N/A&nbsp;</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189> <font size="1">over $100,000</font></td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">FRIS II</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">&nbsp;617</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">N/A</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniHoldings II</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">1,633</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">$10,001-$50,000</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniHoldings NJ Ins</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniHoldings NY Ins</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">1,412</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">$10,001-$50,000</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniVest I</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">1,415</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">$10,001-$50,000</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniVest II</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">&nbsp;811</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">$10,001-$50,000</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniHoldings FL Ins</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp;</td>
      <td align="left" width=124>&nbsp;</td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57>&nbsp;</td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48>&nbsp;</td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112>&nbsp;</td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189><i></i></td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153> <font size="1">&nbsp;&nbsp;&nbsp;Cynthia A.
        Montgomery</font></td>
      <td align="left" width=124> <font size="1">Diversified Income</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">&nbsp;</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">&nbsp;</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189> <font size="1">over $100,000</font></td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153> <i><font size="1"><b>&nbsp;</b></font></i></td>
      <td align="left" width=124> <font size="1">FRIS II</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1"><b>None</b></font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1"><b>N/A</b></font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1"><b>None</b></font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189> <i><font size="1"><b>&nbsp;</b></font></i></td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniHoldings II</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniHoldings NJ Ins</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniHoldings NY Ins</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniVest I</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniVest II</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniHoldings FL Ins</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp;</td>
      <td align="left" width=124>&nbsp;</td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57>&nbsp;</td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48>&nbsp;</td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112>&nbsp;</td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189><i></i></td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153> <i><font size="1">&nbsp;&nbsp;&nbsp;</font></i><font size="1">Jean
        Margo Reid</font></td>
      <td align="left" width=124> <font size="1">Diversified Income</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189> <font size="1">over $100,000</font></td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">FRIS II</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">N/A</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniHoldings II</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniHoldings NJ Ins</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniHoldings NY Ins</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniVest I</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniVest II</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniHoldings FL Ins</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp;</td>
      <td align="left" width=124>&nbsp;</td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57>&nbsp;</td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48>&nbsp;</td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112>&nbsp;</td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189><i></i></td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153> <font size="1">&nbsp;&nbsp;&nbsp;Roscoe S. Suddarth</font></td>
      <td align="left" width=124> <font size="1">Diversified Income</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189> <font size="1">over $100,000</font></td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">FRIS II</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">N/A</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniHoldings II</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniHoldings NJ Ins</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniHoldings NY Ins</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniVest I</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniVest II</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniHoldings FL Ins</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp;</td>
      <td align="left" width=124>&nbsp;</td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57>&nbsp;</td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48>&nbsp;</td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112>&nbsp;</td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189><i></i></td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153> <font size="1">&nbsp;&nbsp;&nbsp;Richard R.
        West</font></td>
      <td align="left" width=124> <font size="1">Diversified Income</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">&nbsp;</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">&nbsp;</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189> <font size="1">over $100,000</font></td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">FRIS II</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">N/A</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniHoldings II</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniHoldings NJ Ins</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniHoldings NY Ins</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniVest I</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniVest II</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniHoldings FL Ins</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
  </table>
</div>

<p>&nbsp;</p>

 <!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
  <BR>
  &nbsp;
<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>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 5; page: 5" -->

<div align="center">
  <table border=0 cellspacing=0 cellpadding=0 width="740">
    <tr valign="bottom">
      <td width=153><b><font size="1">Name </font></b>
        <hr size="1" noshade align="left" width="35">
      </td>
      <td width=124><b></b></td>
      <td width=13><b></b></td>
      <td align="center" width=57><b><font size="1">No. of <br>
        Shares </font></b>
        <hr size="1" noshade width="40">
      </td>
      <td align="center" width=12><b></b></td>
      <td align="center" width=48><b><font size="1">No. of <br>
        AMPS </font></b>
        <hr size="1" noshade width="40">
      </td>
      <td align="center" width=15><b></b></td>
      <td align="center" width=112><b><font size="1">Aggregate <br>
        Dollar Range <br>
        of Equity <br>
        Securities in <br>
        the Fund </font></b>
        <hr size="1" noshade width="75">
      </td>
      <td align="center" width=17><b></b></td>
      <td align="center" width=189><b><font size="1">Aggregate Dollar Range of
        Equity <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" noshade width="165">
      </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153> <font size="1">&nbsp;&nbsp;&nbsp;Edward D. Zinbarg</font></td>
      <td align="left" width=124> <font size="1">Diversified Income</font></td>
      <td align="left" width=13>&nbsp;&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">N/A</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;&nbsp;</td>
      <td align="center" width=189><font size="1">over $100,000</font> </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">FRIS II</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">N/A</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniHoldings II</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniHoldings NJ Ins</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniHoldings NY Ins</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniVest I</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniVest II</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align="left" width=153>&nbsp; </td>
      <td align="left" width=124> <font size="1">MuniHoldings FL Ins</font></td>
      <td align="left" width=13>&nbsp;</td>
      <td align="center" width=57> <font size="1">None</font></td>
      <td align="center" width=12>&nbsp;</td>
      <td align="center" width=48> <font size="1">None</font></td>
      <td align="center" width=15>&nbsp;</td>
      <td align="center" width=112> <font size="1">None</font></td>
      <td align="center" width=17>&nbsp;</td>
      <td align="center" width=189>&nbsp; </td>
    </tr>
  </table>
</div>

 <!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Compensation of
Non-Interested 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;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 (each Fund&#146;s fiscal year end is set forth in chart in Exhibit A).
  </FONT></P>





<div align="center">
  <TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=700>
    <TR VALIGN=Bottom>
      <TH><FONT SIZE=1></FONT></TH>
      <TH COLSPAN=13><FONT SIZE=1>Compensation from Fund ($)*</FONT>
        <hr size="1" noshade>
      </TH>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT><b></b></TD>
      <TD ALIGN=CENTER><b><font size=1>Forbes**</font></b>
        <hr size="1" noshade>
      </TD>
      <TD ALIGN=LEFT><b>&nbsp;&nbsp;</b></TD>
      <TD ALIGN=CENTER><b><font size=1>Montgomery</font></b>
        <hr size="1" noshade>
      </TD>
      <TD ALIGN=LEFT><b>&nbsp;&nbsp;</b></TD>
      <TD ALIGN=CENTER><b><font size=1>Reid&#134;</font></b>
        <hr size="1" noshade>
      </TD>
      <TD ALIGN=LEFT><b>&nbsp;&nbsp;</b></TD>
      <TD ALIGN=CENTER><b><font size=1>Ryan&#134;&#134;</font></b>
        <hr size="1" noshade>
      </TD>
      <TD ALIGN=LEFT><b>&nbsp;&nbsp;</b></TD>
      <TD ALIGN=CENTER><b><font size=1>Suddarth</font></b>
        <hr size="1" noshade>
      </TD>
      <TD ALIGN=LEFT><b>&nbsp;&nbsp;</b></TD>
      <TD ALIGN=CENTER><b><font size=1>West</font></b>
        <hr size="1" noshade>
      </TD>
      <TD ALIGN=LEFT><b>&nbsp;&nbsp;</b></TD>
      <TD ALIGN=CENTER><b><font size=1>Zinbarg</font></b>
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT><FONT SIZE=2>Diversified Income</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$5,588</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$4,517</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$4,517</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$ 0</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$4,517</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$4,517</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$4,517</FONT></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT><FONT SIZE=2>FRIS II</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$5,374</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$4,517</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$3,500</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$3,133</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$4,517</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$4,517</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$4,517</FONT></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT><FONT SIZE=2>MuniHoldings II</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$6,214</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$5,000</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$4,383</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$2,183</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$5,000</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$5,000</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</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>$6,214</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$5,000</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$4,383</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$2,183</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$5,000</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$5,000</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</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>$6,214</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$5,000</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$4,383</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$2,183</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$5,000</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$5,000</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</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>$6,214</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$5,000</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$4,383</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$2,183</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$5,000</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$5,000</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</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>$6,214</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$5,000</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$4,383</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$2,183</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$5,000</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$5,000</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</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>$6,214</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$5,000</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$4,383</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$2,183</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$5,000</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$5,000</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
      <TD ALIGN=center><FONT SIZE=2>$5,000</FONT></TD>
    </TR>
  </TABLE>
</div>

<!-- 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%><FONT SIZE="1">&nbsp;</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>

<!-- 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">&nbsp;</FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Chairman
of each Fund&#146;s Audit Committee.</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">&nbsp;</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>


<!-- 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">&nbsp;</FONT></TD>
    <TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1"> Mr. Ryan retired as a
      Director/Trustee effective January 1, 2005.</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;Set
  forth in the table below is information regarding the aggregate compensation
  paid by FAM/MLIM-advised funds to non-interested Directors for the year ended
  December 31, 2004. </FONT></P>
<div align="center">
  <TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
    <TR VALIGN=Bottom>
      <TH align="left"><FONT SIZE=1>Non-Interested Director </FONT>
        <hr size="1" noshade align="left" width="115">
      </TH>
      <TH><FONT SIZE=1>Aggregate Compensation <BR>
        Paid by FAM/MLIM- <BR>
        Advised Funds </FONT>
        <hr size="1" noshade width="115">
      </TH>
    </TR>
    <TR VALIGN=Bottom>
      <TD WIDTH=64% ALIGN=LEFT><FONT SIZE=2>Ronald W. Forbes*</FONT></TD>
      <TD WIDTH=25% ALIGN=CENTER><FONT SIZE=2>$284,833</FONT></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT><FONT SIZE=2>Cynthia A. Montgomery</FONT></TD>
      <TD ALIGN=CENTER><FONT SIZE=2>$248,833</FONT></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT><FONT SIZE=2>Jean Margo Reid</FONT></TD>
      <TD ALIGN=CENTER><FONT SIZE=2>$142,733</FONT></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT><FONT SIZE=2>Kevin A. Ryan**</FONT></TD>
      <TD ALIGN=CENTER><FONT SIZE=2>$181,317</FONT></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT><FONT SIZE=2>Roscoe S. Suddarth</FONT></TD>
      <TD ALIGN=CENTER><FONT SIZE=2>$248,833</FONT></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT><FONT SIZE=2>Richard R. West</FONT></TD>
      <TD ALIGN=CENTER><FONT SIZE=2>$248,833</FONT></TD>
    </TR>
    <TR VALIGN=Bottom>
      <TD ALIGN=LEFT><FONT SIZE=2>Edward D. Zinbarg</FONT></TD>
      <TD ALIGN=CENTER><FONT SIZE=2>$248,833</FONT></TD>
    </TR>
  </TABLE>
</div>

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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">&nbsp;</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">&nbsp;</FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Mr.
Ryan retired as a Director/Trustee effective January 1, 2005.</FONT></TD></TR></TABLE>



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<BR>&nbsp;
<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>






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


<div align="center">
  <table border=0 cellspacing=0 cellpadding=0 width="740">
    <tr align="center" valign="bottom">
      <td width=122> <b><font size="1">Name, Address* and Age </font></b>
        <hr size="1" noshade>
      </td>
      <td width=17> <b><font size="1">&nbsp;&nbsp;&nbsp;</font></b></td>
      <td width=123> <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" noshade>
      </td>
      <td width=11> <b><font size="1">&nbsp;&nbsp;&nbsp;</font></b></td>
      <td width=286> <b><font size="1">Principal Occupation(s) During <br>
        Past Five Years </font></b>
        <hr size="1" noshade>
      </td>
      <td width=14> <b><font size="1">&nbsp;&nbsp;&nbsp;</font></b></td>
      <td width=74> <b><font size="1">Number of <br>
        FAM/MLIM- <br>
        Advised Funds <br>
        Overseen </font></b>
        <hr size="1" noshade>
      </td>
      <td width=17> <b><font size="1">&nbsp;&nbsp;&nbsp;</font></b></td>
      <td width=76> <b><font size="1">Public <br>
        Directorships </font></b>
        <hr size="1" noshade>
      </td>
    </tr>
    <tr align="left">
      <td valign=top width=122> <font size="1" face="Times">Robert C. Doll, Jr.&#134;
        (51)</font></td>
      <td valign=top width=17> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=123> <font size="1" face="Times">President of each
        Fund since 2005 and Director thereof since 2004</font></td>
      <td valign=top width=11> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=286> <font size="1" face="Times">President of FAM/MLIM-advised
        funds since 2005; President of FAM and MLIM since 2001; Co-Head (Americas
        Region) of FAM and MLIM from 2000 to 2001 and Senior Vice President thereof
        from 1999 to 2001; President of Princeton Administrators since 2001; Director
        of Princeton Services since 2001; Chief Investment Officer of OppenheimerFunds,
        Inc. in 1999 and Executive Vice President thereof from 1991 to 1999.</font></td>
      <td valign=top width=14> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=74> <font size="1" face="Times">131 registered investment
        companies consisting of <br>
        177 portfolios</font></td>
      <td valign=top width=17> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=76> <font size="1" face="Times">None</font></td>
    </tr>
    <tr align="left">
      <td valign=top width=122>&nbsp;</td>
      <td valign=top width=17>&nbsp;</td>
      <td valign=top width=123>&nbsp;</td>
      <td valign=top width=11>&nbsp;</td>
      <td valign=top width=286>&nbsp;</td>
      <td valign=top width=14>&nbsp;</td>
      <td valign=top width=74>&nbsp;</td>
      <td valign=top width=17>&nbsp;</td>
      <td valign=top width=76>&nbsp;</td>
    </tr>
    <tr align="left">
      <td valign=top width=122> <font size="1" face="Times">Donald C. Burke (45)</font></td>
      <td valign=top width=17> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=123> <font size="1" face="Times">Treasurer of Diversified
        Income and FRIS II since 2004 and each of the other Funds since 1999 and
        Vice President of each Fund as follows: Diversified Income and 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=11> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=286> <font size="1" face="Times">First Vice President
        of FAM and MLIM since 1997 and Treasurer thereof since 1999; Senior Vice
        President and Treasurer of Princeton Services since 1999 and Director
        since 2004; Vice President of FAM Distributors, Inc. (&#147;FAMD&#148;)
        since 1999 and Director since 2004; Vice President of MLIM and FAM from
        1990 to 1997; Director of Taxation of MLIM from 1990 to 2001; Vice President,
        Treasurer and Secretary of the IQ Funds since 2004.</font></td>
      <td valign=top width=14> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=74> <font size="1" face="Times">139 registered investment
        companies consisting of <br>
        185 portfolios</font></td>
      <td valign=top width=17> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=76> <font size="1" face="Times">None</font></td>
    </tr>
    <tr align="left">
      <td valign=top width=122>&nbsp;</td>
      <td valign=top width=17>&nbsp;</td>
      <td valign=top width=123>&nbsp;</td>
      <td valign=top width=11>&nbsp;</td>
      <td valign=top width=286>&nbsp;</td>
      <td valign=top width=14>&nbsp;</td>
      <td valign=top width=74>&nbsp;</td>
      <td valign=top width=17>&nbsp;</td>
      <td valign=top width=76>&nbsp;</td>
    </tr>
    <tr align="left">
      <td valign=top width=122> <font size="1" face="Times">Kevin Booth (51)</font></td>
      <td valign=top width=17> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=123> <font size="1" face="Times">Vice President and
        Portfolio Manager of Diversified Income since 2001</font></td>
      <td valign=top width=11> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=286> <font size="1" face="Times">Director of MLIM since
        1998; Vice President of MLIM from 1991 to 1998.</font></td>
      <td valign=top width=14> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=74> <font size="1" face="Times">3 registered investment
        companies consisting of <br>
        3&nbsp;portfolios</font></td>
      <td valign=top width=17> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=76> <font size="1" face="Times">None</font></td>
    </tr>
    <tr align="left">
      <td valign=top width=122>&nbsp;</td>
      <td valign=top width=17>&nbsp;</td>
      <td valign=top width=123>&nbsp;</td>
      <td valign=top width=11>&nbsp;</td>
      <td valign=top width=286>&nbsp;</td>
      <td valign=top width=14>&nbsp;</td>
      <td valign=top width=74>&nbsp;</td>
      <td valign=top width=17>&nbsp;</td>
      <td valign=top width=76>&nbsp;</td>
    </tr>
    <tr align="left">
      <td valign=top width=122> <font size="1" face="Times">Kenneth A. Jacob (54)</font></td>
      <td valign=top width=17> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=123> <font size="1" face="Times">Senior Vice President
        of Diversified Income and FRIS II since 2004 and each of the other Funds
        since 2002</font></td>
      <td valign=top width=11> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=286> <font size="1" face="Times">Managing Director
        of MLIM since 2000; Director (Tax-Exempt Fund Management) of MLIM from
        1997 to 2000.</font></td>
      <td valign=top width=14> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=74> <font size="1" face="Times">39 registered investment
        companies consisting of <br>
        53&nbsp;portfolios</font></td>
      <td valign=top width=17> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=76> <font size="1" face="Times">None</font></td>
    </tr>
    <tr align="left">
      <td valign=top width=122>&nbsp;</td>
      <td valign=top width=17>&nbsp;</td>
      <td valign=top width=123>&nbsp;</td>
      <td valign=top width=11>&nbsp;</td>
      <td valign=top width=286>&nbsp;</td>
      <td valign=top width=14>&nbsp;</td>
      <td valign=top width=74>&nbsp;</td>
      <td valign=top width=17>&nbsp;</td>
      <td valign=top width=76>&nbsp;</td>
    </tr>
    <tr align="left">
      <td valign=top width=122> <font size="1" face="Times">John M. Loffredo (42)</font></td>
      <td valign=top width=17> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=123> <font size="1" face="Times">Senior Vice President
        of Diversified Income and FRIS II since 2004 and each of the other Funds
        since 2002</font></td>
      <td valign=top width=11> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=286> <font size="1" face="Times">Managing Director
        of MLIM since 2000; Director (Tax-Exempt Fund Management) of MLIM from
        1997 to 2000.</font></td>
      <td valign=top width=14> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=74> <font size="1" face="Times">40 registered investment
        companies consisting&nbsp;of <br>
        54 portfolios</font></td>
      <td valign=top width=17> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=76> <font size="1" face="Times">None</font></td>
    </tr>
    <tr align="left">
      <td valign=top width=122>&nbsp;</td>
      <td valign=top width=17>&nbsp;</td>
      <td valign=top width=123>&nbsp;</td>
      <td valign=top width=11>&nbsp;</td>
      <td valign=top width=286>&nbsp;</td>
      <td valign=top width=14>&nbsp;</td>
      <td valign=top width=74>&nbsp;</td>
      <td valign=top width=17>&nbsp;</td>
      <td valign=top width=76>&nbsp;</td>
    </tr>
    <tr align="left">
      <td valign=top width=122> <font size="1" face="Times">Robert A. DiMella,
        CFA (39)</font></td>
      <td valign=top width=17> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=123> <font size="1" face="Times">Vice President of
        MuniHoldings II since 1998</font></td>
      <td valign=top width=11> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=286> <font size="1" face="Times">Managing Director
        of MLIM since 2004; Director (Municipal Tax-Exempt Fund Management) of
        MLIM from 2002 to 2004; Vice President of MLIM from 1996 to 2002.</font></td>
      <td valign=top width=14> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=74> <font size="1" face="Times">6 registered investment
        companies consisting&nbsp;of <br>
        6 portfolios</font></td>
      <td valign=top width=17> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=76> <font size="1" face="Times">None</font></td>
    </tr>
  </table>
</div>

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  &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-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: 8; page: 8" -->


<div align="center">
  <table border=0 cellspacing=0 cellpadding=0 width="740">
    <tr align="center" valign="bottom">
      <td width=121> <b><font size="1">Name, Address* and Age </font></b>
        <hr size="1" noshade>
      </td>
      <td width=18> <b><font size="1">&nbsp;&nbsp;&nbsp;</font></b></td>
      <td width=122> <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" noshade> </td>
      <td width=12> <b><font size="1">&nbsp;&nbsp;&nbsp;</font></b></td>
      <td width=292> <b><font size="1">Principal Occupation(s) During <br>
        Past Five Years </font></b> <hr size="1" noshade> </td>
      <td width=14> <b><font size="1">&nbsp;&nbsp;&nbsp;</font></b></td>
      <td width=88> <b><font size="1">Number of <br>
        FAM/MLIM- <br>
        Advised Funds <br>
        Overseen </font></b> <hr size="1" noshade> </td>
      <td width=8> <b><font size="1">&nbsp;&nbsp;&nbsp;</font></b></td>
      <td width=65> <b><font size="1">Public <br>
        Directorships </font></b> <hr size="1" noshade> </td>
    </tr>
    <tr align="left">
      <td valign=top width=121> <font size="1" face="Times">Theodore R. Jaeckel
        (46)</font></td>
      <td valign=top width=18> <font size="1" face="Times">&nbsp;&nbsp;&nbsp;</font></td>
      <td valign=top width=122> <font size="1" face="Times">Vice President and
        Portfolio Manager of MuniHoldingsNJ Ins since 2002</font></td>
      <td valign=top width=12> <font size="1" face="Times">&nbsp;&nbsp;&nbsp;</font></td>
      <td valign=top width=292> <font size="1" face="Times">Managing Director
        (Municipal Tax-Exempt Fund Management) of MLIM from 1997 to 2005; Vice
        President of MLIM from 1991 to 1997.</font></td>
      <td valign=top width=14> <font size="1" face="Times">&nbsp;&nbsp;&nbsp;</font></td>
      <td valign=top width=88> <font size="1" face="Times">8 registered investment
        companies consisting of <br>
        8 portfolios</font></td>
      <td valign=top width=8> <font size="1" face="Times">&nbsp;&nbsp;&nbsp;</font></td>
      <td valign=top width=65> <font size="1" face="Times">None</font></td>
    </tr>
    <tr align="left">
      <td valign=top width=121>&nbsp;</td>
      <td valign=top width=18>&nbsp;</td>
      <td valign=top width=122>&nbsp;</td>
      <td valign=top width=12>&nbsp;</td>
      <td valign=top width=292>&nbsp;</td>
      <td valign=top width=14>&nbsp;</td>
      <td valign=top width=88>&nbsp;</td>
      <td valign=top width=8>&nbsp;</td>
      <td valign=top width=65>&nbsp;</td>
    </tr>
    <tr align="left">
      <td valign=top width=121> <font size="1" face="Times">Robert D. Sneeden
        (53)</font></td>
      <td valign=top width=18> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=122> <font size="1" face="Times">Vice President and
        Portfolio Manager of MuniHoldingsFL Ins since 1997.</font></td>
      <td valign=top width=12> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=292> <font size="1" face="Times">Vice President of
        MLIM since 1998; Assistant Vice President of MLIM from 1994 to 1998.</font></td>
      <td valign=top width=14> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=88> <font size="1" face="Times">5 registered investment
        companies consisting of <br>
        5 portfolios</font></td>
      <td valign=top width=8> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=65> <font size="1" face="Times">None</font></td>
    </tr>
    <tr align="left">
      <td valign=top width=121>&nbsp;</td>
      <td valign=top width=18>&nbsp;</td>
      <td valign=top width=122>&nbsp;</td>
      <td valign=top width=12>&nbsp;</td>
      <td valign=top width=292>&nbsp;</td>
      <td valign=top width=14>&nbsp;</td>
      <td valign=top width=88>&nbsp;</td>
      <td valign=top width=8>&nbsp;</td>
      <td valign=top width=65>&nbsp;</td>
    </tr>
    <tr align="left">
      <td valign=top width=121> <font size="1" face="Times">Fred K. Steube (55)</font></td>
      <td valign=top width=18> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=122> <font size="1" face="Times">Vice President of
        MuniVest I since 1989 and Vice President of MuniVest II since 1993</font></td>
      <td valign=top width=12> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=292> <font size="1" face="Times">Director (Municipal
        Tax-Exempt Fund Management) of MLIM since 2000; Vice President of MLIM
        from 1994 to 2000.</font></td>
      <td valign=top width=14> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=88> <font size="1" face="Times">4 registered investment
        companies consisting of <br>
        4 portfolios</font></td>
      <td valign=top width=8> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=65> <font size="1" face="Times">None</font></td>
    </tr>
    <tr align="left">
      <td valign=top width="121">&nbsp;</td>
      <td valign=top width="18">&nbsp;</td>
      <td valign=top width="122">&nbsp;</td>
      <td valign=top width="12">&nbsp;</td>
      <td valign=top width="292">&nbsp;</td>
      <td valign=top width="14">&nbsp;</td>
      <td valign=top width="88">&nbsp;</td>
      <td valign=top width="8">&nbsp;</td>
      <td valign=top width="65">&nbsp;</td>
    </tr>
    <tr align="left">
      <td valign=top width="121"><font size="1" face="Times">Tinothy Browse (46)</font></td>
      <td valign=top width="18">&nbsp;</td>
      <td valign=top width="122"><font size="1" face="Times">Vice President and
        Portfolio Manager of MuniHoldings NY Ins since 2004.</font></td>
      <td valign=top width="12">&nbsp;</td>
      <td valign=top width="292"><font size="1">Vice President (Municipal Tax-Exempt
        Fund Management) of MLIM since 2004; Vice President, portfolio manager
        and team leader of the Municipal Investments Team with Lord Abbett &amp; Co.
        from 2000 to 2003; Vice President and portfolio manager in the municipal
        fund management group of Eaton Vance Management, Inc. from 1992 to 2000.</font></td>
      <td valign=top width="14">&nbsp;</td>
      <td valign=top width="88"><font size="1" face="Times">4 registered investment
        companies consisting of <br>
        4&nbsp;portfolios</font></td>
      <td valign=top width="8">&nbsp;</td>
      <td width=65 valign=top> <font size="1" face="Times">None</font></td>
    </tr>
    <tr align="left">
      <td valign=top width=121>&nbsp;</td>
      <td valign=top width=18>&nbsp;</td>
      <td valign=top width=122>&nbsp;</td>
      <td valign=top width=12>&nbsp;</td>
      <td valign=top width=292>&nbsp;</td>
      <td valign=top width=14>&nbsp;</td>
      <td valign=top width=88>&nbsp;</td>
      <td valign=top width=8>&nbsp;</td>
      <td valign=top width=65>&nbsp;</td>
    </tr>
    <tr align="left">
      <td valign=top width=121> <font size="1" face="Times">Jeffrey Hiller (54)</font></td>
      <td valign=top width=18> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=122> <font size="1" face="Times">Chief Compliance Officer
        of each Fund since 2004</font></td>
      <td valign=top width=12> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=292> <font size="1" face="Times">Chief Compliance Officer
        of the FAM/MLIM-advised funds and First Vice President and Chief Compliance
        Officer of MLIM (Americas) since 2004; Chief Compliance Officer of the
        IQ Funds 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=14> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=88> <font size="1" face="Times">140 registered investment
        companies consisting of <br>
        186&nbsp;portfolios</font></td>
      <td valign=top width=8> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=65> <font size="1" face="Times">None</font></td>
    </tr>
    <tr align="left">
      <td valign=top width=121>&nbsp;</td>
      <td valign=top width=18>&nbsp;</td>
      <td valign=top width=122>&nbsp;</td>
      <td valign=top width=12>&nbsp;</td>
      <td valign=top width=292>&nbsp;</td>
      <td valign=top width=14>&nbsp;</td>
      <td valign=top width=88>&nbsp;</td>
      <td valign=top width=8>&nbsp;</td>
      <td valign=top width=65>&nbsp;</td>
    </tr>
    <tr align="left">
      <td valign=top width=121> <font size="1" face="Times">Alice A. Pellegrino
        (45)</font></td>
      <td valign=top width=18> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=122> <font size="1" face="Times">Secretary of each
        Fund since 2004</font></td>
      <td valign=top width=12> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=292> <font size="1" face="Times">Director (Legal Advisory)
        of MLIM since 2002; Vice President of MLIM from 1999 to 2002; Attorney
        associated with MLIM since 1997; Secretary of MLIM, FAM, FAMD and Princeton
        Services since 2004.</font></td>
      <td valign=top width=14> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=88> <font size="1" face="Times">132 registered investment
        companies consisting of 178&nbsp;portfolios</font></td>
      <td valign=top width=8> <font size="1" face="Times">&nbsp;</font></td>
      <td valign=top width=65> <font size="1" face="Times">None</font></td>
    </tr>
  </table>
</div>


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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">&nbsp;</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>

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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">&nbsp;</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>


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

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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 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>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>I. Composition 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 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>

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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/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>

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<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>&nbsp;
<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>





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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>

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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 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>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>III. Responsibilities
and Duties 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
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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<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>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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<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>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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<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>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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<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>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>&nbsp;
<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>






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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>      (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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<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>      (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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<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>      (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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<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>      (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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<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>      (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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<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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<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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<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>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>IV. 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
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>

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<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>

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<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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dated: November 13, 2003 </FONT></P>


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


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Diversified Income Strategies
Portfolio, Inc. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Floating Rate Income Strategies Fund
II, Inc. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniHoldings Florida Insured Fund </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniHoldings Fund II, Inc. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniHoldings New Jersey Insured
Fund, Inc. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniHoldings New York Insured Fund,
Inc. </FONT></P>

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


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<BR>&nbsp;
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<!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Exhibit E </B></FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CHARTER OF THE
NOMINATING COMMITTEE </B></FONT></P>

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

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

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<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>

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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
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>

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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 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>

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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 person is financially literate pursuant to the            applicable Exchange&#146;s
audit committee membership standards;</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 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>&nbsp;
<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>






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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 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>

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<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>

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

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>NOMINATION 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;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>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>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
  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>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Adopted: January 21, 2004</FONT>
  <!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" --> <BR>
  &nbsp; </P>
 <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>





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<!-- 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>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Diversified Income Strategies
Portfolio, Inc. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Floating Rate Income Strategies Fund
II, Inc. </FONT></P>

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<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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniHoldings New York Insured Fund,
Inc. </FONT></P>

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<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>&nbsp;
<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>





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<!-- MARKER LABEL="sheet: 1, page: 1" --> <br>
<p>&nbsp;



<!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>COMMON STOCK </B></FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>MUNIHOLDINGS FUND
II, INC.                                   <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=2><B>P R O X Y </B></FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>This proxy is
solicited on behalf of the Board of Directors </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" 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 November 30,
2005 at the Annual Meeting of Stockholders of the Fund to be held on January 26, 2006 or
any adjournment thereof. </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=95%>
<FONT FACE="Times New Roman, Times, Serif" 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 &#147;FOR&#148;
Item 1.</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By signing and dating the reverse
side of this card, you authorize the proxies to vote Item 1 as marked, or if not marked,
to vote &#147;FOR&#148; Item 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></P>

<!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(Continued
  and to be signed on the reverse side) </FONT> </P>



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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</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: 1; page: 1" -->




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Please mark boxes </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="4">&#149; </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2">or |X| in blue
or black ink. </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>1.  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ELECTION
OF DIRECTORS  </FONT></TD>
</TR>
</TABLE>
<BR>


  <table border=0 cellspacing=0 cellpadding=0 width="700">
    <tr>
      <td valign=top width=216>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p><font face="Times New Roman" size="2">For <br>
          All <br>
          |_|</font></p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=59>
        <p><font face="Times New Roman" size="2">Withhold <br>
          All <br>
          |_|</font></p>
      </td>
      <td valign=top align="left" width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=56>
        <p><font face="Times New Roman" size="2">For All <br>
          Except <br>
          |_|</font></p>
      </td>
      <td valign=top align="left" width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=251>
        <p><font face="Times New Roman" size="2">To withhold authority to vote
          for certain nominees only, mark &#147;For All Except&#148; and </font><font face="Times New Roman" size="2">write
          each such nominee&#146;s number on the </font><font face="Times New Roman" size="2">line
          below.</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">01) Robert C. Doll, Jr.</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">02) Cynthia A. Montgomery</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">03) Jean Margo Reid</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">04) Roscoe S. Suddarth</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">05) Edward D. Zinbarg</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>

    <td valign=top width=251>
      <hr size="1" noshade>
    </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>2.  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" 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="700">
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" 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 valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">Dated:
        ____________________________________________________________</font></td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">X
        ________________________________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman" size="1">Signature</font>
        </font></td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">X
        ________________________________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman" size="1"></font>Signature,
        if held jointly </font></td>
    </tr>
  </table>
<br>



<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Sign, Date and
Return the Proxy Card Promptly Using the Enclosed Envelope. </B></FONT></P>


<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 2; page: 2" --> <!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>AUCTION MARKET&nbsp;&nbsp;
  <BR>
  PREFERRED STOCK </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>MUNIHOLDINGS
  FUND II, INC. <br>
  P.O. Box 9011 <br>
  Princeton, New Jersey 08543-9011 </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>P R O X Y </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>This proxy is
solicited on behalf of the Board of Directors </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" 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 November 30, 2005 at the Annual Meeting of Stockholders of the Fund to be
held on January 26, 2006 or any adjournment thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 05" 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=95%>
<FONT FACE="Times New Roman, Times, Serif" 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 &#147;FOR&#148;
Item 1.</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By signing and dating the reverse
side of this card, you authorize the proxies to vote Item 1 as marked, or if not marked,
to vote &#147;FOR&#148; Item 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></P>

<!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(Continued
  and to be signed on the reverse side) </FONT> </P>
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&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</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 FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Please mark boxes </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="4">&#149; </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2">or |X| in blue
or black ink. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<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=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ELECTION
OF DIRECTORS </FONT></TD>
</TR>
</TABLE>
<BR>

  <table border=0 cellspacing=0 cellpadding=0 width="700">
    <tr>
      <td valign=top width=216>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p><font face="Times New Roman" size="2">For <br>
          All <br>
          |_|</font></p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=59>
        <p><font face="Times New Roman" size="2">Withhold <br>
          All <br>
          |_|</font></p>
      </td>
      <td valign=top align="left" width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=56>
        <p><font face="Times New Roman" size="2">For All <br>
          Except <br>
          |_|</font></p>
      </td>
      <td valign=top align="left" width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=251>
        <p><font face="Times New Roman" size="2">To withhold authority to vote
          for certain nominees only, mark &#147;For All Except&#148; and </font><font face="Times New Roman" size="2">write
          each such nominee&#146;s number on the </font><font face="Times New Roman" size="2">line
          below.</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">01) Robert C. Doll, Jr.</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">02) Ronald W. Forbes</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">03) Cynthia A. Montgomery</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">04) Jean Margo Reid</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">05) Roscoe S. Suddarth</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">06) Richard R. West</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">07) Edward D. Zinbarg</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>

    <td valign=top width=251>
      <hr size="1" noshade>
    </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>2.  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" 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="700">
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" 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 valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">Dated:
        ____________________________________________________________</font></td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">X
        ________________________________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman" size="1">Signature</font>
        </font></td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">X
        ________________________________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman" size="1"></font>Signature,
        if held jointly </font></td>
    </tr>
  </table>
<br>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Sign, Date and
Return the Proxy Card Promptly Using the Enclosed Envelope. </B></FONT></P>


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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</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: 4; page: 4" -->



<!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>COMMON STOCK </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>MUNIHOLDINGS NEW
JERSEY INSURED FUND, INC.                                   <BR>P.O. Box 9011
                        <BR>Princeton, New Jersey 08543-9011 </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>P R O X Y </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>This proxy is
solicited on behalf of the Board of Directors </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" 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 November 30, 2005 at the Annual Meeting of Stockholders of the Fund to be held on
January 26, 2006 or any adjournment thereof. </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=95%>
<FONT FACE="Times New Roman, Times, Serif" 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 &#147;FOR&#148;
Item 1.</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By signing and dating the reverse
side of this card, you authorize the proxies to vote Item 1 as marked, or if not marked,
to vote &#147;FOR&#148; Item 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></P>

<!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(Continued
  and to be signed on the reverse side) </FONT> </P>
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&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</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: 5; page: 5" -->



<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Please mark boxes </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="4">&#149; </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2">or |X| in blue
or black ink. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<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=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ELECTION
OF DIRECTORS </FONT></TD>
</TR>
</TABLE>
<BR>


  <table border=0 cellspacing=0 cellpadding=0 width="700">
    <tr>
      <td valign=top width=216>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p><font face="Times New Roman" size="2">For <br>
          All <br>
          |_|</font></p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=59>
        <p><font face="Times New Roman" size="2">Withhold <br>
          All <br>
          |_|</font></p>
      </td>
      <td valign=top align="left" width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=56>
        <p><font face="Times New Roman" size="2">For All <br>
          Except <br>
          |_|</font></p>
      </td>
      <td valign=top align="left" width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=251>
        <p><font face="Times New Roman" size="2">To withhold authority to vote
          for certain nominees only, mark &#147;For All Except&#148; and </font><font face="Times New Roman" size="2">write
          each such nominee&#146;s number on the </font><font face="Times New Roman" size="2">line
          below.</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">01) Robert C. Doll, Jr.</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">02) Cynthia A. Montgomery</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">03) Jean Margo Reid</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">04) Roscoe S. Suddarth</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">05) Edward D. Zinbarg</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>

    <td valign=top width=251>
      <hr size="1" noshade>
    </td>
    </tr>
  </table>

<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<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=95%><FONT FACE="Times New Roman, Times, Serif" 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="700">
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" 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 valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">Dated:
        ____________________________________________________________</font></td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">X
        ________________________________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman" size="1">Signature</font>
        </font></td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">X
        ________________________________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman" size="1"></font>Signature,
        if held jointly </font></td>
    </tr>
  </table>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Sign, Date and
Return the Proxy Card Promptly Using the Enclosed Envelope. </B></FONT></P>



<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 6; page: 6" --> <!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>AUCTION MARKET&nbsp;&nbsp;
  <BR>
  PREFERRED STOCK </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>MUNIHOLDINGS NEW
JERSEY INSURED FUND, INC.                                   <BR>P.O. Box 9011
                        <BR>Princeton, New Jersey 08543-9011 </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>P R O X Y </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>This proxy is
solicited on behalf of the Board of Directors </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" 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 November 30, 2005 at the Annual Meeting of Stockholders of the Fund
to be held on January 26, 2006 or any adjournment thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 05" 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=95%>
<FONT FACE="Times New Roman, Times, Serif" 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 &#147;FOR&#148;
Item 1.</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By signing and dating the reverse
side of this card, you authorize the proxies to vote Item 1 as marked, or if not marked,
to vote &#147;FOR&#148; Item 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></P>

<!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(Continued
  and to be signed on the reverse side) </FONT> </P>
<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" --> <BR>
&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>







<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 7; page: 7" -->





<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Please mark boxes </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="4">&#149; </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2">or |X| in blue
or black ink. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<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=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ELECTION
OF DIRECTORS </FONT></TD>
</TR>
</TABLE>
<BR>

  <table border=0 cellspacing=0 cellpadding=0 width="700">
    <tr>
      <td valign=top width=216>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p><font face="Times New Roman" size="2">For <br>
          All <br>
          |_|</font></p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=59>
        <p><font face="Times New Roman" size="2">Withhold <br>
          All <br>
          |_|</font></p>
      </td>
      <td valign=top align="left" width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=56>
        <p><font face="Times New Roman" size="2">For All <br>
          Except <br>
          |_|</font></p>
      </td>
      <td valign=top align="left" width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=251>
        <p><font face="Times New Roman" size="2">To withhold authority to vote
          for certain nominees only, mark &#147;For All Except&#148; and </font><font face="Times New Roman" size="2">write
          each such nominee&#146;s number on the </font><font face="Times New Roman" size="2">line
          below.</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">01) Robert C. Doll, Jr.</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">02) Ronald W. Forbes</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">03) Cynthia A. Montgomery</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">04) Jean Margo Reid</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">05) Roscoe S. Suddarth</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">06) Richard R. West</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">07) Edward D. Zinbarg</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>

    <td valign=top width=251>
      <hr size="1" noshade>
    </td>
    </tr>
  </table>

<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<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=95%><FONT FACE="Times New Roman, Times, Serif" 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="700">
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" 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 valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">Dated:
        ____________________________________________________________</font></td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">X
        ________________________________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman" size="1">Signature</font>
        </font></td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">X
        ________________________________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman" size="1"></font>Signature,
        if held jointly </font></td>
    </tr>
  </table>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Sign, Date and
Return the Proxy Card Promptly Using the Enclosed Envelope. </B></FONT></P>



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





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



<!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>COMMON SHARES </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>MUNIHOLDINGS FLORIDA
INSURED FUND                                   <BR>P.O. Box 9011
                        <BR>Princeton, New Jersey 08543-9011 </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>P R O X Y </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>This proxy is
solicited on behalf of the Board of Trustees </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" 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
November 30, 2005 at the Annual Meeting of Shareholders of the Fund to be held on January
26, 2006 or any adjournment thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 05" 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=95%>
<FONT FACE="Times New Roman, Times, Serif" 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 &#147;FOR&#148;
Item 1.</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By signing and dating the reverse
side of this card, you authorize the proxies to vote Item 1 as marked, or if not marked,
to vote &#147;FOR&#148; Item 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></P>

<!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(Continued
  and to be signed on the reverse side) </FONT> </P>
<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" --> <BR>
&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>





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



<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Please mark boxes </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="4">&#149; </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2">or |X| in blue
or black ink. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<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=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ELECTION
OF TRUSTEES </FONT></TD>
</TR>
</TABLE>
<BR>


  <table border=0 cellspacing=0 cellpadding=0 width="700">
    <tr>
      <td valign=top width=216>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p><font face="Times New Roman" size="2">For <br>
          All <br>
          |_|</font></p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=59>
        <p><font face="Times New Roman" size="2">Withhold <br>
          All <br>
          |_|</font></p>
      </td>
      <td valign=top align="left" width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=56>
        <p><font face="Times New Roman" size="2">For All <br>
          Except <br>
          |_|</font></p>
      </td>
      <td valign=top align="left" width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=251>
        <p><font face="Times New Roman" size="2">To withhold authority to vote
          for certain nominees only, mark &#147;For All Except&#148; and </font><font face="Times New Roman" size="2">write
          each such nominee&#146;s number on the </font><font face="Times New Roman" size="2">line
          below.</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">01) Robert C. Doll, Jr.</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">02) Cynthia A. Montgomery</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">03) Jean Margo Reid</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">04) Roscoe S. Suddarth</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">05) Edward D. Zinbarg</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>

    <td valign=top width=251>
      <hr size="1" noshade>
    </td>
    </tr>
  </table>

<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<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=95%><FONT FACE="Times New Roman, Times, Serif" 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="700">
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" 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 valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">Dated:
        ____________________________________________________________</font></td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">X
        ________________________________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman" size="1">Signature</font>
        </font></td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">X
        ________________________________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman" size="1"></font>Signature,
        if held jointly </font></td>
    </tr>
  </table>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Sign, Date and
Return the Proxy Card Promptly Using the Enclosed Envelope. </B></FONT></P>


<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 10; page: 10" --> <!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>AUCTION MARKET&nbsp;&nbsp;&nbsp;&nbsp;
  <BR>
  PREFERRED SHARES </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>MUNIHOLDINGS FLORIDA
INSURED FUND                                   <BR>P.O. Box 9011
                        <BR>Princeton, New Jersey 08543-9011 </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>P R O X Y </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>This proxy is
solicited on behalf of the Board of Trustees </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" 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 November 30, 2005 at the Annual Meeting of Shareholders of the Fund to be
held on January 26, 2006 or any adjournment thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 05" 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=95%>
<FONT FACE="Times New Roman, Times, Serif" 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 &#147;FOR&#148;
Item 1.</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By signing and dating the reverse
side of this card, you authorize the proxies to vote Item 1 as marked, or if not marked,
to vote &#147;FOR&#148; Item 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></P>

<!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(Continued
  and to be signed on the reverse side) </FONT> </P>





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






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





<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Please mark boxes </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="4">&#149; </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2">or |X| in blue
or black ink. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<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=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ELECTION
OF TRUSTEES  </FONT></TD>
</TR>
</TABLE>
<BR>

  <table border=0 cellspacing=0 cellpadding=0 width="700">
    <tr>
      <td valign=top width=216>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p><font face="Times New Roman" size="2">For <br>
          All <br>
          |_|</font></p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=59>
        <p><font face="Times New Roman" size="2">Withhold <br>
          All <br>
          |_|</font></p>
      </td>
      <td valign=top align="left" width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=56>
        <p><font face="Times New Roman" size="2">For All <br>
          Except <br>
          |_|</font></p>
      </td>
      <td valign=top align="left" width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=251>
        <p><font face="Times New Roman" size="2">To withhold authority to vote
          for certain nominees only, mark &#147;For All Except&#148; and </font><font face="Times New Roman" size="2">write
          each such nominee&#146;s number on the </font><font face="Times New Roman" size="2">line
          below.</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">01) Robert C. Doll, Jr.</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">02) Ronald W. Forbes</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">03) Cynthia A. Montgomery</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">04) Jean Margo Reid</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">05) Roscoe S. Suddarth</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">06) Richard R. West</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">07) Edward D. Zinbarg</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>

    <td valign=top width=251>
      <hr size="1" noshade>
    </td>
    </tr>
  </table>



<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<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=95%><FONT FACE="Times New Roman, Times, Serif" 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="700">
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" 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 valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">Dated:
        ____________________________________________________________</font></td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">X
        ________________________________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman" size="1">Signature</font>
        </font></td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">X
        ________________________________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman" size="1"></font>Signature,
        if held jointly </font></td>
    </tr>
  </table>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Sign, Date and
Return the Proxy Card Promptly Using the Enclosed Envelope. </B></FONT></P>


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





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



<!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>COMMON STOCK </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>MUNIHOLDINGS NEW
YORK INSURED FUND, INC.                                   <BR>P.O. Box 9011
                        <BR>Princeton, New Jersey 08543-9011 </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>P R O X Y </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>This proxy is
solicited on behalf of the Board of Directors </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" 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 November 30, 2005 at the Annual Meeting of Stockholders of the Fund to be held on
January 26, 2006 or any adjournment thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 05" 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=95%>
<FONT FACE="Times New Roman, Times, Serif" 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 &#147;FOR&#148;
Item 1.</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By signing and dating the reverse
side of this card, you authorize the proxies to vote Item 1 as marked, or if not marked,
to vote &#147;FOR&#148; Item 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></P>

<!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(Continued
  and to be signed on the reverse side) </FONT></P>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1"> &nbsp; </FONT></P>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp;</font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 12; page: 12" -->
<P ALIGN=RIGHT> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
</P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Please mark boxes </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="4">&#149; </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2">or |X| in blue
or black ink. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<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=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ELECTION
OF DIRECTORS </FONT></TD>
</TR>
</TABLE>
<BR>


  <table border=0 cellspacing=0 cellpadding=0 width="700">
    <tr>
      <td valign=top width=216>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p><font face="Times New Roman" size="2">For <br>
          All <br>
          |_|</font></p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=59>
        <p><font face="Times New Roman" size="2">Withhold <br>
          All <br>
          |_|</font></p>
      </td>
      <td valign=top align="left" width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=56>
        <p><font face="Times New Roman" size="2">For All <br>
          Except <br>
          |_|</font></p>
      </td>
      <td valign=top align="left" width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=251>
        <p><font face="Times New Roman" size="2">To withhold authority to vote
          for certain nominees only, mark &#147;For All Except&#148; and </font><font face="Times New Roman" size="2">write
          each such nominee&#146;s number on the </font><font face="Times New Roman" size="2">line
          below.</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">01) Robert C. Doll, Jr.</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">02) Cynthia A. Montgomery</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">03) Jean Margo Reid</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">04) Roscoe S. Suddarth</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">05) Edward D. Zinbarg</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>

    <td valign=top width=251>
      <hr size="1" noshade>
    </td>
    </tr>
  </table>

<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<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=95%><FONT FACE="Times New Roman, Times, Serif" 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="700">
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" 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 valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">Dated:
        ____________________________________________________________</font></td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">X
        ________________________________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman" size="1">Signature</font>
        </font></td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">X
        ________________________________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman" size="1"></font>Signature,
        if held jointly </font></td>
    </tr>
  </table>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Sign, Date and
Return the Proxy Card Promptly Using the Enclosed Envelope. </B></FONT></P>



<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 14; page: 14" --> <!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>AUCTION MARKET&nbsp;&nbsp;
  <BR>
  PREFERRED STOCK </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>MUNIHOLDINGS NEW
YORK INSURED FUND, INC.                                   <BR>P.O. Box 9011
                        <BR>Princeton, New Jersey 08543-9011 </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>P R O X Y </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>This proxy is
solicited on behalf of the Board of Directors </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" 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 November 30, 2005 at the Annual Meeting of Stockholders of the Fund
to be held on January 26, 2006 or any adjournment thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 05" 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=95%>
<FONT FACE="Times New Roman, Times, Serif" 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 &#147;FOR&#148;
Item 1.</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By signing and dating the reverse
side of this card, you authorize the proxies to vote Item 1 as marked, or if not marked,
to vote &#147;FOR&#148; Item 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></P>

<!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(Continued
  and to be signed on the reverse side) </FONT> </P>
<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" --> <BR>
&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>





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




<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Please mark boxes </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="4">&#149; </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2">or |X| in blue
or black ink. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<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=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ELECTION
OF DIRECTORS  </FONT></TD>
</TR>
</TABLE>
<BR>

  <table border=0 cellspacing=0 cellpadding=0 width="700">
    <tr>
      <td valign=top width=216>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p><font face="Times New Roman" size="2">For <br>
          All <br>
          |_|</font></p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=59>
        <p><font face="Times New Roman" size="2">Withhold <br>
          All <br>
          |_|</font></p>
      </td>
      <td valign=top align="left" width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=56>
        <p><font face="Times New Roman" size="2">For All <br>
          Except <br>
          |_|</font></p>
      </td>
      <td valign=top align="left" width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=251>
        <p><font face="Times New Roman" size="2">To withhold authority to vote
          for certain nominees only, mark &#147;For All Except&#148; and </font><font face="Times New Roman" size="2">write
          each such nominee&#146;s number on the </font><font face="Times New Roman" size="2">line
          below.</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">01) Robert C. Doll, Jr.</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">02) Ronald W. Forbes</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">03) Cynthia A. Montgomery</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">04) Jean Margo Reid</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">05) Roscoe S. Suddarth</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">06) Richard R. West</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">07) Edward D. Zinbarg</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>

    <td valign=top width=251>
      <hr size="1" noshade>
    </td>
    </tr>
  </table>

<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<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=95%><FONT FACE="Times New Roman, Times, Serif" 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="700">
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" 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 valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">Dated:
        ____________________________________________________________</font></td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">X
        ________________________________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman" size="1">Signature</font>
        </font></td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">X
        ________________________________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman" size="1"></font>Signature,
        if held jointly </font></td>
    </tr>
  </table>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Sign, Date and
Return the Proxy Card Promptly Using the Enclosed Envelope. </B></FONT></P>



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





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



<!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>COMMON STOCK </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>MUNIVEST FUND, INC.
                                  <BR>P.O. Box 9011                         <BR>Princeton, New
Jersey 08543-9011 </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>P R O X Y </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>This proxy is
solicited on behalf of the Board of Directors </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" 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 November 30, 2005
at the Annual Meeting of Stockholders of the Fund to be held on January 26, 2006 or any
adjournment thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 05" 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=95%>
<FONT FACE="Times New Roman, Times, Serif" 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 &#147;FOR&#148;
Items 1 and 2.</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By signing and dating the reverse
side of this card, you authorize the proxies to vote Items 1 and 2 as marked, or if not
marked, to vote &#147;FOR&#148; Items 1 and 2, 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></P>

<!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(Continued
  and to be signed on the reverse side) </FONT> </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"> </font></td>
    <td width=20% align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 16; page: 16" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Please mark boxes </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="4">&#149; </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2">or |X| in blue
or black ink. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<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=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ELECTION
OF DIRECTORS  </FONT></TD>
</TR>
</TABLE>
<BR>


  <table border=0 cellspacing=0 cellpadding=0 width="700">
    <tr>
      <td valign=top width=216>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p><font face="Times New Roman" size="2">For <br>
          All <br>
          |_|</font></p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=59>
        <p><font face="Times New Roman" size="2">Withhold <br>
          All <br>
          |_|</font></p>
      </td>
      <td valign=top align="left" width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=56>
        <p><font face="Times New Roman" size="2">For All <br>
          Except <br>
          |_|</font></p>
      </td>
      <td valign=top align="left" width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=251>
        <p><font face="Times New Roman" size="2">To withhold authority to vote
          for certain nominees only, mark &#147;For All Except&#148; and </font><font face="Times New Roman" size="2">write
          each such nominee&#146;s number on the </font><font face="Times New Roman" size="2">line
          below.</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">01) Robert C. Doll, Jr.</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">02) Cynthia A. Montgomery</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">03) Jean Margo Reid</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">04) Roscoe S. Suddarth</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">05) Edward D. Zinbarg</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>

    <td valign=top width=251>
      <hr size="1" noshade>
    </td>
    </tr>
  </table>



<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table border="0" cellspacing="0" cellpadding="0" width="740">
  <tr>
    <td align="left" valign="top" width="54"><font face="Times New Roman, Times, Serif" size=2>2.
      </font></td>
    <td align="left" valign="top" width="471"><font face="Times New Roman, Times, Serif" size=2>Proposal
      to approve an amendment to the Fund&#146;s fundamental investment restriction.</font></td>
    <td width="12">&nbsp;&nbsp;</td>
    <td valign="top" align="center" width="41"><font face="Times New Roman, Times, Serif" size=2><b>FOR</b>
      <br>
      |_| </font></td>
    <td valign="top" align="center" width="8">&nbsp;&nbsp;</td>
    <td valign="top" align="center" width="68"><font face="Times New Roman, Times, Serif" size=2><b>AGAINST</b>
      <br>
      |_| </font></td>
    <td valign="top" align="center" width="8">&nbsp;&nbsp;</td>
    <td valign="top" align="center" width="78"><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      |_| </font></td>
  </tr>
</table>
<BR>





<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" 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="700">
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" 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 valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">Dated:
        ____________________________________________________________</font></td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">X
        ________________________________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman" size="1">Signature</font>
        </font></td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">X
        ________________________________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman" size="1"></font>Signature,
        if held jointly </font></td>
    </tr>
  </table>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Sign, Date and
Return the Proxy Card Promptly Using the Enclosed Envelope. </B></FONT></P>


<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 18; page: 18" --> <!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>AUCTION MARKET&nbsp;&nbsp;
  <BR>
  PREFERRED STOCK </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>MUNIVEST FUND, INC.
                                  <BR>P.O. Box 9011                         <BR>Princeton, New
Jersey 08543-9011 </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>P R O X Y </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>This proxy is
solicited on behalf of the Board of Directors </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" 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
November 30, 2005 at the Annual Meeting of Stockholders of the Fund to be held on January
26, 2006 or any adjournment thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 05" 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=95%>
<FONT FACE="Times New Roman, Times, Serif" 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 &#147;FOR&#148;
Items 1 and 2.</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By signing and dating the reverse
side of this card, you authorize the proxies to vote Items 1 and 2 as marked, or if not
marked, to vote &#147;FOR&#148; Items 1 and 2, 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></P>

<!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(Continued
  and to be signed on the reverse side) </FONT> </P>
<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" --> <BR>
&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>







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





<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Please mark boxes </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="4">&#149; </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2">or |X| in blue
or black ink. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <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=95%><font face="Times New Roman, Times, Serif" size=2>ELECTION OF
      DIRECTORS </font></td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="700">
    <tr>
      <td valign=top width=216>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p><font face="Times New Roman" size="2">For <br>
          All <br>
          |_|</font></p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=59>
        <p><font face="Times New Roman" size="2">Withhold <br>
          All <br>
          |_|</font></p>
      </td>
      <td valign=top align="left" width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=56>
        <p><font face="Times New Roman" size="2">For All <br>
          Except <br>
          |_|</font></p>
      </td>
      <td valign=top align="left" width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=251>
        <p><font face="Times New Roman" size="2">To withhold authority to vote
          for certain nominees only, mark &#147;For All Except&#148; and </font><font face="Times New Roman" size="2">write
          each such nominee&#146;s number on the </font><font face="Times New Roman" size="2">line
          below.</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">01) Ronald W. Forbes</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">02) Richard R. West</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>

    <td valign=top width=251>
      <hr size="1" noshade>
    </td>
    </tr>
  </table>


<br>
<table border="0" cellspacing="0" cellpadding="0" width="740">
  <tr>
    <td align="left" valign="top" width="54"><font face="Times New Roman, Times, Serif" size=2>2.
      </font></td>
    <td align="left" valign="top" width="471"><font face="Times New Roman, Times, Serif" size=2>Proposal
      to approve an amendment to the Fund&#146;s fundamental investment restriction.</font></td>
    <td width="12">&nbsp;&nbsp;</td>
    <td valign="top" align="center" width="41"><font face="Times New Roman, Times, Serif" size=2><b>FOR</b>
      <br>
      |_| </font></td>
    <td valign="top" align="center" width="8">&nbsp;&nbsp;</td>
    <td valign="top" align="center" width="68"><font face="Times New Roman, Times, Serif" size=2><b>AGAINST</b>
      <br>
      |_| </font></td>
    <td valign="top" align="center" width="8">&nbsp;&nbsp;</td>
    <td valign="top" align="center" width="78"><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      |_| </font></td>
  </tr>
</table>
<br>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" 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="700">
  <tr>
    <td valign=top width=326 rowspan="7"> <font size="1">If the undersigned is
      a broker-dealer, it hereby instructs the proxies, pursuant to Rule 452 of
      the New York Stock Exchange to vote any uninstructed Auction Market Preferred
      Stock in the same proportion as votes cast by holders of Auction Market
      Preferred Stock who have responded to this proxy solicitation. </font> </td>
    <td valign=top width=28 rowspan="7">&nbsp;&nbsp;</td>
    <td valign=top width=346 align="left"> <font face="Times New Roman" 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 valign=top width=346 align="left">&nbsp; </td>
  </tr>
  <tr>
    <td valign=top width=346 align="left"> <font face="Times New Roman" size="1">Dated:
      ____________________________________________________________</font></td>
  </tr>
  <tr>
    <td valign=top width=346 align="left">&nbsp; </td>
  </tr>
  <tr>
    <td valign=top width=346 align="left"> <font face="Times New Roman" size="1">X
      ________________________________________________________________ <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman" size="1">Signature</font>
      </font></td>
  </tr>
  <tr>
    <td valign=top width=346 align="left">&nbsp; </td>
  </tr>
  <tr>
    <td valign=top width=346 align="left"> <font face="Times New Roman" size="1">X
      ________________________________________________________________ <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman" size="1"></font>Signature,
      if held jointly </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Sign, Date and
Return the Proxy Card Promptly Using the Enclosed Envelope. </B></FONT></P>



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





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




<!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>COMMON STOCK </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>MUNIVEST FUND II,
INC.                                   <BR>P.O. Box 9011                         <BR>Princeton,
New Jersey 08543-9011 </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>P R O X Y </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>This proxy is
solicited on behalf of the Board of Directors </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" 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 November 30,
2005 at the Annual Meeting of Stockholders of the Fund to be held on January 26, 2006 or
any adjournment thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 05" 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=95%>
<FONT FACE="Times New Roman, Times, Serif" 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 &#147;FOR&#148;
Items 1 and 2.</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By signing and dating the reverse
side of this card, you authorize the proxies to vote Items 1 and 2 as marked, or if not
marked, to vote &#147;FOR&#148; Items 1 and 2, 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></P>

<!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(Continued
  and to be signed on the reverse side) </FONT> </P>





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






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





<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Please mark boxes </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="4">&#149; </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2">or |X| in blue
or black ink. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<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=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ELECTION
OF DIRECTORS </FONT></TD>
</TR>
</TABLE>
<BR>


  <table border=0 cellspacing=0 cellpadding=0 width="700">
    <tr>
      <td valign=top width=216>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p><font face="Times New Roman" size="2">For <br>
          All <br>
          |_|</font></p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=59>
        <p><font face="Times New Roman" size="2">Withhold <br>
          All <br>
          |_|</font></p>
      </td>
      <td valign=top align="left" width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=56>
        <p><font face="Times New Roman" size="2">For All <br>
          Except <br>
          |_|</font></p>
      </td>
      <td valign=top align="left" width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=251>
        <p><font face="Times New Roman" size="2">To withhold authority to vote
          for certain nominees only, mark &#147;For All Except&#148; and </font><font face="Times New Roman" size="2">write
          each such nominee&#146;s number on the </font><font face="Times New Roman" size="2">line
          below.</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">01) Robert C. Doll, Jr.</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">02) Cynthia A. Montgomery</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">03) Jean Margo Reid</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">04) Roscoe S. Suddarth</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">05) Edward D. Zinbarg</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>

    <td valign=top width=251>
      <hr size="1" noshade>
    </td>
    </tr>
  </table>

<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table border="0" cellspacing="0" cellpadding="0" width="740">
  <tr>
    <td align="left" valign="top" width="54"><font face="Times New Roman, Times, Serif" size=2>2.
      </font></td>
    <td align="left" valign="top" width="471"><font face="Times New Roman, Times, Serif" size=2>Proposal
      to approve an amendment to the Fund&#146;s fundamental investment restriction.</font></td>
    <td width="12">&nbsp;&nbsp;</td>
    <td valign="top" align="center" width="41"><font face="Times New Roman, Times, Serif" size=2><b>FOR</b>
      <br>
      |_| </font></td>
    <td valign="top" align="center" width="8">&nbsp;&nbsp;</td>
    <td valign="top" align="center" width="68"><font face="Times New Roman, Times, Serif" size=2><b>AGAINST</b>
      <br>
      |_| </font></td>
    <td valign="top" align="center" width="8">&nbsp;&nbsp;</td>
    <td valign="top" align="center" width="78"><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      |_| </font></td>
  </tr>
</table>
<br>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" 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="700">
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" 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 valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">Dated:
        ____________________________________________________________</font></td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">X
        ________________________________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman" size="1">Signature</font>
        </font></td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">X
        ________________________________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman" size="1"></font>Signature,
        if held jointly </font></td>
    </tr>
  </table>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Sign, Date and
Return the Proxy Card Promptly Using the Enclosed Envelope. </B></FONT></P>



<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 22; page: 22" --> <!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>AUCTION MARKET&nbsp;&nbsp;
  <BR>
  PREFERRED STOCK </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>MUNIVEST FUND II,
INC.                                   <BR>P.O. Box 9011                         <BR>Princeton,
New Jersey 08543-9011 </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>P R O X Y </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>This proxy is
solicited on behalf of the Board of Directors </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" 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 November 30, 2005 at the Annual Meeting of Stockholders of the Fund to be held on
January 26, 2006 or any adjournment thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 05" 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=95%>
<FONT FACE="Times New Roman, Times, Serif" 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 &#147;FOR&#148;
Items 1 and 2.</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By signing and dating the reverse
side of this card, you authorize the proxies to vote Items 1 and 2 as marked, or if not
marked, to vote &#147;FOR&#148; Items 1 and 2, 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></P>

<!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(Continued and to be
signed on the reverse side)</I> </FONT> </P>



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





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




<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Please mark boxes </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="4">&#149; </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2">or |X| in blue
or black ink. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<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=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ELECTION
OF DIRECTORS  </FONT></TD>
</TR>
</TABLE>
<BR>

  <table border=0 cellspacing=0 cellpadding=0 width="700">
    <tr>
      <td valign=top width=216>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p><font face="Times New Roman" size="2">For <br>
          All <br>
          |_|</font></p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=59>
        <p><font face="Times New Roman" size="2">Withhold <br>
          All <br>
          |_|</font></p>
      </td>
      <td valign=top align="left" width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=56>
        <p><font face="Times New Roman" size="2">For All <br>
          Except <br>
          |_|</font></p>
      </td>
      <td valign=top align="left" width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=251>
        <p><font face="Times New Roman" size="2">To withhold authority to vote
          for certain nominees only, mark &#147;For All Except&#148; and </font><font face="Times New Roman" size="2">write
          each such nominee&#146;s number on the </font><font face="Times New Roman" size="2">line
          below.</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">01) Robert C. Doll, Jr.</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">02) Ronald W. Forbes</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">03) Cynthia A. Montgomery</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">04) Jean Margo Reid</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">05) Roscoe S. Suddarth</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">06) Richard R. West</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">07) Edward D. Zinbarg</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>

    <td valign=top width=251>
      <hr size="1" noshade>
    </td>
    </tr>
  </table>


<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table border="0" cellspacing="0" cellpadding="0" width="740">
  <tr>
    <td align="left" valign="top" width="54"><font face="Times New Roman, Times, Serif" size=2>2.
      </font></td>
    <td align="left" valign="top" width="471"><font face="Times New Roman, Times, Serif" size=2>Proposal
      to approve an amendment to the Fund&#146;s fundamental investment restriction.</font></td>
    <td width="12">&nbsp;&nbsp;</td>
    <td valign="top" align="center" width="41"><font face="Times New Roman, Times, Serif" size=2><b>FOR</b>
      <br>
      |_| </font></td>
    <td valign="top" align="center" width="8">&nbsp;&nbsp;</td>
    <td valign="top" align="center" width="68"><font face="Times New Roman, Times, Serif" size=2><b>AGAINST</b>
      <br>
      |_| </font></td>
    <td valign="top" align="center" width="8">&nbsp;&nbsp;</td>
    <td valign="top" align="center" width="78"><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b>
      <br>
      |_| </font></td>
  </tr>
</table>
<br>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" 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="700">
  <tr>
    <td valign=top width=326 rowspan="7"> <font size="1">If the undersigned is
      a broker-dealer, it hereby instructs the proxies, pursuant to Rule 452 of
      the New York Stock Exchange to vote any uninstructed Auction Market Preferred
      Stock in the same proportion as votes cast by holders of Auction Market
      Preferred Stock who have responded to this proxy solicitation. </font>
    </td>
    <td valign=top width=28 rowspan="7">&nbsp;&nbsp;</td>
    <td valign=top width=346 align="left"> <font face="Times New Roman" 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 valign=top width=346 align="left">&nbsp; </td>
  </tr>
  <tr>
    <td valign=top width=346 align="left"> <font face="Times New Roman" size="1">Dated:
      ____________________________________________________________</font></td>
  </tr>
  <tr>
    <td valign=top width=346 align="left">&nbsp; </td>
  </tr>
  <tr>
    <td valign=top width=346 align="left"> <font face="Times New Roman" size="1">X
      ________________________________________________________________ <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman" size="1">Signature</font>
      </font></td>
  </tr>
  <tr>
    <td valign=top width=346 align="left">&nbsp; </td>
  </tr>
  <tr>
    <td valign=top width=346 align="left"> <font face="Times New Roman" size="1">X
      ________________________________________________________________ <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman" size="1"></font>Signature,
      if held jointly </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Sign, Date and
Return the Proxy Card Promptly Using the Enclosed Envelope. </B></FONT></P>





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






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





<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>FLOATING
  RATE INCOME STRATEGIES FUND II, INC. <br>
  P.O. Box 9011 <br>
  Princeton, New Jersey 08543-9011 </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>P R O X Y </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>This proxy is
solicited on behalf of the Board of Directors </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" 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 November 30, 2005 at the Annual Meeting of Stockholders of the Fund to be
held on January 26, 2006 or any adjournment thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 05" 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=95%>
<FONT FACE="Times New Roman, Times, Serif" 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 &#147;FOR&#148;
Item 1.</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By signing and dating the reverse
side of this card, you authorize the proxies to vote Item 1 as marked, or if not marked,
to vote &#147;FOR&#148; Item 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></P>

<!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(Continued
  and to be signed on the reverse side)&nbsp; </FONT></P>
<br>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp;</font></td>
    <td width=60% align=center><font size="2"> </font></td>
    <td width=20% align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 20; page: 20" --> <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Please mark boxes </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="4">&#149; </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2">or |X| in blue
or black ink. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<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=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ELECTION
OF DIRECTORS </FONT></TD>
</TR>
</TABLE>
<BR>

  <table border=0 cellspacing=0 cellpadding=0 width="700">
    <tr>
      <td valign=top width=216>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p><font face="Times New Roman" size="2">For <br>
          All <br>
          |_|</font></p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=59>
        <p><font face="Times New Roman" size="2">Withhold <br>
          All <br>
          |_|</font></p>
      </td>
      <td valign=top align="left" width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=56>
        <p><font face="Times New Roman" size="2">For All <br>
          Except <br>
          |_|</font></p>
      </td>
      <td valign=top align="left" width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=251>
        <p><font face="Times New Roman" size="2">To withhold authority to vote
          for certain nominees only, mark &#147;For All Except&#148; and </font><font face="Times New Roman" size="2">write
          each such nominee&#146;s number on the </font><font face="Times New Roman" size="2">line
          below.</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">01) Robert C. Doll, Jr.</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">02) Ronald W. Forbes</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">03) Cynthia A. Montgomery</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">04) Jean Margo Reid</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">05) Roscoe S. Suddarth</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">06) Richard R. West</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">07) Edward D. Zinbarg</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>

    <td valign=top width=251>
      <hr size="1" noshade>
    </td>
    </tr>
  </table>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<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=95%><FONT FACE="Times New Roman, Times, Serif" 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="700">
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" 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 valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">Dated:
        ____________________________________________________________</font></td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">X
        ________________________________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman" size="1">Signature</font>
        </font></td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">X
        ________________________________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman" size="1"></font>Signature,
        if held jointly </font></td>
    </tr>
  </table>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Sign, Date and
Return the Proxy Card Promptly Using the Enclosed Envelope. </B></FONT></P>


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





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 25; page: 25" -->





<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>DIVERSIFIED INCOME
STRATEGIES PORTFOLIO, INC.                                                        <BR>P.O.
BOX 9011                                              <BR>PRINCETON, NEW JERSEY 08543-9011 </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>PROXY </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>This proxy is
solicited on behalf of the Board of Directors </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The undersigned hereby appoints
Robert C. Doll, Jr., Donald C. Burke 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
Diversified Income Strategies Portfolio, Inc. (the &#147;Fund&#148;) held of record by the
undersigned on November 30, 2005, at the Annual Meeting of Stockholders of the Fund to be
held on January 26, 2006 or any adjournment thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 05" 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=95%>
<FONT FACE="Times New Roman, Times, Serif" 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 &#147;FOR&#148; Item 1</B>. </FONT> </TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By signing and dating the reverse
side of this card, you authorize the proxies to vote Item 1 as marked, or if not marked,
to vote &#147;FOR&#148; Item 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></P>

<!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(Continued and to be
signed on the reverse side)</I> </FONT> </P>


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





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




<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Please mark boxes </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="4">&#149; </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2">or |X| in blue
or black ink. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<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=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ELECTION
OF DIRECTORS </FONT></TD>
</TR>
</TABLE>
<BR>

  <table border=0 cellspacing=0 cellpadding=0 width="700">
    <tr>
      <td valign=top width=216>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p><font face="Times New Roman" size="2">For <br>
          All <br>
          |_|</font></p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=59>
        <p><font face="Times New Roman" size="2">Withhold <br>
          All <br>
          |_|</font></p>
      </td>
      <td valign=top align="left" width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=56>
        <p><font face="Times New Roman" size="2">For All <br>
          Except <br>
          |_|</font></p>
      </td>
      <td valign=top align="left" width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top align="left" width=251>
        <p><font face="Times New Roman" size="2">To withhold authority to vote
          for certain nominees only, mark &#147;For All Except&#148; and </font><font face="Times New Roman" size="2">write
          each such nominee&#146;s number on the </font><font face="Times New Roman" size="2">line
          below.</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">01) Robert C. Doll, Jr.</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">02) Ronald W. Forbes</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">03) Cynthia A. Montgomery</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">04) Jean Margo Reid</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">05) Roscoe S. Suddarth</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">06) Richard R. West</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=251>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=216>
        <p><font face="Times New Roman" size="2">07) Edward D. Zinbarg</font></p>
      </td>
      <td valign=top width=18>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=47>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=22>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=59>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=14>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=56>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=17>
        <p>&nbsp;</p>
      </td>

    <td valign=top width=251>
      <hr size="1" noshade>
    </td>
    </tr>
  </table>

<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<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=95%><FONT FACE="Times New Roman, Times, Serif" 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="700">
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" 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 valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">Dated:
        ____________________________________________________________</font></td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">X
        ________________________________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman" size="1">Signature</font>
        </font></td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left">&nbsp; </td>
    </tr>
    <tr>
      <td valign=top width=331>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=369 align="left"> <font face="Times New Roman" size="1">X
        ________________________________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman" size="1"></font>Signature,
        if held jointly </font></td>
    </tr>
  </table>



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