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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000891092-00-000212.txt : 20000320
<SEC-HEADER>0000891092-00-000212.hdr.sgml : 20000320
ACCESSION NUMBER:		0000891092-00-000212
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20000427
FILED AS OF DATE:		20000317

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD ARIZONA FUND INC /NJ/
		CENTRAL INDEX KEY:			0000911308
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		
		SEC FILE NUMBER:	811-07083
		FILM NUMBER:		573138

	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:			MUNIYIELD NEW YORK INSURED FUND INC
		CENTRAL INDEX KEY:			0000882150
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				223144223
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		
		SEC FILE NUMBER:	811-06500
		FILM NUMBER:		573139

	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 FUND INC
		CENTRAL INDEX KEY:			0000882151
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				223144219
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		
		SEC FILE NUMBER:	811-06501
		FILM NUMBER:		573140

	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

	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
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				223144221
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		
		SEC FILE NUMBER:	811-06499
		FILM NUMBER:		573141

	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
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		
		SEC FILE NUMBER:	811-06502
		FILM NUMBER:		573142

	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 NEW JERSEY FUND INC
		CENTRAL INDEX KEY:			0000884216
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				223153971
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		
		SEC FILE NUMBER:	811-06570
		FILM NUMBER:		573143

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD CALIFORNIA INSURED FUND INC
		CENTRAL INDEX KEY:			0000887126
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				223170743
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		
		SEC FILE NUMBER:	811-06645
		FILM NUMBER:		573144

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD CALIFORNIA INSURED FUND II INC
		CENTRAL INDEX KEY:			0000888410
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				223194459
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		
		SEC FILE NUMBER:	811-06692
		FILM NUMBER:		573145

	BUSINESS ADDRESS:	
		STREET 1:		800 SCUDDERS MILL RD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536
		BUSINESS PHONE:		6092822800
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<DESCRIPTION>DEF 14A
<TEXT>


<HTML>
<head>
<TITLE> DEF 14A </TITLE>
</head>
<body>
<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 1, page: 1" -->
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>As filed with the Securities and Exchange
      Commission on March 17, 2000</b></font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>PROXY STATEMENT PURSUANT TO SECTION 14(A)
      OF THE SECURITIES <br>
      EXCHANGE ACT OF 1934 (Amendment No.&nbsp; )</b></font></td>
  </tr>
</TABLE>
<p></p>
<p>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>Filed by the Registrant [X]</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>Filed by a party other than the Registrant [&nbsp; ]</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>Check the appropriate box:</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td width=2% align=right valign=top>&nbsp;</td>
    <td width=5% valign="top"><font size="2">[&nbsp;&nbsp;&nbsp;]</font></td>
    <td width=47% valign="top"><font size="2">Preliminary Proxy Statement</font></td>
    <td width=5% valign="top"><font size="2">[ &nbsp;&nbsp;]</font></td>
    <td width=41% valign="top"><font size="2">Confidential, for Use of the Commission
      Only </font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=2% align=right valign=top>&nbsp;</td>
    <td width=5% valign="top"><font size="2">[X]</font></td>
    <td width=93%><font size="2"> Definitive Proxy Statement (as permitted <br>
      by Rule 14a-6(e)(2))</font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=2% align=right valign=top>&nbsp;</td>
    <td width=5%><font size="2">[&nbsp;&nbsp;&nbsp;]</font></td>
    <td width=93%><font size="2"> Definitive Additional Materials</font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=2% align=right valign=top height="24">&nbsp;</td>
    <td width=5% height="24"><font size="2">[ &nbsp;&nbsp;]</font></td>
    <td width=93% height="24"><font size="2"> Soliciting Material Pursuant to
      Rule 14a-11(c) or Rule 14a-12</font></td>
  </tr>
</TABLE>
<br>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>MUNIYIELD ARIZONA FUND, INC.</b></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>MUNIYIELD CALIFORNIA FUND, INC.</b></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>MUNIYIELD CALIFORNIA INSURED FUND, INC.</b></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>MUNIYIELD CALIFORNIA INSURED FUND II, INC.</b></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>MUNIYIELD FLORIDA FUND</b></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>MUNIYIELD MICHIGAN FUND, INC.</b></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>MUNIYIELD NEW JERSEY FUND, INC.</b></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>MUNIYIELD NEW YORK INSURED FUND, INC.</b></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td>
      <hr size=1 noshade align=CENTER width=300>
    </td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td align=center><font size=1><b>(Name of Registrant as Specified In Its Charter)</b></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td>
      <hr size=1 noshade align=CENTER width=300>
    </td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td align=center><font size=1><b>(Name of Person(s) Filing Proxy Statement,
      if other than the Registrant)</b></font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>Payment of Filing Fee (Check the appropriate box):</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td width=2% align=right valign=top>&nbsp;</td>
    <td width=5%><font size="2">[X]</font></td>
    <td width=93%><font size="2">No fee required.</font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=2% align=right valign=top height="24">&nbsp;</td>
    <td width=5% height="24"><font size="2">[&nbsp;&nbsp; ]</font></td>
    <td width=93% height="24"><font size="2"> Fee computed on table below per
      Exchange Act Rules 14a-6(i)(1) and 0-11.</font></td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size=2>(1) Title of each class of securities to which
      transaction applies:</font></td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size=2>(2) Aggregate number of securities to which transaction
      applies:</font></td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td width=38>&nbsp;</td>
    <td width=550><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Per unit
      price or other underlying value of transaction computed pursuant to Exchange
      Act Rule<br>
      0-11 (set forth the amount on which the filing fee is calculated and state
      how it was determined):</font></td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size=2>(4) Proposed maximum aggregate value of transaction:</font></td>
  </tr>
</TABLE>
<br>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size=2>(5) Total fee paid:</font></td>
  </tr>
</TABLE>
<br>
<table width=600>
  <tr>
    <td width=2% align=right valign=top height="24">&nbsp;</td>
    <td width=5% height="24"><font size="2">[&nbsp;&nbsp; ]</font></td>
    <td width=93% height="24"><font size="2"> Fee paid previously with preliminary
      materials: </font></td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ &nbsp;] Check box if any
      part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and
      identify the filing for which the offsetting fee was paid previously. Identify
      the previous filing by registration statement number, or the form or schedule
      and the date of its filing.</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size=2>(1) Amount previously paid:</font></td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size=2>(2) Form, Schedule or Registration Statement No.:</font></td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size=2>(3) Filing Party:</font></td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size=2>(4) Date Filed:</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center>&nbsp;</td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 2, page: 2" -->
<p>&nbsp;</p>
<p>&nbsp;</p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD ARIZONA FUND, INC.</B></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD CALIFORNIA FUND, INC.</B></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD CALIFORNIA INSURED FUND, INC.</B></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD CALIFORNIA INSURED FUND II, INC.</B></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD FLORIDA FUND</B></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD MICHIGAN FUND, INC.</B></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD NEW JERSEY FUND, INC.</B></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD NEW YORK INSURED FUND, INC.</B></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>P.O. Box 9011</B></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>Princeton, New Jersey 08543-9011</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td>
      <hr size=1 noshade align=CENTER width=150>
    </td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>NOTICE OF 2000 ANNUAL MEETING OF STOCKHOLDERS</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td>
      <hr size=1 noshade align=CENTER width=150>
    </td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>April 27, 2000</B></font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>T<font size="1">O</font> T<font size="1">HE</font> S<font size="1">TOCKHOLDERS</font>:</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICE IS HEREBY GIVEN that
      the 2000 Annual Meeting of Stockholders (the &#147;Meeting&#148;) of each
      of the above-listed investment companies (each a &#147;Fund&#148; and, collectively,
      the &#147;Funds&#148;) will be held at the offices of Merrill Lynch Asset
      Management, L.P., 800 Scudders Mill Road, Plainsboro, New Jersey, on Thursday,
      April 27, 2000 at the time specified for each Fund in Exhibit A of the combined
      proxy statement for the following purposes:</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To elect a Board of Directors/Trustees
      of each Fund to serve for the ensuing year;</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td width="29" valign="top"><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)</font></td>
    <td width="553" valign="top"><font size=2> To consider and act upon a proposal
      to ratify the selection of Deloitte &amp; Touche <font size="1">LLP</font>
      to serve as independent auditors of each Fund for its current fiscal year;
      and</font></td>
    <td width="2">&nbsp;</td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To transact such other
      business as may properly come before the Meeting or any adjournment thereof.</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors/Trustees
      of each Fund has fixed the close of business on February 23, 2000 as the
      record date for the determination of stockholders entitled to notice of
      and to vote at the Meeting or any adjournment thereof.</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A complete list of the stockholders
      of each Fund entitled to vote at the Meeting will be available and open
      to the examination of any stockholder of that Fund for any purpose germane
      to the Meeting during ordinary business hours from and after April 13, 2000,
      at the office of the Funds, 800 Scudders Mill Road, Plainsboro, New Jersey
      08536. You are cordially invited to attend the Meeting. <b>Stockholders
      who do not expect to attend the meeting in person are requested to complete,
      date and sign the enclosed form of proxy and return it promptly in the envelope
      provided for this purpose. If you have been provided with the opportunity
      on your proxy card or voting instruction form to provide voting instructions
      via telephone or the internet, please take advantage of these prompt and
      efficient voting options.</b> The enclosed proxy is being solicited on behalf
      of the Board of Directors/Trustees of each Fund.</font></td>
  </tr>
</TABLE>
<p></p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center>&nbsp;</td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 3, page: 3" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you have any questions regarding
      the enclosed proxy material or need assistance in voting your shares, please
      contact our proxy solicitor, Shareholder Communications Corporation at 1-800-645-4519.</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td width="344">&nbsp;</td>
    <td width="244"><font size=2>By Order of the Boards of Directors/Trustees</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td width="345">&nbsp;</td>
    <td width="243"><font size=2>A<font size="1">LICE</font> A. P<font size="1">ELLEGRINO<br>
      </font><font size=2><i>Secretary of the Funds</i></font><font size="1">
      </font></font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>Plainsboro, New Jersey <br>
      Dated: March 17, 2000</font></td>
  </tr>
</TABLE>
<p></p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center>&nbsp;</td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 4, page: 4" -->
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>COMBINED PROXY STATEMENT</B></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td>
      <hr size=1 noshade align=CENTER width=150>
    </td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD ARIZONA FUND, INC.</B></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD CALIFORNIA FUND, INC.</B></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD CALIFORNIA INSURED FUND, INC.</B></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD CALIFORNIA INSURED FUND II, INC.</B></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD FLORIDA FUND</B></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD MICHIGAN FUND, INC.</B></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD NEW JERSEY FUND, INC.</B></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD NEW YORK INSURED FUND, INC.</B></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>P.O. Box 9011</B></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>Princeton, New Jersey 08543-9011</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td>
      <hr size=1 noshade align=CENTER width=150>
    </td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=100% colspan="4">
      <div align="center"><font size="2"><b>2000 ANNUAL MEETING OF STOCKHOLDERS</b></font></div>
    </td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td>
      <hr size=1 noshade align=CENTER width=150>
    </td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>April 27, 2000</B></font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>INTRODUCTION</B></font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Proxy Statement is furnished
      in connection with the solicitation of proxies on behalf of the Boards of
      Directors or Trustees of the above-listed funds (each a &#147;Fund&#148;
      and, collectively, the &#147;Funds&#148;), to be voted at the 2000 Annual
      Meeting of Stockholders of each Fund (the &#147;Meeting&#148;), to be held
      at the offices of Merrill Lynch Asset Management, L.P. (&#147;MLAM&#148;),
      800 Scudders Mill Road, Plainsboro, New Jersey, on Thursday, April 27, 2000
      at the time specified in Exhibit A hereto. The approximate mailing date
      of this Proxy Statement is March 22, 2000.</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund is organized either
      as a Maryland corporation or a Massachusetts business trust. In each jurisdiction,
      nomenclature varies. For ease and clarity of presentation, throughout the
      proxy statement shares of common stock or common shares of beneficial interest
      of a Fund are referred to as &#147;Shares,&#148; the outstanding Shares
      together with the outstanding auction market preferred stock or auction
      market preferred shares (&#147;AMPS&#148;) of a Fund are referred to collectively
      as the &#147;Capital Stock,&#148; holders of Shares or AMPS are referred
      to as &#147;stockholders,&#148; the Board of Directors or Trustees of each
      of the Funds is referred to as the &#147;Board,&#148; the directors or trustees
      of each Fund are referred to as &#147;Board members,&#148; the investment
      adviser of each Fund is referred to as the &#147;Investment Adviser&#148;
      or &#147;FAM&#148; and each Fund&#146;s Articles of Incorporation or Declaration
      of Trust is referred to as its &#147;charter.&#148; Unless otherwise indicated,
      MLAM and Fund Asset Management L.P. (&#147;FAM&#148;) are together referred
      to as &#147;MLAM.&#148;</font></td>
  </tr>
</TABLE>
<p></p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center>&nbsp;</td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 5, page: 5" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All properly executed proxies
      received prior to the Meeting will be voted at the Meeting in accordance
      with the instructions marked thereon or otherwise as provided therein. Unless
      instructions to the contrary are marked, proxies will be voted <i>for</i>
      the election of the Board members and <i>for</i> the ratification of the
      selection of independent auditors to serve for that Fund&#146;s current
      fiscal year. Any proxy may be revoked at any time prior to the exercise
      thereof by giving written notice to the Secretary of the Fund at the Fund&#146;s
      address indicated above or by voting in person at the Meeting.</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of each Fund has
      fixed the close of business on February 23, 2000 as the record date (the
      &#147;Record Date&#148;) for the determination of stockholders entitled
      to notice of and to vote at the Meeting and at any adjournment thereof.
      Stockholders on the Record Date will be entitled to one vote for each share
      held, with no shares having cumulative voting rights. As of the Record Date,
      each Fund had outstanding the number of Shares and the number of shares
      of AMPS indicated in Exhibit A. To the knowledge of each Fund, as of the
      Record Date, no person is the beneficial owner of more than five percent
      of the outstanding Shares or AMPS at such date.</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of each Fund knows
      of no business other than that mentioned in Items 1 and 2 of the Notice
      of Meeting that will be presented for consideration at the Meeting. If any
      other matter is properly presented, it is the intention of the persons named
      in the enclosed proxy to vote in accordance with their best judgment.</font></td>
  </tr>
</TABLE>
<br>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>ITEM 1. ELECTION OF BOARD MEMBERS</b></font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Meetings, the Board
      members of each Fund will be elected to serve until the next Annual Meeting
      of Stockholders for such Fund and until their successors are elected and
      qualified. It is intended that all properly executed proxies will be voted
      (unless such authority has been withheld in the proxy) as follows:</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=12>&nbsp;</td>
    <td width=576><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) All proxies of
      the holders of AMPS, voting separately as a class, in favor of the two (2)
      persons designated below and in Exhibit A as Board members to be elected
      by holders of AMPS; and</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=14>&nbsp;</td>
    <td width=574><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) All proxies of
      the holders of Shares and AMPS, voting together as a single class, in favor
      of the five (5) persons designated in Exhibit A as Board members to be elected
      by holders of Shares and AMPS. </font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of each Fund knows
      of no reason why any of these nominees will be unable to serve, but in the
      event of any such unavailability, the proxies received will be voted for
      such substitute nominee or nominees as the Board for such Fund may recommend.</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain information concerning
      the nominees is set forth below. Additional information concerning the nominees
      and other information relevant to the election of Board members is set forth
      in Exhibit A.</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>TO BE ELECTED BY HOLDERS OF AMPS OF EACH
      OF THE FUNDS,</b></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>VOTING SEPARATELY AS A CLASS</b></font></td>
  </tr>
</TABLE>
<br>
<table cellspacing=0 border=0 cellpadding=0 width=601>
  <tr>
    <td valign="bottom" height=32 width="170">
      <p><b><font size=1>Name and Address</font></b>
    </td>
    <td valign="bottom" height=32 width="42">
      <p align="CENTER"><b><font size="1">Age</font></b>
    </td>
    <td valign="bottom" height=32 width="389">
      <p align="CENTER"><b><font size="1">Principal Occupations During Past<br>
        Five Years and Public Directorships(1) </font></b>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=10 width="170">
      <hr size="1" align="left" width="70%">
    </td>
    <td valign="TOP" height=10 width="42">
      <hr size="1" width="110%" align="center">
    </td>
    <td valign="TOP" height=10 width="389">
      <hr size="1" width="60%" align="center">
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=79 width="170">
      <p><font size="2">Joseph L. May(1)(2)<br>
        424 Church Street<br>
        Suite 2000<br>
        Nashville, Tennessee 37219</font>
    </td>
    <td valign="TOP" height=79 width="42">
      <p align="CENTER"><font size="2">70 </font>
    </td>
    <td valign="TOP" height=79 width="389">
      <p><font size=2>Attorney in private practice since 1984; President, May
        and Athens <br>
        &nbsp;&nbsp;&nbsp;&nbsp; Hosiery Mills Division, Wayne-Gossard Corporation
        from 1954 to <br>
        &nbsp;&nbsp;&nbsp;&nbsp;1983; Vice President, Wayne-Gossard Corporation
        from 1972 to <br>
        &nbsp;&nbsp;&nbsp; 1983; Chairman, The May Corporation (personal holding
        company) <br>
        &nbsp;&nbsp;&nbsp;&nbsp;from 1972 to 1983; Director, Signal Apparel Co.
        from 1972 to 1989 </font>
    </td>
  </tr>
</TABLE>
<p>&nbsp;</p>
<p></p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">2 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 6, page: 6" -->
<p>
<p></p>
<table cellspacing=0 border=0 cellpadding=0 width=601>
  <tr>
    <td valign="TOP" width="170">
      <p>&nbsp;
    </td>
    <td valign="TOP" width="42">
      <p>&nbsp;
    </td>
    <td valign="TOP" width="389">
      <p>&nbsp;
    </td>
  </tr>
  <tr>
    <td valign="bottom" height=32 width="170">
      <p><b><font size=1>Name and Address</font></b>
    </td>
    <td valign="bottom" height=32 width="42">
      <p align="CENTER"><b><font size="1">Age</font></b>
    </td>
    <td valign="bottom" height=32 width="389">
      <p align="CENTER"><b><font size="1">Principal Occupations During Past<br>
        Five Years and Public Directorships(1) </font></b>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=10 width="170">
      <hr size="1" align="left" width="70%">
    </td>
    <td valign="TOP" height=10 width="42">
      <hr size="1" width="110%" align="center">
    </td>
    <td valign="TOP" height=10 width="389">
      <hr size="1" width="60%" align="center">
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=61 width="170">
      <p><font size="2">Andr&eacute; F. Perold(1)(2)<br>
        Morgan Hall<br>
        Soldiers Field<br>
        Boston, Massachusetts 02163</font>
    </td>
    <td valign="TOP" height=61 width="42">
      <p align="CENTER"><font size="2">47 </font>
    </td>
    <td valign="TOP" height=61 width="389">
      <p><font size=2>Professor, Harvard Business School since 1989 and Associate
        Professor<br>
        &nbsp;&nbsp;&nbsp;&nbsp;from 1983 to 1989; Trustee, The Common Fund since
        1989;<br>
        &nbsp;&nbsp;&nbsp;&nbsp;Director, Quantec Limited from 1991 to 1999; Director
        TIBCO from &nbsp;&nbsp;&nbsp;&nbsp;1994 to 1996; Director, Genbel Securities
        Limited and<br>
        &nbsp;&nbsp;&nbsp;&nbsp;Gensec Bank since 1999; Director, Gensec Asset
        Management<br>
        &nbsp;&nbsp;&nbsp;&nbsp;since 2000; Director, Bulldogresearch.com since
        2000. </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="170"> </td>
    <td valign="TOP" width="42">
      <p>&nbsp;
    </td>
    <td valign="TOP" width="389">
      <p>&nbsp;
    </td>
  </tr>
  <tr>
    <td valign="TOP" colspan=3>
      <p align="CENTER"><b><font size="2">TO BE ELECTED BY HOLDERS OF SHARES AND
        AMPS OF EACH OF <br>
        THE FUNDS, VOTING TOGETHER AS A SINGLE CLASS</font></b>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=19 width="170">
      <p></p>
    </td>
    <td valign="TOP" height=19 width="42">
      <p></p>
    </td>
    <td valign="TOP" height=19 width="389">
      <p></p>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=75 width="170">
      <p><font size="2">James H. Bodurtha(1)(2)<br>
        36 Popponesset Road<br>
        Cotuit, Massachusetts 02635</font>
    </td>
    <td valign="TOP" height=75 width="42">
      <p align="CENTER"><font size="2">56 </font>
    </td>
    <td valign="TOP" height=75 width="389">
      <p><font size=2>Director and Executive Vice President, The China Business
        Group, &nbsp;Inc. &nbsp;&nbsp;&nbsp;&nbsp;since 1996; Chairman and Chief
        Executive Officer, China Enterprise &nbsp;&nbsp;&nbsp;&nbsp;Management
        Corporation from 1993 to 1996; Chairman, Berkshire &nbsp;&nbsp;&nbsp;&nbsp;Corporation
        since 1980; Partner, Squire, Sanders &amp; Dempsey from &nbsp;&nbsp;&nbsp;&nbsp;1980
        to 1993.</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="170"> </td>
    <td valign="TOP" width="42"> </td>
    <td valign="TOP" width="389"> </td>
  </tr>
  <tr>
    <td valign="TOP" height=77 width="170">
      <p><font size=2>Terry K. Glenn(1)</font>*<br>
        <font size=2>P.O. Box 9011<br>
        Princeton, New Jersey 08593-9011</font>
    </td>
    <td valign="TOP" height=77 width="42">
      <p align="CENTER"><font size="2">59 </font>
    </td>
    <td valign="TOP" height=77 width="389">
      <p><font size=2>Executive Vice President of FAM and MLAM since 1983; Executive
        <br>
        &nbsp;&nbsp;&nbsp;&nbsp;Vice President and Director of Princeton Services,
        Inc. (&#147;Princeton<br>
        &nbsp;&nbsp;&nbsp;&nbsp;Services&#148;) since 1993; President of Princeton
        Funds Distributor, Inc.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;(&#147;PFD&#148;) since1986 and Director thereof
        since 1991; President of<br>
        &nbsp;&nbsp;&nbsp;&nbsp;Princeton Administrators, L.P. since 1988. </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=124 width="174">
      <p><font size="2">Herbert I. London(1)(2)<br>
        2 Washington Square Village<br>
        New York, New York 10012</font>
    </td>
    <td valign="TOP" height=124 width="42">
      <p align="CENTER"><font size="2">61 </font>
    </td>
    <td valign="TOP" height=124 width="384">
      <p><font size=2>John M. Olin Professor of Humanities, New York University
        since<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993 and Professor since 1980; President,
        Hudson Institute since<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997&nbsp;and Trustee thereof since 1980;
        Dean, Gallatin Division of<br>
        &nbsp;&nbsp;&nbsp;&nbsp; New York University from 1976 to 1993; Distinguished
        Fellow,<br>
        &nbsp;&nbsp;&nbsp;&nbsp; Herman Kahn&nbsp;Chair, Hudson Institute from
        1984 to 1985; Director,<br>
        &nbsp;&nbsp;&nbsp;&nbsp; Damon Corp. from 1991 to 1995; Overseer, Center
        for Naval<br>
        &nbsp;&nbsp;&nbsp;&nbsp; Analyses from 1983 to 1993; Limited Partner,
        Hypertech LP<br>
        &nbsp;&nbsp;&nbsp;&nbsp; in 1996. </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="174"> </td>
    <td valign="TOP" width="42"> </td>
    <td valign="TOP" width="384"> </td>
  </tr>
  <tr>
    <td valign="TOP" height=130 width="174">
      <p><font size="2">Roberta Cooper Ramo(1)(2)**<br>
        P.O. Box 2168<br>
        500 Fourth Street, N.W<br>
        Albuquerque, New Mexico 87103 </font>
    </td>
    <td valign="TOP" height=130 width="42">
      <p align="CENTER"><font size="2">57 </font>
    </td>
    <td valign="TOP" height=130 width="384">
      <p><font size=2>Shareholder, Modrall, Sperling, Roehl, Harris &amp; Sisk,
        P.A. since 1993 <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President, American Bar Association from
        1995 to 1996 and<br>
        &nbsp;&nbsp;&nbsp;&nbsp; Member of the Board of Governors thereof from
        1994 to 1997;<br>
        &nbsp;&nbsp;&nbsp;&nbsp; Partner, Poole, Kelly &amp; Ramo, Attorneys at
        Law, P.C. from 1977<br>
        &nbsp;&nbsp;&nbsp;&nbsp; to 1993; Director, Coopers, Inc. since 1999;
        Director, United<br>
        &nbsp;&nbsp;&nbsp;&nbsp; New Mexico Bank (now Wells Fargo) from 1983 to
        1988;<br>
        &nbsp;&nbsp;&nbsp;&nbsp; Director, First National Bank of New Mexico (now
        First<br>
        &nbsp;&nbsp;&nbsp;&nbsp; Security) from 1975 to 1976. </font>
    </td>
  </tr>
</TABLE>
<p>
<p></p>
<p>
<p></p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">3 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 7, page: 7" -->
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td height=32 width="174">
      <p><b><font size=1>Name and Address</font></b>
    </td>
    <td height=32 width="42">
      <p align="CENTER"><b><font size="1">Age</font></b>
    </td>
    <td height=32 width="384">
      <p align="CENTER"><b><font size="1">Principal Occupations During Past<br>
        Five Years and Public Directorships(1) </font></b>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=23 width="174">
      <hr size="1" align="left" width="70%">
    </td>
    <td valign="TOP" height=23 width="42">
      <hr size="1" width="110%" align="center">
    </td>
    <td valign="TOP" height=23 width="384">
      <hr size="1" width="60%" align="center">
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="174"> </td>
    <td valign="TOP" width="42"> </td>
    <td valign="TOP" width="384"> </td>
  </tr>
  <tr>
    <td valign="TOP" height=74 width="174">
      <p><font size=2>Arthur Zeikel(1)</font>*<br>
        <font size=2>300 Woodland Avenue<br>
        Westfield, New Jersey 07090</font>
    </td>
    <td valign="TOP" height=74 width="42">
      <p align="CENTER"><font size="2">67 </font>
    </td>
    <td valign="TOP" height=74 width="384">
      <p><font size=2>Chairman of FAM and MLAM from 1997 to 1999; President of
        FAM<br>
        &nbsp;&nbsp;&nbsp;&nbsp; and MLAM from 1977 to 1997; Chairman of Princeton
        Services<br>
        &nbsp;&nbsp;&nbsp;&nbsp; from 1997 to 1999, Director thereof from 1993
        to 1999 and<br>
        &nbsp;&nbsp;&nbsp;&nbsp; President thereof from 1993 to 1997; Executive
        Vice President of<br>
        &nbsp;&nbsp;&nbsp;&nbsp; Merrill Lynch &amp; Co., Inc. (&#147;ML &amp;
        Co.&#148;) from 1990 to 1999. </font>
    </td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td>
      <hr size=1 noshade align=left  width=75>
    </td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="1">(1) </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="1"> Each of the nominees is a director, trustee
      or member of an advisory board of certain other investment companies for
      which FAM or MLAM acts as investment adviser. See &#147;Compensation of
      Board Members.</font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="1">(2) </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="1">Member of the Audit Committee of each Board.</font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="1">* </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="1">Interested person, as defined in the Investment
      Company Act of 1940, as amended (the &#147;Investment Company Act&#148;),
      of each of the Funds.</font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="1">** </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="1">On December 15, 1999 the Board of each Fund appointed
      Roberta Cooper Ramo as a Board member of each of the Funds.</font></td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>Committee and Board Meetings.</i>
      The Board of each Fund has a standing Audit Committee, which consists of
      Board members who are not &#147;interested persons&#148; of the Fund within
      the meaning of the Investment Company Act. The principal purpose of the
      Audit Committee is to review the scope of the annual audit conducted by
      the Fund&#146;s independent auditors and the evaluation by such auditors
      of the accounting procedures followed by the Fund. The Audit Committee also
      reviews and nominates candidates to serve as non-interested Board members.
      The non-interested Board members have retained independent legal counsel
      to assist them in connection with these duties.</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During each Fund&#146;s last
      fiscal year, each of the Board members then in office attended at least
      75% of the aggregate of the total number of meetings of the Board held during
      the fiscal year and, if a member, of the total number of meetings of the
      Audit Committee held during the period for which he or she served.</font></td>
  </tr>
</TABLE>
<br>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>Compliance with Section
      16(a) of the Securities Exchange Act of 1934.</i> Section 16(a) of the Securities
      Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), requires
      the officers and directors of each Fund and persons who own more than ten
      percent of a registered class of 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;SEC&#148;) and the New York Stock
      Exchange. Officers, directors and greater than ten percent stockholders
      are required by SEC regulations to furnish the Fund with copies of all Forms
      3, 4 and 5 they file.</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based solely on each Fund&#146;s
      review of the copies of such forms, and amendments thereto, furnished to
      it during or with respect to its most recent fiscal year, and written representations
      from certain reporting persons that they were not required to file Form
      5 with respect to the most recent fiscal year, each Fund believes that all
      of its officers, directors, greater than ten percent beneficial owners and
      other persons subject to Section 16 of the Exchange Act because of the requirements
      of Section 30 of the Investment Company Act, (<i>i.e.</i>, any advisory
      board member, investment adviser or affiliated person of the Fund&#146;s
      investment adviser), have complied with all filing requirements applicable
      to them with respect to transactions during the Fund&#146;s most recent
      fiscal year, with the exception that (i) Alice A. Pellegrino inadvertently
      made late Form 3 filings for all of the Funds, except MuniYield Florida
      Fund, reporting her election as Secretary of the Funds, and (ii) Philip
      M. Mandel, who retired as Secretary of the Funds on April 30, 1999, inadvertently
      made late Form 5 filings for all of the Funds except MuniYield New Jersey
      Fund, Inc., for which he inadvertently made a late Form 4 filing.</font></td>
  </tr>
</TABLE>
<p></p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">4 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 8, page: 8" -->
<p>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;<i>&nbsp;Interested Persons.</i>
      Each Fund considers Messrs. Glenn and Zeikel to be &#147;interested persons&#148;
      of the Funds within the meaning of Section 2(a)(19) of the Investment Company
      Act because of the positions each holds or has held with FAM and its affiliates.
      Mr. Glenn is the President of each Fund.</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>Compensation of Board Members.</i>
      The Funds pay fees to each non-interested Board member for service to the
      Funds. Each non-interested Board member receives an aggregate annual retainer
      of $100,000 for his or her services to multiple investment companies and
      portfolios advised by the Investment Adviser or its affiliates (&#147;Affiliate-advised
      funds&#148;). As of the date of this Combined Proxy Statement, each of the
      Board members serves on the boards of a number of Affiliate-advised funds
      set forth in Exhibit A under &#147;Information Pertaining to Officers and
      Board Members.&#148; The portion of the annual retainer allocated to each
      fund is determined quarterly based on relative net assets of each 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
      $60,000 for all Affiliate-advised funds on which such Board member serves
      and are allocated equally among those funds. The Funds also reimburse the
      non-interested Board members for actual out-of-pocket expenses relating
      to attendance at meetings. The Audit Committee consists of all of the non-interested
      Board members.</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>Officers of the Funds.</i>
      Information regarding the officers of each Fund is set forth in Exhibit
      A. 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></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>Stock Ownership.</i> As
      of the Record Date, none of the nominees held shares of the Funds.</font></td>
  </tr>
</TABLE>
<br>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Record Date, the Board
      members and officers of each Fund as a group owned an aggregate of less
      than 1% of the Shares of that Fund outstanding at such date and owned none
      of the AMPS outstanding at such date. At such date, Mr. Zeikel, a Board
      member of each Fund, Mr. Glenn, an officer and a Board member 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 &Co.</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>ITEM 2. RATIFICATION OF SELECTION OF INDEPENDENT
      AUDITORS</b></font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of each Fund, including
      a majority of the Board members who are not interested persons of the Fund,
      has selected the firm of Deloitte &Touche <font size="1">LLP</font> (&#147;D&T&#148;),
      independent auditors, to examine the financial statements of the Fund for
      the current fiscal year. No Fund knows of any direct or indirect financial
      interest of such auditors in the Fund. Such appointment is subject to ratification
      or rejection by the stockholders of each Fund. Unless a contrary specification
      is made, the accompanying proxy will be voted in favor of ratifying the
      selection of such auditors.</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D&T also acts as independent
      auditors for ML &Co. and all of its subsidiaries and for most other investment
      companies for which FAM or MLAM acts as investment adviser. The fees received
      by D&T from these other entities are substantially greater, in the aggregate,
      than the total fees received by it from each Fund. The Board of each Fund
      considered the fact that D&T has been retained as the independent auditors
      for <br>
      ML & Co. and the other entities described above in its evaluation of the
      independence of D&T with respect to the Fund.</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives of D&T are
      expected to be present at the Meetings and will have the opportunity to
      make a statement if they so desire and to respond to questions from stockholders.</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">5 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 9, page: 9" --> <br>
<p></p>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>ADDITIONAL INFORMATION</B></font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The expenses of preparation,
      printing and mailing of the enclosed form of proxy and accompanying Notice
      and Proxy Statement will be borne by the Funds in proportion to their respective
      net assets. The Funds will reimburse banks, brokers and others for their
      reasonable expenses in forwarding proxy solicitation material to the beneficial
      owners of the shares of the Funds.</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to obtain the necessary
      quorum at the Meeting (<i>i.e.</i>, a majority of the shares of each class
      of securities of each Fund entitled to vote at the Meeting, present in person
      or by proxy), supplementary solicitation may be made by mail, telephone,
      telegraph or personal interview by officers of the Fund. Each Fund has retained
      Shareholder Communications Corporation, 17 State Street, New York, New York
      10004 to assist in the solicitation of proxies at a cost to each Fund of
      approximately $3,500 plus out-of-pocket expenses.</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All shares represented by properly
      executed proxies, unless such proxies have previously been revoked, will
      be voted at the Meetings in accordance with the directions on the proxies;
      if no direction is indicated, the shares will be voted &#147;FOR&#148; the
      Board member nominees and &#147;FOR&#148; the ratification of D&amp;T as
      independent auditors of each Fund.</font></td>
  </tr>
</TABLE>
<br>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to Item 1, &#147;Election
      of Board Members,&#148; holders of AMPS, voting separately as a class, are
      entitled to elect two Board members and holders of Capital Stock, voting
      together as a single class, are entitled to elect the remaining Board members.
      Assuming a quorum is present, (A) with respect to the Maryland corporations,
      (i) election of the two Board members to be elected by the holders of AMPS,
      voting separately as a class, will require a plurality of all votes cast
      by the holders of AMPS, represented at the Meeting and entitled to vote;
      and (ii) election of the remaining Board members will require a plurality
      of all votes cast by the holders of Capital Stock represented at the Meeting
      and entitled to vote, voting together as a single class; (B) with respect
      to Massachusetts business trusts, (i) election of the two Board members
      to be elected by the holders of AMPS, voting separately as a class, will
      require the affirmative vote of a majority of the AMPS represented at the
      Meeting in person or by proxy and (ii) election of the remaining Board members
      will require the affirmative vote of a majority of the shares of Capital
      Stock represented at the Meeting in person or by proxy voting together as
      a single class. A &#147;plurality of the votes&#148; means the candidate
      must receive more votes than any other candidate for the same position,
      but not necessarily a majority of votes cast.</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to Item 2, &#147;Ratification
      of the Selection of Independent Auditors,&#148; assuming a quorum is present,
      (A) with respect to Maryland corporations, approval will require the affirmative
      vote of a majority of the votes cast by the holders of shares of Capital
      Stock represented at the Meeting and entitled to vote, voting together as
      a single class and (B) with respect to Massachusetts business trusts, approval
      will require the affirmative vote of a majority of the shares of Capital
      Stock present at the Meeting in person or by proxy, voting together as a
      single class.</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broker-dealer firms, including
      Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated (&#147;MLPF &amp;
      S&#148;), holding shares of each Fund in &#147;street name&#148; for the
      benefit of their customers and clients will request the instructions of
      such customers and clients on how to vote their shares on each Item before
      the Meeting. The Funds understand that, under the rules of the New York
      Stock Exchange, or the American Stock Exchange, as applicable, 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
      (Item 1) and ratification of the selection of independent auditors (Item
      2) if no instructions have been received prior to the date specified in
      the broker-dealer firm&#146;s request for voting instructions. The Funds
      will include shares held of record by broker-dealers</font></td>
  </tr>
</TABLE>
<p></p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">6 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 10, page: 10" -->
<p>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>as to which such authority has been granted in its tabulation
      of the total number of votes present for purposes of determining whether
      the necessary quorum of stockholders exists. Proxies that are returned to
      the Fund but that are marked &#147;abstain&#148; or on which a broker-dealer
      has declined to vote on any proposal (&#147;broker non-votes&#148;) will
      be counted as present for purposes of a quorum. MLPF &amp; S has advised
      the Funds that it intends to vote shares held in its name for which no instructions
      are received, except as limited by agreement or applicable law, on Items
      1 and 2 in the same proportion as the votes received from beneficial owners
      of those shares for which instructions have been received, whether or not
      held in nominee name. Abstentions and broker non-votes will not be counted
      as votes cast. Abstentions and broker non-votes, therefore, will not have
      an effect on the vote on Item 1 or Item 2 in the case of Maryland corporations;
      however, abstentions and broker non-votes will have the same effect as a
      vote against Item 1 and Item 2 in the case of Massachusetts business trusts.</font></td>
  </tr>
</TABLE>
<br>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management knows of no other
      matters to be presented at the Meetings. However, if other matters are presented
      for a vote at the Meetings or any adjournments thereof, the proxy holders
      will vote the Shares and AMPS represented by properly executed proxies according
      to their judgment on those matters.</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2><B>Address of Investment Adviser</B></font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal office of FAM
      is located at 800 Scudders Mill Road, Plainsboro, New Jersey 08536.</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2><B>Annual Report Delivery</B></font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund will furnish, without
      charge, a copy of its Annual Report for the Fund&#146;s last fiscal year
      to any stockholder upon request. Such requests should be directed to the
      applicable Fund, P.O. Box 9011, Princeton, New Jersey 08543-9011, Attention:
      Alice A. Pellegrino, or to 1-800-456-4587, ext. 123.</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2><B>Stockholder Proposals</B></font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a stockholder intends to
      present a proposal at the 2001 Annual Meeting of Stockholders of a Fund,
      which is anticipated to be held in April 2001, and desires to have the proposal
      included in the Fund&#146;s proxy statement and form of proxy for that meeting,
      the stockholder must deliver the proposal to the offices of the Fund by
      November 17, 2000.</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td width="344">&nbsp;</td>
    <td width="244"><font size=2>By Order of the Boards of Directors/Trustees</font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td width="345">&nbsp;</td>
    <td width="243"><font size=2>A<font size="1">LICE</font> A. P<font size="1">ELLEGRINO<br>
      </font><font size=2><i>Secretary of the Funds</i></font><font size="1">
      </font></font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>Dated: March 17, 2000</font></td>
  </tr>
</TABLE>
<p>&nbsp; </p>
<table width=600>
  <tr>
    <td width=63 align=left><font size=1>&nbsp;</font></td>
    <td width=462 align=center><font size="2">7</font></td>
    <td width=59 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p></p>
<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 12, page: 12" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2><B>Exhibit A</B></font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>INFORMATION PERTAINING TO EACH FUND</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td width=3%><font size=3>&#149;</font></td>
    <td width=97% valign=top colspan="3"><font size=2><b>General Information Pertaining
      to the Funds</b></font></td>
  </tr>
</TABLE>
<br>
<table cellspacing=0 border=0 cellpadding=0 height="188" width=600>
  <tr valign="bottom">
    <td height=32 width="251">
      <p><b><font size="1"><br>
        Fund </font></b>
    </td>
    <td height=32 width="20">
      <p></p>
    </td>
    <td height=32 width="87">
      <p align="CENTER"><b><font size="1">Defined Term<br>
        Used in Exhibit A </font></b>
    </td>
    <td height=32 width="22">&nbsp;</td>
    <td height=32 width="43">
      <p align="CENTER"><b><font size="1">Fiscal<br>
        Year End </font></b>
    </td>
    <td height=32 width="22">&nbsp;</td>
    <td height=32 width="61">
      <p align="CENTER"><b><font size="1">State of<br>
        Organization </font></b>
    </td>
    <td height=32 width="22">&nbsp;</td>
    <td height=32 width="72">
      <p align="CENTER"><b><font size="1"><br>
        Meeting Time </font></b>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="251" height="5">
      <hr size="1" noshade width="10%" align="left">
    </td>
    <td valign="TOP" width="20" height="5">&nbsp;</td>
    <td valign="TOP" width="87" height="5">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" width="22" height="5">&nbsp;</td>
    <td valign="TOP" width="43" height="5">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" width="22" height="5">&nbsp;</td>
    <td valign="TOP" width="61" height="5">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" width="22" height="5">&nbsp;</td>
    <td valign="TOP" width="72" height="5">
      <hr size="1" noshade align="center">
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="251">
      <p><font size="2">MuniYield Arizona Fund, Inc. </font>
    </td>
    <td valign="TOP" width="20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td valign="TOP" width="87">
      <p><font size="2">AZ Fund </font>
    </td>
    <td valign="TOP" width="22">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td valign="TOP" width="43">
      <p align="CENTER"><font size="2">10/31 </font>
    </td>
    <td valign="TOP" width="22">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td valign="TOP" width="61">
      <p align="CENTER"><font size="2">MD </font>
    </td>
    <td valign="TOP" width="22">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td valign="TOP" width="72" align="center">
      <p align="CENTER"><font size="2">10:20 a.m.</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="251">
      <p><font size="2">MuniYield California Fund, Inc. </font>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="87">
      <p><font size="2">CA Fund </font>
    </td>
    <td valign="TOP" width="22">&nbsp;</td>
    <td valign="TOP" width="43">
      <p align="CENTER"><font size="2">10/31 </font>
    </td>
    <td valign="TOP" width="22">&nbsp;</td>
    <td valign="TOP" width="61">
      <p align="CENTER"><font size="2">MD </font>
    </td>
    <td valign="TOP" width="22">&nbsp;</td>
    <td valign="TOP" width="72" align="center">
      <p align="CENTER"><font size="2">10:40 </font><font size="2">a.m.</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="251">
      <p><font size="2">MuniYield California Insured Fund, Inc. </font>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="87">
      <p><font size="2">CA Ins. Fund </font>
    </td>
    <td valign="TOP" width="22">&nbsp;</td>
    <td valign="TOP" width="43">
      <p align="CENTER"><font size="2">10/31 </font>
    </td>
    <td valign="TOP" width="22">&nbsp;</td>
    <td valign="TOP" width="61">
      <p align="CENTER"><font size="2">MD </font>
    </td>
    <td valign="TOP" width="22">&nbsp;</td>
    <td valign="TOP" width="72" align="center">
      <p align="CENTER"><font size="2">11:00 </font><font size="2">a.m.</font><font size="2">
        </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="251">
      <p><font size="2">MuniYield California Insured Fund II, Inc. </font>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="87">
      <p><font size="2">CA Ins. Fund II </font>
    </td>
    <td valign="TOP" width="22">&nbsp;</td>
    <td valign="TOP" width="43">
      <p align="CENTER"><font size="2">10/31 </font>
    </td>
    <td valign="TOP" width="22">&nbsp;</td>
    <td valign="TOP" width="61">
      <p align="CENTER"><font size="2">MD </font>
    </td>
    <td valign="TOP" width="22">&nbsp;</td>
    <td valign="TOP" width="72" align="center">
      <p align="CENTER"><font size="2">11:20 </font><font size="2">a.m.</font><font size="2">
        </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="251">
      <p><font size="2">MuniYield Florida Fund </font>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="87">
      <p><font size="2">FL Fund </font>
    </td>
    <td valign="TOP" width="22">&nbsp;</td>
    <td valign="TOP" width="43">
      <p align="CENTER"><font size="2">10/31 </font>
    </td>
    <td valign="TOP" width="22">&nbsp;</td>
    <td valign="TOP" width="61">
      <p align="CENTER"><font size="2">MA </font>
    </td>
    <td valign="TOP" width="22">&nbsp;</td>
    <td valign="TOP" width="72" align="center">
      <p align="CENTER"><font size="2">11:40 </font><font size="2">a.m.</font><font size="2">
        </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="251">
      <p><font size="2">MuniYield Michigan Fund, Inc. </font>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="87">
      <p><font size="2">MI Fund </font>
    </td>
    <td valign="TOP" width="22">&nbsp;</td>
    <td valign="TOP" width="43">
      <p align="CENTER"><font size="2">10/31 </font>
    </td>
    <td valign="TOP" width="22">&nbsp;</td>
    <td valign="TOP" width="61">
      <p align="CENTER"><font size="2">MD </font>
    </td>
    <td valign="TOP" width="22">&nbsp;</td>
    <td valign="TOP" width="72" align="center">
      <p align="CENTER"><font size="2">12:00 p.m. </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="251">
      <p><font size="2">MuniYield New Jersey Fund, Inc. </font>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="87">
      <p><font size="2">NJ Fund </font>
    </td>
    <td valign="TOP" width="22">&nbsp;</td>
    <td valign="TOP" width="43">
      <p align="CENTER"><font size="2">11/30 </font>
    </td>
    <td valign="TOP" width="22">&nbsp;</td>
    <td valign="TOP" width="61">
      <p align="CENTER"><font size="2">MD </font>
    </td>
    <td valign="TOP" width="22">&nbsp;</td>
    <td valign="TOP" width="72" align="center">
      <p align="CENTER"><font size="2">12:20 p.m. </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height="21" width="251">
      <p><font size="2">MuniYield New York Insured Fund, Inc. </font>
    </td>
    <td valign="TOP" height="21" width="20">&nbsp;</td>
    <td valign="TOP" height="21" width="87">
      <p><font size="2">NY Ins. Fund </font>
    </td>
    <td valign="TOP" height="21" width="22">&nbsp;</td>
    <td valign="TOP" height="21" width="43">
      <p align="CENTER"><font size="2">10/31 </font>
    </td>
    <td valign="TOP" height="21" width="22">&nbsp;</td>
    <td valign="TOP" height="21" width="61">
      <p align="CENTER"><font size="2">MD </font>
    </td>
    <td valign="TOP" height="21" width="22">&nbsp;</td>
    <td valign="TOP" height="21" width="72" align="center">
      <p align="CENTER"><font size="2">12:40 p.m. </font>
    </td>
  </tr>
</TABLE>
<br>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td height=22 width="10">&nbsp;</td>
    <td height=22 width="290">&nbsp;</td>
    <td colspan=3 height=22 width="300">
      <div align="center"><b><font size="1">Shares of Capital Stock Outstanding<br>
        as of the Record Date</font></b></div>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=5 width="10">
      <p></p>
    </td>
    <td height=5 width="290" valign="top">
      <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
    </td>
    <td colspan=3 height=5 width="300" valign="top">
      <hr size="1" noshade>
    </td>
  </tr>
</TABLE>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td valign="TOP" width="238">
      <div align="left"></div>
      <p align="left"><b><font size="1">Fund </font></b>
    </td>
    <td valign="TOP" width="63">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="130">
      <div align="center"></div>
      <p align="center"><b><font size="1">Shares </font></b>
    </td>
    <td valign="TOP" width="49">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="120">
      <div align="center"></div>
      <p align="center"><b><font size="1">AMPS </font></b>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="238" height="5">
      <div align="left"></div>
      <hr noshade size="1" width="30" align="left">
    </td>
    <td valign="TOP" width="63" height="5">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="130" height="5">
      <div align="center"></div>
      <hr size="1" noshade>
    </td>
    <td valign="TOP" width="49" height="5">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="120" height="5">
      <div align="center"></div>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="238">
      <div align="left"></div>
      <p align="left"><font size="2">AZ Fund </font>
    </td>
    <td valign="TOP" width="63">
      <div align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div>
    </td>
    <td valign="TOP" width="130">
      <div align="center"><font size="2">&nbsp; 4,450,418</font></div>
    </td>
    <td valign="TOP" width="49">
      <div align="center"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></div>
    </td>
    <td valign="TOP" width="120">
      <div align="center"></div>
      <p align="center"><font size="2">1,212</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="238">
      <div align="left"></div>
      <p align="left"><font size="2">CA Fund </font>
    </td>
    <td valign="TOP" width="63">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="130">
      <div align="center"></div>
      <p align="center"><font size="2">21,184,475</font>
    </td>
    <td valign="TOP" width="49">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="120">
      <div align="center"></div>
      <p align="center"><font size="2">5,600</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="238">
      <div align="left"></div>
      <p align="left"><font size="2">CA Ins. Fund </font>
    </td>
    <td valign="TOP" width="63">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="130">
      <div align="center"></div>
      <p align="center"><font size="2">16,549,484</font>
    </td>
    <td valign="TOP" width="49">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="120">
      <div align="center"></div>
      <p align="center"><font size="2">4,000</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="238">
      <div align="left"></div>
      <p align="left"><font size="2">CA Ins. Fund II </font>
    </td>
    <td valign="TOP" width="63">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="130">
      <div align="center"></div>
      <p align="center"><font size="2">18,344,946</font>
    </td>
    <td valign="TOP" width="49">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="120">
      <div align="center"></div>
      <p align="center"><font size="2">5,200</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="238">
      <div align="left"></div>
      <p align="left"><font size="2">FL Fund </font>
    </td>
    <td valign="TOP" width="63">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="130">
      <div align="center"></div>
      <p align="center"><font size="2">13,551,880</font>
    </td>
    <td valign="TOP" width="49">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="120">
      <div align="center"></div>
      <p align="center"><font size="2">3,800</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="238">
      <div align="left"></div>
      <p align="left"><font size="2">MI Fund </font>
    </td>
    <td valign="TOP" width="63">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="130">
      <div align="center"></div>
      <p align="center"><font size="2">&nbsp;&nbsp;7,911,326</font>
    </td>
    <td valign="TOP" width="49">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="120">
      <div align="center"></div>
      <p align="center"><font size="2">2,200</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="238">
      <div align="left"></div>
      <p align="left"><font size="2">NJ Fund </font>
    </td>
    <td valign="TOP" width="63">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="130">
      <div align="center"></div>
      <p align="center"><font size="2">14,182,113</font>
    </td>
    <td valign="TOP" width="49">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="120">
      <div align="center"></div>
      <p align="center"><font size="2">3,900</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="238" height="24">
      <div align="left"></div>
      <p align="left"><font size="2">NY Ins. Fund </font>
    </td>
    <td valign="TOP" width="63" height="24">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="130" height="24">
      <div align="center"></div>
      <p align="center"><font size="2">12,585,427</font>
    </td>
    <td valign="TOP" width="49" height="24">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="120" height="24">
      <div align="center"></div>
      <p align="center"><font size="2">3,400</font>
    </td>
  </tr>
</TABLE>
<br>
<table width=600>
  <tr>
    <td width=3%><font size=3>&#149;</font></td>
    <td width=97% valign=top colspan="3"><font size=2><b>Information Pertaining
      to Officers and Board Members</b></font></td>
  </tr>
</TABLE>
<br>
<br>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="141">&nbsp;</td>
    <td colspan=14 width="459">
      <div align="center"><font size="1"><b>Year in Which Each Nominee Became
        a Member of the Board </b> </font></div>
    </td>
  </tr>
  <tr valign="top">
    <td width="141" height="5">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td colspan=14 width="459" height="5">
      <hr size="1" noshade>
    </td>
  </tr>
</TABLE>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td height=15 align="left">
      <p><b> <font size=1> Fund </font></b>
    </td>
    <td height=15 align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td height=15 align="center">
      <p align="CENTER"><font size="1"><b>Bodurtha</b> </font>
    </td>
    <td height=15 align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td height=15 align="center">
      <p align="CENTER"><b><font size=1>Glenn </font></b>
    </td>
    <td height=15 align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td height=15 align="center">
      <p align="CENTER"><font size="1"><b>London</b> </font>
    </td>
    <td height=15 align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td height=15 align="center">
      <p align="CENTER"><font size="1"><b>May </b> </font>
    </td>
    <td height=15 align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td height=15 align="center">
      <p align="CENTER"><font size="1"><b>Perold </b> </font>
    </td>
    <td height=15 align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td height=15 align="center">
      <p align="CENTER"><font size="1"><b>Ramo </b> </font>
    </td>
    <td height=15 align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td height=15 align="center">
      <p align="CENTER"><font size="1"><b>Zeikel</b> </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=5 align="left">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height=5 align="center">&nbsp;</td>
    <td valign="TOP" height=5 align="center">
      <hr noshade size="1">
    </td>
    <td valign="TOP" height=5 align="center">&nbsp;</td>
    <td valign="TOP" height=5 align="center">
      <hr noshade size="1">
    </td>
    <td valign="TOP" height=5 align="center">&nbsp;</td>
    <td valign="TOP" height=5 align="center">
      <hr noshade size="1">
    </td>
    <td valign="TOP" height=5 align="center">&nbsp;</td>
    <td valign="TOP" height=5 align="center">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height=5 align="center">&nbsp;</td>
    <td valign="TOP" height=5 align="center">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height=5 align="center">&nbsp;</td>
    <td valign="TOP" height=5 align="center">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height=5 align="center">&nbsp;</td>
    <td valign="TOP" height=5 align="center">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=35 align="left">
      <p><font size="2">AZ Fund </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1995 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1999 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1999 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=35 align="left">
      <p><font size="2">CA Fund </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1995 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1999 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1999 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=35 align="left">
      <p><font size="2">CA Ins. Fund </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1995 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1999 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1999 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=35 align="left">
      <p><font size="2">CA Ins. Fund II </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1995 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1999 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1999 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=35 align="left">
      <p><font size="2">FL Fund </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1995 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1999 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1999 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=35 align="left">
      <p><font size="2">MI Fund </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1995 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1999 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1999 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=35 align="left">
      <p><font size="2">NJ Fund </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1995 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1999 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1999 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=35 align="left">
      <p><font size="2">NY Ins. Fund </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1995 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1999 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1999 </font>
    </td>
    <td valign="TOP" height=35 align="center">&nbsp;</td>
    <td valign="TOP" height=35 align="center">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
  </tr>
</TABLE>
<br>
<br>
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">A-1 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 13, page: 13" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth in the table below
      is information regarding board and committee meetings held and the aggregate
      fees and expenses paid by the Fund to non-affiliated Board members during
      each Fund&#146;s most recently completed fiscal year.</font></td>
  </tr>
</TABLE>
<p></p>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" colspan="6">
      <div align="center"><b><font size="1">Board</font></b></div>
    </td>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom" colspan=11>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"><b><font size=1>Audit Committee</font></b></div>
    </td>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" height="5">&nbsp;</td>
    <td valign="TOP" height="5">&nbsp;</td>
    <td valign="bottom" colspan="6" height="5">
      <hr size="1" noshade>
    </td>
    <td valign="bottom" height="5">&nbsp;</td>
    <td valign="bottom" colspan=11 height="5">
      <hr size="1" noshade>
    </td>
    <td valign="bottom" height="5">&nbsp;</td>
    <td valign="bottom" height="5">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" height="45"><b><font size=1>Fund</font><font size=2> </font></b></td>
    <td valign="TOP" height="45">&nbsp;</td>
    <td valign="bottom" height="45">
      <p align="center">
      <div align="center"><b><font size=1> # Meetings<br>
        Held*</font><font size=2> </font></b></div>
    </td>
    <td valign="bottom" height="45">
      <div align="center"></div>
    </td>
    <td valign="bottom" height="45">
      <div align="center"><b><font size=1>Annual<br>
        Fee ($)</font><font size=2> </font></b></div>
    </td>
    <td valign="bottom" height="45">
      <div align="center"></div>
    </td>
    <td valign="bottom" colspan=2 height="45">
      <div align="center"><b><font size=1>Per Meeting<br>
        Fee ($)**</font><font size=2> </font></b></div>
    </td>
    <td valign="bottom" height="45">
      <div align="center"></div>
    </td>
    <td valign="bottom" colspan=3 height="45">
      <p align="center"><b><font size=1><br>
        # Meetings<br>
        Held *</font><font size=2> </font></b>
    </td>
    <td valign="bottom" height="45">
      <div align="center"></div>
    </td>
    <td valign="bottom" colspan=2 height="45">
      <div align="center"> <b><font size=1>Annual<br>
        Fee ($</font></b><font size="1">)</font></div>
    </td>
    <td valign="bottom" height="45">
      <div align="center"></div>
    </td>
    <td valign="bottom" colspan=4 height="45">
      <p align="center">
      <div align="center"><b><font size=1><br>
        Per Meeting<br>
        Fee ($)**</font><font size=2> </font></b></div>
    </td>
    <td valign="bottom" height="45">
      <div align="center"></div>
    </td>
    <td valign="bottom" height="45">
      <div align="center"><b><font size=1>Aggregate<br>
        Fees and<br>
        Expenses($)</font></b></div>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height="5">
      <hr align="left" noshade size="1">
    </td>
    <td valign="TOP" height="5">&nbsp;</td>
    <td valign="TOP" height="5">
      <hr noshade align="center" size="1">
    </td>
    <td valign="TOP" height="5">&nbsp;</td>
    <td valign="TOP" height="5">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height="5">&nbsp;</td>
    <td valign="TOP" colspan=2 height="5">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height="5">&nbsp;</td>
    <td valign="TOP" colspan=3 height="5">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height="5">&nbsp;</td>
    <td valign="TOP" colspan=2 height="5">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height="5">&nbsp;</td>
    <td valign="TOP" colspan=4 height="5">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height="5">&nbsp;</td>
    <td valign="TOP" height="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP">
      <p><font size="2">AZ Fund </font>
    </td>
    <td valign="TOP">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td valign="TOP">
      <p align="center">
      <div align="center"><font size=2>6 </font></div>
    </td>
    <td valign="TOP">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td valign="TOP">
      <p align="center">
      <div align="center"><font size=2>2,500 </font></div>
    </td>
    <td valign="TOP">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td valign="TOP" colspan=2>
      <p align="center">
      <div align="center"><font size=2>250 </font></div>
    </td>
    <td valign="TOP">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td valign="TOP" colspan=3>
      <p align="center">
      <div align="center"><font size=2>4 </font></div>
    </td>
    <td valign="TOP">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td valign="TOP" colspan=2>
      <p align="center">
      <div align="center"><font size=2>500 </font></div>
    </td>
    <td valign="TOP">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td valign="TOP" colspan=4>
      <p align="center">
      <div align="center"><font size=2>125 </font></div>
    </td>
    <td valign="TOP">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td valign="TOP">
      <p align="center">
      <div align="center"><font size=2>23,291 </font></div>
    </td>
  </tr>
  <tr>
    <td valign="TOP">
      <p><font size="2">CA Fund </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="center">
      <div align="center"><font size=2>6 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="center">
      <div align="center"><font size=2>2,500 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP" colspan=2>
      <p align="center">
      <div align="center"><font size=2>250 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP" colspan=3>
      <p align="center">
      <div align="center"><font size=2>4 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP" colspan=2>
      <p align="center">
      <div align="center"><font size=2>500 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP" colspan=4>
      <p align="center">
      <div align="center"><font size=2>125 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="center">
      <div align="center"><font size=2>23,287 </font></div>
    </td>
  </tr>
  <tr>
    <td valign="TOP">
      <p><font size="2">CA Ins. Fund </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="center">
      <div align="center"><font size=2>6 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="center">
      <div align="center"><font size=2>2,500 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP" colspan=2>
      <p align="center">
      <div align="center"><font size=2>250 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP" colspan=3>
      <p align="center">
      <div align="center"><font size=2>4 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP" colspan=2>
      <p align="center">
      <div align="center"><font size=2>500 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP" colspan=4>
      <p align="center">
      <div align="center"><font size=2>125 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="center">
      <div align="center"><font size=2>23,276 </font></div>
    </td>
  </tr>
  <tr>
    <td valign="TOP">
      <p><font size="2">CA Ins. Fund II </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="center">
      <div align="center"><font size=2>6 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="center">
      <div align="center"><font size=2>2,500 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP" colspan=2>
      <p align="center">
      <div align="center"><font size=2>250 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP" colspan=3>
      <p align="center">
      <div align="center"><font size=2>4 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP" colspan=2>
      <p align="center">
      <div align="center"><font size=2>500 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP" colspan=4>
      <p align="center">
      <div align="center"><font size=2>125 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="center">
      <div align="center"><font size=2>23,259 </font></div>
    </td>
  </tr>
  <tr>
    <td valign="TOP">
      <p><font size="2">FL Fund </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="center">
      <div align="center"><font size=2>6 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="center">
      <div align="center"><font size=2>2,500 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP" colspan=2>
      <p align="center">
      <div align="center"><font size=2>250 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP" colspan=3>
      <p align="center">
      <div align="center"><font size=2>4 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP" colspan=2>
      <p align="center">
      <div align="center"><font size=2>500 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP" colspan=4>
      <p align="center">
      <div align="center"><font size=2>125 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="center">
      <div align="center"><font size=2>23,277 </font></div>
    </td>
  </tr>
  <tr>
    <td valign="TOP">
      <p><font size="2">MI Fund </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="center">
      <div align="center"><font size=2>6 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="center">
      <div align="center"><font size=2>2,500 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP" colspan=2>
      <p align="center">
      <div align="center"><font size=2>250 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP" colspan=3>
      <p align="center">
      <div align="center"><font size=2>4 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP" colspan=2>
      <p align="center">
      <div align="center"><font size=2>500 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP" colspan=4>
      <p align="center">
      <div align="center"><font size=2>125 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="center">
      <div align="center"><font size=2>23,326 </font></div>
    </td>
  </tr>
  <tr>
    <td valign="TOP">
      <p><font size="2">NJ Fund </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="center">
      <div align="center"><font size=2>6 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="center">
      <div align="center"><font size=2>2,500 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP" colspan=2>
      <p align="center">
      <div align="center"><font size=2>250 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP" colspan=3>
      <p align="center">
      <div align="center"><font size=2>4 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP" colspan=2>
      <p align="center">
      <div align="center"><font size=2>500 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP" colspan=4>
      <p align="center">
      <div align="center"><font size=2>125 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="center">
      <div align="center"><font size=2>23,119 </font></div>
    </td>
  </tr>
  <tr>
    <td valign="TOP">
      <p><font size="2">NY Ins. Fund </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="center">
      <div align="center"><font size=2>6 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="center">
      <div align="center"><font size=2>2,500 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP" colspan=2>
      <p align="center">
      <div align="center"><font size=2>250 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP" colspan=3>
      <p align="center">
      <div align="center"><font size=2>4 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP" colspan=2>
      <p align="center">
      <div align="center"><font size=2>500 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP" colspan=4>
      <p align="center">
      <div align="center"><font size=2>125 </font></div>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="center">
      <div align="center"><font size=2>23,276 </font></div>
    </td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td>
      <hr size=1 noshade align=left  width=75>
    </td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="1">* </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="1">Includes meetings held via teleconferencing equipment.</font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="1">** </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="1">The fee is payable for each meeting attended
      in person. A fee is not paid for telephonic meetings. Set forth in the table
      below is information regarding compensation paid by the Fund to the non-affiliated
      Board members for the most recently completed fiscal year.</font></td>
  </tr>
</TABLE>
<br>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="73">&nbsp;</td>
    <td width="103">&nbsp;</td>
    <td colspan=5 width="424">
      <div align="center"><b><font size="1">Compensation From Fund ($)&#134;</font></b></div>
    </td>
  </tr>
  <tr valign="top">
    <td width="73" height="5">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="103" height="5">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td colspan=5 width="424" height="5">
      <hr size="1" noshade>
    </td>
  </tr>
</TABLE>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td>
      <p><b><font size="1">Fund </font></b>
    </td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>
      <p align="CENTER"><b><font size="1">Bodurtha </font></b>
    </td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>
      <p align="CENTER"><b><font size="1">London </font></b>
    </td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>
      <p align="CENTER"><b><font size="1">May </font></b>
    </td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>
      <p align="CENTER"><b><font size="1">Perold </font></b>
    </td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>
      <p align="CENTER"><b><font size="1">Ramo (1) </font></b>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height="5">
      <hr size="1" noshade width="25%" align="left">
    </td>
    <td valign="TOP" height="5">&nbsp;</td>
    <td valign="TOP" height="5">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height="5">&nbsp;</td>
    <td valign="TOP" height="5">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height="5">&nbsp;</td>
    <td valign="TOP" height="5">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height="5">&nbsp;</td>
    <td valign="TOP" height="5">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height="5">&nbsp;</td>
    <td valign="TOP" height="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP">
      <p><font size="2">AZ Fund </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">0 </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP">
      <p><font size="2">CA Fund </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">0 </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP">
      <p><font size="2">CA Ins. Fund </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">0 </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP">
      <p><font size="2">CA Ins. Fund II </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">0 </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP">
      <p><font size="2">FL Fund </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">0 </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP">
      <p><font size="2">MI Fund </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">0 </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP">
      <p><font size="2">NJ Fund </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">0 </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP">
      <p><font size="2">NY Ins. Fund </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">4,500 </font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">0 </font>
    </td>
  </tr>
</TABLE>
<br>
<table width=600>
  <tr>
    <td>
      <hr size=1 noshade align=left  width=75>
    </td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=1% valign=top><font size="1">+ </font></td>
    <td width=3%>&nbsp;</td>
    <td width=96%><font size="1">No pension or retirement benefits are accrued
      as part of Fund expenses.</font></td>
  </tr>
  <tr>
    <td width=1% valign=top><font size="1">(1)</font></td>
    <td width=3%>&nbsp;</td>
    <td width=96%><font size="1">Ms. Ramo did not join the Boards until December
      15, 1999 and received no compensation in each Fund&#146;s most recently completed
      fiscal year.</font></td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth in the table below
      is information regarding the aggregate compensation paid by all registered
      investment companies advised by FAM and its affiliate, MLAM (&#147;Affiliate-Advised
      Funds&#148;), to non-affiliated Board members for the year ended December
      31, 1999.</font></td>
  </tr>
</TABLE>
<p></p>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td height=35>
      <p><b><font size="1"><br>
        Name of Board Member </font></b>
    </td>
    <td height=35>
      <p></p>
    </td>
    <td height=35>
      <p align="CENTER"><b><font size="1">Aggregate Compensation From Fund and
        Other<br>
        Affiliate-Advised Funds Paid to Board Members ($)(1)</font></b></p>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=5>
      <hr size="1" noshade width="55%" align="left">
    </td>
    <td valign="TOP" height=5>&nbsp;</td>
    <td valign="TOP" height=5>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=16>
      <p><font size="2">James H. Bodurtha </font>
    </td>
    <td valign="TOP" height=16>
      <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
    </td>
    <td valign="TOP" height=16>
      <p align="CENTER"><font size="2">133,500 </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=16>
      <p><font size="2">Herbert I. London </font>
    </td>
    <td valign="TOP" height=16>
      <p></p>
    </td>
    <td valign="TOP" height=16>
      <p align="CENTER"><font size="2">133,500 </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=16>
      <p><font size="2">Joseph L. May </font>
    </td>
    <td valign="TOP" height=16>
      <p></p>
    </td>
    <td valign="TOP" height=16>
      <p align="CENTER"><font size="2">133,500 </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=16>
      <p><font size="2">Andr&eacute; F. Perold </font>
    </td>
    <td valign="TOP" height=16>
      <p></p>
    </td>
    <td valign="TOP" height=16>
      <p align="CENTER"><font size="2">133,250 </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=16>
      <p><font size="2">Roberta Cooper Ramo<font size="1"> </font></font> <font size="1">(2)</font>
    </td>
    <td valign="TOP" height=16>
      <p></p>
    </td>
    <td valign="TOP" height=16>
      <p align="CENTER"><font size="2">0 </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">&nbsp;</td>
  </tr>
</TABLE>
<br>
<table width=600>
  <tr>
    <td>
      <hr size=1 noshade align=left  width=75>
    </td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="1">(1) </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="1">The Directors serve on the boards of Affiliate
      Advised Funds as follows: Mr. Bodurtha (29 registered investment companies
      consisting of 43 portfolios); Mr. London (29 registered investment companies
      consisting of 43 portfolios); Mr. May (29 registered investment companies
      consisting of 43 portfolios); Mr. Perold (29 registered investment companies
      consisting of 43 portfolios); and Ms. Ramo (23 registered investment companies
      consisting of 19 portfolios).</font></td>
  </tr>
  <tr>
    <td width=3% valign=top><font size="1">(2)</font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="1">Ms. Ramo joined the Boards on December 15, 1999
      and received no compensation in the year ended December 31, 1999.</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">A-2 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 14, page: 14" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth in the table below
      is information about the officers of each of the Funds.</font></td>
  </tr>
</TABLE>
<p></p>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td rowspan="3" width="318">
      <p><b> <font size=1>Name and Biography</font></b>
    </td>
    <td rowspan="3" width="20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td rowspan="3" width="20">
      <p align="CENTER"><b> <font size=1>Age</font></b>
    </td>
    <td rowspan="3" width="20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td rowspan="3" width="53">
      <p align="CENTER"><b><font size=1>Office</font></b>
    </td>
    <td rowspan="3" width="20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td rowspan="3" width="37">
      <p align="CENTER"><b><font size=1>AZ<br>
        Fund </font></b>
    </td>
    <td rowspan="3" width="21">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td rowspan="3" width="34">
      <p align="CENTER"><b><font size=1>CA<br>
        Fund </font></b>
    </td>
    <td rowspan="3" width="20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td rowspan="3" width="37">
      <p align="CENTER"><b><font size=1>CA Ins.<br>
        Fund </font></b>
    </td>
  </tr>
  <tr valign="bottom"> </tr>
  <tr valign="bottom"> </tr>
  <tr>
    <td valign="TOP" height=5 width="318">
      <hr size="1" noshade align="left" width="30%">
    </td>
    <td valign="TOP" height=5 width="20">&nbsp;</td>
    <td valign="TOP" height=5 width="20">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height=5 width="20">&nbsp;</td>
    <td valign="TOP" height=5 width="53">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height=5 width="20">&nbsp;</td>
    <td valign="TOP" height=5 width="37">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height=5 width="21">&nbsp;</td>
    <td valign="TOP" height=5 width="34">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height=5 width="20">&nbsp;</td>
    <td valign="TOP" height=5 width="37">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=138 width="318">
      <p><font size="2">Terry K. Glenn<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President of FAM and <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MLAM since 1983; Executive Vice <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Director of Princeton <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Services since 1993; President of <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Princeton Funds Distributor, Inc. (&#147;PFD&#148;)
        <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;since 1986 and Director thereof since 1991;
        <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President of Princeton Administrators, L.P.
        <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;since 1988.</font></p>
    </td>
    <td valign="TOP" height=138 width="20">&nbsp;</td>
    <td valign="TOP" height=138 width="20">
      <p align="CENTER"><font size="2">59 </font>
    </td>
    <td valign="TOP" height=138 width="20">&nbsp;</td>
    <td valign="TOP" height=138 width="53">
      <p align="CENTER"><font size="2">President </font>
    </td>
    <td valign="TOP" height=138 width="20">&nbsp;</td>
    <td valign="TOP" height=138 width="37">
      <p align="CENTER"><font size="2">1992* </font>
    </td>
    <td valign="TOP" height=138 width="21">&nbsp;</td>
    <td valign="TOP" height=138 width="34">
      <p align="CENTER"><font size="2">1992* </font>
    </td>
    <td valign="TOP" height=138 width="20">&nbsp;</td>
    <td valign="TOP" height=138 width="37">
      <p align="CENTER"><font size="2">1992* </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="318">&nbsp;</td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="53">&nbsp;</td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="37">&nbsp;</td>
    <td valign="TOP" width="21">&nbsp;</td>
    <td valign="TOP" width="34">&nbsp;</td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="37">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" height=77 width="318">
      <p><font size="2">Vincent R. Giordano<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President of FAM and MLAM since
        <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984; Portfolio Manager of FAM and MLAM<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;since 1977; Senior Vice President of Princeton
        <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Services since 1993.</font></p>
    </td>
    <td valign="TOP" height=77 width="20">&nbsp;</td>
    <td valign="TOP" height=77 width="20">
      <p align="CENTER"><font size="2">55 </font>
    </td>
    <td valign="TOP" height=77 width="20">&nbsp;</td>
    <td valign="TOP" height=77 width="53">
      <p align="CENTER"><font size="2">Senior<br>
        Vice<br>
        President</font></p>
    </td>
    <td valign="TOP" height=77 width="20">&nbsp;</td>
    <td valign="TOP" height=77 width="37">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
    <td valign="TOP" height=77 width="21">&nbsp;</td>
    <td valign="TOP" height=77 width="34">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
    <td valign="TOP" height=77 width="20">&nbsp;</td>
    <td valign="TOP" height=77 width="37">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="318">&nbsp;</td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="53">&nbsp;</td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="37">&nbsp;</td>
    <td valign="TOP" width="21">&nbsp;</td>
    <td valign="TOP" width="34">&nbsp;</td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="37">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" height=61 width="318">
      <p><font size="2">Kenneth A. Jacob<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Vice President of MLAM since 1997;
        Vice <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President of MLAM from 1984 to 1997; Vice
        <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President of FAM since 1984.</font></p>
    </td>
    <td valign="TOP" height=61 width="20">&nbsp;</td>
    <td valign="TOP" height=61 width="20">
      <p align="CENTER"><font size="2">49 </font>
    </td>
    <td valign="TOP" height=61 width="20">&nbsp;</td>
    <td valign="TOP" height=61 width="53">
      <p align="CENTER"><font size="2">Vice<br>
        President</font></p>
    </td>
    <td valign="TOP" height=61 width="20">&nbsp;</td>
    <td valign="TOP" height=61 width="37">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
    <td valign="TOP" height=61 width="21">&nbsp;</td>
    <td valign="TOP" height=61 width="34">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
    <td valign="TOP" height=61 width="20">&nbsp;</td>
    <td valign="TOP" height=61 width="37">
      <p align="CENTER"><font size="2">1992 </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="318">&nbsp;</td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="53">&nbsp;</td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="37">&nbsp;</td>
    <td valign="TOP" width="21">&nbsp;</td>
    <td valign="TOP" width="34">&nbsp;</td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="37">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" height=123 width="318">
      <p><font size="2">Donald C. Burke<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President and Treasurer of FAM
        and<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MLAM since 1999; Senior Vice President<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Treasurer of Princeton Services since
        1999; <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President of PFD since 1999; First
        Vice <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President of MLAM from 1997 to 1999; Vice
        <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President of MLAM from 1990 to 1997; <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director of Taxation of MLAM since 1990.</font></p>
    </td>
    <td valign="TOP" height=123 width="20">&nbsp;</td>
    <td valign="TOP" height=123 width="20">
      <p align="CENTER"><font size="2">39 </font>
    </td>
    <td valign="TOP" height=123 width="20">&nbsp;</td>
    <td valign="TOP" height=123 width="53">
      <p align="CENTER"><font size="2">Vice<br>
        President<br>
        Treasurer</font></p>
    </td>
    <td valign="TOP" height=123 width="20">&nbsp;</td>
    <td valign="TOP" height=123 width="37">
      <p align="CENTER"><font size="2">1993<br>
        <br>
        1999</font></p>
    </td>
    <td valign="TOP" height=123 width="21">&nbsp;</td>
    <td valign="TOP" height=123 width="34">
      <p align="CENTER"><font size="2">1999<br>
        <br>
        1999</font></p>
    </td>
    <td valign="TOP" height=123 width="20">&nbsp;</td>
    <td valign="TOP" height=123 width="37">
      <p align="CENTER"><font size="2">1993<br>
        <br>
        1999</font></p>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="318">&nbsp;</td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="53">&nbsp;</td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="37">&nbsp;</td>
    <td valign="TOP" width="21">&nbsp;</td>
    <td valign="TOP" width="34">&nbsp;</td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="37">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" height=92 width="318">
      <p><font size="2">Michael Kalinoski<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Portfolio Manager of
        MLAM<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;since 1999; Head Municipal Bond Trader with
        <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;strong Funds from 1996 to 1999 and a member
        of the <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;municipal bond investment team of Strong
        Funds from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993 to 1996. </font></p>
    </td>
    <td valign="TOP" height=92 width="20">&nbsp;</td>
    <td valign="TOP" height=92 width="20">
      <p align="CENTER"><font size="2">29 </font>
    </td>
    <td valign="TOP" height=92 width="20">&nbsp;</td>
    <td valign="TOP" height=92 width="53">
      <p align="CENTER"><font size="2">Vice<br>
        President</font></p>
    </td>
    <td valign="TOP" height=92 width="20">&nbsp;</td>
    <td valign="TOP" height=92 width="37">
      <p align="CENTER"><font size="2">1999 </font>
    </td>
    <td valign="TOP" height=92 width="21">&nbsp;</td>
    <td valign="TOP" height=92 width="34" align="center">
      <p><font size="2">&#151;</font></p>
    </td>
    <td valign="TOP" height=92 width="20">&nbsp;</td>
    <td valign="TOP" height=92 width="37" align="center">
      <p><font size="2">&#151;</font></p>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="318">&nbsp;</td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="53">&nbsp;</td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="37">&nbsp;</td>
    <td valign="TOP" width="21">&nbsp;</td>
    <td valign="TOP" width="34">&nbsp;</td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="37">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" height=77 width="318">
      <p><font size="2">Walter C. O&#146;Connor<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director (Municipal Tax-Exempt Fund Management)
        of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MLAM since 1997; Vice President of MLAM
        from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993 to 1997; Assistant Vice President
        of MLAM from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991 to 1997. </font></p>
    </td>
    <td valign="TOP" height=77 width="20">&nbsp;</td>
    <td valign="TOP" height=77 width="20">
      <p align="CENTER"><font size="2">38 </font>
    </td>
    <td valign="TOP" height=77 width="20">&nbsp;</td>
    <td valign="TOP" height=77 width="53">
      <p align="CENTER"><font size="2">Vice<br>
        President </font></p>
    </td>
    <td valign="TOP" height=77 width="20">&nbsp;</td>
    <td valign="TOP" height=77 width="37">
      <p align="center"><font size="2">&#151;</font>
    </td>
    <td valign="TOP" height=77 width="21">&nbsp;</td>
    <td valign="TOP" height=77 width="34">
      <p align="CENTER"><font size="2">1995 </font>
    </td>
    <td valign="TOP" height=77 width="20">&nbsp;</td>
    <td valign="TOP" height=77 width="37">
      <p align="center"><font size="2">&#151;</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=19 width="318">
      <p></p>
    </td>
    <td valign="TOP" height=19 width="20">&nbsp;</td>
    <td valign="TOP" height=19 width="20">
      <p></p>
    </td>
    <td valign="TOP" height=19 width="20">&nbsp;</td>
    <td valign="TOP" height=19 width="53">
      <p></p>
    </td>
    <td valign="TOP" height=19 width="20">&nbsp;</td>
    <td valign="TOP" height=19 width="37">
      <p></p>
    </td>
    <td valign="TOP" height=19 width="21">&nbsp;</td>
    <td valign="TOP" height=19 width="34">
      <p></p>
    </td>
    <td valign="TOP" height=19 width="20">&nbsp;</td>
    <td valign="TOP" height=19 width="37">
      <p></p>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=60 width="318">
      <p><font size="2">Roberto W. Roffo<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President of MLAM since 1996 and a
        Portfolio &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manager thereof since 1992. </font></p>
    </td>
    <td valign="TOP" height=60 width="20">&nbsp;</td>
    <td valign="TOP" height=60 width="20">
      <p align="CENTER"><font size="2">34 </font>
    </td>
    <td valign="TOP" height=60 width="20">&nbsp;</td>
    <td valign="TOP" height=60 width="53">
      <p align="CENTER"><font size="2">Vice<br>
        President </font></p>
    </td>
    <td valign="TOP" height=60 width="20">&nbsp;</td>
    <td valign="TOP" height=60 width="37">
      <p align="center"><font size="2">&#151;</font>
    </td>
    <td valign="TOP" height=60 width="21">&nbsp;</td>
    <td valign="TOP" height=60 width="34">
      <p align="CENTER"><font size="2"> </font>
    </td>
    <td valign="TOP" height=60 width="20">&nbsp;</td>
    <td valign="TOP" height=60 width="37">
      <p align="CENTER"><font size="2">1995 </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=13 colspan="11">
      <p></p>
      <p></p>
      <p></p>
      <p></p>
      <p></p>
      <p></p>
    </td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td>
      <hr size=1 noshade align=left  width=75>
    </td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="1">* </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="1">Mr. Glenn was elected President of each Fund
      in 1999. Prior to that he served as Executive Vice President of each Fund.</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">A-3 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 15, page: 15" -->
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td rowspan="3" width="318">
      <p><b> <font size=1>Name and Biography</font></b>
    </td>
    <td rowspan="3" width="20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td rowspan="3" width="20">
      <p align="CENTER"><b> <font size=1>Age</font></b>
    </td>
    <td rowspan="3" width="17">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td rowspan="3" width="56">
      <p align="CENTER"><b><font size=1>Office</font></b>
    </td>
    <td rowspan="3" width="20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td rowspan="3" width="37">
      <p align="CENTER"><b><font size=1>AZ<br>
        Fund</font></b>
    </td>
    <td rowspan="3" width="21">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td rowspan="3" width="34">
      <p align="CENTER"><b><font size=1>CA<br>
        Fund</font></b>
    </td>
    <td rowspan="3" width="20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td rowspan="3" width="37">
      <p align="CENTER"><b><font size=1>CA Ins.<br>
        Fund</font></b>
    </td>
  </tr>
  <tr valign="bottom"> </tr>
  <tr valign="bottom"> </tr>
  <tr>
    <td valign="TOP" height=5 width="318">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height=5 width="20">&nbsp;</td>
    <td valign="TOP" height=5 width="20">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height=5 width="17">&nbsp;</td>
    <td valign="TOP" height=5 width="56">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height=5 width="20">&nbsp;</td>
    <td valign="TOP" height=5 width="37">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height=5 width="21">&nbsp;</td>
    <td valign="TOP" height=5 width="34">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height=5 width="20">&nbsp;</td>
    <td valign="TOP" height=5 width="37">
      <hr size="1" noshade>
    </td>
  </tr>
</TABLE>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td valign="TOP" height=61 width="314">
      <p><font size="2">Alice A. Pellegrino<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President of MLAM since 1999; Attorney
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;associated with MLAM since 1997; Associate
        with &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kirkpatrick &amp; Lockhart <font size="1">LLP</font>
        from 1992 to 1997. </font></p>
    </td>
    <td valign="TOP" height=61 width="20">&nbsp;</td>
    <td valign="TOP" height=61 width="22">
      <p align="CENTER"><font size="2">40 </font>
    </td>
    <td valign="TOP" height=61 width="20">&nbsp;</td>
    <td valign="TOP" height=61 width="56">
      <p align="CENTER"><font size="2">Secretary</font>
    </td>
    <td valign="TOP" height=61 width="20">&nbsp;</td>
    <td valign="TOP" height=61 width="36">
      <p align="CENTER"><font size="2">1999 </font>
    </td>
    <td valign="TOP" height=61 width="19">&nbsp;</td>
    <td valign="TOP" height=61 width="33">
      <p align="CENTER"><font size="2">1999 </font>
    </td>
    <td valign="TOP" height=61 width="20">&nbsp;</td>
    <td valign="TOP" height=61 width="40">
      <p align="CENTER"><font size="2">1999</font>
    </td>
  </tr>
</TABLE>
<p>&nbsp;</p><table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">A-4 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 15, page: 15" -->
<p>&nbsp;
<p></p>
<table cellspacing=0 border=0 cellpadding=0 width=601>
  <tr valign="bottom">
    <td rowspan=3 height=18 width="230">
      <p><b><font size="1">Name and Biography</font></b></p>
    </td>
    <td rowspan=3 height=18 width="10">&nbsp;</td>
    <td rowspan=3 height=18 width="16">
      <div align="center"></div>
      <p align="center"><b><font size="1">Age</font></b></p>
    </td>
    <td rowspan=3 height=18 width="20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td rowspan=3 height=18 width="53">
      <div align="center"></div>
      <p align="center"><b><font size="1">Office</font></b></p>
    </td>
    <td rowspan=3 height=18 width="20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td rowspan=3 height=18 width="34">
      <div align="center"></div>
      <p align="center"><b><font size="1">CA. Ins.<br>
        Fund II</font></b></p>
    </td>
    <td rowspan=3 height=18 width="20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td rowspan=3 height=18 width="34">
      <div align="center"></div>
      <p align="center"><b><font size="1">FL<br>
        Fund</font></b></p>
    </td>
    <td rowspan=3 height=18 width="20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td rowspan=3 height=18 width="34">
      <div align="center"></div>
      <p align="center"><b><font size="1">MI<br>
        Fund</font></b></p>
    </td>
    <td rowspan=3 height=18 width="20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td rowspan=3 height=18 width="34">
      <div align="center"></div>
      <p align="center"><b><font size="1">NJ<br>
        Fund</font></b></p>
    </td>
    <td rowspan=3 height=18 width="22">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td rowspan=3 height=18 width="35">
      <div align="center"></div>
      <p align="center"><b><font size="1">NY Ins.<br>
        Fund</font></b></p>
    </td>
  </tr>
  <tr></tr>
  <tr></tr>
  <tr>
    <td valign="TOP" width="230" height="5">
      <hr size="1" noshade width="40%" align="left">
    </td>
    <td valign="TOP" width="10" height="5">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td valign="TOP" width="16" height="5">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" width="20" height="5">&nbsp;</td>
    <td valign="TOP" width="53" height="5">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" width="20" height="5">&nbsp;</td>
    <td valign="TOP" width="34" height="5">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" width="20" height="5">&nbsp;</td>
    <td valign="TOP" width="34" height="5">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" width="20" height="5">&nbsp;</td>
    <td valign="TOP" width="34" height="5">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" width="20" height="5">&nbsp;</td>
    <td valign="TOP" width="34" height="5">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" width="22" height="5">&nbsp;</td>
    <td valign="TOP" width="35" height="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP" rowspan=6 width="230">
      <p><font size="2">Terry K. Glenn <br>
        &nbsp;&nbsp;&nbsp; Executive Vice President of FAM and <br>
        &nbsp;&nbsp;&nbsp; MLAM since 1983; Executive Vice <br>
        &nbsp;&nbsp;&nbsp; President and Director of Princeton <br>
        &nbsp;&nbsp;&nbsp; Services since 1993; President of <br>
        &nbsp;&nbsp;&nbsp; Princeton Funds Distributor, <br>
        &nbsp;&nbsp;&nbsp; Inc.&nbsp;(&#147;PFD&#148;) since 1986 and Director
        <br>
        &nbsp;&nbsp;&nbsp; thereof since 1991; President of <br>
        &nbsp;&nbsp;&nbsp; Princeton Administrators, L.P. since <br>
        &nbsp;&nbsp;&nbsp; 1988.</font></p>
    </td>
    <td valign="TOP" rowspan=6 width="10">&nbsp;</td>
    <td valign="TOP" rowspan=6 width="16">
      <div align="center"></div>
      <p align="center"><font size="2">59 </font>
    </td>
    <td valign="TOP" rowspan=6 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=6 width="53">
      <div align="center"></div>
      <p align="center"><font size="2">President </font>
    </td>
    <td valign="TOP" rowspan=6 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=6 width="34">
      <div align="center"></div>
      <p align="center"><font size="2">1992* </font>
    </td>
    <td valign="TOP" rowspan=6 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=6 width="34">
      <div align="center"></div>
      <p align="center"><font size="2">1992* </font>
    </td>
    <td valign="TOP" rowspan=6 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=6 width="34">
      <div align="center"></div>
      <p align="center"><font size="2">1992* </font>
    </td>
    <td valign="TOP" rowspan=6 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=6 width="34">
      <div align="center"></div>
      <p align="center"><font size="2">1992* </font>
    </td>
    <td valign="TOP" rowspan=6 width="22">&nbsp;</td>
    <td valign="TOP" rowspan=6 width="35">
      <div align="center"></div>
      <p align="center"><font size="2">1992* </font>
    </td>
  </tr>
  <tr></tr>
  <tr></tr>
  <tr></tr>
  <tr></tr>
  <tr></tr>
  <tr>
    <td valign="TOP" width="230">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="16">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="53">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="34">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="34">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="34">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="34">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="22">&nbsp;</td>
    <td valign="TOP" width="35">
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td valign="TOP" rowspan=5 width="230">
      <p><font size="2">Vincent R. Giordano<br>
        &nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President of FAM and <br>
        &nbsp;&nbsp;&nbsp; MLAM since 1984; Portfolio<br>
        &nbsp;&nbsp;&nbsp; Manager of FAM and MLAM since<br>
        &nbsp;&nbsp;&nbsp; 1977; Senior Vice President of<br>
        &nbsp;&nbsp;&nbsp; Princeton Services since 1993.</font></p>
    </td>
    <td valign="TOP" rowspan=5 width="10">&nbsp;</td>
    <td valign="TOP" rowspan=5 width="16">
      <div align="center"></div>
      <p align="center"><font size="2">55 </font>
    </td>
    <td valign="TOP" rowspan=5 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=5 width="53">
      <div align="center"></div>
      <p align="center"><font size="2">Senior<br>
        Vice<br>
        President</font></p>
    </td>
    <td valign="TOP" rowspan=5 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=5 width="34">
      <div align="center"></div>
      <p align="center"><font size="2">1992 </font>
    </td>
    <td valign="TOP" rowspan=5 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=5 width="34">
      <div align="center"></div>
      <p align="center"><font size="2">1992 </font>
    </td>
    <td valign="TOP" rowspan=5 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=5 width="34">
      <div align="center"></div>
      <p align="center"><font size="2">1992 </font>
    </td>
    <td valign="TOP" rowspan=5 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=5 width="34">
      <div align="center"></div>
      <p align="center"><font size="2">1992 </font>
    </td>
    <td valign="TOP" rowspan=5 width="22">&nbsp;</td>
    <td valign="TOP" rowspan=5 width="35">
      <div align="center"></div>
      <p align="center"><font size="2">1992 </font>
    </td>
  </tr>
  <tr></tr>
  <tr></tr>
  <tr></tr>
  <tr></tr>
  <tr>
    <td valign="TOP" width="230">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="16">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="53">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="34">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="34">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="34">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="34">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="22">&nbsp;</td>
    <td valign="TOP" width="35">
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td valign="TOP" rowspan=4 width="230">
      <p><font size="2">Kenneth A. Jacob<br>
        &nbsp;&nbsp;&nbsp;&nbsp;First Vice President of MLAM since <br>
        &nbsp;&nbsp;&nbsp; 1997; Vice President of MLAM from <br>
        &nbsp;&nbsp;&nbsp; 1984 to 1997; Vice President of FAM <br>
        &nbsp;&nbsp;&nbsp; since 1984.</font></p>
    </td>
    <td valign="TOP" rowspan=4 width="10">&nbsp;</td>
    <td valign="TOP" rowspan=4 width="16">
      <div align="center"></div>
      <p align="center"><font size="2">49 </font>
    </td>
    <td valign="TOP" rowspan=4 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=4 width="53">
      <div align="center"></div>
      <p align="center"><font size="2">Vice<br>
        President</font></p>
    </td>
    <td valign="TOP" rowspan=4 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=4 width="34">
      <div align="center"></div>
      <p align="center"><font size="2">1992 </font>
    </td>
    <td valign="TOP" rowspan=4 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=4 width="34">
      <div align="center"></div>
      <p align="center"><font size="2">1992 </font>
    </td>
    <td valign="TOP" rowspan=4 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=4 width="34">
      <div align="center"></div>
      <p align="center"><font size="2">1992 </font>
    </td>
    <td valign="TOP" rowspan=4 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=4 width="34">
      <div align="center"></div>
      <p align="center"><font size="2">1992 </font>
    </td>
    <td valign="TOP" rowspan=4 width="22">&nbsp;</td>
    <td valign="TOP" rowspan=4 width="35">
      <div align="center"></div>
      <p align="center"><font size="2">1992 </font>
    </td>
  </tr>
  <tr></tr>
  <tr></tr>
  <tr></tr>
  <tr>
    <td valign="TOP" width="230">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="16">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="53">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="34">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="34">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="34">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="34">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="22">&nbsp;</td>
    <td valign="TOP" width="35">
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td valign="TOP" rowspan=7 width="230">
      <p><font size="2">Donald C. Burke<br>
        &nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President and Treasurer<br>
        &nbsp;&nbsp;&nbsp; of FAM and MLAM since 1999;<br>
        &nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President and Treasurer<br>
        &nbsp;&nbsp;&nbsp;&nbsp;of Princeton &nbsp;Services since 1999; <br>
        &nbsp;&nbsp;&nbsp; Vice President of PFD since 1999; <br>
        &nbsp;&nbsp;&nbsp;&nbsp;First&nbsp;Vice&nbsp;President of MLAM from<br>
        &nbsp;&nbsp;&nbsp; 1997 to 1999; Vice President of<br>
        &nbsp;&nbsp;&nbsp; MLAM from </font><font size="2"> 1990 to 1997; Director<br>
        &nbsp;&nbsp;&nbsp; of Taxation of MLAM since 1990.</font></p>
    </td>
    <td valign="TOP" rowspan=7 width="10">&nbsp;</td>
    <td valign="TOP" rowspan=7 width="16">
      <div align="center"></div>
      <p align="center"><font size="2">39 </font>
    </td>
    <td valign="TOP" rowspan=7 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=7 width="53">
      <div align="center"></div>
      <p align="center"><font size="2">Vice<br>
        President<br>
        Treasurer</font></p>
    </td>
    <td valign="TOP" rowspan=7 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=7 width="34">
      <div align="center"></div>
      <p align="center"><font size="2">1993<br>
        <br>
        1999</font></p>
    </td>
    <td valign="TOP" rowspan=7 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=7 width="34">
      <div align="center"></div>
      <p align="center"><font size="2">1993<br>
        <br>
        1999 </font></p>
    </td>
    <td valign="TOP" rowspan=7 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=7 width="34">
      <div align="center"></div>
      <p align="center"><font size="2">1993<br>
        <br>
        1999 </font></p>
    </td>
    <td valign="TOP" rowspan=7 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=7 width="34">
      <div align="center"></div>
      <p align="center"><font size="2">1999<br>
        <br>
        1999 </font></p>
    </td>
    <td valign="TOP" rowspan=7 width="22">&nbsp;</td>
    <td valign="TOP" rowspan=7 width="35">
      <div align="center"></div>
      <p align="center"><font size="2">1993<br>
        <br>
        1999 </font></p>
    </td>
  </tr>
  <tr></tr>
  <tr></tr>
  <tr></tr>
  <tr></tr>
  <tr></tr>
  <tr></tr>
  <tr>
    <td valign="TOP" width="230">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="16">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="53">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="34">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="34">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="34">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="34">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="22">&nbsp;</td>
    <td valign="TOP" width="35">
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td valign="TOP" rowspan=3 width="230">
      <p><font size="2">William R. Bock<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President of MLAM since 1989.</font></p>
    </td>
    <td valign="TOP" rowspan=3 width="10">&nbsp;</td>
    <td valign="TOP" rowspan=3 width="16">
      <div align="center"><font size="2"> </font> </div>
      <font size="2">64</font></td>
    <td valign="TOP" rowspan=3 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=3 width="53">
      <div align="center"></div>
      <p align="center"><font size="2">Vice<br>
        President</font></p>
    </td>
    <td valign="TOP" rowspan=3 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=3 width="34">
      <div align="center"></div>
      <p align="center"><font size="2">&#151;</font>
    </td>
    <td valign="TOP" rowspan=3 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=3 width="34">
      <div align="center"></div>
      <p align="center"><font size="2">1999 </font>
    </td>
    <td valign="TOP" rowspan=3 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=3 width="34">
      <div align="center"></div>
      <p align="center"><font size="2">&#151;</font>
    </td>
    <td valign="TOP" rowspan=3 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=3 width="34">
      <div align="center"></div>
      <p align="center"><font size="2">&#151;</font>
    </td>
    <td valign="TOP" rowspan=3 width="22">&nbsp;</td>
    <td valign="TOP" rowspan=3 width="35">
      <div align="center"></div>
      <p align="center"><font size="2">&#151;</font>
    </td>
  </tr>
  <tr></tr>
  <tr></tr>
</TABLE>
<br>
<table width=600>
  <tr>
    <td>
      <hr size=1 noshade align=left  width=75>
    </td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="1">* </font></td>
    <td width=2%>&nbsp;</td>
    <td width=95%><font size="1">Mr. Glenn was elected President of each Fund
      in 1999. Prior to that he served as Executive Vice President of each Fund.</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">A-5 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 16, page: 16" -->
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td height=36 rowspan=4 width="241">
      <p><b><font size="1">Name and Biography</font></b></p>
    </td>
    <td height=36 rowspan=4 width="20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td height=36 rowspan=4 width="24">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <div align="center"></div>
      <p align="center"><b><font size="1">Age</font></b></p>
    </td>
    <td height=36 rowspan=4 width="20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td height=36 rowspan=4 width="53">
      <div align="center"></div>
      <p align="center"><b><font size="1">Office</font></b></p>
    </td>
    <td height=42 rowspan=4 width="20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td height=42 rowspan=4 width="38">
      <div align="center"></div>
      <p align="center"><b><font size="1">CA. Ins.<br>
        Fund II</font></b></p>
    </td>
    <td height=42 rowspan=4 width="14">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td height=42 rowspan=4 width="27">
      <div align="center"></div>
      <p align="center"><b><font size="1">FL<br>
        Fund</font></b></p>
    </td>
    <td height=42 rowspan=4 width="20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td height=42 rowspan=4 width="27">
      <div align="center"></div>
      <p align="center"><b><font size="1">MI<br>
        Fund</font></b></p>
    </td>
    <td height=42 rowspan=4 width="20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td height=42 rowspan=4 width="27">
      <div align="center"></div>
      <p align="center"><b><font size="1">NJ<br>
        Fund</font></b></p>
    </td>
    <td height=42 rowspan=4 width="20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td height=42 rowspan=4 width="29">
      <div align="center"></div>
      <p align="center"><b><font size="1">NY Ins.<br>
        Fund</font></b></p>
    </td>
  </tr>
  <tr valign="bottom"> </tr>
  <tr></tr>
  <tr></tr>
  <tr>
    <td valign="TOP" height="5" width="241">
      <hr size="1" noshade width="40%" align="left">
    </td>
    <td valign="TOP" height="5" width="20">&nbsp;</td>
    <td valign="TOP" height="5" width="24">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height="5" width="20">&nbsp;</td>
    <td valign="TOP" height="5" width="53">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height="5" width="20">&nbsp;</td>
    <td valign="TOP" height="5" width="38">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height="5" width="14">&nbsp;</td>
    <td valign="TOP" height="5" width="27">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height="5" width="20">&nbsp;</td>
    <td valign="TOP" height="5" width="27">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height="5" width="20">&nbsp;</td>
    <td valign="TOP" height="5" width="27">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height="5" width="20">&nbsp;</td>
    <td valign="TOP" height="5" width="29">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP" rowspan=4 width="241">
      <p><font size="2">Theodore R. Jaeckel, Jr.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director (Municipal Tax-Exempt Fund<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management) of&nbsp;MLAM since 1997;<br>
        &nbsp;&nbsp;&nbsp;&nbsp; Vice President of MLAM from 1991 to<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997.</font></p>
    </td>
    <td valign="TOP" rowspan=4 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=4 width="24">
      <div align="center"></div>
      <p align="center"><font size="2">40 </font>
    </td>
    <td valign="TOP" rowspan=4 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=4 width="53">
      <div align="center"></div>
      <p align="center"><font size="2">Vice<br>
        President</font></p>
    </td>
    <td valign="TOP" rowspan=4 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=4 width="38">
      <div align="center"></div>
      <p align="center"><font size="2">&#151;</font>
    </td>
    <td valign="TOP" rowspan=4 width="14">&nbsp;</td>
    <td valign="TOP" rowspan=4 width="27">
      <div align="center"></div>
      <p align="center"><font size="2">&#151;</font>
    </td>
    <td valign="TOP" rowspan=4 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=4 width="27">
      <div align="center"></div>
      <p align="center"><font size="2">&#151;</font>
    </td>
    <td valign="TOP" rowspan=4 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=4 width="27">
      <div align="center"></div>
      <p align="center"><font size="2">1997 </font>
    </td>
    <td valign="TOP" rowspan=4 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=4 width="29">
      <div align="center"></div>
      <p align="center"><font size="2">&#151;</font>
    </td>
  </tr>
  <tr></tr>
  <tr></tr>
  <tr></tr>
  <tr>
    <td valign="TOP" width="241">&nbsp;</td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="24">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="53">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="38">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="14">&nbsp;</td>
    <td valign="TOP" width="27">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="27">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="27">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="29">
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td valign="TOP" rowspan=5 width="241">
      <p><font size="2">Walter C. O&#146;Connor<br>
        &nbsp;&nbsp;&nbsp;&nbsp;Director (Municipal Tax-Exempt Fund<br>
        &nbsp;&nbsp;&nbsp;&nbsp;Management) of MLAM since 1997;<br>
        &nbsp;&nbsp;&nbsp; Vice President of MLAM from 1993<br>
        &nbsp;&nbsp;&nbsp; to&nbsp;1997; &nbsp;Assistant Vice President of<br>
        &nbsp;&nbsp;&nbsp; MLAM from &nbsp;1991 to 1997.</font></p>
    </td>
    <td valign="TOP" rowspan=5 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=5 width="24">
      <div align="center"></div>
      <p align="center"><font size="2">38 </font>
    </td>
    <td valign="TOP" rowspan=5 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=5 width="53">
      <div align="center"></div>
      <p align="center"><font size="2">Vice<br>
        President</font></p>
    </td>
    <td valign="TOP" rowspan=5 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=5 width="38">
      <div align="center"></div>
      <p align="center"><font size="2">&#151;</font>
    </td>
    <td valign="TOP" rowspan=5 width="14">&nbsp;</td>
    <td valign="TOP" rowspan=5 width="27">
      <div align="center"></div>
      <p align="center"><font size="2">&#151;</font>
    </td>
    <td valign="TOP" rowspan=5 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=5 width="27">
      <div align="center"></div>
      <p align="center"><font size="2">&#151;</font>
    </td>
    <td valign="TOP" rowspan=5 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=5 width="27">
      <div align="center"></div>
      <p align="center"><font size="2">&#151;</font>
    </td>
    <td valign="TOP" rowspan=5 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=5 width="29">
      <div align="center"></div>
      <p align="center"><font size="2">1996 </font>
    </td>
  </tr>
  <tr></tr>
  <tr></tr>
  <tr></tr>
  <tr></tr>
  <tr>
    <td valign="TOP" width="241">&nbsp;</td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="24">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="53">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="38">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="14">&nbsp;</td>
    <td valign="TOP" width="27">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="27">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="27">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="29">
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="241"><font size="2">Robert W. Roffo<br>
      &nbsp;&nbsp;&nbsp;&nbsp;Vice President of MLAM since 1996 and &nbsp;&nbsp;&nbsp;&nbsp;a
      Portfolio Manager thereof since 1992.</font></td>
    <td valign="TOP" width="20"><font size="2"></font></td>
    <td valign="TOP" width="24"><font size="2"> &nbsp;&nbsp;34</font></td>
    <td valign="TOP" width="20"><font size="2"></font></td>
    <td valign="TOP" width="53"><font size="2">Portfolio<br>
      Manager </font></td>
    <td valign="TOP" width="20"><font size="2"></font></td>
    <td valign="TOP" width="38" align="left"><font size="2">&nbsp;&nbsp;1992</font></td>
    <td valign="TOP" width="14"><font size="2"></font></td>
    <td valign="TOP" width="27"><font size="2"></font></td>
    <td valign="TOP" width="20"><font size="2"></font></td>
    <td valign="TOP" width="27"><font size="2"></font></td>
    <td valign="TOP" width="20"><font size="2"></font></td>
    <td valign="TOP" width="27"><font size="2"></font></td>
    <td valign="TOP" width="20"><font size="2"></font></td>
    <td valign="TOP" width="29"><font size="2"></font></td>
  </tr>
  <tr>
    <td valign="TOP" width="241">&nbsp;</td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="24">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="53">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="38">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="14">&nbsp;</td>
    <td valign="TOP" width="27">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="27">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="27">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="29">
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td valign="TOP" rowspan=2 width="241">
      <p><font size="2">Fred K. Stuebe<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President of MLAM since 1989.</font></p>
    </td>
    <td valign="TOP" rowspan=2 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=2 width="24">
      <div align="center"></div>
      <p align="center"><font size="2">49 </font>
    </td>
    <td valign="TOP" rowspan=2 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=2 width="53">
      <div align="center"></div>
      <p align="center"><font size="2">Vice<br>
        President</font></p>
    </td>
    <td valign="TOP" rowspan=2 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=2 width="38">
      <div align="center"></div>
      <p align="center"><font size="2">&#151;</font>
    </td>
    <td valign="TOP" rowspan=2 width="14">&nbsp;</td>
    <td valign="TOP" rowspan=2 width="27">
      <div align="center"></div>
      <p align="center"><font size="2">&#151;</font>
    </td>
    <td valign="TOP" rowspan=2 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=2 width="27">
      <div align="center"></div>
      <p align="center"><font size="2">1995 </font>
    </td>
    <td valign="TOP" rowspan=2 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=2 width="27">
      <div align="center"></div>
      <p align="center"><font size="2">&#151;</font>
    </td>
    <td valign="TOP" rowspan=2 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=2 width="29">
      <div align="center"></div>
      <p align="center"><font size="2">&#151;</font>
    </td>
  </tr>
  <tr></tr>
  <tr>
    <td valign="TOP" width="241">&nbsp;</td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="24">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="53">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="38">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="14">&nbsp;</td>
    <td valign="TOP" width="27">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="27">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="27">
      <div align="center"></div>
    </td>
    <td valign="TOP" width="20">&nbsp;</td>
    <td valign="TOP" width="29">
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td valign="TOP" rowspan=4 height=30 width="241">
      <p><font size="2">Alice A. Pellegrino<br>
        &nbsp;&nbsp;&nbsp;&nbsp;Vice President of MLAM since 1999;<br>
        &nbsp;&nbsp;&nbsp;&nbsp;Attorney associated with MLAM since<br>
        &nbsp;&nbsp;&nbsp;&nbsp;1997; Associate with Kirkpatrick &amp;<br>
        &nbsp;&nbsp;&nbsp;&nbsp;Lockhart <font size="1">LLP</font> from 1992 to
        1997.</font></p>
    </td>
    <td valign="TOP" rowspan=4 height=30 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=4 height=30 width="24" align="center">
      <div align="center"></div>
      <p align="center"><font size="2">40 </font>
    </td>
    <td valign="TOP" rowspan=4 height=30 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=4 height=30 width="53">
      <div align="center"></div>
      <p align="center"><font size="2">Secretary </font>
    </td>
    <td valign="TOP" rowspan=4 height=30 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=4 height=30 width="38">
      <div align="center"></div>
      <p align="center"><font size="2">1999 </font>
    </td>
    <td valign="TOP" rowspan=4 height=30 width="14">&nbsp;</td>
    <td valign="TOP" rowspan=4 height=30 width="27">
      <div align="center"></div>
      <p align="center"><font size="2">1999 </font>
    </td>
    <td valign="TOP" rowspan=4 height=30 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=4 height=30 width="27">
      <div align="center"></div>
      <p align="center"><font size="2">1999 </font>
    </td>
    <td valign="TOP" rowspan=4 height=30 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=4 height=30 width="27">
      <div align="center"></div>
      <p align="center"><font size="2">1999 </font>
    </td>
    <td valign="TOP" rowspan=4 height=30 width="20">&nbsp;</td>
    <td valign="TOP" rowspan=4 height=30 width="29">
      <div align="center"></div>
      <p align="center"><font size="2">1999 </font>
    </td>
  </tr>
  <tr></tr>
  <tr></tr>
  <tr></tr>
</TABLE>
<br>
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">A-6</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 17, page: 17" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2><B>COMMON STOCK</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD ARIZONA FUND, INC.<br>
      P.O. Box 9011<BR>
      Princeton, New Jersey 08543-9011</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>PROXY</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>This proxy is solicited on behalf of the
      Board of Directors</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints
      Terry K. Glenn, Donald C. Burke and Alice A. Pellegrino as proxies, each
      with the power to appoint his or her substitute, and hereby authorizes each
      of them to represent and to vote, as designated on the reverse hereof, all
      the shares of Common Stock of MuniYield Arizona Fund, Inc. (the &#147;Fund&#148;)
      held of record by the undersigned on February 23, 2000 at the annual meeting
      of stockholders of the Fund to be held on April 27, 2000 or any adjournment
      thereof.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td width=46>&nbsp;</td>
    <td width=460><font size=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy when
      properly executed will be voted in the manner directed herein by the undersigned
      stockholder. If no direction is made, this proxy will be voted FOR Proposals
      1 and 2.</b></font></td>
    <td width=78><font size=2><B>&nbsp;&nbsp;&nbsp;</B></font></td>
  </tr>
</TABLE>
<p></P>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse
      side of this card, you authorize the proxies to vote each proposal as marked,
      or if not marked, to vote &#147;FOR&#148; each proposal, and to use their
      discretion to vote for any other matter as may properly come before the
      meeting or any adjournment thereof. If you do not intend to personally attend
      the meeting, please complete and return this card at once in the enclosed
      envelope.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td align=right><font size=1>(Continued and to be signed on the reverse side)</font></td>
  </tr>
</TABLE>
<p></p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 18, page: 18" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes |X| or |X| in blue or black ink.</font></td>
  </tr>
</TABLE>
<br>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="28%" valign="TOP">
      <p><font size="2">1</font><font size="1">.&nbsp;&nbsp;ELECTION OF DIRECTORS</font>
    </td>
    <td width="34%" valign="TOP" nowrap>
      <p><font size="1"><b>FOR</b> all nominees listed below<br>
        (except as marked to the contrary below) |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
    <td width="38%" valign="TOP" nowrap>
      <p><font size="1"><b>WITHHOLD AUTHORITY</b><br>
        to vote for all nominees listed below |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td><font size=1><B><I>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.)</I><BR>
      James H. Bodurtha, Terry K. Glenn, Herbert I. London, Roberta Cooper Ramo
      and Arthur Zeikel</B></font></td>
  </tr>
</TABLE>
<br>
<BR>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">2. </font></td>
    <td width=95%><font size="2">Proposal to ratify the selection of Deloitte
      &amp; Touche <font size=1>LLP</font> as the independent auditors of the
      Fund to serve for the current fiscal year.</font></td>
  </tr>
</TABLE>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=342>
  <tr valign="bottom">
    <td width="33%"> <b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR </font></b><font size=1>
      |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="39%"> <b><font size=1> AGAINST </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="28%"> <b><font size=1>ABSTAIN </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
  </tr>
</TABLE>
<BR>
<BR>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">3. </font></td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</TABLE>
<BR>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="30%" valign="TOP">&nbsp;</td>
    <td width="16%" valign="TOP">&nbsp;</td>
    <td width="54%" valign="TOP">
      <p>
      <p><font size=1> Please sign exactly as name appears hereon. When shares
        are held by joint tenants, both should sign. When signing as attorney
        or as executor, administrator, trustee or guardian, please give full title
        as such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person. </font></p>
      <p><font size=1>Dated: ________________________________________________,
        2000</font></p>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
        </font>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
        if held jointly </font></p>
    </td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td width="600"><font size=1><b>Sign, Date and Return the Proxy Card Promptly
      Using the Enclosed Envelope.</b></font></td>
  </tr>
</TABLE>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 19, page: 19" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2><B>AUCTION MARKET<BR>
      PREFERRED STOCK</B></font></td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD ARIZONA FUND, INC.<BR>
      P.O. Box 9011<BR>
      Princeton, New Jersey 08543-9011</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>PROXY</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>This proxy is solicited on behalf of the
      Board of Directors</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints
      Terry K. Glenn, Donald C. Burke and Alice A. Pellegrino as proxies, each
      with the power to appoint his or her substitute, and hereby authorizes each
      of them to represent and to vote, as designated on the reverse hereof, all
      the shares of Auction Market Preferred Stock of MuniYield Arizona Fund,
      Inc. (the &#147;Fund&#148;) held of record by the undersigned on February
      23, 2000 at the annual meeting of stockholders of the Fund to be held on
      April 27, 2000 or any adjournment thereof.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td width=46>&nbsp;</td>
    <td width=460><font size=2><b>&nbsp;&nbsp;&nbsp;</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>This
      proxy when properly executed will be voted in the manner directed herein
      by the undersigned stockholder. If no direction is made, this proxy will
      be voted FOR Proposals 1 and 2.</b></font></td>
    <td width=78><font size=2></font></td>
  </tr>
</TABLE>
<p></P>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse
      side of this card, you authorize the proxies to vote each proposal as marked,
      or if not marked, to vote &#147;FOR&#148; each proposal, and to use their
      discretion to vote for any other matter as may properly come before the
      meeting or any adjournment thereof. If you do not intend to personally attend
      the meeting, please complete and return this card at once in the enclosed
      envelope.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td align=right><font size=1>(Continued and to be signed on the reverse side)</font></td>
  </tr>
</TABLE>
<p></p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 20, page: 20" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes |X| or |X| in blue or black ink.</font></td>
  </tr>
</TABLE>
<br>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="28%" valign="TOP">
      <p><font size="2">1</font><font size="1">.&nbsp;&nbsp;ELECTION OF DIRECTORS</font>
    </td>
    <td width="34%" valign="TOP" nowrap>
      <p><font size="1"><b>FOR</b> all nominees listed below<br>
        (except as marked to the contrary below) |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
    <td width="38%" valign="TOP" nowrap>
      <p><font size="1"><b>WITHHOLD AUTHORITY</b><br>
        to vote for all nominees listed below |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td><font size=1><B><I>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.)<BR>
      </I> James H. Bodurtha, Terry K. Glenn, Herbert I. London, Joseph L. May,
      Andr&eacute; F. Perold, Roberta Cooper Ramo and Arthur Zeikel</B></font></td>
  </tr>
</TABLE>
<br>
<BR>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">2. </font></td>
    <td width=95%><font size="2">Proposal to ratify the selection of Deloitte
      &amp; Touche <font size=1>LLP</font> as the independent auditors of the
      Fund to serve for the current fiscal year.</font></td>
  </tr>
</TABLE>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=342>
  <tr valign="bottom">
    <td width="33%"> <b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR </font></b><font size=1>
      |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="39%"> <b><font size=1> AGAINST </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="28%"> <b><font size=1>ABSTAIN </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
  </tr>
</TABLE>
<BR>
<BR>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">3. </font></td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</TABLE>
<br>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="30%" valign="TOP">&nbsp;</td>
    <td width="16%" valign="TOP">&nbsp;</td>
    <td width="54%" valign="TOP">
      <p>
      <p><font size=1> Please sign exactly as name appears hereon. When shares
        are held by joint tenants, both should sign. When signing as attorney
        or as executor, administrator, trustee or guardian, please give full title
        as such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person. </font></p>
      <p><font size=1>Dated: ________________________________________________,
        2000</font></p>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
        </font>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
        if held jointly </font></p>
    </td>
  </tr>
</TABLE>
<BR>
<p>
<table width=600>
  <tr>
    <td width="600"><font size=2><b><font size="1"> Sign, Date and Return the
      Proxy Card Promptly Using the Enclosed Envelope.</font></b></font></td>
  </tr>
</TABLE>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 21, page: 21" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2><B>COMMON STOCK</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD CALIFORNIA FUND, INC.<BR>
      P.O. Box 9011<BR>
      Princeton, New Jersey 08543-9011</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>PROXY</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>This proxy is solicited on behalf of the
      Board of Directors</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints
      Terry K. Glenn, Donald C. Burke and Alice A. Pellegrino as proxies, each
      with the power to appoint his or her substitute, and hereby authorizes each
      of them to represent and to vote, as designated on the reverse hereof, all
      the shares of Common Stock of MuniYield California Fund, Inc. (the &#147;Fund&#148;)
      held of record by the undersigned on February 23, 2000 at the annual meeting
      of stockholders of the Fund to be held on April 27, 2000 or any adjournment
      thereof.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td width=46>&nbsp;</td>
    <td width=460><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>This proxy when
      properly executed will be voted in the manner directed herein by the undersigned
      stockholder. If no direction is made, this proxy will be voted FOR Proposals
      1 and 2.</b></font></td>
    <td width=78><font size=2></font></td>
  </tr>
</TABLE>
<p></P>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse
      side of this card, you authorize the proxies to vote each proposal as marked,
      or if not marked, to vote &#147;FOR&#148; each proposal, and to use their
      discretion to vote for any other matter as may properly come before the
      meeting or any adjournment thereof. If you do not intend to personally attend
      the meeting, please complete and return this card at once in the enclosed
      envelope.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td align=right><font size=1>(Continued and to be signed on the reverse side)</font></td>
  </tr>
</TABLE>
<p></p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 22, page: 22" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes |X| or |X| in blue or black ink.</font></td>
  </tr>
</TABLE>
<br>
<p></p>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="28%" valign="TOP">
      <p><font size="2">1</font><font size="1">.&nbsp;&nbsp;ELECTION OF DIRECTORS</font>
    </td>
    <td width="34%" valign="TOP" nowrap>
      <p><font size="1"><b>FOR</b> all nominees listed below<br>
        (except as marked to the contrary below) |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
    <td width="38%" valign="TOP" nowrap>
      <p><font size="1"><b>WITHHOLD AUTHORITY</b><br>
        to vote for all nominees listed below |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td><font size=1><B><I>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.)</I><BR>
      James H. Bodurtha, Terry K. Glenn, Herbert I. London, Roberta Cooper Ramo
      and Arthur Zeikel</B></font></td>
  </tr>
</TABLE>
<br>
<p></p>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">2. </font></td>
    <td width=95%><font size="2">Proposal to ratify the selection of Deloitte
      &amp; Touche <font size=1>LLP</font> as the independent auditors of the
      Fund to serve for the current fiscal year.</font></td>
  </tr>
</TABLE>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=342>
  <tr valign="bottom">
    <td width="33%"> <b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR </font></b><font size=1>
      |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="39%"> <b><font size=1> AGAINST </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="28%"> <b><font size=1>ABSTAIN </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
  </tr>
</TABLE>
<BR>
<BR>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">3. </font></td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</TABLE>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="30%" valign="TOP">&nbsp;</td>
    <td width="16%" valign="TOP">&nbsp;</td>
    <td width="54%" valign="TOP">
      <p>
      <p><font size=1> Please sign exactly as name appears hereon. When shares
        are held by joint tenants, both should sign. When signing as attorney
        or as executor, administrator, trustee or guardian, please give full title
        as such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person. </font></p>
      <p><font size=1>Dated: ________________________________________________,
        2000</font></p>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
        </font>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
        if held jointly </font></p>
    </td>
  </tr>
</TABLE>
<BR>
<p>
<table width=600>
  <tr>
    <td width="600"><font size=2><b><font size="1"> Sign, Date and Return the
      Proxy Card Promptly Using the Enclosed Envelope.</font></b></font></td>
  </tr>
</TABLE>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 23, page: 23" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2><B>AUCTION MARKET<BR>
      PREFERRED STOCK</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD CALIFORNIA FUND, INC.<BR>
      P.O. Box 9011<BR>
      Princeton, New Jersey 08543-9011</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>PROXY</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>This proxy is solicited on behalf of the
      Board of Directors</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints
      Terry K. Glenn, Donald C. Burke and Alice A. Pellegrino as proxies, each with the power to
      appoint his or her substitute, and hereby authorizes each of them to represent
      and to vote, as designated on the reverse hereof, all the shares of Auction
      Market Preferred Stock of MuniYield California Fund, Inc. (the &#147;Fund&#148;)
      held of record by the undersigned on February 23, 2000 at the annual meeting
      of stockholders of the Fund to be held on April 27, 2000 or any adjournment
      thereof.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td width=46>&nbsp;</td>
    <td width=460><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>This proxy when
      properly executed will be voted in the manner directed herein by the undersigned
      stockholder. If no direction is made, this proxy will be voted FOR Proposals
      1 and 2.</b></font></td>
    <td width=78><font size=2></font></td>
  </tr>
</TABLE>
<p></P>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse
      side of this card, you authorize the proxies to vote each proposal as marked,
      or if not marked, to vote &#147;FOR&#148; each proposal, and to use their
      discretion to vote for any other matter as may properly come before the
      meeting or any adjournment thereof. If you do not intend to personally attend
      the meeting, please complete and return this card at once in the enclosed
      envelope.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td align=right><font size=1>(Continued and to be signed on the reverse side)</font></td>
  </tr>
</TABLE>
<p></p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 24, page: 24" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes |X| or |X| in blue or black ink.</font></td>
  </tr>
</TABLE>
<br>
<p></p>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="28%" valign="TOP">
      <p><font size="2">1</font><font size="1">.&nbsp;&nbsp;ELECTION OF DIRECTORS</font>
    </td>
    <td width="34%" valign="TOP" nowrap>
      <p><font size="1"><b>FOR</b> all nominees listed below<br>
        (except as marked to the contrary below) |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
    <td width="38%" valign="TOP" nowrap>
      <p><font size="1"><b>WITHHOLD AUTHORITY</b><br>
        to vote for all nominees listed below |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td><font size=1><B><I>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.)</I><BR>
      James H. Bodurtha, Terry K. Glenn, Herbert I. London, Joseph L. May, Andr&eacute;
      F. Perold, Roberta Cooper Ramo and Arthur Zeikel</B></font></td>
  </tr>
</TABLE>
<br>
<BR>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">2. </font></td>
    <td width=95%><font size="2">Proposal to ratify the selection of Deloitte
      &amp; Touche <font size=1>LLP</font> as the independent auditors of the
      Fund to serve for the current fiscal year.</font></td>
  </tr>
</TABLE>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=342>
  <tr valign="bottom">
    <td width="33%"> <b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR </font></b><font size=1>
      |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="39%"> <b><font size=1> AGAINST </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="28%"> <b><font size=1>ABSTAIN </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
  </tr>
</TABLE>
<BR>
<BR>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">3. </font></td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</TABLE>
<br>
<table width=600>
  <tr>
    <td width=95%><font size="2"> If the undersigned is a broker-dealer, it hereby
      instructs the proxies, pursuant to Rule 452 of the New York Stock Exchange,
      to vote any uninstructed shares of Auction Market Preferred Stock, in the
      same proportion as votes cast by holders of Auction Market Preferred Stock,
      who have responded to this proxy solicitation.</font></td>
  </tr>
</TABLE>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="30%" valign="TOP">&nbsp;</td>
    <td width="16%" valign="TOP">&nbsp;</td>
    <td width="54%" valign="TOP">
      <p>
      <p><font size=1> Please sign exactly as name appears hereon. When shares
        are held by joint tenants, both should sign. When signing as attorney
        or as executor, administrator, trustee or guardian, please give full title
        as such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person. </font></p>
      <p><font size=1>Dated: ________________________________________________,
        2000</font></p>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
        </font>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
        if held jointly </font></p>
    </td>
  </tr>
</TABLE>
<BR>
<p>
<table width=600>
  <tr>
    <td width="600"><font size=2><b><font size="1"> Sign, Date and Return the
      Proxy Card Promptly Using the Enclosed Envelope.</font></b></font></td>
  </tr>
</TABLE>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 25, page: 25" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2><B>COMMON STOCK</B></font></td>
  </tr>
</TABLE>
<br>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD CALIFORNIA INSURED FUND, INC.<BR>
      P.O. Box 9011<BR>
      Princeton, New Jersey 08543-9011</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>PROXY</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>This proxy is solicited on behalf of the
      Board of Directors</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints
      Terry K. Glenn, Donald C. Burke and Alice A. Pellegrino as proxies, each
      with the power to appoint his or her substitute, and hereby authorizes each
      of them to represent and to vote, as designated on the reverse hereof, all
      the shares of Common Stock of MuniYield California Insured Fund, Inc. (the
      &#147;Fund&#148;) held of record by the undersigned on February 23, 2000
      at the annual meeting of stockholders of the Fund to be held on April 27,
      2000 or any adjournment thereof.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td width=46>&nbsp;</td>
    <td width=460><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>This proxy when
      properly executed will be voted in the manner directed herein by the undersigned
      stockholder. If no direction is made, this proxy will be voted FOR Proposals
      1 and 2.</b></font></td>
    <td width=78><font size=2></font></td>
  </tr>
</TABLE>
<p></P>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse
      side of this card, you authorize the proxies to vote each proposal as marked,
      or if not marked, to vote &#147;FOR&#148; each proposal, and to use their
      discretion to vote for any other matter as may properly come before the
      meeting or any adjournment thereof. If you do not intend to personally attend
      the meeting, please complete and return this card at once in the enclosed
      envelope.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td align=right><font size=1>(Continued and to be signed on the reverse side)</font></td>
  </tr>
</TABLE>
<p></p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 26, page: 26" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes |X| or |X| in blue or black ink.</font></td>
  </tr>
</TABLE>
<br>
<p></p>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="28%" valign="TOP">
      <p><font size="2">1</font><font size="1">.&nbsp;&nbsp;ELECTION OF DIRECTORS</font>
    </td>
    <td width="34%" valign="TOP" nowrap>
      <p><font size="1"><b>FOR</b> all nominees listed below<br>
        (except as marked to the contrary below) |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
    <td width="38%" valign="TOP" nowrap>
      <p><font size="1"><b>WITHHOLD AUTHORITY</b><br>
        to vote for all nominees listed below |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td><font size=1><B><I>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.)</I><BR>
      James H. Bodurtha, Terry K. Glenn, Herbert I. London, Roberta Cooper Ramo
      and Arthur Zeikel</B></font></td>
  </tr>
</TABLE>
<br>
<BR>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">2. </font></td>
    <td width=95%><font size="2">Proposal to ratify the selection of Deloitte
      &amp; Touche <font size=1>LLP</font> as the independent auditors of the
      Fund to serve for the current fiscal year.</font></td>
  </tr>
</TABLE>
<br>
<table cellspacing=0 border=0 cellpadding=0 width=342>
  <tr valign="bottom">
    <td width="33%"> <b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR </font></b><font size=1>
      |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="39%"> <b><font size=1> AGAINST </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="28%"> <b><font size=1>ABSTAIN </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
  </tr>
</TABLE>
<BR>
<BR>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">3. </font></td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</TABLE>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="30%" valign="TOP">&nbsp;</td>
    <td width="16%" valign="TOP">&nbsp;</td>
    <td width="54%" valign="TOP">
      <p>
      <p><font size=1> Please sign exactly as name appears hereon. When shares
        are held by joint tenants, both should sign. When signing as attorney
        or as executor, administrator, trustee or guardian, please give full title
        as such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person. </font></p>
      <p><font size=1>Dated: ________________________________________________,
        2000</font></p>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
        </font>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
        if held jointly </font></p>
    </td>
  </tr>
</TABLE>
<BR>
<p>
<table width=600>
  <tr>
    <td width="600"><font size=2><b><font size="1"> Sign, Date and Return the
      Proxy Card Promptly Using the Enclosed Envelope.</font></b></font></td>
  </tr>
</TABLE>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 27, page: 27" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2><B>AUCTION MARKET<BR>
      PREFERRED STOCK</B></font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD CALIFORNIA INSURED FUND, INC.<BR>
      P.O. Box 9011<BR>
      Princeton, New Jersey 08543-9011</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>PROXY</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>This proxy is solicited on behalf of the
      Board of Directors</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints
      Terry K. Glenn, Donald C. Burke and Alice A. Pellegrino as proxies, each
      with the power to appoint his or her substitute, and hereby authorizes each
      of them to represent and to vote, as designated on the reverse hereof, all
      the shares of Auction Market Preferred Stock of MuniYield California Insured
      Fund, Inc. (the &#147;Fund&#148;) held of record by the undersigned on February
      23, 2000 at the annual meeting of stockholders of the Fund to be held on
      April 27, 2000 or any adjournment thereof.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td width=46>&nbsp;</td>
    <td width=460><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>This proxy when
      properly executed will be voted in the manner directed herein by the undersigned
      stockholder. If no direction is made, this proxy will be voted FOR Proposals
      1 and 2.</b></font></td>
    <td width=78><font size=2></font></td>
  </tr>
</TABLE>
<p></P>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse
      side of this card, you authorize the proxies to vote each proposal as marked,
      or if not marked, to vote &#147;FOR&#148; each proposal, and to use their
      discretion to vote for any other matter as may properly come before the
      meeting or any adjournment thereof. If you do not intend to personally attend
      the meeting, please complete and return this card at once in the enclosed
      envelope.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td align=right><font size=1>(Continued and to be signed on the reverse side)</font></td>
  </tr>
</TABLE>
<p></p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 28, page: 28" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes |X| or |X| in blue or black ink.</font></td>
  </tr>
</TABLE>
<br>
<br>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="28%" valign="TOP">
      <p><font size="2">1</font><font size="1">.&nbsp;&nbsp;ELECTION OF DIRECTORS</font>
    </td>
    <td width="34%" valign="TOP" nowrap>
      <p><font size="1"><b>FOR</b> all nominees listed below<br>
        (except as marked to the contrary below) |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
    <td width="38%" valign="TOP" nowrap>
      <p><font size="1"><b>WITHHOLD AUTHORITY</b><br>
        to vote for all nominees listed below |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td><font size=1><B><I>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.)</I><BR>
      James H. Bodurtha, Terry K. Glenn, Herbert I. London, Joseph L. May, Andr&eacute;
      F. Perold, Roberta Cooper Ramo and Arthur Zeikel</B></font></td>
  </tr>
</TABLE>
<p></p>
<BR>
<table width=600>
  <tr>
    <td width=3% valign=top><font size="2">2. </font></td>
    <td width=95%><font size="2">Proposal to ratify the selection of Deloitte
      &amp; Touche <font size=1>LLP</font> as the independent auditors of the
      Fund to serve for the current fiscal year.</font></td>
  </tr>
</TABLE>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=342>
  <tr valign="bottom">
    <td width="33%"> <b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR </font></b><font size=1>
      |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="39%"> <b><font size=1> AGAINST </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="28%"> <b><font size=1>ABSTAIN </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
  </tr>
</TABLE>
<BR>
<BR>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">3. </font></td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</TABLE>
<br>
<table width=600>
  <tr>
    <td width=95%><font size="2">If the undersigned is a broker-dealer, it hereby
      instructs the proxies, pursuant to Rule 452 of the New York Stock Exchange,
      to vote any uninstructed shares of Auction Market Preferred Stock, in the
      same proportion as votes cast by holders of Auction Market Preferred Stock,
      who have responded to this proxy solicitation.</font></td>
  </tr>
</TABLE>
<br>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="30%" valign="TOP">&nbsp;</td>
    <td width="16%" valign="TOP">&nbsp;</td>
    <td width="54%" valign="TOP">
      <p>
      <p><font size=1> Please sign exactly as name appears hereon. When shares
        are held by joint tenants, both should sign. When signing as attorney
        or as executor, administrator, trustee or guardian, please give full title
        as such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person. </font></p>
      <p><font size=1>Dated: ________________________________________________,
        2000</font></p>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
        </font>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
        if held jointly </font></p>
    </td>
  </tr>
</TABLE>
<BR>
<p>
<table width=600>
  <tr>
    <td width="600"><font size=2><b><font size="1"> Sign, Date and Return the
      Proxy Card Promptly Using the Enclosed Envelope.</font></b></font></td>
  </tr>
</TABLE>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 29, page: 29" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2><B>COMMON STOCK</B></font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD CALIFORNIA INSURED FUND II, INC.<BR>
      P.O. Box 9011<BR>
      Princeton, New Jersey 08543-9011</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>PROXY</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>This proxy is solicited on behalf of the
      Board of Directors</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints
      Terry K. Glenn, Donald C. Burke and Alice A. Pellegrino as proxies, each
      with the power to appoint his or her substitute, and hereby authorizes each
      of them to represent and to vote, as designated on the reverse hereof, all
      the shares of Common Stock of MuniYield California Insured Fund II, Inc.
      (the &#147;Fund&#148;) held of record by the undersigned on February 23,
      2000 at the annual meeting of stockholders of the Fund to be held on April
      27, 2000 or any adjournment thereof.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td width=46>&nbsp;</td>
    <td width=460><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>This proxy when
      properly executed will be voted in the manner directed herein by the undersigned
      stockholder. If no direction is made, this proxy will be voted FOR Proposals
      1 and 2.</b></font></td>
    <td width=78><font size=2></font></td>
  </tr>
</TABLE>
<p></P>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse
      side of this card, you authorize the proxies to vote each proposal as marked,
      or if not marked, to vote &#147;FOR&#148; each proposal, and to use their
      discretion to vote for any other matter as may properly come before the
      meeting or any adjournment thereof. If you do not intend to personally attend
      the meeting, please complete and return this card at once in the enclosed
      envelope.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td align=right><font size=1>(Continued and to be signed on the reverse side)</font></td>
  </tr>
</TABLE>
<p></p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 30, page: 30" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes |X| or |X| in blue or black ink.</font></td>
  </tr>
</TABLE>
<br>
<p></p>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="28%" valign="TOP">
      <p><font size="2">1</font><font size="1">.&nbsp;&nbsp;ELECTION OF DIRECTORS</font>
    </td>
    <td width="34%" valign="TOP" nowrap>
      <p><font size="1"><b>FOR</b> all nominees listed below<br>
        (except as marked to the contrary below) |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
    <td width="38%" valign="TOP" nowrap>
      <p><font size="1"><b>WITHHOLD AUTHORITY</b><br>
        to vote for all nominees listed below |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td><font size=1><B><I>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.)</I><BR>
      James H. Bodurtha, Terry K. Glenn, Herbert I. London, Roberta Cooper Ramo
      and Arthur Zeikel</B></font></td>
  </tr>
</TABLE>
<br>
<p></p>
<BR>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">2. </font></td>
    <td width=95%><font size="2">Proposal to ratify the selection of Deloitte
      &amp; Touche <font size=1>LLP</font> as the independent auditors of the
      Fund to serve for the current fiscal year.</font></td>
  </tr>
</TABLE>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=342>
  <tr valign="bottom">
    <td width="33%"> <b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR </font></b><font size=1>
      |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="39%"> <b><font size=1> AGAINST </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="28%"> <b><font size=1>ABSTAIN </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
  </tr>
</TABLE>
<br>
<BR>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">3. </font></td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</TABLE>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="30%" valign="TOP">&nbsp;</td>
    <td width="16%" valign="TOP">&nbsp;</td>
    <td width="54%" valign="TOP">
      <p>
      <p><font size=1> Please sign exactly as name appears hereon. When shares
        are held by joint tenants, both should sign. When signing as attorney
        or as executor, administrator, trustee or guardian, please give full title
        as such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person. </font></p>
      <p><font size=1>Dated: ________________________________________________,
        2000</font></p>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
        </font>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
        if held jointly </font></p>
    </td>
  </tr>
</TABLE>
<BR>
<p>
<table width=600>
  <tr>
    <td width="600"><font size=2><b><font size="1"> Sign, Date and Return the
      Proxy Card Promptly Using the Enclosed Envelope.</font></b></font></td>
  </tr>
</TABLE>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 31, page: 31" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2><B>AUCTION MARKET<BR>
      PREFERRED STOCK</B></font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD CALIFORNIA INSURED FUND II, INC.<BR>
      P.O. Box 9011<BR>
      Princeton, New Jersey 08543-9011</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>PROXY</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>This proxy is solicited on behalf of the
      Board of Directors</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints
      Terry K. Glenn, Donald C. Burke and Alice A. Pellegrino as proxies, each
      with the power to appoint his or her substitute, and hereby authorizes each
      of them to represent and to vote, as designated on the reverse hereof, all
      the shares of Auction Market Preferred Stock of MuniYield California Insured
      Fund II, Inc. (the &#147;Fund&#148;) held of record by the undersigned on
      February 23, 2000 at the annual meeting of stockholders of the Fund to be
      held on April 27, 2000 or any adjournment thereof.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td width=46>&nbsp;</td>
    <td width=460><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>This proxy when
      properly executed will be voted in the manner directed herein by the undersigned
      stockholder. If no direction is made, this proxy will be voted FOR Proposals
      1 and 2.</b></font></td>
    <td width=78><font size=2></font></td>
  </tr>
</TABLE>
<p></P>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse
      side of this card, you authorize the proxies to vote each proposal as marked,
      or if not marked, to vote &#147;FOR&#148; each proposal, and to use their
      discretion to vote for any other matter as may properly come before the
      meeting or any adjournment thereof. If you do not intend to personally attend
      the meeting, please complete and return this card at once in the enclosed
      envelope.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td align=right><font size=1>(Continued and to be signed on the reverse side)</font></td>
  </tr>
</TABLE>
<p></p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 32, page: 32" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes |X| or |X| in blue or black ink.</font></td>
  </tr>
</TABLE>
<br>
<br>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="28%" valign="TOP">
      <p><font size="2">1</font><font size="1">.&nbsp;&nbsp;ELECTION OF DIRECTORS</font>
    </td>
    <td width="34%" valign="TOP" nowrap>
      <p><font size="1"><b>FOR</b> all nominees listed below<br>
        (except as marked to the contrary below) |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
    <td width="38%" valign="TOP" nowrap>
      <p><font size="1"><b>WITHHOLD AUTHORITY</b><br>
        to vote for all nominees listed below |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td width="600"><font size=1><b><I>INSTRUCTION: To withhold authority to vote
      for any individual nominee, strike a line through the nominee&#146;s name
      in the list below.)</I><BR>
      James H. Bodurtha, Terry K. Glenn, Herbert I. London, Joseph L. May, Andr&eacute;
      F. Perold, Roberta Cooper Ramo and Arthur Zeikel</b></font></td>
  </tr>
</TABLE>
<br>
<BR>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">2. </font></td>
    <td width=95%><font size="2">Proposal to ratify the selection of Deloitte
      &amp; Touche <font size=1>LLP</font> as the independent auditors of the
      Fund to serve for the current fiscal year.</font></td>
  </tr>
</TABLE>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=342>
  <tr valign="bottom">
    <td width="33%"> <b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR </font></b><font size=1>
      |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="39%"> <b><font size=1> AGAINST </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="28%"> <b><font size=1>ABSTAIN </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
  </tr>
</TABLE>
<BR>
<BR>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">3. </font></td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</TABLE>
<br>
<table width=600>
  <tr>
    <td width=95%><font size="2">If the undersigned is a broker-dealer, it hereby
      instructs the proxies, pursuant to Rule 452 of the New York Stock Exchange,
      to vote any uninstructed shares of Auction Market Preferred Stock, in the
      same proportion as votes cast by holders of Auction Market Preferred Stock,
      who have responded to this proxy solicitation.</font></td>
  </tr>
</TABLE>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="30%" valign="TOP">&nbsp;</td>
    <td width="16%" valign="TOP">&nbsp;</td>
    <td width="54%" valign="TOP">
      <p>
      <p><font size=1> Please sign exactly as name appears hereon. When shares
        are held by joint tenants, both should sign. When signing as attorney
        or as executor, administrator, trustee or guardian, please give full title
        as such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person. </font></p>
      <p><font size=1>Dated: ________________________________________________,
        2000</font></p>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
        </font>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
        if held jointly </font></p>
    </td>
  </tr>
</TABLE>
<BR>
<p>
<table width=600>
  <tr>
    <td width="600"><font size=2><b><font size="1"> Sign, Date and Return the
      Proxy Card Promptly Using the Enclosed Envelope.</font></b></font></td>
  </tr>
</TABLE>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 33, page: 33" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2><B>COMMON SHARES</B></font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD FLORIDA FUND<BR>
      P.O. Box 9011<BR>
      Princeton, New Jersey 08543-9011</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>PROXY</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>This proxy is solicited on behalf of the
      Board of Trustees</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints
      Terry K. Glenn, Donald C. Burke and Alice A. Pellegrino as proxies, each
      with the power to appoint his or her substitute, and hereby authorizes each
      of them to represent and to vote, as designated on the reverse hereof, all
      the Common Shares of MuniYield Florida Fund (the &#147;Fund&#148;) held
      of record by the undersigned on February 23, 2000 at the annual meeting
      of shareholders of the Fund to be held on April 27, 2000 or any adjournment
      thereof.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td width=46>&nbsp;</td>
    <td width=460><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>This proxy when
      properly executed will be voted in the manner directed herein by the undersigned
      shareholder. If no direction is made, this proxy will be voted FOR Proposals
      1 and 2.</b></font></td>
    <td width=78><font size=2></font></td>
  </tr>
</TABLE>
<p></P>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse
      side of this card, you authorize the proxies to vote each proposal as marked,
      or if not marked, to vote &#147;FOR&#148; each proposal, and to use their
      discretion to vote for any other matter as may properly come before the
      meeting or any adjournment thereof. If you do not intend to personally attend
      the meeting, please complete and return this card at once in the enclosed
      envelope.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td align=right><font size=1>(Continued and to be signed on the reverse side)</font></td>
  </tr>
</TABLE>
<p></p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 34, page: 34" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes |X| or |X| in blue or black ink.</font></td>
  </tr>
</TABLE>
<br>
<br>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="28%" valign="TOP">
      <p><font size="2">1</font><font size="1">.&nbsp;&nbsp;ELECTION OF TRUSTEES</font>
    </td>
    <td width="34%" valign="TOP" nowrap>
      <p><font size="1"><b>FOR</b> all nominees listed below<br>
        (except as marked to the contrary below) |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
    <td width="38%" valign="TOP" nowrap>
      <p><font size="1"><b>WITHHOLD AUTHORITY</b><br>
        to vote for all nominees listed below |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td width="600"><font size=1> <I><b>(INSTRUCTION: To withhold authority to
      vote for any individual nominee, strike a line through the nominee&#146;s
      name in the list below.)</b></I><b><BR>
      James H. Bodurtha, Terry K. Glenn, Herbert I. London, Roberta Cooper Ramo
      and Arthur Zeikel</b></font></td>
  </tr>
</TABLE>
<br>
<BR>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">2. </font></td>
    <td width=95%><font size="2">Proposal to ratify the selection of Deloitte
      &amp; Touche <font size=1>LLP</font> as the independent auditors of the
      Fund to serve for the current fiscal year.</font></td>
  </tr>
</TABLE>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=342>
  <tr valign="bottom">
    <td width="33%"> <b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR </font></b><font size=1>
      |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="39%"> <b><font size=1> AGAINST </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="28%"> <b><font size=1>ABSTAIN </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
  </tr>
</TABLE>
<br>
<BR>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">3. </font></td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</TABLE>
<br>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="30%" valign="TOP">&nbsp;</td>
    <td width="16%" valign="TOP">&nbsp;</td>
    <td width="54%" valign="TOP">
      <p>
      <p><font size=1> Please sign exactly as name appears hereon. When shares
        are held by joint tenants, both should sign. When signing as attorney
        or as executor, administrator, trustee or guardian, please give full title
        as such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person. </font></p>
      <p><font size=1>Dated: ________________________________________________,
        2000</font></p>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
        </font>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
        if held jointly </font></p>
    </td>
  </tr>
</TABLE>
<BR>
<p>
<table width=600>
  <tr>
    <td width="600"><font size=2><b><font size="1"> Sign, Date and Return the
      Proxy Card Promptly Using the Enclosed Envelope.</font></b></font></td>
  </tr>
</TABLE>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 35, page: 35" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2><B>AUCTION MARKET<BR>
      PREFERRED SHARES</B></font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD FLORIDA FUND<BR>
      P.O. Box 9011<BR>
      Princeton, New Jersey 08543-9011</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>PROXY</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>This proxy is solicited on behalf of the
      Board of Trustees</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints
      Terry K. Glenn, Donald C. Burke and Alice A. Pellegrino as proxies, each
      with the power to appoint his or her substitute, and hereby authorizes each
      of them to represent and to vote, as designated on the reverse hereof, all
      the Auction Market Preferred Shares of MuniYield Florida Fund (the &#147;Fund&#148;)
      held of record by the undersigned on February 23, 2000 at the annual meeting
      of shareholders of the Fund to be held on April 27, 2000 or any adjournment
      thereof.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td width=46>&nbsp;</td>
    <td width=460><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>This proxy when
      properly executed will be voted in the manner directed herein by the undersigned
      shareholder. If no direction is made, this proxy will be voted FOR Proposals
      1 and 2.</b></font></td>
    <td width=78><font size=2></font></td>
  </tr>
</TABLE>
<p></P>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse
      side of this card, you authorize the proxies to vote each proposal as marked,
      or if not marked, to vote &#147;FOR&#148; each proposal, and to use their
      discretion to vote for any other matter as may properly come before the
      meeting or any adjournment thereof. If you do not intend to personally attend
      the meeting, please complete and return this card at once in the enclosed
      envelope.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td align=right><font size=1>(Continued and to be signed on the reverse side)</font></td>
  </tr>
</TABLE>
<p></p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 36, page: 36" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes |X| or |X| in blue or black ink.</font></td>
  </tr>
</TABLE>
<br>
<p></p>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="28%" valign="TOP">
      <p><font size="2">1</font><font size="1">.&nbsp;&nbsp;ELECTION OF TRUSTEES</font>
    </td>
    <td width="34%" valign="TOP" nowrap>
      <p><font size="1"><b>FOR</b> all nominees listed below<br>
        (except as marked to the contrary below) |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
    <td width="38%" valign="TOP" nowrap>
      <p><font size="1"><b>WITHHOLD AUTHORITY</b><br>
        to vote for all nominees listed below |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td width="600"><font size=1> <I><b>(INSTRUCTION: To withhold authority to
      vote for any individual nominee, strike a line through the nominee&#146;s
      name in the list below.)</b></I><b><BR>
      James H. Bodurtha, Terry K. Glenn, Herbert I. London, Joseph L. May, Andr&eacute;
      F. Perold, Roberta Cooper Ramo and Arthur Zeikel</b></font></td>
  </tr>
</TABLE>
<BR>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">2. </font></td>
    <td width=95%><font size="2">Proposal to ratify the selection of Deloitte
      &amp; Touche <font size=1>LLP</font> as the independent auditors of the
      Fund to serve for the current fiscal year.</font></td>
  </tr>
</TABLE>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=342>
  <tr valign="bottom">
    <td width="33%"> <b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR </font></b><font size=1>
      |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="39%"> <b><font size=1> AGAINST </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="28%"> <b><font size=1>ABSTAIN </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
  </tr>
</TABLE>
<br>
<BR>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">3. </font></td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</TABLE>
<br>
<table width=600>
  <tr>
    <td width=95%><font size="2">If the undersigned is a broker-dealer, it hereby
      instructs the proxies, pursuant to Rule 452 of the New York Stock Exchange,
      to vote any uninstructed Auction Market Preferred Shares, in the same proportion
      as votes cast by holders of Auction Market Preferred Shares, who have responded
      to this proxy solicitation.</font></td>
  </tr>
</TABLE>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="30%" valign="TOP">&nbsp;</td>
    <td width="16%" valign="TOP">&nbsp;</td>
    <td width="54%" valign="TOP">
      <p>
      <p><font size=1> Please sign exactly as name appears hereon. When shares
        are held by joint tenants, both should sign. When signing as attorney
        or as executor, administrator, trustee or guardian, please give full title
        as such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person. </font></p>
      <p><font size=1>Dated: ________________________________________________,
        2000</font></p>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
        </font>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
        if held jointly </font></p>
    </td>
  </tr>
</TABLE>
<BR>
<p>
<table width=600>
  <tr>
    <td width="600"><font size=2><b><font size="1"> Sign, Date and Return the
      Proxy Card Promptly Using the Enclosed Envelope.</font></b></font></td>
  </tr>
</TABLE>
<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 37, page: 37" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2><B>COMMON STOCK</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD MICHIGAN FUND, INC.<BR>
      P.O. Box 9011<BR>
      Princeton, New Jersey 08543-9011</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>PROXY</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>This proxy is solicited on behalf of the
      Board of Directors</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints
      Terry K. Glenn, Donald C. Burke and Alice A. Pellegrino as proxies, each
      with the power to appoint his or her substitute, and hereby authorizes each
      of them to represent and to vote, as designated on the reverse hereof, all
      the shares of Common Stock of MuniYield Michigan Fund, Inc. (the &#147;Fund&#148;)
      held of record by the undersigned on February 23, 2000 at the annual meeting
      of stockholders of the Fund to be held on April 27, 2000 or any adjournment
      thereof.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td width=46>&nbsp;</td>
    <td width=460><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>This proxy when
      properly executed will be voted in the manner directed herein by the undersigned
      stockholder. If no direction is made, this proxy will be voted FOR Proposals
      1 and 2.</b></font></td>
    <td width=78><font size=2></font></td>
  </tr>
</TABLE>
<p></P>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse
      side of this card, you authorize the proxies to vote each proposal as marked,
      or if not marked, to vote &#147;FOR&#148; each proposal, and to use their
      discretion to vote for any other matter as may properly come before the
      meeting or any adjournment thereof. If you do not intend to personally attend
      the meeting, please complete and return this card at once in the enclosed
      envelope.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td align=right><font size=1>(Continued and to be signed on the reverse side)</font></td>
  </tr>
</TABLE>
<p></p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 38, page: 38" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes |X| or |X| in blue or black ink.</font></td>
  </tr>
</TABLE>
<br>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="28%" valign="TOP">
      <p><font size="2">1</font><font size="1">.&nbsp;&nbsp;ELECTION OF DIRECTORS</font>
    </td>
    <td width="34%" valign="TOP" nowrap>
      <p><font size="1"><b>FOR</b> all nominees listed below<br>
        (except as marked to the contrary below) |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
    <td width="38%" valign="TOP" nowrap>
      <p><font size="1"><b>WITHHOLD AUTHORITY</b><br>
        to vote for all nominees listed below |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td><font size=1><I><b>(INSTRUCTION: To withhold authority to vote for any
      individual nominee, strike a line through the nominee&#146;s name in the
      list below.)</b></I><B><BR>
      James H. Bodurtha, Terry K. Glenn, Herbert I. London, Roberta Cooper Ramo
      and Arthur Zeikel</B></font></td>
  </tr>
</TABLE>
<BR>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">2. </font></td>
    <td width=95%><font size="2">Proposal to ratify the selection of Deloitte
      &amp; Touche <font size=1>LLP</font> as the independent auditors of the
      Fund to serve for the current fiscal year.</font></td>
  </tr>
</TABLE>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=342>
  <tr valign="bottom">
    <td width="33%"> <b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR </font></b><font size=1>
      |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="39%"> <b><font size=1> AGAINST </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="28%"> <b><font size=1>ABSTAIN </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
  </tr>
</TABLE>
<BR>
<BR>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">3. </font></td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</TABLE>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="30%" valign="TOP">&nbsp;</td>
    <td width="16%" valign="TOP">&nbsp;</td>
    <td width="54%" valign="TOP">
      <p>
      <p><font size=1> Please sign exactly as name appears hereon. When shares
        are held by joint tenants, both should sign. When signing as attorney
        or as executor, administrator, trustee or guardian, please give full title
        as such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person. </font></p>
      <p><font size=1>Dated: ________________________________________________,
        2000</font></p>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
        </font>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
        if held jointly </font></p>
    </td>
  </tr>
</TABLE>
<BR>
<p>
<table width=600>
  <tr>
    <td width="600"><font size=2><b><font size="1"> Sign, Date and Return the
      Proxy Card Promptly Using the Enclosed Envelope.</font></b></font></td>
  </tr>
</TABLE>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 39, page: 39" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2><B>AUCTION MARKET<BR>
      PREFERRED STOCK</B></font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD MICHIGAN FUND, INC.<BR>
      P.O. Box 9011<BR>
      Princeton, New Jersey 08543-9011</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>PROXY</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>This proxy is solicited on behalf of the
      Board of Directors</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints
      Terry K. Glenn, Donald C. Burke and Alice A. Pellegrino as proxies, each
      with the power to appoint his or her substitute, and hereby authorizes each
      of them to represent and to vote, as designated on the reverse hereof, all
      the shares of Auction Market Preferred Stock of MuniYield Michigan Fund,
      Inc. (the &#147;Fund&#148;) held of record by the undersigned on February
      23, 2000 at the annual meeting of stockholders of the Fund to be held on
      April 27, 2000 or any adjournment thereof.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td width=46>&nbsp;</td>
    <td width=460><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>This proxy when
      properly executed will be voted in the manner directed herein by the undersigned
      stockholder. If no direction is made, this proxy will be voted FOR Proposals
      1 and 2.</b></font></td>
    <td width=78><font size=2></font></td>
  </tr>
</TABLE>
<p></P>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse
      side of this card, you authorize the proxies to vote each proposal as marked,
      or if not marked, to vote &#147;FOR&#148; each proposal, and to use their
      discretion to vote for any other matter as may properly come before the
      meeting or any adjournment thereof. If you do not intend to personally attend
      the meeting, please complete and return this card at once in the enclosed
      envelope.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td align=right><font size=1>(Continued and to be signed on the reverse side)</font></td>
  </tr>
</TABLE>
<p></p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 40, page: 40" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes |X| or |X| in blue or black ink.</font></td>
  </tr>
</TABLE>
<br>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="28%" valign="TOP">
      <p><font size="2">1</font><font size="1">.&nbsp;&nbsp;ELECTION OF DIRECTORS</font>
    </td>
    <td width="34%" valign="TOP" nowrap>
      <p><font size="1"><b>FOR</b> all nominees listed below<br>
        (except as marked to the contrary below) |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
    <td width="38%" valign="TOP" nowrap>
      <p><font size="1"><b>WITHHOLD AUTHORITY</b><br>
        to vote for all nominees listed below |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td width="600"><font size=1> <I><b>(INSTRUCTION: To withhold authority to
      vote for any individual nominee, strike a line through the nominee&#146;s
      name in the list below.)</b></I><b><BR>
      James H. Bodurtha, Terry K. Glenn, Herbert I. London, Joseph L. May, Andr&eacute;
      F. Perold, Roberta Cooper Ramo and Arthur Zeikel</b></font></td>
  </tr>
</TABLE>
<br>
<BR>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">2. </font></td>
    <td width=95%><font size="2">Proposal to ratify the selection of Deloitte
      &amp; Touche <font size=1>LLP</font> as the independent auditors of the
      Fund to serve for the current fiscal year.</font></td>
  </tr>
</TABLE>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=342>
  <tr valign="bottom">
    <td width="33%"> <b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR </font></b><font size=1>
      |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="39%"> <b><font size=1> AGAINST </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="28%"> <b><font size=1>ABSTAIN </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
  </tr>
</TABLE>
<BR>
<BR>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">3. </font></td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</TABLE>
<br>
<table width=600>
  <tr>
    <td width=95%><font size="2">If the undersigned is a broker-dealer, it hereby
      instructs the proxies, pursuant to Rule 452 of the New York Stock Exchange,
      to vote any uninstructed shares of Auction Market Preferred Stock, in the
      same proportion as votes cast by holders of Auction Market Preferred Stock,
      who have responded to this proxy solicitation.</font></td>
  </tr>
</TABLE>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="30%" valign="TOP">&nbsp;</td>
    <td width="16%" valign="TOP">&nbsp;</td>
    <td width="54%" valign="TOP">
      <p>
      <p><font size=1> Please sign exactly as name appears hereon. When shares
        are held by joint tenants, both should sign. When signing as attorney
        or as executor, administrator, trustee or guardian, please give full title
        as such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person. </font></p>
      <p><font size=1>Dated: ________________________________________________,
        2000</font></p>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
        </font>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
        if held jointly </font></p>
    </td>
  </tr>
</TABLE>
<BR>
<p>
<table width=600>
  <tr>
    <td width="600"><font size=2><b><font size="1"> Sign, Date and Return the
      Proxy Card Promptly Using the Enclosed Envelope.</font></b></font></td>
  </tr>
</TABLE>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 41, page: 41" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2><B>COMMON STOCK</B></font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD NEW JERSEY FUND, INC.<BR>
      P.O. Box 9011<BR>
      Princeton, New Jersey 08543-9011</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>PROXY</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>This proxy is solicited on behalf of the
      Board of Directors</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints
      Terry K. Glenn, Donald C. Burke and Alice A. Pellegrino as proxies, each
      with the power to appoint his or her substitute, and hereby authorizes each
      of them to represent and to vote, as designated on the reverse hereof, all
      the shares of Common Stock of MuniYield New Jersey Fund, Inc. (the &#147;Fund&#148;)
      held of record by the undersigned on February 23, 2000 at the annual meeting
      of stockholders of the Fund to be held on April 27, 2000 or any adjournment
      thereof.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td width=46>&nbsp;</td>
    <td width=460><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>This proxy when
      properly executed will be voted in the manner directed herein by the undersigned
      stockholder. If no direction is made, this proxy will be voted FOR Proposals
      1 and 2.</b></font></td>
    <td width=78><font size=2></font></td>
  </tr>
</TABLE>
<p></P>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse
      side of this card, you authorize the proxies to vote each proposal as marked,
      or if not marked, to vote &#147;FOR&#148; each proposal, and to use their
      discretion to vote for any other matter as may properly come before the
      meeting or any adjournment thereof. If you do not intend to personally attend
      the meeting, please complete and return this card at once in the enclosed
      envelope.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td align=right><font size=1>(Continued and to be signed on the reverse side)</font></td>
  </tr>
</TABLE>
<p></p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 42, page: 42" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes |X| or |X| in blue or black ink.</font></td>
  </tr>
</TABLE>
<br>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="28%" valign="TOP">
      <p><font size="2">1</font><font size="1">.&nbsp;&nbsp;ELECTION OF DIRECTORS</font>
    </td>
    <td width="34%" valign="TOP" nowrap>
      <p><font size="1"><b>FOR</b> all nominees listed below<br>
        (except as marked to the contrary below) |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
    <td width="38%" valign="TOP" nowrap>
      <p><font size="1"><b>WITHHOLD AUTHORITY</b><br>
        to vote for all nominees listed below |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td width="600"><font size=1> <I><b>(INSTRUCTION: To withhold authority to
      vote for any individual nominee, strike a line through the nominee&#146;s
      name in the list below.)</b></I><b><br>
      James H. Bodurtha, Terry K. Glenn, Herbert I. London, Roberta Cooper Ramo
      and Arthur Zeikel</b></font></td>
  </tr>
</TABLE>
<BR>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">2. </font></td>
    <td width=95%><font size="2">Proposal to ratify the selection of Deloitte
      &amp; Touche <font size=1>LLP</font> as the independent auditors of the
      Fund to serve for the current fiscal year.</font></td>
  </tr>
</TABLE>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=342>
  <tr valign="bottom">
    <td width="33%"> <b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR </font></b><font size=1>
      |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="39%"> <b><font size=1> AGAINST </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="28%"> <b><font size=1>ABSTAIN </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
  </tr>
</TABLE>
<br>
<BR>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">3. </font></td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</TABLE>
<BR>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="30%" valign="TOP">&nbsp;</td>
    <td width="16%" valign="TOP">&nbsp;</td>
    <td width="54%" valign="TOP">
      <p>
      <p><font size=1> Please sign exactly as name appears hereon. When shares
        are held by joint tenants, both should sign. When signing as attorney
        or as executor, administrator, trustee or guardian, please give full title
        as such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person. </font></p>
      <p><font size=1>Dated: ________________________________________________,
        2000</font></p>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
        </font>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
        if held jointly </font></p>
    </td>
  </tr>
</TABLE>
<BR>
<p>
<table width=600>
  <tr>
    <td width="600"><font size=2><b><font size="1"> Sign, Date and Return the
      Proxy Card Promptly Using the Enclosed Envelope.</font></b></font></td>
  </tr>
</TABLE>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 43, page: 43" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2><B>AUCTION MARKET<BR>
      PREFERRED STOCK</B></font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD NEW JERSEY FUND, INC.<BR>
      P.O. Box 9011<BR>
      Princeton, New Jersey 08543-9011</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>PROXY</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>This proxy is solicited on behalf of the
      Board of Directors</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints
      Terry K. Glenn, Donald C. Burke and Alice A. Pellegrino as proxies, each
      with the power to appoint his or her substitute, and hereby authorizes each
      of them to represent and to vote, as designated on the reverse hereof, all
      the shares of Auction Market Preferred Stock of MuniYield New Jersey Fund,
      Inc. (the &#147;Fund&#148;) held of record by the undersigned on February
      23, 2000 at the annual meeting of stockholders of the Fund to be held on
      April 27, 2000 or any adjournment thereof.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td width=46>&nbsp;</td>
    <td width=460><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>This proxy when
      properly executed will be voted in the manner directed herein by the undersigned
      stockholder. If no direction is made, this proxy will be voted FOR Proposals
      1 and 2.</b></font></td>
    <td width=78><font size=2></font></td>
  </tr>
</TABLE>
<p></P>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse
      side of this card, you authorize the proxies to vote each proposal as marked,
      or if not marked, to vote &#147;FOR&#148; each proposal, and to use their
      discretion to vote for any other matter as may properly come before the
      meeting or any adjournment thereof. If you do not intend to personally attend
      the meeting, please complete and return this card at once in the enclosed
      envelope.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td align=right><font size=1>(Continued and to be signed on the reverse side)</font></td>
  </tr>
</TABLE>
<p></p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 44, page: 44" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes |X| or |X| in blue or black ink.</font></td>
  </tr>
</TABLE>
<br>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="28%" valign="TOP">
      <p><font size="2">1</font><font size="1">.&nbsp;&nbsp;ELECTION OF DIRECTORS</font>
    </td>
    <td width="34%" valign="TOP" nowrap>
      <p><font size="1"><b>FOR</b> all nominees listed below<br>
        (except as marked to the contrary below) |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
    <td width="38%" valign="TOP" nowrap>
      <p><font size="1"><b>WITHHOLD AUTHORITY</b><br>
        to vote for all nominees listed below |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td width="600"><font size=1> <I><b>(INSTRUCTION: To withhold authority to
      vote for any individual nominee, strike a line through the nominee&#146;s
      name in the list below.)</b></I><b><br>
      James H. Bodurtha, Terry K. Glenn, Herbert I. London, Joseph L. May, Andr&eacute;
      F. Perold, Roberta Cooper Ramo and Arthur Zeikel</b></font></td>
  </tr>
</TABLE>
<BR>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">2. </font></td>
    <td width=95%><font size="2">Proposal to ratify the selection of Deloitte
      &amp; Touche <font size=1>LLP</font> as the independent auditors of the
      Fund to serve for the current fiscal year.</font></td>
  </tr>
</TABLE>
<br>
<table cellspacing=0 border=0 cellpadding=0 width=342>
  <tr valign="bottom">
    <td width="33%"> <b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR </font></b><font size=1>
      |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="39%"> <b><font size=1> AGAINST </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="28%"> <b><font size=1>ABSTAIN </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
  </tr>
</TABLE>
<br>
<BR>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">3. </font></td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</TABLE>
<br>
<table width=600>
  <tr>
    <td width=95%><font size="2">If the undersigned is a broker-dealer, it hereby
      instructs the proxies, pursuant to Rule 452 of the New York Stock Exchange,
      to vote any uninstructed shares of Auction Market Preferred Stock, in the
      same proportion as votes cast by holders of Auction Market Preferred Stock,
      who have responded to this proxy solicitation.</font></td>
  </tr>
</TABLE>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="30%" valign="TOP">&nbsp;</td>
    <td width="16%" valign="TOP">&nbsp;</td>
    <td width="54%" valign="TOP">
      <p>
      <p><font size=1> Please sign exactly as name appears hereon. When shares
        are held by joint tenants, both should sign. When signing as attorney
        or as executor, administrator, trustee or guardian, please give full title
        as such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person. </font></p>
      <p><font size=1>Dated: ________________________________________________,
        2000</font></p>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
        </font>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
        if held jointly </font></p>
    </td>
  </tr>
</TABLE>
<BR>
<p>
<table width=600>
  <tr>
    <td width="600"><font size=2><b><font size="1"> Sign, Date and Return the
      Proxy Card Promptly Using the Enclosed Envelope.</font></b></font></td>
  </tr>
</TABLE>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 45, page: 45" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2><B>COMMON STOCK</B></font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD NEW YORK INSURED FUND, INC.<BR>
      P.O. Box 9011<BR>
      Princeton, New Jersey 08543-9011</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>PROXY</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>This proxy is solicited on behalf of the
      Board of Directors</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints
      Terry K. Glenn, Donald C. Burke and Alice A. Pellegrino as proxies, each
      with the power to appoint his or her substitute, and hereby authorizes each
      of them to represent and to vote, as designated on the reverse hereof, all
      the shares of Common Stock of MuniYield New York Insured Fund, Inc. (the
      &#147;Fund&#148;) held of record by the undersigned on February 23, 2000
      at the annual meeting of stockholders of the Fund to be held on April 27,
      2000 or any adjournment thereof.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td width=46>&nbsp;</td>
    <td width=460><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>This proxy when
      properly executed will be voted in the manner directed herein by the undersigned
      stockholder. If no direction is made, this proxy will be voted FOR Proposals
      1 and 2.</b></font></td>
    <td width=78><font size=2></font></td>
  </tr>
</TABLE>
<p></P>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse
      side of this card, you authorize the proxies to vote each proposal as marked,
      or if not marked, to vote &#147;FOR&#148; each proposal, and to use their
      discretion to vote for any other matter as may properly come before the
      meeting or any adjournment thereof. If you do not intend to personally attend
      the meeting, please complete and return this card at once in the enclosed
      envelope.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td align=right><font size=1>(Continued and to be signed on the reverse side)</font></td>
  </tr>
</TABLE>
<p></p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 46, page: 46" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes |X| or |X| in blue or black ink.</font></td>
  </tr>
</TABLE>
<br>
<br>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="28%" valign="TOP">
      <p><font size="2">1</font><font size="1">.&nbsp;&nbsp;ELECTION OF DIRECTORS</font>
    </td>
    <td width="34%" valign="TOP" nowrap>
      <p><font size="1"><b>FOR</b> all nominees listed below<br>
        (except as marked to the contrary below) |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
    <td width="38%" valign="TOP" nowrap>
      <p><font size="1"><b>WITHHOLD AUTHORITY</b><br>
        to vote for all nominees listed below |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td width="600"><font size=1> <I><b>(INSTRUCTION: To withhold authority to
      vote for any individual nominee, strike a line through the nominee&#146;s
      name in the list below.)</b></I><b><br>
      James H. Bodurtha, Terry K. Glenn, Herbert I. London, Roberta Cooper Ramo
      and Arthur Zeikel</b></font></td>
  </tr>
</TABLE>
<br>
<BR>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">2. </font></td>
    <td width=95%><font size="2">Proposal to ratify the selection of Deloitte
      &amp; Touche <font size=1>LLP</font> as the independent auditors of the
      Fund to serve for the current fiscal year.</font></td>
  </tr>
</TABLE>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=342>
  <tr valign="bottom">
    <td width="33%"> <b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR </font></b><font size=1>
      |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="39%"> <b><font size=1> AGAINST </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="28%"> <b><font size=1>ABSTAIN </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
  </tr>
</TABLE>
<br>
<BR>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">3. </font></td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</TABLE>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="30%" valign="TOP">&nbsp;</td>
    <td width="16%" valign="TOP">&nbsp;</td>
    <td width="54%" valign="TOP">
      <p>
      <p><font size=1> Please sign exactly as name appears hereon. When shares
        are held by joint tenants, both should sign. When signing as attorney
        or as executor, administrator, trustee or guardian, please give full title
        as such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person. </font></p>
      <p><font size=1>Dated: ________________________________________________,
        2000</font></p>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
        </font>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
        if held jointly </font></p>
    </td>
  </tr>
</TABLE>
<BR>
<p>
<table width=600>
  <tr>
    <td width="600"><font size=2><b><font size="1"> Sign, Date and Return the
      Proxy Card Promptly Using the Enclosed Envelope.</font></b></font></td>
  </tr>
</TABLE>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 47, page: 47" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2><B>AUCTION MARKET<BR>
      PREFERRED STOCK</B></font></td>
  </tr>
</TABLE>
<p></p>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>MUNIYIELD NEW YORK INSURED FUND, INC.<BR>
      P.O. Box 9011<BR>
      Princeton, New Jersey 08543-9011</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>PROXY</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td  align=center><font size=2><B>This proxy is solicited on behalf of the
      Board of Directors</B></font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints
      Terry K. Glenn, Donald C. Burke and Alice A. Pellegrino as proxies, each
      with the power to appoint his or her substitute, and hereby authorizes each
      of them to represent and to vote, as designated on the reverse hereof, all
      the shares of Auction Market Preferred Stock of MuniYield New York Insured
      Fund, Inc. (the &#147;Fund&#148;) held of record by the undersigned on February
      23, 2000 at the annual meeting of stockholders of the Fund to be held on
      April 27, 2000 or any adjournment thereof.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td width=46>&nbsp;</td>
    <td width=460><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>This proxy when
      properly executed will be voted in the manner directed herein by the undersigned
      stockholder. If no direction is made, this proxy will be voted FOR Proposals
      1 and 2.</b></font></td>
    <td width=78><font size=2></font></td>
  </tr>
</TABLE>
<p></P>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse
      side of this card, you authorize the proxies to vote each proposal as marked,
      or if not marked, to vote &#147;FOR&#148; each proposal, and to use their
      discretion to vote for any other matter as may properly come before the
      meeting or any adjournment thereof. If you do not intend to personally attend
      the meeting, please complete and return this card at once in the enclosed
      envelope.</font></td>
  </tr>
</TABLE>
<p></p>
<table width=600>
  <tr>
    <td align=right><font size=1>(Continued and to be signed on the reverse side)</font></td>
  </tr>
</TABLE>
<p></p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER LABEL="sheet: 48, page: 48" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes |X| or |X| in blue or black ink.</font></td>
  </tr>
</TABLE>
<br>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="28%" valign="TOP">
      <p><font size="2">1</font><font size="1">.&nbsp;&nbsp;ELECTION OF DIRECTORS</font>
    </td>
    <td width="34%" valign="TOP" nowrap>
      <p><font size="1"><b>FOR</b> all nominees listed below<br>
        (except as marked to the contrary below) |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
    <td width="38%" valign="TOP" nowrap>
      <p><font size="1"><b>WITHHOLD AUTHORITY</b><br>
        to vote for all nominees listed below |<u>&nbsp;&nbsp;&nbsp;</u>|</font></p>
    </td>
  </tr>
</TABLE>
<p>
<table width=600>
  <tr>
    <td width="600"><font size=1> <I><b>(INSTRUCTION: To withhold authority to
      vote for any individual nominee, strike a line through the nominee&#146;s
      name in the list below.)</b></I><b><br>
      James H. Bodurtha, Terry K. Glenn, Herbert I. London, Joseph L. May, Andr&eacute;
      F. Perold, Roberta Cooper Ramo and Arthur Zeikel</b></font></td>
  </tr>
</TABLE>
<BR>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">2. </font></td>
    <td width=95%><font size="2">Proposal to ratify the selection of Deloitte
      &amp; Touche <font size=1>LLP</font> as the independent auditors of the
      Fund to serve for the current fiscal year.</font></td>
  </tr>
</TABLE>
<br>
<table cellspacing=0 border=0 cellpadding=0 width=342>
  <tr valign="bottom">
    <td width="33%"> <b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR </font></b><font size=1>
      |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="39%"> <b><font size=1> AGAINST </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
    <td width="28%"> <b><font size=1>ABSTAIN </font></b><font size=1> |<u>&nbsp;&nbsp;&nbsp;</u>|</font></td>
  </tr>
</TABLE>
<BR>
<BR>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">3. </font></td>
    <td width=95%><font size="2">In the discretion of such proxies, upon such
      other business as may properly come before the meeting or any adjournment
      thereof.</font></td>
  </tr>
</TABLE>
<br>
<table width=600>
  <tr>
    <td width=95%><font size="2">If the undersigned is a broker-dealer, it hereby
      instructs the proxies, pursuant to Rule 452 of the New York Stock Exchange,
      to vote any uninstructed shares of Auction Market Preferred Stock, in the
      same proportion as votes cast by holders of Auction Market Preferred Stock,
      who have responded to this proxy solicitation.</font></td>
  </tr>
</TABLE>
<BR>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="30%" valign="TOP">&nbsp;</td>
    <td width="16%" valign="TOP">&nbsp;</td>
    <td width="54%" valign="TOP">
      <p>
      <p><font size=1> Please sign exactly as name appears hereon. When shares
        are held by joint tenants, both should sign. When signing as attorney
        or as executor, administrator, trustee or guardian, please give full title
        as such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person. </font></p>
      <p><font size=1>Dated: ________________________________________________,
        2000</font></p>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature
        </font>
      <p><font size="1">X_________________________________________________________<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
        if held jointly </font></p>
    </td>
  </tr>
</TABLE>
<BR>
<p>
<table width=600>
  <tr>
    <td width="600"><font size=2><b><font size="1"> Sign, Date and Return the
      Proxy Card Promptly Using the Enclosed Envelope.</font></b></font></td>
  </tr>
</TABLE>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
</body>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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