-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 DRr/QdJiOQwDyylb/YzS94Q/gFSFTNonFkb67PX9ZoyZHfeKhJNwBtXxJcS9YC7r
 8nL/hAfOf+8W2ehAlcayOA==

<SEC-DOCUMENT>0000891092-06-001532.txt : 20060615
<SEC-HEADER>0000891092-06-001532.hdr.sgml : 20060615
<ACCEPTANCE-DATETIME>20060615161156
ACCESSION NUMBER:		0000891092-06-001532
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20060615
FILED AS OF DATE:		20060615
DATE AS OF CHANGE:		20060615
EFFECTIVENESS DATE:		20060615

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD ARIZONA FUND INC /NJ/
		CENTRAL INDEX KEY:			0000911308
		IRS NUMBER:				223246522
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07083
		FILM NUMBER:		06907506

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIYIELD ARIZONA FUND II INC
		DATE OF NAME CHANGE:	19930826

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNI INTERMEDIATE DURATION FUND INC
		CENTRAL INDEX KEY:			0001232860
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21348
		FILM NUMBER:		06907535

	MAIL ADDRESS:	
		STREET 1:		C/O MERRILL LYNCH ASSET MANAGEMENT
		STREET 2:		800 SCUDDERS MILL ROAD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNI NEW YORK INTERMEDIATE DURATION FUND INC
		CENTRAL INDEX KEY:			0001232863
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21346
		FILM NUMBER:		06907534

	MAIL ADDRESS:	
		STREET 1:		C/O MERRILL LYNCH ASSET MANAGEMENT
		STREET 2:		800 SCUDDERS MILL ROAD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CORPORATE HIGH YIELD FUND V INC
		CENTRAL INDEX KEY:			0001160469
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-10521
		FILM NUMBER:		06907513

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

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

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08215
		FILM NUMBER:		06907527

	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:			CORPORATE HIGH YIELD FUND III INC
		CENTRAL INDEX KEY:			0001049549
		IRS NUMBER:				223560585
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08497
		FILM NUMBER:		06907514

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CAPITAL & INCOME STRATEGIES FUND INC
		CENTRAL INDEX KEY:			0001278895
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21506
		FILM NUMBER:		06907497

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

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05611
		FILM NUMBER:		06907523

	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:			MUNIYIELD INSURED FUND INC
		CENTRAL INDEX KEY:			0000883412
		IRS NUMBER:				223165131
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06540
		FILM NUMBER:		06907503

	BUSINESS ADDRESS:	
		STREET 1:		800 SCUDDERS MILL ROAD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08530
		BUSINESS PHONE:		6092822800

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIASSETS FUND INC
		CENTRAL INDEX KEY:			0000901243
		IRS NUMBER:				223239638
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07642
		FILM NUMBER:		06907511

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIINCOME FUND INC
		DATE OF NAME CHANGE:	19930517

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD NEW JERSEY FUND INC
		CENTRAL INDEX KEY:			0000884216
		IRS NUMBER:				223153971
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06570
		FILM NUMBER:		06907502

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 9011
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543
		BUSINESS PHONE:		6092822800

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FLOATING RATE INCOME STRATEGIES FUND INC
		CENTRAL INDEX KEY:			0001259708
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21413
		FILM NUMBER:		06907530

	BUSINESS ADDRESS:	
		STREET 1:		MERRILL LYNCH ASSET MANAGEMENT
		STREET 2:		800 SCUDDERS MILL ROAD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536
		BUSINESS PHONE:		6092822000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIENHANCED FUND INC
		CENTRAL INDEX KEY:			0000844172
		IRS NUMBER:				222946695
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05739
		FILM NUMBER:		06907510

	BUSINESS ADDRESS:	
		STREET 1:		P O BOX 9011
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543
		BUSINESS PHONE:		6092823319

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD MICHIGAN INSURED FUND INC
		CENTRAL INDEX KEY:			0000890393
		IRS NUMBER:				223196060
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07080
		FILM NUMBER:		06907540

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIYIELD MICHIGAN INSURED FUND II INC
		DATE OF NAME CHANGE:	20020620

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIYIELD MICHIGAN INSURED FUND INC
		DATE OF NAME CHANGE:	19920929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PREFERRED INCOME STRATEGIES FUND INC
		CENTRAL INDEX KEY:			0001215664
		IRS NUMBER:				371461533
		STATE OF INCORPORATION:			MD

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21286
		FILM NUMBER:		06907496

	BUSINESS ADDRESS:	
		STREET 1:		800 SCUDDERS MILL ROAD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536
		BUSINESS PHONE:		6092822116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PREFERRED INCOME FUND INC
		DATE OF NAME CHANGE:	20030123

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CORPORATE HIGH YIELD FUND VI INC
		CENTRAL INDEX KEY:			0001222401
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21318
		FILM NUMBER:		06907512

	BUSINESS ADDRESS:	
		STREET 1:		C/O MERRILL LYNCH ASSET MANAGEMENT
		STREET 2:		800 SCUDDERS MILL ROAD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536
		BUSINESS PHONE:		6092822116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CORPORATE HIGH YIELD VI
		DATE OF NAME CHANGE:	20030310

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PREFERRED & CORPORATE INCOME STRATEGIES FUND INC
		CENTRAL INDEX KEY:			0001229876
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21341
		FILM NUMBER:		06907537

	BUSINESS ADDRESS:	
		STREET 1:		800 SCUDDERS MILL ROAD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536
		BUSINESS PHONE:		6092822116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PREFERRED INCOME STRATEGIES FUND II INC
		DATE OF NAME CHANGE:	20030430

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD QUALITY FUND INC
		CENTRAL INDEX KEY:			0000890196
		IRS NUMBER:				223170744
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06660
		FILM NUMBER:		06907500

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			APEX MUNICIPAL FUND INC
		CENTRAL INDEX KEY:			0000817998
		IRS NUMBER:				222984252
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05227
		FILM NUMBER:		06907516

	BUSINESS ADDRESS:	
		STREET 1:		MERRILL LYNCH ASSET MANAGEMENT
		STREET 2:		800 SCUDDERS MILL RD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536
		BUSINESS PHONE:		6092822518

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MAXIMUM YIELD MUNICIPAL FUND INC
		DATE OF NAME CHANGE:	19871019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIMAX FUND INC
		DATE OF NAME CHANGE:	19871015

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08349
		FILM NUMBER:		06907529

	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:			CORPORATE HIGH YIELD FUND INC
		CENTRAL INDEX KEY:			0000900724
		IRS NUMBER:				223238901
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07634
		FILM NUMBER:		06907515

	BUSINESS ADDRESS:	
		STREET 1:		800 SCUDDERS MILL RD
		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:			MUNIYIELD QUALITY FUND II INC
		CENTRAL INDEX KEY:			0000887394
		IRS NUMBER:				223194461
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06660
		FILM NUMBER:		06907499

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

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

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07478
		FILM NUMBER:		06907522

	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 FUND INC
		CENTRAL INDEX KEY:			0001034665
		IRS NUMBER:				223508039
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08081
		FILM NUMBER:		06907528

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

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:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21637
		FILM NUMBER:		06907532

	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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Enhanced Equity Yield Fund, Inc.
		CENTRAL INDEX KEY:			0001318906
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21722
		FILM NUMBER:		06907517

	BUSINESS ADDRESS:	
		STREET 1:		800 SCUDDERS MILL ROAD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536
		BUSINESS PHONE:		609-282-1212

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Enhanced Income Fund, Inc.
		DATE OF NAME CHANGE:	20050224

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Enhanced Equity Yield & Premium Fund, Inc.
		CENTRAL INDEX KEY:			0001323785
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0401

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21755
		FILM NUMBER:		06907519

	BUSINESS ADDRESS:	
		STREET 1:		800 SCUDDERS MILL ROAD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08562
		BUSINESS PHONE:		609-282-1212

	MAIL ADDRESS:	
		STREET 1:		800 SCUDDERS MILL ROAD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08562

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Enhanced Government Fund
		CENTRAL INDEX KEY:			0001336050
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21793
		FILM NUMBER:		06907518

	BUSINESS ADDRESS:	
		STREET 1:		800 SCUDDERS MILL ROAD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536
		BUSINESS PHONE:		609-282-1212

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Enhanced Government Income Fund
		DATE OF NAME CHANGE:	20050812

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIHOLDINGS INSURED FUND II INC
		CENTRAL INDEX KEY:			0001071899
		IRS NUMBER:				223636347
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-09191
		FILM NUMBER:		06907508

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EUROPE FUND INC
		CENTRAL INDEX KEY:			0000860510
		IRS NUMBER:				133567015
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06042
		FILM NUMBER:		06907498

	BUSINESS ADDRESS:	
		STREET 1:		800 SCUDDERS MILL RD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536
		BUSINESS PHONE:		6092820785

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

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08217
		FILM NUMBER:		06907524

	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:			MUNIYIELD FUND INC
		CENTRAL INDEX KEY:			0000879361
		IRS NUMBER:				223136942
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06414
		FILM NUMBER:		06907507

	BUSINESS ADDRESS:	
		STREET 1:		800 SCUDDERS MILL RD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08543-9011
		BUSINESS PHONE:		6092822800

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD NEW YORK INSURED FUND INC
		CENTRAL INDEX KEY:			0000882150
		IRS NUMBER:				223144223
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06500
		FILM NUMBER:		06907501

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEW YORK MUNIYIELD FUND INC
		DATE OF NAME CHANGE:	19600201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD MICHIGAN INSURED FUND II INC
		CENTRAL INDEX KEY:			0000882151
		IRS NUMBER:				223144219
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06501
		FILM NUMBER:		06907493

	BUSINESS ADDRESS:	
		STREET 1:		800 SCUDDERS MILL RD
		STREET 2:		C/O MERRILL LYNCH ASSET MANAGEMENT
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08543-9011
		BUSINESS PHONE:		6092822800

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIYIELD MICHIGAN FUND INC
		DATE OF NAME CHANGE:	19920717

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MICHIGAN MUNIYIELD FUND INC
		DATE OF NAME CHANGE:	19600201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD CALIFORNIA FUND INC
		CENTRAL INDEX KEY:			0000882152
		IRS NUMBER:				223144221
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06499
		FILM NUMBER:		06907505

	BUSINESS ADDRESS:	
		STREET 1:		800 SCUDDERS MILL RD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08543-9011
		BUSINESS PHONE:		6092822800

	MAIL ADDRESS:	
		STREET 1:		P O BOX 9066
		STREET 2:		C/O MERRILL LYNCH ASSET MANAGEMENT
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543-9011

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CALIFORNIA MUNIYIELD FUND INC
		DATE OF NAME CHANGE:	19600201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD FLORIDA FUND
		CENTRAL INDEX KEY:			0000882153
		IRS NUMBER:				223144222
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06502
		FILM NUMBER:		06907520

	BUSINESS ADDRESS:	
		STREET 1:		800 SCUDDERS MILL RD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08543-9011
		BUSINESS PHONE:		6092822800

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FLORIDA MUNIYIELD FUND INC
		DATE OF NAME CHANGE:	19600201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD CALIFORNIA INSURED FUND INC
		CENTRAL INDEX KEY:			0000888410
		IRS NUMBER:				223194459
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06692
		FILM NUMBER:		06907504

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIYIELD CALIFORNIA INSURED FUND II INC
		DATE OF NAME CHANGE:	19920929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD NEW JERSEY INSURED FUND INC
		CENTRAL INDEX KEY:			0000891037
		IRS NUMBER:				223196059
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07138
		FILM NUMBER:		06907539

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIYIELD NEW JERSEY FUND II INC
		DATE OF NAME CHANGE:	19600201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD PENNSYLVANIA FUND
		CENTRAL INDEX KEY:			0000891038
		IRS NUMBER:				223199516
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07136
		FILM NUMBER:		06907538

	BUSINESS ADDRESS:	
		STREET 1:		800 SCUDDERS MILL RD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08543-9011
		BUSINESS PHONE:		6092822800

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD FLORIDA INSURED FUND /NJ/
		CENTRAL INDEX KEY:			0000891188
		IRS NUMBER:				223196058
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07156
		FILM NUMBER:		06907495

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIYIELD FLORIDA FUND II
		DATE OF NAME CHANGE:	19600201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIYIELD FLORIDA INSURED FUND
		DATE OF NAME CHANGE:	19600201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SENIOR HIGH INCOME PORTFOLIO INC
		CENTRAL INDEX KEY:			0000896665
		IRS NUMBER:				223226962
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07456
		FILM NUMBER:		06907521

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DEBT STRATEGIES FUND
		CENTRAL INDEX KEY:			0001051003
		IRS NUMBER:				223564108
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08603
		FILM NUMBER:		06907533

	BUSINESS ADDRESS:	
		STREET 1:		MERRILL LYNCH ASSET MANAGEMENT
		STREET 2:		PO BOX 9011
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543-9011
		BUSINESS PHONE:		6092823087

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEBT STRATEGIES FUND II INC
		DATE OF NAME CHANGE:	19971208

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIHOLDINGS CALIFORNIA INSURED FUND
		CENTRAL INDEX KEY:			0001051004
		IRS NUMBER:				223559052

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08573
		FILM NUMBER:		06907509

	BUSINESS ADDRESS:	
		STREET 1:		MERRILL LYNCH INVESTMENT MANAGERS
		STREET 2:		800 SCUDDERS MILL RD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536
		BUSINESS PHONE:		6092823087

	MAIL ADDRESS:	
		STREET 1:		MERRILL LYNCH INVESTMENT MANAGERS
		STREET 2:		PO BOX 9011 INFORMATION SYSTEMS SEC 2-B,
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543-9011

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIHOLDINGS CALIFORNIA INSURED FUND II INC/
		DATE OF NAME CHANGE:	19980120

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIHOLDINGS CALIFORNIA FUND INC/
		DATE OF NAME CHANGE:	19971218

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIHOLDINGS CALIFORNIA INSURED FUND II INC
		DATE OF NAME CHANGE:	19971208

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08621
		FILM NUMBER:		06907525

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIHOLDINGS INSURED FUND INC/NJ
		CENTRAL INDEX KEY:			0001058234
		IRS NUMBER:				223544348
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08707
		FILM NUMBER:		06907526

	BUSINESS ADDRESS:	
		STREET 1:		C/O MERRILL LYNCH ASSET MANAGEMENT
		STREET 2:		800 SCUDDERS MILL RD
		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, SECTION 2-B
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543-9011

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			S&P 500 PROTECTED EQUITY FUND
		CENTRAL INDEX KEY:			0001090431
		IRS NUMBER:				223682948

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-09479
		FILM NUMBER:		06907536

	BUSINESS ADDRESS:	
		STREET 1:		800 SCUDDERS MILL ROAD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536
		BUSINESS PHONE:		6092820785

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	S&P 500 R PROTECTED EQUITY FUND INC
		DATE OF NAME CHANGE:	19991102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MARKET PARTICIPATION PRINCIPAL PROTECTION FUND INC
		DATE OF NAME CHANGE:	19990713

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21464
		FILM NUMBER:		06907531

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>e24157def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>




<!-- MARKER FORMAT-SHEET="Center Head 3 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>SCHEDULE 14A  </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 Statement
Pursuant to Section 14(a) of the <BR>Securities Exchange Act of 1934  </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Filed by the Registrant  |X|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filed by a Party other than the Registrant |_| </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Check the appropriate box:  </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>|_|  </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>Preliminary
Proxy Statement. </FONT></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>|_|  </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"><B>Confidential,
for use of the Commission Only (as permitted by Rule 14a-6(e)(2)).</B> </FONT> </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>|X|  </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>Definitive
Proxy Statement.  Definitive Proxy Statement. </FONT></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>|_|  </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>Definitive
Additional Materials. </FONT></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>|_|  </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>Soliciting
Material Pursuant to Sec. 240.14a-12. </FONT></TD>
</TR>
</TABLE>
<BR>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>
     <TD WIDTH=56% ALIGN=CENTER><FONT SIZE=2>MuniYield Florida Insured Fund</FONT></TD>
     <TD WIDTH=43% ALIGN=CENTER><FONT SIZE=2>Apex Municipal Fund, Inc.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>MuniYield Michigan Insured Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>Corporate High Yield Fund, Inc.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>MuniYield New Jersey Insured Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>Corporate High Yield Fund III, Inc.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>MuniYield Pennsylvania Insured Fund</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>Corporate High Yield Fund V, Inc.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>The S&amp;P 500<sup><font size=1>&reg;</font></sup>Protected Equity Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>Corporate High Yield Fund VI, Inc.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>Muni Intermediate Duration Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>MuniAssets Fund, Inc.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>Muni New York Intermediate Duration Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>MuniEnhanced Fund, Inc.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>Debt Strategies Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>MuniHoldings California Insured Fund, Inc.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>Diversified Income Strategies Portfolio, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>MuniHoldings Insured Fund II, Inc.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>Floating Rate Income Strategies Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>MuniYield Fund, Inc.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>Floating Rate Income Strategies Fund II, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>MuniYield Arizona Fund, Inc.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>MuniHoldings Florida Insured Fund</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>MuniYield California Fund, Inc.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>MuniHoldings Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>MuniYield California Insured Fund, Inc.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>MuniHoldings Fund II, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>MuniYield Florida Fund</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>MuniHoldings Insured Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>MuniYield Insured Fund, Inc.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>MuniHoldings New Jersey Insured Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>MuniYield Michigan Insured Fund II, Inc.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>MuniHoldings New York Insured Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>MuniYield New Jersey Fund, Inc.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>MuniVest Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>MuniYield New York Insured Fund, Inc.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>MuniVest Fund II, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>MuniYield Quality Fund, Inc.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>Senior High Income Portfolio, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>MuniYield Quality Fund II, Inc.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>Preferred and Corporate Income Strategies Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>The Europe Fund, Inc.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>Enhanced Equity Yield &amp; Premium Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>Capital And Income Strategies Fund, Inc.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>Enhanced Government Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>Preferred Income Strategies Fund, Inc.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>Enhanced Equity Yield Fund, Inc.</FONT></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<hr size=1>
<div align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>(Name of Registrant
as Specified in its Charter) </B></FONT>






<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
</div>
<hr size=1>
<div align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>(Name of Person(s)
Filing Proxy Statement, if Other Than the Registrant) </B></FONT>


<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>
  &nbsp;
</div>
<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: 39; page: 39" -->




<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Payment Of Filing Fee (Check the
appropriate box): </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>|X|  </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>No
fee required. </FONT></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>|_|  </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>Fee
computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 10" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      1)  </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Title
of each class of securities to which transaction applies: </FONT></TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD WIDTH=90%>&nbsp;</TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=95% colspan="3">
      <hr size=1>
    </TD>
  </TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Para Hang 10" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      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>Aggregate
number of securities to which transaction applies: </FONT></TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD WIDTH=90%>&nbsp;</TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=95% colspan="3">
      <hr size=1>
    </TD>
  </TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Para Hang 10" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      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>Per
unit price or other underlying value of transaction computed pursuant to Exchange Act
Rule 0-11 (set forth the amount            on which the filing fee is calculated and
state how it was determined): </FONT></TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD WIDTH=90%>&nbsp;</TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=95% colspan="3">
      <hr size=1>
    </TD>
  </TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Para Hang 10" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      4)  </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>Proposed
maximum aggregate value of transaction: </FONT></TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD WIDTH=90%>&nbsp;</TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=95% colspan="3">
      <hr size=1>
    </TD>
  </TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Para Hang 10" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=4%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=4%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      5)  </FONT></TD>
    <TD width="1%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=91%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total
fee paid: </FONT></TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=4%>&nbsp;</TD>
    <TD WIDTH=4%>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD WIDTH=91%>&nbsp;</TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=4%>&nbsp;</TD>
    <TD colspan="3">
      <hr size=1>
    </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>|_|  </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>Fee
paid previously with preliminary materials. </FONT></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>|_|  </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>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>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 10" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=4%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=4%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      1)  </FONT></TD>
    <TD width="1%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=91%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amount
Previously Paid: </FONT></TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=4%>&nbsp;</TD>
    <TD WIDTH=4%>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD WIDTH=91%>&nbsp;</TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=4%>&nbsp;</TD>
    <TD colspan="3">
      <hr size=1>
    </TD>
  </TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Para Hang 10" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      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>Form,
Schedule or Registration Statement No.: </FONT>
      </TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD WIDTH=90%>&nbsp;</TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=95% colspan="3">
      <hr size=1>
    </TD>
  </TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Para Hang 10" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=4%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=4%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      3)  </FONT></TD>
    <TD width="1%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=91%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Filing
Party: </FONT></TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=4%>&nbsp;</TD>
    <TD WIDTH=4%>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD WIDTH=91%>&nbsp;</TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=4%>&nbsp;</TD>
    <TD colspan="3">
      <hr size=1>
    </TD>
  </TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Para Hang 10" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=4%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=4%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      4)  </FONT></TD>
    <TD width="1%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=91%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
Filed: </FONT></TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=4%>&nbsp;</TD>
    <TD WIDTH=4%>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD WIDTH=91%>&nbsp;</TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=4%>&nbsp;</TD>
    <TD colspan="3">
      <hr size=1>
    </TD>
  </TR>
</TABLE>
<BR>

<!-- 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">-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: 40; page: 40" -->




<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>MERRILL LYNCH FUNDS*<BR>
                                                            P.O. Box 9011<BR>
                                                   Princeton, New Jersey 08543-9011 </B></FONT></P>


<!-- MARKER FORMAT-SHEET="Right Head Bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 15, 2006  </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dear Shareholder: </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;An
annual or special meeting of your Merrill Lynch Fund* (each, a &#147;Fund,&#148; and collectively,
the &#147;Funds&#148;) will be held at the offices of Merrill Lynch Investment Managers, L.P., 800
Scudders Mill Road, Plainsboro, New Jersey 08536, on Monday, July 31, 2006, or Tuesday,
August 15, 2006 (see Appendix A of the enclosed joint proxy statement for the date of
your Fund&#146;s meeting), at 9:00 a.m. (Eastern time), to vote on the proposals listed in the
enclosed joint proxy statement. </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;Merrill
Lynch &amp; Co., Inc. (&#147;ML &amp; Co.&#148;), the parent company of the Funds&#146; investment advisers, and
BlackRock, Inc., have agreed to a transaction (the &#147;Transaction&#148;) to combine Merrill
Lynch Investment Managers, LP and certain affiliates (&#147;MLIM&#148;) with BlackRock, Inc. to
form a new asset management company.  The Transaction, when it is consummated, will cause
the Funds&#146; investment advisory agreements to terminate.  In order for the management of
each Fund to continue uninterrupted after the Transaction, we are asking the shareholders
of each Fund to approve a new investment advisory agreement.  We are also asking
shareholders of each Fund to approve a new subadvisory agreement with BlackRock Advisors,
Inc. or its successor on a contingent basis to the extent the Fund&#146;s Board of Directors/Trustees and MLIM
deem it necessary and in the best interests of the Fund and its shareholders that
BlackRock Advisors, Inc. assist in managing the operations of the Fund during the interim
period prior to the consummation of the Transaction.  Each Fund&#146;s total fees for services
under its new investment advisory agreement and contingent subadvisory agreement will be
no higher than the fees currently payable under its existing investment advisory
agreement. </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
addition, the shareholders of certain Funds will be asked to elect Directors/Trustees of
their Funds. </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>The
Directors/Trustees responsible for your Fund recommend that you vote FOR these proposals
to be presented at the meeting applicable to your Fund.</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;You
are cordially invited to attend any meeting at which you may vote shares.  <b>Shareholders
who do not expect to attend any such 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>

<!-- 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
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
1-866-752-6486. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Hang 20" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=65%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=30%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Sincerely, <BR><BR>
      R<font size="1">OBERT</font> C. D<font size="1">OLL</font>, J<font size="1">R</font>.</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="1"> </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>
      <I>President</I> </FONT> </TD>
</TR>
</TABLE>
<br>
<br>
<!-- MARKER FORMAT-SHEET="Cutoff rule Footnote" FSL="Workstation" -->
<br>
<HR SIZE=1 noshade ALIGN=left  WIDTH=75>
<!-- MARKER FORMAT-SHEET="Footnote Left" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=left 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
Funds are listed in the Notice of Meeting and in Appendix A to the enclosed joint proxy
statement.</FONT></TD></TR></TABLE>

&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: 41; page: 41" -->





<!-- MARKER FORMAT-SHEET="Center no bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(This page
intentionally left blank) </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: 1; page: 1" -->






<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>IMPORTANT NEWS <BR>FOR FUND SHAREHOLDERS </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>While we encourage you to read the
full text of the enclosed Joint Proxy Statement, for your convenience, we have provided a
brief overview of the matters to be voted on. </FONT></P>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>QUESTIONS AND ANSWERS </B></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"><b>Q:</b> </font> </td>
    <td><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;</b> </font> </td>
    <td width=95%><font face="Times New Roman, Times, Serif" size="2"><b>What
am I being asked to approve in this proxy statement?</b> </font> </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>A: </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>You
are being asked to vote in favor of proposals: </font></td>
  </tr>
</table>
<br>

<!-- MARKER FORMAT-SHEET="Para Hang 10" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>      1  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>To
elect a Board of Directors/Trustees for certain of the Funds. </font></td>
  </tr>
</table>
<br>


<!-- MARKER FORMAT-SHEET="Para Hang 10" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>      2.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>To
approve a new investment advisory agreement between your Fund and BlackRock Advisors,
Inc. or its successor (&#147;BlackRock Advisors&#148;).            This new investment advisory agreement will take
effect when the transaction (the &#147;Transaction&#148;) to combine Merrill Lynch
           Investment Managers, LP and certain affiliates (&#147;MLIM&#148;) with BlackRock, Inc.
to form a new asset management company is            complete.  Until that time, it is
expected that your Fund&#146;s current investment adviser will continue to manage your Fund. </font></td>
  </tr>
</table>
<br>


<!-- MARKER FORMAT-SHEET="Para Hang 10" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>      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>To
approve a contingent subadvisory agreement between your Fund&#146;s investment adviser and
BlackRock Advisors.  This            contingent subadvisory agreement will only take
effect upon recommendation from your Fund&#146;s current investment adviser and
           upon the subsequent approval of your Fund&#146;s Board of Directors/Trustees.  It would be put in place
to ensure that an appropriate level of            portfolio management capability exists
until the Transaction is complete. </font></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"><b>Q:</b></font> </td>
    <td><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;</b> </font> </td>
    <td width=95%><font face="Times New Roman, Times, Serif" size="2"><b>Why
am I being asked to vote on a new investment advisory agreement and a contingent
subadvisory agreement?</b> </font> </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>A:  </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>&nbsp;Merrill
Lynch &amp; Co., Inc. (&#147;ML &amp; Co.&#148;) is the parent company of the Funds&#146; investment
advisers and certain of the Funds&#146;       subadvisers.  ML &amp; Co. has entered into
an agreement to combine its investment management business, which includes the business
      of the Funds&#146; investment advisers and certain of the Funds&#146; subadvisers,
with BlackRock, Inc., to form a new asset management       company.  As a result of the
Transaction, ML &amp; Co. is expected to have an ownership interest (which includes a
voting interest) in the combined company.  The Transaction will result in an assignment
of the Funds&#146; investment advisory       agreements, and thereby will cause such
agreements to terminate.  <BR><BR>The closing of the Transaction, which is currently expected to
take place in the third quarter of 2006, is subject, among other things, to approval by
shareholders of BlackRock, Inc., and approval of the proposed new investment advisory
arrangements by a sufficient number of the funds managed by MLIM such that revenues
generated from such investment advisory arrangements are maintained at a level equal to
75% of such revenues on December 31, 2005.  </FONT></TD>
</TR>
</TABLE>
<BR>



<!-- 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>
Your
Fund&#146;s Board of Directors/Trustees       has approved, and recommends that you
approve, the new investment advisory agreements.  In addition, your Fund&#146;s Board of
      Directors/Trustees has approved, and recommends that you approve, a contingent
subadvisory agreement for the Fund, which will       serve to ensure, to the extent
deemed necessary by your Fund&#146;s Board of Directors/Trustees, that an appropriate
level of portfolio management capability        can continue during the course of
completing the Transaction.  </FONT></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"><b>Q:</b></font> </td>
    <td><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;</b> </font> </td>
    <td width=95%><font face="Times New Roman, Times, Serif" size="2"><b>How
does the proposed new investment advisory agreement differ from my Fund&#146;s existing
agreement?</b> </font> </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>A:  </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>Other
than the identity of the investment adviser, each Fund&#146;s new investment advisory
agreement is  similar in       all material respects to its existing
investment advisory agreement. </font></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"><b>Q:</b> </font> </td>
    <td><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;</b> </font> </td>
    <td width=95%><font face="Times New Roman, Times, Serif" size="2"><b>Will
the total fees payable under my current investment advisory agreement increase?</b> </font> </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>A: </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>No.
 The total fees payable under the new investment advisory agreement, including waivers and expense reimbursements,   will be no higher
than the fees under your current       investment advisory agreement.  Any fees payable
under the contingent subadvisory agreement will be paid solely by your Fund&#146;s
      adviser at no additional cost to you or your Fund.  One Fund included in the Joint
Proxy Statement, The Europe Fund, Inc.,       currently operates under separate
investment advisory and  administration
agreements, and both functions will continue to       operate independently and the fees
payable under both agreements will remain the same. </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- 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: 71; page: 71" -->



<!-- 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"><b>Q:</b></font></td>
    <td><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;</b> </font> </td>
    <td width=95%><font face="Times New Roman, Times, Serif" size="2"><b>How
do the Board members suggest I vote in connection with the matters to be considered at
the meeting?</b> </font> </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>A:  </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>After
careful consideration, the Board of your Fund recommends that you vote FOR each of the
proposals being presented to       shareholders at the meeting. </font></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"><b>Q:</b> </font> </td>
    <td><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;</b> </font> </td>
    <td width=95%><font face="Times New Roman, Times, Serif" size="2"><b>Will
my vote make a difference?</b> </font> </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>A:  </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>Your
vote is needed to ensure that a quorum is present at the meetings and that sufficient
votes are cast so that the proposals       can be acted upon.  We encourage all
shareholders to participate in the governance of their Fund. </font></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"><b>Q:</b></font> </td>
    <td><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;</b> </font> </td>
    <td width=95%><font face="Times New Roman, Times, Serif" size="2"><b>Are
the Funds paying for preparation, printing and mailing of this proxy?</b> </font> </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>A: </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>No,
all costs will be borne by ML &amp; Co. whether or not the proposals are successful. </font></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"><b>Q:</b></font> </td>
    <td><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;</b> </font> </td>
    <td width=95%><font face="Times New Roman, Times, Serif" size="2"><b>Whom
do I call if I have questions?</b> </font> </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>A: </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>If
you need any assistance, or have any questions regarding the proposals or how to vote
your shares, please call Computershare       Fund Services at 1-866-752-6486. </font></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"><b>Q:</b></font> </td>
    <td><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;</b> </font> </td>
    <td width=95%><font face="Times New Roman, Times, Serif" size="2"><b>How
do I vote my shares?</b> </font> </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>A: </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>You
can vote your shares by attending the meeting, or if you do not expect to attend, by
completing and signing each enclosed       proxy card and mailing it in the
enclosed-postage-paid envelope.  Alternatively, you may vote by telephone by calling the
      toll-free number on the voting instruction form or by computer by going to the
Internet address provided on the proxy card and       following the instructions, using
your voting instruction form as a guide. </font></td>
  </tr>
</table>
<BR>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>It is important that
you vote promptly. </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">ii&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: 43; page: 43" -->





<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>
     <TD WIDTH=56% ALIGN=CENTER><FONT SIZE="2"><B>MuniYield Florida Insured Fund</B> </FONT></TD>
     <TD WIDTH=43% ALIGN=CENTER><FONT SIZE="2"><B>Apex Municipal Fund, Inc.</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>MuniYield Michigan Insured Fund, Inc.</B> </FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>Corporate High Yield Fund, Inc.</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>MuniYield New Jersey Insured Fund, Inc.</B> </FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>Corporate High Yield Fund III, Inc.</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>MuniYield Pennsylvania Insured Fund</B> </FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>Corporate High Yield Fund V, Inc.</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>The S&amp;P 500<sup><font size=1>&reg;</font></sup>Protected Equity Fund, Inc.</B> </FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>Corporate High Yield Fund VI, Inc.</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>Muni Intermediate Duration Fund, Inc.</B> </FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>MuniAssets Fund, Inc.</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>Muni New York Intermediate Duration Fund, Inc.</B> </FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>MuniEnhanced Fund, Inc.</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>Debt Strategies Fund, Inc.</B> </FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>MuniHoldings California Insured Fund, Inc.</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>Diversified Income Strategies Portfolio, Inc.</B> </FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>MuniHoldings Insured Fund II, Inc.</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>Floating Rate Income Strategies Fund, Inc.</B> </FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>MuniYield Fund, Inc.</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>Floating Rate Income Strategies Fund II, Inc.</B> </FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>MuniYield Arizona Fund, Inc.</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>MuniHoldings Florida Insured Fund</B> </FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>MuniYield California Fund, Inc.</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>MuniHoldings Fund, Inc.</B> </FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>MuniYield California Insured Fund, Inc.</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>MuniHoldings Fund II, Inc.</B> </FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>MuniYield Florida Fund</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>MuniHoldings Insured Fund, Inc.</B> </FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>MuniYield Insured Fund, Inc.</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>MuniHoldings New Jersey Insured Fund, Inc.</B> </FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>MuniYield Michigan Insured Fund II, Inc.</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>MuniHoldings New York Insured Fund, Inc.</B> </FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>MuniYield New Jersey Fund, Inc.</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>MuniVest Fund, Inc.</B> </FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>MuniYield New York Insured Fund, Inc.</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>MuniVest Fund II, Inc.</B> </FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>MuniYield Quality Fund, Inc.</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>Senior High Income Portfolio, Inc.</B> </FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>MuniYield Quality Fund II, Inc.</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>Preferred and Corporate Income Strategies Fund, Inc.</B> </FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>The Europe Fund, Inc.</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>Enhanced Equity Yield &amp; Premium Fund, Inc.</B> </FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>Capital &amp; Income Strategies Fund, Inc.</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE="2"><B></B> </FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>Preferred Income Strategies Fund, Inc.</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE="2"><B></B> </FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>Enhanced Equity Yield Fund, Inc.</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE="2"><B></B> </FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>Enhanced Government Fund, Inc.</B> </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>PO Box 9011 <BR>
  Princeton, New Jersey 08543-9011<B> </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: 41; page: 41" -->





<!-- MARKER FORMAT-SHEET="Center no bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>(This page
intentionally left blank) </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: 72; page: 72" -->



<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>NOTICE OF 2006
ANNUAL OR SPECIAL MEETING OF SHAREHOLDERS </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>TO BE HELD JULY 31,
2006 <br>
  OR
  AUGUST 15, 2006 </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To the Shareholders: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICE
IS HEREBY GIVEN that an annual or special meeting of the shareholders of each Fund listed
above will be held at the offices of Merrill Lynch Investment Managers, LP, 800
Scudders Mill Road, Plainsboro, New Jersey 08536, on Monday, July 31, 2006, or Tuesday,
August 15, 2006 (see Appendix A of the enclosed joint proxy statement for the date of
each Fund&#146;s meeting), at 9:00 a.m. (Eastern time), for the following purposes: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 1. </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To elect Directors/Trustees of the following Funds: </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Senior
High Income Portfolio, Inc. <BR>Floating
Rate Income Strategies Fund, Inc. <BR>Floating
Rate Income Strategies Fund II, Inc. <BR>Debt
Strategies Fund, Inc. <BR>MuniHoldings
Fund, Inc. <BR>MuniHoldings
Insured Fund, Inc. <BR>Preferred
Income Strategies Fund, Inc. <BR>The
Europe Fund, Inc. <BR>Capital
and Income Strategies Fund, Inc. <BR>Preferred
&amp; Corporate Income Strategies, Inc. <BR>Enhanced
Equity Yield Fund, Inc. <BR>Enhanced
Equity Yield &amp; Premium Fund, Inc. <BR>Enhanced
Government Fund, Inc. <BR>Muni
Intermediate Duration Fund, Inc. <BR>Muni
New York Intermediate Duration Fund, Inc. <BR>Corporate
High Yield Fund III, Inc. <BR>Corporate
High Yield Fund, Inc. <BR>MuniAssets Fund, Inc.<BR><BR>For each of these Funds, the meeting will constitute the 2006 annual meeting of shareholders.</FONT></TD>
</TR>
</TABLE>
<BR>




<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 2. </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To approve a new Investment Advisory Agreement for each Fund. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 3. </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To approve a Contingent Subadvisory Agreement for each Fund. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 4. </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To transact such other business as may properly come before the meeting and any
adjournments or postponements thereof. </FONT></TD>
</TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Your
Directors/Trustees recommend that you vote FOR all items.</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;Shareholders
of record on June 2, 2006 are entitled to vote at the meeting and at any adjournments or
postponements thereof. </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>If
you own shares in more than one Fund as of June 2, 2006, you may receive more than one
proxy card. Please be certain to vote each proxy card you receive.</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>It
is very important that your voting instructions be received by the meeting date</b>.
 Instructions for shares held of record in the name of a nominee such as a broker-dealer
or trustee of an employee benefit plan may be subject to earlier cut off dates
established by such intermediaries for receipt of such instructions. </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;You
are   invited to attend any meeting at which you may vote shares. <B>Shareholders
who do not expect to attend any such 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>

<!-- 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
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
1-866-752-6486. </FONT></P>



<!-- MARKER FORMAT-SHEET="Para Hang 20" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
    <TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD width="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=42%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By  order
of the Boards of Directors/Trustees, <BR>
      <BR>A</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">LICE </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2">A. P</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">ELLEGRINO </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><I>Secretary of the Funds</I> </FONT> </TD>
</TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June
15 2006 </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: 45; page: 45" -->




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






<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=700>
  <TR VALIGN=Bottom>
    <TH COLSPAN=2 valign="bottom"><FONT SIZE=2></FONT></TH>
    <TH COLSPAN=2 valign="bottom">&nbsp;</TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD WIDTH=90% ALIGN=LEFT valign="bottom">&nbsp;</TD>
    <TD WIDTH=2% ALIGN=LEFT valign="bottom">&nbsp;</TD>
    <TD WIDTH=6% ALIGN=RIGHT valign="bottom"><b><font size=2>Page</font></b> <hr size="1" noshade>
    </TD>
    <TD WIDTH=2% ALIGN=LEFT valign="bottom">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD WIDTH=90% ALIGN=LEFT valign="bottom"><FONT SIZE=2>JOINT PROXY STATEMENT</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=6% ALIGN=RIGHT valign="bottom"><FONT SIZE=2>1</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>SUMMARY OF PROPOSALS AND FUNDS AFFECTED</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>3</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>Item 1&#151;ELECTION OF BOARD MEMBERS</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Committee
      and Board Meetings</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>5</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder
      Communications</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>7</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance
      with Section 16(a) of the Securities Exchange Act of 1934</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>7</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board
      Member Attendance at Shareholder Meetings</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>7</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interested
      Persons</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>7</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation
      of Board Members</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>7</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Officers
      of Each Fund</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>8</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share
      Ownership</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>8</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>Item 2&#151;APPROVAL OF A NEW INVESTMENT ADVISORY
      AGREEMENT</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>8</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description
      of the Transaction</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>9</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      15(f) of the 1940 Act</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>10</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
      New Investment Advisory Agreement</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>11</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comparison
      of Current Investment Advisory Agreements to the New <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment
      Advisory Agreements </FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>11</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board
      Considerations</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>14</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
      About the Advisers</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>18</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder
      Approval</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>19</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>Item 3&#151;APPROVAL OF A CONTINGENT SUBADVISORY
      AGREEMENT</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>19</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description
      of the Terms of the Contingent Subadvisory Agreements</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>19</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board
      Considerations</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>21</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
      About the BlackRock Subadviser</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>21</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder
      Approval</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>21</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>Additional Information</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>22</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses
      and Methods of Proxy Solicitation</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>22</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quorum
      and Vote Required</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>22</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broker
      Non-Votes and Abstentions</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>24</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
      Matters</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>25</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent
      Registered Public Accounting Firms&#146; Fees</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>25</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit
      Committee&#146;s Pre-Approval Policies and Procedures</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>26</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>26</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual
      Report Delivery</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>26</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder
      Proposals</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>26</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="bottom"><FONT SIZE=2>28</FONT></TD>
    <TD ALIGN=LEFT valign="bottom"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr valign=top>
    <td colspan="2"  align=LEFT valign="bottom"><font size="2"><i>Appendix A</i>&#151;Corporations,
      Trusts and Meeting Date </font></td>
    <td width="6%"  align=RIGHT valign="bottom"><font size=2>A-1</font></td>
    <td width="2%"  align=RIGHT valign="bottom">&nbsp;</td>
    <td  align=LEFT width="9"><font size=2>&nbsp;</font></td>
  </tr>
  <tr valign=top>
    <td colspan="2" align=LEFT valign="bottom"><font size="2"><i>Appendix B</i>&#151;Fund Information
      </font></td>
    <td width="6%" align=RIGHT valign="bottom"><font size=2>B-1</font></td>
    <td width="2%" align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT width="9"><font size=2>&nbsp;</font></td>
  </tr>
  <tr valign=top>
    <td colspan="2" align=LEFT valign="bottom"><font size="2"><i>Appendix C</i>&#151;Board and
      Committee Meetings </font></td>
    <td width="6%" align=RIGHT valign="bottom"><font size=2>C-1</font></td>
    <td width="2%" align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT width="9"><font size=2>&nbsp;</font></td>
  </tr>
  <tr valign=top>
    <td colspan="2" align=LEFT valign="bottom"><font size="2"><i>Appendix D</i>&#151;Information
      Pertaining to Board Member Nominees </font></td>
    <td width="6%" align=RIGHT valign="bottom"><font size=2>D-1</font></td>
    <td width="2%" align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT width="9"><font size=2>&nbsp;</font></td>
  </tr>
  <tr valign=top>
    <td colspan="2" align=LEFT valign="bottom"><font size="2"><i>Appendix E</i>&#151;Information
      Pertaining to Officers </font></td>
    <td width="6%" align=RIGHT valign="bottom"><font size=2>E-1</font></td>
    <td width="2%" align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT width="9"><font size=2>&nbsp;</font></td>
  </tr>
  <tr valign=top>
    <td colspan="2" align=LEFT valign="bottom"><font size="2"><i>Appendix F</i>&#151;Audit Committee
      Charters </font></td>
    <td width="6%" align=RIGHT valign="bottom"><font size=2>F-1</font></td>
    <td width="2%" align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT width="9"><font size=2>&nbsp;</font></td>
  </tr>
  <tr valign=top>
    <td colspan="2" align=LEFT valign="bottom"><font size="2"><i>Appendix G</i>&#151;Nominating
      Committee Charters</font></td>
    <td width="6%" align=RIGHT valign="bottom"><font size=2>G-1</font></td>
    <td width="2%" align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT width="9">&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="2" align=LEFT valign="bottom"><font size="2"><i>Appendix H</i>&#151;Comparison
      of Terms of a form of Current Investment Advisory <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;Agreement
      and New Investment Advisory Agreements</font></td>
    <td width="6%" align=right valign="bottom"><font size=2>&nbsp;H-1</font></td>
    <td width="2%" align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT width="9"><font size=2>&nbsp;</font></td>
  </tr>
  <tr valign=top>
    <td colspan="2" align=LEFT valign="bottom"><font size="2"><i>Appendix I</i>&#151;Form of New
      Investment Advisory Agreements </font></td>
    <td width="2%" align=RIGHT valign="bottom"><font size=2>I-1</font></td>
    <td width="2%" align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT width="9"><font size=2>&nbsp;</font></td>
  </tr>
  <tr valign=top>
    <td colspan="2" align=LEFT valign="bottom"><font size="2"><i>Appendix J</i>&#151;Form of Contingent
      Subadvisory Agreements </font></td>
    <td width="2%" align=RIGHT valign="bottom"><font size=2>J-1</font></td>
    <td width="2%" align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT width="9"><font size=2>&nbsp;</font></td>
  </tr>
  <tr valign=top>
    <td colspan="2" align=LEFT valign="bottom"><font size="2"><i>Appendix K</i>&#151;Investment
      Advisory Agreements&#151;Dates, Approvals and Fees </font> </td>
    <td width="2%" align=RIGHT valign="bottom"><font size=2>K-1</font></td>
    <td width="2%" align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT width="9"><font size=2>&nbsp;</font></td>
  </tr>
  <tr valign=top>
    <td colspan="2" align=LEFT valign="bottom"><font size=2><i>Appendix L</i>&#151;Board Approval
      of New Investment Advisory Agreement</font></td>
    <td width="2%" align=RIGHT valign="bottom"><font size=2>L-1</font></td>
    <td width="2%" align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT width="9"><font size=2>&nbsp;</font></td>
  </tr>
  <tr valign=top>
    <td colspan="2" align=LEFT valign="bottom"><font size="2"><i>Appendix M</i>&#151;Fees Paid
      to Advisers, Subadvisers and Affiliates </font></td>
    <td width="2%" align=RIGHT valign="bottom"><font size=2>M-1</font></td>
    <td width="2%" align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT width="9"><font size=2>&nbsp;</font></td>
  </tr>
  <tr valign=top>
    <td colspan="2" align=LEFT valign="bottom"><font size="2"><i>Appendix N</i>&#151;Directors
      and Principal Officers of Advisers and Subadvisers </font></td>
    <td width="2%" align=RIGHT valign="bottom"><font size=2>N-1</font></td>
    <td width="2%" align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT width="9"><font size=2>&nbsp;</font></td>
  </tr>
  <tr valign=top>
    <td colspan="2" align=LEFT valign="bottom"><font size="2"><i>Appendix O</i>&#151;Other Funds
      advised by BlackRock Advisors and Fee Schedules </font></td>
    <td width="2%" align=RIGHT valign="bottom"><font size=2>O-1</font></td>
    <td width="2%" align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT width="9"><font size=2>&nbsp;</font></td>
  </tr>
  <tr valign=top>
    <td colspan="2" align=LEFT valign="bottom"><font size="2"><i>Appendix P</i>&#151;Independent
      Registered Public Accounting Firm Fees </font></td>
    <td width="2%" align=RIGHT valign="bottom"><font size=2>P-1</font></td>
    <td width="2%" align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT width="9"><font size=2>&nbsp;</font></td>
  </tr>
  <tr valign=top>
    <td colspan="2" align=LEFT valign="bottom"><font size="2"><i>Appendix Q</i>&#151;5% Share
      Ownership </font></td>
    <td width="2%" align=RIGHT valign="bottom"><font size=2>Q-1</font></td>
    <td width="2%" align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT width="9"><font size=2>&nbsp;</font></td>
  </tr>
  <tr valign=top>
    <td colspan="2" align=LEFT valign="bottom"><font size="2"><i>Appendix R</i>&#151;Portfolio
      Manager Information </font></td>
    <td width="2%" align=RIGHT valign="bottom"><font size=2>R-1</font></td>
    <td width="2%" align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT width="9"><font size=2>&nbsp;</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">
i</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: 47; page: 47" -->






<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>2006 ANNUAL OR
SPECIAL MEETING OF SHAREHOLDERS  </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>_________________  </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<div align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>JULY 31, 2006 OR <BR>
  AUGUST 15, 2006</B></FONT><br>
  <FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>_________________  </B></FONT>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
</div>
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>JOINT PROXY
STATEMENT  </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;This
Joint Proxy Statement is furnished in connection with the solicitation by the Board of
Directors or Trustees (each, a &#147;Board,&#148; and collectively, the
&#147;Boards,&#148; and each Director or Trustee, a &#147;Board Member,&#148; and
collectively, the &#147;Board Members&#148;) of the Funds<SUP>(2)</SUP> (each a
&#147;Fund,&#148; and collectively, the &#147;Funds&#148;) listed on the accompanying
Notice to be voted at the annual or special meeting of shareholders of each Fund to be
held at 9:00 a.m. (Eastern time) on Monday, July 31, 2006, or Tuesday, August 15, 2006
(see <I>Appendix A</I> of this Joint Proxy Statement for the date of each Fund&#146;s
meeting) at the offices of Merrill Lynch Investment Managers, LP, 800 Scudders Mill
Road, Plainsboro, New Jersey 08536 (for each Fund, a &#147;Meeting,&#148; and
collectively, the &#147;Meetings&#148;), and at any and all adjournments or postponements
thereof. The Meetings will be held for the purposes set forth in the accompanying Notice. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of each Fund has determined that the use of this Joint Proxy Statement for each
Meeting is in the best interests of the Fund and its shareholders in light of the similar
matters being considered and voted on by the shareholders of each of the Funds. This Joint
Proxy Statement and the accompanying materials are being mailed by the Boards on or about
June 19, 2006. </FONT></P>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Fund is organized as either a Massachusetts business trust (each, a &#147;Trust&#148;) or
a Maryland corporation (each, a &#147;Corporation&#148;). The Trusts and Corporations are
registered investment companies. A list of each Trust and Corporation is set forth in
<I>Appendix A</I>. </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;Shareholders
of record at the close of business on June 2, 2006 (the &#147;Record Date&#148;) are
entitled to vote at the Meetings. Shareholders of the Funds are entitled to one vote for
each share held, with no shares having cumulative voting rights. Holders of the preferred
shares (&#147;AMPS&#148;) of the AMPS Funds<SUP>(3)</SUP> (collectively, the &#147;AMPS
Funds&#148;) will have equal voting rights with the shares of common stock of those Funds and will
vote together with the common shares as a single class on the proposals on which they are
entitled to vote, and separately on proposals on which they are entitled to vote
separately. The manner in which shareholders of each Fund are entitled to vote is shown in
the section below entitled &#147;Additional Information &#151; Quorum and Vote
Required.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
number of shares of each Fund outstanding on the Record Date and the net assets of each
Fund as of that date are shown in <I>Appendix B</I>. Except as set forth in <I>Appendix
Q</I>, 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. </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;For
each Fund in which you owned shares on the Record Date, a proxy card or voting instruction
form, bearing the Fund&#146;s name, is included with this Joint Proxy Statement. If you
own shares in more than one Fund as of the Record Date, you will receive more than one
proxy card or voting instruction form.<B> Please complete EACH proxy card you receive, or if you
vote by telephone or over the Internet, please vote on the proposals affecting EACH Fund
you own.</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;All
properly executed proxies received prior to a Fund&#146;s Meeting will be voted at that
Meeting. On the matters coming before each Meeting as to which a shareholder has specified
a choice on that shareholder&#146;s proxy, the shares will be voted accordingly. If you
are the record owner of your Fund shares and your proxy is properly executed and returned
and no choice is specified, the shares will be voted as follows: (a) FOR the election of
the nominees as listed in this Joint Proxy Statement, (b) FOR approval of the new
investment advisory agreement and (c) FOR approval of the contingent subadvisory
agreement. Shareholders who execute proxies may revoke them at any time before they are
voted by filing with the applicable Fund a written notice of revocation, by </FONT></P>


<!-- MARKER FORMAT-SHEET="Cutoff rule Footnote" FSL="Workstation" -->
<HR SIZE=1 noshade ALIGN=left  WIDTH=75>
<!-- MARKER FORMAT-SHEET="Footnote Left" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=left VALIGN=top><FONT SIZE="1"><SUP>2</sup></FONT></TD><TD WIDTH=2%>
<FONT SIZE="1">&nbsp;</FONT></TD>
    <TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1"> The
Fund are listed in the Notice of Meeting and will be referred to throughout this Joint Proxy Statement by the           defined
terms as set forth in <I>Appendix A</I>. </FONT></TD>
  </TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Left" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=left VALIGN=top><FONT SIZE="1"><SUP>3</sup></FONT></TD>
<TD WIDTH=2%><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">MY
New Jersey Insured, Muni Intermediate, Muni New York Intermediate, MH Fund           II,
MH Insured, MH New Jersey Insured, MH New York Insured, MuniVest, MuniVest           II,
MuniAssets, MuniEnhanced, MH California Insured, MY Fund, MY Arizona,           MY
California, MY California Insured, MY Insured, MY Michigan Insured II, MY New
          Jersey, MY New York Insured, MY Quality, MY Quality II, Preferred Income,
          Preferred &amp; Corporate, MY Florida Insured, MY Pennsylvania Insured and MY
          Florida. </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">
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: 48; page: 48" -->





<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>delivering a
duly executed proxy bearing a later date or by attending the Meeting and voting in person.
If your shares are held by your broker or dealer, you must provide voting instructions to
such broker or dealer in order to vote your shares. </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>Annual
reports are sent to shareholders of record of each Fund following the Fund&#146;s fiscal
year end. Each Fund will furnish, without charge, a copy of its annual report and most
recent semi-annual report succeeding the annual report, if any, to a shareholder upon
request. Such written or oral requests should be directed to the Fund at PO Box 9011,
Princeton, New Jersey 08543-9011 or by calling 1-800-543-6217.</B> </FONT></P>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
note that only one annual report or Joint Proxy Statement may be delivered to two or more
shareholders of a Fund who share an address, unless the Fund has received instructions to
the contrary. To request a separate copy of an annual report or the Joint Proxy Statement,
or for instructions as to how to request a separate copy of these documents or as to how
to request a single copy if multiple copies of these documents are received, shareholders
should contact the applicable Fund at the address and phone number set forth above. </FONT></P>


<!-- MARKER FORMAT-SHEET="1 pt rule no space" FSL="Workstation" -->
<HR SIZE=1 noshade WIDTH=100% ALIGN=LEFT>


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

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>To avoid unnecessary expense of
further solicitation, we urge you </B>to indicate voting instructions on the enclosed
proxy card, date and sign it and return it promptly in the envelope provided, no matter
how large or small your holdings may be. If you submit a properly executed proxy but do
not indicate how you wish your shares to be voted, your shares will be voted
&#147;<B>FOR</B>&#148; each of the proposals. If your shares are held in the name of your
broker or dealer (<I>i.e.</I>, in &#147;street name&#148;), you must provide voting instructions
to your broker or dealer about how to vote your shares in order for your broker or dealer
to vote your shares on any proposal other than the election of Board Members. </FONT> </P>


<!-- MARKER FORMAT-SHEET="1 pt rule no space" FSL="Workstation" -->
<HR SIZE=1 noshade WIDTH=100% ALIGN=LEFT>


<!-- 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">
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: 49; page: 49" -->



<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>SUMMARY OF PROPOSALS
AND FUNDS AFFECTED  </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following chart specifies the Funds whose shareholders will be voting at the Meetings on
each of the proposals being presented for shareholder consideration. The proposals are set
forth in the Notice and are discussed in detail in the Joint Proxy Statement. </FONT></P>


<table width=650 border=1 align="center" cellpadding=1 cellspacing=0>
  <tr align="center">
    <td valign=bottom> <font size=2 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan=4 valign=bottom> <font face="Times New Roman, Times, serif"><strong><font size=1>Proposal
      No. 1&#151; to Elect Board Members</font></strong> </font> <hr size="1" noshade></td>
    <td rowspan="2" valign=bottom> <font face="Times New Roman, Times, serif"><strong><font size=1>&nbsp;</font></strong>
      <strong><font size=1>Proposal <br>
      No. 2&#151;to <br>
      Approve <br>
      New <br>
      Investment <br>
      Advisory <br>
      Agreement </font></strong></font></td>
    <td rowspan="2" valign=bottom> <font face="Times New Roman, Times, serif"><strong><font size=1>&nbsp;</font></strong>
      <strong><font size=1>Proposal <br>
      No. 3&#151;to <br>
      Approve <br>
      Contingent <br>
      Subadvisory <br>
      Agreement </font></strong></font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=1 face="Times New Roman, Times, serif">Name
      of Fund</font></td>
    <td valign=bottom> <font size=1 face="Times New Roman, Times, serif">Board
      <br>
      A </font></td>
    <td valign=bottom> <font size=1 face="Times New Roman, Times, serif">Board
      <br>
      B </font></td>
    <td valign=bottom> <font size=1 face="Times New Roman, Times, serif">Board
      <br>
      C </font></td>
    <td valign=bottom> <font size=1 face="Times New Roman, Times, serif">Board
      <br>
      D </font></td>
  </tr>
  <tr align="center">
    <td colspan="7" align="left" valign=bottom><hr size="1" noshade></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">MY
      Florida Insured</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">MY
      Michigan Insured</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">MY
      New Jersey Insured</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">MY
      Pennsylvania Insured</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">S&amp;P
      500 Protected Equity</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">Muni
      Intermediate</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">Muni
      New York Intermediate</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">Debt
      Strategies</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">Diversified
      Income</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">FRIS</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">FRIS
      II</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">MH
      Florida Insured</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">MH
      Fund</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">MH
      Fund II</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">MH
      Insured</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">MH
      New Jersey Insured</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">MH
      New York Insured</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">MuniVest</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">MuniVest
      II</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">SHIP</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">Preferred
      &amp; Corporate</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">Enhanced
      Equity Yield &amp; Premium</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">Apex</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">CHY</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">CHY
      III</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">CHY
      V</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">CHY
      VI</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">MuniAssets</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">MuniEnhanced</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">MH
      California Insured</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">MH
      Insured II</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">MY
      Fund</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">MY
      Arizona</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">MY
      California</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">MY
      California Insured</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">MY
      Florida</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">MY
      Insured</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">MY
      Michigan Insured II</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">MY
      New Jersey</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">MY
      New York Insured</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">MY
      Quality</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">MY
      Quality II</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">Europe
      Fund</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">Capital
      &amp; Income</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">Preferred
      Income</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">Enhanced
      Equity Yield</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
  </tr>
  <tr align="center">
    <td align="left" valign=bottom> <font size=2 face="Times New Roman, Times, serif">Enhanced
      Government</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size=2 face="Webdings">&nbsp;</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</font></td>
    <td valign=bottom> <font size="2" face="Webdings">a</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">
3</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: 50; page: 50" -->





<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
each Fund electing Board Members, the Meeting constitutes the 2006 annual meeting of
shareholders. </FONT></P>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ITEM 1&#151;ELECTION
OF BOARD MEMBERS  </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
purpose of this proposal is to elect the Board Members of the Boards of the Funds listed
below. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Board supervises more than one Fund. It is intended that the enclosed proxy card will be
voted for all nominees (each a &#147;Nominee&#148; and, collectively, the
&#147;Nominees&#148;) for the Board of the applicable Fund, as shown below, unless a proxy
contains specific instructions to the contrary. </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>
     <TD WIDTH=49% ALIGN=CENTER><FONT SIZE="2"><B>Funds Supervised By Board A</B> </FONT></TD>
     <TD WIDTH=50% ALIGN=CENTER><FONT SIZE="2"><B>Funds Supervised By Board B</B> </FONT></TD></TR>
<TR>

    <TD COLSPAN=2>&nbsp;</TD>
  </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>Muni Intermediate</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>SHIP</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>Muni New York Intermediate</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>FRIS</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>FRIS II</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>Debt Strategies</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>MH Fund</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>MH Insured</FONT></TD></TR>
<TR>

    <TD COLSPAN=2>&nbsp;</TD>
  </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>Funds Supervised By Board C</B> </FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE="2"><B>Funds Supervised By Board D</B> </FONT></TD></TR>
<TR>

    <TD COLSPAN=2>&nbsp;</TD>
  </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>CHY III</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>Preferred Income</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>CHY</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>Europe Fund</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>MuniAssets</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>Capital and Income</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>Preferred &amp; Corporate</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>Enhanced Equity Yield</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>Enhanced Equity Yield &amp; Premium</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>Enhanced Government</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;If,
before the election, any Nominee refuses or is unable to serve, proxies will be voted for
a replacement Nominee designated by the current Board Members. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Board Member will be elected to hold office until his or her successor is elected and
qualified or until his or her earlier death, resignation, retirement or removal. </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;With
respect to the AMPS Funds to which this Item applies, it is intended that all properly
executed proxies of 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) Nominees listed in the applicable Board below identified as
&#147;AMPS Nominees&#148; to be elected by the holders of AMPS, and all properly executed
proxies of the holders of common shares and AMPS, voting together as a single class, will
be voted &#147;FOR&#148; the other Nominees listed in the chart. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to all other Funds that are not AMPS Funds to which this Item applies, it is
intended that all properly executed proxies will be voted (unless such authority has been
withheld in the proxy or revoked as described herein) &#147;FOR&#148; the election of the
Nominees: </FONT></P>





<TABLE WIDTH=600 BORDER=0 ALIGN=Center CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>Board A Nominees:</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>Donald W. Burton*</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>Robert C. Doll, Jr.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>Jack F. O&#146;Brien</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>David H. Walsh</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>Fred G. Weiss*</FONT></TD></TR>
<TR>

    <TD COLSPAN=2>&nbsp;</TD>
  </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>Board B Nominees:</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>Robert C. Doll, Jr.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>Ronald W. Forbes*</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>Cynthia A. Montgomery</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>Jean Margo Reid</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>Roscoe S. Suddarth</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>Richard R. West*</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>Edward D. Zinbarg</FONT></TD></TR>
<TR>
    <TD COLSPAN=2>&nbsp;</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">
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: 73; page: 73" -->




<TABLE WIDTH=600 BORDER=0 ALIGN=Center CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>Board C Nominees:</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>James H. Bodurtha</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>Robert C. Doll, Jr.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>Kenneth A. Froot</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>Joe Grills</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>Herbert I. London</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>Roberta Cooper Ramo</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>Robert S. Salomon, Jr.</FONT></TD></TR>
<TR>

    <TD COLSPAN=2>&nbsp;</TD>
  </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>Board D Nominees:</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>David O. Beim</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>Robert C. Doll, Jr.*</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>James T. Flynn</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>W. Carl Kester*</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>Karen P. Robards</FONT></TD></TR>
</TABLE>

<hr size=1 noshade align=left  width=75>
<!-- MARKER FORMAT-SHEET="Para Hang 10" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*  </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>AMPS
Nominee.  </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominees listed above, with the exception of Robert C. Doll, Jr., are current Board
Members who are not &#147;interested persons&#148; (as defined in the Investment Company
Act of 1940, as amended (the &#147;1940 Act&#148;)) of the Funds or MLIM or BlackRock
Advisors, Inc. or its successor (&#147;BlackRock Advisors&#148;) (the &#147;Independent Board Members&#148;). </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
biographical and other information concerning the Nominees for the Boards is set forth in
<I>Appendix</I> <I>D</I> to this Joint Proxy Statement. Each Nominee has consented to
serve on the Board to which he or she has been nominated if elected by shareholders. </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<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 Independent Board Members are members of each Fund&#146;s
Audit Committee. The following table lists the current members of each Fund&#146;s
Nominating Committee: </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
  <TR align="center" VALIGN=Bottom>
    <TD align=left><FONT SIZE=2>Funds</FONT>
      <HR align="left" WIDTH=35 SIZE=1 noshade COLOR=BLACK>
    </TD>
    <TD><FONT SIZE=2>Nominating Committee Members</FONT>
      <HR WIDTH=50% SIZE=1 noshade COLOR=BLACK>
    </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD WIDTH=33% ALIGN=LEFT><FONT SIZE=2>Funds supervised by Board A</FONT></TD>
    <TD WIDTH=67% ALIGN=LEFT><FONT SIZE=2>Donald W. Burton, Jack F. O&#146;Brien, David
      H. Walsh and Fred G.Weiss</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=2>Funds supervised by Board B</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>Cynthia A. Montgomery and Edward D. Zinbarg</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=2>Funds supervised by Board C</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>Herbert I. London, Roberta Cooper Ramo and Robert
      S. Salomon, Jr.</FONT></TD>
  </TR>
  <tr valign=Bottom>
    <td align=LEFT><font size=2>Funds supervised by Board D</font></td>
    <td align=LEFT><font size=2>David O. Beim, James T. Flynn, W. Carl Kester
      and Karen P. Robards</font></td>
  </tr>


</TABLE>


<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 Board Members then in office attended at
least 75% of the aggregate of the total number of meetings of the Board 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
<I>Appendix C</I> to the Joint Proxy Statement. </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal responsibilities of each Audit Committee are the appointment, compensation,
retention 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 that may impact the objectivity and
independence of the Fund&#146;s independent registered public accounting firm; and (iv)
consider information and comments of the </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">
5</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: 74; page: 74" -->




<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>independent registered public accounting firm
with respect to the Fund&#146;s accounting and financial reporting policies, procedures
and internal control over financial reporting and Fund management&#146;s responses
thereto. The Board of each Fund has adopted a written charter for the Audit Committee, a
copy of which is attached to this Joint Proxy Statement as <I>Appendix F</I>. Each Audit
Committee has independent legal counsel to assist it in connection with these duties. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Fund&#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
either Deloitte &amp; Touche <font size=1>LLP</font> (&#147;D&amp;T&#148;) or Ernst &amp; Young <font size=1>LLP</font>
(&#147;E&amp;Y&#148;), the independent registered public accounting firms for the Funds.
Each Audit Committee has discussed with D&amp;T and 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 that registered
public accounting firm. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
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 shareholders and included in the Fund&#146;s Annual
Report to Shareholders, the Audit Committee would be notified by Fund management or the
independent registered public accounting firm. The Audit Committees received no such
notifications for any Fund. Following each Audit Committee&#146;s review and discussion
 the
Fund&#146;s independent registered public accounting firm, each Audit Committee
Fund&#146;s independent registered public accounting firm, each Audit Committee
recommended to the Board Members that the Fund&#146;s audited financial statements for the
Fund&#146;s most recently completed fiscal year (each Fund&#146;s fiscal year end is set
forth in <I>Appendix B</I>) for which audited financial statements are  available be included in each Fund&#146;s Annual Report to Shareholders. </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal responsibilities of the Nominating Committee are to identify individuals
qualified to serve as Independent Board Members of the Fund and to recommend its nominees
for consideration by the full Board. Each Nominating Committee has independent legal
counsel to assist it in connection with these duties. While the Nominating Committee is
solely responsible for the selection and nomination of the Fund&#146;s Independent Board Members, the Nominating Committee
may consider nominations made by Fund shareholders as it deems appropriate. Fund
shareholders who wish to recommend a nominee should send nominations to the Secretary of
the Fund that include biographical information and set forth the qualifications of the
proposed nominee. The Board of each Fund has adopted a written charter for the Nominating
Committee, a copy of which is attached to this Joint Proxy Statement as <I>Appendix G</I>.
The Nominating Committee charter is not available on any Fund website. The nomination of Jean Margo Reid to serve on Board B and Kenneth A. Froot to serve on
Board C was recommended to the Nominating Committee of the respective Board by an
Independent Board Member serving on that Board. The Nominating Committee was established
as a separate Board Committee for each Fund in February 2004.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<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 an Independent Board Member of
a Fund, the Nominating Committee will consider, among other factors, (i) the contribution
that 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; (ii) the character and integrity of the person; (iii) 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
Board Member of the Fund; (iv) 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, any
sub-adviser to the Fund, Fund service providers or their affiliates; (v) whether or not
the person is financially literate pursuant to any applicable standards; (vi) whether or
not the person serves on boards of, or is otherwise affiliated with, competing financial
service organizations or their related investment company complexes; (vii) 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 Board Member of the Fund; and (viii) whether or not the
selection and nomination of the person would be consistent with the requirements of the
Fund&#146;s retirement policy. </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">
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: 75; page: 75" -->



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

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
may send written communications to a Fund&#146;s Board or to an individual Board Member 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 shareholder
and identify the class and number of shares held by the shareholder. Properly submitted
shareholder communications will, as appropriate, be forwarded to the entire Board or to
the individual Board Member. Any shareholder 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;Shareholder Proposals&#148; herein. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Compliance with
Section 16(a) of the Securities Exchange Act of 1934  </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;Section
16(a) of the Exchange Act requires the officers and Board Members of each Fund and persons
who own more than ten percent of a registered class of the Fund&#146;s equity securities
to file reports of ownership and changes in ownership on Forms 3, 4 and 5 with the
Securities and Exchange Commission (&#147;Commission&#148;). Officers, Board Members and
greater than ten percent shareholders of each Fund are required by Commission regulations
to furnish the Fund with copies of all Forms 3, 4 and 5 they file. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
solely on a review of the copies of such forms, and amendments thereto, with respect to
each Fund, 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, Board Members, greater than ten percent beneficial owners and other persons
subject to Section 16 of the Exchange Act due to the requirements of Section 30 of the
Investment Company Act (<I>i.e.</I>, any advisory board member, investment adviser or affiliated
person of a Fund&#146;s investment adviser) have complied with all filing requirements
applicable to them with respect to transactions during each Fund&#146;s most recent fiscal
year. </FONT> </P>

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

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<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 Board Member attendance at shareholder meetings.
None of the Board Members attended the Funds&#146; most recent annual meeting of
shareholders. </FONT></P>




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

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<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 an &#147;interested person&#148; of the Fund within the
meaning of Section 2(a)(19) of the 1940 Act based on positions Mr. Doll holds with Merrill
Lynch Investment Managers, LP (&#147;MLIM&#148;), Fund Asset Management, LP
(&#147;FAM&#148;), Princeton Services, Inc. (&#147;Princeton Services&#148;) and Princeton
Administrators, LP (&#147;Princeton Administrators&#148;) or their affiliates. </font><font face="Times New Roman, Times, Serif" size=2>Mr. Doll also serves as the President of each Fund.</font></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Compensation of Board
Members  </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
investment adviser or administrator of each Fund pays all compensation to all officers of
each Fund and all Board Members of each Fund who are affiliated with Merrill Lynch &amp;
Co., Inc. (&#147;ML &amp; Co.&#148;) or its subsidiaries. Each Fund supervised by Board A
or Board B pays each Independent Board Member a combined fee for service on the Board and
the Audit Committee. Each Fund supervised by Board C or Board D pays each Independent
Board Member an annual retainer for his or her services to all funds advised by MLIM or
FAM (&#147;MLIM/FAM-advised funds&#148;). The portion of the annual retainer allocated to
each MLIM/FAM-advised fund is determined quarterly based, in general, on the relative net
assets of each such Fund. In addition, each Fund pays each Independent Board Member a per
meeting fee for each in-person Board meeting and in-person Audit Committee meeting
attended. The Chairman of each Fund&#146;s Audit Committee, and the Chairman of the Board of Europe Fund, Capital &amp; Income, Preferred Income, Enhanced Equity Yield, Enhanced Government, Preferred &amp; Corporate, and Enhanced Equity Yield &amp; Premium, each  receives an additional annual
fee. Each Independent Board Member also receives an aggregate fee for each special
in-person meeting attended, which is allocated equally among all the applicable Funds
overseen by the Board Member. The Fund reimburses each Independent Board Member for his or
her out-of-pocket expenses relating to attendance at Board, Audit Committee and any
Nominating Committee meetings. Information relating to (i) the aggregate fees and expenses
paid by each Fund to its Independent Board Members during each Fund&#146;s most recently
completed fiscal year is set forth in <I>Appendix C</I> to this Joint Proxy Statement and
(ii) the compensation received by each Independent Board Member </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">
7</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: 76; page: 76" -->




<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>from each Fund and from
all MLIM/FAM-advised funds is set forth in <I>Appendix D </I>to this Joint Proxy
Statement. Compensation of Board Members is considered by each Fund&#146;s entire Board in lieu of
a compensation committee.</FONT></P>

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

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<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 <I>Appendix E</I> to this Joint
Proxy Statement. Officers of the Funds are elected and appointed by the Board and hold
office until they resign, are removed or are otherwise disqualified to serve. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Share Ownership  </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 <I>Appendix D</I> to this Joint Proxy Statement is the following information for
each Nominee: (i) the number of shares of common stock or shares of beneficial interest of
each Fund owned; (ii) the aggregate dollar range such share ownership represents; and
(iii) the aggregate dollar range of securities owned in all MLIM/FAM-advised funds for
which the Nominee currently serves as a Board Member. </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;As
of April 30, 2006, no non-interested Nominee or his or her immediate family members, owned
beneficially or of record any securities of ML &amp; Co. or BlackRock, Inc. As of April
30, 2006, the Board Members 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, a Board Member
and President of each Fund, and the other officers of each Fund, owned an aggregate of
less than 1% of the outstanding shares of common stock of ML &amp; Co. or BlackRock, Inc. </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;See
&#147;Additional Information&#151;Quorum and Vote Required&#148; for the required vote
necessary for the election of the Nominees with respect to each Fund. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Board of each Fund recommends that shareholders of the Fund vote FOR the election of each
of the Nominees to the Board.</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>ITEM 2&#151;APPROVAL
OF A NEW INVESTMENT ADVISORY AGREEMENT  </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;At
the Meeting, you will be asked to approve a new investment advisory agreement between your
Fund and BlackRock Advisors (each a &#147;New Investment Advisory Agreement,&#148;
and collectively, the &#147;New Investment Advisory Agreements&#148;). For a general
description of the proposed New Investment Advisory Agreement and a general comparison of
the proposed New Investment Advisory Agreement and the investment advisory or management
agreements currently in effect for each Fund (each, a &#147;Current Investment Advisory
Agreement,&#148; and collectively, the &#147;Current Investment Advisory Agreements&#148;)
see &#147;The New Investment Advisory Agreement&#148; and &#147;Comparison of Current
Investment Advisory Agreements to the New Investment Advisory Agreements&#148; below. A
detailed comparison of the proposed New Investment Advisory Agreement with a standard form
of Current Investment Advisory Agreement is included in <I>Appendix H</I>. The form of the
New Investment Advisory Agreement for the Funds is attached hereto as <I>Appendix I</I>. </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;MLIM,
FAM, Merrill Lynch Investment Managers International Limited (&#147;MLIM-LTD&#148;), and
Merrill Lynch Asset Management U.K. Limited (&#147;MLAM UK&#148;) currently provide
investment advisory services to the Funds. MLIM, FAM, MLIM-LTD and MLAM UK (each, an
&#147;Adviser,&#148; and collectively, the &#147;Advisers&#148;) serve as investment
advisers to the Funds as set forth in <I>Appendix B</I> and are responsible for the
Funds&#146; overall investment strategy and its implementation. The date of each
Fund&#146;s Current Investment Advisory Agreement and the date on which it was last
approved by shareholders and approved for continuance by the Board is provided in
<I><br>
  Appendix K</I>. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board Members are proposing a New Investment Advisory Agreement for each Fund because the
Current Investment Advisory Agreements will terminate upon completion of the Transaction, as defined below.
This Transaction is discussed in more detail below. As required by the 1940 Act, each
Current Investment Advisory Agreement provides for automatic termination upon its
&#147;assignment.&#148; Under the 1940 Act, a change in control of an investment adviser
constitutes an &#147;assignment.&#148; The consummation of the Transaction will result in
the assignment of the Current Investment Advisory Agreements, and their automatic
termination. Therefore, as described below, shareholders of each Fund are being asked to
approve a New Investment Advisory Agreement for their Fund. The New Investment Advisory
Agreements would only be effective as of the consummation of the Transaction. If the
Transaction is never completed, the New Investment Advisory Agreements would not go into
effect and the Current Investment Advisory Agreements would continue in effect. </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">
8</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: 77; page: 77" -->




<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Description of the
Transaction  </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;On
February 15, 2006, ML &amp; Co. entered into a definitive agreement (the &#147;Transaction
Agreement&#148;) with BlackRock, Inc. to combine MLIM and certain affiliates, including
FAM, MLAM UK and MLIM-LTD (together, &#147;MLIM&#148;), with BlackRock, Inc. (the &#147;Transaction&#148;), to form a
new asset management company (&#147;New BlackRock&#148;) that will be one of the
world&#146;s largest asset management firms with approximately $1 trillion of assets under
management based on pro forma combined assets as of December 31, 2005. ML &amp; Co. is
expected to own up to a 49.8% economic interest (which includes up to a 45% voting interest) in
New BlackRock. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
closing of the Transaction, which is currently expected to take place in the third quarter of 2006, is
subject, among other things, to approval by shareholders of BlackRock, Inc., approval of the
proposed new investment advisory arrangements by a sufficient number of the funds managed by
MLIM such that
revenues generated from such investment advisory arrangements  are maintained at a level
equal to 75% of such revenues on December 31, 2005, and
receipt of certain domestic and international regulatory approvals (including expiration
of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of
1976, as amended) and other customary closing conditions. </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;ML
&amp; Co., a Delaware corporation formed in 1973, is a holding company that, through its
subsidiaries and affiliates, provides broker-dealer, investment banking, financing, wealth
management, advisory, asset management, insurance, lending and related products and
services on a global basis. ML &amp; Co.&#145;s investment management business being
transferred to BlackRock, Inc. in the Transaction had  $576.1  billion
of assets under management as of March&nbsp;31, 2006. MLIM offers a wide range of
investment management capabilities to retail and institutional investors through
proprietary and third-party distribution channels globally. MLIM&#146;s asset management
capabilities include equity, fixed income, money market, index, enhanced index and
alternative investments, which are offered through vehicles such as mutual funds,
privately managed accounts, and retail and institutional separate accounts. ML &amp; Co.,
MLIM and their respective affiliates are sometimes referred to herein as &#147;Merrill
Lynch&#148;. </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;BlackRock,
Inc., a Delaware corporation formed in 1988 (together, with its subsidiaries,
&#147;BlackRock&#148;), is one of the largest publicly traded investment
management-specific firms in the United States, with $463.1 billion of assets under
management at March 31, 2006. BlackRock manages fixed income, cash management, equity
and alternative investment products on behalf of institutional and individual investors
worldwide. BlackRock also offers risk management, investment system outsourcing and
financial advisory services to institutional investors under the <I>BlackRock
Solutions</I><sup><font size=1>&reg;</font></sup> brand name. </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;It
is anticipated that following the closing of the Transaction   the majority of the Funds and any Advisers being
transferred to BlackRock in the Transaction will operate under the BlackRock brand. </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;New
BlackRock will be the largest publicly traded investment management-specific firm in the
United States on the basis of pro forma combined assets under management as of December
31, 2005. Its shares of common stock will be listed on the New York Stock Exchange, Inc.
(the &#147;NYSE&#148;). The board of directors of New BlackRock will consist of 17 members
(nine independent, four New BlackRock management, two Merrill Lynch and two PNC Financial
Services Group, Inc.). The audit, nominating and compensation committees of the board will
consist exclusively of independent directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
strategic rationale of the Transaction for ML &amp; Co. and BlackRock is to bring together
the highly complementary strengths of MLIM and BlackRock in asset classes, investment
products, distribution channels and global platforms and achieve the larger operating and
financial scale necessary to compete effectively on a global basis. MLIM and BlackRock
believe they share similar values and cultures with a commitment to teamwork and
excellence and a strong emphasis on performance and regulatory compliance. ML &amp; Co.
believes that there are certain advantages to operating an investment advisory business as
an independent company rather than as part of a diversified financial company in part
because of differences between the broker-dealer and investment advisory businesses. Each
business is distinct in terms of the services provided to and the relationship with
customers, the marketing of such services, the compensation arrangements and the potential
conflicts of interest involved. Broker-dealers and investment advisers operate under
separate regulatory regimes which reflect these differences. The increased independence of
the investment adviser may alleviate some of the potential conflicts of interest that
exist between providing investment advisory services and the distribution of advisory
services by broker-dealers. </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">
9</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: 78; page: 78" -->




<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Funds have been advised by ML &amp; Co. and BlackRock that the Transaction is designed by ML &amp; Co. and BlackRock to bring together the best of both
organizations including: </FONT></P>

<!-- MARKER FORMAT-SHEET="Bullet 10" FSL="Workstation" -->
<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE=2>New
BlackRock will offer investment management services in every major asset class,
encompassing equity, fixed income, liquidity and alternative investments. </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>Access
to Merrill Lynch&#146;s industry-leading retail presence in the U.S. and its strong
reputation in Europe and Asia match up well with BlackRock&#146;s global institutional
client base. </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>Use
of the BlackRock brand provides a well-known, established brand that can be used in all
channels and provides New BlackRock with a significant opportunity to access a larger
US third party retail distribution operation which in the case of MLIM is now
constrained by the use of the Merrill Lynch brand. </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>New
BlackRock is expected to have enhanced growth prospects both organically and through
acquisitions due to the larger operational and financial scale and its ability to use the
asset management-specific publicly traded stock of New BlackRock to make acquisitions. </FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Bullet 10" FSL="Workstation" -->
<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5% height="25"></TD>
    <TD WIDTH=2% VALIGN=top height="25"><FONT SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3% height="25"></TD>
    <TD WIDTH=90% height="25"><FONT SIZE=2>MLIM
is expected to benefit from access to BlackRock&#146;s state of the art technology and
risk management analytic tools, including the investment tools, outsourcing and advisory
services to institutional investors provided under the <i>BlackRock Solutions</i><sup><font size=1>&reg;</font></sup> brand
name. </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>The
enhanced scale and leverage and the singular focus on investment management should
provide New BlackRock with opportunities to provide the highest quality client service,
to attract and retain talented professionals
as well as to enhance the ability to make ongoing reinvestments in the business and
achieve cost efficiencies. </font></td>
  </tr>
</table>
<br>

<!-- 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>New
BlackRock is expected to have over 4,500 employees in 18 countries and a major presence
in most key markets, including the United States, the United Kingdom, Asia, Australia,
the Middle East and Europe. </font></td>
  </tr>
</table>


<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<p><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
anticipation of the Transaction, members of the Funds&#146; Boards have had a number of
telephonic and in person  meetings and have   met both formally and in informational sessions  during April  and May 2006 for purposes of, among other things, considering whether it would be in
the best interests of each Fund and its shareholders to approve the New Investment
Advisory Agreement between each Fund and BlackRock Advisors. The 1940 Act requires
that the New Investment Advisory Agreements be
approved by the Funds&#146; shareholders in order to become effective. At those Board
meetings, and for the reasons discussed below (see &#147;Board Considerations&#148;
below), each Board, including a majority of the Independent Board Members approved each
New Investment Advisory Agreement applicable to each Fund overseen by that Board and
recommended its approval by shareholders as being in the best interests of the Fund and its shareholders.  In the event shareholders of a Fund
do not approve the New Investment Advisory Agreement, the Fund&#146;s Board will take such
action as it deems to be in the best interests of the Fund and its shareholders. </FONT><!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
</p>


<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Section 15(f) of the
1940 Act </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
completing the Transaction, Merrill Lynch and BlackRock have agreed to comply with  Section 15(f) of
the 1940 Act. Section 15(f) provides in substance that when a sale of securities or a
controlling interest in an investment adviser to an investment company occurs, the
investment adviser or any of its affiliated persons may receive any amount or benefit in
connection with the sale so long as two conditions are satisfied. The first condition of
Section 15(f) is that during the three-year period following the consummation of a
transaction, at least 75% of the investment company&#146;s board must not be
&#147;interested persons&#148; (as defined in the 1940 Act) of the investment adviser or
predecessor adviser. Each Fund&#146;s Board currently meets this test and is expected to
do so after the Transaction is completed. Second, an &#147;unfair burden&#148; must not be
imposed on the investment company as a result of the transaction relating to the sale of
such interest, or any express or implied terms, conditions or understandings applicable
thereto. The term &#147;unfair burden&#148; (as defined in the 1940 Act) includes any
arrangement during the two-year period after the transaction whereby the investment
adviser (or predecessor or successor adviser), or any &#147;interested person&#148; (as
defined in the 1940 Act) of such an adviser, receives or is entitled to receive any
compensation, directly or indirectly, from the investment company or its security holders
(other than fees for bona fide investment advisory or other services) or from any person
in connection with the purchase or sale of securities or other property to, from or on
behalf of the investment company (other than bona fide ordinary compensation as principal
underwriter for the investment company). Merrill Lynch and BlackRock </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">
10</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: 79; page: 79" -->





<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>have agreed under the
Transaction Agreement to conduct, and use reasonable best efforts to cause their
respective affiliates to conduct, their respective businesses in compliance with the
conditions of Section 15(f) in relation to any public funds advised by BlackRock or MLIM,
respectively. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>The New Investment
Advisory Agreement </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;As
noted above, under the requirements of the 1940 Act, each Fund is required to enter into a
new investment advisory agreement as a result of the Transaction. The Current Investment
Advisory Agreements pursuant to which the Funds currently receive investment advisory
services differ in many cases from Fund to Fund and in some cases contain different
provisions as to the nature of the services provided. It is proposed that the Funds use
this opportunity to both standardize the terms of the agreements used in the fund complex
and to update the agreements. Although each Fund&#146;s agreement may vary, it is proposed
that the basic management arrangements applicable to a Fund not change. Therefore, the
fees to be paid and services to be provided under the New Investment Advisory Agreement
applicable to a Fund will be no higher than the fees under that Fund&#146;s Current
Investment Advisory Agreement. </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;Under
the New Investment Advisory Agreements, BlackRock Advisors will provide the same level of
advisory and, as applicable, administrative services to each Fund as provided under the
Current Investment Advisory Agreements. The schedule of fees payable under a Fund&#146;s
New Investment Advisory Agreement will be identical to  the schedule of fees currently
payable by that Fund under its Current Investment Advisory Agreement. Therefore, assuming
identical asset levels, the fees payable to BlackRock Advisors under each New Investment
Advisory Agreement will in each case be no greater than the aggregate fees currently
payable to the Advisers by the Fund for investment advisory and fund administration
services. In addition, Merrill Lynch and BlackRock have assured the Boards that the same
level of advisory and administrative services will be provided to each Fund under the New
Investment Advisory Agreements as are currently provided under the Current Investment
Advisory Agreements and, in the case of the Europe Fund, its separate administrative
agreement. Merrill Lynch and BlackRock have assured the Board of each Fund that the
nature and scope of services provided under the Current Investment Advisory Agreements
will continue undiminished under the New Investment Advisory Agreements.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 1 Left" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Comparison
of Current Investment Advisory Agreements to the New Investment Advisory Agreements </b></FONT></P>
<b><!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
</b>


<P><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set
forth below is a general description of the terms of the New Investment Advisory
Agreements and a general comparison with the terms of the Current Investment Advisory
Agreements. A copy of the form of the New Investment Advisory Agreement for each Fund is
attached to this Joint Proxy Statement as <I>Appendix I</I> and you should refer to
<I>Appendix I</I> for the complete terms of your Fund&#146;s New Investment Advisory
Agreement. A more detailed comparison of the proposed New Investment Advisory Agreement
with a standard form of Current Investment Advisory Agreement is set forth in <I>Appendix
H</I>. The current and New Investment Advisory Agreements are substantially similar except for the name of the adviser and
the provision (which was in many but not all other Current Investment Advisory Agreements) permitting
the adviser to appoint affiliated subadvisors. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Workstation" -->

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Fees.</I>
          There is no change in the schedule of fees payable by any Fund under its New
          Investment Advisory Agreement for investment advisory and, if applicable, for
          fund administration services.  In addition, with respect to certain Funds the
          Advisers have either contractually or voluntarily agreed to waive advisory fees
          or reimburse the Fund to the extent that total operating expenses (excluding
          interest, taxes, certain securities lending costs, brokerage commissions, and
          extraordinary expenses), as a percentage of its average net assets, exceeds the
          rates agreed to in the existing fee waiver or expense limitation agreements.
          MLIM and BlackRock have agreed to continue for the time being any such fee
          waivers or expense reimbursements on the same terms and conditions. </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;Fees
for investment advisory, and, if applicable, for fund administration services will be paid
by each Fund as a percentage of such Fund&#146;s average net assets (including any
proceeds from the issuance of any AMPS, if applicable). For Capital &amp; Income,
Diversified Income, Enhanced Equity Yield &amp; Premium, Enhanced Equity Yield, Enhanced
Government, FRIS, FRIS II, Muni Intermediate, Muni New York Intermediate, and Preferred
&amp; Corporate, the fee rate also is paid based upon the proceeds of any borrowings or
debt for leverage purposes. The following Funds currently pay their investment advisory
fee based on average weekly net assets: MY Florida Insured, MY Michigan Insured, MY New
Jersey Insured, MY Pennsylvania Insured, S&amp;P 500 Protected Equity, Debt Strategies, MH
Florida Insured, MH Fund, MH Fund II, MH Insured, MH New Jersey Insured, MH New York
Insured, MuniVest, MuniVest II, SHIP, Apex, CHY, CHY III, CHY V, CHY VI, MuniAssets,
MuniEnhanced, MH California Insured, MH Insured II, MY Fund, MY Arizona, MY California, MY
California </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">
11</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: 80; page: 80" -->




<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Insured, MY Florida, MY Insured, MY Michigan Insured II, MY New Jersey, MY New
York Insured, MY Quality, MY Quality II, Europe Fund and Preferred Income. Under the New
Investment Advisory Agreement, the fee for investment advisory services will be paid based
upon average daily net assets in order that the fee calculation methodology be consistent
with other more recently organized Funds, and be consistent throughout the complex. The
change is not expected to have any material effect on the amount of advisory fees paid by
these Funds. S&amp;P 500 receives a fee as a percentage of the average net assets of the
Fund, paid out of the available assets from dividends, cash or cash equivalents, and such
fee will be deferred to the extent no such assets are available. For more information
about the fee paid by each Fund, see <I>Appendix K</I>, which lists the rate of
compensation described in each Fund&#146;s Current Investment Advisory Agreement and New
Investment Advisory Agreement. Amounts paid (after waivers and reimbursements, if any) by
each Fund to its Adviser or an affiliate of the Adviser during the Fund&#146;s last
fiscal year are shown in <I>Appendix M</I>. </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;<I>Investment
Advisory Services.</I> Each New Investment Advisory Agreement generally provides that,
subject to the direction and control of the Fund&#146;s Board, BlackRock Advisors will
(a) act as investment adviser for and supervise and manage the investment and
reinvestment of the Fund&#146;s assets with complete discretion in purchasing and selling
securities and other assets for the Fund and in voting, exercising consents and
exercising all other rights pertaining to such securities and other assets on behalf of
the Fund, (b) supervise continuously the investment program of the Fund and the
composition of its investment portfolio, (c) arrange, subject to the restrictions of the
Fund&#146;s organizational documents, the provisions of the 1940 Act and the Investment
Advisers Act of 1940, as amended (the &#147;Advisers Act&#148;),
and the Fund&#146;s investment objectives and policies, and the applicable rules and
regulations of the Commission, and other applicable federal and state law, as well as any
specific policies and determinations of the Fund&#146;s Board disclosed to BlackRock
Advisors, for the purchase and sale of securities and other assets held in the investment
portfolio of the Fund; and (d) provide investment research to the Fund. Each Current
Investment Advisory Agreement provides for substantially similar services.  </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;Under
each Fund&#146;s New Investment Advisory Agreement, BlackRock Advisors also will place
orders either directly with the issuer or with any broker or dealer. In placing orders
with brokers and dealers, BlackRock Advisors will attempt to obtain the best price and the
most favorable execution of its orders. Consistent with this obligation, BlackRock
Advisors may select brokers on the basis of the research, statistical and pricing services
they provide to the Fund and other clients of BlackRock Advisors. Subject to this
requirement and the provisions of the 1940 Act, the 1934 Act, and other applicable
provisions of law, BlackRock Advisors may select brokers and dealers with which it or the
Fund is affiliated. Each Current Investment Advisory Agreement also contains substantially
similar provisions regarding the selection of brokers or dealers to execute transactions
on behalf of a Fund. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
New Investment Advisory Agreement for each Fund provides that the services of BlackRock
Advisors are not exclusive to the Funds, and BlackRock Advisors and its affiliates may
render services to others. Each Current Investment Advisory Agreement contains the same
provision. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
New Investment Advisory Agreement for each Fund provides that BlackRock Advisors may to
the extent permitted by applicable law appoint one or more sub-advisers, including
affiliates of BlackRock Advisors, to perform investment advisory services with respect to
the Funds. BlackRock Advisors may terminate any or all sub-advisers in its sole discretion
at any time to the extent permitted by applicable law. A similar provision is included in
many of the Current Investment Advisory Agreements. It is anticipated that pursuant to
this provision, and in compliance with Commission rules and interpretations, BlackRock
Advisors may appoint one or more affiliates to act as sub-advisers for some or all of the
Funds. Subject to approval of a specific Fund&#146;s Board, BlackRock Advisors may appoint affiliated sub-advisers under certain conditions  without shareholder approval under
current applicable law. </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;<I>Fund
Administration Services.</I> Under the New Investment Advisory Agreement for each Fund,
BlackRock Advisors is obligated to provide, or arrange for its affiliates to provide,
certain administrative services on behalf of the Fund. These administrative services
include furnishing office facilities and equipment and clerical, bookkeeping and
administrative services (other than such services provided by a Fund&#146;s custodian,
transfer agent and dividend disbursing agent and other service providers) to a Fund. To
the extent requested by a Fund, BlackRock Advisors will provide other administrative
services, including overseeing the maintenance by a Fund&#146;s custodian and transfer
agent and dividend disbursing agent of certain books and records of a Fund and consulting
with the Fund&#146;s officers, independent accountants, legal counsel, custodian,
accounting agent and transfer and dividend disbursing agent in establishing the accounting
policies of a Fund and monitoring financial </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">
12</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: 81; page: 81" -->




<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>and shareholder accounting services. The
Current Investment Advisory Agreement for each Fund, with the exception of Europe Fund,
provides for substantially similar administration services. </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
addition,   Europe Fund will have a separate administration agreement with BlackRock
Advisors or one of its affiliates pursuant to which the administrative services discussed
above will be provided. </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;Regardless
of whether a Fund receives administrative services under its Current Investment Advisory
Agreement, or under a separate administration agreement in the case of Europe Fund,
Merrill Lynch and BlackRock have assured the Boards that the nature and level of
administrative services provided to the Funds will not be diminished  as a result of the
Transaction or the implementation of the New Investment Advisory Agreements. In addition,
any fees for administrative services, whether payable under a Current Investment Advisory
Agreement or a separate administrative agreement, will not increase as a result of the
Transaction or the New Investment Advisory Agreement. </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;<I>Payment
of Expenses.</I> The New Investment Advisory Agreements require BlackRock Advisors to
bear all costs and expenses of its employees and any overhead incurred in connection with
its duties under the New Investment Advisory Agreement and to bear the costs of any
salaries or fees of any officers or Board Members of the Fund who are affiliated persons
(as defined in the 1940 Act) of BlackRock Advisors; provided that the Board of the Fund
may approve reimbursement to BlackRock Advisors of a pro-rata portion of certain
employment costs for the time spent  on Fund operations (including,
without limitation, compliance matters) (other than the provision of investment advice
and administrative services required to be provided under the New Investment Advisory
Agreement) of all personnel employed by BlackRock Advisors who devote substantial time to
Fund operations or the operations of other investment companies advised by BlackRock
Advisors.  </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;Except
for these expenses detailed above, BlackRock Advisors is not responsible for a Fund&#146;s
expenses. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provisions contained in each Fund&#146;s New Investment Advisory Agreement addressing
allocation of expenses is substantially similar in all material respects to those
contained in that Fund&#146;s Current Investment Advisory Agreement. </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;<i>Indemnity.</i>
The New Investment Advisory  Agreement provides that the Fund may, in the Board&#146;s discretion, indemnify BlackRock Advisors, and each of BlackRock Advisors&#146; directors,
officers, employees, agents, associates and controlling persons and such persons&#146; directors, partners, members, officers,
employees and agents (each such person being an &#147;Indemnitee&#148;) against any liabilities and expenses, reasonably
incurred by such Indemnitee in connection with the defense or disposition of any action, suit or other proceeding, whether
civil or criminal, before any court or administrative or investigative body in which such Indemnitee may be or may  have been
involved as a party while acting for the Fund, unless the Indemnitee is adjudicated not to have acted in good faith in the reasonable
belief that his or her action was in the best interest of the Fund, and in the case of any criminal proceeding, so long as
such Indemnitee had no reasonable cause to believe that the conduct was unlawful and so long as the conduct was not arising
by reason of (i) willful misfeasance, (ii) bad faith, (iii) gross negligence or (iv) reckless disregard of the duties
involved in the conduct of such Indemnitee&#146;s position. </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;<I>Limitation
on Liability.</I> Under each Fund&#146;s New Investment Advisory Agreement, BlackRock
Advisors will not be liable for any error of judgment or mistake of law or for any loss
suffered by BlackRock Advisors or by the Fund in connection with the performance of the
New Investment Advisory Agreement, except a loss resulting from a breach of fiduciary duty
with respect to the receipt of compensation for services or a loss resulting from willful
misfeasance, bad faith or gross negligence on its part in the performance of its duties or
from reckless disregard by it of its duties under the New Investment Advisory Agreement.
Other than the identity of the Fund and the Adviser, each Fund&#146;s Current Investment
Advisory Agreement includes a similar provision. </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;<I>Term
and Continuance</I>. If approved by shareholders of a Fund, the New Investment Advisory
Agreement for the Fund will terminate, unless sooner terminated as set forth therein and
discussed below, two years from the date of implementation unless the continuation is
specifically approved as set forth below. Thereafter, if not terminated, each New
Investment Advisory Agreement will continue in effect from year to year if such
continuance is specifically approved at least annually by both (a) the vote of a majority
of the Fund&#146;s Board or the vote of a majority of the outstanding voting securities of
the Fund, and (b) the vote of a majority of the Board Members who are not parties to the
New Investment Advisory Agreement or &#147;interested persons&#148; (as defined in the
1940 Act) of any such party, cast in person at a meeting called for the purpose of voting
on such approval. The Current Investment Advisory Agreements have similar provisions for
their term and continuance, although the initial dates of the Agreements differ and the
initial two year period has elapsed in most cases. </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">
13</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: 82; page: 82" -->




<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
vote of a &#147;majority of the outstanding voting securities&#148; is defined in the 1940
Act as the lesser of the vote of (i) 67% or more of the voting securities of the Fund that
are present at a meeting called for the purpose of voting on such approval or represented
by proxy if holders of shares representing more than 50% of the outstanding voting
securities of the Fund are present or represented by proxy or (ii) more than 50% of the
outstanding voting securities of the Fund (a &#147;1940 Act Majority&#148;). </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;<I>Termination.</I> Each Fund&#146;s New Investment Advisory Agreement generally provides that the
          Agreement may be terminated at any time, without the payment of any penalty, by
          the Fund upon giving BlackRock Advisors 60 days&#146; notice (which notice may
          be waived by BlackRock Advisors), provided that such termination by the Fund is
          directed or approved by the vote of a majority of the Board Members of the Fund
          in office at the time or by the vote of the holders of a 1940 Act Majority of
          the outstanding voting securities of the Fund, or by BlackRock Advisors on 60
          days&#146; written notice (which notice may be waived by the Fund). Each New
          Investment Advisory Agreement will also immediately terminate in the event of
          its &#147;assignment&#148; (as defined in the 1940 Act). The Current Investment
          Advisory Agreements contain similar termination provisions. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Board Considerations </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;At
the telephonic and in person meetings held during April and May 2006, the Board of each Fund, including the
Independent Board Members, discussed and approved the New Investment Advisory Agreement between the Fund and BlackRock Advisors.
The exact dates of each Board&#146;s approval of the New Investment Advisory Agreement is noted in  <I>Appendix
L</I>. </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;To
assist the Boards in their consideration of the New Investment Advisory Agreements,
BlackRock provided materials and information about BlackRock, including its financial
condition and asset management capabilities and organization, and Merrill Lynch provided
materials and information about the Transaction. The Independent Board Members, through
their independent legal counsel, also requested and received additional information from
Merrill Lynch and BlackRock in connection with their consideration of the New Investment
Advisory Agreements. The additional information was provided in advance of each May 2006
meeting. In addition, the Independent Board Members consulted with their counsel  and Fund counsel on
numerous occasions, discussing, among other things, the legal standards and certain other
considerations relevant to the Board Members&#146; deliberations. </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;At
the Board meetings, members of the Boards discussed with Merrill Lynch management and
certain BlackRock representatives the Transaction, its strategic rationale as discussed under &#147;Description of the Transaction,&#148; and BlackRock&#146;s general plans and
intentions regarding the Funds. At these Board meetings, representatives of Merrill Lynch and BlackRock made
presentations to and responded to questions from the Boards. The Board Members also
inquired about the plans for and anticipated roles and responsibilities of certain
employees and officers of MLIM being transferred to BlackRock in connection with the
Transaction. The Independent Board Members of each Board also conferred separately and
with their counsel about the Transaction on a number of occasions, including in connection
with the April and May 2006 meetings. After the presentations and after reviewing the
written materials provided, the Independent Board Members met in executive sessions with
their counsel to consider the New Investment Advisory Agreements. </FONT></P>

<P><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection
with the Boards&#146; review of the
New Investment Advisory Agreements,
ML &amp; Co. and/or BlackRock advised the Board Members about a variety of matters. The advice
included the following, among other matters:  </font></P>

<!-- MARKER FORMAT-SHEET="Bullet 10" FSL="Workstation" -->
<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE=2>that
there is not expected to be any diminution in the nature, quality and extent
of services provided to the Funds and their shareholders by BlackRock Advisors, including
compliance services; </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>that
operation of New BlackRock as an independent investment management firm will enhance its
ability to attract and retain talented professionals; </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>that
the Funds should benefit from having access to BlackRock&#146;s state of the art
technology and risk management analytic tools, including investment tools, provided under
the BlackRock Solutions<sup><font size=1>&reg;</font></sup> brand name; </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>that
BlackRock has no present intention to alter the expense
waivers and reimbursements currently in effect and, while it reserves the right to do so
in the future, it would seek the approval of the applicable Boards before making any
changes; </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">
14</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: 83; page: 83" -->





<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>that
Merrill Lynch and BlackRock would derive benefits from the Transaction and that, as a
result, they have a different financial interest in the matters that were being considered than do Fund shareholders; and </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>that
under the Transaction Agreement, Merrill Lynch and BlackRock have agreed to conduct, and
use reasonable best efforts to cause their respective affiliates to conduct, their
respective businesses in compliance with the conditions of Section 15(f) of the 1940 Act
in relation to any public funds advised by BlackRock or MLIM, respectively.</font></td>
  </tr>
</TABLE>


<!-- MARKER FORMAT-SHEET="Bullet 10" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board Members
considered the information provided by ML &amp; Co. and BlackRock above, and,  among
other factors, the following: </font></p>






<!-- MARKER FORMAT-SHEET="Bullet 10" FSL="Workstation" -->

<TABLE WIDTH=100%>
  <tr>
    <td width=5%></td>
    <td width=2% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=90%><font size=2>the
potential benefits to Fund shareholders from being part of a combined fund family with
BlackRock-sponsored funds, including possible, economies of scale, and broader  access to investment
opportunities;</font></td>
  </tr>
</table>

<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
reputation, financial strength and resources of BlackRock and its investment advisory
subsidiaries and the anticipated financial strength and resources of New BlackRock; </font></td>
  </tr>
</table>


<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 compliance policies and procedures of BlackRock Advisors; </FONT></TD>
  </TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Bullet 10" FSL="Workstation" -->
<!-- MARKER FORMAT-SHEET="Bullet 10" FSL="Workstation" -->
<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE=2>the
fact that the schedule of each Fund&#146;s total advisory and administrative fees will
not increase by virtue of the New Investment Advisory Agreements, but will remain the
same; </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>the
terms and conditions of the New Investment Advisory Agreements, including the fact that
the fees to be paid and services to be provided under each Fund&#146;s New Investment
Advisory Agreement are substantially similar to its Current Investment Advisory
Agreement (see &#147;Comparison of Current Investment Advisory Agreements to the New
Investment Advisory Agreements&#148; above and Appendix I), and that
within the past year each Board   has performed a full annual review of or initially
approved, if applicable, the Current Investment Advisory Agreement as required by the
1940 Act and had determined that each applicable Adviser has the capabilities, resources
and personnel necessary to provide the advisory and administrative services currently
provided to each Fund; and that the advisory and/or management fees paid by each Fund,
taking into account any applicable agreed-upon fee waivers and breakpoints, represent
reasonable compensation to the Adviser in light of the services provided, the costs to
the Adviser of providing those services, economies of scale,  the fees and other expenses paid by similar
funds (including information provided by Lipper), and such other matters as the Board Member considered relevant in the exercise of
their reasonable judgment,  (the date of each Board&#146;s most recent
full annual review of the Current Investment Advisory Agreement is noted in Appendix K);  and </FONT></TD>
  </TR></TABLE>

<!-- MARKER FORMAT-SHEET="Bullet 10" FSL="Workstation" -->
<!-- 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>that
Merrill Lynch agreed to pay all expenses of the Funds in connection with the Boards&#146;consideration
of the New Investment Advisory Agreements and related agreements and all costs of
shareholder meetings and, as a result, the Funds would  bear no  costs in  obtaining shareholder approval of the New
Investment Advisory Agreements.</FONT></TD>
  </TR></TABLE>

<!-- MARKER FORMAT-SHEET="Bullet 10" FSL="Workstation" -->
<!-- MARKER FORMAT-SHEET="Bullet 10" FSL="Workstation" -->
<!-- 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
of these considerations are discussed in more detail below.  </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
their review of the New Investment Advisory Agreement, each Board assessed the nature,
scope and quality of the services to be provided to each Fund by the personnel of
BlackRock Advisors and its affiliates, including administrative services, shareholder
services, oversight of fund accounting, marketing services and assistance in meeting legal
and regulatory requirements. In its review of the New Investment Advisory Agreement, each
Board also considered a range of information in connection with its oversight of the
services to be provided by BlackRock Advisors and its affiliates. Among the matters
considered were: (a) fees (in addition to management fees) to be paid to BlackRock
Advisors and its affiliates by each Fund; (b) Fund operating expenses paid to third
parties; (c) the resources devoted to and compliance reports relating to each Fund&#146;s
investment objective, policies and restrictions, and its compliance with its Code of
Ethics and BlackRock Advisors&#146; compliance policies and procedures; and (d) the
nature, cost and character of non-investment management services to be provided by
BlackRock Advisors and its affiliates. </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">
15</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: 84; page: 84" -->



<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the period prior to the Board meetings to consider renewal of each Current Investment
Advisory Agreement, each Board had requested and received materials specifically relating
to each Fund&#146;s Current Investment Advisory Agreement. These materials were prepared
separately for each Fund, and included (a) information compiled by  Lipper Inc. (&#147;Lipper&#148;) on
the fees and expenses and the investment performance of the Fund as compared to a
comparable group of funds as classified by Lipper; (b) information comparing the Fund&#146;s
market price with its net asset value per share; (c) a discussion by the Fund&#146;s
portfolio management team on investment strategies used by the Fund during its most
recent fiscal year; (d) information on the profitability to the Adviser  of the Current Investment Advisory Agreement and other payments received by the Adviser and its affiliates from the
Fund; and (e) information provided by the Adviser concerning services related to the
valuation and pricing of Fund portfolio holdings, allocation of Fund brokerage fees, the
Fund&#146;s portfolio turnover statistics, and direct and indirect benefits to the
Adviser and its affiliates from their relationship with the Fund.  </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
their deliberations, the Board Members considered information received in connection with
their most recent approval or continuation of each Current Investment Advisory Agreement,
in addition to information provided by BlackRock and BlackRock Advisors in connection with
their evaluation of the terms and conditions of the New Investment Advisory Agreement. The
Board Members did not identify any particular information that was all-important or
controlling, and each Board Member attributed different weights to the various factors.
The Board Members evaluated all information available to them on a Fund-by-Fund basis, and
their determinations were made separately in respect of each Fund. The Board Members,
including a majority of the Independent Board Members, concluded that the terms of the New
Investment Advisory Agreement are appropriate, that the fees to be paid are
reasonable in light of the services to be provided to each Fund, and that the New
Investment Advisory Agreement should be approved and recommended to Fund shareholders. </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;<I>Nature,
Quality and Extent of Services Provided. </I>The Board reviewed the nature, extent and
quality of services provided by MLIM, including the investment advisory services and the
resulting performance of the Funds, as well as the nature, quality and extent of services
expected to be provided by BlackRock Advisors. The Board focused primarily on each
Adviser&#146;s investment advisory services and each Fund&#146;s investment performance, but also considered
certain areas in which both MLIM and the Funds receive services as part of the Merrill Lynch complex.
The Board compared each Fund&#146;s performance &#150; both including and excluding the
effects of each Fund&#146;s fees and expenses &#150; to the performance of a comparable
group of mutual funds, and the performance of a relevant index or combination of indices.
While the Board reviews performance data at least quarterly, consistent with the
applicable Adviser&#146;s investment goals, the Board attaches more importance to
performance over relatively long periods of time, typically three to five years. </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
evaluating the nature, quality and extent of the services to be provided by BlackRock
Advisors under the New Investment Advisory Agreements, the Board Members considered, among
other things, the expected impact of the Transaction on the operations, facilities,
organization and personnel of New BlackRock and how it would affect the Funds;
the ability of BlackRock Advisors to perform its duties after the Transaction; and any
anticipated changes to the current investment and other practices of the Funds. The Board Members considered BlackRock&#146;s
advice, as to proposed changes in portfolio management personnel in certain of the Funds
after the closing of the Transaction. <I>Appendix R </I>lists information relating to the proposed
portfolio manager changes. </FONT> </P>


<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board Members were given information with respect to  the potential benefits to the Funds and their shareholders from
having access to BlackRock&#146;s state of the art technology and risk management analytic
tools, including the investment tools, provided under the <I>BlackRock
Solutions</I><sup><font size=1>&reg;</font></sup> brand name. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board Members were advised that, as a result of Merrill Lynch&#146;s equity interest in
BlackRock after the Transaction, the Funds will continue to be subject to restrictions
concerning certain transactions involving Merrill Lynch affiliates (for example,
transactions with a Merrill Lynch broker-dealer acting as principal) absent revised or new
regulatory relief. The Board Members were advised that a revision of existing regulatory
relief with respect to these restrictions was being sought from the Commission and were advised of the possibility of receipt of such
revised regulatory relief. There can be no assurance that such relief will be obtained. </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;Based
on their review of the materials provided and the assurances they had received from the
management of Merrill Lynch and of BlackRock, the Board Members determined that the
nature and quality of services to be provided to the Funds under the New Investment
Advisory Agreements was expected to be as good or better than that provided under the
Current Investment Advisory Agreements. It was noted, however, that it is expected that
there will be changes in personnel following the Transaction and the combination of MLIM&#146;s
operations with those of BlackRock. The Board Members noted that if current portfolio
managers or other personnel cease to be  </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">
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: 64; page: 64" -->




<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>available, each Board would consider
all available options, which could include seeking the investment advisory or other
services of BlackRock affiliates. Accordingly, the Board Members concluded that, overall,
they were satisfied at the present time with assurances from BlackRock and BlackRock
Advisors as to the expected nature, extent and quality of the services to be provided to
the Funds under the New Investment Advisory Agreements.  </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;<I>Costs
of Services Provided and Profitability. </I>It was noted that, in conjunction with the
recent review of the Current Investment Advisory Agreements, the Board Members had
received, among other things, a report from Lipper comparing each Fund&#146;s fees,
expenses and performance to those of a peer group for that Fund selected by Lipper, and
information as to the fees charged by each Adviser to other registered investment company
clients for investment management services. The information showed that the various Funds had fees and expenses
within the range of fees and expenses of comparable funds. The Boards reviewed each Fund&#146;s
contractual management fee rate and actual management fee rate as a percentage of total
assets at common asset levels &#150; the actual rate includes advisory and administrative
service fees and the effects of any fee waivers &#150; compared to the other funds in its
Lipper category. They also compared each Fund&#146;s total expenses to those of other,
comparable funds. The Boards considered the services to be provided by and the fees to be
charged by BlackRock Advisors to other closed-end  funds with similar investment mandates and
noted that the fees charged by BlackRock Advisors in those cases, including fee waivers and reimbursements,
were generally comparable
to and within the range of those being charged to the Funds. The Boards also noted that, as a general matter, according to
the information provided by BlackRock Advisors,  fees
charged to institutional clients were lower than the fees charged to the Funds, but
 that BlackRock Advisors  provided  less extensive services to such
clients. The Boards concluded that each Fund&#146;s management fee and fee rate and
overall expense ratio are reasonable compared to those of other comparable funds. </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
evaluating the costs of the services to be provided by BlackRock Advisors under the New
Investment Advisory Agreements, the Board Members considered, among other things, whether
advisory and administrative fees or other expenses would change as a result of the
Transaction. Based on their review of the materials provided and the fact that the New
Investment Advisory Agreements and administrative agreement, with respect to Europe Fund,
are substantially similar to the Current Investment Advisory Agreements and administrative
agreement, as applicable,  in all material respects, including the rate of
compensation, each Fund&#146;s Board Members determined that the Transaction should not
increase the total fees payable for advisory and administrative services, including fee waivers and reimbursements,  and that overall
Fund expenses were not expected to increase as a result of the Transaction. Each
Fund&#146;s Board Members noted that it was not possible to predict how the Transaction
would affect BlackRock Advisors&#146; profitability from its relationship with the Fund. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board Members discussed with BlackRock Advisors its general methodology to be used in
determining its profitability with respect to its relationship with each Fund. The Board
Members noted that they expect to receive profitability information from BlackRock
Advisors on at least an annual basis and thus be in a position to evaluate whether any
adjustments in Fund fees and/or fee breakpoints would be appropriate. </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;<I>Fees
and Economies of Scale. </I>The Boards considered the extent to which economies of scale
might be realized as the assets of the Funds increase and whether there should be changes
in the management fee rate or structure in order to enable the Funds to participate in
these economies of scale. The Boards determined that changes were not currently necessary
and that the Funds appropriately participated in these economies of scale. </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
reviewing the Transaction, the Board Members considered, among other things, whether
advisory and administrative fees or other expenses would change as a result of the
Transaction. Based on the fact that the New Investment Advisory Agreements and, with respect to Europe Fund,
administrative agreement, are substantially similar to the Current Investment
Advisory Agreements and administrative agreement, as applicable,  in all
material respects, including the rate of compensation, the Board Members determined that
as a result of the Transaction, each Fund&#146;s total advisory and administrative fees
would be no higher than the fees under its Current Investment Advisory Agreement. The
Board Members noted that in conjunction with their most recent deliberations concerning
the Current Investment Advisory Agreements, the Board Members had determined that the
total fees for advisory and administrative services for each Fund were reasonable in
light of the services provided. It was noted that in conjunction with the recent review
of the Current Investment Advisory Agreements, the Board Members had received, among
other things, a report from Lipper comparing each Fund&#146;s fees, expenses and
performance to those of a peer group for that Fund selected by Lipper, and information as
to the fees charged by each Adviser to other registered investment company clients for
investment management services. The Board Members concluded that, because the rates for
advisory and administrative fees for each Fund would be no higher than its current fee
rates,  including fee waivers and reimbursements, the proposed </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">
17</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: 65; page: 65" -->




<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>management fee structure was reasonable and that no changes were
currently necessary. The Board Members recognized that BlackRock may realize economies of
scale from the Transaction based on certain consolidations and synergies of operations,
but concluded that the actual economies of scale could not be predicted in advance.  </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;<I>Fall-Out
Benefits. </I>In evaluating the fall-out benefits to be received by BlackRock Advisors
under the New Investment Advisory Agreements, each Fund&#146;s Board Members considered
whether the Transaction would have an impact on the fallout benefits received by the
Fund&#146;s Adviser by virtue of the Current Investment Advisory Agreement. Based on their
review of the materials provided, including materials received in connection with their
most recent approval or continuance of each Current Investment Advisory Agreement, and
their discussions with management of MLIM and BlackRock, the Board Members determined that
those benefits could include increased ability for BlackRock to distribute shares of its
funds and other investment products and, where applicable,  to obtain research services using the Fund&#146;s
portfolio transaction brokerage. The Board Members noted that any such benefits were
difficult to quantify with certainty at this time, and indicated that they would continue
to evaluate them going forward. </FONT></P>



<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Investment
Performance. </I>The Board Members considered investment performance for the Funds.
The Board compared each Fund&#146;s performance &#150; both including and excluding the effects of each Fund&#146;s
fees and expenses &#150; to the performance of a comparable group of mutual funds, and the performance
of a relevant index or combination of indices. The comparative information
received from Lipper showed Fund performance at various levels within the range of performance of comparable funds over
different time periods. While the Board reviews performance data at least quarterly, consistent with the applicable
Advisor&#146;s investment goals, the Board attaches more importance to performance over relatively long periods of time, typically three
to five years. Although the Board
Members believed that performance for certain Funds was in need of improvement, Fund performance was
generally satisfactory or better. Also, the Board Members took
into account the investment performance of  funds currently advised by BlackRock Advisors.   The Boards received comparative information from Lipper which showed  the performance of the funds advised by BlackRock Advisors and was  within the range of performance of comparable funds over different time periods. The Board also noted that, following the close of the
Transaction, BlackRock Advisors intended to implement steps to seek to improve the
investment performance in certain Funds. It was noted that these steps include changes in
the portfolio management personnel in certain of the Funds. See <i>Appendix R</i> for information about portfolio managers. The Boards noted
BlackRock&#146;s considerable investment management experience and capabilities, but were
unable to predict what effect, if any, consummation of the Transaction and these proposed
steps would have on the future performance of the Funds. </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;<I>Conclusion.
</I> After the Independent Board Members of each Fund deliberated in executive
          session, the entire Board of each Fund, including the Independent Board
Members,           approved each New Investment Advisory Agreement, concluding that the
advisory           fee rate was reasonable in relation to the services provided and that
the New           Investment Advisory Agreement was in the best interests of the
shareholders. In           approving each New Investment Advisory Agreement, each Board
noted that it           anticipated reviewing the continuance of the agreement prior to
the expiration           of its initial two year period.  </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
current Adviser is a registered investment adviser under the Advisers Act and is an
indirect wholly owned subsidiary of ML &amp; Co. MLIM and FAM are each Delaware limited
partnerships. As of March 31, 2006, MLIM and its affiliates had approximately $576.1 billion of assets under management. The partners of FAM and MLIM are ML &amp; Co. and
Princeton Services.. ML &amp; Co. and Princeton Services are &#147;controlling
persons&#148; (as defined under the 1940 Act) of FAM and MLIM because of their ownership
of FAM&#146;s and MLIM&#146;s voting securities or their power to exercise a controlling
influence over FAM&#146;s and MLIM&#146;s management or policies. MLIM-LTD is a limited
liability company organized under the laws of England and is a subsidiary of Merrill Lynch
Investment Managers Limited, the ultimate parent of which is ML &amp; Co. The following
entities may be considered &#147;controlling persons&#148; of MLAM UK: Merrill Lynch
Europe PLC (MLAM UK&#146;s parent), a subsidiary of Merrill Lynch International
Holdings, Inc., a subsidiary of Merrill Lynch International, Inc., a subsidiary of ML
&amp; Co. </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;BlackRock
Advisors, located at 100 Bellevue Parkway, Wilmington, Delaware 19809, and BlackRock
Financial Management, located at 40 East 52nd Street, New York, New York 10022, are wholly
owned subsidiaries of BlackRock, Inc., which is one of the largest publicly traded
investment management firms in the United States with approximately
$463.1 billion of assets under management as of March 31, 2006.
BlackRock manages assets on behalf of institutional and individual investors worldwide
through a variety of equity, fixed income, liquidity and alternative investment products,
including the BlackRock Funds&#153; and BlackRock Liquidity Funds&#153;. In addition,
BlackRock provides risk management and investment system services to institutional
investors under the </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">
18</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: 66; page: 66" -->


<br>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2> <i>BlackRock Solutions</i><sup><font size=1>&reg;</font></sup> name. BlackRock, Inc.
 is currently a majority-owned subsidiary of
The PNC Financial Services Group, Inc. (&#147;PNC&#148;), one of the largest diversified
financial services organizations in the United States. BlackRock Advisors currently is a corporation organized under the laws of the State of Delaware. BlackRock currently intends to convert BlackRock Advisors to a Delaware limited liability company, which would have no effect on the nature or quality of investment management services that BlackRock Advisors would provide. </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;ML
&amp; Co., a Delaware corporation formed in 1973, is a holding company that, through its
subsidiaries and affiliates, provides broker-dealer, investment banking, financing, wealth
management, advisory, asset management, insurance, lending and related products and
services on a global basis. Each Adviser or an affiliate provides administrative services
to the Funds to which the Adviser provides investment management services. These
administrative services are provided under the Fund&#146;s Current Investment Advisory
Agreement, or, in the case of Europe Fund, both the Current Investment Advisory Agreement
and a separate administration agreement. The address of ML &amp; Co. is World Financial
Center, North Tower, 250 Vesey Street, New York, New York 10080. The address of MLIM, FAM
and MLIM-LTD is PO Box 9011, Princeton, New Jersey 08543-9011. The address of MLAM UK
is 33 King William Street, London EC4R 9AS, England. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The tables
set forth in <I>Appendix M</I> show amounts paid to affiliates of the Advisers during each
Fund&#146;s most recently completed fiscal year for the services noted in <I>Appendix
M</I>. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
name and principal occupation of the directors and principal executive officers of
BlackRock Advisors are as set forth in <I>Appendix N</I>. The principal address of each
individual as it relates to his or her duties at BlackRock Advisors is the same as that of
BlackRock Advisors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Advisers and BlackRock Advisors provide investment advisory services to certain other
funds that may have investment objectives and policies similar to those of the Funds. In
addition to the information about the Funds in <I>Appendix B</I>, the table set forth in
<I>Appendix O</I> lists closed-end  funds advised by BlackRock Advisors, the net assets
of those funds, and the management fees BlackRock Advisors received from those funds
during the fiscal years ended on the dates noted. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Shareholder Approval </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;To
become effective with respect to a particular Fund, the New Investment Advisory Agreement
for that Fund must be approved by a vote of a 1940 Act Majority of the outstanding voting
securities of the Fund. Each New Investment Advisory Agreement was approved by the
Independent Board Members, separately, and by the Board of the applicable Fund, as a
whole, after consideration of all factors that it determined to be relevant to its
deliberations, including those discussed above. The Board of each Fund also determined to
submit the Fund&#146;s New Investment Advisory Agreement for consideration by the
shareholders of the Fund. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Board of each Fund recommends that shareholders of each Fund vote FOR the approval of the
New Investment Advisory Agreement.</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>ITEM 3&#151;APPROVAL
OF A CONTINGENT SUBADVISORY AGREEMENT  </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;This
proposal is applicable to all of the Funds. </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;At
the Meeting, you will also be asked to approve a contingent subadvisory agreement (each a
&#147;Contingent Subadvisory Agreement&#148; and collectively, the &#147;Contingent
Subadvisory Agreements&#148;) between your Fund&#146;s Adviser and BlackRock Advisors (the
&#147;BlackRock Subadviser&#148;). You are being asked to approve a Contingent Subadvisory
Agreement for your Fund in order to ensure that the Funds operate with efficient
management services until the closing of the Transaction, in the event that the
Fund&#146;s Board deems it necessary and in the best interests of the Fund and its
shareholders that the BlackRock Subadviser assist in managing the operations of the Fund
during the interim period until the closing of the Transaction. If you approve the
Contingent Subadvisory Agreement, it will take effect only upon recommendation from your
Fund&#146;s Adviser and upon subsequent approval of your Fund&#146;s Board in the period
up to the closing of the Transaction. The effectiveness of the Contingent Subadvisory
Agreements, therefore, would be contingent on further Board approval after shareholders
approve them. The existence of a Contingent Subadvisory Agreement will not result in an
increase of fees paid by the Fund, since all costs under the Contingent Subadvisory
Agreements will be borne by your Fund&#146;s Adviser. </FONT></P>



<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
description of the terms of the Contingent Subadvisory Agreements is included below. The
form of the Contingent Subadvisory Agreement is attached hereto as <I>Appendix J</I>. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Description of the
Terms of the Contingent Subadvisory Agreements </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;<I>Investment
Advisory Services.</I> Each Contingent Subadvisory Agreement generally provides that,
subject to the oversight and supervision of the Fund&#146;s Adviser and the direction and
control of the Fund&#146;s Board, the  </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">
19</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: 85; page: 85" -->




<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BlackRock Subadviser will perform certain of the
day-to-day operations of the Fund, which may include one or more of the following
services, at the request of the Fund&#146;s Adviser: (a) acting as investment adviser for
and managing the investment and reinvestment of those assets of the Fund as the
Fund&#146;s Adviser may from time to time request with complete discretion in purchasing
and selling such securities and other assets for the Fund and in voting, exercising
consents and exercising all other rights pertaining to such securities and other assets on
behalf of the Fund, (b) arranging, subject to the restrictions of the Fund&#146;s
organizational documents, the provisions of the 1940 Act and the Advisers Act, and the
Fund&#146;s investment objectives and policies, and the applicable rules and regulations
of the Commission, and other applicable federal and state law, as well as any specific
policies and determinations of the Fund&#146;s Board disclosed to the BlackRock
Subadviser, for the purchase and sale of securities and other assets held in the
investment portfolio of the Fund; (c) providing investment research and credit analysis
concerning the Fund&#146;s investments, (d) assisting the Fund&#146;s Adviser in
concerning the Fund&#146;s investments, (d) assisting the Fund&#146;s Adviser in
equivalents and money market instruments, (e) placing orders for all purchases and sales
of such investments made for the Fund, and (f) maintaining the books and records as are
required to support Fund investment operations. At the request of the Fund&#146;s Adviser,
the BlackRock Subadviser will also, subject to the oversight and supervision of the
Fund&#146;s Adviser and the direction and control of the Fund&#146;s Board, provide to the
Fund&#146;s Adviser or the Fund any of the facilities and equipment and perform any of the
administrative services described in the Current Investment Advisory Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Contingent Subadvisory Agreement for each Fund provides that the services of the BlackRock
Subadviser are not exclusive to the Fund, and the BlackRock Subadviser and its affiliates
may render services to others. </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;<I>Fees.</I> There
will be no increase in Fund expenses as a result of the Contingent           Subadvisory
Agreements. Each Fund&#146;s Adviser will pay the BlackRock           Subadviser out of
its own resources. Pursuant to each Contingent Subadvisory           Agreement, the
BlackRock Subadviser will receive a monthly fee from a           Fund&#146;s Adviser
equal to 50% of the advisory fee received by the Adviser.  </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;<I>Payment
of Expenses.</I> Each Contingent Subadvisory Agreement requires the BlackRock Subadviser
to bear all costs and expenses of its employees and any overhead incurred by the BlackRock
Subadviser in connection with its duties under the Contingent Subadvisory Agreement;
provided that the Board of the Fund may approve reimbursement to the BlackRock Subadviser
of a pro-rata portion of certain employment costs for the time spent on Fund operations
(including, without limitation, compliance matters) (other than the provision of
investment advice and administrative services required to be provided under the Contingent
Subadvisory Agreement) of all personnel employed by the BlackRock Subadviser who devote
substantial time to Fund operations or the operations of other investment companies
advised or sub-advised by the BlackRock Subadviser. </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;<i>Indemnity.</i>
Under each Contingent Subadvisory Agreement, the Fund agrees to indemnify the BlackRock Subadviser and each of the BlackRock Subadviser&#146;s directors, officers,
employees, agents, associates and controlling persons and such persons&#146; directors, partners, members, officers,
employees and agents (each such person being an &#147;Indemnitee&#148;) against any liabilities and expenses reasonably
incurred by such Indemnitee in connection with the defense or disposition of any action, suit or other proceeding,
whether civil or criminal, before any court or administrative or investigative body in which such Indemnitee may be or
may have been involved as a party while acting for the Fund, unless the Indemnitee is adjudicated not to have acted in
good faith in the reasonable belief that his or her action was in the best interest of the Fund, and in the case of any criminal
proceeding, so long as such Indemnitee had no reasonable cause to believe that the conduct  was unlawful and so long
as the conduct was not arising by reason of (i) willful misfeasance, (ii) bad faith, (iii) gross negligence or (iv) reckless
disregard of the duties involved in the conduct of such Indemnitee&#146;s position. </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;<I>Limitation
on Liability.</I> Under each Contingent Subadvisory Agreement, the BlackRock Subadviser
will not be liable for any error of judgment or mistake of law or for any loss suffered by
the Fund&#146;s Adviser or by the Fund in connection with the performance of the
Contingent Subadvisory Agreement, except a loss resulting from a breach of fiduciary duty
with respect to the receipt of compensation for services or a loss resulting from willful
misfeasance, bad faith or gross negligence on its part in the performance of its duties or
from reckless disregard by it of its duties under the Contingent Subadvisory Agreement. </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;<I>Term
and Continuance</I>. If approved by shareholders of a Fund, the Contingent Subadvisory
Agreement for the Fund will not go into effect unless it is approved again by the Fund&#146;s
Board upon the recommendation of your Fund&#146;s Adviser that the agreement should be
given effect. After its approval by the Board, a Contingent Subadvisory Agreement will
terminate, unless sooner terminated as set forth therein and discussed below, at the
earlier of the closing of the Transaction or two years from the date of implementation
unless the continuation is specifically approved as set forth below. After the initial
two year period, if not terminated, each Contingent </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">
20</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: 68; page: 68" -->






<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Subadvisory Agreement will continue
in effect from year to year if such continuance is specifically approved at least annually by both (a) the vote of a
majority of the Fund&#146;s Board or the vote of a 1940 Act Majority of the outstanding
voting securities of the Fund, and (b) by the vote of a majority of the Board Members who
are not parties to the Contingent Subadvisory Agreement or &#147;interested persons&#148; (as
defined in the 1940 Act) of any such party, cast in person at a meeting called for the
purpose of voting on such approval.  </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;<I>Termination.</I> Each
Fund&#146;s Contingent Subadvisory Agreement generally provides that the
          Agreement may be terminated by the Fund or the Fund&#146;s Adviser at any time,
          without the payment of any penalty, upon giving the BlackRock Subadviser 60
          days&#146; notice (which notice may be waived by the BlackRock Subadviser),
          provided that such termination by the Fund or the Fund&#146;s Adviser is
          directed or approved by the vote of a majority of the Board Members of the Fund
          in office at the time or by the vote of the holders of a 1940 Act Majority of
          the outstanding voting securities of the Fund, or by the BlackRock Subadviser
on           60 days&#146; written notice (which notice may be waived by the Fund and the
          Fund&#146;s Adviser), and will terminate automatically upon the consummation of
          the Transaction. Each Contingent Subadvisory Agreement will also immediately
          terminate in the event of its &#147;assignment&#148; (as defined in the 1940
          Act).  </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Board Considerations </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;At
the meeting held during the week of  May 8, 2006 at which the Boards
approved the New Investment Advisory Agreements, the Board of each Fund, including the
Independent Board Members, also approved the Contingent Subadvisory Agreement between your
Fund&#146;s Adviser and the BlackRock Subadviser. In making these approvals, the Boards
considered the Contingent Subadvisory Agreements in conjunction with the New Investment
Advisory Agreements and reviewed the same information and factors discussed above under
Item 2 and came to the same conclusions. The Board also considered in conjunction with the
Contingent Subadvisory Agreements the necessity of ensuring that the Funds operate with
effective management services until the closing of the Transaction. In reviewing the
subadvisory fee rate provided in the Contingent Subadvisory Agreement, the Board took note of
the fact that both the Adviser and the subadviser would have significant responsibilities under the
respective advisory agreements.  The Adviser would remain responsible for oversight of the Fund's operations
and administration and BlackRock Advisors, as the subadvisor, would provide advisory services to the Fund under
the Contingent Subadvisory Agreement.  The Board also took into account the expected short duration of the
term of any Contingent Subadvisory Agreement and the fact that the total
advisory fees paid by a Fund would not increase as a result of the Contingent Subadvisory Agreement. Under all of the circumstances, the Board
concluded that it was a reasonable allocation of fees for The BlackRock Subadviser to receive 50% of the advisory fee paid by a Fund to its Adviser. The exact dates of
each Board&#146;s meetings are noted in <I>Appendix L</I>. </FONT></P>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
the Independent Board Members of each Fund deliberated in executive session, the entire
Board of each Fund, including the Independent Board Members, approved each Contingent
Subadvisory Agreement, concluding that the advisory fee was reasonable in relation to the
services provided and that the Contingent Subadvisory Agreement was in the best interests
of shareholders. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Information About the
BlackRock Subadviser </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;Information
about the BlackRock Subadviser is set forth above under &#147;Item 2 &#150; Approval of
New Investment Advisory Agreement &#150; Information About the Advisers&#148;. </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;There
were no amounts paid to any affiliates of BlackRock during the Funds&#146; most recently
completed fiscal year. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
name and principal occupation of the directors and principal executive officers (or
persons performing similar functions) of BlackRock and its affiliates are set forth in
<I>Appendix N</I>. The principal address of each individual as it relates to his or her
duties at BlackRock or the applicable affiliate is the same as that of BlackRock or the
affiliate. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
BlackRock Subadviser may provide investment advisory services to other funds which may
have investment objectives and policies similar to those of the Funds. The table set forth
in <I>Appendix O</I> lists other funds advised by the BlackRock Subadviser, the net assets
of those funds, and the management fee the BlackRock Subadviser received from those funds
during the fiscal years ended on the dates noted. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Shareholder Approval </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;To
become effective with respect to a particular Fund, each Contingent Subadvisory
Agreement must be approved by a vote of a 1940 Act Majority of the outstanding
voting securities of the Fund. Each Contingent Subadvisory Agreement was approved
by the Independent Board Members, separately, and by the Board of the </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">
21</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: 86; page: 86" -->



<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>applicable
Fund, as a whole, after consideration of all factors which it determined to be
relevant to its deliberations, including those discussed above. The
Board of each Fund also determined to submit the Fund&#146;s Contingent Subadvisory
Agreement for consideration by the shareholders of the Fund.  </font></p>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Default" -->
<p><font face="Times New Roman, Times, Serif" size=2><b>The Board of each Fund recommends
that shareholders of the Fund vote FOR the approval of the Contingent Subadvisory
Agreement.</b> </font></p>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ADDITIONAL
INFORMATION  </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>Expenses and Methods
of Proxy Solicitation </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
expenses of preparation, printing and mailing of the enclosed forms of proxy, the
accompanying Notice and this Joint Proxy Statement will not be borne by the Funds and will
be borne wholly by Merrill Lynch. These costs will be borne by Merrill Lynch whether or
not the proposals are successful. Merrill Lynch will reimburse banks, brokers and others
for their reasonable expenses in forwarding proxy solicitation material to the beneficial
owners of each Fund&#146;s shares. </FONT></P>



<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<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. MLIM
and its affiliates have retained Computershare Fund Services, a proxy solicitation
firm, to assist in the solicitation of proxies at a cost of approximately
$161,000, plus out-of-pocket
expenses estimated to be $1,102,005,
all of which will be paid by Merrill Lynch. </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
quorum of shareholders is required to take action at each Meeting. For the Funds listed
below, a quorum consists of a majority of the shares entitled to vote at the Meetings,
present in person or by proxy: </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT SIZE=2>MY Michigan</FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT SIZE=2>MY California Insured</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MY New Jersey Insured</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MY Insured</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniVest</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MY Michigan Insured II.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniVest II</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MY New Jersey Fund</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>SHIP</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MY New York Insured</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>Apex</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MY Quality</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>CHY</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MY Quality II</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniAssets</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>Europe Fund</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MuniEnhanced</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MY Florida Insured</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MH California Insured</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MY Pennsylvania Insured</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MY Fund</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MH Florida Insured</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MY Arizona</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MY Florida</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MY California</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;For
the Funds listed below, a quorum consists of holders of one-third of the shares entitled
to vote at the Meetings, present in person or by proxy: </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT SIZE=2>S&amp;P 500</FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT SIZE=2>MH New York Insured</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>Muni Intermediate</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>CHY III</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>Muni New York Intermediate</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>CHY V</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>Debt Strategies</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>CHY VI</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>Diversified Income</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>MH Insured II</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>FRIS</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>Capital &amp; Income</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>FRIS II</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>Preferred Income</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MH Fund</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>Preferred &amp; Corporate</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MH Fund II</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>Enhanced Equity Yield</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MH Insured</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>Enhanced Equity Yield &amp; Premium</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT SIZE=2>MH New Jersey Insured</FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE=2>Enhanced Government</FONT></TD></TR>
</TABLE>





<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval
of Item 1. Election of Board Members will require the affirmative vote of shareholders
holding at least the percentage of shares of a Fund indicated in the chart below. For
purposes of Item 1, a &#147;plurality of the votes&#148; cast means the candidate must
receive more votes than any other candidate for the same position, but not necessarily a
majority of the votes cast. As noted above in Item 1, with respect to the AMPS Funds,
holders of AMPS will vote as a separate class for the election of AMPS Nominees, and will
vote together with holders of  shares of common stock with respect to all other Nominees. Approval
of items 2  and 3 requires the affirmative vote of a 1940 Act Majority of the outstanding
voting securities of the Fund. </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">
22</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: 87; page: 87" -->



<table width=700 border=0 align="center" cellpadding=0 cellspacing=0>

  <tr>

    <td width="194" valign=top>
      <p><font size=3 face="Times New Roman">&nbsp;</font></p>
    </td>
    <td width="10" valign=top>
      <p><font size=3 face="Times New Roman">&nbsp;</font></p>
    </td>
    <td colspan="3" align="center" valign=bottom> <strong><font size=1 face="Times New Roman">Item 1</font></strong>
      <hr size="1" noshade>
    </td>
  </tr>

  <tr align="center" valign="bottom">

    <td> <strong><font size=1
  face="Times New Roman">Fund</font></strong>
      <hr size="1" noshade>
    </td>
    <td> <strong><font size=1
  face="Times New Roman">&nbsp;&nbsp;</font></strong></td>
    <td width="232"> <strong><font size=1
  face="Times New Roman">Election of AMPS Nominees</font></strong>
      <hr size="1" noshade>
    </td>
    <td width="15"> <strong><font size=1
  face="Times New Roman">&nbsp;&nbsp;</font></strong></td>
    <td width="249"> <strong><font size=1
  face="Times New Roman">Election of other Nominees</font></strong>
      <hr size="1" noshade>
    </td>
  </tr>

  <tr>

    <td valign=top> <font size=2
  face="Times New Roman">Muni Intermediate.</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">Affirmative vote of a plurality of the votes cast by
        the holders of AMPS, voting as a separate class</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">Affirmative vote of a plurality of the votes cast by
        the holders of shares of common stock and AMPS, voting together as a single
        class</font></td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>

  <tr>

    <td valign=top> <font size=2
  face="Times New Roman">Muni NewYork Intermediate</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">Affirmative vote of a plurality of the votes cast by
        the holders of AMPS, voting as a separate class</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">Affirmative vote of a plurality of the votes cast by
        the holders of shares of common stock and AMPS, voting together as a single
        class</font></td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>

  <tr>

    <td valign=top> <font size=2
  face="Times New Roman">SHIP</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">N/A</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">Affirmative vote of a plurality of the votes cast by
        the holders of shares of common stock</font></td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>

  <tr>

    <td valign=top> <font size=2
  face="Times New Roman">FRIS</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">N/A</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">Affirmative vote of a plurality of the votes cast by
        the holders of shares of common stock</font></td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>

  <tr>

    <td valign=top> <font size=2
  face="Times New Roman">FRIS II</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">N/A</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">Affirmative vote of a plurality of the votes cast by
        the holders of shares of common stock</font></td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>

  <tr>

    <td valign=top> <font size=2
  face="Times New Roman">Debt Strategies </font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">N/A</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">Affirmative vote of a plurality of the votes cast by
        the holders of shares of common stock</font></td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>

  <tr>

    <td valign=top> <font size=2
  face="Times New Roman">MH Fund</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">Affirmative vote of a plurality of the votes cast by
        the holders of AMPS, voting as a separate class</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">Affirmative vote of a plurality of the votes cast by
        the holders of shares of common stock and AMPS, voting together as a single
        class</font></td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>

  <tr>

    <td valign=top> <font size=2
  face="Times New Roman">MH Insured</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">Affirmative vote of a plurality of the votes cast by
        the holders of AMPS, voting as a separate class</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">Affirmative vote of a plurality of the votes cast by
        the holders of shares of common stock and AMPS, voting together as a single
        class</font></td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>

  <tr>

    <td valign=top> <font size=2
  face="Times New Roman">CHY III</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">N/A</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">Affirmative vote of a plurality of the votes cast by
        the holders of shares of common stock</font></td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>

  <tr>

    <td valign=top> <font size=2
  face="Times New Roman">CHY</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">N/A</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">Affirmative vote of a plurality of the votes cast by
        the holders of shares of common stock</font></td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top><font size=2
  face="Times New Roman">MuniAssets </font></td>
    <td valign=top>&nbsp;</td>
    <td valign=top><font size=2
  face="Times New Roman">N/A</font></td>
    <td valign=top>&nbsp;</td>
    <td valign=top><font size=2
  face="Times New Roman">Affirmative vote of a plurality of the votes cast by
        the holders of shares of common stock</font></td>
  </tr>
  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>

    <td valign=top> <font size=2
  face="Times New Roman">Preferred Income </font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">Affirmative vote of a plurality of the votes cast by
        the holders of AMPS, voting as a separate class</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">Affirmative vote of a plurality of the votes cast by
        the holders of shares of common stock and AMPS, voting together as a single
        class</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">
23</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: 71; page: 71" -->



<table width=700 border=0 align="center" cellpadding=0 cellspacing=0>





  <tr>

    <td valign=top> <font size=2
   face="Times New Roman">Europe Fund </font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">N/A</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">Affirmative vote of a plurality of the votes cast by
        the holders of shares of common stock</font></td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>

  <tr>

    <td valign=top> <font size=2
  face="Times New Roman">Capital and Income </font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">N/A</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">Affirmative vote of a plurality of the votes cast by
        the holders of shares of common stock</font></td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>

  <tr>

    <td valign=top> <font size=2
  face="Times New Roman">Preferred &amp; Corporate </font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">Affirmative vote of a plurality of the votes cast by
        the holders of AMPS, voting as a separate class</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">Affirmative vote of a plurality of the votes cast by
        the holders of shares of common stock and AMPS, voting together as a single
        class</font></td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>

  <tr>

    <td valign=top> <font size=2
  face="Times New Roman">Enhanced Equity Yield </font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">N/A</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">Affirmative vote of a plurality of the votes cast by
        the holders of shares of common stock</font></td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>

  <tr>

    <td valign=top> <font size=2
  face="Times New Roman">Enhanced Equity Yield &amp; Premium </font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">N/A</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">Affirmative vote of a plurality of the votes cast by
        the holders of shares of common stock</font></td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>

  <tr>

    <td valign=top> <font size=2
  face="Times New Roman">Enhanced Government</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">N/A</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td valign=top> <font size=2
  face="Times New Roman">Affirmative vote of a plurality of the votes cast by
        the holders of shares of common stock</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;If,
by the time scheduled for a Meeting, a quorum of shareholders is not present or if a
quorum is present but sufficient votes to allow action on one or more proposals are not
received from the shareholders, the persons named as proxies may propose one or more
adjournments of the Meeting to permit further solicitation of proxies from shareholders.
Any such adjournment will require the affirmative vote of a majority of the shares of the
Fund present in person or by proxy and entitled to vote at the time of the Meeting to be
adjourned. The persons named as proxies will vote in favor of any such adjournment if they
believe the adjournment and additional proxy solicitation are reasonable and in the best
interests of the Fund&#146;s shareholders. </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;Votes
cast by proxy or in person at each Meeting will be tabulated by the inspectors of election
appointed for that Meeting. The inspectors of election will determine whether or not a
quorum is present at the Meeting. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
shares 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 will be voted in accordance with the
recommendation of the Funds&#146; Boards as follows: </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;1)
   &#147;FOR&#148; election of each Fund&#146;s Board Member Nominees.  </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;2)
        &#147;FOR&#148; approval of each Fund&#146;s New Investment Advisory Agreement.  </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;3)
    &#147;FOR&#148; approval of each Fund&#146;s Contingent Subadvisory Agreement.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Broker Non-Votes and
Abstentions </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;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 the Meeting. The Funds will include shares held of
record by broker-dealers as to which such authority has been granted in its tabulation of
the total number of shares present for purposes of determining whether the necessary
quorum of shareholders 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 Board
Members in Item 1, if no instructions have been received prior to the date specified in
the broker-dealer firm&#146;s request for voting instructions. 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, with respect to </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">
24</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: 72; page: 72" -->






<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 1, it will do so with respect to shares
in the same proportion as the votes received from beneficial owners of those shares for
which instructions have been received, whether or not held in nominee name. Broker-dealer
firms, including MLPF&amp;S, will not be permitted to grant voting authority with respect
to shares for which no instructions have been received in connection with the new
investment advisory agreements in Item 2 and the contingent subadvisory agreements in
Item 3. Shares of AMPS of any Fund 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 or Item 3, as applicable, 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 the Item, (ii) with respect to each Fund, less than 10% of that Fund&#146;s AMPS
outstanding have voted against the Item and (iii) with respect to each Fund, holders of
that Fund&#146;s shares of common stock have voted to approve the Item. In such
instances, the broker-dealer firm will vote such uninstructed shares of AMPS on the Item
in the same proportion as the votes cast by all holders of that Fund&#146;s AMPS who
voted on the Item. 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/Trustees (Item 1) it will
do so with respect to shares of common stock and AMPS in the same proportion as the votes
received from beneficial owners of those shares of common stock and AMPS, if applicable,
for which instructions have been received, whether or not held in nominee name and (b)
with respect to approval of a new investment advisory agreement with BlackRock Advisors
(Item 2) or approval of a contingent subadvisory agreement (Item 3), 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 have no effect on the vote on Item 1 for any Fund voting on Item 1.  Abstentions and broker non-votes
will have the same effect as a vote against Items 2 and 3 for all Funds.  </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<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 represented by properly executed proxies according to their judgment on those
matters. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Independent Registered
Public Accounting Firms&#146; Fees </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fiscal year end and the independent registered public accounting firm for each Fund is set
forth in <I>Appendix</I> <I>B</I> to this Joint Proxy Statement. The firm of either Ernst
&amp; Young <font size=1>LLP</font> (&#147;E&amp;Y&#148;) or Deloitte &amp; Touche <font size=1>LLP</font> (&#147;D&amp;T&#148;)
has been selected as the independent registered public accounting firm for each Fund. Each
of E&amp;Y and D&amp;T, as applicable, in accordance with Independence Standards Board
Standard No. 1 (ISB No. 1), has confirmed to each Audit Committee that it is an
independent registered public accounting firm with respect to the Funds. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Commission&#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 Adviser and any entity controlling, controlled by or
under common control with the 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>

<!-- 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;See
<I>Appendix P</I> to this Joint Proxy Statement for information about the fees paid by the
Funds and Affiliated Service Providers to each Fund&#146;s independent registered public
accounting firm. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee 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
independence of the independent registered public accounting firm. </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">
25</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: 73; page: 73" -->



<!-- 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
anticipation of the closing of the Transaction, E&amp;Y has resigned as the independent
registered public accounting firm for those Funds for which it has served in such capacity
for all fiscal years ending after June 30, 2006. Each affected Fund&#146;s Audit Committee
approved the engagement of D&amp;T as the Fund&#146;s new independent registered public
accounting firm for the Fund&#146;s current fiscal year. A majority of each affected
Fund&#146;s Board Members, including a majority of the independent Board Members, approved
the appointment of D&amp;T, subject to the right of the Fund, by a majority vote of the
shareholders at any meeting called for that purpose, to terminate the appointment without
penalty. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
reports of E&amp;Y on each affected Fund&#146;s financial statements for each of the last
two fiscal years contained no adverse opinion or disclaimer of opinion and were not
qualified or modified as to uncertainty, audit scope or accounting principles. There have
been no disagreements with E&amp;Y during each such Fund&#146;s two most recently
completed fiscal years and any subsequent interim period on any matter of accounting
principles or practices, financial statement disclosure or auditing scope or procedure
which, if not resolved to the satisfaction of E&amp;Y, would have caused them to make
reference thereto in their reports on the financial statements for such years. </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee 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 a
Fund on an annual basis require specific pre-approval by the Fund&#146;s 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 Commission&#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 the project as a whole. 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>

<!-- 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;Non-audit
services provided to a Fund&#146;s Affiliated Service Providers that have a direct impact
on the operations or financial reporting of the Fund must be pre-approved by the Audit
Committee of ML &amp; Co. in addition to pre-approval by the Fund&#146;s Audit Committee. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<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" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Other </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives
of each Fund&#146;s independent registered public accounting firm are not expected to be
present at the Meetings. </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="Default" -->
<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 and any subsequent Semiannual Report to any shareholder upon request.</B>
Such requests should be directed to the applicable Fund, PO Box 9011, Princeton, New
Jersey 08543-9011, Attention: Fund Secretary, or to 1-800-543-6217. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Shareholder 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;Muni
Intermediate and Muni New York Intermediate each expects to hold its next Annual Meeting
of Shareholders in August 2007. Proposals of shareholders intended to be presented at the
meetings must be received by the Funds by March 20, 2007 for inclusion in the applicable
Fund&#146;s proxy statement and form of proxy for that meeting. The By-Laws of Muni
Intermediate and Muni Intermediate New York generally require that advance notice be
given to the Fund in the event a shareholder desires to transact any business from the
floor at an Annual Meeting of Shareholders. Notice of any such business must be in
writing and received at the Fund&#146;s </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">
26</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: 74; page: 74" -->






<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>principal executive office between May 21, 2007
and June 22, 2007. Written proposals and notices should be sent to the Secretary of the
Fund, 800 Scudders Mill Road, Plainsboro, New Jersey 08536.  </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 shareholder of Debt Strategies, MH Fund and MH Insured Fund intends to present a
proposal at the 2007 Annual Meeting of Shareholders of such Fund, each of which is
anticipated to be held in August 2007, and desires to have the proposal included in the
Fund&#146;s proxy statement and form of proxy for that meeting, the shareholder must
deliver the proposal to the offices of the appropriate Fund by March 26, 2007. The persons
named as proxies in the proxy materials for the 2007 Annual Meeting of Shareholders for
each of the Funds may exercise discretionary authority with respect to any shareholder
proposal presented at such meeting if written notice of such proposal has not been
received by the Fund by June 11, 2007. Written proposals and notices should be sent to the
Secretary of the respective Fund, 800 Scudders Mill Road, Plainsboro, New Jersey 08536. </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;SHIP
and FRIS II each expects to hold its next Annual Meeting of Shareholders in August 2007.
Proposals of shareholders intended to be presented at the meetings must be received by the
Funds by March 26, 2007 for inclusion in the applicable Fund&#146;s proxy statement and
form of proxy for that meeting. The By-laws of SHIP  and FRIS II generally require
that advance notice be given to the Fund in the event a shareholder desires to transact
any business from the floor at an Annual Meeting of Shareholders. Notice of any such
business must be in writing and received at the Fund&#146;s principal executive office
between<B> </B>May 25, 2007 and June 26, 2007.<B> </B>Written proposals and notices should
be sent to the Secretary of the Fund, 800 Scudders Mill Road, Plainsboro, New Jersey
08536. </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;FRIS
 expects to hold its next Annual Meeting of Shareholders in January 2007. Proposals of
shareholders intended to be presented at the meetings must be received by the Fund by
August 23, 2006 for inclusion in the Fund&#146;s proxy statement and form of proxy for
that meeting. The By-laws of FRIS   generally require that advance notice be given to the
Fund in the event a shareholder desires to transact any business from the floor at an
Annual Meeting of Shareholders. Notice of any such business must be in writing and
received at the Fund&#146;s principal executive office between<B> </B>October 28, 2006 and
November 27, 2006.<B> </B>Written proposals and notices should be sent to the Secretary of
the Fund, 800 Scudders Mill Road, Plainsboro, New Jersey 08536. </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 shareholder of CHY, CHY III and MuniAssets intends to present a proposal at the 2007
Annual Meeting of Shareholders of such Fund, each of which is anticipated to be held in
August 2007, and desires to have the proposal included in the Fund&#146;s proxy statement
and form of proxy for that meeting, the shareholder must deliver the proposal to the
offices of the appropriate Fund by March 23, 2007. The persons named as proxies in the
proxy materials for the 2007 Annual Meeting of Shareholders for each of the Funds may
exercise discretionary authority with respect to any shareholder proposal presented at
such meeting if written notice of such proposal has not been received by the Fund by June
11, 2007. Written proposals and notices should be sent to the Secretary of the respective
Fund, 800 Scudders Mill Road, Plainsboro, New Jersey 08536. </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 shareholder of Europe Fund intends to present a proposal at the 2007 Annual Meeting of
Shareholders, which is anticipated to be held in August 2007, and desires to have the
proposal included in the Fund&#146;s proxy statement and form of proxy for that meeting,
the shareholder must deliver the proposal to the offices of the Fund by March 22, 2007.
The persons named as proxies in the proxy materials for the 2007 Annual Meeting of
Shareholders for the Fund may exercise discretionary authority with respect to any
shareholder proposal presented at such meeting if written notice of such proposal has not
been received by the Fund by June 11, 2007. Written proposals and notices should be sent
to the Secretary of the Fund, 800 Scudders Mill Road, Plainsboro, New Jersey 08536. </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;Preferred
Income, Capital &amp; Income, Preferred &amp; Corporate, Enhanced Equity Yield, Enhanced
Equity Yield &amp; Premium and Enhanced Government each expects to hold its next Annual
Meeting of Shareholders in August 2007. Proposals of shareholders intended to be
presented at the meetings must be received by the relevant Fund  by March 22, 2007 for inclusion
in that Fund&#146;s proxy statement and form of proxy for that meeting. The
By-laws of Preferred Income, Capital &amp; Income, Preferred &amp; Corporate, Enhanced
Equity Yield, Enhanced Equity Yield &amp; Premium and Enhanced Government generally
require that advance notice be given to the Fund in the event a shareholder desires to
transact any business from the floor at an Annual Meeting of Shareholders. Notice of any
such business must be in writing and received at the Fund&#146;s principal executive
office between May 22, 2007 and June 20, 2007. Written proposals and
notices should be sent to the Secretary of the Fund, 800 Scudders Mill Road, Plainsboro,
New Jersey 08536. </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">
27</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: 75; page: 75" -->



<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>General  </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;Management
does not intend to present and does not have reason to believe that any other items of
business will be presented at the Meetings. However, if other matters are properly
presented at the Meetings for a vote, the proxies will be voted by the persons acting
under the proxies upon such matters in accordance with their judgment of the best
interests of the Fund. </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;Failure
of a quorum to be present at any Meeting will necessitate adjournment or postponement. The
persons named in the enclosed proxy may also move for an adjournment or postponement of
any Meeting to permit further solicitation of proxies with respect to any of the proposals
if they determine that adjournment/postponement and further solicitation is reasonable and
in the best interests of the shareholders. Under each Fund&#146;s By-laws, an adjournment
or postponement of a meeting requires the affirmative vote of a majority of the shares
present in person or represented by proxy at the meeting. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00"  -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Please
vote promptly by completing, signing and dating each enclosed voting instruction form and
returning it in the accompanying postage-paid return envelope OR by following the enclosed
instructions to vote by telephone or over the Internet.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Hang 20" FSL="Workstation" -->
<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=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD width="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=38%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By Order
      of the Boards of Directors/Trustees <BR>
      <BR>
      A</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">LICE </FONT>
      <FONT FACE="Times New Roman, Times, Serif" SIZE="2">A. P</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">ELLEGRINO
      </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>
      <BR><I>Secretary of the Funds</I> </FONT> </TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dated: June 15, 2006  </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">
28</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: 76; page: 76" -->


<!-- MARKER FORMAT-SHEET="Right Head Bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Appendix A</I></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>Corporations, Trusts
and Meeting Date  </B></FONT></P>









<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=700>
<TR VALIGN=Bottom>
     <TH><FONT SIZE=1>Corporation/Trust </FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK noshade></TH>
     <TH><FONT SIZE=1>Form of Organization </FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK noshade></TH>
     <TH><FONT SIZE=1>Term Used in this <BR>
Combined Proxy Statement </FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK noshade></TH>
     <TH><FONT SIZE=1>Meeting Date </FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK noshade></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=39%  ALIGN=CENTER><FONT SIZE=1>MuniYield Florida Insured Fund</FONT></TD>

    <TD WIDTH=20%  ALIGN=CENTER><FONT SIZE=1>Massachusetts Business Trust</FONT></TD>
     <TD WIDTH=20% ALIGN=CENTER><FONT SIZE=1>MY Florida Insured</FONT></TD>
     <TD WIDTH=15% ALIGN=CENTER><FONT SIZE=1>July 31, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniYield Michigan Insured Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>MY Michigan Insured</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniYield New Jersey Insured Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>MY New Jersey Insured</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniYield Pennsylvania Insured Fund</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=1>Massachusetts Business Trust</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>MY Pennsylvania Insured</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>July 31, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>The S&amp;P 500<sup><font size=1>&reg;</font></sup>Protected Equity Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>S&amp;P 500 Protected Equity</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>Muni Intermediate Duration Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Muni Intermediate</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>Muni New York Intermediate Duration Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Muni New York Intermediate</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>Debt Strategies Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Debt Strategies</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>Diversified Income Strategies Portfolio, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Diversified Income</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>Floating Rate Income Strategies Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>FRIS</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>Floating Rate Income Strategies Fund II, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>FRIS II</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniHoldings Florida Insured Fund</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=1>Massachusetts Business Trust</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>MH Florida Insured</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>July 31, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniHoldings Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>MH Fund</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniHoldings Fund II, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>MH Fund II</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniHoldings Insured Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>MH Insured</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniHoldings New Jersey Insured Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>MH New Jersey Insured</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniHoldings New York Insured Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>MH New York Insured</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniVest Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniVest</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniVest Fund II, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniVest II</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>Senior High Income Portfolio, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>SHIP</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>Preferred and Corporate Income Strategies Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Preferred &amp; Corporate</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>Enhanced Equity Yield &amp; Premium Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Enhanced Equity Yield &amp; Premium</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>Apex Municipal Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Apex</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>Corporate High Yield Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>CHY</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>Corporate High Yield Fund III, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>CHY III</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>Corporate High Yield Fund V, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>CHY V</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=39%  ALIGN=CENTER><FONT SIZE=1>Corporate High Yield Fund VI, Inc.</FONT></TD>
     <TD WIDTH=20%  ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD WIDTH=20%  ALIGN=CENTER><FONT SIZE=1>CHY VI</FONT></TD>
     <TD WIDTH=15%  ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniAssets Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniAssets</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniEnhanced Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniEnhanced</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniHoldings California Insured Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>MH California Insured</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniHoldings Insured Fund II, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>MH Insured II</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniYield Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>MY Fund</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniYield Arizona Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>MY Arizona</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniYield California Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>MY California</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniYield California Insured Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>MY California Insured</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniYield Florida Fund</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=1>Massachusetts Business Trust</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>MY Florida</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>July 31, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniYield Insured Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>MY Insured</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniYield Michigan Insured Fund II, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>MY Michigan Insured II</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniYield New Jersey Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>MY New Jersey</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniYield New York Insured Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>MY New York Insured</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniYield Quality Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>MY Quality</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniYield Quality Fund II, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>MY Quality II</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>The Europe Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Europe Fund</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>Capital and Income Strategies Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Capital &amp; Income</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>Preferred Income Strategies Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Preferred Income</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>Enhanced Equity Yield Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Enhanced Equity Yield</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>Enhanced Government Fund, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Maryland Corporation</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>Enhanced Government</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>August 15, 2006</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-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: 41; page: 41" -->





<!-- MARKER FORMAT-SHEET="Center no bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>(This page
intentionally left blank) </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: 78; page: 78" -->





<!-- MARKER FORMAT-SHEET="Right Head Bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Appendix B</I></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>Fund Information  </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table lists, with respect to each Fund, the name of the Fund&#146;s Adviser and
the total number of shares outstanding and the net assets of the Fund on June 2, 2006, the
record date for voting at the Meeting. Additionally, the table lists each Fund&#146;s
independent registered public accounting firm and fiscal year end. </FONT></P>





<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=700>
<TR VALIGN=Bottom>
     <TH><FONT SIZE=1>Fund </FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK noshade></TH>
     <TH><FONT SIZE=1>Adviser </FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK noshade></TH>
     <TH><FONT SIZE=1>Total Shares <BR>
Outstanding </FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK noshade></TH>
     <TH><FONT SIZE=1>Net <BR>
Assets ($) </FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK noshade></TH>
     <TH><FONT SIZE=1>Independent <BR>
Registered <BR>
Public <BR>
Accounting <BR>
Firm* </FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK noshade></TH>
     <TH><FONT SIZE=1>Fiscal Year <BR>
End </FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK noshade></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=43% ALIGN=CENTER><FONT SIZE=1>MY Florida Insured</FONT></TD>
     <TD WIDTH=12% ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
     <TD WIDTH=12% ALIGN=CENTER><FONT SIZE=1>8,451,814</FONT></TD>

    <TD WIDTH=8% ALIGN=CENTER><FONT SIZE=1>195,886,656.15 </FONT></TD>
     <TD WIDTH=10% ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
     <TD WIDTH=11% ALIGN=CENTER><FONT SIZE=1>10/31</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MY Michigan Insured</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>18,206,301</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=1>441,039,250.75</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>E&amp;Y</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>10/31</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MY New Jersey Insured</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>8,802,099</FONT></TD>

    <TD ALIGN=CENTER><font size=1>205,559,562.64</font></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>10/31</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MY Pennsylvania Insured</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>11,480,567</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=1>280,342,541.65 </FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>10/31</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>S&amp;P 500 Protected Equity</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>MLIM</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>7,407,227</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=1>73,012,486.94</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>9/30</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>Muni Intermediate</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>38,034,934</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=1>895,587,447.66</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>E&amp;Y</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>5/31</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>Muni New York Intermediate</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>4,206,439</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=1>92,960,266.55</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>E&amp;Y</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>5/31</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>Debt Strategies</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=1>105,872,091</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=1>720,827,650.80 </FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>2/28</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>Diversified Income</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>11,965,780</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=1>228,738,637.08</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>8/31</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>FRIS</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>18,305,029</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=1>355,083,887.86</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>8/31</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>FRIS II</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>10,496,930</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=1>203,584,851.79 </FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>2/28</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MH Florida Insured</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>37,667,658</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=1>914,989,470.26 </FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>8/31</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MH Fund</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=1>13,865,413</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=1>350,241,904.89</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>E&amp;Y</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>4/30</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MH Fund II</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>11,168,632</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=1>252,813,929.41</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>E&amp;Y</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>7/31</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MH Insured</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>12,886,200</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=1>312,971,040.52</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>E&amp;Y</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>4/30</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MH New Jersey Insured</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=1>21,162,695</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=1>520,210,049.16</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>E&amp;Y</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>7/31</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MH New York Insured</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>30,795,138</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=1>767,553,823.92</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>8/31</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniVest</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>61,417,932</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=1>936,871,372.33</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>8/31</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>MuniVest II</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=1>20,146,732</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=1>478,257,563.65</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>10/31</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>SHIP</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>55,941,308</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=1>340,308,117.85 </FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>2/28</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=1>Preferred &amp; Corporate</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>10,279,189</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=1>360,680,774.22</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>E&amp;Y</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=1>10/31</FONT></TD></TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD WIDTH=43% ALIGN=CENTER><FONT SIZE=1>Enhanced Equity Yield &amp; Premium</FONT></TD>
    <TD WIDTH=12% ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
    <TD WIDTH=12% ALIGN=CENTER><FONT SIZE=1>17,590,236</FONT></TD>
    <TD WIDTH=8%  ALIGN=CENTER><FONT SIZE=1>329,056,049.97</FONT></TD>
    <TD WIDTH=10% ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
    <TD WIDTH=11% ALIGN=CENTER><FONT SIZE=1>12/31</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>Apex</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>19,661,977</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>194,767,010.83 </FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>6/30</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>CHY</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>34,580,960</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>295,581,686.48 </FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>5/31</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>CHY III</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>37,316,497</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>316,581,036.64 </FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>5/31</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>CHY V</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>32,944,087</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>467,399,118.29</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>8/31</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>CHY VI</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>35,286,436</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>501,063,736.91 </FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>8/31</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>MuniAssets</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>20,564,183</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>281,370,707.25 </FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>5/31</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>MuniEnhanced</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>29,369,874</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>521,911,121.59</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>1/31</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>MH California Insured</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>40,819,506</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>990,267,538.20</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>6/30</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>MH Insured II</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>22,352,426</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>515,104,577.73</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>E&amp;Y</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>9/30</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>MY Fund</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>44,738,487</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>998,478,828.60 </FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>10/31</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>MY Arizona</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>4,509,746</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>104,368,773.23 </FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>10/31</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>MY California</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>21,295,255</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>488,819,401.00</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>10/31</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>MY California Insured</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>34,361,200</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>781,984,927.95 </FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>10/31</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>MY Florida</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>13,558,024</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>311,501,954.07</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>10/31</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>MY Insured</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>67,303,125</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>1,574,762,533.22 </FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>E&amp;Y</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>10/31</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>MY Michigan Insured II</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>12,069,721</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>272,512,637.74</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>10/31</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>MY New Jersey</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>14,203,242</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>336,995,717.25</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>11/30</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>MY New York Insured</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>39,445,962</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>859,500,729.95 </FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>10/31</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>MY Quality</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>30,425,258</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>705,210,644.24 </FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>10/31</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>MY Quality II</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>22,366,930</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>457,849,956.37</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>10/31</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>Europe Fund</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>MLIM-LTD</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>10,066,319</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>140,051,231.48</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>E&amp;Y</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>12/31</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">
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: 79; page: 79" -->




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=700>
  <TR VALIGN=Bottom>

    <TH><FONT SIZE=1>Fund </FONT>
      <HR WIDTH=90% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH><FONT SIZE=1>Adviser </FONT>
      <HR WIDTH=90% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH><FONT SIZE=1>Total Shares <BR>
Outstanding </FONT>
      <HR WIDTH=90% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH><FONT SIZE=1>Net <BR>
Assets ($) </FONT>
      <HR WIDTH=90% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH><FONT SIZE=1>Independent <BR>
Registered <BR>
Public <BR>
Accounting <BR>
Firm* </FONT>
      <HR WIDTH=90% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH><FONT SIZE=1>Fiscal Year <BR>
End </FONT>
      <HR WIDTH=90% SIZE=1 COLOR=BLACK noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>Capital &amp; Income</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>12,830,236</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>269,585,624.07</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>12/31</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>Preferred Income</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>40,606,540</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>1,428,780,489.43</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>E&amp;Y</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>10/31</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>Enhanced Equity Yield</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>20,940,430</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>390,281,931.64</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>D&amp;T</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>12/31</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=1>Enhanced Government</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>FAM</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>12,705,236</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>237,153,953.44</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>E&amp;Y</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>12/31</FONT></TD>
  </TR>





</TABLE>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>* </B>Deloitte &amp; Touche, <font size=1>LLP</font>
(D&amp;T) or Ernst &amp; Young, <font size=1>LLP</font> (E&amp;Y). In anticipation of the closing of the
Transaction, E&amp;Y has resigned as the independent registered public accounting firm
for those Funds for which it has served in such capacity for all fiscal years ending
after June 30, 2006. Each affected Fund&#146;s Audit Committee approved the engagement of
D&amp;T as the Fund&#146;s new independent registered public accounting firm for the Fund&#146;s
current fiscal year. A majority of the Fund&#146;s Board Members, including a majority of
the independent Board Members, approved the appointment of D&amp;T, subject to the right
of the Fund, by a majority vote of the shareholders at any meeting called for that
purpose, to terminate the appointment without penalty.  </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">
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: 81; page: 81" -->




<!-- MARKER FORMAT-SHEET="Right Head Bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Appendix C</I></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>Board and Committee
Meetings  </B></FONT></P>

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

















<table cellpadding=0 cellspacing=0 border=0 align=Center width=740>


  <tr valign=Bottom>
    <td align=center width="185"><b></b></td>
    <td align=center width="7"><b></b></td>
    <td align=center colspan="5"><b><font size=1>Board </font>
      </b>
      <hr size=1 color=BLACK noshade>
    </td>
    <td align=center width="5"><b></b></td>
    <td align=center colspan="5"><b><font size=1>Audit Committee </font>
      </b>
      <hr size=1 color=BLACK noshade>
    </td>
    <td align=center width="5"><b></b></td>
    <td align=center colspan="6"><b><font size=1>Nominating Committee </font>
      </b>
      <hr size=1 color=BLACK noshade>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=center width="185"><b><font size=1>Fund </font>
      </b>
      <hr width=90% size=1 color=BLACK noshade>
    </td>
    <td align=center width="7"><b></b></td>
    <td align=center width="62"><b><font size=1>Number of <br>
Meetings <br>
Held* </font>
      </b>
      <hr size=1 color=BLACK noshade width="95%">
    </td>
    <td align=center width="5"><b></b></td>
    <td align=center colspan="2"><b><font size=1>Annual <br>
Fee($) </font>
      </b>
      <hr size=1 color=BLACK noshade width="95%">
    <b></b></td>
    <td align=center width="47"><b><font size=1>Per <br>
Meeting <br>
Fee($)** </font>
      </b>
      <hr size=1 color=BLACK noshade width="92%">
    </td>
    <td align=center width="5"><b></b></td>
    <td align=center width="62"><b><font size=1>Number of <br>
Meetings <br>
Held* </font>
      </b>
      <hr size=1 color=BLACK noshade>
    </td>
    <td align=center width="5"><b></b></td>
    <td align=center colspan="2"><b><font size=1>Annual <br>
Fee($)***&#134; </font>
      </b>
      <hr size=1 color=BLACK noshade width="95%">
    <b></b></td>
    <td align=center width="47"><b><font size=1>Per <br>
Meeting <br>
Fee($)** </font>
      </b>
      <hr size=1 color=BLACK noshade width="95%">
    </td>
    <td align=center width="5"><b></b></td>
    <td align=center width="62"><b><font size=1>Number of <br>
Meetings <br>
Held* </font>
      </b>
      <hr size=1 color=BLACK noshade>
    </td>
    <td align=center width="5"><b></b></td>
    <td align=center colspan="2"><b><font size=1>Aggregate <br>
Fee($) </font>
      </b>
      <hr size=1 color=BLACK noshade width="95%">
    <b></b></td>
    <td align=center colspan="2"><b><font size=1>Aggregate <br>
Fees and <br>
Expenses($) </font>
      </b>
      <hr size=1 color=BLACK noshade width="95%">
    </td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="185"><font size=1>Muni Intermediate</font></td>
    <td align=LEFT width="7"><font size=1>&nbsp;&nbsp;&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;&nbsp;</font></td>
    <td align=right width="35"><font size=1>2,500</font></td>
    <td align=right width="6"><font size=1>&nbsp;&nbsp;</font></td>
    <td align=center width="47"><font size=1>250</font></td>
    <td align=right width="5"><font size=1>&nbsp;&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;&nbsp;</font></td>
    <td align=right width="40"><font size=1>500</font></td>
    <td align=right width="20"><font size=1>&nbsp;&nbsp;</font></td>
    <td align=center width="47"><font size=1>250</font></td>
    <td align=right width="5"><font size=1>&nbsp;&nbsp;</font></td>
    <td align=center width="62"><font size=1>1</font></td>
    <td align=right width="5"><font size=1>&nbsp;&nbsp;</font></td>
    <td align=right width="43"><font size=1>150</font></td>
    <td align=right width="21"><font size=1>&nbsp;&nbsp;</font></td>
    <td align=right width="54"><font size=1>27,563</font></td>
    <td align=LEFT width="24"><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="185"><font size=1>Muni New York Intermediate</font></td>
    <td align=LEFT width="7"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="35"><font size=1>2,500</font></td>
    <td align=right width="6"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>250</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="40"><font size=1>500</font></td>
    <td align=right width="20"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>250</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>1</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="43"><font size=1>150</font></td>
    <td align=right width="21"><font size=1>&nbsp;</font></td>
    <td align=right width="54"><font size=1>27,527</font></td>
    <td align=LEFT width="24"><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="185"><font size=1>Debt Strategies</font></td>
    <td align=LEFT width="7"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="35"><font size=1>2,200</font></td>
    <td align=right width="6"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>325</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="40"><font size=1>2,200</font></td>
    <td align=right width="20"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>325</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>&#151;</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="43"><font size=1>&#151;</font></td>
    <td align=right width="21"><font size=1>&nbsp;</font></td>
    <td align=right width="54"><font size=1>44,375</font></td>
    <td align=LEFT width="24"><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="185"><font size=1>FRIS</font></td>
    <td align=LEFT width="7"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="35"><font size=1>2,200</font></td>
    <td align=right width="6"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>325</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="40"><font size=1>2,200</font></td>
    <td align=right width="20"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>325</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>&#151;</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="43"><font size=1>&#151;</font></td>
    <td align=right width="21"><font size=1>&nbsp;</font></td>
    <td align=right width="54"><font size=1>45,840</font></td>
    <td align=LEFT width="24"><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="185"><font size=1>FRIS II</font></td>
    <td align=LEFT width="7"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="35"><font size=1>2,200</font></td>
    <td align=right width="6"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>325</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="40"><font size=1>2,200</font></td>
    <td align=right width="20"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>325</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>&#151;</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="43"><font size=1>&#151;</font></td>
    <td align=right width="21"><font size=1>&nbsp;</font></td>
    <td align=right width="54"><font size=1>30,725</font></td>
    <td align=LEFT width="24"><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="185"><font size=1>MH Fund</font></td>
    <td align=LEFT width="7"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="35"><font size=1>1,900</font></td>
    <td align=right width="6"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>150</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="40"><font size=1>1,900</font></td>
    <td align=right width="20"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>150</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>&#151;</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="43"><font size=1>&#151;</font></td>
    <td align=right width="21"><font size=1>&nbsp;</font></td>
    <td align=right width="54"><font size=1>33,276</font></td>
    <td align=LEFT width="24"><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="185"><font size=1>MH Insured</font></td>
    <td align=LEFT width="7"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="35"><font size=1>1,900</font></td>
    <td align=right width="6"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>150</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="40"><font size=1>1,900</font></td>
    <td align=right width="20"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>150</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>&#151;</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="43"><font size=1>&#151;</font></td>
    <td align=right width="21"><font size=1>&nbsp;</font></td>
    <td align=right width="54"><font size=1>33,276</font></td>
    <td align=LEFT width="24"><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="185"><font size=1>SHIP</font></td>
    <td align=LEFT width="7"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="35"><font size=1>2,200</font></td>
    <td align=right width="6"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>325</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="40"><font size=1>2,200</font></td>
    <td align=right width="20"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>325</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>&#151;</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="43"><font size=1>&#151;</font></td>
    <td align=right width="21"><font size=1>&nbsp;</font></td>
    <td align=right width="54"><font size=1>44,400</font></td>
    <td align=LEFT width="24"><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="185"><font size=1>Preferred &amp; Corporate</font></td>
    <td align=LEFT width="7"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="35"><font size=1>794</font></td>
    <td align=right width="6"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>500</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="40"><font size=1>794</font></td>
    <td align=right width="20"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>&#151;</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>&#151;</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="43"><font size=1>&#151;</font></td>
    <td align=right width="21"><font size=1>&nbsp;</font></td>
    <td align=right width="54"><font size=1>32,275</font></td>
    <td align=LEFT width="24"><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="185"><font size=1>Enhanced Equity Yield &amp; Premium<sup>1</sup></font></td>
    <td align=LEFT width="7"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="35"><font size=1>735</font></td>
    <td align=right width="6"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>500</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="40"><font size=1>735</font></td>
    <td align=right width="20"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>&#151;</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>&#151;</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="43"><font size=1>&#151;</font></td>
    <td align=right width="21"><font size=1>&nbsp;</font></td>
    <td align=right width="54"><font size=1>15,953</font></td>
    <td align=LEFT width="24"><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="185"><font size=1>CHY</font></td>
    <td align=LEFT width="7"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="35"><font size=1>146</font></td>
    <td align=right width="6"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>212</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="40"><font size=1>146</font></td>
    <td align=right width="20"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>212</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>1</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="43"><font size=1>0</font></td>
    <td align=right width="21"><font size=1>&nbsp;</font></td>
    <td align=right width="54"><font size=1>19,614</font></td>
    <td align=LEFT width="24"><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="185"><font size=1>CHY III</font></td>
    <td align=LEFT width="7"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="35"><font size=1>157</font></td>
    <td align=right width="6"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>212</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="40"><font size=1>157</font></td>
    <td align=right width="20"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>212</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>1</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="43"><font size=1>0</font></td>
    <td align=right width="21"><font size=1>&nbsp;</font></td>
    <td align=right width="54"><font size=1>19,622</font></td>
    <td align=LEFT width="24"><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="185"><font size=1>MuniAssets</font></td>
    <td align=LEFT width="7"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="35"><font size=1>137</font></td>
    <td align=right width="6"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>212</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="40"><font size=1>137</font></td>
    <td align=right width="20"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>212</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>1</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="43"><font size=1>0</font></td>
    <td align=right width="21"><font size=1>&nbsp;</font></td>
    <td align=right width="54"><font size=1>18,549</font></td>
    <td align=LEFT width="24"><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="185"><font size=1>Europe Fund</font></td>
    <td align=LEFT width="7"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="35"><font size=1>261</font></td>
    <td align=right width="6"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>500</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="40"><font size=1>261</font></td>
    <td align=right width="20"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>&#151;</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>&#151;</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="43"><font size=1>&#151;</font></td>
    <td align=right width="21"><font size=1>&nbsp;</font></td>
    <td align=right width="54"><font size=1>16,600</font></td>
    <td align=LEFT width="24"><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="185"><font size=1>Capital &amp; Income</font></td>
    <td align=LEFT width="7"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="35"><font size=1>563</font></td>
    <td align=right width="6"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>500</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="40"><font size=1>563</font></td>
    <td align=right width="20"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>&#151;</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>&#151;</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="43"><font size=1>&#151;</font></td>
    <td align=right width="21"><font size=1>&nbsp;</font></td>
    <td align=right width="54"><font size=1>26,495</font></td>
    <td align=LEFT width="24"><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="185"><font size=1>Preferred Income</font></td>
    <td align=LEFT width="7"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="35"><font size=1>3,153</font></td>
    <td align=right width="6"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>500</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="40"><font size=1>3,153</font></td>
    <td align=right width="20"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>&#151;</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>&#151;</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="43"><font size=1>&#151;</font></td>
    <td align=right width="21"><font size=1>&nbsp;</font></td>
    <td align=right width="54"><font size=1>101,758</font></td>
    <td align=LEFT width="24"><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="185"><font size=1>Enhanced Equity Yield<sup>2</sup></font></td>
    <td align=LEFT width="7"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="35"><font size=1>866</font></td>
    <td align=right width="6"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>500</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="40"><font size=1>866</font></td>
    <td align=right width="20"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>&#151;</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>&#151;</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="43"><font size=1>&#151;</font></td>
    <td align=right width="21"><font size=1>&nbsp;</font></td>
    <td align=right width="54"><font size=1>21,282</font></td>
    <td align=LEFT width="24"><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="185"><font size=1>Enhanced Government<sup>3</sup></font></td>
    <td align=LEFT width="7"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="35"><font size=1>513</font></td>
    <td align=right width="6"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>500</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>4</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="40"><font size=1>513</font></td>
    <td align=right width="20"><font size=1>&nbsp;</font></td>
    <td align=center width="47"><font size=1>&#151;</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=center width="62"><font size=1>&#151;</font></td>
    <td align=right width="5"><font size=1>&nbsp;</font></td>
    <td align=right width="43"><font size=1>&#151;</font></td>
    <td align=right width="21"><font size=1>&nbsp;</font></td>
    <td align=right width="54"><font size=1>4,354</font></td>
    <td align=LEFT width="24"><font size=1>&nbsp;</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Cutoff rule Footnote" FSL="Workstation" -->
<HR SIZE=1 noshade ALIGN=left  WIDTH=75>
<!-- MARKER FORMAT-SHEET="Footnote Left" 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 Left" 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 Left" 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 fee paid to the Chairman of the Audit Committee. </FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Left" 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">Muni
Intermediate and Muni New York Intermediate each pay the Chairman of the Audit Committee
an additional annual fee of $1,000. Debt Strategies, SHIP, FRIS, FRIS II, MH Fund and MH
Insured each pay the Chairman of the Audit Committee an additional annual fee of $2,083.
For CHY, CHY III and MuniAssets, the Co-Chairman of the Audit Committee receives an
additional annual retainer in the amount of $50,000, which is paid quarterly and
allocated to each MLIM/FAM-advised fund for which such Cochairman provides services
based on relative net assets of the fund. For Europe Fund, Preferred &amp; Corporate,
Capital &amp; Income, Preferred Income, Enhanced Equity Yield &amp; Premium, Enhanced
Equity Yield and Enhanced Government, the chairman of the Board receives an additional
retainer in the amount of $40,000 and the chair of the Audit Committee receives an
additional annual retainer in the amount of $10,000, which is paid quarterly and
allocated to each FAM/MLIM-advised fund for which such Board Member  provides services based
on the relative net assets of the fund. </FONT></TD>
  </TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Left" FSL="Workstation" -->
<TABLE WIDTH=100%><TR>
    <TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"><SUP>1</SUP> </FONT></TD>
<TD WIDTH=2%><FONT SIZE="1">&nbsp;</FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Enhanced
Equity Yield &amp; Premium commenced operations on June 30, 2005. </FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Left" FSL="Workstation" -->
<TABLE WIDTH=100%><TR>
    <TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"><SUP>2</SUP> </FONT></TD>
    <TD WIDTH=2%>
<FONT SIZE="1">&nbsp;</FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Enhanced
Equity Yield commenced operations on May 6, 2005. </FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Left" FSL="Workstation" -->
<TABLE WIDTH=100%><TR>
    <TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"><SUP>3</SUP> </FONT></TD>
    <TD WIDTH=2%>
<FONT SIZE="1">&nbsp;</FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Enhanced
Government commenced operations on October 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">
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>






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 41; page: 41" -->





<!-- MARKER FORMAT-SHEET="Center no bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>(This page
intentionally left blank) </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: 82; page: 82" -->




<!-- MARKER FORMAT-SHEET="Right Head Bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Appendix D</I></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 Board Member Nominees  </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<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 Board Member Nominee who is an
&#147;interested person,&#148; as defined in the 1940 Act, of each Fund, is set forth
below: </FONT></P>



<table width="700" border=0 align="center" cellpadding=0 cellspacing=0>
    <tr align="center" valign="bottom">
      <td width=108> <font size="1" face="Times New Roman"><b>Name, <br>
        Address&#134; <br>
        and Age </b></font>
        <hr size="1" noshade></td>
      <td width=10> <font size="1" face="Times New Roman"><b>&nbsp;</b></font></td>
      <td width=65> <font size="1" face="Times New Roman"><b>Position(s) <br>
        Held with <br>
        Each Fund </b></font>
        <hr size="1" noshade></td>
      <td width=15> <font size="1" face="Times New Roman"><b>&nbsp;</b></font></td>
      <td width=65> <font size="1" face="Times New Roman"><b>Term of <br>
        Office <br>
        and Length <br>
        of Time <br>
        Served </b></font>
        <hr size="1" noshade>
        <font size="1" face="Times New Roman"><b> </b></font></td>
      <td width=11> <font size="1" face="Times New Roman"><b>&nbsp;</b></font></td>
      <td width=273> <font size="1" face="Times New Roman"><b>Principal Occupation(s)
        <br>
        During Past Five Years </b></font>
        <hr size="1" noshade></td>
      <td width=11> <font size="1" face="Times New Roman"><b>&nbsp;</b></font></td>
      <td width=72> <font size="1" face="Times New Roman"><b>Number of <br>
        MLIM/FAM- <br>
        Advised <br>
        Funds* and <br>
        Portfolios <br>
        Overseen </b></font>
        <hr size="1" noshade></td>
      <td width=10> <font size="1" face="Times New Roman"><b>&nbsp;</b></font></td>
      <td width=60> <font size="1" face="Times New Roman"><b>Public <br>
        Directorships </b></font>
        <hr size="1" noshade></td>
    </tr>
    <tr>
      <td valign=top> <font size=1 face="Times New Roman">Robert C. Doll,
        Jr.&#134;&#134; (51)</font></td>
      <td valign=top> <font size=1 face="Times New Roman">&nbsp;&nbsp;</font></td>
      <td valign=top> <font size=1 face="Times New Roman">President and
        Board Member*</font></td>
      <td valign=top> <font size=1 face="Times New Roman">&nbsp;&nbsp;</font></td>
      <td valign=top> <font size=1 face="Times New Roman">President and
        Board Member of each Fund since 2005.</font></td>
      <td valign=top> <font size=1 face="Times New Roman">&nbsp;&nbsp;</font></td>
      <td valign=top> <font size=1 face="Times New Roman">President of
        MLIM/FAM-advised funds since 2005; President of MLIM and FAM since 2001;
        President and Director of Princeton Services since 2001; President of
        Princeton Administrators, since 2001; Co-Head (Americas Region) of FAM
        and MLIM from 2000 to 2001 and Senior Vice President thereof from 1999
        to 2001; Chief Investment Officer of OppenheimerFunds, Inc. in 1999 and
        Executive Vice President thereof from 1991 to 1999.</font></td>
      <td valign=top> <font size=1 face="Times New Roman">&nbsp;&nbsp;</font></td>
      <td valign=top> <font size=1 face="Times New Roman">131 registered investment
        companies consisting of <br>
        177 portfolios</font></td>
      <td valign=top> <font size=1 face="Times New Roman">&nbsp;&nbsp;</font></td>
      <td valign=top> <font size=1 face="Times New Roman">None</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">    &#134;</FONT></TD>
    <TD WIDTH=2%><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">PO
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 height="13"><FONT SIZE="1">   &#134;&#134;</FONT></TD>
    <TD WIDTH=2% height="13"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD WIDTH=94% ALIGN=left VALIGN=top height="13"><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">The
complex of funds advised by FAM and MLIM.</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">
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>






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 83; page: 83" -->




<!-- 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 Board A Nominees who are not
"interested persons," as defined in the 1940 Act, of the Funds is set forth below: </FONT></P>


<table width="740" border=0 align="center" cellpadding=0 cellspacing=0>

  <tr align="center" valign="bottom">

    <td width=45> <font size="1" face="Times New Roman"><b>Name, <br>
        Address* <br>
        and Age </b></font>
      <hr size="1" noshade>
    </td>
    <td width=8> <font size="1" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;&nbsp;</b></font></td>
    <td width=62> <font size="1" face="Times New Roman"><b>Position(s) <br>
        Held with <br>
        Each Fund </b></font>
      <hr size="1" noshade>
       <font size="1" face="Times New Roman"><b>
        </b></font></td>
    <td width=11> <font size="1" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;&nbsp;</b></font></td>
    <td width=414> <font size="1" face="Times New Roman"><b>Principal Occupation(s)
        <br>
        During Past Five Years </b></font>
      <hr size="1" noshade>
       <font size="1" face="Times New Roman"><b>
        </b></font></td>
    <td width=10> <font size="1" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
    <td width=71> <font size="1" face="Times New Roman"><b>Number of <br>
        MLIM/FAM- <br>
        Advised Funds <br>
        and Portfolios <br>
        Overseen </b></font>

      <hr size="1" noshade>
    </td>
    <td width=10> <font size="1" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
    <td width=109> <font size="1" face="Times New Roman"><b>Public <br>
        Directorships </b></font>
      <hr size="1" noshade>
    </td>
  </tr>

  <tr>

    <td valign=top width="45"> <font size=1 face="Times New Roman">Donald W. Burton (62)</font></td>
    <td valign=top width="8"> <font size=1 face="Times New Roman">&nbsp;</font></td>
    <td valign=top width="62"> <font size=1 face="Times New Roman">Board Member</font></td>
    <td valign=top width="11"> <font size=1 face="Times New Roman">&nbsp;</font></td>
    <td valign=top width="414"> <font size=1 face="Times New Roman">General Partner of The
        Burton Partnership, Limited Partnership (an investment partnership) since
        1979; Managing General Partner of The South Atlantic Venture Funds since
        1983; Member of the Investment Advisory Council of the Florida State Board
        of Administration since 2001.</font></td>
    <td valign=top width="10"> <font size=1 face="Times New Roman">&nbsp;</font></td>
    <td valign=top width="71"> <font size=1 face="Times New Roman">23 registered investment
        companies consisting of <br>
        42 portfolios</font></td>
    <td valign=top width="10"> <font size=1 face="Times New Roman">&nbsp;</font></td>
    <td valign=top width="109"> <font size=1 face="Times New Roman">Knology, Inc. (telecommuni-cations);
        Symbion, Inc. (health care)</font></td>
  </tr>

  <tr>

    <td valign=top width="45">&nbsp;</td>
    <td valign=top width="8">&nbsp;</td>
    <td valign=top width="62">&nbsp;</td>
    <td valign=top width="11">&nbsp;</td>
    <td valign=top width="414">&nbsp;</td>
    <td valign=top width="10">&nbsp;</td>
    <td valign=top width="71">&nbsp;</td>
    <td valign=top width="10">&nbsp;</td>
    <td valign=top width="109">&nbsp;</td>
  </tr>

  <tr>

    <td valign=top width="45"> <font size=1 face="Times New Roman">Jack F. O&#146;Brien (63)</font></td>
    <td valign=top width="8"> <font size=1 face="Times New Roman">&nbsp;</font></td>
    <td valign=top width="62"> <font size=1 face="Times New Roman">Board Member</font></td>
    <td valign=top width="11"> <font size=1 face="Times New Roman">&nbsp;</font></td>
    <td valign=top width="414"> <font size=1 face="Times New Roman">President and Chief
        Executive Officer of Allmerica Financial Corporation (financial services
        holding company) from 1995 to 2002 and Director from 1995 to 2003; President
        of Allmerica Investment Management Co., Inc. (investment adviser) from
        1989 to 2002, Director from 1989 to 2002 and Chairman of the Board from
        1989 to 1990; President, Chief Executive Officer and Director of First
        Allmerica Financial Life Insurance Company from 1989 to 2002 and Director
        of various other Allmerica Financial companies until 2002; Director of
        ABIOMED since 1989, Member of the Governance/Nominating Committee since
        2004, Member of the Compensation Committee since 1989 and Member of the
        Audit Committee from 1990 to 2004; Director and Member of the Governance
        and Nomination Committee of Cabot Corporation and Member of the Audit
        Committee since 1990; Director and Member of the Audit Committee and Compensation
        Committee of LKQ Corporation since 2003; Lead Director of TJX Companies,
        Inc. since 1999; Trustee of the Woods Hole Oceanographic Institute since
        2003.</font></td>
    <td valign=top width="10"> <font size=1 face="Times New Roman">&nbsp;</font></td>
    <td valign=top width="71"> <font size=1 face="Times New Roman">23 registered investment
        companies consisting of <br>
        42 portfolios</font></td>
    <td valign=top width="10"> <font size=1 face="Times New Roman">&nbsp;</font></td>
    <td valign=top width="109"> <font size=1 face="Times New Roman">ABIOMED (medical device
        manufacturer); Cabot Corporation (chemicals); LKQ Corporation (auto parts
        manufacturing); TJX Companies, Inc. (retailer)</font></td>
  </tr>

  <tr>

    <td valign=top width="45">&nbsp;</td>
    <td valign=top width="8">&nbsp;</td>
    <td valign=top width="62">&nbsp;</td>
    <td valign=top width="11">&nbsp;</td>
    <td valign=top width="414">&nbsp;</td>
    <td valign=top width="10">&nbsp;</td>
    <td valign=top width="71">&nbsp;</td>
    <td valign=top width="10">&nbsp;</td>
    <td valign=top width="109">&nbsp;</td>
  </tr>

  <tr>

    <td valign=top width="45"> <font size=1 face="Times New Roman">David H. Walsh (64)</font></td>
    <td valign=top width="8"> <font size=1 face="Times New Roman">&nbsp;</font></td>
    <td valign=top width="62"> <font size=1 face="Times New Roman">Board Member</font></td>
    <td valign=top width="11"> <font size=1 face="Times New Roman">&nbsp;</font></td>
    <td valign=top width="414"> <font size=1 face="Times New Roman">Consultant with Putnam
        Investments from 1993 to 2003 and employed in various capacities therewith
        from 1973 to 1992; Director, The National Audubon Society since 1998;
        Director, The American Museum of Fly Fishing since 1997; Director, Massachusetts
        Audubon Society from 1990 to 1997.</font></td>
    <td valign=top width="10"> <font size=1 face="Times New Roman">&nbsp;</font></td>
    <td valign=top width="71"> <font size=1 face="Times New Roman">23 registered investment
        companies consisting of <br>
        42 portfolios</font></td>
    <td valign=top width="10"> <font size=1 face="Times New Roman">&nbsp;</font></td>
    <td valign=top width="109"> <font size=1 face="Times New Roman">None</font></td>
  </tr>

  <tr>

    <td valign=top width="45">&nbsp;</td>
    <td valign=top width="8">&nbsp;</td>
    <td valign=top width="62">&nbsp;</td>
    <td valign=top width="11">&nbsp;</td>
    <td valign=top width="414">&nbsp;</td>
    <td valign=top width="10">&nbsp;</td>
    <td valign=top width="71">&nbsp;</td>
    <td valign=top width="10">&nbsp;</td>
    <td valign=top width="109">&nbsp;</td>
  </tr>

  <tr>

    <td valign=top width="45"> <font size=1 face="Times New Roman">Fred G. Weiss** (64)</font></td>
    <td valign=top width="8"> <font size=1 face="Times New Roman">&nbsp;</font></td>
    <td valign=top width="62"> <font size=1 face="Times New Roman">Board Member</font></td>
    <td valign=top width="11"> <font size=1 face="Times New Roman">&nbsp;</font></td>
    <td valign=top width="414"> <font size=1 face="Times New Roman">Managing Director of
        FGW Associates since 1997; Vice President, Planning Investment and Development
        of Warner Lambert Co. from 1979 to 1997; Director of the Michael J. Fox
        Foundation for Parkinson&#146;s Research since 2000; Director of BTG International
        PLC (a global technology commercialization company) since 2001.</font></td>
    <td valign=top width="10"> <font size=1 face="Times New Roman">&nbsp;</font></td>
    <td valign=top width="71"> <font size=1 face="Times New Roman">23 registered investment
        companies consisting of <br>
        42 portfolios</font></td>
    <td valign=top width="10"> <font size=1 face="Times New Roman">&nbsp;</font></td>
    <td valign=top width="109"> <font size=1 face="Times New Roman">Watson Pharmaceutical
        Inc. (pharmaceutical company)</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">The
address of each Independent Board Member is PO Box 9095, Princeton, New Jersey
08543-9095.</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 the Audit Committee of each Fund.</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">
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>






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 84; page: 84" -->




<!-- 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 Board B Nominees who are not
"interested persons," as defined in the 1940 Act, of the Funds is set forth below: </FONT></P>



<table width="700" border=0 align="center" cellpadding=0 cellspacing=0>
    <tr align="center" valign="bottom">
      <td width=128> <strong><font
  size=1 face="Times New Roman">Name, Address* <br>
        and Age </font></strong> <hr size="1" noshade></td>
      <td width=12> <strong><font
  size=1 face="Times New Roman">&nbsp;&nbsp;</font></strong></td>
      <td width=65> <strong><font
  size=1 face="Times New Roman">Position(s) <br>
        Held with <br>
        the Fund </font></strong> <hr size="1" noshade></td>
      <td width=15> <strong><font
  size=1 face="Times New Roman">&nbsp;&nbsp;</font></strong></td>
      <td width=294> <strong><font
  size=1 face="Times New Roman">Principal Occupation(s) <br>
        During Past Five Years </font></strong> <hr size="1" noshade></td>
      <td width=13> <strong><font
  size=1 face="Times New Roman">&nbsp;&nbsp;</font></strong></td>
      <td width=70> <strong><font
  size=1 face="Times New Roman">Number of <br>
        MLIM/FAM- <br>
        Advised Funds <br>
        and Portfolios <br>
        Overseen </font></strong> <hr size="1" noshade></td>
      <td width=13> <strong><font
  size=1 face="Times New Roman">&nbsp;&nbsp;</font></strong></td>
      <td width=90> <strong><font size="1" face="Times New Roman">Public <br>
        Directorships </font></strong> <hr size="1" noshade></td>
    </tr>
    <tr>
      <td valign=top> <font size=1
  face="Times New Roman">Ronald W. Forbes (65)**</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">&nbsp;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">Board Member</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">&nbsp;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">Professor Emeritus of Finance, School of Business, State
        University of New York at Albany since 2000 and Professor thereof from
        1989 to 2000; International Consultant, Urban Institute, Washington, D.C.
        from 1995 to 1999.</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">&nbsp;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">49 registered investment companies consisting of <br>
        50 portfolios</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">&nbsp;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">None</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size=1
  face="Times New Roman">Cynthia A. Montgomery (53)&#134;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">&nbsp;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">Board Member</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">&nbsp;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">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
        Publishing since 2005; Director, McLean Hospital since 2005.</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">&nbsp;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">49 registered investment companies consisting of <br>
        50 portfolios</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">&nbsp;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">Newell Rubbermaid, Inc. (manufacturing)</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size=1
  face="Times New Roman">Jean Margo Reid (60)</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">&nbsp;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">Board Member</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">&nbsp;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">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></td>
      <td valign=top> <font size=1
  face="Times New Roman">&nbsp;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">49 registered investment companies consisting of <br>
        50 portfolios</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">&nbsp;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">None</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size=1
  face="Times New Roman">Roscoe S. Suddarth (70)</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">&nbsp;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">Board Member</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">&nbsp;</font></td>

    <td valign=top> <font size=1
  face="Times New Roman">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, US
        Department of State, from 1991 to 1994; US Ambassador to the Hashemite
        Kingdom of Jordan from 1987 to 1990.</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">&nbsp;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">49 registered investment companies consisting of <br>
        50 portfolios</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">&nbsp;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">None</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size=1
  face="Times New Roman">Richard R. West (68)</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">&nbsp;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">Board Member</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">&nbsp;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">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></td>
      <td valign=top> <font size=1
  face="Times New Roman">&nbsp;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">49 registered investment companies consisting of <br>
        50 portfolios</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">&nbsp;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">Bowne &amp; Co., Inc. (financial printers); Vornado Realty
        Trust (real estate company); Alexander&#146;s, Inc. (real estate company)</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size=1
  face="Times New Roman">Edward D. Zinbarg (71)</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">&nbsp;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">Board Member</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">&nbsp;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">Self-employed financial consultant since 1994; Executive
        Vice President of the Prudential Insurance Company of America from 1988
        to 1994; Former Director of Prudential Reinsurance Company and former
        Trustee of the Prudential Foundation.</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">&nbsp;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">49 registered investment companies consisting of <br>
        50 portfolios</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">&nbsp;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman">None</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">The
address of each Independent Board Member is PO Box 9095, Princeton, New Jersey
08543-9095.</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 the Board and the 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">Chairman
of the Nominating 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">
D-3</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 85; page: 85" -->




<!-- 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 Board C Nominees who are not
"interested persons," as defined in the 1940 Act, of the Funds is set forth below: </FONT></P>



<table width="700" border=0 align="center" cellpadding=0 cellspacing=0>
    <tr align="center" valign="bottom">
      <td width=127> <font size="1"><b>Name, Address* <br>
        and Age </b></font> <hr size="1" noshade></td>
      <td width=16> <font size="1"><b>&nbsp;</b></font></td>
      <td width=72> <font size="1"><b>Position(s) <br>
        Held with <br>
        Each Fund </b></font> <hr size="1" noshade></td>
      <td width=17> <font size="1"><b>&nbsp;&nbsp;</b></font></td>
      <td width=293> <font size="1"><b>Principal Occupation(s) <br>
        During Past Five Years </b></font> <hr size="1" noshade></td>
      <td width=10> <font size="1"><b>&nbsp;&nbsp;</b></font></td>
      <td width=76> <font size="1"><b>Number of <br>
        MLIM/FAM- <br>
        Advised <br>
        Funds and <br>
        Portfolios <br>
        Overseen </b></font> <hr size="1" noshade></td>
      <td width=16> <font size="1"><b>&nbsp;&nbsp;</b></font></td>
      <td width=73> <font size="1"><b>&nbsp;Public <br>
        Directorships </b></font> <hr size="1" noshade></td>
    </tr>
    <tr>
      <td valign=top> <font size=1>James H. Bodurtha** (62)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Board Member</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Director, The China Business Group, Inc. since
        1996 and Executive Vice President thereof from 1996 to 2003; Chairman
        of the Board, Berkshire Holding Corporation since 1980; Partner, Squire,
        Sanders &amp; Dempsey from 1980 to 1993.</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>39 registered investment companies consisting
        of <br>
        59 portfolios</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>None</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size=1>Kenneth A. Froot (48)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Board Member</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Professor, Harvard University since 1992; Professor,
        Massachusetts Institute of Technology from 1986 to 1992.</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>39 registered investment companies consisting
        of <br>
        59 portfolios</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>None</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size=1>Joe Grills** (71)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Board Member</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Member of the Committee of Investment of Employee
        Benefit Assets of the Association of Financial Professionals (&#147;CIEBA&#148;)
        since 1986; Member of CIEBA&#146;s Executive Committee since 1988 and its Chairman
        from 1991 to 1992; Assistant Treasurer of International Business Machines
        Corporation (&#147;IBM&#148;) and Chief Investment Officer of IBM Retirement Funds
        from 1986 to 1993; Member of the Investment Advisory Committee of the
        State of New York Common Retirement Fund since 1989; Member of the Investment
        Advisory Committee of the Howard Hughes Medical Institute from 1997 to
        2000; Director, Duke University Management Company from 1992 to 2004,
        Vice Chairman thereof from 1998 to 2004, and Director Emeritus thereof
        since 2004; Director, LaSalle Street Fund from 1995 to 2001; Director,
        Kimco Realty Corporation since 1997; Member of the Investment Advisory
        Committee of the Virginia Retirement System since 1998, Vice Chairman
        thereof from 2002 to 2005, and Chairman thereof since 2005; Director,
        Montpelier Foundation since 1998 and its Vice Chairman since 2000; Member
        of the Investment Committee of the Woodberry Forest School since 2000;
        Member of the Investment Committee of the National Trust for Historic
        Preservation since 2000.</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>39 registered investment companies consisting
        of <br>
        59 portfolios</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Kimco Realty Corporation</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size=1>Herbert I. London (67)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Board Member</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Chairman of the Board of Directors of Vigilant
        Research, Inc. since 2006; Director of Reflex Security since 2006; Director
        of Cerego, LLC since 2006; Director of InnoCentive, Inc. since 2006; Professor
        Emeritus, New York University since 2005; John M. Olin Professor of Humanities,
        New York University from 1993 to 2005; and Professor thereof from 1980
        to 2005; President, Hudson Institute since 1997 and Trustee thereof since
        1980; Dean, Gallatin Division of New York University from 1976 to 1993;
        Distinguished Fellow, Herman Kahn Chair, Hudson Institute from 1984 to
        1985; Director, Damon Corp. from 1991 to 1995; Overseer, Center for Naval
        Analyses from 1983 to 1993. </font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>39 registered investment companies consisting
        of <br>
        59 portfolios</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>None</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</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">
D-4</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 86; page: 86" -->



<table width="700" border=0 align="center" cellpadding=0 cellspacing=0>
    <tr align="center" valign="bottom">
      <td width="126"> <font size="1"><b>Name, Address* <br>
        and Age </b></font> <hr size="1" noshade></td>
      <td width="16"> <font size="1"><b>&nbsp;</b></font></td>
      <td width="72"> <font size="1"><b>Position(s) <br>
        Held with <br>
        Each Fund </b></font> <hr size="1" noshade></td>
      <td width="18"> <font size="1"><b>&nbsp;&nbsp;</b></font></td>
      <td width="292"> <font size="1"><b>Principal Occupation(s) <br>
        During Past Five Years </b></font> <hr size="1" noshade></td>
      <td width="12"> <font size="1"><b>&nbsp;&nbsp;</b></font></td>
      <td width="75"> <font size="1"><b>Number of <br>
        MLIM/FAM- <br>
        Advised <br>
        Funds and <br>
        Portfolios <br>
        Overseen </b></font> <hr size="1" noshade></td>
      <td width="16"> <font size="1"><b>&nbsp;&nbsp;</b></font></td>
      <td width="73"> <font size="1"><b>&nbsp;Public <br>
        Directorships </b></font> <hr size="1" noshade></td>
    </tr>
    <tr>
      <td valign=top> <font size=1>Roberta Cooper Ramo (63)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Board Member</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Shareholder, Modrall, Sperling, Roehl, Harris
        &amp; Sisk, P.A. since 1993; President, American Bar Association from
        1995 to 1996 and Member of the Board of Governors thereof from 1994 to
        1997; Shareholder, Poole, Kelly &amp; Ramo, Attorneys at Law, P.C. from
        1977 to 1993; Chairman of the Board, Cooper&#146;s, Inc. (retail) since April
        2000; Director of ECMC Group (service provider to students, schools and
        lenders) since 2001; Director, United New Mexico Bank (now Wells Fargo)
        from 1983 to 1988; Director, First National Bank of New Mexico (now Wells
        Fargo) from 1975 to 1976; Vice President, American Law Institute since
        2004.</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>39 registered investment companies consisting
        of <br>
        59 portfolios</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>None</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size=1>Robert S. Salomon, Jr. (69)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Board Member</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>

    <td valign=top> <font size=1>Principal of STI Management (investment adviser)
        from  1994 to 1995; Chairman and CEO of Salomon Brothers Asset Management Inc.
        from 1992 to 1995; Chairman of Salomon Brothers Equity Mutual Funds from
        1992 to 1995; regular columnist with Forbes Magazine from 1992 to 2002;
        Director of Stock Research and US Equity Strategist at Salomon Brothers
        Inc. from 1975 to 1991; Trustee, Commonfund from 1980 to 2001.</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>39 registered investment companies consisting
        of <br>
        59 portfolios</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>None</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">The
address of each Independent Board Member is PO Box 9095, Princeton, New Jersey
08543-9095.</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">Cochairman
of the Board and Cochairman of the Audit Committee of each Fund. </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">
D-5</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 87; page: 87" -->



<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<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 Board D Nominees who are not
&#147;interested persons,&#148; as defined in the 1940 Act, of the Funds is set forth
below: </FONT></P>




<table width="700" border=0 align="center" cellpadding=0 cellspacing=0>
    <tr align="center" valign="bottom">
      <td width=100> <font size="1"><b>Name, Address* <br>
        and Age </b></font> <hr size="1" noshade></td>
      <td width=11> <font size="1"><b>&nbsp;&nbsp;</b></font></td>
      <td width=79> <font size="1"><b>Positions(s) <br>
        Held with <br>
        the Fund </b></font> <hr size="1" noshade></td>
      <td width=17> <font size="1"><b>&nbsp;&nbsp;</b></font></td>
      <td width=312> <font size="1"><b>Principal Occupation(s) <br>
        During Past Five Years </b></font> <hr size="1" noshade></td>
      <td width=17> <font size="1"><b>&nbsp;&nbsp;</b></font></td>
      <td width=74> <font size="1"><b>Number of <br>
        FAM/MLIM- <br>
        Advised Funds <br>
        and Portfolios <br>
        Overseen </b></font> <hr size="1" noshade> <font size="1"><b> </b></font></td>
      <td width=15> <font size="1"><b>&nbsp;&nbsp;</b></font></td>
      <td width=75> <font size="1"><b>Public <br>
        Directorships </b></font> <hr size="1" noshade></td>
    </tr>
    <tr>
      <td valign=top> <font size=1>David O. Beim (66)**</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Board Member</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Professor of Finance and Economics at the Columbia
        University Graduate School of Business since 1991; Chairman of Outward
        Bound USA from 1997 to 2001; Chairman of Wave Hill Inc., since 1990; Trustee
        of Phillips Exeter Academy from 2002 to present.</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>20 registered investment companies consisting
        of <br>
        26 portfolios</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>None</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size=1>James T. Flynn (66) </font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Board Member</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>

    <td valign=top> <font size=1>Chief Financial Officer of J.P. Morgan &amp;
        Co. Inc. from 1990 to 1995 and an employee of JP Morgan in various capacities
        from 1967 to 1995.</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>20 registered investment companies consisting
        of <br>
        26 portfolios </font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>None</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size=1>W. Carl Kester (54) </font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Board Member</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Mizuho Financial Group, Professor of Finance,
        Harvard Business School, Unit Head, Finance since 2005; Senior Associate
        Dean and Chairman of the MBA Program of Harvard Business School, 1999
        to 2005, Member of the faculty of Harvard Business School since 1981.
        Independent Consultant since 1978.</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>21 registered investment companies consisting
        of <br>
        27 portfolios </font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>None</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size=1>Karen P. Robards (56)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Board Member and Chair of the Board</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>President of Robards &amp; Company, a financial
        advisory firm since 1987; formerly an investment banker with Morgan Stanley
        for more than ten years; Director of Enable Medical Corp. from 1996 to
        2005; Director of AtriCure, Inc. since 2000; Director of the Cooke Center
        for Learning and Development, a not-for-profit organization, since 1987.</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>20 registered investment companies consisting
        of <br>
        26 portfolios </font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>AtriCure, Inc. (medical devices)</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% VALIGN=top ALIGN=right><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 Independent Board Member is PO Box 9095, Princeton, New Jersey
08543-9095.</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">Chair
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">
D-6</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 88; page: 88" -->






<!-- 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 by
Nominees as of April 30, 2006  </B></FONT></P>




<table border=0 cellspacing=0 width=700 cellpadding="0" align="center">

  <tr>

    <td width=200 valign=bottom>
          <font face="Times New Roman" size="1"><b>Director Nominee </b> </font>

      <hr size=1 width="50%" noshade" align=left>
        </td>
    <td width=200 valign=bottom align="center">
          <font face="Times New Roman" size="1"><b>Fund </b> </font>


      <hr size=1 width="100%" noshade">
          </td>
    <td width=10 valign=bottom><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1"><b>Number <br>
  of Shares <br>
  of Common <br>
  Stock </b> </font>

      <div align="center"></div>
      <hr size=1 width="100%" noshade">
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1"><b>Number <br>
  of Shares <br>
  of AMPS </b> </font>

      <hr size=1 width="100%" noshade">
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font face="Times New Roman" size="1"><b>Aggregate <br>
  Dollar Range of <br>
  Equity Securities <br>
  in Each Fund </b> </font>

      <hr size=1 width="100%" noshade">
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font face="Times New Roman" size="1"><b>Aggregate <br>
  Dollar Range <br>
  of Equity <br>
  Securities in all <br>
  MLIM/FAM- <br>
  Advised Funds <br>
  Overseen by <br>
  each Director <br>
  Nominee in the <br>
  Merrill Lynch <br>
  Family of Funds </b> </font>

      <hr size=1 width="100%" noshade">
        </td>
  </tr>

  <tr>

    <td width=200 valign=bottom>
          <font face="Times New Roman" size="1"><i>Interested Director Nominee:</i> </font>
        </td>
    <td width=200 valign=bottom>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=10 valign=bottom><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>


    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=bottom>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=10 valign=bottom><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Robert C. Doll, Jr. </font>
        </td>
    <td width=200 valign=bottom>
          <font face="Times New Roman" size="1">Muni Intermediate </font>
        </td>
    <td width=10 valign=bottom><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font face="Times New Roman" size="1">Over $100,000 </font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=bottom>
          <font face="Times New Roman" size="1">Muni New York Intermediate  </font>
        </td>
    <td width=10 valign=bottom><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=bottom>
          <font face="Times New Roman" size="1">Debt Strategies </font>
        </td>
    <td width=10 valign=bottom><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=bottom>
          <font face="Times New Roman" size="1">FRIS </font>
        </td>
    <td width=10 valign=bottom><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=bottom>
          <font face="Times New Roman" size="1">FRIS II </font>
        </td>
    <td width=10 valign=bottom><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=bottom>
          <font face="Times New Roman" size="1">MH Fund </font>
        </td>
    <td width=10 valign=bottom><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=bottom>
          <font face="Times New Roman" size="1">MH Insured </font>
        </td>
    <td width=10 valign=bottom><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=bottom>
          <font face="Times New Roman" size="1">SHIP </font>
        </td>
    <td width=10 valign=bottom><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=bottom>
          <font face="Times New Roman" size="1">CHY </font>
        </td>
    <td width=10 valign=bottom><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=bottom>
          <font face="Times New Roman" size="1">CHY III </font>
        </td>
    <td width=10 valign=bottom><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=bottom>
          <font face="Times New Roman" size="1">MuniAssets </font>
        </td>
    <td width=10 valign=bottom><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=bottom>
          <font face="Times New Roman" size="1">Europe Fund  </font>
        </td>
    <td width=10 valign=bottom><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=bottom>
          <font face="Times New Roman" size="1">Capital &amp; Income </font>
        </td>
    <td width=10 valign=bottom><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=bottom>
          <font face="Times New Roman" size="1">Preferred Income </font>
        </td>
    <td width=10 valign=bottom><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=bottom>
          <font face="Times New Roman" size="1">Enhanced Equity Yield </font>
        </td>
    <td width=10 valign=bottom><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=bottom>
          <font face="Times New Roman" size="1">Enhanced Government  </font>
        </td>
    <td width=10 valign=bottom><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=bottom>
          <font face="Times New Roman" size="1">Preferred &amp; Corporate </font>
        </td>
    <td width=10 valign=bottom><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=bottom>
          <font face="Times New Roman" size="1">Enhanced Equity Yield &amp;
  Premium  </font>
        </td>
    <td width=10 valign=bottom><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=bottom>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=10 valign=bottom><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><i>Non-Interested Director Nominees:</i> </font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><i>Board
  A:</i> </font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Donald
  W. Burton </font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Muni Intermediate </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Muni New York Intermediate  </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Jack
  O&#146;Brien </font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Muni Intermediate </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Muni New York Intermediate  </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1">David
  H. Walsh </font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Muni Intermediate </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">Over $100,000 </font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Muni New York Intermediate  </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Fred
  G. Weiss </font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Muni Intermediate </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">Over $100,000 </font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Muni New York Intermediate  </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><i>Board
  B:</i> </font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Ronald
  W. Forbes </font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Debt Strategies </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">2,029 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">$10,001 &#150; $50,000 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">Over $100,000 </font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">FRIS </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">616 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">$10,001 &#150; $50,000 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">FRIS II </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">646 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">$10,001 &#150; $50,000 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">MH Fund </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">1,684 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">$10,001 &#150; $50,000 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">MH Insured </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">SHIP </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">935 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">$1 &#150; $10,000 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Cynthia
  A. Montgomery </font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Debt Strategies </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">Over $100,000 </font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">FRIS </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">FRIS II </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">MH Fund </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">MH Insured </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">SHIP </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Jean
  Margo Reid </font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Debt Strategies </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">Over $100,000 </font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">FRIS </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">FRIS II </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">MH Fund </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">MH Insured </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">SHIP </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></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">
D-7</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 89; page: 89" -->

<p></p>

<table border=0 cellspacing=0 width=700 cellpadding="0" align="center">

  <tr>

    <td width=200 valign=bottom>
          <font face="Times New Roman" size="1"><b>Director Nominee </b> </font>

      <hr size=1 width="50%" noshade" align=left>
        </td>
    <td width=200 valign=bottom align="center">
          <font face="Times New Roman" size="1"><b>Fund </b> </font>


      <hr size=1 width="100%" noshade">
          </td>
    <td width=10 valign=bottom><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1"><b>Number <br>
  of Shares <br>
  of Common <br>
  Stock </b> </font>

      <div align="center"></div>
      <hr size=1 width="100%" noshade">
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1"><b>Number <br>
  of Shares <br>
  of AMPS </b> </font>

      <hr size=1 width="100%" noshade">
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font face="Times New Roman" size="1"><b>Aggregate <br>
  Dollar Range of <br>
  Equity Securities <br>
  in Each Fund </b> </font>

      <hr size=1 width="100%" noshade">
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font face="Times New Roman" size="1"><b>Aggregate <br>
  Dollar Range <br>
  of Equity <br>
  Securities in all <br>
  MLIM/FAM- <br>
  Advised Funds <br>
  Overseen by <br>
  each Director <br>
  Nominee in the <br>
  Merrill Lynch <br>
  Family of Funds </b> </font>

      <hr size=1 width="100%" noshade">
        </td>
  </tr>


  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Roscoe
  S. Suddarth </font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Debt Strategies </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">Over $100,000 </font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">FRIS </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">FRIS II </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">MH Fund </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">MH Insured </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">SHIP </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Richard
  R. West </font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Debt Strategies </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">638 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">$1 &#150; $10,000 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">Over $100,000 </font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">FRIS </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">9,650 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">Over $100,000 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">FRIS II </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">12,000 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">Over $100,000 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">MH Fund </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">MH Insured </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">SHIP </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">800 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">$1 &#150; $10,000 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Edward
  D. Zinbarg </font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Debt Strategies </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">Over $100,000 </font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">FRIS </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">FRIS II </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">MH Fund </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">MH Insured </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">SHIP </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><i>Board
  C:</i> </font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1">James
  H. Bodurtha </font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">CHY </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">1,353 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">$1 &#150; $10,000 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">Over $100,000 </font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">CHY III </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">MuniAssets </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Kenneth
  A. Froot </font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">CHY </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">CHY III </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">MuniAssets </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Joe
  Grills </font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">CHY </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">Over $100,000 </font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">CHY III </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">MuniAssets </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Herbert
  I. London </font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">CHY </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">Over $100,000 </font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">CHY III </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">MuniAssets </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Roberta
  Cooper Ramo </font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">CHY </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">Over $100,000 </font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">CHY III </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">MuniAssets </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Robert
  S. Salomon, Jr. </font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">CHY </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">Over $100,000 </font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">CHY III </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">MuniAssets </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><i>Board
  D:</i> </font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1">David
  O. Beim </font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Europe Fund  </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">Over $100,000 </font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Capital &amp; Income </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Preferred Income </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Enhanced Equity Yield </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Enhanced Government  </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Preferred &amp; Corporate </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Enhanced Equity Yield &amp;
  Premium  </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></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">
D-8</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: 90; page: 90" -->
<p></p>

<table border=0 cellspacing=0 width=700 cellpadding="0" align="center">

  <tr>

    <td width=200 valign=bottom>
          <font face="Times New Roman" size="1"><b>Director Nominee </b> </font>

      <hr size=1 width="50%" noshade" align=left>
        </td>
    <td width=200 valign=bottom align="center">
          <font face="Times New Roman" size="1"><b>Fund </b> </font>


      <hr size=1 width="100%" noshade">
          </td>
    <td width=10 valign=bottom><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1"><b>Number <br>
  of Shares <br>
  of Common <br>
  Stock </b> </font>

      <div align="center"></div>
      <hr size=1 width="100%" noshade">
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="80">
          <font face="Times New Roman" size="1"><b>Number <br>
  of Shares <br>
  of AMPS </b> </font>

      <hr size=1 width="100%" noshade">
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font face="Times New Roman" size="1"><b>Aggregate <br>
  Dollar Range of <br>
  Equity Securities <br>
  in Each Fund </b> </font>

      <hr size=1 width="100%" noshade">
        </td>
    <td valign=bottom align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=bottom align="center" width="120">
          <font face="Times New Roman" size="1"><b>Aggregate <br>
  Dollar Range <br>
  of Equity <br>
  Securities in all <br>
  MLIM/FAM- <br>
  Advised Funds <br>
  Overseen by <br>
  each Director <br>
  Nominee in the <br>
  Merrill Lynch <br>
  Family of Funds </b> </font>

      <hr size=1 width="100%" noshade">
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1">James
  T. Flynn </font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Europe Fund  </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">Over $100,000 </font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Capital &amp; Income </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Preferred Income </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">3,300 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">$50,001 &#150; $100,000 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Enhanced Equity Yield </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Enhanced Government  </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Preferred &amp; Corporate </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">2,200 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">$10,001 &#150; $50,000 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Enhanced Equity Yield &amp;
  Premium  </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1">W.
  Carl Kester </font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Europe Fund  </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">1,000 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">$10,000 &#150; $50,000 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">Over $100,000 </font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Capital &amp; Income </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">1,000 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">$10,001 &#150; $50,000 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Preferred Income </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">1,000 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">$10,001 &#150; $50,000 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Enhanced Equity Yield </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">500 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">$1 &#150; $10,000 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Enhanced Government  </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">1,000 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">$10,000 &#150; $50,000 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Preferred &amp; Corporate </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">1,000 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">$10,001 &#150; $50,000 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Enhanced Equity Yield &amp;
  Premium  </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">500 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">$1 &#150; $10,000 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Karen
  P. Robards </font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Europe Fund  </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">2,350 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">$10,001 &#150; $50,000 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">Over $100,000 </font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Capital &amp; Income </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">750 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">$10,000 &#150; $50,000 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Preferred Income </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">675 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">$10,001 &#150; $50,000 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Enhanced Equity Yield </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">750 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">$10,001 &#150; $50,000 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Enhanced Government  </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Preferred &amp; Corporate </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">690 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">$10,001 &#150; $50,000 </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

  <tr>

    <td width=200 valign=top>
          <font face="Times New Roman" size="1"><font size="1">&nbsp; </font></font>
        </td>
    <td width=200 valign=top>
          <font face="Times New Roman" size="1">Enhanced Equity Yield &amp;
  Premium  </font>
        </td>
    <td width=10 valign=top><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="80">
          <font face="Times New Roman" size="1">N/A </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font face="Times New Roman" size="1">None </font>
        </td>
    <td valign=top align="center" width="10"><font size="1">&nbsp; </font></td>
    <td valign=top align="center" width="120">
          <font size="1"><font size="1">&nbsp; </font></font>
        </td>
  </tr>

</table>


<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Compensation of
Independent Board Members ($)  </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No pension or retirement benefits
are accrued as part of Fund expenses.  </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Muni Intermediate and Muni New York
Intermediate each pay each non-interested Board Member  a combined fee for services on the
Board and the Audit Committee of $3,000 per year, $250 per in person Board meeting
attended and $250 per in person Audit Committee meeting attended. Each non-interested
Board Member  also receives an aggregate fee of $3,000 for each special in-person meeting
attended, which is allocated equally among all the applicable FAM/MLIM-advised funds
overseen by the Board Member. The Fund pays the Chairman of the Audit Committee an additional
annual fee of $1,000. The Fund reimburses each non-interested Board Member  for his or her
out-of-pocket expenses relating to attendance at Board, Audit Committee and any Nominating
Committee meetings. </FONT></P>


<table width="600" border=0 align="center" cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td> <font size="2" face="Times New Roman"><b>Fund</b></font>
        <hr align="left" width="28" size="1" noshade></td>
      <td> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
      <td align="center"> <font size="3" face="Times New Roman"><b><font size="2">Crum</font><font size="1"><sup><font face="Times New Roman Bold">1</font></sup></font></b></font>
        <hr size="1" noshade></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>Burton</b></font>
        <hr size="1" noshade></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
      <td align="center"> <font size="3" face="Times New Roman"><b><font size="2">O&#146;Brien</font><font size="1"><sup><font face="Times New Roman Bold">2</font></sup></font></b></font>
        <hr size="1" noshade></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
      <td align="center"> <font size="3" face="Times New Roman"><b><font size="2">Hodrick</font><sup><font size="1" face="Times New Roman Bold">3</font></sup></b></font>
        <hr size="1" noshade></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>Walsh</b></font>
        <hr size="1" noshade></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>Weiss</b></font>
        <hr size="1" noshade></td>
    </tr>
    <tr valign="bottom">
      <td> <font size=2
  face="Times New Roman">Muni Intermediate</font></td>
      <td> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">$3,191</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">$5,150</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">$3,000</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">$5,150</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">$5,150</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">$5,150</font></td>
    </tr>
    <tr valign="bottom">
      <td> <font size=2
  face="Times New Roman">Muni New York Intermediate </font></td>
      <td> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">$3,191</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">$5,150</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">$3,000</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">$5,150</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">$5,150</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">$5,150</font></td>
    </tr>
  </table>


<br>
<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"><SUP>1</SUP></FONT></TD>
<TD WIDTH=2%><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Mr.
Crum retired as Board Member  of the Fund and certain other MLIM/FAM           advised
funds effective December 31, 2004. </FONT></TD>
  </TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"><SUP>2</SUP></FONT></TD>
<TD WIDTH=2%><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Mr.
O&#146;Brien was elected as Board Member  of the Fund and certain other
          MLIM/FAM advised funds effective November 22, 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"><SUP>3</SUP></FONT></TD>
<TD WIDTH=2%><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Ms.
Hodrick resigned as Board Member  of the Fund and certain other MLIM/FAM
          advised funds effective May 1, 2006. </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">
D-9</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: 88; page: 88" -->



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

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MH Fund and MH Insured each pay each
non-interested Board Member  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 Board Member&#146;s out-of-pocket expenses relating to attendance
at such meetings. Debt Strategies, SHIP, FRIS and FRIS II each pay each non-interested
Board Member  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 Board Member&#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
$2,083. </FONT></P>


<table cellpadding=0 cellspacing=0 border=0 align="center" width=650>

  <tr valign=Bottom>
    <td align=LEFT><b><font size=2>Fund</font></b></td>
    <td align=LEFT><b></b></td>
    <td align=center><b><font size=2>Forbes</font></b></td>
    <td align=center><b></b></td>
    <td align=center><b><font size=2>Montgomery</font></b></td>
    <td align=center><b></b></td>
    <td align=center><b><font size=2>Reid</font></b></td>
    <td align=center><b></b></td>
    <td align=center><b><font size=2>Suddarth</font></b></td>
    <td align=center><b></b></td>
    <td align=center><b><font size=2>West</font></b></td>
    <td align=center><b></b></td>
    <td align=center><b><font size=2>Zinbarg</font></b></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size=2>Debt Strategies</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=center><font size=2>$8,582</font></td>
    <td align=center><font size=2>&nbsp;</font></td>
    <td align=center><font size=2>$7,000</font></td>
    <td align=center><font size=2>&nbsp;</font></td>
    <td align=center><font size=2>$7,000</font></td>
    <td align=center><font size=2>&nbsp;</font></td>
    <td align=center><font size=2>$7,000</font></td>
    <td align=center><font size=2>&nbsp;</font></td>
    <td align=center><font size=2>$7,000</font></td>
    <td align=center><font size=2>&nbsp;</font></td>
    <td align=center><font size=2>$7,000</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
  </tr>

  <tr valign=Bottom>

    <td align=LEFT><font size=2>FRIS</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=center><font size=2>$9,221</font></td>
    <td align=center><font size=2>&nbsp;</font></td>
    <td align=center><font size=2>$7,650</font></td>
    <td align=center><font size=2>&nbsp;</font></td>
    <td align=center><font size=2>$7,000</font></td>
    <td align=center><font size=2>&nbsp;</font></td>
    <td align=center><font size=2>$7,650</font></td>
    <td align=center><font size=2>&nbsp;</font></td>
    <td align=center><font size=2>$7,650</font></td>
    <td align=center><font size=2>&nbsp;</font></td>
    <td align=center><font size=2>$7,650</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
  </tr>

  <tr valign=Bottom>

    <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>$8,582</font></td>
    <td align=center><font size=2>&nbsp;</font></td>
    <td align=center><font size=2>$7,000</font></td>
    <td align=center><font size=2>&nbsp;</font></td>
    <td align=center><font size=2>$7,000</font></td>
    <td align=center><font size=2>&nbsp;</font></td>
    <td align=center><font size=2>$7,000</font></td>
    <td align=center><font size=2>&nbsp;</font></td>
    <td align=center><font size=2>$7,000</font></td>
    <td align=center><font size=2>&nbsp;</font></td>
    <td align=center><font size=2>$7,000</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
  </tr>

  <tr valign=Bottom>

    <td align=LEFT><font size=2>MH Fund</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=center><font size=2>$6,642</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>
    <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=LEFT><font size=2>&nbsp;</font></td>
  </tr>

  <tr valign=Bottom>

    <td align=LEFT><font size=2>MH Insured</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=center><font size=2>$6,642</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>
    <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=LEFT><font size=2>&nbsp;</font></td>
  </tr>

  <tr valign=Bottom>

    <td align=LEFT><font size=2>SHIP</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=center><font size=2>$8,582</font></td>
    <td align=center><font size=2>&nbsp;</font></td>
    <td align=center><font size=2>$7,000</font></td>
    <td align=center><font size=2>&nbsp;</font></td>
    <td align=center><font size=2>$7,000</font></td>
    <td align=center><font size=2>&nbsp;</font></td>
    <td align=center><font size=2>$7,000</font></td>
    <td align=center><font size=2>&nbsp;</font></td>
    <td align=center><font size=2>$7,000</font></td>
    <td align=center><font size=2>&nbsp;</font></td>
    <td align=center><font size=2>$7,000</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Board C<B> </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Each  non-interested  Board Member
receives an annual retainer of $150,000 for his or her services to  MLIM/FAM-advised
 funds,  including CHY, CHY III and  MuniAssets.  The portion of the annual  retainer
 allocated to each  MLIM/FAM-advised  fund is determined  quarterly based on the relative
net assets of each such fund. In addition,  each  non-interested  Board Member   receives a
fee per  in-person  Board meeting  attended  and per  in-person  Audit  Committee
 meeting  attended.  The annual per meeting  fees paid to each  non-interested Board Member
 aggregate  $100,000 for all  MLIM/FAM-advised  funds for which that Board Member   serves and
are  allocated  equally among those funds.  The  Cochairman  of each Audit  Committee
 receives an  additional  annual  retainer in the
amount of $50,000,  which is paid quarterly and allocated to each  MLIM/FAM-advised  fund
for which such Cochairman  provides  services based on relative net assets of the funds. </FONT></P>


<table width="600" border=0 align="center" cellpadding=0 cellspacing=0>

  <tr valign="bottom">

    <td width=82> <font size="2" face="Times New Roman"><b>Fund</b></font>

      <hr align="left" width="28" size="1" noshade>
    </td>
    <td width=7> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
    <td width=68 align="center"> <font size="2" face="Times New Roman"><b>Bodurtha</b></font>

      <hr size="1" noshade>
    </td>
    <td width=7 align="center"> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
    <td width=46 align="center"> <font size="3" face="Times New Roman"><b><font size="2">Froot</font><font size="1"><sup><font face="Times New Roman Bold">1</font></sup></font></b></font>

      <hr size="1" noshade>
    </td>
    <td width=7 align="center"> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
    <td width=55 align="center"> <font size="3" face="Times New Roman"><b><font size="2">Perold</font><font size="1"><sup><font face="Times New Roman Bold">2</font></sup></font></b></font>

      <hr size="1" noshade>
    </td>
    <td width=7 align="center"> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
    <td width=46 align="center"> <font size="2" face="Times New Roman"><b>Grills</b></font>

      <hr size="1" noshade>
    </td>
    <td width=7 align="center"> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
    <td width=55 align="center"> <font size="2" face="Times New Roman"><b>London</b></font>

      <hr size="1" noshade>
    </td>
    <td width=7 align="center"> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
    <td width=53 align="center"> <font size="2" face="Times New Roman"><b>Ramo</b></font>

      <hr size="1" noshade>
    </td>
    <td width=10 align="center"> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
    <td width=63 align="center"> <font size="2" face="Times New Roman"><b>Salomon</b></font>

      <hr size="1" noshade>
    </td>
    <td width=14 align="center"> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
    <td width=68 align="center"> <font size="3" face="Times New Roman"><b><font size="2">Swensrud</font><font size="1"><sup><font face="Times New Roman Bold">3</font></sup></font></b></font>

      <hr size="1" noshade>
    </td>
  </tr>

  <tr valign="bottom">

    <td> <font size=2
  face="Times New Roman">CHY</font></td>
    <td> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$2,728</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">-</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$712</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$2,728</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$2,413</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$2,413</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$2,413</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$2,413</font></td>
  </tr>

  <tr valign="bottom">

    <td> <font size=2
  face="Times New Roman">CHY III</font></td>
    <td> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$2,829</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">-</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$731</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$2,829</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$2,491</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$2,491</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$2,491</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$2,491</font></td>
  </tr>

  <tr valign="bottom">

    <td> <font size=2
  face="Times New Roman">MuniAssets</font></td>
    <td> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$2,537</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">-</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$675</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$2,537</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$2,265</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$2,265</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$2,265</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$2,265</font></td>
  </tr>

</table>
<br>
<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"><SUP>1</SUP> </FONT></TD><TD WIDTH=2%>
<FONT SIZE="1">&nbsp;</FONT></TD>
    <TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Mr.
Froot was elected as Board Member  of the Fund and certain other MLIM/FAM advised funds
effective June 3, 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"><SUP>2</SUP></FONT></TD>
<TD WIDTH=2%><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Mr.
Perold resigned as Board Member  of the Fund and certain other MLIM/FAM
          advised funds effective October 1, 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"><SUP>3</SUP></FONT></TD>
<TD WIDTH=2%><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Mr.
Swensrud retired as Board Member  of the Fund and certain other MLIM/FAM
          advised funds effective January 1, 2006. </FONT></TD>
  </TR></TABLE>

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

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Each non-interested Board Member   receives
an aggregate annual retainer of $120,750 for his or her services to the FAM/MLIM-advised
funds. The portion of the annual retainer allocated to each FAM/MLIM-advised fund is
determined quarterly based, in general, on the relative net assets of each such fund. In
addition, each non-interested Board Member   receives a fee per in-person Board meeting attended
and per in-person Audit Committee meeting attended. The aggregate annual per meeting fees
paid to each non-interested Board Member  totals $52,000 for all the FAM/MLIM-advised funds for
which that Board Member   serves and are allocated equally among those funds. The Chair of the
Board  and the Chair of the Audit Committee each receives an additional annual
retainer in the amount of $40,000 and $10,000, respectively, which is paid quarterly and
allocated to each FAM/MLIM-advised fund for which such Board Member   provides services based on
the relative net assets of the fund. </FONT></P>


<table width="600" border=0 align="center" cellpadding=0 cellspacing=0>

  <tr valign="bottom">

    <td> <font size="2" face="Times New Roman"><b>Fund</b></font>

      <hr align="left" width="28" size="1" noshade>
    </td>
    <td> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
    <td align="center"> <font size="2" face="Times New Roman"><b>Beim</b></font>

      <hr size="1" noshade>
    </td>
    <td align="center"> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
    <td align="center"> <font size="2" face="Times New Roman"><b>Flynn</b></font>

      <hr size="1" noshade>
    </td>
    <td align="center"> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
    <td align="center"> <font size="2" face="Times New Roman"><b>Kester</b></font>

      <hr size="1" noshade>
    </td>
    <td align="center"> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
    <td align="center"> <font size="2" face="Times New Roman"><b>Robards</b></font>

      <hr size="1" noshade>
    </td>
  </tr>

  <tr valign="bottom">

    <td> <font size=2
   face="Times New Roman">Europe Fund </font></td>
    <td> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$&nbsp;&nbsp;3,961</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$&nbsp;&nbsp;3,811</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$&nbsp;&nbsp;3,811</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$&nbsp;&nbsp;4,413</font></td>
  </tr>

  <tr valign="bottom">

    <td> <font size=2
  face="Times New Roman">Capital &amp; Income</font></td>
    <td> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$&nbsp;&nbsp;6,254</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$&nbsp;&nbsp;5,927</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$&nbsp;&nbsp;5,927</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$&nbsp;&nbsp;7,235</font></td>
  </tr>

  <tr valign="bottom">

    <td> <font size=2
  face="Times New Roman">Preferred Income</font></td>
    <td> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$26,099</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$24,228</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$24,228</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$31,714</font></td>
  </tr>

  <tr valign="bottom">

    <td> <font size=2
  face="Times New Roman">Enhanced Equity Yield</font></td>
    <td> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$&nbsp;&nbsp;5,092</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$&nbsp;&nbsp;4,865</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$&nbsp;&nbsp;4,865</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$&nbsp;&nbsp;5,774</font></td>
  </tr>

  <tr valign="bottom">

    <td> <font size=2
  face="Times New Roman">Enhanced Government </font></td>
    <td> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533</font></td>
  </tr>

  <tr valign="bottom">

    <td> <font size=2
  face="Times New Roman">Preferred &amp; Corporate</font></td>
    <td> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$&nbsp;&nbsp;8,079</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$&nbsp;&nbsp;7,375</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$&nbsp;&nbsp;7,375</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$&nbsp;&nbsp;9,496</font></td>
  </tr>

  <tr valign="bottom">

    <td> <font size=2
  face="Times New Roman">Enhanced Equity Yield &amp; Premium </font></td>
    <td> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$&nbsp;&nbsp;3,875</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$&nbsp;&nbsp;3,692</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$&nbsp;&nbsp;3,692</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">$&nbsp;&nbsp;4,425</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">
D-10</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: 89; page: 89" -->



<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Term of office and
length of time served  </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Set forth below is the year in which
each nominee who is not an &#147;interested person,&#148; as defined in the 1940 Act,
became a Board Member for the Funds on whose Board he or she currently serves. Each Board
Member serves until his or her successor is elected and qualified or until his or her
death, resignation, or removal as provided in the Fund&#146;s respective by-laws or
charter or by statute or until December 31 of the year in which he or she turns 72. </FONT></P>

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


<table width="600" border=0 align="center" cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td> <font size="2" face="Times New Roman"><b>Fund</b></font>
        <hr align="left" width="28" size="1" noshade></td>
      <td> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>Burton</b></font>
        <hr size="1" noshade></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>O&#146;Brien</b></font>
        <hr size="1" noshade></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>Walsh</b></font>
        <hr size="1" noshade></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>Weiss</b></font>
        <hr size="1" noshade></td>
    </tr>
    <tr valign="bottom">
      <td> <font size=2
  face="Times New Roman">Muni Intermediate</font></td>
      <td> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2003</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2004</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2003</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2003</font></td>
    </tr>
    <tr valign="bottom">
      <td> <font size=2
  face="Times New Roman">Muni New York Intermediate </font></td>
      <td> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2003</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2004</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2003</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2003</font></td>
    </tr>
  </table>

<br>
<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<font face="Times New Roman, Times, Serif" size=2>Board B nominees</font>
<table width="600" border=0 align="center" cellpadding=0 cellspacing=0>

  <tr valign="bottom">

    <td> <font size="2" face="Times New Roman"><b>Fund</b></font>

      <hr align="left" width="28" size="1" noshade>
    </td>
    <td> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
    <td align="center"> <font size="2" face="Times New Roman"><b>Forbes</b></font>

      <hr size="1" noshade>
    </td>
    <td align="center"> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
    <td align="center"> <font size="2" face="Times New Roman"><b>Montgomery</b></font>

      <hr size="1" noshade>
    </td>
    <td align="center"> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
    <td align="center"> <font size="2" face="Times New Roman"><b>Reid</b></font>

      <hr size="1" noshade>
    </td>
    <td align="center"> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
    <td align="center"> <font size="2" face="Times New Roman"><b>Suddarth</b></font>

      <hr size="1" noshade>
    </td>
    <td align="center"> <font size=3
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size="2" face="Times New Roman"><b>West</b></font>

      <hr size="1" noshade>
    </td>
    <td align="center"> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
    <td align="center"> <font size="2" face="Times New Roman"><b>Zinbarg</b></font>

      <hr size="1" noshade>
    </td>
  </tr>

  <tr valign="bottom">

    <td> <font size=2
  face="Times New Roman">Debt Strategies</font></td>
    <td> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">1997</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">1997</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">2004</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">2000</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">1997</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">2000</font></td>
  </tr>

  <tr valign="bottom">

    <td> <font size=2
  face="Times New Roman">FRIS</font></td>
    <td> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">2003</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">2003</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">2004</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">2003</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">2003</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">2003</font></td>
  </tr>
  <tr valign="bottom">

    <td> <font size=2
  face="Times New Roman">FRIS II</font></td>
    <td> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">2004</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">2004</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">2004</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">2004</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">2004</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">2004</font></td>
  </tr>

  <tr valign="bottom">

    <td> <font size=2
  face="Times New Roman">MH Fund</font></td>
    <td> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">1997</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">1997</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">2004</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">2000</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">1997</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">2000</font></td>
  </tr>

  <tr valign="bottom">

    <td> <font size=2
  face="Times New Roman">MH Insured</font></td>
    <td> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">1998</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">1998</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">2004</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">2000</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">1998</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">2000</font></td>
  </tr>

  <tr valign="bottom">

    <td> <font size=2
  face="Times New Roman">SHIP</font></td>
    <td> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">1993</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">1994</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">2004</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">2000</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">1993</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
    <td align="center"> <font size=2
  face="Times New Roman">2000</font></td>
  </tr>

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


<table width="600" border=0 align="center" cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td> <font size="2" face="Times New Roman"><b>Fund</b></font>
        <hr align="left" width="28" size="1" noshade></td>
      <td> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>Bodurtha</b></font>
        <hr size="1" noshade></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>Froot</b></font>
        <hr size="1" noshade></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>Grills</b></font>
        <hr size="1" noshade></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>London</b></font>
        <hr size="1" noshade></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>Ramo</b></font>
        <hr size="1" noshade></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>Salomon</b></font>
        <hr size="1" noshade></td>
    </tr>
    <tr valign="bottom">
      <td> <font size=2
  face="Times New Roman">CHY</font></td>
      <td> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2002</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2005</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">1994</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2002</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2002</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">1996</font></td>
    </tr>
    <tr valign="bottom">
      <td> <font size=2
   face="Times New Roman">CHY III</font></td>
      <td> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2002</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2005</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">1998</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2002</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2002</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">1998</font></td>
    </tr>
    <tr valign="bottom">
      <td> <font size=2
  face="Times New Roman">MuniAssets</font></td>
      <td> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2002</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2005</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">1994</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2002</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2002</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">1996</font></td>
    </tr>
  </table>

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

<table width="600" border=0 align="center" cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td> <font size="2" face="Times New Roman"><b>Fund</b></font>
        <hr align="left" width="28" size="1" noshade></td>
      <td> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>Beim</b></font>
        <hr size="1" noshade></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>Flynn</b></font>
        <hr size="1" noshade></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>Kester</b></font>
        <hr size="1" noshade></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;</b></font></td>
      <td align="center"> <font size="2" face="Times New Roman"><b>Robards</b></font>
        <hr size="1" noshade></td>
    </tr>
    <tr valign="bottom">
      <td> <font size=2
   face="Times New Roman">Europe Fund </font></td>
      <td> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2000</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2000</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2000</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2000</font></td>
    </tr>
    <tr valign="bottom">
      <td> <font size=2
  face="Times New Roman">Capital &amp; Income</font></td>
      <td> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2004</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2004</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2004</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2004</font></td>
    </tr>
    <tr valign="bottom">
      <td> <font size=2
  face="Times New Roman">Preferred Income</font></td>
      <td> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2003</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2003</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2003</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2003</font></td>
    </tr>
    <tr valign="bottom">
      <td> <font size=2
  face="Times New Roman">Enhanced Equity Yield</font></td>
      <td> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2005</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2005</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2005</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2005</font></td>
    </tr>
    <tr valign="bottom">
      <td> <font size=2
  face="Times New Roman">Enhanced Government </font></td>
      <td> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2005</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2005</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2005</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2005</font></td>
    </tr>
    <tr valign="bottom">
      <td> <font size=2
  face="Times New Roman">Preferred &amp; Corporate</font></td>
      <td> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2003</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2003</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2003</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2003</font></td>
    </tr>
    <tr valign="bottom">
      <td> <font size=2
  face="Times New Roman">Enhanced Equity Yield &amp; Premium </font></td>
      <td> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2005</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2005</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">2005</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">&nbsp;</font></td>
      <td align="center"> <font size=2
  face="Times New Roman">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">
D-11</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: 41; page: 41" -->





<!-- MARKER FORMAT-SHEET="Center no bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>(This page
intentionally left blank) </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: 94; page: 94" -->




<!-- MARKER FORMAT-SHEET="Right Head Bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Appendix E</I> </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>


<table width="700" border=0 align="center" cellpadding=0 cellspacing=0>

  <tr align="center" valign="bottom">

    <td width=63> <font size="1"><b>Name, </b><br>
        <b>Address* and </b><br>
        <b>Age of Officer </b></font>
      <hr size="1" noshade>
    </td>
    <td width=9> <font size="1"><b>&nbsp;</b></font></td>
    <td width=181> <font size="1"><b>Position(s) Held, Term of Office** </b><br>
        <b>and Length of Time Served </b></font>
      <hr size="1" noshade>
    </td>
    <td width=9> <font size="1"><b>&nbsp;&nbsp;</b></font></td>
    <td width=273> <font size="1"><b>Principal Occupation </b><br>
        <b>During Past Five Years </b></font>
      <hr size="1" noshade>
    </td>
    <td width=9> <font size="1"><b>&nbsp;&nbsp;</b></font></td>
    <td width=87> <font size="1"><b>Number of </b><br>
        <b>MLIM/FAM- </b><br>
        <b>Advised Funds </b><br>
        <b>and Portfolios </b><br>
        <b>Overseen </b></font>
      <hr size="1" noshade>
    </td>
    <td width=10> <font size="1"><b>&nbsp;&nbsp;</b></font></td>
    <td width=63> <font size="1"><b>Public </b><br>
        <b>Directorships </b></font>
      <hr size="1" noshade>
    </td>
  </tr>

  <tr>

    <td valign=top width="63"> <font size=1>Robert C. Doll, Jr.&#134; (51)</font></td>
    <td valign=top width="9"> <font size=1>&nbsp;</font></td>
    <td valign=top width="181"> <font size=1>President and Board Member of all Funds listed
        in this Joint Proxy Statement since 2005.</font></td>
    <td valign=top width="9"> <font size=1>&nbsp;</font></td>
    <td valign=top width="273"> <font size=1>President of MLIM/FAM-advised funds since 2005;
        President of FAM and MLIM, since 2001; President and Director of Princeton
        Services since 2001; President of Princeton Administrators since 2001;
        CO-Head (Americas Region) of FAM and MLIM from 2000 to 2001 and Senior
        Vice President thereof from 1999 to 2001; Chief Investment Officer of
        OppenheimerFunds, Inc. in 1999 and Executive Vice President thereof from
        1991 to 1999.</font></td>
    <td valign=top width="9"> <font size=1>&nbsp;</font></td>
    <td valign=top width="87"> <font size=1>131 registered investment <br>
      companies <br>
      consisting
        of <br>
        177 portfolios</font></td>
    <td valign=top width="10"> <font size=1>&nbsp;</font></td>
    <td valign=top width="63"> <font size=1>None</font></td>
  </tr>

  <tr>

    <td valign=top width="63">&nbsp;</td>
    <td valign=top width="9">&nbsp;</td>
    <td valign=top width="181">&nbsp;</td>
    <td valign=top width="9">&nbsp;</td>
    <td valign=top width="273">&nbsp;</td>
    <td valign=top width="9">&nbsp;</td>
    <td valign=top width="87">&nbsp;</td>
    <td valign=top width="10">&nbsp;</td>
    <td valign=top width="63">&nbsp;</td>
  </tr>

  <tr>

    <td valign=top width="63"> <font size=1>Donald C. Burke (45)</font></td>
    <td valign=top width="9"> <font size=1>&nbsp;</font></td>
    <td valign=top width="181"> <font size=1>Vice President since 1997 (Debt Strategies);
        Vice President since 1998 (MH Insured and CHY III); Vice President since
        1999 (MH Insured II and Europe Fund); Vice President since 2003 (Muni
        Intermediate, Muni New York Intermediate, FRIS, Preferred &amp; Corporate
        and Preferred Income); Vice President since 2004 (Capital &amp; Income
        and FRIS II); Vice President since 2005 (Enhanced Equity Yield &amp; Premium,
        Enhanced Equity Yield and Enhanced Government)<br>
        <br>
        Treasurer since 1999 (Debt Strategies, MH Insured, SHIP, CHY, CHY III,
        MuniAssets and Europe Fund); Treasurer since 2003 (Muni Intermediate,
        Muni New York Intermediate, FRIS, Preferred &amp; Corporate and Preferred
        Income); Treasurer since 2004 (Capital &amp; Income); Treasurer since
        2005 (Enhanced Equity Yield &amp; Premium, Enhanced Equity Yield and Enhanced
        Government) </font></td>
    <td valign=top width="9"> <font size=1>&nbsp;</font></td>
    <td valign=top width="273"> <font size=1>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 FAMD since 1999 and Director since 2004; Vice President of FAM and
        MLIM 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="9"> <font size=1>&nbsp;</font></td>
    <td valign=top width="87"> <font size=1>139 registered investment <br>
      companies <br>
      consisting
        of <br>
        185 portfolios</font></td>
    <td valign=top width="10"> <font size=1>&nbsp;</font></td>
    <td valign=top width="63"> <font size=1>None</font></td>
  </tr>

  <tr>

    <td valign=top width="63">&nbsp;</td>
    <td valign=top width="9">&nbsp;</td>
    <td valign=top width="181">&nbsp;</td>
    <td valign=top width="9">&nbsp;</td>
    <td valign=top width="273">&nbsp;</td>
    <td valign=top width="9">&nbsp;</td>
    <td valign=top width="87">&nbsp;</td>
    <td valign=top width="10">&nbsp;</td>
    <td valign=top width="63">&nbsp;</td>
  </tr>

  <tr>

    <td valign=top width="63"> <font size=1>Kevin J. Booth (51)</font></td>
    <td valign=top width="9"> <font size=1>&nbsp;</font></td>
    <td valign=top width="181"> <font size=1>Vice President since 2001 (Debt Strategies
        and SHIP)</font></td>
    <td valign=top width="9"> <font size=1>&nbsp;</font></td>
    <td valign=top width="273"> <font size=1>Managing Director (Global Fixed Income) of
        MLIM since 2006; Director of MLIM from 1998 to 2005; Vice President of
        MLIM from 1991 to 1998.</font></td>
    <td valign=top width="9"> <font size=1>&nbsp;</font></td>
    <td valign=top width="87"> <font size=1>6 registered investment <br>
      companies <br>
      consisting
        of <br>
        4 portfolios</font></td>
    <td valign=top width="10"> <font size=1>&nbsp;</font></td>
    <td valign=top width="63"> <font size=1>None</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">
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>






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 90; page: 90" -->




<table width="700" border=0 align="center" cellpadding=0 cellspacing=0>

  <tr align="center" valign="bottom">

    <td width=63> <font size="1"><b>Name, </b><br>
        <b>Address* and </b><br>
        <b>Age of Officer </b></font>
      <hr size="1" noshade>
    </td>
    <td width=9> <font size="1"><b>&nbsp;</b></font></td>
    <td width=181> <font size="1"><b>Position(s) Held, Term of Office** </b><br>
        <b>and Length of Time Served </b></font>
      <hr size="1" noshade>
    </td>
    <td width=9> <font size="1"><b>&nbsp;&nbsp;</b></font></td>
    <td width=273> <font size="1"><b>Principal Occupation </b><br>
        <b>During Past Five Years </b></font>
      <hr size="1" noshade>
    </td>
    <td width=9> <font size="1"><b>&nbsp;&nbsp;</b></font></td>
    <td width=87> <font size="1"><b>Number of </b><br>
        <b>MLIM/FAM- </b><br>
        <b>Advised Funds </b><br>
        <b>and Portfolios </b><br>
        <b>Overseen </b></font>
      <hr size="1" noshade>
    </td>
    <td width=10> <font size="1"><b>&nbsp;&nbsp;</b></font></td>
    <td width=63> <font size="1"><b>Public </b><br>
        <b>Directorships </b></font>
      <hr size="1" noshade>
    </td>
  </tr>

  <tr>

    <td valign=top width="63"> <font size=1>Timothy T. Browse (47)</font></td>
    <td valign=top width="9"> <font size=1>&nbsp;</font></td>
    <td valign=top width="181"> <font size=1>Vice President since 2004 (MY New York Insured,
        Muni Intermediate, and Muni New York Intermediate)</font></td>
    <td valign=top width="9"> <font size=1>&nbsp;</font></td>
    <td valign=top width="273"> <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
        fund group of Eaton Vance Management, Inc. from 1992 to 2000.</font></td>
    <td valign=top width="9"> <font size=1>&nbsp;</font></td>
    <td valign=top width="87"> <font size=1>4 registered investment <br>
      companies <br>
      consisting
        of <br>
        4 portfolios</font></td>
    <td valign=top width="10"> <font size=1>&nbsp;</font></td>
    <td valign=top width="63"> <font size=1>None</font></td>
  </tr>

  <tr>

    <td valign=top width="63">&nbsp;</td>
    <td valign=top width="9">&nbsp;</td>
    <td valign=top width="181">&nbsp;</td>
    <td valign=top width="9">&nbsp;</td>
    <td valign=top width="273">&nbsp;</td>
    <td valign=top width="9">&nbsp;</td>
    <td valign=top width="87">&nbsp;</td>
    <td valign=top width="10">&nbsp;</td>
    <td valign=top width="63">&nbsp;</td>
  </tr>

  <tr>

    <td valign=top width="63"> <font size=1>John D. Burger (44)</font></td>
    <td valign=top width="9"> <font size=1>&nbsp;</font></td>
    <td valign=top width="181"> <font size=1>Vice President since 2003 (Preferred &amp;
        Corporate, Preferred Income, and Capital &amp; Income)</font></td>
    <td valign=top width="9"> <font size=1>&nbsp;</font></td>
    <td valign=top width="273"> <font size=1>Managing Director (Global Fixed Income) of MLIM
        since 2004; Director of MLIM from 1998 to 2004 and Vice President thereof
        from 1993 to 1998. </font></td>
    <td valign=top width="9"> <font size=1>&nbsp;</font></td>
    <td valign=top width="87"> <font size=1>11 registered investment <br>
      companies <br>
      consisting
        of <br>
        11 portfolios</font></td>
    <td valign=top width="10"> <font size=1>&nbsp;</font></td>
    <td valign=top width="63"> <font size=1>None</font></td>
  </tr>

  <tr>

    <td valign=top width="63">&nbsp;</td>
    <td valign=top width="9">&nbsp;</td>
    <td valign=top width="181">&nbsp;</td>
    <td valign=top width="9">&nbsp;</td>
    <td valign=top width="273">&nbsp;</td>
    <td valign=top width="9">&nbsp;</td>
    <td valign=top width="87">&nbsp;</td>
    <td valign=top width="10">&nbsp;</td>
    <td valign=top width="63">&nbsp;</td>
  </tr>

  <tr>

    <td valign=top width="63"> <font size=1>Jonathan A. Clark (37)</font></td>
    <td valign=top width="9"> <font size=1>&nbsp;</font></td>
    <td valign=top width="181"> <font size=1>Vice President since 2005 (S&amp;P 500 Protected
        Equity, Enhanced Equity Yield &amp; Premium and Enhanced Equity Yield)</font></td>
    <td valign=top width="9"> <font size=1>&nbsp;</font></td>
    <td valign=top width="273"> <font size=1>Director of MLIM since 2006 and Vice President,
        thereof, from 1999 to 2005.</font></td>
    <td valign=top width="9"> <font size=1>&nbsp;</font></td>
    <td valign=top width="87"> <font size=1>5 registered investment <br>
      companies <br>
      consisting
        of <br>
        5 portfolios</font></td>
    <td valign=top width="10"> <font size=1>&nbsp;</font></td>
    <td valign=top width="63"> <font size=1>None</font></td>
  </tr>

  <tr>

    <td valign=top width="63">&nbsp;</td>
    <td valign=top width="9">&nbsp;</td>
    <td valign=top width="181">&nbsp;</td>
    <td valign=top width="9">&nbsp;</td>
    <td valign=top width="273">&nbsp;</td>
    <td valign=top width="9">&nbsp;</td>
    <td valign=top width="87">&nbsp;</td>
    <td valign=top width="10">&nbsp;</td>
    <td valign=top width="63">&nbsp;</td>
  </tr>

  <tr>

    <td valign=top width="63"> <font size=1>Gavin P. Corr (38)</font></td>
    <td valign=top width="9"> <font size=1>&nbsp;</font></td>
    <td valign=top width="181"> <font size=1>Vice President since 2005 (Europe Fund)</font></td>
    <td valign=top width="9"> <font size=1>&nbsp;</font></td>
    <td valign=top width="273"> <font size=1>Managing Director of MLIM since 2005; Manager
        of European equity portfolios, Morley Fund Management from 2002 to 2004;
        Chief Investment Director of Retail Mutual Funds, American Express Asset
        Management from 1995 to 2002.</font></td>
    <td valign=top width="9"> <font size=1>&nbsp;</font></td>
    <td valign=top width="87"> <font size=1>1 registered investment company consisting
        of <br>
        1 portfolio</font></td>
    <td valign=top width="10"> <font size=1>&nbsp;</font></td>
    <td valign=top width="63"> <font size=1>None</font></td>
  </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size=1>Robert A. DiMella (39)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Vice President since 1997 (MH Fund); Vice President
        since 1999 (MH Insured); Vice President since 2003 (Muni Intermediate
        and Muni New York Intermediate)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>

    <td valign=top> <font size=1>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 2001.</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>6 registered investment companies consisting
        of <br>
        6 portfolios</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>None</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size=1>Brian J. Fullerton (45)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Vice President since 2004 (Capital &amp; Income)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Global Head of Fixed Income for MLIM since
        2005; Chief Investment Officer for MLIM Americas region and Head of MLIM
        Global Risk Management and Performance Measurement since 2001; Head of
        Risk Management for MLIM Americas from 1999-2001.</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>

    <td valign=top> <font size=1>1 registered investment <br>
      company <br>
      consisting
        of <br>
        1 portfolio</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>None</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size=1>Kenneth A. Jacob (55) </font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Senior Vice President since 2002 (Muni Intermediate,
        Muni New York Intermediate, MH Fund, MH fund II, MH Insured and MuniAssets)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>

    <td valign=top> <font size=1>Managing Director (Tax-exempt Fund Management)
        of MLIM since 2000; Director of MLIM from 1997 to 2000.</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>39 registered investment companies consisting
        of <br>
        53 portfolios </font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>None</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size=1>Theodore R. Jaeckel, Jr. (46)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Vice President since 1997 (Muni Assets)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>

    <td valign=top> <font size=1>Managing Director of MLIM since 2005; 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> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>8 registered investment companies consisting
        of <br>
        8 portfolios </font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>None</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">
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>






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 91; page: 91" -->




<table width="700" border=0 align="center" cellpadding=0 cellspacing=0>

  <tr align="center" valign="bottom">

    <td width=63> <font size="1"><b>Name, </b><br>
        <b>Address* and </b><br>
        <b>Age of Officer </b></font>
      <hr size="1" noshade>
    </td>
    <td width=9> <font size="1"><b>&nbsp;</b></font></td>
    <td width=181> <font size="1"><b>Position(s) Held, Term of Office** </b><br>
        <b>and Length of Time Served </b></font>
      <hr size="1" noshade>
    </td>
    <td width=9> <font size="1"><b>&nbsp;&nbsp;</b></font></td>
    <td width=273> <font size="1"><b>Principal Occupation </b><br>
        <b>During Past Five Years </b></font>
      <hr size="1" noshade>
    </td>
    <td width=9> <font size="1"><b>&nbsp;&nbsp;</b></font></td>
    <td width=87> <font size="1"><b>Number of </b><br>
        <b>MLIM/FAM- </b><br>
        <b>Advised Funds </b><br>
        <b>and Portfolios </b><br>
        <b>Overseen </b></font>
      <hr size="1" noshade>
    </td>
    <td width=10> <font size="1"><b>&nbsp;&nbsp;</b></font></td>
    <td width=63> <font size="1"><b>Public </b><br>
        <b>Directorships </b></font>
      <hr size="1" noshade>
    </td>
  </tr>
    <tr>
      <td valign=top> <font size=1>Debra L. Jelilian (38)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Vice President since 2005 (Enhanced Equity
        Yield &amp; Premium and Enhanced Equity Yield)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Director of MLIM since 1999.</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>9 registered investment companies consisting
        of <br>
        16 portfolios.</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>None</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size=1>John M. Loffredo (42) </font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Senior Vice President since 2002 (Muni Intermediate,
        Muni New York Intermediate, MH Fund, MH fund II, MH Insured and MuniAssets)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>

    <td valign=top> <font size=1>Managing Director (Tax-exempt Fund Management)
        of MLIM since 2000; Director of MLIM from 1997 to 2000.</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>40 registered investment companies consisting
        of <br>
        54 portfolios </font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>None</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size=1>Patrick Maldari (44)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Vice President since 2004 (Capital &amp; Income)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Managing Director (Global Fixed Income)) of
        MLIM since 2000; Director of MLIM from 1997 to 2000.</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>7 registered investment companies consisting
        of <br>
        9 portfolios</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>None</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size=1>Robert J. Martorelli (47)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Vice President since 2004 (Capital &amp; Income)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Managing Director (Equities) of MLIM since
        200-; First Vice President of MLIM from 1997 to 2000.</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>7 registered investment companies consisting
        of <br>
        5 portfolios</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>None</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size=1>Thomas Musmanno (36)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Vice President since 2003 (Preferred &amp;
        Corporate and Preferred Income); Vice President since 2005 (Enhanced Government)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Director of MLIM since 2004; Vice President
        of MLIM from 1996 to 2004; Derivatives and Structured Products Specialist
        with MLIM since 2000; portfolio manager with MLIM since 1996.</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>9 registered investment companies consisting
        of <br>
        7 portfolios</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>None</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size=1>Jaimin J. Patel (47)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Vice President since 2004 (FRIS II)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Director (Global Fixed Income) of MLIM since
        2005; Vice President of MLIM from 2000 to 2005; Vice President at Chase
        Securities, Inc. from 1993 to 2000.</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>2 registered investment companies consisting
        of <br>
        2 portfolios</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>None</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size=1>Elizabeth M. Phillips (56)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Vice President since 1993 (CHY); Vice President
        since 1998 (CHY III)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Managing Director of MLIM since 2006; Director
        (Fixed Income) of MLIM from 2001 to 2005; Vice President of MLIM from
        1994 to 2001.</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>4 registered investment companies consisting
        of <br>
        4 portfolios.</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>None</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size=1>Kevin M. Rendino (39)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Vice President since 2004 (Capital &amp; Income)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Managing Director (Equities) of MLIM since
        2000; First Vice President of MLIM from 1997 to 2000.</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>7 registered investment companies consisting
        of <br>
        5 portfolios</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>None</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size=1>Romualdo Roldan (59)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Vice President since 2004 (Capital &amp; Income)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Director (Global Fixed Income) of MLIM since
        2000; Vice President of MLIM from 1998 to 2000; Senior Vice President,
        Santander Investments from 1995 to 1998.</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>2 registered investment companies consisting
        of <br>
        2 portfolios</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>None</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size=1>Frank Viola (41)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Vice President since 2005 (Enhanced Government)</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>Managing Director of MLIM since 2002; Head
        of the Global Fixed Income Structured Asset Team since 2002; Director
        (Global Fixed Income) of MLIM from 2000 to 2001 and Vice President from
        1997 to 2000.</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>15 registered investment companies consisting
        of <br>
        15 portfolios</font></td>
      <td valign=top> <font size=1>&nbsp;</font></td>
      <td valign=top> <font size=1>None</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">
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>






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 96; page: 96" -->



<table width="700" border=0 align="center" cellpadding=0 cellspacing=0>

  <tr align="center" valign="bottom">

    <td width="61"> <font size="1"><b>Name, </b><br>
        <b>Address* <br>
      and Age <br>
      of Officer </b></font>
      <hr size="1" noshade>
    </td>
    <td width="11"> <font size="1"><b>&nbsp;</b></font></td>
    <td width="163"> <font size="1"><b>Position(s) Held, Term of Office** </b><br>
        <b>and Length of Time Served </b></font>
      <hr size="1" noshade>
    </td>
    <td width="8"> <font size="1"><b>&nbsp;&nbsp;</b></font></td>
    <td width="298"> <font size="1"><b>Principal Occupation </b><br>
        <b>During Past Five Years </b></font>
      <hr size="1" noshade>
    </td>
    <td width="8"> <font size="1"><b>&nbsp;&nbsp;</b></font></td>
    <td width="68"> <font size="1"><b>Number of </b><br>
        <b>MLIM/FAM- </b><br>
        <b>Advised Funds </b><br>
        <b>and Portfolios </b><br>
        <b>Overseen </b></font>
      <hr size="1" noshade>
    </td>
    <td width="9"> <font size="1"><b>&nbsp;&nbsp;</b></font></td>
    <td width="74"> <font size="1"><b>Public </b><br>
        <b>Directorships </b></font>
      <hr size="1" noshade>
    </td>
  </tr>

  <tr>

    <td valign=top width="61"> <font size=1>Jeffrey Hiller (55)</font></td>
    <td valign=top width="11"> <font size=1>&nbsp;</font></td>
    <td valign=top width="163"> <font size=1>Chief Compliance Officer since 2004 (Debt Strategies,
        MH Fund, MH Insured, SHIP, CHY, CHY III, MuniAssets, Europe Fund, Muni
        Intermediate, Muni New York Intermediate, FRIS, FRIS II, Preferred &amp;
        Corporate, Preferred Income and Capital &amp; Income); Chief Compliance
        Officer since 2005 (Enhanced Equity Yield &amp; Premium, Enhanced Equity
        Yield and Enhanced Government)</font></td>
    <td valign=top width="8"> <font size=1>&nbsp;</font></td>
    <td valign=top width="298"> <font size=1>Chief Compliance Officer of the MLIM/FAM-advised
        funds and First Vice President and Chief Compliance Officer of MLIM (Americas
        Region) 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 Securities
        and Exchange Division of Enforcement in Washington, DC from 1990 to
        1995.</font></td>
    <td valign=top width="8"> <font size=1>&nbsp;</font></td>
    <td valign=top width="68"> <font size=1>140 registered investment companies consisting
        of <br>
        186 portfolios</font></td>
    <td valign=top width="9"> <font size=1>&nbsp;</font></td>
    <td valign=top width="74"> <font size=1>None</font></td>
  </tr>

  <tr>

    <td valign=top width="61">&nbsp;</td>
    <td valign=top width="11">&nbsp;</td>
    <td valign=top width="163">&nbsp;</td>
    <td valign=top width="8">&nbsp;</td>
    <td valign=top width="298">&nbsp;</td>
    <td valign=top width="8">&nbsp;</td>
    <td valign=top width="68">&nbsp;</td>
    <td valign=top width="9">&nbsp;</td>
    <td valign=top width="74">&nbsp;</td>
  </tr>

  <tr>

    <td valign=top width="61"> <font size=1>Alice A. Pellegrino (46)</font></td>
    <td valign=top width="11"> <font size=1>&nbsp;</font></td>
    <td valign=top width="163"> <font size=1>Secretary since 2004 (Debt Strategies, MH Fund,
        MH Insured, SHIP, CHY, CHY III, MuniAssets, Europe Fund, Muni Intermediate,
        Muni New York Intermediate, FRIS, FRIS II, Preferred &amp; Corporate,
        Preferred Income and Capital &amp; Income); Secretary since 2005 (Enhanced
        Equity Yield &amp; Premium, Enhanced Equity Yield and Enhanced Government)</font></td>
    <td valign=top width="8"> <font size=1>&nbsp;</font></td>
    <td valign=top width="298"> <font size=1>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="8"> <font size=1>&nbsp;</font></td>
    <td valign=top width="68"> <font size=1>132 registered investment companies consisting
        of <br>
        178 portfolios</font></td>
    <td valign=top width="9"> <font size=1>&nbsp;</font></td>
    <td valign=top width="74"> <font size=1>None</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">The
address of each officer listed above is PO Box 9011, Princeton, New Jersey 08543-9011.</FONT></TD>
  </TR></TABLE>

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

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR>
    <TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">&#134;</FONT></TD>
    <TD WIDTH=2%><FONT SIZE="1">&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 FAM, MLIM, Princeton Services and Princeton
Administrators. </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">
E-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: 97; page: 97" -->




<!-- MARKER FORMAT-SHEET="Right Head Bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Appendix F</I> </FONT> </P>

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

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
document serves as the Charter for the Audit Committee of each fund (the &#147;Fund&#148;)
advised by Merrill Lynch Investment Managers, LP, Fund Asset Management, LP, or any
affiliated investment adviser (the &#147;investment adviser&#148;) listed on Appendix A
hereto (each such Charter being a separate Charter). The Board of Directors/Trustees of
each Fund (the &#147;Board&#148;) has adopted the following Audit Committee Charter (the
&#147;Charter&#148;). </FONT></P>

<!-- MARKER FORMAT-SHEET="Center no bold" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><strong>I. Composition
  of the Audit Committee</strong> </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><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=85%><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;) (each, an &#147;Independent
Director&#148;);  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><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=85%><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 or any committee
thereof and fixed amounts of compensation under a retirement plan for prior service with
a Fund listed or quoted on a stock exchange or market quotation system (&#147;Listed Fund&#148;));
and  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><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=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>each
of whom shall satisfy the independence and experience requirements for any stock exchange
or market quotation system on which Fund shares are or become listed or quoted.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board shall use its best efforts to ensure that at least one of the members of the Audit
Committee is an &#147;audit committee financial expert,&#148; as defined in rules of the
Securities and Exchange Commission. For those Funds listed on the New York Stock Exchange,
no member of the Audit Committee may serve on more than three public company audit
committees unless the Board determines that such simultaneous service would not impair the
ability of such member to serve effectively on the Audit Committee. </FONT></P>

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

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



<!-- MARKER FORMAT-SHEET="Para Hang 10" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>assisting
Board oversight of the  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><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=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>integrity
of the Fund's financial statements; </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><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=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>independent
accountants' qualifications and independence; and </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><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=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>performance
of the Fund's internal audit function and the Fund's independent accountants; and </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Hang 10" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(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;[for
Listed Funds] preparation, or overseeing the preparation of, any audit committee report
required by
rules
of the Securities and Exchange Commission to be included in the Fund&#146;s proxy
statement for its annual meeting of shareholders.  </FONT></TD>
</TR>
</TABLE>
<BR>

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

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund&#146;s independent accountants shall report directly to the Audit Committee. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
may be necessary or appropriate to carry out its purposes, or to comply with applicable
law or the requirements of any securities exchange or market quotation system on which
Fund shares are or may become listed or quoted, the Audit Committee shall have the
following responsibilities and duties: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><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=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;the
appointment, compensation, retention and oversight of the work of the Fund&#146;s
independent accountants, including the resolution of disagreements between management and
the independent accountants regarding financial reporting;  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><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=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;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 Independent Directors ratify such selection;  </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- 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">
F-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: 92; page: 92" -->



<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><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=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;to
pre-approve (i) all audit and permissible non-audit services to be provided to the Fund
by the Fund&#146;s independent accountants and (ii) all permissible non-audit services to
be provided by the Fund&#146;s independent accountants to 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>

<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><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=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;if
determined to be advisable, 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>

<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><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=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;to
consider whether each non-audit service provided by the Fund&#146;s independent
accountants to the Fund and 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>

<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><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=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;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, and 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; (g) 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>



<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><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=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;to
meet 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 semiannual financial
statements with Fund management and the Fund&#146;s independent accountants, including
the Fund&#146;s disclosure of management&#146;s discussion of Fund performance;  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><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=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;to
review with the Fund&#146;s independent accountants any audit problems or difficulties
the accountants may have encountered during or relating to the conduct of the audit,
including any matters required to be discussed pursuant to Statement of Accounting
Standards No. 61, or any subsequent Statement, and management&#146;s response;  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><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=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;to
establish and administer policies and procedures relating to 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;  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><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=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;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>

<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><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=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;to
request, receive and/or review from the Fund&#146;s independent accountants such other
materials as may be deemed necessary or advisable in the discretion of the Committee in
the exercise of its duties under this Charter; such materials may (but are not required
to) include, without limitation, any other material written communications bearing on the
Fund&#146;s financial statements, or internal or disclosure controls, between the
independent accountants and the Fund, the investment adviser, the Fund&#146;s
sub-adviser(s), if any, or other Fund service providers, such as any management letter or
schedule of unadjusted differences;  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><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=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;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>


<!-- 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">
F-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: 93; page: 93" -->



<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><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=85%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;[for
Listed Funds] to discuss in general the Fund&#146;s earnings press releases, as well as
any financial information and earnings guidance provided to analysts and rating agencies,
if any (<I>e.g.</I>, the types of information to be disclosed and the type of presentation to be
made); </FONT> </TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><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=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;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>



<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><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=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;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>

<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><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=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;[for
Listed Funds] 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>

<!-- MARKER FORMAT-SHEET="Para Large Hang Level 4" FSL="Default" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=10%><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=85%><font face="Times New Roman, Times, Serif" size=2>&nbsp;[for Listed Funds] 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>

<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><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=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;on
an annual basis, to review and reassess the adequacy of this Charter, recommend any
changes to the Board, and evaluate the performance of the Audit Committee; and  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><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=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;to
perform such other functions and to have such other powers consistent with this 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 deems necessary or appropriate.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee 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 Securities
Exchange Act of 1934. 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>

<!-- 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
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 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>

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



<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
discharging their duties, the members of the Audit Committee are entitled to rely on
information, opinions, reports, or statements, including financial statements and other
financial data, if prepared or presented by: (1) one or more officers of the Fund whom
the Board reasonably believes to be reliable and competent in the matters presented; (2)
legal counsel, public accountants, or other persons as to matters the Board reasonably
believes are within the person&#146;s professional or expert competence; or (3) a
committee of the Board. </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">
F-3</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: 94; page: 94" -->



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

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee shall meet on a regular basis but no less frequently than annually. The
Audit Committee periodically shall meet separately with the Fund&#146;s independent
accountants, Fund management, and representatives of Fund management responsible for the
financial and accounting operations of the Fund. The Audit Committee may hold special
meetings at such times as the Audit Committee believes necessary or appropriate. Members
of the Audit Committee may participate in a meeting of the Audit Committee by means of
conference call or similar communications equipment by means of which all persons
participating in such meeting can hear each other.  </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
appropriate officers of the Fund shall provide or arrange to provide such information,
data and services as the Audit Committee may request. The Audit Committee shall have the
power and authority to take all action it believes necessary or appropriate to discharge
its responsibilities, including the power and authority to retain independent counsel and
other advisers. The Fund shall provide for appropriate funding, as determined by the
Audit Committee as a committee of the Board, for payment of: (i) compensation to the Fund&#146;s
independent accountants or any other accounting firm engaged for the purpose of preparing
or issuing an audit report or performing other audit, review, or attest services for the
Fund, (ii) compensation to any advisers employed by the Audit Committee under this
Section V, and (iii) ordinary administrative expenses of the Audit Committee that are
necessary or appropriate in carrying out its responsibilities.  </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Chairman or Chairwoman of the Audit Committee shall report to the Board on the results of
its deliberations and make such recommendations as deemed necessary or appropriate.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>VII. Amendments  </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;This
Charter may be amended or modified from time to time by vote of the Board.  </FONT></P>



<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dated: March 3, 2006.  </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">
F-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: 102; page: 102" -->




<!-- MARKER FORMAT-SHEET="Right Head Bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Appendix G</I> </FONT> </P>
<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Nominating Committee
Charters  </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>I. Organization  </B></FONT></P>

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

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

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

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>III. Identification
And Evaluation Of Potential Nominees  </B></FONT></P>

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

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

<!-- MARKER FORMAT-SHEET="Bullet 10" FSL="Workstation" -->
<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE=2>the
character and integrity of the person;</FONT></TD></TR></TABLE>

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

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

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

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

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

<!-- 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 selection and nomination of the person would be consistent with the
requirements of the Fund's                 retirement policy.</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 or by management in the same manner as it deems appropriate. Stockholders
who wish to recommend a nominee should send nominations  to the Secretary of the Fund which
include biographical information and set forth the qualifications of the proposed
nominee. The Secretary of the Fund will forward all nominations received to the
Committee.  </FONT></P>

<!-- MARKER FORMAT-SHEET="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">
G-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: 95; page: 95" -->



<!-- MARKER FORMAT-SHEET="Center no bold" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>IV. Quorum</b>  </FONT></P>

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

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

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

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

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

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Adopted: February 18, 2004  </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">
G-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: 104; page: 104" -->




<!-- MARKER FORMAT-SHEET="Right Head Bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Appendix H</I> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Comparison of Terms
of a form of Current Investment Advisory Agreement <BR>and New Investment Advisory Agreements  </B></FONT></P>




<table align="center" width="700" border=0 cellpadding=0 cellspacing=0>
    <tr align="center" valign="bottom">
      <td colspan="2"> <font size="1" face="Times New Roman, Times, serif"><b>Provision</b></font>
        <hr size="1" noshade></td>
      <td width="31"> <font size="1" face="Times New Roman, Times, serif"><b>&nbsp;&nbsp;&nbsp;</b></font></td>
   <td width="93" align="center"> <font size="1" face="Times New Roman, Times, serif"><b>MLIM </b></font>
<hr size="1" noshade>
</td>
      <td width="42"> <font size="1" face="Times New Roman, Times, serif"><b>&nbsp;&nbsp;&nbsp;&nbsp;</b></font></td>
      <td colspan="2"> <font size="1" face="Times New Roman, Times, serif"><b>New
        Investment Advisory Agreement</b></font> <hr size="1" noshade></td>
    </tr>
    <tr align="center" valign="bottom">
      <td colspan="2"> <font size="1" face="Times New Roman, Times, serif">&nbsp;</font>
    </td>
      <td width="31"> <font size="1" face="Times New Roman, Times, serif"><b>&nbsp;&nbsp;&nbsp;</b></font></td>
   <td width="93" align="center"> <font size="1" face="Times New Roman, Times, serif">&nbsp;</font>
<font size="1" face="Times New Roman, Times, serif"><b>Management
        Duties
      </b></font>
        <hr size="1" noshade></td>
      <td width="42"> <font size="1" face="Times New Roman, Times, serif"><b>&nbsp;&nbsp;&nbsp;&nbsp;</b></font></td>
      <td colspan="2"> <font size="1" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    </tr>
    <tr>

    <td colspan="7" align="center" valign=top> <font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td colspan="2" valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td align="center" valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td colspan="2" valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Administer shareholder accounts; handling
        shareholder relations</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
      <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Respond to or refer to shareholder inquiries</font>
        <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td colspan="2" valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td align="center" valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Provide necessary office space, equipment
        and facilities </font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
      <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td colspan="2" align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td colspan="2" valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td align="center" valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Conduct relations with </font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td width="99" valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td width="164" valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td colspan="2" valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td align="center" valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width="18" valign=top><font size="1">&#149;</font></td>
      <td width="253" valign=top> <font size=1 face="Times New Roman, Times, serif">Custodians</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td colspan="2" valign=top> <font size=1 face="Times New Roman, Times, serif">Provide
        assistance to custodian as required</font> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td colspan="2" valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td align="center" valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size="1">&#149;</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">Depositories</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td colspan="2" valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td align="center" valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size="1">&#149;</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">Transfer
        agents</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td colspan="2" valign=top> <font size=1 face="Times New Roman, Times, serif">Respond
        to or refer to transfer agent</font> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td colspan="2" valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td align="center" valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size="1">&#149;</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">Dividend
        disbursing agents</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td colspan="2" valign=top> <font size=1 face="Times New Roman, Times, serif">Determine
        and execute distributions with disbursing agent</font> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td colspan="2" valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td align="center" valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size="1">&#149;</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">Other
        servicing agents</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td colspan="2" valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td align="center" valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size="1">&#149;</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">Accountants</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td colspan="2" valign=top> <font size=1 face="Times New Roman, Times, serif">Establish
        accounting policies and consult with appropriate parties; Provide assistance
        to auditors as required</font> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td colspan="2" valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td align="center" valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size="1">&#149;</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">Attorneys</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td colspan="2" valign=top> <font size=1 face="Times New Roman, Times, serif">Provide
        assistance to counsel as required</font> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td colspan="2" valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td align="center" valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size="1">&#149;</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">Underwriters</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td colspan="2" valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td align="center" valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size="1">&#149;</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">Brokers
        and dealers</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td colspan="2" valign=top> <font size=1 face="Times New Roman, Times, serif">Place
        orders with any broker or dealer</font> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td align="center" valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size="1">&#149;</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">Insurers</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td align="center" valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size="1">&#149;</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">Banks</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td colspan="2" valign=top> <font size=1 face="Times New Roman, Times, serif">Prepare
        such info and reports as required by banks from which the Fund borrows</font>
        <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td align="center" valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size="1">&#149;</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">Others
        deemed necessary or desirable</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td align="center" valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Monitor compliance with prospectus and
        SAI </font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
      <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Must comply with prospectus and SAI (covenant
        section)</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td align="center" valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top> <font size="1">&#149;</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">Make reports
        and recommendations to directors</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font></td>
      <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>

    <td colspan="2" valign=top> <font size=1 face="Times New Roman, Times, serif">Respond
        to or refer to officers; make such reports and recommendations to the Board of Trustees concerning  service providers </font> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td align="center" valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
      <td valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Bookkeeping services</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td colspan="2" align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
  <tr>

    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Administrative services</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>

  <tr>

    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Determine NAV</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>

  <tr>

    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Maintain books and records</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>

  <tr>

    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Oversee tax preparation</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>

  <tr>

    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Review and pay fund expenses and service
        providers</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>

  <tr>

    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Prepare communications with shareholders
        (proxies and annual reports)</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>

  <tr>

    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Prepare periodic SEC filings</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>

  <tr>

    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Prepare reports not prepared by custodian,
        counsel or auditors</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>

  <tr>

    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Perform Section 18 calculations</font>
        <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>

  <tr>

    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Review share repurchase programs</font><font size="1">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>

  <tr>

    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Assist in preparation and filing of Forms
        3, 4, 5</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</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">
H-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: 105; page: 105" -->

<table width="700" border=0 align="center" cellpadding=0 cellspacing=0>
  <tr align="center" valign="bottom">
    <td colspan="2"> <font size="1" face="Times New Roman, Times, serif"><b>Provision</b></font>
      <hr size="1" noshade> </td>
    <td width="41"> <font size="1" face="Times New Roman, Times, serif"><b>&nbsp;&nbsp;&nbsp;</b></font></td>
    <td width="96" align="center"> <font size="1" face="Times New Roman, Times, serif"><b>Investment
      Duties</b></font> <hr size="1" noshade> </td>
    <td width="39"> <font size="1" face="Times New Roman, Times, serif"><b>&nbsp;&nbsp;&nbsp;&nbsp;</b></font></td>
    <td colspan="2"> <font size="1" face="Times New Roman, Times, serif"><b>New
      Investment Advisory Agreement</b></font> <hr size="1" noshade> </td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td width="129" valign=top>&nbsp;</td>
    <td width="133" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top> <font
  size=1 face="Times New Roman, Times, serif">Adviser provides</font> <font
  size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font
  size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font
  size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font
  size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font
  size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font
  size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td width="22" valign=top> <font size="1">&#149;</font></td>
    <td width="240" valign=top> <font size=1
  face="Times New Roman, Times, serif">Investment research</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Supervise and manage the investment and
      reinvestment of fund assets; provide investment research </font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">Advice</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">Supervision</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">Continuous
      investment program</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">Purchase,
      sale, exchange decisionmaking</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" valign=top> <font size=1 face="Times New Roman, Times, serif">Exercise
      discretion in purchasing and selling securities</font> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">Options,
      futures, options on futures decisionmaking</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" valign=top> <font size=1 face="Times New Roman, Times, serif">Supervise
      and manage the investment and reinvestment of fund assets</font> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">Cash decisionmaking</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">Portfolio
      security voting</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" valign=top> <font size=1 face="Times New Roman, Times, serif">Exercise
      all rights appertaining to fund securities</font> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">All actions
      necessary to implement investment policies</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" valign=top> <font size=1 face="Times New Roman, Times, serif">Adviser
      must place orders either directly with issuer or with broker or dealer </font>
      <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">Instructions
      to custodian for delivery</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td colspan="2">&nbsp; </td>
    <td> <font size="1" face="Times New Roman, Times, serif"><b>&nbsp;&nbsp;&nbsp;</b></font></td>
    <td align="center"> <font size="1" face="Times New Roman, Times, serif"><b>MLIM</b></font>
      <hr size="1" noshade> </td>
    <td> <font size="1" face="Times New Roman, Times, serif"><b>&nbsp;&nbsp;&nbsp;&nbsp;</b></font></td>
    <td colspan="2">&nbsp; </td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">Best execution</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" valign=top> <font size=1 face="Times New Roman, Times, serif">&#147;Attempt&#148;
      to provide best execution; however, Adviser considers other factors</font>
      <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">Broker dealer
      selection (which may include affiliates)</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font>
      <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top align="center"> <font
  size=1 face="Times New Roman, Times, serif"><b>Covenants section</b></font>
      <hr size="1" noshade> </td>
    <td valign=top> <font
  size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font
  size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font
  size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" align="center" valign=top> <font
  size=1 face="Times New Roman, Times, serif">X</font> <font
  size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top> <font size=1 face="Times New Roman, Times, serif">Conform
      to provisions of 1940 Act, Investment Advisers Act of 1940, Commission rules
      and regulations, any other applicable law, charter and by-laws, policies,
      determinations and resolutions of the board </font> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font>
      <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top> <font size=1 face="Times New Roman, Times, serif">Must
      maintain policy and practice of conducting services independent of commercial
      banking operations </font> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font>
      <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top> <font size=1 face="Times New Roman, Times, serif">Must
      maintain privacy and confidentiality of fund and shareholder information
      </font> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font>
      <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top><font size="1" face="Times New Roman, Times, serif"><b>Expenses</b></font>
      <hr size="1" noshade> </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top><font
  size=1 face="Times New Roman, Times, serif">Adviser shall pay for</font> <font
  size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp; </td>
    <td valign=top> <font
  size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font
  size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font
  size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font
  size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font
  size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=top><font size="1">&#149;</font><font size=1> &nbsp;</font></td>
    <td valign=top><font
  size=1 face="Times New Roman, Times, serif">Staff and personnel</font></td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top><font
  size=1 face="Times New Roman, Times, serif">X</font></td>
    <td valign=top>&nbsp;</td>
    <td colspan="2" rowspan="5" valign=top><font
  size=1 face="Times New Roman, Times, serif">Advisers bears all costs and expenses
      of employees, overhead and inside directors; except that Board may vote
      to reimburse Adviser for the pro rata portion of salaries, bonuses, etc.
      for the time spent on fund operations (including, without limitation, compliance
      matters) (other than investment advice and admin services) by Adviser personnel
      </font> </td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top><font size="1">&#149;</font><font size=1> &nbsp;</font></td>
    <td valign=top><font size=1
  face="Times New Roman, Times, serif">Office space, equipment and facilities</font></td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top><font
  size=1 face="Times New Roman, Times, serif">X</font></td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top><font size="1">&#149;</font><font size=1> &nbsp;</font></td>
    <td valign=top><font size=1
  face="Times New Roman, Times, serif">Compensation of officers and inside directors</font></td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top><font
  size=1 face="Times New Roman, Times, serif">X</font></td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</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">
H-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: 106; page: 106" -->



<table width="700" border=0 align="center" cellpadding=0 cellspacing=0>
  <tr align="center" valign="bottom">
    <td colspan="2"> <font size="1" face="Times New Roman, Times, serif"><b>Provision</b></font>
      <hr size="1" noshade> </td>
    <td width="35"> <font size="1" face="Times New Roman, Times, serif"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font></td>
    <td width="108" align="center"> <font size="1" face="Times New Roman, Times, serif"><b>Expenses</b></font>
      <hr size="1" noshade> </td>
    <td width="43"> <font size="1" face="Times New Roman, Times, serif"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font></td>
    <td colspan="2"> <font size="1" face="Times New Roman, Times, serif"><b>New
      <br>
      Investment <br>
      Advisory Agreement </b></font>
      <hr size="1" noshade> </td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td width="128" valign=top>&nbsp;</td>
    <td width="103" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Fund shall pay for</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td width="26" valign=top> <font size="1">&#149;</font><font size=1> &nbsp;</font></td>
    <td width="257" valign=top> <font size=1
  face="Times New Roman, Times, serif">Organizational costs</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">Redemption expenses</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font><font size=1>&nbsp; &nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">Portfolio transaction expenses</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font><font size=1>&nbsp;&nbsp; &nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">Expenses of registering shares</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">Pricing costs (including NAV calculation)</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">Printing expenses re: shareholder reports,
      stock certs, prospectuses and SAIs</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">Printing expenses re: proxies and other
      shareholder meeting costs</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">SEC fees</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">Interest</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">Taxes</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td colspan="2">&nbsp; </td>
    <td>&nbsp;</td>
    <td><font size="1" face="Times New Roman, Times, serif"><b>MLIM </b></font>
      <hr size="1" noshade> </td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp; </td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">Custodian fees</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top colspan="2"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">Transfer agency fees</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top colspan="2"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">Independent director fees and expenses</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top colspan="2"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">Legal fees</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top colspan="2"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">Auditor fees</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top colspan="2"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">Litigation expenses</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top colspan="2"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">Listing
      fees</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top colspan="2"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font>
      <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">Auction
      agent and other AMPS expenses</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top colspan="2"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font>
      <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">Insurance</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top colspan="2"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font>
      <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">Other expenses
      properly payable</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top colspan="2"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font>
      <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top> <font size=1 face="Times New Roman, Times, serif">The
      Fund will reimburse the Advisor and its affiliates for all their costs in
      providing accounting services to the Fund. </font> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font>
      <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top colspan="2">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif"><b>Fees</b></font>
      <hr size="1" noshade> </td>
    <td>&nbsp;</td>
    <td colspan="2" align="center"><font size="1" face="Times New Roman, Times, serif"><b>New
      <br>
      Investment <br>
      Advisory Agreement </b></font>
      <hr size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2" valign=top> <font size=1 face="Times New Roman, Times, serif">Fee
      payable at the end of each calendar month at the annual rate of [__]% of
      average daily net assets, commencing on the day following effectiveness
      of the agreement, calculated in accordance with the prospectus and SAI.
      [For Capital &amp; Income, Enhanced Equity Yield &amp; Premium, Enhanced
      Equity Yield, Enhanced Government, FRIS, FRIS II, Muni Intermediate, Muni
      New York Intermediate, and Preferred &amp; Corporate, the fee rate is also
      paid based upon the proceeds of any borrowings or debt for leverage purposes.]
      [MY Florida Insured, MY Michigan Insured, MY New Jersey Insured, MY Pennsylvania
      Insured, S&amp;P 500 Protected Equity, Debt Strategies, MH Florida Insured,
      MH Fund, MH Fund II, MH Insured, MH New Jersey Insured, MH New York Insured,
      MuniVest, MuniVest II, SHIP, Apex, CHY, CHY III, CHY V, CHY VI, MuniAssets,
      MuniEnhanced, MH California Insured, MH Insured II, MY Fund, MY Arizona,
      MY California, MY California Insured, MY Florida, MY Insured, MY Michigan
      Insured II, MY New Jersey, MY New York Insured, MY Quality, MY Quality II,
      Europe Fund and Preferred Income currently pay their investment advisory
      fee based on average weekly net assets.] </font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">X&nbsp;&nbsp;&nbsp;&#147;Net Assets&#148;
      means the total assets minus the sum of the accrued liabilities. </font>
      <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</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">
H-3</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: 107; page: 107" -->
<table width="700" border=0 align="center" cellpadding=0 cellspacing=0>
  <tr align="center" valign="bottom">
    <td colspan="2"> <font size="1" face="Times New Roman, Times, serif"><b>Provision</b></font>
      <hr size="1" noshade> </td>
    <td width="41"> <font size="1" face="Times New Roman, Times, serif"><b>&nbsp;&nbsp;&nbsp;</b></font></td>
    <td width="98" align="center"> <font size="1" face="Times New Roman, Times, serif"><b>MLIM</b></font>
      <hr size="1" noshade> </td>
    <td width="38"> <font size="1" face="Times New Roman, Times, serif"><b>&nbsp;&nbsp;&nbsp;&nbsp;</b></font></td>
    <td colspan="2"> <font size="1" face="Times New Roman, Times, serif"><b>New
      Investment Advisory Agreement</b></font> <hr size="1" noshade> </td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="41">&nbsp;</td>
    <td align="center" valign=top width="98">&nbsp;</td>
    <td valign=top width="38">&nbsp;</td>
    <td width="26" valign=top>&nbsp;</td>
    <td width="237" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top> <font size=1 face="Times New Roman, Times, serif">If
      the agreement is in effect for less than a full month, fee is prorated </font>
      <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="41"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top width="98"> <font size=1 face="Times New Roman, Times, serif">X</font></td>
    <td valign=top width="38"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font>
      <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="41">&nbsp;</td>
    <td align="center" valign=top width="98">&nbsp;</td>
    <td valign=top width="38">&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td valign=top width="237">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Fee payment for the preceding month shall
      be made as promptly as possible after completion of the computations. </font>
      <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="41"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top width="98"> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
    <td valign=top width="38"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="26"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="237"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="41">&nbsp;</td>
    <td align="center" valign=top width="98">&nbsp;</td>
    <td valign=top width="38">&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td valign=top width="237">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">When the determination of NAV is suspended,
      the NAV from the day prior to suspension shall be used </font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="41"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top width="98"> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
    <td valign=top width="38"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="26"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="237"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="41">&nbsp;</td>
    <td align="center" valign=top width="98">&nbsp;</td>
    <td valign=top width="38">&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td valign=top width="237">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top> <font size=1 face="Times New Roman, Times, serif">Fee
      calculations take into account the proceeds of any outstanding debt securities
      or borrowings used for leverage; liquidation preference not a liability
      </font> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="41"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top width="98"> <font size=1 face="Times New Roman, Times, serif">X</font></td>
    <td valign=top width="38"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font>
      <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="41">&nbsp;</td>
    <td align="center" valign=top width="98">&nbsp;</td>
    <td valign=top width="38">&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td valign=top width="237">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="41">&nbsp;</td>
    <td align="center" valign=top width="98"><font size="1" face="Times New Roman, Times, serif"><b>Limitation
      on Liability</b></font> <hr size="1" noshade> </td>
    <td valign=top width="38">&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td valign=top width="237">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="41">&nbsp;</td>
    <td align="center" valign=top width="98">&nbsp;</td>
    <td valign=top width="38">&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td valign=top width="237">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Adviser shall not be liable: any error
      of judgment or mistake of law or for any loss arising out of any investment
      or for any act or omission in the management of the Fund </font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="41"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top width="98"> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
    <td valign=top width="38"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">any error of judgment or mistake of law
      or for any loss suffered by Adviser or by the Fund in connection with the
      performance of the Agreement </font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="41">&nbsp;</td>
    <td align="center" valign=top width="98">&nbsp;</td>
    <td valign=top width="38">&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td valign=top width="237">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Except: willful misfeasance, bad faith
      or gross negligence in the performance of its duties, or by reason of reckless
      disregard of its obligations and duties hereunder. </font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="41"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top width="98"> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
    <td valign=top width="38"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">a loss resulting from a breach of fiduciary
      duty with respect to the receipt of compensation for services or a loss
      resulting from willful misfeasance, bad faith or gross negligence on its
      part in the performance of its duties or from reckless disregard by it of
      its duties under the Agreement. </font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="41">&nbsp;</td>
    <td align="center" valign=top width="98">&nbsp;</td>
    <td valign=top width="38">&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td valign=top width="237">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">To whom: Applies to any affiliates of Adviser
      performing services for the Fund contemplated hereby and the partners, shareholders,
      directors, officers and employees of Adviser and such affiliates </font>
      <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="41"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top width="98"> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
    <td valign=top width="38"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="41">&nbsp;</td>
    <td align="center" valign=top width="98">&nbsp;</td>
    <td valign=top width="38">&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td valign=top width="237">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="41">&nbsp;</td>
    <td align="center" valign=top width="98"><font size="1" face="Times New Roman, Times, serif"><b>Activities
      of Adviser/Services Not Exclusive</b></font> <hr size="1" noshade> <font size="1" face="Times New Roman, Times, serif"><b></b></font></td>
    <td valign=top width="38">&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td valign=top width="237">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="41">&nbsp;</td>
    <td align="center" valign=top width="98">&nbsp;</td>
    <td valign=top width="38">&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td valign=top width="237">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Services not to be deemed to be exclusive,
      and Adviser and any person controlled by or under common control with Adviser
      is free to render services to others. </font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="41"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top width="98"> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
    <td valign=top width="38"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="26"> <font size="1">&#149;</font></td>
    <td valign=top width="237"> <font size=1
  face="Times New Roman, Times, serif">Agreement does not limit Adviser or its
      employees and affiliates from acting as Adviser for any other person or
      firm.</font></td>
  </tr>
  <tr>
    <td width="89" valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="171" valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="41"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top width="98"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="38"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="26"> <font size="1">&#149;</font></td>
    <td valign=top width="237"> <font size=1
  face="Times New Roman, Times, serif">Agreement does not limit any other lawful
      activity.</font></td>
  </tr>
  <tr>
    <td valign=top width="89"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="171"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="41"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top width="98"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="38"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="26"> <font size="1">&#149;</font></td>
    <td valign=top width="237"> <font size=1
  face="Times New Roman, Times, serif">Agreement does not limit Adviser or employees
      from trading securities for their own accounts.</font></td>
  </tr>
  <tr>
    <td valign=top width="89"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="171"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="41"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top width="98"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="38"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="26"> <font size="1">&#149;</font></td>
    <td valign=top width="237"> <font size=1
  face="Times New Roman, Times, serif">However, Adviser shall undertake no activities
      which, in its judgment, will adversely affect the performance of its obligations
      under the Agreement.</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td colspan="2">&nbsp; </td>
    <td> <font size="1" face="Times New Roman, Times, serif"><b>&nbsp;&nbsp;&nbsp;</b></font></td>
    <td align="center"> <font size="1" face="Times New Roman, Times, serif"><b>MLIM</b></font>
      <hr size="1" noshade> </td>
    <td> <font size="1" face="Times New Roman, Times, serif"><b>&nbsp;&nbsp;&nbsp;&nbsp;</b></font></td>
    <td colspan="2">&nbsp; </td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Directors, officers, employees and shareholders
      of the Fund are or may become interested in Adviser and its affiliates,
      as directors, officers, employees, partners and shareholders or otherwise
      and that Adviser and the directors, officers, employees, partners and shareholders
      of Adviser and its affiliates are or may become similarly interested in
      the Fund as shareholders or otherwise. </font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</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"> H-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: 109; page: 109" -->


<table width="700" border=0 align="center" cellpadding=0 cellspacing=0>
  <tr align="center" valign="bottom">
    <td colspan="2"> <font size="1" face="Times New Roman, Times, serif"><b>Provision</b></font>
      <hr size="1" noshade> </td>
    <td width="26"> <font size="1" face="Times New Roman, Times, serif"><b>&nbsp;&nbsp;&nbsp;</b></font></td>
    <td width="111" align="center"> <font size="1" face="Times New Roman, Times, serif"><b>Sub-Advisers</b></font>
      <hr size="1" noshade> </td>
    <td width="28"> <font size="1" face="Times New Roman, Times, serif"><b>&nbsp;&nbsp;&nbsp;&nbsp;</b></font></td>
    <td colspan="2"> <font size="1" face="Times New Roman, Times, serif"><b>New
      Investment Advisory Agreement</b></font> <hr size="1" noshade> </td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="111">&nbsp;</td>
    <td valign=top width="28">&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top><font size=1
  face="Times New Roman, Times, serif">Adviser may employ &#133; other persons
      or entities, including &#133; affiliates of Adviser &#133; However, if Adviser
      chooses to retain &#133; another person or entity to manage assets of the
      Fund, such other person or entity must be </font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="111"><font size=1
  face="Times New Roman, Times, serif">X</font> </td>
    <td valign=top width="28">&nbsp;</td>
    <td colspan="2" rowspan="7" valign=top><font size=1
  face="Times New Roman, Times, serif">Adviser may from time to time &#133; appoint
      one or more Sub-Advisers, including &#133; affiliates of Adviser, to perform
      investment advisory services with respect to the Fund. Adviser may terminate
      any or all Sub-Advisers in its sole discretion at any time to the extent
      permitted by applicable law. </font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font>
      <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="20" valign=top>&nbsp;</td>
    <td width="254" valign=top>&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="111">&nbsp;</td>
    <td valign=top width="28">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width="20"><font size="1">&#149;</font></td>
    <td valign=top width="254"><font size=1 face="Times New Roman, Times, serif">an
      affiliate </font></td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="111">&nbsp;</td>
    <td valign=top width="28">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width="20">&nbsp;</td>
    <td valign=top width="254">&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="111">&nbsp;</td>
    <td valign=top width="28">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width="20"><font size="1">&#149;</font></td>
    <td valign=top width="254"><font size=1 face="Times New Roman, Times, serif">retained
      at Adviser&#146;s own cost and expense</font></td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="111">&nbsp;</td>
    <td valign=top width="28">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width="20">&nbsp;</td>
    <td valign=top width="254">&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="111">&nbsp;</td>
    <td valign=top width="28">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width="20"><font size="1">&#149;</font></td>
    <td valign=top width="254"><font size=1 face="Times New Roman, Times, serif">retained
      subject to Section 15 </font></td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="111">&nbsp;</td>
    <td valign=top width="28">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="111">&nbsp;</td>
    <td valign=top width="28">&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top> <font size=1 face="Times New Roman, Times, serif">Retention
      of one or more affiliated sub-advisers &#133; shall in no way reduce the
      responsibilities or obligations of Adviser under the Agreement, and Adviser
      shall be responsible for all acts and omissions &#133; in connection with
      the performance of Adviser&#146;s duties under the Agreement. </font> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="26"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top width="111"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="28"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="115"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="146"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="111">&nbsp;</td>
    <td valign=top width="28">&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="111"><font size="1" face="Times New Roman, Times, serif"><b>Duration/Termination</b></font>
      <hr size="1" noshade> </td>
    <td valign=top width="28">&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="111">&nbsp;</td>
    <td valign=top width="28">&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top> <font
  size=1 face="Times New Roman, Times, serif">Agreement effective as of its date
      and effective for two years and thereafter so long as approved at least
      annually by </font> <font
  size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="26"> <font
  size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top width="111"> <font
  size=1 face="Times New Roman, Times, serif">X</font></td>
    <td valign=top width="28"> <font
  size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" align="center" valign=top> <font
  size=1 face="Times New Roman, Times, serif">X</font> <font
  size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="111">&nbsp;</td>
    <td valign=top width="28">&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width="20">&nbsp;</td>
    <td valign=top width="254">&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="111">&nbsp;</td>
    <td valign=top width="28">&nbsp;</td>
    <td valign=top width="115">&nbsp;</td>
    <td valign=top width="146">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width="20"> <font size="1">&#149;</font></td>
    <td valign=top width="254"> <font size=1 face="Times New Roman, Times, serif">the
      Directors or a majority of the shareholders, and</font></td>
    <td valign=top width="26"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top width="111"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="28"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="115"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="146"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=top width="20">&nbsp;</td>
    <td valign=top width="254">&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="111">&nbsp;</td>
    <td valign=top width="28">&nbsp;</td>
    <td valign=top width="115">&nbsp;</td>
    <td valign=top width="146">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width="20"> <font size="1">&#149;</font></td>
    <td valign=top width="254"> <font size=1 face="Times New Roman, Times, serif">a
      majority of independent Directors at an in person meeting </font></td>
    <td valign=top width="26"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top width="111"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="28"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="115"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="146"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="111">&nbsp;</td>
    <td valign=top width="28">&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Agreement may be terminated at any time,
      without the payment of any penalty, by the Directors or by vote of a majority
      of the outstanding voting securities of the Fund, or by Adviser, on 60 days&#146;
      notice </font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="26"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top width="111"> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
    <td valign=top width="28"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">X (except notice may be waived by either
      the Adviser or the Fund) </font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="111">&nbsp;</td>
    <td valign=top width="28">&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top> <font
  size=1 face="Times New Roman, Times, serif">Agreement shall automatically terminate
      in the event of its assignment.</font> <font
  size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="26"> <font
  size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top width="111"> <font
  size=1 face="Times New Roman, Times, serif">X</font></td>
    <td valign=top width="28"> <font
  size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" align="center" valign=top> <font
  size=1 face="Times New Roman, Times, serif">X</font> <font
  size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top><font size="1" face="Times New Roman, Times, serif"><b>MLIM</b></font>
      <hr size="1" noshade><font size="1" face="Times New Roman, Times, serif"><b>Amendments</b></font>
      <hr size="1" noshade> </td>
    <td valign=top>&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">OLDER FUNDS: Agreement may be amended by
      the parties only if such amendment is specifically approved by </font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">X&#151;Includes the newer funds&#146; provision</font>
      <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">majority
      of the shareholders, and</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">a majority
      of the independent Directors at an in person meeting.</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">NEWER FUNDS: Agreement may be amended by
      the parties only if specifically approved by </font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font><font size=1>&nbsp; &nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">the Board,
      including a majority of the independent Directors at an in person meeting,
      and</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">where required
      by the 1940 Act, by the vote of a majority of the shareholders.</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</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"> H-5</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: 110; page: 110" -->



<table width="700" border=0 align="center" cellpadding=0 cellspacing=0>
  <tr align="center" valign="bottom">
    <td colspan="2"> <font size="1" face="Times New Roman, Times, serif"><b>Provision</b></font>
      <hr size="1" noshade> </td>
    <td width="26"> <font size="1" face="Times New Roman, Times, serif"><b>&nbsp;&nbsp;&nbsp;</b></font></td>
    <td width="188" align="center"> <font size="1" face="Times New Roman, Times, serif"><b>MLIM</b></font>
      <hr size="1" noshade> </td>
    <td width="26"> <font size="1" face="Times New Roman, Times, serif"><b>&nbsp;&nbsp;&nbsp;&nbsp;</b></font></td>
    <td colspan="2"> <font size="1" face="Times New Roman, Times, serif"><b>New
      Investment Advisory Agreement</b></font> <hr size="1" noshade> </td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="188">&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="188"><font size="1" face="Times New Roman, Times, serif"><b>Governing
      Law</b></font> <hr size="1" noshade> </td>
    <td valign=top width="26">&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="188">&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width="17"> <font size="1">&#149;</font></td>
    <td valign=top width="246"> <font size=1 face="Times New Roman, Times, serif">New
      York and the applicable provisions of the 1940 Act. </font></td>
    <td valign=top width="26"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top width="188"> <font size=1 face="Times New Roman, Times, serif">X</font></td>
    <td valign=top width="26"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font>
      <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=top width="17">&nbsp;</td>
    <td valign=top width="246">&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="188">&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td valign=top width="61">&nbsp;</td>
    <td valign=top width="136">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width="17"> <font size="1">&#149;</font></td>
    <td valign=top width="246"> <font size=1 face="Times New Roman, Times, serif">To
      the extent NY law and the 1940 Act conflict, 1940 Act controls.</font></td>
    <td valign=top width="26"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top width="188"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="26"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="61"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="136"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="188">&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="188"><font size="1" face="Times New Roman, Times, serif"><b>General
      Notices</b></font> <hr size="1" noshade> </td>
    <td valign=top width="26">&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="188">&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width="17"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="246"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="26"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top width="188"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="26"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" valign=top> <font size=1 face="Times New Roman, Times, serif">Any
      notice under the Agreement shall be in writing to the other party at such
      address as the other party may designate from time to time for the receipt
      of such notice and shall be deemed to be received on the earlier of the
      date actually received or on the fourth day after the postmark if such notice
      is mailed first class postage prepaid </font> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="188">&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="188"><font size="1" face="Times New Roman, Times, serif"><b>Notice
      re: Change in Partnership Structure</b></font> <hr size="1" noshade> </td>
    <td valign=top width="26">&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="188">&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Adviser, which is a partnership, must notify
      the Fund of any change in membership of the partnership </font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="26"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top width="188"> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
    <td valign=top width="26"> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">NA</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="7" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="188"><font size="1" face="Times New Roman, Times, serif"><b>Books
      and records</b></font> <hr size="1" noshade> </td>
    <td valign=top width="26">&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="188">&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width="17"> <font size="1">&#149;</font></td>
    <td valign=top width="246"> <font size=1 face="Times New Roman, Times, serif">Comply
      with Rule 31a-3 under the 1940 Act</font></td>
    <td valign=top width="26"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top width="188"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="26"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">X</font>
      <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=top width="17">&nbsp;</td>
    <td valign=top width="246">&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="188">&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td valign=top width="61">&nbsp;</td>
    <td valign=top width="136">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width="17"> <font size="1">&#149;</font><font size=1>&nbsp;</font></td>
    <td valign=top width="246"> <font size=1 face="Times New Roman, Times, serif">All
      records are the property of the Fund</font></td>
    <td valign=top width="26"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top width="188"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="26"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top width="61"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="136"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=top width="17">&nbsp;</td>
    <td valign=top width="246">&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="188">&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td valign=top width="61">&nbsp;</td>
    <td valign=top width="136">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width="17"> <font size="1">&#149;</font></td>
    <td valign=top width="246"> <font size=1 face="Times New Roman, Times, serif">Will
      surrender promptly to the Fund any such records upon the Fund&#146;s request.
      </font></td>
    <td valign=top width="26"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top width="188"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="26"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top width="61"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="136"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=top width="17">&nbsp;</td>
    <td valign=top width="246">&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td align="center" valign=top width="188">&nbsp;</td>
    <td valign=top width="26">&nbsp;</td>
    <td valign=top width="61">&nbsp;</td>
    <td valign=top width="136">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width="17"> <font size="1">&#149;</font><font size=1>&nbsp;</font></td>
    <td valign=top width="246"> <font size=1 face="Times New Roman, Times, serif">Preserve
      as required by Rule 31a-2 and Rule 31a-1 of the 1940 Act</font></td>
    <td valign=top width="26"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top width="188"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="26"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top width="61"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top width="136"> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top><font size="1" face="Times New Roman, Times, serif"><b>Indemnification</b></font>
      <hr size="1" noshade> </td>
    <td valign=top>&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Fund may, in the discretion of the Board,
      indemnify Adviser, officers, employees, etc. against any liabilities and
      expenses, including judgments, fines and penalties, and counsel fees (all
      as provided in accordance with applicable state law) reasonably incurred
      &#133; except when Indemnitee shall have been adjudicated not to have acted
      in good faith and in the reasonable belief that such Indemnitee&#146;s action
      was in the best interest of the Fund and furthermore, in the case of any
      criminal proceeding, so long as such Indemnitee had no reasonable cause
      to believe that the conduct was unlawful; provided, however, that </font>
      <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">no indemnification
      when there has been &#147;disabling conduct&#148;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">no indemnification
      for settlements unless there has been a determination that such settlement
      is in the best interests of the Fund </font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top> <font size="1">&#149;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">action must
      have been authorized by a majority of the full Board.</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</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"> H-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: 111; page: 111" -->



<table width="700" border=0 align="center" cellpadding=0 cellspacing=0>
  <tr align="center" valign="bottom">
    <td colspan="2"> <font size="1" face="Times New Roman, Times, serif"><b>Provision</b></font>
      <hr size="1" noshade> </td>
    <td width="29"> <font size="1" face="Times New Roman, Times, serif"><b>&nbsp;&nbsp;&nbsp;</b></font></td>
    <td width="95" align="center"> <font size="1" face="Times New Roman, Times, serif"><b>MLIM</b></font>
      <hr size="1" noshade> </td>
    <td width="41"> <font size="1" face="Times New Roman, Times, serif"><b>&nbsp;&nbsp;&nbsp;&nbsp;</b></font></td>
    <td colspan="2"> <font size="1" face="Times New Roman, Times, serif"><b>New
      Investment Advisory Agreement</b></font> <hr size="1" noshade> </td>
  </tr>
  <tr>
    <td width="21" valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="252" valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="99" align="center" valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="163" valign=top> <font size=1 face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">The Fund may make advance payments in connection
      with the expenses of defending any action with respect to which indemnification
      might be sought under the Agreement if the Fund receives a written affirmation
      of the Indemnitee&#146;s good faith belief that the standard of conduct
      necessary for indemnification has been met and a written undertaking to
      reimburse the Fund unless it is subsequently determined that such Indemnitee
      is entitled to such indemnification and if the trustees of the Fund determine
      that the facts then known to them would not preclude indemnification. Additional
      conditions with respect to approvals and entitlement to indemnification.
      </font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Conditions apply with respect to standards
      for indemnification. </font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="7" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top><font size="1" face="Times New Roman, Times, serif"><b>Use
      of Name</b></font> <hr size="1" noshade> </td>
    <td valign=top>&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Adviser has consented to use of &#147;BlackRock&#148;
      name, conditioned on the employment of Adviser and subject to the ability
      of the Adviser to require the Fund to cease using the &#147;BlackRock&#148;
      name at any time for any reason </font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td colspan="2"> <font size="1" face="Times New Roman, Times, serif"><b>Provision</b></font>
      <hr size="1" noshade> </td>
    <td> <font size="1" face="Times New Roman, Times, serif"><b>&nbsp;&nbsp;&nbsp;</b></font></td>
    <td align="center"> <font size="1" face="Times New Roman, Times, serif"><b>MLIM</b></font>
      <hr size="1" noshade> </td>
    <td> <font size="1" face="Times New Roman, Times, serif"><b>&nbsp;&nbsp;&nbsp;&nbsp;</b></font></td>
    <td colspan="2"> <font size="1" face="Times New Roman, Times, serif"><b>New
      Investment Advisory Agreement</b></font> <hr size="1" noshade> </td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top><font size="1" face="Times New Roman, Times, serif"><b>Miscellaneous</b></font>
      <hr size="1" noshade> </td>
    <td valign=top>&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Definitions of Certain Terms (have the
      meaning ascribed to them under the 1940 Act and relevant Commission interpretations)
      </font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="7" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center"><font size="1" face="Times New Roman, Times, serif"><b>Counterparts</b></font>
      <hr size="1" noshade> </td>
    <td valign=top>&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign=top> <font size=1
  face="Times New Roman, Times, serif">Agreement may be executed in counterparts</font>
      <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign=top> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" align="center" valign=top> <font size=1
  face="Times New Roman, Times, serif">X</font> <font size=1
  face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td align="center" valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td colspan="2" align="center" valign=top>&nbsp;</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"> H-7</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: 113; page: 113" -->





<!-- MARKER FORMAT-SHEET="Right Head Bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Appendix I</I> </FONT> </P>
<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Form of New
Investment Advisory Agreements  </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U><b>INVESTMENT
MANAGEMENT AGREEMENT</b></U><B> </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;AGREEMENT,
dated [ ], 2006, between _______________ [ ] (the &#147;Fund&#148;), a [Maryland
corporation] [Massachusetts business trust], and BlackRock Advisors, Inc. (the
&#147;Advisor&#148;), a Delaware corporation. </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;WHEREAS,
the Advisor has agreed to furnish investment advisory services to the Fund, a closed-end
management investment company registered under the Investment Company Act of 1940, as
amended (the &#147;1940 Act&#148;); </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;WHEREAS,
this Agreement has been approved in accordance with the provisions of the 1940 Act, and
the Advisor is willing to furnish such services upon the terms and conditions herein set
forth; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, in consideration of the mutual premises and covenants herein contained and
other good and valuable consideration, the receipt of which is hereby acknowledged, it is
agreed by and between the parties hereto as follows: </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;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>In
General</U>. The Advisor agrees, all as more fully set forth herein, to           act as
investment advisor to the Fund with respect to the investment of the           Fund&#146;s
assets and to supervise and arrange for the day today operations of           the Fund
and the purchase of securities for and the sale of securities held in           the
investment portfolio of the Fund.  </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;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Duties
and Obligations of the Advisor with Respect to Investment of Assets of           the Fund</U>.
Subject to the succeeding provisions of this section and subject           to the
direction and control of the Fund&#146;s Board of [Trustees] [Directors],           the
Advisor shall (i) act as investment advisor for and supervise and manage the
          investment and reinvestment of the Fund&#146;s assets and in connection
          therewith have complete discretion in purchasing and selling securities and
          other assets for the Fund and in voting, exercising consents and exercising all
          other rights appertaining to such securities and other assets on behalf of the
          Fund; (ii) supervise continuously the investment program of the Fund and the
          composition of its investment portfolio; (iii) arrange, subject to the
          provisions of paragraph 4 hereof, for the purchase and sale of securities and
          other assets held in the investment portfolio of the Fund; and (iv) provide
          investment research to the Fund.  </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;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Duties
and Obligations of Advisor with Respect to the Administration of the           Fund</U>.
The Advisor also agrees to furnish office facilities and equipment and
          clerical, bookkeeping and administrative services (other than such services, if
          any, provided by the Fund&#146;s Custodian, Transfer Agent and Dividend
          Disbursing Agent and other service providers) for the Fund. To the extent
          requested by the Fund, the Advisor agrees to provide the following
          administrative services:  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Oversee
the determination and publication of the Fund&#146;s net asset value in
          accordance with the Fund&#146;s policy as adopted from time to time by the
Board           of [Trustees] [Directors];  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Oversee
the maintenance by the Fund&#146;s Custodian and Transfer Agent and Dividend Disbursing
Agent of certain books and records of the Fund as required under Rule 31a1(b)(4) of the
1940 Act and maintain (or oversee maintenance by such other persons as approved by the
Board of [Trustees] [Directors]) such other books and records required by law or for the
proper operation of the Fund;  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Oversee
the preparation and filing of the Fund&#146;s federal, state and local           income
tax returns and any other required tax returns;  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Review
the appropriateness of and arrange for payment of the Fund&#146;s           expenses;  </FONT>
</TD>
</TR>
</TABLE>
<BR>





<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Prepare
for review and approval by officers of the Fund financial information           for the
Fund&#146;s semiannual and annual reports, proxy statements and other
          communications with shareholders required or otherwise to be sent to Fund
          shareholders, and arrange for the printing and dissemination of such reports
and           communications to shareholders;  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Prepare
for review by an officer of the Fund the Fund&#146;s periodic financial           reports
required to be filed with the Securities and Exchange Commission           (&#147;SEC&#148;)
on Form NSAR, Form NCSR, Form NPX, Form NQ, and such other           reports, forms and
filings, as may be mutually agreed upon;  </FONT>
</TD>
</TR>
</TABLE>
<BR>


<!-- 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">
I-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: 96; page: 96" -->



<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Prepare
such reports relating to the business and affairs of the Fund as may be
          mutually agreed upon and not otherwise appropriately prepared by the Fund&#146;s
          custodian, counsel or auditors;  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Prepare
such information and reports as may be required by any stock exchange or
          exchanges on which the Fund&#146;s shares are listed;  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Make
such reports and recommendations to the Board of [Trustees][Directors]
          concerning the performance of the independent accountants as the Board of
          [Trustees][Directors] may reasonably request or deems appropriate;  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Make
such reports and recommendations to the Board of [Trustees] [Directors]
          concerning the performance and fees of the Fund&#146;s Custodian and Transfer
          and Dividend Disbursing Agent as the Board of [Trustees] [Directors] may
          reasonably request or deems appropriate;  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Oversee
and review calculations of fees paid to the Fund&#146;s service           providers;  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Oversee
the Fund&#146;s portfolio and perform necessary calculations as required           under
Section 18 of the 1940 Act;  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Consult
with the Fund&#146;s officers, independent accountants, legal counsel,
          custodian, accounting agent and transfer and dividend disbursing agent in
          establishing the accounting policies of the Fund and monitor financial and
          shareholder accounting services; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Review
implementation of any share purchase programs authorized by the Board of
          [Trustees][Directors]; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Determine
the amounts available for distribution as dividends and distributions           to be
paid by the Fund to its shareholders; prepare and arrange for the printing           of
dividend notices to shareholders; and provide the Fund&#146;s dividend
          disbursing agent and custodian with such information as is required for such
          parties to effect the payment of dividends and distributions and to implement
          the Fund&#146;s dividend reinvestment plan;  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Prepare
such information and reports as may be required by any banks from which           the
Fund borrows funds;  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Provide
such assistance to the Custodian and the Fund&#146;s counsel and           auditors as
generally may be required to properly carry on the business and           operations of
the Fund;  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Assist
in the preparation and filing of Forms 3, 4, and 5 pursuant to Section 16           of
the Securities Exchange Act of 1934, as amended, and Section 30(f) of the           1940
Act for the officers and [Trustees][Directors] of the Fund, such filings to           be
based on information provided by those persons;  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Respond
to or refer to the Fund&#146;s officers or transfer agent, shareholder
          (including any potential shareholder) inquiries relating to the Fund;  </FONT>
</TD>
</TR>
</TABLE>
<BR>





<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Supervise
any other aspects of the Fund&#146;s administration as may be agreed           to by the
Fund and the Advisor; and  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
services are to be furnished through the medium of any directors, officers or employees of
the Advisor or its affiliates as the Advisor deems appropriate in order to fulfill its
obligations hereunder. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund will reimburse the Advisor or its affiliates for all out of pocket expenses incurred
by them in connection with the performance of the administrative services described in
this paragraph 3. The Fund will reimburse the Advisor and its affiliates for their costs
in providing accounting services to the Fund. </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;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants</U>.
(a) In the performance of its duties under this Agreement, the           Advisor shall at
all times conform to, and act in accordance with, any           requirements imposed by:
(i) the provisions of the 1940 Act and the Investment           Advisers Act of 1940, as
amended, and all applicable Rules and Regulations of           the Securities and
Exchange Commission; (ii) any other applicable provision of           law; (iii) the
provisions of the [Declaration of Trust] [Charter] and By Laws of           the Fund, as
such documents are amended from time to time; (iv) the investment           objectives
and policies of the Fund as set forth in its Registration Statement           on Form&nbsp;N-2
and/or the resolutions of the Board of [Trustees] [Directors];           and (v) any
policies and determinations of the Board of [Trustees] [Directors]           of the Fund
and  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          In
addition, the Advisor will:  </FONT>
</TD>
</TR>
</TABLE>
<BR>


<!-- 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">
I-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: 97; page: 97" -->



<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          place
orders either directly with the issuer or with any broker or dealer.           Subject to
the other provisions of this paragraph, in placing orders with           brokers and
dealers, the Advisor will attempt to obtain the best price and the           most
favorable execution of its orders. In placing orders, the Advisor will           consider
the experience and skill of the firm&#146;s securities traders as well           as the
firm&#146;s financial responsibility and administrative efficiency.           Consistent
with this obligation, the Advisor may select brokers on the basis of           the
research, statistical and pricing services they provide to the Fund and           other
clients of the Advisor. Information and research received from such           brokers
will be in addition to, and not in lieu of, the services required to be
          performed by the Advisor hereunder. A commission paid to such brokers may be
          higher than that which another qualified broker would have charged for
effecting           the same transaction, provided that the Advisor determines in good
faith that           such commission is reasonable in terms either of the transaction or
the overall           responsibility of the Advisor to the Fund and its other clients and
that the           total commissions paid by the Fund will be reasonable in relation to
the           benefits to the Fund over the long term. Subject to the foregoing and the
          provisions of the 1940 Act, the Securities Exchange Act of 1934, as amended,
and           other applicable provisions of law, the Advisor may select brokers and
dealers           with which it or the Fund is affiliated;  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          maintain
a policy and practice of conducting its investment advisory services           hereunder
independently of the commercial banking operations of its affiliates.           When the
Advisor makes investment recommendations for the Fund, its investment           advisory
personnel will not inquire or take into consideration whether the           issuer of
securities proposed for purchase or sale for the Fund&#146;s account           are
customers of the commercial department of its affiliates; and  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          treat
confidentially and as proprietary information of the Fund all records and           other
information relative to the Fund, and the Fund&#146;s prior, current or
          potential shareholders, and will not use such records and information for any
          purpose other than performance of its responsibilities and duties hereunder,
          except after prior notification to and approval in writing by the Fund, which
          approval shall not be unreasonably withheld and may not be withheld where the
          Advisor may be exposed to civil or criminal contempt proceedings for failure to
          comply, when requested to divulge such information by duly constituted
          authorities, or when so requested by the Fund.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Services
Not Exclusive</U>. Nothing in this Agreement shall prevent the           Advisor or any
officer, employee or other affiliate thereof from acting as           investment advisor
for any other person, firm or corporation, or from engaging           in any other lawful
activity, and shall not in any way limit or restrict the           Advisor or any of its
officers, employees or agents from buying, selling or           trading any securities
for its or their own accounts or for the accounts of           others for whom it or they
may be acting; provided, however, that the Advisor           will undertake no activities
which, in its judgment, will adversely affect the           performance of its
obligations under this Agreement.  </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;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sub-Advisors</U>.
The Advisor may from time to time, in its sole discretion           to the extent
permitted by applicable law, appoint one or more sub-advisors,           including,
without limitation, affiliates of the Advisor, to perform  investment           advisory
services with respect to the Fund. The Advisor may terminate any or all
          sub-advisors in its sole discretion at any time to the extent permitted by
          applicable law.  </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;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Books
and Records</U>. In compliance with the requirements of Rule 31a-3           under the
1940 Act, the Advisor hereby agrees that all records which it           maintains for the
Fund are the property of the Fund and further agrees to           surrender promptly to
the Fund any such records upon the Fund&#146;s request.           The Advisor further
agrees to preserve for the periods prescribed by Rule 31a-2           under the 1940 Act
the records required to be maintained by Rule 31a-1 under the           1940 Act.  </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;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U>.
During the term of this Agreement, the Advisor will bear all           costs and expenses
of its employees and any overhead incurred in connection with           its duties
hereunder and shall bear the costs of any salaries or           [trustees&#146;]
[directors&#146;] fees of any officers or [trustees]           [directors] of the Fund
who are affiliated persons (as defined in the 1940 Act)           of the Advisor;
provided that the Board of [Trustees] [Directors] of the Fund           may approve
reimbursement to the Advisor of the pro rata portion of the           salaries, bonuses,
health insurance, retirement benefits and all similar           employment costs for the
time spent on Fund operations, (including, without           limitation, compliance
matters) (other than the provision of investment advice           and administrative
services required to be provided hereunder) of all personnel           employed by the
Advisor who devote substantial time to Fund operations or the           operations of
other investment companies advised by the Advisor.  </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;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation
of the Advisor</U>. (a) The Fund agrees to pay to the Advisor           and the Advisor
agrees to accept as full compensation for all services rendered           by the Advisor
as such, a monthly fee (the &#147;Investment Advisory </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">
I-3</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: 98; page: 98" -->



<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fee&#148;)           in arrears at
an annual rate equal to the amount set forth in Schedule A hereto           of [an
aggregate of (i)] the average daily value of the Fund&#146;s Net Assets           [and
(ii) the proceeds of any outstanding debt securities or borrowings used for
          leverage.] [certain closed-end funds] &#147;Net Assets&#148; means the total
          assets of the Fund minus the sum of the accrued liabilities. It is understood
          that the liquidation preference of any outstanding preferred stock (other than
          accumulated dividends) is not considered a liability in determining the
          Fund&#146;s Net Asset Value. For any period less than a month during which this
          Agreement is in effect, the fee shall be prorated according to the proportion
          which such period bears to a full month of 28, 29, 30 or 31 days, as the case
          may be.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          For
purposes of this Agreement, the net assets of the Funds shall be calculated
          pursuant to the procedures adopted by resolutions of the [Trustees] [Directors]
          of the Fund for calculating the value of the Fund&#146;s assets or delegating
          such calculations to third parties.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnity</U>.
(a) The Fund may, in the discretion of the Board of [Trustees]           [Directors] of
the Fund, indemnify the Advisor, and each of the Advisor&#146;s           directors,
officers, employees, agents, associates and controlling persons and           the
directors, partners, members, officers, employees and agents thereof           (including
any individual who serves at the Advisor&#146;s request as director,           officer,
partner, member, trustee or the like of another entity) (each such           person being
an &#147;Indemnitee&#148;) against any liabilities and expenses,           including
amounts paid in satisfaction of judgments, in compromise or as fines           and
penalties, and counsel fees (all as provided in accordance with applicable
          state law) reasonably incurred by such Indemnitee in connection with the
defense           or disposition of any action, suit or other proceeding, whether civil
or           criminal, before any court or administrative or investigative body in which
such           Indemnitee may be or may have been involved as a party or otherwise or
with           which such Indemnitee may be or may have been threatened, while acting in
any           capacity set forth herein or thereafter by reason of such Indemnitee having
          acted in any such capacity, except with respect to any matter as to which such
          Indemnitee shall have been adjudicated not to have acted in good faith in the
          reasonable belief that such Indemnitee&#146;s action was in the best interest
of           the Fund and furthermore, in the case of any criminal proceeding, so long as
          such Indemnitee had no reasonable cause to believe that the conduct was
          unlawful; provided, however, that (1) no Indemnitee shall be indemnified
          hereunder against any liability to the Fund or its shareholders or any expense
          of such Indemnitee arising by reason of (i) willful misfeasance, (ii) bad
faith,           (iii) gross negligence or (iv) reckless disregard of the duties involved
in the           conduct of such Indemnitee&#146;s position (the conduct referred to in
such           clauses (i)through (iv) being sometimes referred to herein as &#147;disabling
          conduct&#148;), (2) as to any matter disposed of by settlement or a compromise
          payment by such Indemnitee, pursuant to a consent decree or otherwise, no
          indemnification either for said payment or for any other expenses shall be
          provided unless there has been a determination that such settlement or
          compromise is in the best interests of the Fund and that such Indemnitee
appears           to have acted in good faith in the reasonable belief that such
Indemnitee&#146;s           action was in the best interest of the Fund and did not
involve disabling           conduct by such Indemnitee and (3) with respect to any
action, suit or other           proceeding voluntarily prosecuted by any Indemnitee as
plaintiff,           indemnification shall be mandatory only if the prosecution of such
action, suit           or other proceeding by such Indemnitee was authorized by a
majority of the full           Board of [Trustees] [Directors] of the Fund.  </FONT></P>





<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
Fund may make advance payments in connection with the expenses of defending           any
action with respect to which indemnification might be sought hereunder if           the
Fund receives a written affirmation of the Indemnitee&#146;s good faith           belief
that the standard of conduct necessary for indemnification has been met           and a
written undertaking to reimburse the Fund unless it is subsequently           determined
that such Indemnitee is entitled to such indemnification and if the           [Trustees]
[Directors] of the Fund determine that the facts then known to them           would not
preclude indemnification. In addition, at least one of the following           conditions
must be met: (A) the Indemnitee shall provide security for such           Indemnitee
undertaking, (B) the Fund shall be insured against losses arising by           reason of
any unlawful advance, or (C) a majority of a quorum consisting of           [Trustees]
[Directors] of the Fund who are neither &#147;interested           persons&#148; of the
Fund (as defined in Section 2(a)(19) of the 1940 Act) nor           parties to the
proceeding (&#147;Disinterested Non Party [Trustees]           [Directors]&#148;) or an
independent legal counsel in a written opinion, shall           determine, based on a
review of readily available facts (as opposed to a full           trial type inquiry),
that there is reason to believe that the Indemnitee           ultimately will be found
entitled to indemnification.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          All
determinations with respect to the standards for indemnification hereunder
          shall be made (1) by a final decision on the merits by a court or other body
          before whom the proceeding was brought that such Indemnitee is not liable or is
          not liable by reason of disabling conduct, or (2) in the absence of such a
          decision, by (i) a majority vote of a quorum of the Disinterested Non Party
          [Trustees] [Directors] of the Fund, or (ii) if such a quorum is not obtainable
          or, even if obtainable, if a majority vote of such quorum so </FONT>
</TD>
</TR>
</TABLE>
<BR>


<!-- 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">
I-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: 99; page: 99" -->




<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>directs,
          independent legal counsel in a written opinion. All determinations that advance
          payments in connection with the expense of defending any proceeding shall be
          authorized and shall be made in accordance with the immediately preceding
clause           (2) above.  </FONT>
</TD>
</TR>
</TABLE>
<BR>



<p><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
rights accruing to any Indemnitee under these provisions shall not exclude any other right
to which such Indemnitee may be lawfully entitled. </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;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation
on Liability</U>. (a) The Advisor will not be liable for any error           of judgment
or mistake of law or for any loss suffered by Advisor or by the Fund           in
connection with the performance of this Agreement, except a loss resulting           from
a breach of fiduciary duty with respect to the receipt of compensation for
          services or a loss resulting from willful misfeasance, bad faith or gross
          negligence on its part in the performance of its duties or from reckless
          disregard by it of its duties under this Agreement. As used in this Section
          11(a), the term &#147;Advisor&#148; shall include any affiliates of the Advisor
          performing services for the Fund contemplated hereby and partners, directors,
          officers and employees of the Advisor and of such affiliates.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          [Notwithstanding
anything to the contrary contained in this Agreement, the           parties hereto
acknowledge and agree that, as provided in [Section ___ of           Article __ of the
Declaration of Trust], this Agreement is executed by the           Trustees and/or
officers of the Fund, not individually but as such Trustees           and/or officers of
the Fund, and the obligations hereunder are not binding upon           any of the
Trustees or Shareholders individually but bind only the estate of the           Fund.]
[Massachusetts business trusts]  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Duration
and Termination</U>. This Agreement shall become effective as of the           date
hereof and, unless sooner terminated with respect to the Fund as provided
          herein, shall continue in effect for a period of two years. Thereafter, if not
          terminated, this Agreement shall continue in effect with respect to the Fund
for           successive periods of 12 months, provided such continuance is specifically
          approved at least annually by both (a) the vote of a majority of the Fund&#146;s
          Board of [Trustees] [Directors] or the vote of a majority of the outstanding
          voting securities of the Fund at the time outstanding and entitled to vote, and
          (b) by the vote of a majority of the [Trustees] [Directors] who are not parties
          to this Agreement or interested persons of any party to this Agreement, cast in
          person at a meeting called for the purpose of voting on such approval.
          Notwithstanding the foregoing, this Agreement may be terminated by the Fund at
          any time, without the payment of any penalty, upon giving the Advisor 60
          days&#146; notice (which notice may be waived by the Advisor), provided that
          such termination by the Fund shall be directed or approved by the vote of a
          majority of the [Trustees] [Directors] of the Fund in office at the time or by
          the vote of the holders of a majority of the voting securities of the Fund at
          the time outstanding and entitled to vote, or by the Advisor on 60 days&#146;          written
notice (which notice may be waived by the Fund). This Agreement will           also
immediately terminate in the event of its assignment. (As used in this
          Agreement, the terms &#147;majority of the outstanding voting securities,&#148;          &#147;interested
person&#148; and &#147;assignment&#148; shall have the same           meanings of such
terms in the 1940 Act.)  </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;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.
Any notice under this Agreement shall be in writing to the other           party at such
address as the other party may designate from time to time for the           receipt of
such notice and shall be deemed to be received on the earlier of the           date
actually received or on the fourth day after the postmark if such notice is
          mailed first class postage prepaid.  </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;14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment
of this Agreement</U>. This Agreement may be amended by the parties           only if
such amendment is specifically approved by the vote of the Board of           [Trustees]
[Directors] of the Fund, including a majority of those [Trustees]           [Directors]
who are not parties to this Agreement or interested persons of any           such party
cast in person at a meeting called for the purpose of voting on such           approval
and, where required by the 1940 Act, by a vote of a majority of the           outstanding
voting securities of the Fund.  </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;15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. This Agreement shall be governed by and construed in           accordance with
the laws of the State of New York for contracts to be performed           entirely
therein without reference to choice of law principles thereof and in           accordance
with the applicable provisions of the 1940 Act. To the extent that           the
applicable laws of the State of New York, or any of the provisions, conflict
          with the applicable provisions of the 1940 Act, the latter shall control.  </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;16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Use
of the Name BlackRock</U>. The Advisor has consented to the use by the           Fund of
the name or identifying word &#147;BlackRock&#148; in the name of the           Fund.
Such consent is conditioned upon the employment of the Advisor as the
          investment advisor to the Fund. The name or identifying word           &#147;BlackRock&#148; may
be used from time to time in other connections and for           other purposes by the
Advisor and any of its affiliates. The Advisor may </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">
I-5</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: 100; page: 100" -->




<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>require           the Fund to cease
using &#147;BlackRock&#148; in the name of the Fund if the           Fund ceases to
employ, for any reason, the Advisor, any successor thereto or any           affiliate
thereof as investment advisor of the Fund.  </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;17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>.
The captions in this Agreement are included for           convenience of reference only
and in no way define or delimit any of the           provisions hereof or otherwise
affect their construction or effect. If any           provision of this Agreement shall
be held or made invalid by a court decision,           statute, rule or otherwise, the
remainder of this Agreement shall not be           affected thereby. This Agreement shall
be binding on, and shall inure to the           benefit of the parties hereto and their
respective successors.  </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;18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.
This Agreement may be executed in counterparts by the           parties hereto, each of
which shall constitute an original counterpart, and all           of which, together,
shall constitute one Agreement.  </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">
I-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: 119; page: 119" -->




<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties hereto have caused the foregoing instrument to be executed by
their duly authorized officers, all as of the day and the year first above written. </FONT></P>



<!-- MARKER FORMAT-SHEET="Para Hang 20" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=65%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=30%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[NAME OF
FUND] <BR><BR>By:__________________________ <BR>Name: <BR>Title: <BR><BR>
      BLACKROCK ADVISORS, INC. <BR>
      <BR>By:__________________________ <BR>Name: <BR>Title: </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><U>Schedule A</U> </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><U>Investment
Advisory Fee</U> </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">
I-7</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: 120; page: 120" -->







<!-- MARKER FORMAT-SHEET="Right Head Bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Appendix J</I> </FONT> </P>

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

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>SUB-INVESTMENT
ADVISORY AGREEMENT</B></U> </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;AGREEMENT
dated [ ], 2006, between [Name of MLIM Entity], a Delaware limited partnership (the
&#147;Advisor&#148;), and BlackRock Advisors, Inc., a Delaware corporation (the
&#147;Sub-Advisor&#148;). </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;WHEREAS,
the Advisor has agreed to furnish investment advisory services to the
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
[a series of _______________] [for open-end series funds], a [Maryland corporation]
[Massachusetts business trust] (the &#147;Fund&#148;), a closed-end management investment
company registered under the Investment Company Act of 1940, as amended (the &#147;1940
Act&#148;); </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;WHEREAS,
the Advisor wishes to retain the Sub-Advisor to provide it with certain sub-advisory
services as described below in connection with Advisor&#146;s advisory activities on
behalf of the Fund; </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;WHEREAS,
this Agreement has been approved in accordance with the provisions of the 1940 Act, and
the Sub-Advisor is willing to furnish such services upon the terms and conditions herein
set forth; and </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;WHEREAS,
Merrill Lynch &amp; Co., Inc., the parent company of the Advisor, and BlackRock, Inc.,
have entered into an agreement on a transaction (the &#147;Transaction&#148;) to combine
Merrill Lynch Investment Managers, LP and certain affiliates with BlackRock, Inc. to
form a new asset management company; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, in consideration of the mutual premises and covenants herein contained and
other good and valuable consideration, the receipt of which is hereby acknowledged, it is
agreed by and between the parties hereto as follows: </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;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Appointment</U>.
The Advisor hereby appoints the Sub-Advisor to act as           sub-advisor with respect
to the Fund and the Sub-Advisor accepts such           appointment and agrees to render
the services herein set forth for the           compensation herein provided.  </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;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Services
of the Sub-Advisor</U>. Subject to the succeeding provisions of this           section,
the oversight and supervision of the Advisor and the direction and           control of
the Fund&#146;s Board of [Trustees] [Directors], the Sub-Advisor will           perform
certain of the day-to-day operations of the Fund, which may include one           or more
of the following services, at the request of the Advisor: (a) acting as
          investment advisor for and managing the investment and reinvestment of those
          assets of the Fund as the Advisor may from time to time request and in
          connection therewith have complete discretion in purchasing and selling such
          securities and other assets for the Fund and in voting, exercising consents and
          exercising all other rights appertaining to such securities and other assets on
          behalf of the Fund; (b) arranging, subject to the provisions of paragraph 3
          hereof, for the purchase and sale of securities and other assets of the Fund;
          (c) providing investment research and credit analysis concerning the Fund&#146;s
          investments, (d) assist the Advisor in determining what portion of the
          Fund&#146;s assets will be invested in cash, cash equivalents and money market
          instruments, (e) placing orders for all purchases and sales of such investments
          made for the Fund, and (f) maintaining the books and records as are required to
          support Fund investment operations. At the request of the Advisor, the
          Sub-Advisor will also, subject to the oversight and supervision of the Advisor
          and the direction and control of the Fund&#146;s Board of [Trustees]
          [Directors], provide to the Advisor or the Fund any of the facilities and
          equipment and perform any of the services described in the investment advisory
          agreement between the Advisor and the Fund (the &#147;Advisory Agreement&#148;).
          In addition, the Sub-Advisor will keep the Fund and the Advisor informed of
          developments materially affecting the Fund and shall, on its own initiative,
          furnish to the Fund from time to time whatever information the Sub-Advisor
          believes appropriate for this purpose. The Sub-Advisor will periodically
          communicate to the Advisor, at such times as the Advisor may direct,
information           concerning the purchase and sale of securities for the Fund,
including: (a) the           name of the issuer, (b) the amount of the purchase or sale,
(c) the name of the           broker or dealer, if any, through which the purchase or
sale is effected, (d)           the CUSIP number of the  instrument, if any, and (e) such
other information as           the Advisor may reasonably require for purposes of
fulfilling its obligations to           the Fund under the Advisory Agreement. The
Sub-Advisor will provide the services           rendered by it under this Agreement in
accordance with the Fund&#146;s           investment objectives, policies and
restrictions (as currently in effect and as           they may be amended or supplemented
from time to time) as stated in the           Fund&#146;s Prospectus and Statement of
Additional Information and the           resolutions of the Fund&#146;s Board of
[Trustees] [Directors].  </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">
J-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: 101; page: 101" -->




<!-- 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;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants</U>.
(a) In the performance of its duties under this Agreement, the           Sub-Advisor
shall at all times conform to, and act in accordance with, any           requirements
imposed by: (i) the provisions of the 1940 Act and the Investment           Advisers Act
of 1940, as amended (the &#147;Advisers Act&#148;) and all           applicable Rules and
Regulations of the Securities and Exchange Commission (the           &#147;SEC&#148;);
(ii) any other applicable provision of law; (iii) the           provisions of the
Agreement and [Declaration of Trust] [Charter] and By-laws of           the Fund, as such
documents are amended from time to time; (iv) the investment           objectives and
policies of the Fund as set forth in its Registration Statement           on Form&nbsp;N-2;
and (v) any policies and determinations of the Board of the
          [Trustees][Directors] of the Fund and  </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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          In
addition, the Sub-Advisor will:  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;               place
orders either directly with the issuer or with any broker or dealer.
               Subject to the other provisions of this paragraph, in placing orders with
               brokers and dealers, the Sub-Advisor will attempt to obtain the best price
and                the most favorable execution of its orders. In placing orders, the
Sub-Advisor                will consider the experience and skill of the firm&#146;s
securities traders as                well as the firm&#146;s financial responsibility and
administrative efficiency.                Consistent with this obligation, the
Sub-Advisor may select brokers on the basis                of the research, statistical
and pricing services they provide to the Fund and                other clients of the
Advisor or the Sub-Advisor. Information and research                received from such
brokers will be in addition to, and not in lieu of, the                services required
to be performed by the Sub-Advisor hereunder. A commission                paid to such
brokers may be higher than that which another qualified broker                would have
charged for effecting the same transaction, provided that the                Sub-Advisor
determines in good faith that such commission is reasonable in terms
               either of the transaction or the overall responsibility of the Advisor and
the                Sub-Advisor to the Fund&#146;s and their other clients and that the
total                commissions paid by the Fund will be reasonable in relation to the
benefits to                the Fund over the long-term. Subject to the foregoing and the
provisions of the                1940 Act, the Securities Exchange Act of 1934, as
amended, and other applicable                provisions of law, the Advisor may select
brokers and dealers with which it or                the Fund is affiliated;  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;               maintain
books and records with respect to the Fund&#146;s securities                transactions
and will render to the Advisor and the Fund&#146;s Board of                [Trustees]
[Directors] such periodic and special reports as they may request;  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;               maintain
a policy and practice of conducting its investment advisory services
               hereunder independently of the commercial banking operations of its
affiliates.                When the Sub-Advisor makes investment recommendations for the
Fund, its                investment advisory personnel will not inquire or take into
consideration                whether the issuer of securities proposed for purchase or
sale for the                Fund&#146;s account are customers of the commercial
department of its                affiliates; and  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;               treat
confidentially and as proprietary information of the Fund all records and
               other information relative to the Fund, and the Fund&#146;s prior, current
or                potential shareholders, and will not use such records and information
for any                purpose other than performance of its responsibilities and duties
hereunder,                except after prior notification to and approval in writing by
the Fund, which                approval shall not be unreasonably withheld and may not be
withheld where the                Sub-Advisor may be exposed to civil or criminal
contempt proceedings for failure                to comply, when requested to divulge such
information by duly constituted                authorities, or when so requested by the
Fund.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Services
Not Exclusive</U>. Nothing in this Agreement shall prevent the           Sub-Advisor or
any officer, employee or other affiliate thereof from acting as           investment
advisor for any other person, firm or corporation, or from engaging           in any
other lawful activity, and shall not in any way limit or restrict the
          Sub-Advisor or any of its officers, employees or agents from buying, selling or
          trading any securities for its or their own accounts or for the accounts of
          others for whom it or they may be acting; provided, however, that the
          Sub-Advisor will undertake no activities which, in its judgment, will adversely
          affect the performance of its obligations under this Agreement.  </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;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Books
and Records</U>. In compliance with the requirements of Rule 31a-3           under the
1940 Act, the Sub-Advisor hereby agrees that all records which it           maintains for
the Fund are the property of the Fund and further agrees to           surrender promptly
to the Fund any such records upon the Fund&#146;s request.           The Sub-Advisor
further agrees to preserve for the periods prescribed by Rule           31a-2 under the
1940 Act the records required to be maintained by Rule 31a-1           under the 1940 Act
(to the extent such books and records are not maintained by           the Advisor).  </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">
J-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: 102; page: 102" -->



<!-- 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;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U>.
During the term of this Agreement, the Sub-Advisor will bear           all costs and
expenses of its employees and any overhead incurred by the           Sub-Advisor in
connection with its duties hereunder; provided that the Board of           [Trustees]
[Directors] of the Fund may approve reimbursement to the Sub-Advisor           of the
pro-rata portion of the salaries, bonuses, health insurance, retirement
          benefits and all similar employment costs for the time spent on Fund operations
          (including, without limitation, compliance matters) (other than the provision
of           investment advice and administrative services required to be provided
hereunder)           of all personnel employed by the Sub-Advisor who devote substantial
time to the           Fund operations or the operations of other investment companies
advised or           sub-advised by the Sub-Advisor.  </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;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation</U>.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
Advisor agrees to pay to the Sub-Advisor and the Sub-Advisor agrees to           accept
as full compensation for all services rendered by the Sub-Advisor as           such, a
monthly fee in arrears at an annual rate equal to 50% of the monthly           advisory
fees received by the Advisor. For any period less than a month during           which
this Agreement is in effect, the fee shall be prorated according to the
          proportion which such period bears to a full month of 28, 29, 30 or 31 days, as
          the case may be.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          For
purposes of this Agreement, the Net Assets of the Fund shall be calculated
          pursuant to the procedures adopted by resolutions of the [Trustees] [Directors]
          of the Fund for calculating the value of the Fund&#146;s assets or delegating
          such calculations to third parties.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnity</U>.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
Fund hereby agrees to indemnify the Sub-Advisor and each of the           Sub-Advisor&#146;s
directors, officers, employees, agents, associates and           controlling persons and
the directors, partners, members, officers, employees           and agents thereof
(including any individual who serves at the           Sub-Advisor&#146;s request as
director, officer, partner, member, trustee or the           like of another entity)
(each such person being an &#147;Indemnitee&#148;)           against any liabilities and
expenses, including amounts paid in satisfaction of           judgments, in compromise or
as fines and penalties, and counsel fees (all as           provided in accordance with
applicable state law) reasonably incurred by such           Indemnitee in connection with
the defense or disposition of any action, suit or           other proceeding, whether
civil or criminal, before any court or administrative           or investigative body in
which such Indemnitee may be or may have been involved           as a party or otherwise
or with which such Indemnitee may be or may have been           threatened, while acting
in any capacity set forth herein or thereafter by           reason of such Indemnitee
having acted in any such capacity, except with respect           to any matter as to
which such Indemnitee shall have been adjudicated not to           have acted in good
faith in the reasonable belief that such Indemnitee&#146;s           action was in the
best interest of the Fund and furthermore, in the case of any           criminal
proceeding, so long as such Indemnitee had no reasonable cause to           believe that
the conduct was unlawful; provided, however, that (1) no Indemnitee           shall be
indemnified hereunder against any liability to the Fund or its           shareholders or
any expense of such Indemnitee arising by reason of (i) willful           misfeasance,
(ii) bad faith, (iii) gross negligence or (iv) reckless disregard           of the duties
involved in the conduct of such Indemnitee&#146;s position (the           conduct
referred to in such clauses (i) through (iv) being sometimes referred to           herein
as &#147;disabling conduct&#148;), (2) as to any matter disposed of by
          settlement or a compromise payment by such Indemnitee, pursuant to a consent
          decree or otherwise, no indemnification either for said payment or for any
other           expenses shall be provided unless there has been a determination that
such           settlement or compromise is in the best interests of the Fund and that
such           Indemnitee appears to have acted in good faith in the reasonable belief
that           such Indemnitee&#146;s action was in the best interest of the Fund and did
not           involve disabling conduct by such Indemnitee and (3) with respect to any
action,           suit or other proceeding voluntarily prosecuted by any Indemnitee as
plaintiff,           indemnification shall be mandatory only if the prosecution of such
action, suit           or other proceeding by such Indemnitee was authorized by a
majority of the full           Board of [Trustees] [Directors] of the Fund.  </FONT>
</TD>
</TR>
</TABLE>
<BR>




<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
Fund shall make advance payments in connection with the expenses of           defending
any action with respect to which indemnification might be sought           hereunder if
the Fund receives a written affirmation of the Indemnitee&#146;s           good faith
belief that the standard of conduct necessary for indemnification has           been met
and a written undertaking to reimburse the Fund unless it is           subsequently
determined that such Indemnitee is entitled to such indemnification           and if the
[Trustees] [Directors] of the Fund determine that the facts then           known to them
would not preclude indemnification. In addition, at least one of           the following
conditions must be met: (A) the Indemnitee shall provide a           security for such
Indemnitee-undertaking, (B) the Fund shall be insured against           losses arising by
reason of any unlawful advance, or (C) a majority of a </FONT>
</TD>
</TR>
</TABLE>
<BR>


<!-- 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">
J-3</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: 103; page: 103" -->






<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>quorum           consisting of
[Trustees] [Directors] of the Fund who are neither           &#147;interested persons&#148; of
the Fund (as defined in Section 2(a)(19) of           the 1940 Act) nor parties to the
proceeding (&#147;Disinterested Non-Party           [Trustees] [Directors]&#148;) or an
independent legal counsel in a written           opinion, shall determine, based on a
review of readily available facts (as           opposed to a full trial-type inquiry),
that there is reason to believe that the           Indemnitee ultimately will be found
entitled to indemnification.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 10" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          All
determinations with respect to indemnification hereunder shall be made (1)           by a
final decision on the merits by a court or other body before whom the
          proceeding was brought that such Indemnitee is not liable by reason of
disabling           conduct, or (2) in the absence of such a decision, by (i) a majority
vote of a           quorum of the Disinterested Nonparty [Trustees] [Directors] of the
Fund, or           (ii) if such a quorum is not obtainable or even, if obtainable, if a
majority           vote of such quorum so directs, independent legal counsel in a written
opinion.           All determinations that advance payments in connection with the
expense of           defending any proceeding shall be authorized shall be made in
accordance with           the immediately preceding clause (2) above.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
rights accruing to any Indemnitee under these provisions shall not exclude any other right
to which such Indemnitee may be lawfully entitled. </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;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation
on Liability</U>.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
Sub-Advisor will not be liable for any error of judgment or mistake of law           or
for any loss suffered by the Advisor or by the Fund in connection with the
          performance of this Agreement, except a loss resulting from a breach of
          fiduciary duty with respect to the receipt of compensation for services or a
          loss resulting from willful misfeasance, bad faith or gross negligence on its
          part in the performance of its duties or from reckless disregard by it of its
          duties under this Agreement.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          [Notwithstanding
anything to the contrary contained in this Agreement, the           parties hereto
acknowledge and agree that, as provided in [Section ___ of           Article __ of the
Declaration of Fund], this Agreement is executed by the           Trustees and/or
officers of the Fund, not individually but as such Trustees           and/or officers of
the Fund, and the obligations hereunder are not binding upon           any of the
Trustees or Shareholders individually but bind only the estate of the           Fund.]
[Massachusetts business trusts]  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Duration
and Termination</U>. This Agreement shall become effective as of the           date
hereof and, unless sooner terminated with respect to the Fund as provided
          herein, shall continue in effect until the earlier of the closing of the
          Transaction or a period of two years after the date hereof. After the initial
          two year period, if not terminated, this Agreement shall continue in effect
with           respect to the Fund for successive periods of 12 months, provided such
          continuance is specifically approved at least annually by both (a) a majority
of           the Fund&#146;s Board of [Trustees] [Directors] or a vote of a majority of
the           outstanding voting securities of the Fund at the time outstanding and
entitled           to vote and (b) the vote of a majority of the [Trustees] [Directors],
who are           not parties to this Agreement or interested persons (as such term is
defined in           the 1940 Act) of any such party, cast in person at a meeting called
for the           purpose of voting on such approval. Notwithstanding the foregoing, this
          Agreement may be terminated by the Fund or the Advisor at any time, without the
          payment of any penalty, upon giving the Sub-Advisor 60 days&#146; notice (which
          notice may be waived by the Sub-Advisor), provided that such termination by the
          Fund or the Advisor shall be directed or approved by the vote of a majority of
          the [Trustees][Directors] of the Fund in office at the time or by the vote of
          the holders of a majority of the voting securities of the Fund at the time
          outstanding and entitled to vote, or by the Sub-Advisor on 60 days&#146; written
          notice (which notice may be waived by the Fund and the Advisor), and will
          terminate automatically upon any termination of the Advisory Agreement between
          the Fund and the Advisor. This Agreement will also immediately terminate in the
          event of its assignment. (As used in this Agreement, the terms &#147;majority
of           the outstanding voting securities,&#148; &#147;interested person&#148; and
          &#147;assignment&#148; shall have the same meanings of such terms in the 1940
          Act.)  </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;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.
Any notice under this Agreement shall be in writing to the other           party at such
address as the other party may designate from time to time for the           receipt of
such notice and shall be deemed to be received on the earlier of the           date
actually received or on the fourth day after the postmark if such notice is
          mailed first class postage prepaid.  </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;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment
of this Agreement</U>. This Agreement may be amended by the parties           only if
such amendment is specifically approved by the vote of the Board of           [Trustees]
[Directors] of the Fund, including a majority of those [Trustees]           [Directors]
who are not parties to this Agreement or interested persons of any           such party
cast in person at a meeting called for the purpose of voting on such           approval
and, where required by the 1940 Act, by a vote of a majority of the           outstanding
voting securities of the Fund.  </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">
J-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: 104; page: 104" -->



<!-- 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;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>.
The captions in this Agreement are included for           convenience of reference only
and in no way define or delimit any of the           provisions hereof or otherwise
affect their construction or effect. If any           provision of this Agreement shall
be held or made invalid by a court decision,           statute, rule or otherwise, the
remainder of this Agreement shall not be           affected thereby. This Agreement shall
be binding on, and shall inure to the           benefit of the parties hereto and their
respective successors.  </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;14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. This Agreement shall be governed by and construed in           accordance with
the laws of the State of New York for contracts to be performed           entirely
therein without reference to choice of law principles thereof and in           accordance
with the applicable provisions of the 1940 Act. To the extent that           the
applicable laws of the State of New York, or any of the provisions, conflict
          with the applicable provisions of the 1940 Act, the latter shall control.  </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;15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.
This Agreement may be executed in counterparts by the           parties hereto, each of
which shall constitute an original counterpart, and all           of which, together,
shall constitute one Agreement.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their
duly authorized officers designated below as of the day and year first above written. </FONT></P>


<table width="600" border=0 cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td colspan=2> <font size=2>&nbsp;</font></td>
      <td colspan=2> <font size=2>[NAME OF MLIM ENTITY]</font></td>
    </tr>
    <tr valign="bottom">
      <td colspan=2>&nbsp;</td>
      <td colspan="2">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td colspan=2> <font size=2>&nbsp;</font></td>
      <td colspan="2"> <font size=2>By:</font> <font size=2>&nbsp;</font></td>
    </tr>
    <tr valign="bottom">
      <td colspan=2> <font size=2>&nbsp;</font></td>
      <td width=23> <font size=2>&nbsp;</font></td>
      <td width=275> <hr size="1" noshade> <font size=2>Name:<br>
        Title:</font></td>
    </tr>
    <tr valign="bottom">
      <td colspan=2>&nbsp;</td>
      <td colspan=2>&nbsp;</td>
    </tr>
</table>


<table width="600" border=0 cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td colspan=2> <font size=2>&nbsp;</font></td>

    <td colspan=2> <font size=2>BLACKROCK ADVISORS, INC.</font></td>
    </tr>
    <tr valign="bottom">
      <td colspan=2>&nbsp;</td>
      <td colspan="2">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td colspan=2> <font size=2>&nbsp;</font></td>
      <td colspan="2"> <font size=2>By:</font> <font size=2>&nbsp;</font></td>
    </tr>
    <tr valign="bottom">
      <td colspan=2> <font size=2>&nbsp;</font></td>
      <td width=23> <font size=2>&nbsp;</font></td>
      <td width=275> <hr size="1" noshade> <font size=2>Name:<br>
        Title:</font></td>
</tr>
    <tr valign="bottom">
      <td colspan=2>&nbsp;</td>
      <td colspan=2>&nbsp;</td>
    </tr>
</table>


<table width="600" border=0 cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td colspan=2> <font size=2>Agreed and Accepted:</font></td>
      <td colspan=2> <font size=2>&nbsp;</font></td>
    </tr>
    <tr valign="bottom">
      <td colspan=2>&nbsp;</td>
      <td colspan=2>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td colspan=2> <font size=2>[NAME OF FUND]</font></td>
      <td colspan=2> <font size=2>&nbsp;</font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="2">&nbsp;</td>
      <td colspan=2>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td colspan="2"> <font size=2>By:</font> <font size=2>&nbsp;</font></td>
      <td colspan=2> <font size=2>&nbsp;</font></td>
    </tr>
    <tr valign="bottom">
      <td width=24> <font size=2>&nbsp;</font></td>
      <td width=278> <hr size="1" noshade> <font size=2>Name:<br>
        Title:</font></td>
      <td colspan=2> <font size=2>&nbsp;</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">
J-5</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: 125; page: 125" -->



<!-- MARKER FORMAT-SHEET="Right Head Bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Appendix K</I> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Investment Advisory
Agreements  </B><BR><I>Dates, Approvals
and Fees</I> </FONT></P>

<TABLE WIDTH=700 BORDER=0 ALIGN=Center CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=Bottom>
    <TH COLSPAN=2><FONT SIZE=1>Fund</FONT>
      <HR WIDTH=90% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>Date of Current <BR>
Investment <BR>
Advisory <BR>
Agreement<sup>1</sup> </FONT>
      <HR WIDTH=90% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>Date Last <BR>
Approved by <BR>
Directors/ <BR>
Trustees<sup>2</sup> </FONT>
      <HR WIDTH=90% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>Current <BR>
Advisory Fee <BR>
(as a percentage <BR>
of average <BR>
net assets) (%) </FONT>
      <HR WIDTH=90% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>Current <BR>
Administration Fee <BR>
(as a percentage of <BR>
average daily <BR>
net assets) (%) </FONT>
      <HR WIDTH=90% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>New <BR>
Advisory Fee <BR>
(as a percentage of <BR>
average daily <BR>
net assets) (%) </FONT>
      <HR WIDTH=90% SIZE=1 COLOR=BLACK noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD WIDTH=203 ALIGN=LEFT><FONT SIZE=1>MY Florida Insured</FONT></TD>
    <TD WIDTH=3  ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=90 ALIGN=CENTER><FONT SIZE=1>Oct. 12, 1992</FONT></TD>
    <TD WIDTH=3  ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=90 ALIGN=CENTER><FONT SIZE=1>May 16, 2005</FONT></TD>
    <TD WIDTH=3  ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=61 ALIGN=RIGHT><FONT SIZE=1>0.50</FONT></TD>
    <TD WIDTH=49 ALIGN=LEFT><FONT SIZE=1>%**</FONT></TD>
    <TD WIDTH=54 ALIGN=RIGHT><FONT SIZE=1>N/A</FONT></TD>
    <TD WIDTH=44 ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=51 ALIGN=RIGHT><FONT SIZE=1>0.50</FONT></TD>
    <TD WIDTH=49 ALIGN=LEFT><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>MY Michigan Insured</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>Oct. 12, 1992</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>May 16, 2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>MY New Jersey Insured</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>Oct. 12, 1992</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>May 16, 2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>MY Pennsylvania Insured</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>Oct. 12, 1992</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>May 16, 2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>S&amp;P 500 Protected Equity</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>Nov. 3, 1999</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>March 3, 2006</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>1.00</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>1.00</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>Muni Intermediate</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>July 29, 2003</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>Nov. 16, 2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.55</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%*</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.55</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>Muni New York Intermediate</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>July 29, 2003</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>Nov. 16, 2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.55</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%*</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.55</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>Debt Strategies</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>March 24, 1998</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>Aug. 17, 2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.60</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.60</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>Diversified Income</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>Jan. 26, 2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>Feb. 14, 2006</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.75</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%*</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.75</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>FRIS</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>Oct. 28, 2003</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>Feb. 1, 2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.75</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%*</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.75</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>FRIS II</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>July 27, 2004</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>Feb. 14, 2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.75</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%*</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.75</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>MH Florida Insured</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>Sept. 18, 1997</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>Feb. 4. 2006</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.55</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.55</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>MH Fund</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>April 29, 1997</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>Nov. 15, 2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.55</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.55</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>MH Fund II</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>Jan. 30, 1998</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>Feb. 14, 2006</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.55</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.55</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>MH Insured</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>April 16, 1998</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>Nov. 15, 2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.55</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.55</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>MH New Jersey Insured</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>Feb. 12, 1998</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>Feb. 14, 2006</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.55</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.55</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>MH New York Insured</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>June 11, 1997</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>Feb. 14, 2006</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.55</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.55</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>MuniVest</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>Sept, 8, 1988</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>Feb. 14, 2006</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>MuniVest II</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>March 17, 1993</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>May 9, 2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>SHIP</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>April 20, 1993</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>Aug. 17, 2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>Preferred &amp; Corporate</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>July 29, 2003</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>May 25, 2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.60</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%*</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>0.60</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT SIZE=1>Enhanced Equity Yield &amp; Premium</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>June 27, 2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=1>May 12, 2005</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>1.00</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%*</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=1>1.00</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=CENTER>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=CENTER>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <tr valign=Bottom>
    <td width=203 align=LEFT><font size=1>Apex</font></td>
    <td width=3   align=LEFT><font size=1>&nbsp;</font></td>
    <td width=90  align=CENTER><font size=1>July 17, 1989</font></td>
    <td width=3   align=LEFT><font size=1>&nbsp;</font></td>
    <td width=90  align=CENTER><font size=1>Nov. 8, 2005</font></td>
    <td width=3   align=LEFT><font size=1>&nbsp;</font></td>
    <td width=61  align=RIGHT><font size=1>0.65</font></td>
    <td width=49  align=LEFT><font size=1>%**</font></td>
    <td width=54  align=RIGHT><font size=1>N/A</font></td>
    <td width=44  align=LEFT><font size=1>&nbsp;</font></td>
    <td width=51  align=RIGHT><font size=1>0.65</font></td>
    <td width=49  align=LEFT><font size=1>%</font></td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=CENTER>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=CENTER>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>CHY</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>June 4, 1993</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Nov. 8, 2005</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT width="40"><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="52"><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT width="49"><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>CHY III</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Jan. 14, 1998</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Nov. 8, 2005</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT SIZE=1>0.60</FONT></TD>
    <TD ALIGN=LEFT width="40"><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="52"><FONT SIZE=1>0.60</FONT></TD>
    <TD ALIGN=LEFT width="49"><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>CHY V</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Nov. 27, 2001</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Feb. 23, 2006</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT SIZE=1>0.60</FONT></TD>
    <TD ALIGN=LEFT width="40"><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="52"><FONT SIZE=1>0.60</FONT></TD>
    <TD ALIGN=LEFT width="49"><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>CHY VI</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>May 27, 2003</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Feb. 23, 2006</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT SIZE=1>0.70</FONT></TD>
    <TD ALIGN=LEFT width="40"><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="52"><FONT SIZE=1>0.70</FONT></TD>
    <TD ALIGN=LEFT width="49"><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>MuniAssets</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>June 25, 1993</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Nov. 8, 2005</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT SIZE=1>0.55</FONT></TD>
    <TD ALIGN=LEFT width="40"><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="52"><FONT SIZE=1>0.55</FONT></TD>
    <TD ALIGN=LEFT width="49"><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>MuniEnhanced</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Feb. 16, 1989</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Aug. 10, 2005</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT width="40"><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="52"><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT width="49"><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>MH California Insured</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Jan. 30, 1998</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Nov. 8, 2005</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT SIZE=1>0.55</FONT></TD>
    <TD ALIGN=LEFT width="40"><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="52"><FONT SIZE=1>0.55</FONT></TD>
    <TD ALIGN=LEFT width="49"><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>MH Insured II</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Feb. 4, 1999</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Feb. 23, 2006</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT SIZE=1>0.55</FONT></TD>
    <TD ALIGN=LEFT width="40"><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="52"><FONT SIZE=1>0.55</FONT></TD>
    <TD ALIGN=LEFT width="49"><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>MY Fund</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Nov. 11, 1991</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Aug. 10, 2005</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT width="40"><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="52"><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT width="49"><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>MY Arizona</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Oct. 1, 1993</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Aug. 10, 2005</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT width="40"><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="52"><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT width="49"><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>MY California</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Feb. 14, 1992</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Aug. 10, 2005</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT width="40"><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="52"><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT width="49"><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>MY California Insured</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Sept. 18, 1992</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Aug. 10, 2005</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT width="40"><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="52"><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT width="49"><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>MY Florida</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Feb. 14, 1992</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Aug. 10, 2005</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT width="40"><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="52"><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT width="49"><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>MY Insured</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>March 10, 1992</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Aug. 10, 2005</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT width="40"><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="52"><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT width="49"><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>MY Michigan Insured II</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Feb. 14, 1992</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Aug. 10, 2005</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT width="40"><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="52"><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT width="49"><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>MY New Jersey</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>April 3, 1992</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Aug. 10, 2005</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT width="40"><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="52"><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT width="49"><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>MY New York Insured</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Feb. 14, 1992</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Aug. 10, 2005</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT width="40"><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="52"><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT width="49"><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>MY Quality</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>June 12, 1992</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Aug. 10, 2005</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT width="40"><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="52"><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT width="49"><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>MY Quality II</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Aug. 21, 1992</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Aug. 10, 2005</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT width="40"><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="52"><FONT SIZE=1>0.50</FONT></TD>
    <TD ALIGN=LEFT width="49"><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>Europe Fund</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Dec. 11, 2000</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>May 12, 2005</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD colspan="2" ALIGN=center><FONT SIZE=1>0.75</FONT><FONT SIZE=1>% &amp; 0.65%**<sup>3</sup></FONT></TD>
    <TD colspan="2" ALIGN=center><FONT SIZE=1>0.25% &amp; 0.20%<sup>4</sup></FONT></TD>
    <TD colspan="2" ALIGN=center><FONT SIZE=1>0.75</FONT><FONT SIZE=1>% &amp; 0.65%<sup>3</sup></FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>Capital &amp; Income</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>April 27, 2004</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>May 12, 2005</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT SIZE=1>0.85</FONT></TD>
    <TD ALIGN=LEFT width="40"><FONT SIZE=1>%*</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="52"><FONT SIZE=1>0.85</FONT></TD>
    <TD ALIGN=LEFT width="49"><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</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">
K-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: 105; page: 105" -->




<TABLE WIDTH=700 BORDER=0 ALIGN=Center CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=Bottom>
    <TH COLSPAN=2><FONT SIZE=1>Fund</FONT>
      <HR WIDTH=90% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>Date of Current <BR>
Investment <BR>
Advisory <BR>
Agreement<sup>1</sup> </FONT>
      <HR WIDTH=90% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>Date Last <BR>
Approved by <BR>
Directors/ <BR>
Trustees<sup>2</sup> </FONT>
      <HR WIDTH=90% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>Current <BR>
Advisory Fee <BR>
(as a percentage <BR>
of average <BR>
net assets) (%) </FONT>
      <HR WIDTH=90% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>Current <BR>
Administration Fee <BR>
(as a percentage of <BR>
average daily <BR>
net assets) (%) </FONT>
      <HR WIDTH=90% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>New <BR>
Advisory Fee <BR>
(as a percentage of <BR>
average daily <BR>
net assets) (%) </FONT>
      <HR WIDTH=90% SIZE=1 COLOR=BLACK noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>Preferred Income</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>March 25, 2003</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>May 25, 2005</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT SIZE=1>0.60</FONT></TD>
    <TD ALIGN=LEFT width="40"><FONT SIZE=1>%**</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="52"><FONT SIZE=1>0.60</FONT></TD>
    <TD ALIGN=LEFT width="49"><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>Enhanced Equity Yield</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>May 3, 2005</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>March 23, 2005</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT SIZE=1>1.00</FONT></TD>
    <TD ALIGN=LEFT width="40"><FONT SIZE=1>%*</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="52"><FONT SIZE=1>1.00</FONT></TD>
    <TD ALIGN=LEFT width="49"><FONT SIZE=1>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="172"><FONT SIZE=1>Enhanced Government</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Oct. 26, 2005</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="111"><FONT SIZE=1>Sept. 15, 2005</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT SIZE=1>0.85</FONT></TD>
    <TD ALIGN=LEFT width="40"><FONT SIZE=1>%*</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT SIZE=1>N/A</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="52"><FONT SIZE=1>0.85</FONT></TD>
    <TD ALIGN=LEFT width="49"><FONT SIZE=1>%</FONT></TD>
  </TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Cutoff rule Footnote" FSL="Workstation" -->
<HR SIZE=1 noshade ALIGN=left  WIDTH=75>
<!-- MARKER FORMAT-SHEET="Footnote Left" 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
current  investment advisory fee is calculated as a percentage of average daily net assets. </FONT></TD>
  </TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Left" 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
current investment advisory  fee is calculated as a percentage of average weekly net assets. </FONT></TD>
  </TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Left" FSL="Workstation" -->
<table width=100%>
  <tr>
    <td width=4% align=right valign=top><font size="1"><sup>1</sup></font></td>
    <td width=2%><font size="1">&nbsp;</font></td>
    <td width=94% align=left valign=top><font size="1">In
general, each Current Investment Advisory  Agreement was last approved by the
          shareholders (or, to the extent applicable, the initial shareholder) of the
          relevant Fund either in connection with the initial approval of such agreement
          or in connection with any later amendment requiring such approval. </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Footnote Left" FSL="Workstation" -->
<table width=100%>
  <tr>
    <td width=4% align=right valign=top><font size="1"><sup>2</sup></font></td>
    <td width=2%><font size="1">&nbsp;</font></td>
    <td width=94% align=left valign=top><font size="1">The
only action taken by the Fund&#146;s Board with respect to the Current
          Investment Advisory  Agreement since the Fund&#146;s last fiscal year end was the renewal
          of the Current Investment Advisory  Agreement as described in this Joint Proxy Statement. </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Footnote Left" FSL="Workstation" -->
<table width=100%>
  <tr>
    <td width=4% align=right valign=top><font size="1"><sup>3</sup></font></td>
    <td width=2%><font size="1">&nbsp;</font></td>
    <td width=94% align=left valign=top><font size="1">Europe
Fund pays the Adviser a fee of 0.75% of its average weekly net assets up           to
$250 million, and 0.65% of such assets in excess of $250 million. </font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Footnote Left" FSL="Workstation" -->
<table width=100%>
  <tr>
    <td width=4% align=right valign=top><font size="1"><sup>4</sup></font></td>
    <td width=2%><font size="1">&nbsp;</font></td>
    <td width=94% align=left valign=top><font size="1">Europe
Fund pays Princeton Administrators, Inc., its administrator, a fee at the
          annual rate of 0.25% of its average weekly net assets up to $200 million and
..20%           on such assets in excess of $200 million. </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">
K-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: 128; page: 128" -->




<!-- MARKER FORMAT-SHEET="Right Head Bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Appendix L</I> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Board Approval of
New Investment Advisory Agreement  </B></FONT></P>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>

    <TH width="80%"><FONT SIZE=2>Fund</FONT></TH>

    <TH width="20%"><FONT SIZE=2>Date of Approval</FONT></TH>
  </TR>
<TR VALIGN=Bottom>

    <TD WIDTH=80% ALIGN=CENTER><FONT SIZE=2>MY Florida Insured</FONT></TD>

    <TD WIDTH=20% ALIGN=CENTER><FONT SIZE=2>May 8, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>MY Michigan Insured</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 8, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>MY New Jersey Insured</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 8, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>MY Pennsylvania Insured</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 8, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>S&amp;P 500 Protected Equity</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 8, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>Muni Intermediate</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 8, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>Muni New York Intermediate</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 8, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>Debt Strategies</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 12, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>Diversified Income</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 12, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>FRIS</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 12, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>FRIS II</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 12, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>MH Florida Insured</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 12, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>MH Fund</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 12, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>MH Fund II</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 12, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>MH Insured</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 12, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>MH New Jersey Insured</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 12, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>MH New York Insured</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 12, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>MuniVest</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 12, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>MuniVest II</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 12, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>SHIP</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 12, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>Preferred &amp; Corporate</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 10, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>Enhanced Equity Yield &amp; Premium</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 10, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>Apex</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 9, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>CHY</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 9, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>CHY III</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 9, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>CHY V</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 9, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>CHY VI</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 9, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>MuniAssets</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 9, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>MuniEnhanced</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 9, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>MH California Insured</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 9, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>MH Insured II</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 9, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>MY Fund</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 9, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>MY Arizona</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 9, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>MY California</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 9, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>MY California Insured</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 9, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>MY Florida</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 9, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>MY Insured</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 9, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>MY Michigan Insured II</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 9, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>MY New Jersey</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 9, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>MY New York Insured</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 9, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>MY Quality</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 9, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>MY Quality II</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 9, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>Europe Fund</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 10, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>Capital &amp; Income</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 10, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>Preferred Income</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 10, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>Enhanced Equity Yield</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 10, 2006</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="80%"><FONT SIZE=2>Enhanced Government</FONT></TD>

    <TD ALIGN=CENTER width="20%"><FONT SIZE=2>May 10, 2006</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">
L-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: 129; page: 129" -->



<!-- MARKER FORMAT-SHEET="Right Head Bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Appendix M</I> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Fees
Paid to Advisers, Subadvisers and Affiliates </b> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table indicates (i) amounts paid by each Fund to its Adviser, (ii) amounts paid
by the relevant Fund&#146;s Adviser (not the Fund) to the Fund&#146;s subadviser during
the Fund&#146;s last fiscal year, and (iii) amounts paid by each Fund to affiliates of its
Adviser or subadviser. All fees shown are after waivers and reimbursements, if any. </FONT></P>













<table width=740 border=0 align=Center cellpadding=0 cellspacing=0>
  <tr valign=Bottom>
    <th width="175"><font size=1>Fund</font> <hr width=90% size=1 color=BLACK noshade>
    </th>
    <th colspan=2><font size=1>Advisory <br>
      Fees (after <br>
      waivers,<br>
      if any)($) </font> <hr width=90% size=1 color=BLACK noshade> </th>
    <th colspan=2><font size=1>Subadvisory <br>
      Fees (after <br>
      waivers, <br>
      if any)($) </font> <hr width=90% size=1 color=BLACK noshade> </th>
    <td colspan=2 align="center"><font size=1><b>Administration <br>
      Fees ($) </b> </font> <hr width=90% size=1 color=BLACK noshade> </td>
    <th colspan=2><font size=1>AMPS Auction <br>
      Broker-Dealer <br>
      Fees ($) </font> <hr width=90% size=1 color=BLACK noshade> </th>
    <th colspan=2><font size=1>Aggregate <br>
      Commissions <br>
      Paid to <br>
      Affiliated <br>
      Brokers ($) </font> <hr width=90% size=1 color=BLACK noshade> </th>
    <th colspan=2><font size=1>Percentage of <br>
      Fund&#146;s <br>
      Aggregate <br>
      Brokerage <br>
      Commissions <br>
      Paid to <br>
      Affiliated <br>
      Brokers (%) </font> <hr width=90% size=1 color=BLACK noshade> </th>
    <th colspan=2><font size=1>Fiscal <br>
      Year <br>
      Ended </font> <hr width=90% size=1 color=BLACK noshade> </th>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size="1"><b>Equity Funds</b> </font></td>
    <td width=59 align=RIGHT><font size=1>&nbsp; </font></td>
    <td width=15 align=LEFT><font size=1>&nbsp;</font></td>
    <td width=67 align=CENTER><font size=1>&nbsp; </font></td>
    <td width=10 align=LEFT><font size=1>&nbsp;</font></td>
    <td width=93 align=CENTER><font size=1>&nbsp; </font></td>
    <td width=6 align=LEFT><font size=1>&nbsp;</font></td>
    <td width=87 align=CENTER><font size=1>&nbsp; </font></td>
    <td width=6 align=LEFT><font size=1>&nbsp;</font></td>
    <td width=75 align=CENTER><font size=1>&nbsp; </font></td>
    <td width=7 align=LEFT><font size=1>&nbsp;</font></td>
    <td width=64 align=RIGHT><font size=1>&nbsp; </font></td>
    <td width=25 align=LEFT>&nbsp;</td>
    <td width=43 align=CENTER><font size=1>&nbsp; </font></td>
    <td width=8 align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;Capital &amp; Income</font></td>
    <td align=RIGHT><font size=1>3,143,740</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>53,061</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>12.38</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER><font size=1>12/31</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>Enhanced Equity Yield</font></td>
    <td align=RIGHT><font size=1>2,569,736</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>3,546</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>0.76</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER><font size=1>12/31</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;Enhanced Equity</font></td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;Yield &amp; Premium</font></td>
    <td align=RIGHT><font size=1>1,656,716</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>&nbsp;5,906</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>1.53</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER><font size=1>12/31</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Europe
      Fund</font></td>
    <td align=RIGHT><font size=1>918,446</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>306,148</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>18,932</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>2.14</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER><font size=1>12/31</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;S&amp;P 500 Protected</font></td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=top>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity</font></td>
    <td align=RIGHT><font size=1>3,080,442</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER><font size=1>9/30</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size="1"><b>Taxable Fixed Income Funds</b>
      </font></td>
    <td align=RIGHT><font size=1>&nbsp; </font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>&nbsp; </font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>&nbsp; </font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>&nbsp; </font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>&nbsp; </font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>&nbsp; </font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER><font size=1>&nbsp; </font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRIS</font></td>
    <td align=RIGHT><font size=1>3,537,151</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER><font size=1>8/31</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRIS
      II</font></td>
    <td align=RIGHT><font size=1>808,920</font></td>
    <td align=LEFT><font size=1>*</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>1,250</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>68.49</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER><font size=1>2/28</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHY</font></td>
    <td align=RIGHT><font size=1>2,046,753</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>12,906</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>57.72</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER><font size=1>5/31</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHY
      III</font></td>
    <td align=RIGHT><font size=1>2,634,524</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>13,266</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>56.80</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER><font size=1>5/31</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHY
      V</font></td>
    <td align=RIGHT><font size=1>4,187,174</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>21,375</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>58.97</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER><font size=1>8/31</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHY
      VI</font></td>
    <td align=RIGHT><font size=1>5,120,387</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>24,063</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>58.12</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER><font size=1>8/31</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;Debt Strategies</font></td>
    <td align=RIGHT><font size=1>5,978,234</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER><font size=1>2/28</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;Diversified Income</font></td>
    <td align=RIGHT><font size=1>924,061</font></td>
    <td align=LEFT><font size=1>**</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER><font size=1>8/31</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;Enhanced Government</font></td>
    <td align=RIGHT><font size=1>357,767</font></td>
    <td align=LEFT><font size=1>***</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER><font size=1>12/31</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>Preferred &amp; Corporate</font></td>
    <td align=RIGHT><font size=1>2,263,703</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>272,748</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER><font size=1>10/31</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;Preferred Income</font></td>
    <td align=RIGHT><font size=1>8,970,488</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>534,251</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER><font size=1>10/31</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHIP</font></td>
    <td align=RIGHT><font size=1>2,303,441</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>2/28</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size="1"><b>Tax-exempt Funds</b> </font></td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex</font></td>
    <td align=RIGHT><font size=1>1,208,229</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>6/30</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;Muni Intermediate</font></td>
    <td align=RIGHT><font size=1>3,442,935</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>633,837</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>5/31</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;Muni New York</font></td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;Intermediate</font></td>
    <td align=RIGHT><font size=1>373,778</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>65,053</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>5/31</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MuniAssets</font></td>
    <td align=RIGHT><font size=1>1,447,637</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>5/31</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;MuniEnhanced</font></td>
    <td align=RIGHT><font size=1>2,641,322</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>246,601</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>1/31</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>MH California Insured</font></td>
    <td align=RIGHT><font size=1>5,181,923</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>378,100</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>6/30</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;MH Florida Insured</font></td>
    <td align=RIGHT><font size=1>4,862,812</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>467,672</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>8/31</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Fund</font></td>
    <td align=RIGHT><font size=1>1,803,476</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>168,937</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>1,500</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>100</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>4/30</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Fund II</font></td>
    <td align=RIGHT><font size=1>1,374,311</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>94,769</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>1,000</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>100</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>7/31</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Insured</font></td>
    <td align=RIGHT><font size=1>1,559,067</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>227,707</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>4/30</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;MH Insured II</font></td>
    <td align=RIGHT><font size=1>2,710,953</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>271,023</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>9/30</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>MH New Jersey Insured</font></td>
    <td align=RIGHT><font size=1>2,709,878</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>260,686</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>7/31</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;MH New York Insured</font></td>
    <td align=RIGHT><font size=1>4,019,420</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>296,931</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>8/31</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MuniVest</font></td>
    <td align=RIGHT><font size=1>4,740,919</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>396,709</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>6,895</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>56.41</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>8/31</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MuniVest II</font></td>
    <td align=RIGHT><font size=1>2,362,219</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>225,105</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>3,105</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>44.47</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>10/31</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MY Arizona</font></td>
    <td align=RIGHT><font size=1>489,171</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>32,098</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>10/31</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;MY California</font></td>
    <td align=RIGHT><font size=1>2,315,287</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>149,583</font></td>
    <td align=RIGHT>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=right>&nbsp;</td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>10/31</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>MY California Insured</font></td>
    <td align=RIGHT><font size=1>3,775,797</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>199,107</font></td>
    <td align=RIGHT>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=right>&nbsp;</td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>10/31</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MY Florida</font></td>
    <td align=RIGHT><font size=1>1,515,133</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>140,564</font></td>
    <td align=RIGHT>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=right>&nbsp;</td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>10/31</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;MY Florida Insured</font></td>
    <td align=RIGHT><font size=1>990,900</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>93,910</font></td>
    <td align=RIGHT>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=right>&nbsp;</td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>10/31</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MY Fund</font></td>
    <td align=RIGHT><font size=1>4,957,488</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>371,770</font></td>
    <td align=RIGHT>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=right>&nbsp;</td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>10/31</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MY Insured</font></td>
    <td align=RIGHT><font size=1>8,120,039</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>740,429</font></td>
    <td align=RIGHT>&nbsp;</td>
    <td align=CENTER><font size=1>24,600</font></td>
    <td align=right>&nbsp;</td>
    <td align=RIGHT><font size=1>100</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>10/31</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;MY Michigan Insured</font></td>
    <td align=center><font size=1>2,251,164</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>234,699</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>10/31</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;MY Michigan Insured II</font></td>
    <td align=center><font size=1>1,339,439</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>96,811</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>10/31</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;MY New Jersey</font></td>
    <td align=center><font size=1>1,706,174</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>166,930</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>11/30</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>MY New Jersey Insured</font></td>
    <td align=center><font size=1>1,037,003</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>119,076</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>10/31</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;MY New York Insured</font></td>
    <td align=center><font size=1>4,219,714</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>251,284</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>10/31</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;MY Pennsylvania</font></td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insured</font></td>
    <td align=center><font size=1>1,418,961</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>160,938</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>10/31</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MY Quality</font></td>
    <td align=center><font size=1>3,358,321</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>223,965</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER><font size=1>1,500</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font size=1>100</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>10/31</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;MY Quality II</font></td>
    <td align=center><font size=1>2,278,124</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=CENTER>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT><font size=1>&nbsp;</font></td>
    <td align=CENTER><font size=1>194,462</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font size=1>0</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=right><font size=1>10/31</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td colspan="15" align=LEFT> <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 Left" 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">For
the period July 30, 2004 to February 28, 2005. </FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Left" 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">For the period January 31, 2005 to August 31, 2005.</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Footnote Left" 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">For
the period October 31, 2005 to December 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">
M-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: 132; page: 132" -->


<!-- MARKER FORMAT-SHEET="Right Head Bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Appendix N</I> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Directors and
Principal Officers of Advisers and Subadvisers  </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>M<U>errill Lynch
Investment Managers, LP</U></B> </FONT> </P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>
     <TH><FONT SIZE=2>Name</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK noshade></TH>
     <TH><FONT SIZE=2>Position</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK noshade></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=38% ALIGN=CENTER><FONT SIZE=2>Robert C. Doll, Jr.</FONT></TD>
     <TD WIDTH=61% ALIGN=CENTER><FONT SIZE=2>President</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>Donald C. Burke</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>Senior Vice President and Treasurer</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>Jeffrey Hiller</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>Chief Compliance Officer</FONT></TD></TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=2>Denis Molleur</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>General Counsel</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>Alice A. Pellegrino</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>Secretary</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"><U><B>Fund Asset
Management, LP</B></U> </FONT> </P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>
     <TH><FONT SIZE=2>Name</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK noshade></TH>
     <TH><FONT SIZE=2>Position</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK noshade></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=38% ALIGN=CENTER><FONT SIZE=2>Robert C. Doll, Jr.</FONT></TD>
     <TD WIDTH=61% ALIGN=CENTER><FONT SIZE=2>President</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>Donald C. Burke</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>Senior Vice President and Treasurer</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>Jeffrey Hiller</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>Chief Compliance Officer</FONT></TD></TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER><FONT SIZE=2>Denis Molleur</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>General Counsel</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>Alice A. Pellegrino</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>Secretary</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"><U><B>Merrill Lynch Asset
Management UK Limited</B></U> </FONT> </P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>

    <TH width="38%"><FONT SIZE=2>Name</FONT>
<HR WIDTH=90% SIZE=1 COLOR=BLACK noshade></TH>

    <TH width="62%"><FONT SIZE=2>Position</FONT>
<HR WIDTH=90% SIZE=1 COLOR=BLACK noshade></TH></TR>
<TR VALIGN=Bottom>

    <TD WIDTH=38% ALIGN=CENTER><FONT SIZE=2>Nicholas C.D. Hall</FONT></TD>

    <TD WIDTH=62% ALIGN=CENTER><FONT SIZE=2>Director</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="38%"><FONT SIZE=2>James T. Statford</FONT></TD>

    <TD ALIGN=CENTER width="62%"><FONT SIZE=2>Alternate Director</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="38%"><FONT SIZE=2>Donald C. Burke</FONT></TD>

    <TD ALIGN=CENTER width="62%"><FONT SIZE=2>Treasurer</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="38%"><FONT SIZE=2>Debra Anne Searle</FONT></TD>

    <TD ALIGN=CENTER width="62%"><FONT SIZE=2>Company Secretary</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"><U><B>Merrill Lynch
Investment Managers International Limited</B></U> </FONT> </P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>

    <TH width="38%"><FONT SIZE=2>Name</FONT>
<HR WIDTH=90% SIZE=1 COLOR=BLACK noshade></TH>

    <TH width="62%"><FONT SIZE=2>Position</FONT>
<HR WIDTH=90% SIZE=1 COLOR=BLACK noshade></TH></TR>
<TR VALIGN=Bottom>

    <TD WIDTH=38% ALIGN=CENTER><FONT SIZE=2>Peter John Gibbs</FONT></TD>

    <TD WIDTH=62% ALIGN=CENTER><FONT SIZE=2>Chairman and Chief Executive Officer</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="38%"><FONT SIZE=2>Simon G.B. Miles</FONT></TD>

    <TD ALIGN=CENTER width="62%"><FONT SIZE=2>Director</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="38%"><FONT SIZE=2>Bernadette Lewis</FONT></TD>

    <TD ALIGN=CENTER width="62%"><FONT SIZE=2>Assistant Secretary</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="38%"><FONT SIZE=2>Debra Anne Searle</FONT></TD>

    <TD ALIGN=CENTER width="62%"><FONT SIZE=2>Secretary</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="38%"><FONT SIZE=2>Marc H. Brillon</FONT></TD>

    <TD ALIGN=CENTER width="62%"><FONT SIZE=2>Director</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=CENTER width="38%"><FONT SIZE=2>Edoardo L. R. Mercadante</FONT></TD>

    <TD ALIGN=CENTER width="62%"><FONT SIZE=2>Director</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>BlackRock Advisors,
LLC  </B></FONT></P>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>
     <TH><FONT SIZE=2>Name</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK noshade></TH>
     <TH><FONT SIZE=2>Position</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK noshade></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=35% ALIGN=CENTER><FONT SIZE=2>Laurence D. Fink</FONT></TD>
     <TD WIDTH=64% ALIGN=CENTER><FONT SIZE=2>Chief Executive Officer</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>Ralph L. Schlosstein</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>President and Director</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>Robert S. Kapito</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>Vice Chairman and Director</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>Robert P. Connolly</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>General Counsel, Secretary and Managing Director</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>Henry Gabbay</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>Managing Director, Chief Administrative Officer,</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>Portfolio Compliance</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>Bartholomew A. Battista</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>Managing Director and Chief Compliance Officer</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>Laurence J. Carolan</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>Managing Director and Director</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>Kevin M. Klingert</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>Managing Director and Director</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>John P. Moran</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>Managing Director, Treasurer and Director</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE=2>Steven E. Buller</FONT></TD>
     <TD ALIGN=CENTER><FONT SIZE=2>Chief Financial Officer</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">
N-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: 134; page: 134" -->



<!-- MARKER FORMAT-SHEET="Right Head Bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Appendix O</I> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2><b>Other Funds Advised
by BlackRock Advisors and Fee Schedules </b></font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table lists certain information regarding funds for which BlackRock Advisors
provide investment advisory services, other than the Funds that are addressed by this
Joint Proxy Statement. All of the information below is given as of the end of the last
fiscal year of each fund. </font></p>
<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<p align=LEFT><font face="Times New Roman, Times, Serif" size=2><b>Investment Advisory
Services </b></font></p>

<table cellpadding=0 cellspacing=0 border=0 align="center" width=100%>

  <tr valign=Bottom>
    <td align=center width="76%"><b><font size=1>Trust</font>
      </b>
      <hr size=1 color=BLACK noshade align="center">
    </td>
    <td align=LEFT width="0%">&nbsp;</td>
    <td align=center width="8%"><b><font size=1>Net Assets ($)</font>
      </b>
      <hr width=95% size=1 color=BLACK noshade>
    </td>
    <td align=LEFT width="2%">&nbsp;</td>
    <td align=center colspan="3"><font size=1><b>Management Fee</b></font>
      <hr width=95% size=1 color=BLACK noshade>
    </td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>THE BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>260,493,873</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.35</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>THE BLACKROCK INSURED MUNICIPAL 2008 TERM TRUST INC</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>432,405,837</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.35</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>THE BLACKROCK CALIFORNIA INSURED MUNICIPAL 2008 TERM TRUST INC</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>165,097,069</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.35</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>THE BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>130,973,515</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.35</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>THE BLACKROCK NEW YORK INSURED MUNICIPAL 2008 TERM TRUST INC</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>177,131,546</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.35</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>THE BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST INC</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>43,276,004</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.55</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">2</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>THE BLACKROCK INCOME TRUST INC</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>418,390,124</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.65</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">2</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>THE BLACKROCK HIGH YIELD TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>47,923,833</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>1.05</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>THE BLACKROCK MUNICIPAL TARGET TERM TRUST INC</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>461,323,249</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.35</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>14,298,607</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.35</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>16,214,171</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.35</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>14,580,758</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.35</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1</font></sup>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>19,642,982</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.35</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>THE BLACKROCK INCOME OPPORTUNITY TRUST INC</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>398,078,053</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.60</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">2</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>THE BLACKROCK INSURED MUNICIPAL TERM TRUST INC</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>272,014,631</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.35</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>THE BLACKROCK PENNSYLVANIA STRATEGIC MUNICIPAL TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>30,800,546</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.60</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1,3</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>THE BLACKROCK STRATEGIC MUNICIPAL TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>113,683,860</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.60</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1,3</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK FLORIDA MUNICIPAL INCOME TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>102,943,536</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.60</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1,4</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK MUNICIPAL INCOME TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>642,047,394</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.60</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1,4</font></sup>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>227,472,342</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.60</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1,4</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>117,739,444</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.60</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1,4</font></sup>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK NEW YORK MUNICIPAL INCOME TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>193,457,251</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.60</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1,4</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK CALIFORNIA MUNICIPAL 2018 TERM TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>97,823,514</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.40</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK MUNICIPAL 2018 TERM TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>249,890,453</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.40</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>58,525,392</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.40</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK CORE BOND TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>385,513,789</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.55</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK STRATEGIC BOND TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>96,546,071</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.75</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1,5</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK MUNICIPAL BOND TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>1,658,633,211</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.55</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1,6</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK CALIFORNIA MUNICIPAL BOND TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>54,265,399</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.65</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1,6</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK FLORIDA MUNICIPAL BOND TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>53,989,502</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.65</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1,6</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK MARYLAND MUNICIPAL BOND TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>32,491,797</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.65</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1,6</font></sup></font></td>
  </tr>



























</table>

<p><br>
</p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp;</font></td>
    <td width=60% align=center><font size="2">
O-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="Head Right" FSL="Default" -->


<table cellpadding=0 cellspacing=0 border=0 align="center" width=100%>

  <tr valign=Bottom>
    <td align=center width="76%"><b><font size=1>Trust</font>
      </b>
      <hr size=1 color=BLACK noshade align="center">
    </td>
    <td align=LEFT width="0%">&nbsp;</td>
    <td align=center width="8%"><b><font size=1>Net Assets ($)</font>
      </b>
      <hr width=95% size=1 color=BLACK noshade>
    </td>
    <td align=LEFT width="2%">&nbsp;</td>
    <td align=center colspan="3"><font size=1><b>Management Fee</b></font>
      <hr width=95% size=1 color=BLACK noshade>
    </td>
  </tr>































  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK NEW JERSEY MUNICIPAL BOND TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>36,927,667</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.65</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1,6</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK NEW YORK MUNICIPAL BOND TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>43,460,379</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.65</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1,6</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK VIRGINIA MUNICIPAL BOND TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>24,965,790</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.65</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1,6</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK MUNICIPAL INCOME TRUST II</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>359,020,144</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.55</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1,7</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST II</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>123,919,757</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.55</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1,7</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>75,193,283</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.55</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1,7</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK INSURED MUNICIPAL INCOME TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>408,640,741</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.55</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1,8</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK CALIFORNIA INSURED MUNICIPAL INCOME TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>80,288,963</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.55</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1,8</font></sup>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK FLORIDA INSURED MUNICIPAL INCOME TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>133,220,526</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.55</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1,8</font></sup>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK NEW YORK INSURED MUNICIPAL INCOME TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>98,953,468</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.55</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1,8</font></sup>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK PREFERRED OPPORTUNITY TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>447,189,942</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.65</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK LIMITED DURATION INCOME TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>704,961,417</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.55</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK MUNICIPAL 2020 TERM TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>309,146,353</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.50</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>82,875,491</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.50</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK DIVIDEND ACHIEVERS<font size="1"><sup>TM</sup></font> TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>774,690,884</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.65</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">2</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK STRATEGIC DIVIDEND ACHIEVERS<font size="1"><sup>TM</sup></font> TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>407,365,641</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.75</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">2</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK S&amp;P QUALITY RANKINGS GLOBAL EQUITY MANAGED TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>96,401,772</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.75</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">2</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK GLOBAL FLOATING RATE INCOME TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>449,218,864</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>0.75</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">1,9</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK GLOBAL ENERGY AND RESOURCES TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>836,923,694</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>1.20</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">2,10</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK HEALTH SCIENCES TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>198,004,786</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>1.00</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">2</font></sup>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK HIGH INCOME SHARES</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>142,457,308</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=center colspan="3"><font size=2>0.75%<sup><font size="1">1</font></sup> on first $200 <br>

      </font><font size=2>million 0.50%<sup><font size="1">1</font></sup> thereafter</font><font size=2>&nbsp;</font></td>
  </tr>

  <tr valign=Bottom>
    <td align=LEFT width="76%">&nbsp;</td>
    <td align=LEFT width="0%">&nbsp;</td>
    <td align=RIGHT width="8%">&nbsp;</td>
    <td align=LEFT width="2%">&nbsp;</td>
    <td align=RIGHT colspan="2">&nbsp;</td>
    <td align=LEFT width="6%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK GLOBAL OPPORTUNITIES EQUITY TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>294,195,028</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>1.00</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">2</font></sup>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK ENHANCED DIVIDEND ACHIEVERS<font size="1"><sup>TM</sup></font> TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>968,245,343</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>1.00</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">2</font></sup></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK WORLD INVESTMENT TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>672,980,741</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>1.00</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">2</font></sup>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="76%"><font size=2>BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST</font></td>
    <td align=LEFT width="0%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT width="8%"><font size=2>186,106,083</font></td>
    <td align=LEFT width="2%"><font size=2>&nbsp;</font></td>
    <td align=RIGHT colspan="2"><font size=2>1.00</font></td>
    <td align=LEFT width="6%"><font size=2>%<sup><font size="1">2,11</font></sup></font></td>
  </tr>
</table>
<br>
<hr size=1 noshade align=left  width=75>


<!-- MARKER FORMAT-SHEET="Footnote Left" FSL="Workstation" -->
<table width=100%>
  <tr>
    <td width=4% align=left valign=top><font size="1"><sup>1</sup> </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=94% align=left valign=top><font size="1">As
a percentage of average weekly managed assets.</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Footnote Left" FSL="Workstation" -->
<table width=100%>
  <tr>
    <td width=4% align=left valign=top><font size="1"><sup>2</sup> </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=94% align=left valign=top><font size="1">As
a percentage of average weekly net assets.</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Footnote Left" FSL="Workstation" -->
<table width=100%>
  <tr>
    <td width=4% align=left valign=top><font size="1"><sup>3</sup> </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=94% align=left valign=top><font size="1">The
advisor has voluntarily agreed to waive a portion of the investment       advisory fees
or expenses as a percentage of the weekly managed assets as       follows: 0.25% for the
first 5 years of the Trust's operations, 0.20% in       year 6, 0.15% in year 7, 0.10% in
year 8 and 0.05% in year 9.</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Footnote Left" FSL="Workstation" -->
<table width=100%>
  <tr>
    <td width=4% align=left valign=top><font size="1"><sup>4</sup> </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=94% align=left valign=top><font size="1">The
advisor has voluntarily agreed to waive a portion of the investment       advisory fees
or expenses as a percentage of the weekly managed assets as       follows: 0.25% for the
first 5 years of the Trust's operations, 0.20% in       year 6, 0.15% in year 7, 0.10% in
year 8 and 0.05% in year 9.</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Footnote Left" FSL="Workstation" -->
<table width=100%>
  <tr>
    <td width=4% align=left valign=top><font size="1"><sup>5</sup> </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=94% align=left valign=top><font size="1">The
advisor has voluntarily agreed to waive a portion of the investment       advisory fees
or expenses as a percentage of the weekly managed assets as       follows: 0.20% for the
first 5 years of the Trust's operations, 0.15% in       year 6, 0.10% in year 7, and
0.05% in year 8.</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Footnote Left" FSL="Workstation" -->
<table width=100%>
  <tr>
    <td width=4% align=left valign=top><font size="1"><sup>6</sup> </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=94% align=left valign=top><font size="1">The
advisor has voluntarily agreed to waive a portion of the investment       advisory fees
or expenses as a percentage of the weekly managed assets as       follows: 0.30% for the
first 5 years of the Trust's operations, 0.25% in       year 6, 0.20% in year 7, 0.15% in
year 8, 0.10% in year 9, and 0.05% in       year 10.</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Footnote Left" FSL="Workstation" -->
<table width=100%>
  <tr>
    <td width=4% align=left valign=top><font size="1"><sup>7</sup> </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=94% align=left valign=top><font size="1">The
advisor has voluntarily agreed to waive a portion of the investment       advisory fees
or expenses as a percentage of the weekly managed assets as       follows: 0.15% for the
first 5 years of the Trust's operations, 0.10% in       years 6 and 7, and 0.05% in years
8 through 10.</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Footnote Left" FSL="Workstation" -->
<table width=100%>
  <tr>
    <td width=4% align=left valign=top><font size="1"><sup>8</sup> </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=94% align=left valign=top><font size="1">The
advisor has voluntarily agreed to waive a portion of the investment       advisory fees
or expenses as a percentage of the weekly managed assets as       follows: 0.20% for the
first 5 years of the Trust's operations, 0.15% in       year 6, 0.10% in year 7, and
0.05% in year 8.</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Footnote Left" FSL="Workstation" -->
<table width=100%>
  <tr>
    <td width=4% align=left valign=top><font size="1"><sup>9</sup> </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=94% align=left valign=top><font size="1">The
advisor has voluntarily agreed to waive a portion of the investment       advisory fees
or expenses as a percentage of the weekly managed assets as       follows: 0.20% for the
first 5 years of the Trust's operations, 0.15% in       year 6, 0.10% in year 7, and
0.05% in year 8.</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Footnote Left" FSL="Workstation" -->
<table width=100%>
  <tr>
    <td width=4% align=left valign=top><font size="1"><sup>10</sup> </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=94% align=left valign=top><font size="1">The
advisor has voluntarily agreed to waive a portion of the investment       advisory fees
or expenses as a percentage of the weekly net assets as       follows: 0.20% for the
first 5 years of the Trust's operations, 0.15% in       year 6, 0.10% in year 7, and
0.05% in year 8.</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Footnote Left" FSL="Workstation" -->
<table width=100%>
  <tr>
    <td width=4% align=left valign=top><font size="1"><sup>11</sup> </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=94% align=left valign=top><font size="1">The
advisor has voluntarily agreed to waive a portion of the investment       advisory fees
or expenses as a percentage of the weekly net assets as       follows: 0.40% for the
first 5 years of the Trust's operations, 0.30% in       year 6, 0.20% in year 7, and
0.10% in year 8.</font></td>
  </tr>
</table>
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2><b>* * * * * </b></font></p>
<p align=CENTER><!-- 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">
O-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: 105; page: 105" -->




<p align=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Appendix P</I> </FONT> </p>
<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Workstation" -->
<H1 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Independent Registered
Public Accounting Firm  Fees </FONT></H1>

<!-- 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
tables below set forth for each Fund that is electing Directors, 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>



<!-- 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>Audit
Fees are for the audit of the Fund&#146;s annual financial statements included in the Fund&#146;s
reports to shareholders and in connection with statutory and regulatory filing or
engagements; </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>Audit-Related
Fees 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>

<!-- 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>Tax
Fees include tax compliance, tax advice and tax planning; and </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>All
Other Fees are for other products and services provided. </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;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>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Default" -->
<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 border=0 cellspacing=0 cellpadding=0 width=740 align="center">




  <tr align="center">

    <td valign=bottom>&nbsp;</td>
    <td valign=bottom>&nbsp;</td>
    <td valign=bottom colspan="3"><font face="Times New Roman" size="1"><b>Audit Fees ($)</b></font>

      <hr size="1" noshade>
      </td>
    <td valign=bottom>&nbsp;</td>
    <td valign=bottom colspan="3"><font face="Times New Roman" size="1"><b>Audit-Related Fees ($)</b></font>

      <hr size="1" noshade>
      </td>
    <td valign=bottom>&nbsp;</td>
    <td valign=bottom colspan="3"><font face="Times New Roman" size="1"><b>Tax Fees ($)</b></font>

      <hr size="1" noshade>
      </td>
    <td valign=bottom>&nbsp;</td>
    <td valign=bottom colspan="3"><font face="Times New Roman" size="1"><b>All Other Fees ($)</b></font>

      <hr size="1" noshade>
      </td>
  </tr>

  <tr align="center">

    <td valign=bottom>

          <font size="1"><b><font face="Times New Roman">Fund</font></b></font>


      <hr size="1" noshade>

      </td>
    <td valign=bottom>    <font size="1"><b>&nbsp;&nbsp;</b></font></td>
    <td valign=bottom>

          <font size="1"><b><font face="Times New Roman">Most <br>
             Recent <br>
             Fiscal <br>
             Year ($) </font></b></font>


      <hr size="1" noshade>

      </td>
    <td valign=bottom><font size="1"><b>&nbsp;&nbsp;</b></font></td>
    <td valign=bottom>

          <font size="1"><b><font face="Times New Roman">Fiscal <br>
             Year Prior <br>
             to Most <br>
             Recent <br>
             Fiscal Year <br>
             End ($) </font></b></font>


      <hr size="1" noshade>

      </td>
    <td valign=bottom><font size="1"><b>&nbsp;&nbsp;</b></font></td>
    <td valign=bottom>

          <font size="1"><b><font face="Times New Roman">Most <br>
             Recent <br>
             Fiscal <br>
             Year ($) </font></b></font>


      <hr size="1" noshade>

      </td>
    <td valign=bottom><font size="1"><b>&nbsp;&nbsp;</b></font></td>
    <td valign=bottom>

          <font size="1"><b><font face="Times New Roman">Fiscal <br>
             Year Prior <br>
             to Most <br>
             Recent <br>
             Fiscal Year <br>
             End ($) </font></b></font>


      <hr size="1" noshade>

      </td>
    <td valign=bottom><font size="1"><b>&nbsp;&nbsp;</b></font></td>
    <td valign=bottom>

          <font size="1"><b><font face="Times New Roman">Most <br>
             Recent <br>
             Fiscal <br>
             Year ($) </font></b></font>


      <hr size="1" noshade>

      </td>
    <td valign=bottom><font size="1"><b>&nbsp;&nbsp;</b></font></td>
    <td valign=bottom>

          <font size="1"><b><font face="Times New Roman">Fiscal <br>
             Year Prior <br>
             to Most <br>
             Recent <br>
             Fiscal Year <br>
             End ($) </font></b></font>


      <hr size="1" noshade>

      </td>
    <td valign=bottom><font size="1"><b>&nbsp;&nbsp;</b></font></td>
    <td valign=bottom>

          <font size="1"><b><font face="Times New Roman">Most <br>
           Recent <br>
           Fiscal <br>
           Year ($) </font></b></font>


      <hr size="1" noshade>

      </td>
    <td valign=bottom><font size="1"><b>&nbsp;&nbsp;</b></font></td>
    <td valign=bottom>

          <font size="1"><b><font face="Times New Roman">Fiscal <br>
             Year Prior <br>
             to Most <br>
             Recent <br>
             Fiscal  Year <br>
             End ($) </font></b></font>


      <hr size="1" noshade>

      </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">Muni Intermediate</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">33,000</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">38,500</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">3,500</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">28,000</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">5,700</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">5,200</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">Muni New York Intermediate</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">29,000</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">36,500</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">3,500</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">24,500</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">5,700</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">5,200</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">Debt Strategies</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">45,500</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">43,000</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">8,000</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">7,500</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">6,000</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">5,700</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">FRIS</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">38,000</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">43,100</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">7,900</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">5,200</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">FRIS II</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">40,200</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">42,00</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">8,000</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">9,600</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">6,000</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">5,700</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">MH Fund</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">32,000</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">31,500</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">3,500</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">3,000</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">5,700</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">5,200</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">MH Insured</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">32,000</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">31,500</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">3,500</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">3,000</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">5,700</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">5,200</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">SHIP</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">41,300</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">39,000</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">8,000</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">7,500</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">6,000</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">5,700</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">Preferred &amp; Corporate</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">40,000</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">36,000</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">3,500</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">3,000</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">5,700</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">5,200</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">Enhanced Equity Yield &amp; Premium</font><font face="Times New Roman" size="3"><sup><font size="1">1</font></sup></font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">36,000</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">9,600</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">5,700</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">CHY</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">37,000</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">35,000</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">7,500</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">5,700</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">5,200</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">CHY III</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">37,000</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">35,000</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">7,500</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">5,700</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">5,200</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">MuniAssets</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">27,500</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">26,000</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">5,700</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">5,610</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">Europe Fund</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">35,000</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">34,000</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">5,700</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">5,200</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">Capital &amp; Income</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">36,000</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">42,400</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">5,700</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">5,200</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
  </tr>
  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">Preferred Income</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">41,000</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">38,000</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">3,500</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">3,000</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">5,700</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">5,200</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">Enhanced Equity Yield</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">36,600</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">9,600</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">5,700</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">Enhanced Government</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">34,000</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">5,700</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </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">
P-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: 106; page: 106" -->





<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Fees for non-audit services
provided to the Fund&#146;s Affiliated Service Providers for which pre-approval by the
Audit Committee was
  required: </B></FONT></P>
<table border=0 cellspacing=0 cellpadding=0 width=740 align="center">

  <tr>

    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top colspan="3" align="center"><font face="Times New Roman" size="1"><b>Audit Fees ($)</b></font>

      <hr size="1" noshade>
      </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top colspan="3" align="center"><font face="Times New Roman" size="1"><b>Tax Fees ($)</b></font>

      <hr size="1" noshade>
      </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top colspan="3" align="center"><font face="Times New Roman" size="1"><b>All Other Fees ($)</b></font>

      <hr size="1" noshade>
      </td>
  </tr>

  <tr>

    <td valign=bottom align="center">

          <font size="1"><b><font face="Times New Roman">Fund</font></b></font>


      <hr size="1" noshade>

      </td>
    <td valign=bottom align="center">    <font size="1"><b>&nbsp;&nbsp;</b></font></td>
    <td valign=bottom align="center">

          <font size="1"><b><font face="Times New Roman">Most <br>
             Recent <br>
             Fiscal <br>
             Year ($) </font></b></font>


      <hr size="1" noshade>

      </td>
    <td valign=bottom align="center"><font size="1"><b>&nbsp;&nbsp;</b></font></td>
    <td valign=bottom align="center">

          <font size="1"><b><font face="Times New Roman">Fiscal <br>
             Year Prior <br>
             to Most <br>
             Recent <br>
             Fiscal Year <br>
             End ($) </font></b></font>


      <hr size="1" noshade>

      </td>
    <td valign=bottom align="center"><font size="1"><b>&nbsp;&nbsp;</b></font></td>
    <td valign=bottom align="center">

          <font size="1"><b><font face="Times New Roman">Most <br>
             Recent <br>
             Fiscal <br>
             Year ($) </font></b></font>


      <hr size="1" noshade>

      </td>
    <td valign=bottom align="center"><font size="1"><b>&nbsp;&nbsp;</b></font></td>
    <td valign=bottom align="center">

          <font size="1"><b><font face="Times New Roman">Fiscal <br>
             Year Prior <br>
             to Most <br>
             Recent <br>
             Fiscal Year <br>
             End ($) </font></b></font>


      <hr size="1" noshade>

      </td>
    <td valign=bottom align="center"><font size="1"><b>&nbsp;&nbsp;</b></font></td>
    <td valign=bottom align="center">

          <font size="1"><b><font face="Times New Roman">Most <br>
             Recent <br>
             Fiscal <br>
             Year ($) </font></b></font>


      <hr size="1" noshade>

      </td>
    <td valign=bottom align="center"><font size="1"><b>&nbsp;&nbsp;</b></font></td>
    <td valign=bottom align="center">

          <font size="1"><b><font face="Times New Roman">Fiscal <br>
             Year Prior <br>
             to Most <br>
             Recent <br>
             Fiscal Year <br>
             End ($) </font></b></font>


      <hr size="1" noshade>

      </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">Muni Intermediate</font></p>
    </td>
    <td valign=top>&nbsp;&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">Muni New York Intermediate</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">Debt Strategies</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">1,227,000</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">945,000</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">FRIS</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">1,227,000</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">945,000</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">FRIS II</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">1,227,000</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">945,000</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">MH Fund</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">MH Insured</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">SHIP</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">1,227,000</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">945,000</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">Preferred &amp; Corporate</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">Enhanced Equity Yield &amp; Premium</font><font face="Times New Roman" size="3"><sup><font size="1">1</font></sup></font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">1,227,000</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">CHY</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">945,000</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">541,640</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">CHY III</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">945,000</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">541,640</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">MuniAssets</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">945,000</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">541,640</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">Europe Fund</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">Capital &amp; Income</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">1,227,000</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">945,000</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">Preferred Income</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">Enhanced Equity Yield</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">1,227,000</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p align=center><font face="Times New Roman" size="2">Enhanced Government</font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">0</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
  </tr>

</table>
<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Aggregate non-audit
fees for services provided to the Fund and its Affiliated Service Providers, regardless
of whetherpre-approval was required:</I></B> </FONT> </P>



<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<table border=0 cellspacing=0 cellpadding=0 width=600 align="center">

  <tr>

    <td valign=top width=256>&nbsp;</td>
    <td valign=top width=27>&nbsp;</td>
    <td valign=top colspan="3" align="center"><font size="2"><b><font size="1">Aggregate Non-Audit Fees ($)</font></b></font>

      <hr size="1" noshade>
      </td>
  </tr>

  <tr>

    <td valign=bottom align="center" width="256">

          <font size="1"><b><font face="Times New Roman">Fund</font></b></font>


      <hr size="1" noshade>

      </td>
    <td valign=bottom align="center" width="27">&nbsp;    </td>
    <td valign=bottom align="center" width="64">

          <font size="1"><b><font face="Times New Roman">Most <br>
             Recent <br>
             Fiscal <br>
             Year ($) </font></b></font>


      <hr size="1" noshade>

      </td>
    <td valign=bottom align="center" width="16"><font size="1"><b>&nbsp;&nbsp;</b></font></td>
    <td valign=bottom align="center" width="74">

          <font size="1"><b><font face="Times New Roman">Fiscal <br>
             Year Prior <br>
             to Most <br>
             Recent <br>
             Fiscal Year <br>
             End ($) </font></b></font>


      <hr size="1" noshade>

      </td>
  </tr>

  <tr>

    <td valign=top width=256>

      <p align=center><font face="Times New Roman" size="2">Muni Intermediate</font></p>
    </td>
    <td valign=top width=27>&nbsp;&nbsp;</td>
    <td valign=top width=64 align="center">

      <p><font face="Times New Roman" size="2">9,200</font></p>
    </td>
    <td valign=top width=16 align="center">&nbsp;&nbsp;</td>
    <td valign=top width=74 align="center">

      <p><font face="Times New Roman" size="2">8,200</font></p>
    </td>
  </tr>
  <tr>

    <td valign=top width=256>

      <p align=center><font face="Times New Roman" size="2">Muni New York Intermediate</font></p>
    </td>
    <td valign=top width=27>&nbsp;</td>
    <td valign=top width=64 align="center">

      <p><font face="Times New Roman" size="2">9,200</font></p>
    </td>
    <td valign=top width=16 align="center">&nbsp;</td>
    <td valign=top width=74 align="center">

      <p><font face="Times New Roman" size="2">8,200</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=256>

      <p align=center><font face="Times New Roman" size="2">Debt Strategies</font></p>
    </td>
    <td valign=top width=27>&nbsp;</td>
    <td valign=top width=64 align="center">

      <p><font face="Times New Roman" size="2">4,958,454</font></p>
    </td>
    <td valign=top width=16 align="center">&nbsp;</td>
    <td valign=top width=74 align="center">

      <p><font face="Times New Roman" size="2">11,059,727</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=256>

      <p align=center><font face="Times New Roman" size="2">FRIS</font></p>
    </td>
    <td valign=top width=27>&nbsp;</td>
    <td valign=top width=64 align="center">

      <p><font face="Times New Roman" size="2">7,384,927</font></p>
    </td>
    <td valign=top width=16 align="center">&nbsp;</td>
    <td valign=top width=74 align="center">

      <p><font face="Times New Roman" size="2">14,919,036</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=256>

      <p align=center><font face="Times New Roman" size="2">FRIS II</font></p>
    </td>
    <td valign=top width=27>&nbsp;</td>
    <td valign=top width=64 align="center">

      <p><font face="Times New Roman" size="2">4,958,454</font></p>
    </td>
    <td valign=top width=16 align="center">&nbsp;</td>
    <td valign=top width=74 align="center">

      <p><font face="Times New Roman" size="2">11,059,727</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=256>

      <p align=center><font face="Times New Roman" size="2">MH Fund</font></p>
    </td>
    <td valign=top width=27>&nbsp;</td>
    <td valign=top width=64 align="center">

      <p><font face="Times New Roman" size="2">9,200</font></p>
    </td>
    <td valign=top width=16 align="center">&nbsp;</td>
    <td valign=top width=74 align="center">

      <p><font face="Times New Roman" size="2">8,200</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=256>

      <p align=center><font face="Times New Roman" size="2">MH Insured</font></p>
    </td>
    <td valign=top width=27>&nbsp;</td>
    <td valign=top width=64 align="center">

      <p><font face="Times New Roman" size="2">9,200</font></p>
    </td>
    <td valign=top width=16 align="center">&nbsp;</td>
    <td valign=top width=74 align="center">

      <p><font face="Times New Roman" size="2">8,200</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=256>

      <p align=center><font face="Times New Roman" size="2">SHIP</font></p>
    </td>
    <td valign=top width=27>&nbsp;</td>
    <td valign=top width=64 align="center">

      <p><font face="Times New Roman" size="2">4,958,454</font></p>
    </td>
    <td valign=top width=16 align="center">&nbsp;</td>
    <td valign=top width=74 align="center">

      <p><font face="Times New Roman" size="2">11,059,727</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=256>

      <p align=center><font face="Times New Roman" size="2">Preferred &amp; Corporate</font></p>
    </td>
    <td valign=top width=27>&nbsp;</td>
    <td valign=top width=64 align="center">

      <p><font face="Times New Roman" size="2">9,200</font></p>
    </td>
    <td valign=top width=16 align="center">&nbsp;</td>
    <td valign=top width=74 align="center">

      <p><font face="Times New Roman" size="2">8,200</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=256>

      <p align=center><font face="Times New Roman" size="2">Enhanced Equity Yield &amp; Premium</font></p>
    </td>
    <td valign=top width=27>&nbsp;</td>
    <td valign=top width=64 align="center">

      <p><font face="Times New Roman" size="2">5,593,071</font></p>
    </td>
    <td valign=top width=16 align="center">&nbsp;</td>
    <td valign=top width=74 align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=256>

      <p align=center><font face="Times New Roman" size="2">CHY</font></p>
    </td>
    <td valign=top width=27>&nbsp;</td>
    <td valign=top width=64 align="center">

      <p><font face="Times New Roman" size="2">9,036,643</font></p>
    </td>
    <td valign=top width=16 align="center">&nbsp;</td>
    <td valign=top width=74 align="center">

      <p><font face="Times New Roman" size="2">16,593,786</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=256>

      <p align=center><font face="Times New Roman" size="2">CHY III</font></p>
    </td>
    <td valign=top width=27>&nbsp;</td>
    <td valign=top width=64 align="center">

      <p><font face="Times New Roman" size="2">9,036,643</font></p>
    </td>
    <td valign=top width=16 align="center">&nbsp;</td>
    <td valign=top width=74 align="center">

      <p><font face="Times New Roman" size="2">16,593,786</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=256>

      <p align=center><font face="Times New Roman" size="2">MuniAssets</font></p>
    </td>
    <td valign=top width=27>&nbsp;</td>
    <td valign=top width=64 align="center">

      <p><font face="Times New Roman" size="2">9,036,643</font></p>
    </td>
    <td valign=top width=16 align="center">&nbsp;</td>
    <td valign=top width=74 align="center">

      <p><font face="Times New Roman" size="2">16,586,696</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=256>

      <p align=center><font face="Times New Roman" size="2">Europe Fund</font></p>
    </td>
    <td valign=top width=27>&nbsp;</td>
    <td valign=top width=64 align="center">

      <p><font face="Times New Roman" size="2">5,700</font></p>
    </td>
    <td valign=top width=16 align="center">&nbsp;</td>
    <td valign=top width=74 align="center">

      <p><font face="Times New Roman" size="2">5,200</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=256>

      <p align=center><font face="Times New Roman" size="2">Capital &amp; Income</font></p>
    </td>
    <td valign=top width=27>&nbsp;</td>
    <td valign=top width=64 align="center">

      <p><font face="Times New Roman" size="2">5,583,471</font></p>
    </td>
    <td valign=top width=16 align="center">&nbsp;</td>
    <td valign=top width=74 align="center">

      <p><font face="Times New Roman" size="2">11,931,555</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=256>

      <p align=center><font face="Times New Roman" size="2">Preferred Income</font></p>
    </td>
    <td valign=top width=27>&nbsp;</td>
    <td valign=top width=64 align="center">

      <p><font face="Times New Roman" size="2">9,200</font></p>
    </td>
    <td valign=top width=16 align="center">&nbsp;</td>
    <td valign=top width=74 align="center">

      <p><font face="Times New Roman" size="2">8,200</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=256>

      <p align=center><font face="Times New Roman" size="2">Enhanced Equity Yield</font></p>
    </td>
    <td valign=top width=27>&nbsp;</td>
    <td valign=top width=64 align="center">

      <p><font face="Times New Roman" size="2">5,593,071</font></p>
    </td>
    <td valign=top width=16 align="center">&nbsp;</td>
    <td valign=top width=74 align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=256>

      <p align=center><font face="Times New Roman" size="2">Enhanced Government</font></p>
    </td>
    <td valign=top width=27>&nbsp;</td>
    <td valign=top width=64 align="center">

      <p><font face="Times New Roman" size="2">5,700</font></p>
    </td>
    <td valign=top width=16 align="center">&nbsp;</td>
    <td valign=top width=74 align="center">

      <p><font face="Times New Roman" size="2">N/A</font></p>
    </td>
  </tr>

</table>
<p>&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">
P-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: 4; page: 4" -->





<!-- MARKER FORMAT-SHEET="Head Right" FSL="Workstation" -->
<p align=RIGHT><font face="Times New Roman, Times, Serif" size="2"><b><i></i></b></font></p>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Appendix Q</I> </FONT> </P>
<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>5% Share Ownership</b> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;      As of June 14, 2006, to the best knowledge of each Fund, the following
persons beneficially owned or owned of record 5% or more of the outstanding
shares of the class of the Funds indicated:</FONT></P>


<!-- MARKER FORMAT-SHEET="8K 3 col" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 border=0 align="center" width=640>

  <tr valign=Bottom>


    <th align="left"><font size=2>Fund </font>

      <hr width=95% size=1 color=BLACK noshade align="left">
      </th>
    <th align="left">&nbsp;</th>
    <th><font size=2>Class</font>

      <hr width=95% size=1 color=BLACK noshade>
      </th>
    <th>&nbsp;</th>
    <th><font size=2>Percent </font>

      <hr width=95% size=1 color=BLACK noshade>
      </th>
    <th>&nbsp;</th>
    <th><font size=2>Name</font>

      <hr width=95% size=1 color=BLACK noshade>
      </th>
    <th>&nbsp;</th>
    <th><font size=2>Address</font>

      <hr width=95% size=1 color=BLACK noshade>
      </th>
  </tr>

  <tr valign=Bottom>


    <td align=LEFT valign="top"><font size="2">Europe Fund </font></td>
    <td align=LEFT valign="top"><font size="2">&nbsp;</font></td>
    <td align=left valign="top"><font size="2">Common <br>
      stock</font></td>
    <td align=LEFT valign="top"><font size="2">&nbsp;</font></td>
    <td align=left valign="top"><font size="2">7.84</font></td>
    <td align=LEFT><font size="2">&nbsp;</font></td>
    <td align=left valign="top"><font size="2">Karpus Management,
Inc.<br>
       d/b/a Karpus
<br>
      Investment Management
</font></td>
    <td align=LEFT><font size="2">&nbsp;</font></td>
    <td align=left valign="top"><font size="2">183 Sully&#146;s Trail
<br>
      Pittsford, New York 14534
</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT valign="top">&nbsp;</td>
    <td align=LEFT valign="top">&nbsp;</td>
    <td align=left valign="top">&nbsp;</td>
    <td align=LEFT valign="top">&nbsp;</td>
    <td align=left valign="top">&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=left valign="top">&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=left valign="top">&nbsp;</td>
  </tr>



  <tr valign=Bottom>
    <td align=LEFT valign="top"><font size="2">FRIS II</font></td>
    <td align=LEFT valign="top"><font size="2"></font></td>
    <td align=left valign="top"><font size="2">Common <br>
      stock</font></td>
    <td align=LEFT valign="top"><font size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left valign="top"><font size="2">5.8</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=left valign="top"><font size="2">First Trust
Portfolios L.P.,
<br>
      First Trust Advisors
L.P., <br>
      and The Charger
Corporation
</font></td>
    <td align=LEFT><font size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left valign="top"><font size="2">1001 Warrenville Road
<br>
      Lisle, Illinois 60532
</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT valign="top">&nbsp;</td>
    <td align=LEFT valign="top">&nbsp;</td>
    <td align=left valign="top">&nbsp;</td>
    <td align=LEFT valign="top">&nbsp;</td>
    <td align=left valign="top">&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=left valign="top">&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=left valign="top">&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT valign="top"><font size="2">Capital &amp; Income&nbsp;&nbsp;</font></td>
    <td align=LEFT valign="top"><font size="2"></font></td>
    <td align=left valign="top"><font size="2">Common <br>
      stock</font></td>
    <td align=LEFT valign="top"><font size="2"></font></td>
    <td align=left valign="top"><font size="2">5.67</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=left valign="top"><font size="2">QVT Financial L.P.,
<br>
      QVT Financial GP LLC
</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=left valign="top"><font size="2">527 Madison Avenue, 8th Floor<br>
New York, New York 10022
</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">
Q-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: 5; page: 5" -->
<!-- MARKER FORMAT-SHEET="Right Head Italic" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Appendix R </I> </FONT> </P>




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


<table align="center" border=0 cellspacing=0 cellpadding=0 width=700>
      <tr align="center" valign="top">
        <td width=211> <strong><font size="1" face="Times New Roman">Fund</font></strong>
          <hr width="35" size="1" noshade></td>
        <td width=211> <strong><font size="1" face="Times New Roman">Current Portfolio
          Manager</font></strong>
          <hr width="120" size="1" noshade></td>
        <td width=235> <strong><font size="1" face="Times New Roman">Portfolio
          Manager Post-Transaction</font></strong>
          <hr width="160" size="1" noshade></td>
      </tr>

  <tr align="left" valign="top">

    <td> <font size="2" face="Times New Roman">Debt Strategies</font></td>

    <td> <font size="2" face="Times New Roman">Kevin J. Booth</font></td>

    <td> <font size="2" face="Times New Roman">Kevin J. Booth/Mark
          Williams</font></td>
      </tr>

  <tr align="left" valign="top">

    <td> <font size="2" face="Times New Roman">FRIS</font></td>

    <td> <font size="2" face="Times New Roman">Jaimin Patel</font></td>

    <td> <font size="2" face="Times New Roman">Kevin J. Booth/Mark
          Williams</font></td>
      </tr>

  <tr align="left" valign="top">

    <td> <font size="2" face="Times New Roman">FRIS II</font></td>

    <td> <font size="2" face="Times New Roman">Jaimin Patel</font></td>

    <td> <font size="2" face="Times New Roman">Kevin J. Booth/Mark
          Williams</font></td>
      </tr>

  <tr align="left" valign="top">

    <td> <font size="2" face="Times New Roman">SHIP</font></td>

    <td> <font size="2" face="Times New Roman">Kevin J. Booth</font></td>

    <td> <font size="2" face="Times New Roman">Kevin J. Booth/Mark
          Williams</font></td>
      </tr>

  <tr align="left" valign="top">

    <td> <font size="2" face="Times New Roman">Diversified Income</font></td>

    <td> <font size="2" face="Times New Roman">Kevin J. Booth</font></td>

    <td> <font size="2" face="Times New Roman">Kevin J. Booth/Mark
          Williams</font></td>
      </tr>

  <tr align="left" valign="top">

    <td> <font size="2" face="Times New Roman">CHY</font></td>

    <td> <font size="2" face="Times New Roman">Elizabeth M. Phillips</font></td>

    <td> <font size="2" face="Times New Roman">Jeff Gary/Scott Amero</font></td>
      </tr>

  <tr align="left" valign="top">

    <td> <font size="2" face="Times New Roman">CHY III</font></td>

    <td> <font size="2" face="Times New Roman">Elizabeth M. Phillips</font></td>

    <td> <font size="2" face="Times New Roman">Jeff Gary/Scott Amero</font></td>
      </tr>

  <tr align="left" valign="top">

    <td> <font size="2" face="Times New Roman">CHY V</font></td>

    <td> <font size="2" face="Times New Roman">Elizabeth M. Phillips</font></td>

    <td> <font size="2" face="Times New Roman">Jeff Gary/Scott Amero</font></td>
      </tr>

  <tr align="left" valign="top">

    <td> <font size="2" face="Times New Roman">CHY VI</font></td>

    <td> <font size="2" face="Times New Roman">Elizabeth M. Phillips</font></td>

    <td> <font size="2" face="Times New Roman">Jeff Gary/Scott Amero</font></td>
      </tr>

  <tr align="left" valign="top">

    <td> <font size="2" face="Times New Roman">Capital &amp; Income</font></td>

    <td> <font size="2" face="Times New Roman">Brian Fullerton/Kevin
          Rendino/<br>
          </font><font size="2" face="Times New Roman">Robert J. Martorelli/ John
          Burger/<br>
          </font><font size="2" face="Times New Roman">Aldo Roldan/ Patrick Maldari</font></td>

    <td> <font size="2" face="Times New Roman">John Burger/Scott
          Amero/Dan Chen/<br>
      Kevin
          Rendino</font></td>
      </tr>

  <tr align="left" valign="top">

    <td> <font size="2" face="Times New Roman">Preferred Income</font></td>

    <td> <font size="2" face="Times New Roman">John Burger/ Thomas
          Mumanno</font></td>

    <td> <font size="2" face="Times New Roman">John Burger/Scott
          Amero/Dan Chen</font></td>
      </tr>

  <tr align="left" valign="top">

    <td> <font size="2" face="Times New Roman">Preferred &amp; Corporate</font></td>

    <td> <font size="2" face="Times New Roman">John Burger/ Thomas
          Mumanno</font></td>

    <td> <font size="2" face="Times New Roman">John Burger/Scott
          Amero/Dan Chen</font></td>
      </tr>

  <tr align="left" valign="top">

    <td> <font size="2" face="Times New Roman">Enhanced Government</font></td>

    <td> <font size="2" face="Times New Roman">Thomas Musmanno/Frank
          Viola</font></td>

    <td> <font size="2" face="Times New Roman">Andy Phillips/Eric
          Pellicciaro/Stuart Spodek</font></td>
      </tr>
  </table>


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

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Scott Amero </I>&#150; Managing Director of
BlackRock, Inc. (&#147;BlackRock&#148;) and co-head of BlackRock&#146;s fixed income portfolio
management team. He is a member of the Management Committee and the Investment Strategy
Group. Mr. Amero is a senior strategist and portfolio manager with responsibility for
overseeing all fixed income sector strategy and the overall management of client
portfolios. He is also the head of global credit research. He is a director of Anthracite
Capital, Inc., BlackRock&#146;s publicly-traded real estate investment trust. Prior to
joining BlackRock in 1990, Mr. Amero was a Vice President in Fixed Income Research at The
First Boston Corporation. Mr. Amero joined First Boston in 1985 and became the firm&#146;s
primary strategist for short duration securities. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Andrew Phillips </I>&#150; Managing Director
of and portfolio manager with BlackRock, is a member of the Investment Strategy Group.
Mr. Phillips&#146;primary responsibility is the consistent implementation of investment
strategies across all total return accounts, with a sector emphasis on mortgage
securities. He is Chairman of the monthly Account Review Meeting, which examines
performance, compliance, and operations for all client portfolios. Prior to joining
BlackRock in 1991, Mr. Phillips was a portfolio manager at Metropolitan Life Insurance
Company. He was responsible for managing separate account portfolios and directed the
development of the firm&#146;s proprietary CMO analysis system. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Jeffrey Gary </I>&#150; Managing Director of
and portfolio manager with BlackRock, is head of BlackRock&#146;s high yield team and a
member of the Investment Strategy Group. Prior to joining BlackRock in 2003, Mr. Gary was
a Managing Director and portfolio manager with AIG (American General) Investment Group.
At the time of his departure, AIG managed approximately $12 billion in separate account,
proprietary, mutual fund, and CBO high yield portfolios. From 1996 to 1998, Mr. Gary was
a Managing Director and portfolio manager with Koch Capital Services, where he
established and led the Securities Investment Group for proprietary investment in high
yield, distressed and equity securities. From 1993 to 1996, he was a senior analyst on
the high yield/distressed team at Cargill Financial Services Group. Mr. Gary was with
Mesirow Financial, Inc. from 1988 to 1992, most recently as a Vice President in corporate
finance. Earlier in his career, Mr. Gary was an analyst with Citicorp, and with Price
Waterhouse as an audit senior. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Eric Pellicciaro </I>&#150; Managing Director
of and portfolio manager with BlackRock, is a member of the Investment Strategy Group and
the lead mortgage sector specialist. Mr. Pellicciaro&#146;s primary responsibility is managing client
portfolios, with a sector emphasis on fixed-rate mortgage securities, including
pass-throughs and CMOs. Mr. Pellicciaro started his career in the Financial Modeling
Group at BlackRock in 1996, and joined the Fixed Income Portfolio Management Group in
1999. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Stuart Spodek </I>&#150; Managing
Director of and portfolio manager with BlackRock, is a member of the Investment Strategy
Group. His primary responsibility is managing fixed income portfolios, with a sector
emphasis on global government bonds, derivative instruments, and implementing yield curve
strategy across global portfolios. Mr. Spodek joined BlackRock in 1993 as an analyst in
BlackRock&#146;s Portfolio Management Group and subsequently was promoted to portfolio
manager.  </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">
R-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: 107; page: 107" -->






<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Daniel Chen </I>&#150; Vice
President of and portfolio manager with BlackRock, is a member of the Investment Strategy
Group. His primary responsibility is managing total return client portfolios, with a
sector emphasis on corporate bonds. Mr. Chen joined the Portfolio Management Group in
2002. He began his career at BlackRock in 1999 as an analyst in the Portfolio Analytics
Group.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Mark Williams </I>&#150; Managing
Director of and portfolio manager/loan originator with BlackRock, is head of BlackRock&#146;s
bank loan team and a member of the Investment Strategy Group. His primary responsibility
is originating and evaluating bank loan investments for the firm&#146;s collateralized
bond obligations. He is also involved in the evaluation and sourcing of mezzanine
investments. Prior to joining BlackRock in 1998, Mr. Williams spent eight years with PNC
Bank&#146;s New York office and was a founding member of the bank&#146;s Leveraged
Finance Group. In that capacity he was responsible for structuring proprietary middle
market leveraged deals and sourcing and evaluating broadly syndicated leveraged loans in
the primary and secondary markets for PNC Bank&#146;s investment portfolio. Mr. Williams
has developed extensive contacts over the years working with private equity sponsors and
major loan syndication groups. From 1984 until 1990, Mr. Williams worked in PNC Bank&#146;s
Philadelphia office in a variety of marketing and corporate finance positions.  </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">
R-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" -->






<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td width="19%"><font face="Times New Roman, Times, serif"><b><font size="2">PROXY</font></b></font></td>
    <td width="50%" align="center"><font face="Times New Roman, Times, serif"><b><font size="2">MERRILL
      LYNCH FUNDS</font></b></font></td>
    <td width="25%" align="right"><font face="Times New Roman, Times, serif"><b><font size="2">PROXY</font></b></font></td>
  </tr>
  <tr valign="bottom">
    <td width="25%">&nbsp;</td>
    <td width="50%" align="center"><font face="Times New Roman, Times, serif"><strong><font size="2">2006
      ANNUAL OR SPECIAL MEETING OF SHAREHOLDERS</font></strong></font></td>
    <td width="25%" align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td width="50%" align="center"><font face="Times New Roman, Times, serif"><strong><font size="2">TO
      BE HELD JULY 31, 2006 OR AUGUST 15, 2006</font></strong></font></td>
    <td width="25%" align="right"><font face="Times New Roman, Times, serif"><b><font size="2">COMMON
      STOCK</font></b></font></td>
  </tr>
</table>
<p align=left><font size="1" face="Times New Roman, Times, serif"><b><font size="2">This
  Proxy is solicited on behalf of the Board of Directors/Trustees.</font></b><font size="2">
  The undersigned hereby appoints Donald C. Burke, Alice A. Pellegrino and Robert
  C. Doll 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 herein,
  all the shares of common stock of the above-named Fund (the &#147;Fund&#148;), held of
  record by the undersigned on June 2, 2006 at the annual or special meeting of
  shareholders of the Fund to be held on Monday, July 31,2006 or Tuesday, August
  15, 2006, or any adjournment or postponement thereof.</font></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><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; the Proposals.</b></font></p>
<table width="700" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td width="328"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;</font></td>
    <td colspan="3"><p><font size="2" face="Times New Roman, Times, serif"><strong>VOTE
        VIA THE INTERNET:  https://vote.proxy-direct.com</strong><br>
        </font><font size="3" face="Times New Roman, Times, serif"><b><font size="2">VOTE
        VIA THE TELEPHONE:  1-866-877-9383</font></b></font></p></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td width="205"><hr size="1" noshade></td>
    <td width="45">&nbsp;</td>
    <td width="122"><hr size="1" noshade></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td bgcolor="#CCCCCC">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td><hr size="1" noshade></td>
    <td><font face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></td>
    <td><hr size="1" noshade></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td colspan="3"><font size="3" face="Times New Roman, Times, serif"><b><font size="1">Note</font></b><font size="1">:
      Please sign exactly as your name appears hereon.  When shares are held by
      joint tenants, both should sign.  When signing as attorney or as executor,
      administrator, trustee or guardian, please give full title as such.  If
      a corporation, please sign in full corporate name by president or other
      authorized officer.  If a partnership, please sign in partnership name by
      authorized person.</font></font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td colspan="3"><font face="Times New Roman, Times, serif">___________________________________________<br>
      <font size="1">Signature</font></font> </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td colspan="3"><font face="Times New Roman, Times, serif">___________________________________________<br>
      <font size="1">Signature (Joint Owners)</font></font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td colspan="3"><font face="Times New Roman, Times, serif">___________________________________________<br>
      <font size="1">Date                               &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                               CEF_16444</font></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif"><u>FUNDS</u> </font></td>
    <td><font size="2" face="Times New Roman, Times, serif"><u>FUNDS</u> </font></td>
    <td><font size="2" face="Times New Roman, Times, serif"><u>FUNDS</u> </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Fundname Drop In 1</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Fundname Drop In 2</font></td>
    <td><font size="2" face="Times New Roman, Times, serif"> Fundname Drop In
      3</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Fundname Drop In 4</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Fundname Drop In 5 </font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Fundname Drop In 6</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Fundname Drop In 7</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Fundname Drop In 8</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Fundname Drop In 9</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Fundname Drop In 10</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Fundname Drop In 11</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Fundname Drop In
      12 </font></td>
  </tr>
</table>
<p align="center"><font size="2" face="Times New Roman, Times, serif"><strong>VOTING
  OPTIONS<br>
  </strong></font><font face="Times New Roman, Times, serif"><strong><font size="2">Read
  your proxy statement and have it at hand when voting.</font></strong></font></p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="center" valign="top">
    <td width="23%"><hr size="1" noshade></td>
    <td width="3%">&nbsp;</td>
    <td width="22%"><hr size="1" noshade></td>
    <td width="4%">&nbsp;</td>
    <td width="22%"><hr size="1" noshade></td>
    <td width="4%">&nbsp;</td>
    <td width="22%"><hr size="1" noshade></td>
  </tr>
  <tr align="center" valign="top">
    <td width="23%"> <img width=71 height=57 src="computer.gif">
      <p><font size="2"><b><font face="Times New Roman, Times, serif">VOTE ON
        THE INTERNET<br>
        </font></b><font face="Times New Roman, Times, serif"><b>Log on to:</b></font></font><font size="2" face="Times New Roman, Times, serif"><b>
        <br>
        <em>https://vote.proxy-direct.com <br>
        Follow the on-screen instructions <br>
        available 24 hours </em></b></font></p>
      </td>
    <td>&nbsp;&nbsp;&nbsp;</td>
    <td width="22%"><p><font size="3"><img width=52 height=49 src="telephone.gif"></font></p>
      <p><font size="2"><b><font face="Times New Roman, Times, serif">VOTE BY
        PHONE<br>
        </font></b><font face="Times New Roman, Times, serif"><b>Call 1-866-877-9383</b></font></font><font size="2" face="Times New Roman, Times, serif"><b>
        <br>
        Follow the recorded <br>
        instructions <br>
        <i>available 24 hours</i> </b></font></p></td>
    <td>&nbsp;&nbsp;&nbsp;</td>
    <td width="22%"><p><font size="3"><img width=61 height=45 src="mail.gif"></font></p>
      <p><font size="2" face="Times New Roman, Times, serif"><b>VOTE BY MAIL<br>
        Vote, sign and date this Proxy <br>
        Card and return in the <br>
        postage-paid envelope </b><b> </b></font></p></td>
    <td>&nbsp;&nbsp;&nbsp;</td>
    <td width="22%"><p><font size="3"><img width=52 height=56 src="person.gif"></font></p>
      <p><font size="2" face="Times New Roman, Times, serif"><b>VOTE IN PERSON<br>
         Attend Shareholder Meeting <br>
        800 Scudders Mill Road <br>
        Plainsboro, NJ<br>
        <b>on July 31, 2006 or</b> <br>
        <b>August 15, 2006</b> </b></font></p></td>
  </tr>
  <tr align="center" valign="top">
    <td width="23%"><hr size="1" noshade></td>
    <td>&nbsp;</td>
    <td width="22%"><hr size="1" noshade></td>
    <td>&nbsp;</td>
    <td width="22%"><hr size="1" noshade></td>
    <td>&nbsp;</td>
    <td width="22%"><hr size="1" noshade></td>
  </tr>
</table>
<p><font size="2"><b><i><font face="Times New Roman, Times, serif">If you have
  any questions or concerns, please call 1-866-752-6486 from 9:00 a.m. to 11:00
  p.m. EDT Monday through Friday, and Saturdays from 12:00 p.m. to 6:00 p.m.</font></i></b></font></p>
<p align=center><font size="2" face="Times New Roman, Times, serif"><b><i>If you
  vote on the Internet or by telephone, you need not return this proxy card.</i></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">&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: 1; page: 1" -->



<p>&nbsp;</p>
<p>&nbsp;</p>

    <p><font face="Times New Roman, Times, serif"><b><font size="2">PLEASE
      MARK BOXES BELOW IN BLUE OR BLACK INK AS FOLLOWS.  Example: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Webdings">g</font></font></b></font></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td colspan="2"><hr size="1" noshade></td>
    </tr>
    <tr>
      <td width="4%"><font face="Webdings">c</font></td>
      <td width="96%"><font size="2" face="Times New Roman, Times, serif">To vote
        as the Board Recommends for </font><font size="3" face="Times New Roman, Times, serif"><b><font size="2">all</font></b><font size="2">
        Funds on <b>all</b> Proposals mark this box.  No other vote is necessary.</font></font></td>
    </tr>
    <tr>
      <td colspan="2"><hr size="1" noshade></td>
    </tr>
  </table>
  <p>&nbsp;</p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="5%"><font size="1" face="Times New Roman, Times, serif"><b><font color="black" size="2">1. </font></b></font></td>
      <td width="22%"><font size="1" face="Times New Roman, Times, serif"><b><font size="2">To
        elect Board A Members:</font></b></font></td>
      <td width="22%">&nbsp;</td>
      <td width="20%">&nbsp;</td>
      <td width="31%">&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td><font size="2" face="Times New Roman, Times, serif">02. Robert C. Doll,
        Jr.</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">03.  Jack F. O&#146;Brien </font></td>
      <td><font size="2" face="Times New Roman, Times, serif">04.  David H. Walsh</font></td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td colspan="4"><font size="2" face="Times New Roman, Times, serif">To withhold
        authority to vote for one or more of the nominees, write the corresponding
        number(s) of the nominee(s) on the line provided next to your fund(s).</font></td>
    </tr>
  </table>
  <p>&nbsp;</p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr valign="bottom">
      <td width="30%">&nbsp;</td>
      <td width="10%" align="center"><font size="1" face="Times New Roman, Times, serif">
        FOR <br>
        ALL </font></td>
      <td width="9%" align="center"><font size="1" face="Times New Roman, Times, serif">WITHHOLD
        <br>
        ALL</font></td>
      <td width="10%" align="center"><font size="1" face="Times New Roman, Times, serif">FOR
        ALL </font><font size="1" face="Times New Roman, Times, serif"><br>
        EXCEPT</font></td>
      <td width="41%">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
        In 1</font><font size="2"></font></font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td>____________</td>
    </tr>
    <tr valign="bottom">
      <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
        In 2</font></font> </td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td>____________</td>
    </tr>
  </table>
  <p>&nbsp;</p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="5%"><font size="1" face="Times New Roman, Times, serif"><b><font color="black" size="2">1. </font></b></font></td>
      <td width="22%"><font size="1"><b><font size="2" face="Times New Roman, Times, serif">To
        elect Board B Members:</font></b></font><font size="1" face="Times New Roman, Times, serif"><b></b></font></td>
      <td width="22%">&nbsp;</td>
      <td width="20%">&nbsp;</td>
      <td width="31%">&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td><font size="2" face="Times New Roman, Times, serif">06.  Robert C. Doll,
        Jr.</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">08.  Cynthia A.
        Montgomery</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">09.  Jean Margo
        Reid</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">10.  Roscoe S. Suddarth</font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td><font size="2" face="Times New Roman, Times, serif">12.  Edward D. Zinbarg</font></td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td colspan="4"><font size="2" face="Times New Roman, Times, serif">To withhold
        authority to vote for one or more of the nominees, write the corresponding
        number(s) of the nominee(s) on the line provided next to your fund(s).</font></td>
    </tr>
  </table>
  <p>&nbsp;</p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr valign="bottom">
      <td width="30%">&nbsp;</td>
      <td width="10%" align="center"><font size="1" face="Times New Roman, Times, serif">
        FOR <br>
        ALL </font></td>
      <td width="9%" align="center"><font size="1" face="Times New Roman, Times, serif">WITHHOLD
        <br>
        ALL</font></td>
      <td width="10%" align="center"><font size="1" face="Times New Roman, Times, serif">FOR
        ALL </font><font size="1" face="Times New Roman, Times, serif"><br>
        EXCEPT</font></td>
      <td width="41%">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
        In 1</font><font size="2"></font></font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td>____________</td>
    </tr>
    <tr valign="bottom">
      <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
        In 2</font></font> </td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td>____________</td>
    </tr>
    <tr valign="bottom">
      <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
        In 3</font></font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td>____________</td>
    </tr>
    <tr valign="bottom">
      <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
        In 4</font></font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td>____________</td>
    </tr>
    <tr valign="bottom">
      <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
        In 5</font></font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td>____________</td>
    </tr>
    <tr valign="bottom">
      <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
        In 6</font></font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td>____________</td>
    </tr>
  </table>
  <p>&nbsp;</p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="5%"><font size="1" face="Times New Roman, Times, serif"><b><font color="black" size="2">1. </font></b></font></td>
      <td width="22%"><font size="1" face="Times New Roman, Times, serif"><b><font size="2">To
        elect Board C Members:</font></b></font></td>
      <td width="22%">&nbsp;</td>
      <td width="20%">&nbsp;</td>
      <td width="31%">&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td><font size="2" face="Times New Roman, Times, serif">13.  James H. Bodurtha</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">14.  Robert C. Doll,
        Jr.</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">15.  Kenneth A.
        Froot</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">16.  Joe Grills</font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td><font size="2" face="Times New Roman, Times, serif">17.  Herbert I.
        London </font></td>
      <td><font size="2" face="Times New Roman, Times, serif">18.  Roberta Cooper
        Ramo</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">19.  Robert S. Salomon,
        Jr.</font></td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td colspan="4"><font size="2" face="Times New Roman, Times, serif">To withhold
        authority to vote for one or more of the nominees, write the corresponding
        number(s) of the nominee(s) on the line provided next to your fund(s).</font></td>
    </tr>
  </table>
  <p>&nbsp;</p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr valign="bottom">
      <td width="30%">&nbsp;</td>
      <td width="10%" align="center"><font size="1" face="Times New Roman, Times, serif">
        FOR <br>
        ALL </font></td>
      <td width="9%" align="center"><font size="1" face="Times New Roman, Times, serif">WITHHOLD
        <br>
        ALL</font></td>
      <td width="10%" align="center"><font size="1" face="Times New Roman, Times, serif">FOR
        ALL </font><font size="1" face="Times New Roman, Times, serif"><br>
        EXCEPT</font></td>
      <td width="41%">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
        In 1</font><font size="2"></font></font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td>____________</td>
    </tr>
    <tr valign="bottom">
      <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
        In 2</font></font> </td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td>____________</td>
    </tr>
    <tr valign="bottom">
      <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
        In 3</font></font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td>____________</td>
    </tr>
  </table>
  <p>&nbsp;</p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="5%"><font size="1" face="Times New Roman, Times, serif"><b><font color="black" size="2">1. </font></b></font></td>
      <td width="23%"><font size="1" face="Times New Roman, Times, serif"><b><font size="2">To
        elect Board D Members:</font></b></font></td>
      <td width="18%">&nbsp;</td>
      <td width="19%">&nbsp;</td>
      <td width="35%">&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td><font size="2" face="Times New Roman, Times, serif">20.  David O. Beim</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">22.  James T. Flynn</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">24.  Karen P. Robards</font></td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td colspan="4"><font size="2" face="Times New Roman, Times, serif">To withhold
        authority to vote for one or more of the nominees, write the corresponding
        number(s) of the nominee(s) on the line provided next to your fund(s).</font></td>
    </tr>
  </table>
  <p align="justify">&nbsp;</p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr valign="bottom">
      <td width="30%">&nbsp;</td>
      <td width="10%" align="center"><font size="1" face="Times New Roman, Times, serif">
        FOR <br>
        ALL </font></td>
      <td width="9%" align="center"><font size="1" face="Times New Roman, Times, serif">WITHHOLD
        <br>
        ALL</font></td>
      <td width="10%" align="center"><font size="1" face="Times New Roman, Times, serif">FOR
        ALL </font><font size="1" face="Times New Roman, Times, serif"><br>
        EXCEPT</font></td>
      <td width="41%">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
        In 1</font><font size="2"></font></font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td>____________</td>
    </tr>
    <tr valign="bottom">
      <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
        In 2</font></font> </td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td>____________</td>
    </tr>
    <tr valign="bottom">
      <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
        In 3</font></font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td>____________</td>
    </tr>
    <tr valign="bottom">
      <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
        In 4</font></font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td>____________</td>
    </tr>
    <tr valign="bottom">
      <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
        In 5</font></font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td>____________</td>
    </tr>
    <tr valign="bottom">
      <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
        In 6</font></font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td>____________</td>
    </tr>
    <tr valign="bottom">
      <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
        In 7</font></font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td align="center"><font face="Webdings">c</font></td>
      <td>____________</td>
    </tr>
  </table>
  <p>&nbsp;</p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="5%"><font color="black" size="2" face="Times New Roman, Times, serif"><b>2.</b></font><font size="1" face="Times New Roman, Times, serif"><b></b></font></td>
      <td width="95%"><font color="black" size="2" face="Times New Roman, Times, serif"><b>To
        approve a new investment advisory agreement with BlackRock Advisors, Inc.</b></font><font size="1" face="Times New Roman, Times, serif"><b></b></font></td>
    </tr>
  </table>
  <p>&nbsp;</p>

<table width="740" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td width="102"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="25" align="center"><font size="1" face="Times New Roman, Times, serif">
      FOR <br>
      ALL </font></td>
    <td width="70" align="center"><font size="1" face="Times New Roman, Times, serif">WITHHOLD
      <br>
      ALL</font></td>
    <td width="50" align="center"><font size="1" face="Times New Roman, Times, serif">FOR
      ALL <br>
      EXCEPT</font></td>
    <td width="10"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="91"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="25" align="center"><font size="1" face="Times New Roman, Times, serif">
      FOR <br>
      ALL </font></td>
    <td width="65" align="center"><font size="1" face="Times New Roman, Times, serif">WITHHOLD
      <br>
      ALL</font></td>
    <td width="53" align="center"><font size="1" face="Times New Roman, Times, serif">FOR
      ALL <br>
      EXCEPT</font></td>
    <td width="12"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="91"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="25" align="center"><font size="1" face="Times New Roman, Times, serif">
      FOR <br>
      ALL </font></td>
    <td width="65" align="center"><font size="1" face="Times New Roman, Times, serif">WITHHOLD
      <br>
      ALL</font></td>
    <td width="56" align="center"><font size="1" face="Times New Roman, Times, serif">FOR
      ALL <br>
      EXCEPT</font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="1" face="Times New Roman, Times, serif">Fundname Drop In 1</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 2</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 3</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
  </tr>
  <tr valign="bottom">
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 4</font></font> </td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 5</font></font> </td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 6</font></font> </td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
  </tr>
  <tr valign="bottom">
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 7</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 8</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 9</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
  </tr>
  <tr valign="bottom">
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 10</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 11</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 12</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
  </tr>
</table>
<p></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font color="black" size="2" face="Times New Roman, Times, serif"><b>3.</b></font></td>
    <td width="95%"><font color="black" size="2" face="Times New Roman, Times, serif"><b>To
      approve a contingent subadvisory agreement with BlackRock Advisors, Inc.
      </b></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="740" border="0" cellpadding="0" cellspacing="0" style="margin-bottom: .0001pt">
  <tr valign="bottom">
    <td width="102"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="25" align="center"><font size="1" face="Times New Roman, Times, serif">
      FOR <br>
      ALL </font></td>
    <td width="70" align="center"><font size="1" face="Times New Roman, Times, serif">WITHHOLD
      <br>
      ALL</font></td>
    <td width="50" align="center"><font size="1" face="Times New Roman, Times, serif">FOR
      ALL <br>
      EXCEPT</font></td>
    <td width="10"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="91"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="25" align="center"><font size="1" face="Times New Roman, Times, serif">
      FOR <br>
      ALL </font></td>
    <td width="65" align="center"><font size="1" face="Times New Roman, Times, serif">WITHHOLD
      <br>
      ALL</font></td>
    <td width="53" align="center"><font size="1" face="Times New Roman, Times, serif">FOR
      ALL <br>
      EXCEPT</font></td>
    <td width="12"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="91"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="25" align="center"><font size="1" face="Times New Roman, Times, serif">
      FOR <br>
      ALL </font></td>
    <td width="65" align="center"><font size="1" face="Times New Roman, Times, serif">WITHHOLD
      <br>
      ALL</font></td>
    <td width="56" align="center"><font size="1" face="Times New Roman, Times, serif">FOR
      ALL <br>
      EXCEPT</font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="1" face="Times New Roman, Times, serif">Fundname Drop In 1</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 2</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 3</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
  </tr>
  <tr valign="bottom">
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 4</font></font> </td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 5</font></font> </td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 6</font></font> </td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
  </tr>
  <tr valign="bottom">
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 7</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 8</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 9</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
  </tr>
  <tr valign="bottom">
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 10</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 11</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 12</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
  </tr>
</table>
<p>&nbsp;</p><p class=MsoBodyText2 style='margin-top:0in;margin-right:-.2in;margin-left:0in;margin-bottom:.0001pt;line-height:10.0pt'>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font color="black" size="2" face="Times New Roman, Times, serif"><b>4.</b></font></td>
    <td width="95%"><font size="3" face="Times New Roman, Times, serif"><b><font size="2">In
      the discretion of such proxies, upon such other business as may properly
      come before the meeting or any adjournment or postponement thereof. </font></b></font><font color="black" size="2" face="Times New Roman, Times, serif"><b>
      </b></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center"><font face="Times New Roman, Times, serif"><b><font size="2">CEF_16444</font></b></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">&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: 1; page: 1" -->
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td width="19%"><font face="Times New Roman, Times, serif"><b><font size="2">PROXY</font></b></font></td>
    <td width="50%" align="center"><font face="Times New Roman, Times, serif"><b><font size="2">MERRILL
      LYNCH FUNDS</font></b></font></td>
    <td width="25%" align="right"><font face="Times New Roman, Times, serif"><b><font size="2">PROXY</font></b></font></td>
  </tr>
  <tr valign="bottom">
    <td width="25%">&nbsp;</td>
    <td width="50%" align="center"><font size="2" face="Times New Roman, Times, serif"><strong>2006
      ANNUAL OR SPECIAL MEETING OF SHAREHOLDERS</strong></font><font face="Times New Roman, Times, serif"><strong></strong></font></td>
    <td width="25%" align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td width="50%" align="center"><font face="Times New Roman, Times, serif"><strong><font size="2" face="Times New Roman, Times, serif">TO
      BE HELD JULY 31, 2006 OR AUGUST 15, 2006</font></strong></font></td>
    <td width="25%" align="right"><font face="Times New Roman, Times, serif"><b><font size="2">AUCTION
      MARKET PREFERRED STOCK</font></b></font></td>
  </tr>
</table>
<p align="justify"><font size="1" face="Times New Roman, Times, serif"><b><font size="2">This
  Proxy is solicited on behalf of the Board of Directors/Trustees.</font></b><font size="2">
  The undersigned hereby appoints Donald C. Burke, Alice A. Pellegrino and Robert
  C. Doll 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 herein,
  all the shares of the Auction Market Preferred Stock of the above-named Fund
  (the &#147;Fund&#148;), held of record by the undersigned on June 2, 2006 at the annual
  or special meeting of shareholders of the Fund to be held on Monday, July 31,2006
  or Tuesday, August 15, 2006, or any adjournment or postponement thereof.</font></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><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; the Proposals.</b></font></p>
<p align=left>&nbsp;</p>
<table width="700" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td width="328"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;</font></td>
    <td colspan="3"><p><font size="2" face="Times New Roman, Times, serif"><strong>VOTE
        VIA THE INTERNET:  https://vote.proxy-direct.com<br>
        </strong></font><strong><font size="3" face="Times New Roman, Times, serif"><font size="2">VOTE
        VIA THE TELEPHONE:  1-866-877-9383</font></font></strong></p></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td width="205"><hr size="1" noshade></td>
    <td width="45">&nbsp;</td>
    <td width="122"><hr size="1" noshade></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td bgcolor="#CCCCCC">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td><hr size="1" noshade></td>
    <td><font face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></td>
    <td><hr size="1" noshade></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td colspan="3"><p align="justify"><font size="3" face="Times New Roman, Times, serif"><b><font size="1">Note</font></b><font size="1">:
        Please sign exactly as your name appears hereon.  When shares are held
        by joint tenants, both should sign.  When signing as attorney or as executor,
        administrator, trustee or guardian, please give full title as such.  If
        a corporation, please sign in full corporate name by president or other
        authorized officer.  If a partnership, please sign in partnership name
        by authorized person.<br>
        <br>
        </font></font><font size="1" face="Times New Roman, Times, serif">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 the holders
        of Auction Market Preferred Stock who have responded to this proxy solicitation</font></p>
      </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td colspan="3"><font face="Times New Roman, Times, serif">___________________________________________<br>
      <font size="1">Signature</font></font> </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td colspan="3"><font face="Times New Roman, Times, serif">___________________________________________<br>
      <font size="1">Signature (Joint Owners)</font></font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td colspan="3"><font face="Times New Roman, Times, serif">___________________________________________<br>
      <font size="1">Date                               &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                               CEF_16444</font></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif"><u>FUNDS</u> </font></td>
    <td><font size="2" face="Times New Roman, Times, serif"><u>FUNDS</u> </font></td>
    <td><font size="2" face="Times New Roman, Times, serif"><u>FUNDS</u> </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Fundname Drop In 1</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Fundname Drop In 2</font></td>
    <td><font size="2" face="Times New Roman, Times, serif"> Fundname Drop In
      3</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Fundname Drop In 4</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Fundname Drop In 5 </font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Fundname Drop In 6</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Fundname Drop In 7</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Fundname Drop In 8</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Fundname Drop In 9</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">Fundname Drop In 10</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Fundname Drop In 11</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Fundname Drop In 12 </font></td>
  </tr>
</table>
<p align="center"><font size="2" face="Times New Roman, Times, serif"><strong>VOTING
  OPTIONS<br>
  </strong></font><font face="Times New Roman, Times, serif"><strong><font size="2">Read
  your proxy statement and have it at hand when voting.</font></strong></font></p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="center" valign="top">
    <td width="23%"><hr size="1" noshade></td>
    <td width="3%">&nbsp;</td>
    <td width="22%"><hr size="1" noshade></td>
    <td width="4%">&nbsp;</td>
    <td width="22%"><hr size="1" noshade></td>
    <td width="4%">&nbsp;</td>
    <td width="22%"><hr size="1" noshade></td>
  </tr>
  <tr align="center" valign="top">
    <td> <img width=71 height=57 src="computer.gif"> <p><font size="2"><b><font face="Times New Roman, Times, serif">VOTE
        ON THE INTERNET<br>
        </font></b><font face="Times New Roman, Times, serif"><b>Log on to:</b></font></font><font size="2" face="Times New Roman, Times, serif"><b>
        <br>
        <em>https://vote.proxy-direct.com <br>
        Follow the on-screen instructions <br>
        available 24 hours </em></b></font></p></td>
    <td>&nbsp;&nbsp;&nbsp;</td>
    <td>
      <p><font size="3"><img width=52 height=49 src="telephone.gif"></font></p>
      <p><font size="2"><b><font face="Times New Roman, Times, serif">VOTE BY
        PHONE<br>
        </font></b><font face="Times New Roman, Times, serif"><b>Call 1-866-877-9383</b></font></font><font size="2" face="Times New Roman, Times, serif"><b>
        <br>
        Follow the recorded <br>
        instructions <br>
        <i>available 24 hours</i> </b></font></p></td>
    <td>&nbsp;&nbsp;&nbsp;</td>
    <td><p><font size="3"><img width=61 height=45 src="mail.gif"></font></p>
      <p><font size="2" face="Times New Roman, Times, serif"><b>VOTE BY MAIL<br>
        Vote, sign and date this Proxy <br>
        Card and return in the <br>
        postage-paid envelope </b><b> </b></font></p></td>
    <td>&nbsp;&nbsp;&nbsp;</td>
    <td><p><font size="3"><img width=52 height=56 src="person.gif"></font></p>
      <p><font size="2" face="Times New Roman, Times, serif"><b>VOTE IN PERSON<br>
        Attend Shareholder Meeting <br>
        800 Scudders Mill Road <br>
        Plainsboro, NJ<br>
        <b>on July 31, 2006 or</b> <br>
        <b>August 15, 2006</b> </b></font></p></td>
  </tr>
  <tr align="center" valign="top">
    <td width="23%"><hr size="1" noshade></td>
    <td>&nbsp;</td>
    <td width="22%"><hr size="1" noshade></td>
    <td>&nbsp;</td>
    <td width="22%"><hr size="1" noshade></td>
    <td>&nbsp;</td>
    <td width="22%"><hr size="1" noshade></td>
  </tr>
</table>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><b><i>If
  you have any questions or concerns, please call 1-866-752-6486 from 9:00 a.m.
  to 11:00 p.m. EDT Monday through Friday, and Saturdays from 12:00 p.m. to 6:00
  p.m.</i></b></font></p>
<p align=center><font size="2" face="Times New Roman, Times, serif"><b><i>If you
  vote on the Internet or by telephone, you need not return this proxy card</i></b></font></p>
<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">&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: 1; page: 1" -->
<p align=left>&nbsp;</p>
<p><font face="Times New Roman, Times, serif"><b><font size="2">PLEASE MARK BOXES
  BELOW IN BLUE OR BLACK INK AS FOLLOWS.  Example:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Webdings">g</font></font></b></font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2"><hr size="1" noshade></td>
  </tr>
  <tr>
    <td width="4%"><font face="Webdings">c</font></td>
    <td width="96%"><font size="2">To vote as the Board Recommends for <b>all</b>
      Funds on <b>all</b> Proposals mark this box.  No other vote is necessary.</font></td>
  </tr>
  <tr>
    <td colspan="2"><hr size="1" noshade></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="Times New Roman, Times, serif"><b><font color="black" size="2">1. </font></b></font></td>
    <td width="22%"><font size="1"><b><font size="2">To elect Board A Members:</font></b></font><font size="1" face="Times New Roman, Times, serif"><b></b></font></td>
    <td width="22%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="31%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2">01.  Donald W. Burton</font></td>
    <td><font size="2">02.  Robert C. Doll, Jr.</font></td>
    <td><font size="2">03.  Jack F. O&#146;Brien</font></td>
    <td><font size="2">04.  David H. Walsh</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2">05.  Fred G. Weiss</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4"><font size="2">To withhold authority to vote for one or more
      of the nominees, write the corresponding number(s) of the nominee(s) on
      the line provided next to your fund(s).</font></td>
  </tr>
</table>
<div align="justify"></div>
<p align="justify">&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td width="30%">&nbsp;</td>
    <td width="10%" align="center"><font size="1" face="Times New Roman, Times, serif">
      FOR <br>
      ALL </font></td>
    <td width="9%" align="center"><font size="1" face="Times New Roman, Times, serif">WITHHOLD
      <br>
      ALL</font></td>
    <td width="10%" align="center"><font size="1" face="Times New Roman, Times, serif">FOR
      ALL </font><font size="1" face="Times New Roman, Times, serif"><br>
      EXCEPT</font></td>
    <td width="41%">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
      In 1</font><font size="2"></font></font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td>____________</td>
  </tr>
  <tr valign="bottom">
    <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
      In 2</font></font> </td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td>____________</td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="Times New Roman, Times, serif"><b><font color="black" size="2">1. </font></b></font></td>
    <td width="22%"><font size="1"><b><font size="2">To elect Board B Members:</font></b></font></td>
    <td width="22%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="31%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2">06.  Robert C. Doll, Jr.</font></td>
    <td><font size="2">07.  Ronald W. Forbes</font></td>
    <td><font size="2">08.  Cynthia A. Montgomery</font></td>
    <td><font size="2">09.  Jean Margo Reid</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2">10.  Roscoe S. Suddarth</font></td>
    <td><font size="2">11.  Richard R. West</font></td>
    <td><font size="2">12.  Edward D. Zinbarg</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4"><font size="2">To withhold authority to vote for one or more
      of the nominees, write the corresponding number(s) of the nominee(s) on
      the line provided next to your fund(s).</font></td>
  </tr>
</table>
<p>&nbsp;</p><table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td width="30%">&nbsp;</td>
    <td width="10%" align="center"><font size="1" face="Times New Roman, Times, serif">
      FOR <br>
      ALL </font></td>
    <td width="9%" align="center"><font size="1" face="Times New Roman, Times, serif">WITHHOLD
      <br>
      ALL</font></td>
    <td width="10%" align="center"><font size="1" face="Times New Roman, Times, serif">FOR
      ALL </font><font size="1" face="Times New Roman, Times, serif"><br>
      EXCEPT</font></td>
    <td width="41%">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
      In 1</font><font size="2"></font></font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td>____________</td>
  </tr>
  <tr valign="bottom">
    <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
      In 2</font></font> </td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td>____________</td>
  </tr>
  <tr valign="bottom">
    <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
      In 3</font></font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td>____________</td>
  </tr>
  <tr valign="bottom">
    <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
      In 4</font></font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td>____________</td>
  </tr>
  <tr valign="bottom">
    <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
      In 5</font></font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td>____________</td>
  </tr>
  <tr valign="bottom">
    <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
      In 6</font></font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td>____________</td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="Times New Roman, Times, serif"><b><font color="black" size="2">1. </font></b></font></td>
    <td width="22%"><font size="1"><b><font size="2">To elect Board C Members:</font></b></font><font size="1" face="Times New Roman, Times, serif"><b></b></font></td>
    <td width="22%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="31%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2">13.  James H. Bodurtha</font></td>
    <td><font size="2">14.  Robert C. Doll, Jr.</font></td>
    <td><font size="2">15.  Kenneth A. Froot</font></td>
    <td><font size="2">16.  Joe Grills</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">17.  Herbert I. London </font></td>
    <td><font size="2" face="Times New Roman, Times, serif">18.  Roberta Cooper
      Ramo</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">19.  Robert S. Salomon,
      Jr.</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4"><font size="2">To withhold authority to vote for one or more
      of the nominees, write the corresponding number(s) of the nominee(s) on
      the line provided next to your fund(s).</font></td>
  </tr>
</table>
<p>&nbsp;</p><table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td width="30%">&nbsp;</td>
    <td width="10%" align="center"><font size="1" face="Times New Roman, Times, serif">
      FOR <br>
      ALL </font></td>
    <td width="9%" align="center"><font size="1" face="Times New Roman, Times, serif">WITHHOLD
      <br>
      ALL</font></td>
    <td width="10%" align="center"><font size="1" face="Times New Roman, Times, serif">FOR
      ALL </font><font size="1" face="Times New Roman, Times, serif"><br>
      EXCEPT</font></td>
    <td width="41%">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
      In 1</font><font size="2"></font></font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td>____________</td>
  </tr>
  <tr valign="bottom">
    <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
      In 2</font></font> </td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td>____________</td>
  </tr>
  <tr valign="bottom">
    <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
      In 3</font></font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td>____________</td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="Times New Roman, Times, serif"><b><font color="black" size="2">1. </font></b></font></td>
    <td width="23%"><font size="1"><b><font size="2">To elect Board D Members:</font></b></font><font size="1" face="Times New Roman, Times, serif"><b></b></font></td>
    <td width="18%">&nbsp;</td>
    <td width="19%">&nbsp;</td>
    <td width="35%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2">20.  David O. Beim</font></td>
    <td><font size="2">21.  Robert C. Doll, Jr.</font></td>
    <td><font size="2">22.  James T. Flynn</font></td>
    <td><font size="2">23.  W. Carl Kester</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2">24.  Karen P. Robards</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4"><font size="2">To withhold authority to vote for one or more
      of the nominees, write the corresponding number(s) of the nominee(s) on
      the line provided next to your fund(s).</font></td>
  </tr>
</table>
<p>&nbsp;</p><table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td width="30%">&nbsp;</td>
    <td width="10%" align="center"><font size="1" face="Times New Roman, Times, serif">
      FOR <br>
      ALL </font></td>
    <td width="9%" align="center"><font size="1" face="Times New Roman, Times, serif">WITHHOLD
      <br>
      ALL</font></td>
    <td width="10%" align="center"><font size="1" face="Times New Roman, Times, serif">FOR
      ALL </font><font size="1" face="Times New Roman, Times, serif"><br>
      EXCEPT</font></td>
    <td width="41%">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
      In 1</font><font size="2"></font></font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td>____________</td>
  </tr>
  <tr valign="bottom">
    <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
      In 2</font></font> </td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td>____________</td>
  </tr>
  <tr valign="bottom">
    <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
      In 3</font></font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td>____________</td>
  </tr>
  <tr valign="bottom">
    <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
      In 4</font></font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td>____________</td>
  </tr>
  <tr valign="bottom">
    <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
      In 5</font></font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td>____________</td>
  </tr>
  <tr valign="bottom">
    <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
      In 6</font></font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td>____________</td>
  </tr>
  <tr valign="bottom">
    <td><font face="Times New Roman, Times, serif"><font size="2">Fundname Drop
      In 7</font></font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td align="center"><font face="Webdings">c</font></td>
    <td>____________</td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font color="black" size="2" face="Times New Roman, Times, serif"><b>2.</b></font><font size="1" face="Times New Roman, Times, serif"><b></b></font></td>
    <td width="95%"><font color="black" size="2"><b>To approve a new investment
      advisory agreement with BlackRock Advisors, Inc.</b></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="740" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td width="102"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="25" align="center"><font size="1" face="Times New Roman, Times, serif">
      FOR <br>
      ALL </font></td>
    <td width="70" align="center"><font size="1" face="Times New Roman, Times, serif">WITHHOLD
      <br>
      ALL</font></td>
    <td width="50" align="center"><font size="1" face="Times New Roman, Times, serif">FOR
      ALL <br>
      EXCEPT</font></td>
    <td width="10"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="91"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="25" align="center"><font size="1" face="Times New Roman, Times, serif">
      FOR <br>
      ALL </font></td>
    <td width="65" align="center"><font size="1" face="Times New Roman, Times, serif">WITHHOLD
      <br>
      ALL</font></td>
    <td width="53" align="center"><font size="1" face="Times New Roman, Times, serif">FOR
      ALL <br>
      EXCEPT</font></td>
    <td width="12"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="91"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="25" align="center"><font size="1" face="Times New Roman, Times, serif">
      FOR <br>
      ALL </font></td>
    <td width="65" align="center"><font size="1" face="Times New Roman, Times, serif">WITHHOLD
      <br>
      ALL</font></td>
    <td width="56" align="center"><font size="1" face="Times New Roman, Times, serif">FOR
      ALL <br>
      EXCEPT</font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="1" face="Times New Roman, Times, serif">Fundname Drop In 1</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 2</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 3</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
  </tr>
  <tr valign="bottom">
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 4</font></font> </td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 5</font></font> </td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 6</font></font> </td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
  </tr>
  <tr valign="bottom">
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 7</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 8</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 9</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
  </tr>
  <tr valign="bottom">
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 10</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 11</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 12</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
  </tr>
</table>
<p>&nbsp; </p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font color="black" size="2" face="Times New Roman, Times, serif"><b>3.</b></font></td>
    <td width="95%"><font color="black" size="2"><b>To approve a contingent subadvisory
      agreement with BlackRock Advisors, Inc. </b></font><font color="black" size="2" face="Times New Roman, Times, serif"><b>
      </b></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="740" border="0" cellpadding="0" cellspacing="0" style="margin-bottom: 0in">
  <tr valign="bottom">
    <td width="102"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="25" align="center"><font size="1" face="Times New Roman, Times, serif">
      FOR <br>
      ALL </font></td>
    <td width="70" align="center"><font size="1" face="Times New Roman, Times, serif">WITHHOLD
      <br>
      ALL</font></td>
    <td width="50" align="center"><font size="1" face="Times New Roman, Times, serif">FOR
      ALL <br>
      EXCEPT</font></td>
    <td width="10"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="91"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="25" align="center"><font size="1" face="Times New Roman, Times, serif">
      FOR <br>
      ALL </font></td>
    <td width="65" align="center"><font size="1" face="Times New Roman, Times, serif">WITHHOLD
      <br>
      ALL</font></td>
    <td width="53" align="center"><font size="1" face="Times New Roman, Times, serif">FOR
      ALL <br>
      EXCEPT</font></td>
    <td width="12"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="91"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="25" align="center"><font size="1" face="Times New Roman, Times, serif">
      FOR <br>
      ALL </font></td>
    <td width="65" align="center"><font size="1" face="Times New Roman, Times, serif">WITHHOLD
      <br>
      ALL</font></td>
    <td width="56" align="center"><font size="1" face="Times New Roman, Times, serif">FOR
      ALL <br>
      EXCEPT</font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="1" face="Times New Roman, Times, serif">Fundname Drop In 1</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 2</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 3</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
  </tr>
  <tr valign="bottom">
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 4</font></font> </td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 5</font></font> </td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 6</font></font> </td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
  </tr>
  <tr valign="bottom">
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 7</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 8</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 9</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
  </tr>
  <tr valign="bottom">
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 10</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 11</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif"><font size="1">Fundname Drop
      In 12</font></font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
    <td align="center"><font size="1" face="Times New Roman, Times, serif">c</font></td>
  </tr>
</table>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font color="black" size="2" face="Times New Roman, Times, serif"><b>4.</b></font></td>
    <td width="95%"><font size="3"><b><font size="2">In the discretion of such
      proxies, upon such other business as may properly come before the meeting
      or any adjournment or postponement thereof. </font></b></font><font size="3" face="Times New Roman, Times, serif"><b></b></font><font color="black" size="2" face="Times New Roman, Times, serif"><b>
      </b></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center"><font face="Times New Roman, Times, serif"><b><font size="2">CEF_16444</font></b></font></td>
  </tr>
</table>
<p>&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">&nbsp; </FONT></TD>
    <TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD>
  </TR>
</TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>
<p>&nbsp;</p>











</BODY>
</HTML>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>computer.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 computer.gif
M1TE&.#EA1P`Y`'<`,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"'Y
M!`$`````+`````!'`#D`@0```````/___P$"`P+_A(^I&.T+HYS2V=N$>+3[
MA&':2);<AT99R;:ME<;(MKHV>\KI6-^F&-#)2#V<R"6,&4,!7RFYPSF)EA$4
M];(Q-;7K)\N[:)L:KP?,G=*L9@I:S24+VFYI6MVE2]!R9UX/P0?W!Z@@B"=7
M&&BW,9BH:,C8YT,(:7`X56G)-SG&!BC6V1AW<S0'.BDJ5U3T$D3G8,(X"C?:
MT-;$*AM62TOC1=8CW/OS\RJTNGN7&>*2D]*7RN.\A7@,367,5(WW*R.MO2U&
M.;VATRE*7$Q*)/2F3A.<SH4\ZR@_'V]>KUP:Z\ML'S\BKOZU0B3P7,%0\+1<
M09>LH2MZ4'1)7!CGVL!EG_X.9LS5*!<N@@OG_4LS3J,!E12B43O)3LL+!2Q;
MEO/C,E>Z##I!,'A&,U@I63SU+0%Y*T&VF@>$\EJ*%"91D'&4`DQ(D]:PJ+H@
M"M/H0X76<*KBY0NS0%6%<7X^KMG)0VS<"6REZ&2%EX6BLE6,K2-A"8`JI$_#
J=`K\<QE/O.@0I[6&P_$>CAF-2.Y@6*JWRV>,&N;\+5I2T*%AD`90```[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>mail.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 mail.gif
M1TE&.#EA/@`N`'<`,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"'Y
M!`$`````+````0`]`"T`@`````````+:A(^IRQ`?FIQ4P1L-K+P[_#"A1UI8
MM94>F'&I.K'H^\()VTJREMO?N0(=1K8="<?KN8PJY.?(+-9XRZB/>%.*@+Y@
M%=N==;AA!#CYU4K/Z-D4)MRJ3>S@A?)>D.UY^7QXQT?49U:714@W&(AGF-18
MF!+WI;/8L"C)N`?Y2'/Y]Z-Y^-?#U6=E68G:R88YA@B8DPKZ&/.*M=?:]+I)
M&JJ["RKZ^?N9FEL6#"6+G)S&K$KK.(SL"PO,O&P=_>Q;_9P(=OP-?9L]3A[A
3?8YNOEXK[NYV'>]'W[7M4P``.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>person.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 person.gif
M1TE&.#EA-0`Z`'<`,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"'Y
M!`$`````+````0`T`#@`@0```````/___P$"`P+_A(^I&>*QHIPT-'&IWO&^
MQX6;YSR6B'8E9EEKFZ+M3+Y0K%WT6I[XV..9>C^.RU;S%8VMUT>P#,V<KVCN
M*?Q8-5BA;CNI93$8L*39]=S,B^,8Q&Z+O7'$=$ZL[W3CM7F/YL;BMT4#:$A8
MB-CD-A/'-VC8XPBVN#@$4WD82888QG+%$ME@::A"5N'B2,HJ68I6DDH)4#K8
MN3D89FH`.,K(VCFIZ\(`O(N(2:MT6G9P.5LKE<?KJIJXI&9GO6AUT^A\=PN*
M_:5*_<R*358%L2/*_4/:M[?NB:-FR^-NW?GC):^O%;UETN8Y>36KX)N`R.!)
M$?2FEL!,#V%E^>7MG;QK3B.F,*3(BY.Y>!YW:7M6Y-69;2!E6,JQ,5T*C"W/
M:!QG))@U$:Z:\1IFDB<R9S[ET"#IJ]\GF21U.+U"L.F1J&V*1@DDC:,ZK0NL
&5J)0```[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>telephone.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 telephone.gif
M1TE&.#EA-``Q`'<`,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"'Y
M!`$`````+``````T`#$`@0```````/___P$"`P+_A(^I&]T+HU1"N(IMF+R;
MFX6;1R9-6('I6'8JJF5/R[U8(-\.+=EXG!*Q>*:<XR@[[HB'4U"IA`69GY\&
M:H59?T1G$GD5YBHTKWBUA>K()+,%I0+YK"Z</'N/O[P3YQVMLW45%<3&8!=E
M,QB(EO5F>`#4"+82>(*H5BB0(#7H1^F5Y\C5Y&8YB17SDRI3ZIB$JI?6*.1J
MJHEUF1<[6*7X%"O*ZVEKBAB\&@JJ5/R*B9RX#&6KM>A)F)D[`T"XAIT["<W2
M'9:M#7:^S7V+B9Y^G8O@EO[)JGMN<D$O*B>NOCYBGS`A[X;D$_CJ"SQ=$1#^
M`@).0P^'"6$M6M*08L5'16&NU-#8B9''CQ1#2L+8!V2G>@8S:JR8YE\=A]4:
J,:&Y$F67?5*.4%'`DV#+G[XB6B(ZD95-I"GI,?60[FF)>%);,&M1```[
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
