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<SEC-DOCUMENT>0000891092-00-000210.txt : 20000320
<SEC-HEADER>0000891092-00-000210.hdr.sgml : 20000320
ACCESSION NUMBER:		0000891092-00-000210
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 FLORIDA INSURED FUND /NJ/
		CENTRAL INDEX KEY:			0000891188
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		
		SEC FILE NUMBER:	811-07156
		FILM NUMBER:		573089

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

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

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD MICHIGAN INSURED FUND INC
		CENTRAL INDEX KEY:			0000890393
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		
		SEC FILE NUMBER:	811-07080
		FILM NUMBER:		573090

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD NEW JERSEY INSURED FUND INC
		CENTRAL INDEX KEY:			0000891037
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				223196059
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		
		SEC FILE NUMBER:	811-07138
		FILM NUMBER:		573091

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

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIYIELD PENNSYLVANIA FUND
		CENTRAL INDEX KEY:			0000891038
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				223199516
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		
		SEC FILE NUMBER:	811-07136
		FILM NUMBER:		573092

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<DESCRIPTION>DEF 14A
<TEXT>




<HTML>
<HEAD>
<TITLE>Proxy Statement</TITLE>
</HEAD>
<BODY>
<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 1, page: 1" -->
<HR SIZE=5 noshade>


<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>

<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p><table width=600><tr><td  align=center><font size=2><B>SCHEDULE 14A <BR>(Rule
14a-101)</B></font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p><table width=600><tr><td  align=center><font size=2><B>INFORMATION REQUIRED
IN PROXY STATEMENT</B></font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p><table width=600><tr><td  align=center><font size=2><B>SCHEDULE 14A
INFORMATION</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;&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]<BR><BR>
Filed by a party other than the Registrant [&nbsp; ]<BR><BR>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 (as permitted 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% valign="top"><font size="2">[X]</font></td>
    <td width=93%><font size="2"> Definitive Proxy Statement</font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=2% align=right valign=top>&nbsp;</td>
    <td width=5%><font size="2">[&nbsp;&nbsp;&nbsp;]</font></td>
    <td width=93%><font size="2"> Definitive Additional Materials</font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td width=2% align=right valign=top height="24">&nbsp;</td>
    <td width=5% height="24"><font size="2">[ &nbsp;&nbsp;]</font></td>
    <td width=93% height="24"><font size="2"> Soliciting Material Pursuant to
      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 FLORIDA INSURED FUND</b></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>MUNIYIELD PENNSYLVANIA INSURED FUND</b></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>MUNIYIELD NEW JERSEY INSURED FUND, INC.</b></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>MUNIYIELD MICHIGAN 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>
<table width=600>
  <tr>
    <td align=center><font size=1><b>(Name of Registrant as Specified In Its Charter)</b></font></td>
  </tr>
</TABLE>
<table width=600>
  <tr>
    <td>
      <hr size=1 noshade align=CENTER width=300>
    </td>
  </tr>
</TABLE>
<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>

<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>
<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>
<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>
<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>
<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>
<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>
<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>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size=2>(3) Filing Party:</font></td>
  </tr>
</TABLE>
<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>

<!-- MARKER FORMAT-SHEET="PAGE BREAK" -->
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">&nbsp;</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 2, page: 2" -->
<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p><table width=600><tr><td  align=center><font size=2><B>MUNIYIELD FLORIDA
INSURED FUND<BR>MUNIYIELD PENNSYLVANIA INSURED FUND<BR>MUNIYIELD NEW JERSEY INSURED
FUND, INC.<BR>MUNIYIELD MICHIGAN INSURED FUND, INC.<BR>P.O. Box 9011<BR>Princeton, New
Jersey 08543-9011</B></font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="Cut off rule centered" -->
<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>

<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<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>

<!-- MARKER FORMAT-SHEET="Cut off rule centered" -->
<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>

<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p><table width=600><tr><td  align=center><font size=2><B>April 27, 2000</B></font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="Left head" -->
<p><table width=600><tr><td><font size=2>T<font size=1>O </font><font size=2>T<font size=1>HE&nbsp;</font><font size=2>S<font size=1>TOCKHOLDERS:</font></font></font></font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="para indent" -->
<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 in Exhibit A hereto for the following purposes:</font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600><tr>
    <td width=3% valign=top><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=95%><font size="2">To elect members of the Board of Directors/Trustees
      of each Fund to serve for the ensuing year;</font></td>
  </tr></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600><tr>
    <td width=3% valign=top><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)</font><font size="1"> </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=95%><font size="2">(a) 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 (other than MuniYield Michigan Insured Fund, Inc.) for its current
      fiscal year;</font></td>
  </tr></TABLE>

<!-- MARKER FORMAT-SHEET="2&2 para flush" -->
<p><table width=600><tr><td width=30>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td width=570><font size=2>(b)
To consider and act upon a proposal to ratify the selection of Ernst &amp; Young
<font size="1">LLP</font> to serve as independent auditors for MuniYield Michigan Insured Fund, Inc.
for its current fiscal year; and</font></td></tr></TABLE><p></P>

<!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600><tr>
    <td width=3% valign=top><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)</font><font size="1"> </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=95%><font size="2">To transact such other business as may properly
      come before the Meeting or any adjournment thereof.</font></td>
  </tr></TABLE>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr><td>
      <p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors/Trustees
        (each, a &#147;Board&#148;) 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></p>
      <p><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 offices of the Fund, 800 Scudders Mill Road, Plainsboro,
        New Jersey 08536. <b>You are cordially invited to attend the Meeting.
        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 the respective Fund.</font></p>
    </td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="PAGE BREAK" -->
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">&nbsp;</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 3, page: 3" -->
<!-- MARKER FORMAT-SHEET="para indent" -->
<p>
<!-- MARKER FORMAT-SHEET="para indent" -->
<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>&nbsp;

<TABLE CELLSPACING=0 CELLPADDING=0 WIDTH=600>
<TR><TD WIDTH="50%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="50%" VALIGN="TOP">
<FONT SIZE=2><P>By Order of the Boards of Directors/Trustees </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="50%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="50%" VALIGN="TOP">
<FONT SIZE=2><P>Alice A. Pellegrino </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="50%" VALIGN="TOP">
<FONT SIZE=2>
      <P><i>Secretary of the Funds</i>
      </FONT></TD>
</TR>
</TABLE>



<table width=600><tr><td><font size=2>Plainsboro, New Jersey<BR>
      Dated: March&nbsp;17, 2000</font></td>
  </tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="PAGE BREAK" -->
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">&nbsp;</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 4, page: 4" -->
<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p><table width=600><tr><td  align=center><font size=2><B>COMBINED PROXY
STATEMENT</B></font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="Cut off rule centered" -->
<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>

<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p><table width=600><tr><td  align=center><font size=2><B>MUNIYIELD FLORIDA
INSURED FUND<BR>MUNIYIELD PENNSYLVANIA INSURED FUND<BR>MUNIYIELD NEW JERSEY INSURED
FUND, INC.<BR>MUNIYIELD MICHIGAN INSURED FUND, INC.<BR>P.O. Box 9011<BR>Princeton, New
Jersey 08543-9011</B></font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="Cut off rule centered" -->
<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>

<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p><table width=600><tr><td  align=center><font size=2><B>2000 ANNUAL MEETING
OF STOCKHOLDERS</B></font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="Cutt off rule Footnote" -->
<table width=600><tr><td><hr size=1 noshade align=center width=150></td></tr></table>

<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p><table width=600><tr><td  align=center><font size=2><B>April 27, 2000</B></font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p><table width=600><tr><td  align=center><font size=2><B>INTRODUCTION</B></font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="para indent" -->
<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>

<!-- MARKER FORMAT-SHEET="para indent" -->
<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>

<!-- MARKER FORMAT-SHEET="para indent" -->
<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 the applicable 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 applicable Fund
      at that Fund&#146;s address indicated above or by voting in person at the
      Meeting.</font></td>
  </tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="para indent" -->
<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 </font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="PAGE BREAK" -->
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">&nbsp;</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 5, page: 5" -->
<!-- MARKER FORMAT-SHEET="para flush" -->
<p><table width=600><tr>
    <td><font size=2>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 its outstanding Shares or
      AMPS at such date.</font></td>
  </tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="para indent" -->
<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><p></p>

<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p><table width=600><tr><td  align=center><font size=2><B>ITEM 1. ELECTION OF
BOARD MEMBERS</B></font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="para indent" -->
<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>

<!-- MARKER FORMAT-SHEET="2&2 para flush" -->
<p><table width=600><tr><td width=30>&nbsp;</td>
    <td width=570><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>

<!-- MARKER FORMAT-SHEET="2&2 para flush" -->
<p><table width=600><tr><td width=30>&nbsp;</td>
    <td width=570><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 six (6) persons designated in Exhibit A as Board members to
      be elected by holders of Shares and AMPS.</font></td>
  </tr></TABLE><p></P>

<!-- MARKER FORMAT-SHEET="para indent" -->
<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>

<!-- MARKER FORMAT-SHEET="para indent" -->
<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>

<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p><table width=600><tr><td  align=center><font size=2><B>TO BE ELECTED BY
HOLDERS OF AMPS OF EACH OF THE FUNDS,<BR>VOTING SEPARATELY AS A CLASS</B></font></td></tr></TABLE><p></p>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td height=26 width="199"><font size="1"><b>Name and Address of Nominee</b></font></td>
    <td height=26 width="10">&nbsp;</td>
    <td height=26 width="12"><font size="1"><b>Age</b></font></td>
    <td height=26 width="15">&nbsp;</td>
    <td height=26 width="364">
      <center>
        <font size="2"><b><font size="1">Principal Occupations During Past<br>
        Five Years and Public Directorships(1)</font></b>
      </font></center>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=5 width="199">
      <hr size="1" noshade align="left" width="80%">
    </td>
    <td valign="TOP" height=5 width="10">&nbsp;</td>
    <td valign="TOP" height=5 width="12">
      <hr size="1" noshade align="center">
    </td>
    <td valign="TOP" height=5 width="15">&nbsp;</td>
    <td valign="TOP" height=5 width="364">
      <hr size="1" noshade align="center" width="50%">
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=92 width="199">
      <p><font size="2">M. Colyer Crum<font size="1">(1)(2)</font><br>
        </font><font size="2">104 Westcliff Road<br>
        Weston, Massachusetts 02193</font><font size="2"></font></p>
    </td>
    <td valign="TOP" height=92 width="10">
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP" height=92 width="12">
      <p><font size="2">67</font>
    </td>
    <td valign="TOP" height=92 width="15">
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP" height=92 width="364">
      <p><font size="2">Currently James R. Williston Professor of Investment</font><font size="2"><br>
        &nbsp;&nbsp;&nbsp;&nbsp; Management Emeritus, Harvard Business School;
        James R.<br>
        &nbsp;&nbsp;&nbsp;&nbsp; Williston, Professor of Investment Management,
        Harvard <br>
        &nbsp;&nbsp;&nbsp;&nbsp; Business School, from 1971 to 1996; Director
        of <br>
        &nbsp;&nbsp;&nbsp;&nbsp; Cambridge Bancorp.</font></p>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="199">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="12">&nbsp;</td>
    <td valign="TOP" width="15">&nbsp;</td>
    <td valign="TOP" width="364">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" height=54 width="199">
      <p><font size="2">Laurie Simon Hodrick<font size="1">(l)(2)</font>**<br>
        </font><font size="2">809 Uris Hall<br>
        </font><font size="2">3022 Broadway<br>
        New York, New York 10027</font></p>
    </td>
    <td valign="TOP" height=54 width="10">
      <p>
    </td>
    <td valign="TOP" height=54 width="12">
      <p><font size="2">37</font>
    </td>
    <td valign="TOP" height=54 width="15">
      <p></p>
    </td>
    <td valign="TOP" height=54 width="364">
      <p><font size="2">Professor of Finance and Economics, Graduate School of
        <br>
        &nbsp;&nbsp;&nbsp;&nbsp; Business, Columbia University since 1998; Associate
        <br>
        &nbsp;&nbsp;&nbsp;&nbsp; Professor of Finance and Economics, Graduate
        School of<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business, Columbia University from 1996
        to 1998;<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associate Professor of Finance, J.L. Kellogg
        Graduate<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School of Management, Northwestern University
        from<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992 to 1996.</font>
    </td>
  </tr>
</TABLE>
<PRE><!-- MARKER FORMAT-SHEET="PAGE BREAK" -->
</PRE>
<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&nbsp;</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 6, page: 6" -->
<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p><table width=600><tr><td  align=center><font size=2><B>TO BE ELECTED BY
HOLDERS OF SHARES AND AMPS OF EACH OF<BR>THE FUNDS, VOTING SEPARATELY AS A SINGLE
CLASS</B></font></td></tr></TABLE><BR>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td height=26 width="199"><font size="1"><b>Name and Address of Nominee</b></font></td>
    <td height=26 width="10">&nbsp;</td>
    <td height=26 width="12"><font size="1"><b>Age</b></font></td>
    <td height=26 width="15">&nbsp;</td>
    <td height=26 width="364">
      <center>
        <font size="2"><b><font size="1">Principal Occupations During Past<br>
        Five Years and Public Directorships(1)</font></b>
      </font></center>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=5 width="199">
      <hr size="1" noshade align="left" width="80%">
    </td>
    <td valign="TOP" height=5 width="10">&nbsp;</td>
    <td valign="TOP" height=5 width="12">
      <hr size="1" noshade align="center">
    </td>
    <td valign="TOP" height=5 width="15">&nbsp;</td>
    <td valign="TOP" height=5 width="364">
      <hr size="1" noshade align="center" width="50%">
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=92 width="199">
      <p><font size="2">Terry K. Glenn(l)*<br>
        </font><font size="2">P.O. Box 9011 <br>
        </font><font size="2">Princeton, New Jersey 08543-9011</font></p>
    </td>
    <td valign="TOP" height=92 width="10">
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP" height=92 width="12">
      <p><font size="2">59</font>
    </td>
    <td valign="TOP" height=92 width="15">
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP" height=92 width="364">
      <p><font size="2">Executive Vice President of MLAM and FAM since 1983;<br>
        &nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2">Executive Vice President
        and Director of Princeton <br>
        &nbsp;&nbsp;&nbsp;&nbsp; Services, Inc. (&#147;Princeton Services&#148;)
        since 1993; President <br>
        &nbsp;&nbsp;&nbsp;&nbsp; of Princeton Funds Distributor, Inc. (&#147;PFD&#148;)
        since 1986 <br>
        &nbsp;&nbsp;&nbsp;&nbsp; and Director thereof since 1991; President of
        Princeton <br>
        &nbsp;&nbsp;&nbsp;&nbsp; Administrators, L.P. since 1988.</font></p>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="199">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="12">&nbsp;</td>
    <td valign="TOP" width="15">&nbsp;</td>
    <td valign="TOP" width="364">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" height=54 width="199">
      <p><font size="2">Jack B. Sunderland(l)(2)<br>
        </font><font size="2">P. O. Box 7<br>
        </font><font size="2">West Cornwall, Connecticut 06796</font></p>
    </td>
    <td valign="TOP" height=54 width="10">
      <p>
    </td>
    <td valign="TOP" height=54 width="12">
      <p><font size="2">71</font>
    </td>
    <td valign="TOP" height=54 width="15">
      <p></p>
    </td>
    <td valign="TOP" height=54 width="364">
      <p><font size="2">President and Director of American Independent Oil <br>
        &nbsp;&nbsp;&nbsp;&nbsp; Company, Inc. (an energy company) since 1987;
        Member <br>
        &nbsp;&nbsp;&nbsp;&nbsp; of Council on Foreign Relations since 1971.</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="199">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="12">&nbsp;</td>
    <td valign="TOP" width="15">&nbsp;</td>
    <td valign="TOP" width="364">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" height=85 width="199">
      <p><font size="2">Stephen B. Swensrud(l)(2)***<br>
        </font><font size="2">24 Federal Street<br>
        </font><font size="2">Suite 400<br>
        </font><font size="2">Boston, Massachusetts 02110</font></p>
    </td>
    <td valign="TOP" height=85 width="10">
      <p></p>
    </td>
    <td valign="TOP" height=85 width="12">
      <p><font size="2">66</font>
    </td>
    <td valign="TOP" height=85 width="15">
      <p></p>
    </td>
    <td valign="TOP" height=85 width="364">
      <p><font size="2">Chairman of Fernwood Advisors (investment adviser) <br>
        &nbsp;&nbsp;&nbsp;&nbsp; since 1996; Principal of Fernwood Associates
        (financial <br>
        &nbsp;&nbsp;&nbsp;&nbsp; consultants) since 1975; Chairman of R.P.P. Corporation
        <br>
        &nbsp;&nbsp;&nbsp;&nbsp; (Manufacturing) since 1978; Director of International
        <br>
        &nbsp;&nbsp;&nbsp;&nbsp; Mobile Communications, Inc. (Telecommunications)
        <br>
        &nbsp;&nbsp;&nbsp;&nbsp; since 1998.</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="199">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="12">&nbsp;</td>
    <td valign="TOP" width="15">&nbsp;</td>
    <td valign="TOP" width="364">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" height=92 width="199">
      <p><font size="2">J. Thomas Touchton(l)(2)</font><br>
        <font size="2">Suite 3405<br>
        </font><font size="2">One Tampa City Center<br>
        </font><font size="2">201 North Franklin Street<br>
        </font><font size="2">Tampa, Florida 33602</font></p>
    </td>
    <td valign="TOP" height=92 width="10">
      <p></p>
    </td>
    <td valign="TOP" height=92 width="12">
      <p><font size="2">61</font>
    </td>
    <td valign="TOP" height=92 width="15">
      <p></p>
    </td>
    <td valign="TOP" height=92 width="364">
      <p><font size="2">Managing Partner of The Witt-Touchton Company and its
        <br>
        &nbsp;&nbsp;&nbsp;&nbsp; predecessor, The Witt Co. (a private investment
        partnership) <br>
        &nbsp;&nbsp;&nbsp;&nbsp; since 1972; Trustee Emeritus of Washington and
        Lee <br>
        &nbsp;&nbsp;&nbsp;&nbsp; University; Director of TECO Energy, Inc. (an
        electric utility <br>
        &nbsp;&nbsp;&nbsp;&nbsp; holding company).</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="199">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="12">&nbsp;</td>
    <td valign="TOP" width="15">&nbsp;</td>
    <td valign="TOP" width="364">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" height=70 width="199">
      <p><font size="2">Fred G. Weiss(l)(2)<br>
        </font><font size="2">16450 Maddalena Place<br>
        </font><font size="2">Delray Beach, Florida 33446</font></p>
    </td>
    <td valign="TOP" height=70 width="10">
      <p></p>
    </td>
    <td valign="TOP" height=70 width="12">
      <p><font size="2">58</font>
    </td>
    <td valign="TOP" height=70 width="15">
      <p></p>
    </td>
    <td valign="TOP" height=70 width="364">
      <p><font size="2">Director of Watson Pharmaceutical, Inc. since 2000; Director
        <br>
        &nbsp;&nbsp;&nbsp;&nbsp; of Parkinsons Advocacy Network since 1999; Managing
        <br>
        &nbsp;&nbsp;&nbsp;&nbsp; Director of FGW Associates since 1997; Vice President,
        <br>
        &nbsp;&nbsp;&nbsp;&nbsp; Planning, Investment and Development of Warner
        Lambert <br>
        &nbsp;&nbsp;&nbsp;&nbsp; Co. from 1979 to 1997.</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="199">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="12">&nbsp;</td>
    <td valign="TOP" width="15">&nbsp;</td>
    <td valign="TOP" width="364">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" height=126 width="199">
      <p><font size="2">Arthur Zeikel(1)*<br>
        </font><font size="2">300 Woodland Avenue<br>
        </font><font size="2">Westfield, New Jersey 07090</font></p>
    </td>
    <td valign="TOP" height=126 width="10">
      <p></p>
    </td>
    <td valign="TOP" height=126 width="12">
      <p><font size="2">67</font>
    </td>
    <td valign="TOP" height=126 width="15">
      <p></p>
    </td>
    <td valign="TOP" height=126 width="364">
      <p><font size="2">Chairman of FAM and of MLAM (which terms as used herein
        <br>
        &nbsp;&nbsp;&nbsp;&nbsp; include their corporate predecessors) from 1997
        to 1999; <br>
        &nbsp;&nbsp;&nbsp;&nbsp; President of FAM and MLAM from 1977 to 1997;
        Chairman <br>
        &nbsp;&nbsp;&nbsp;&nbsp; of Princeton Services from 1997 to 1999, Director
        thereof from <br>
        &nbsp;&nbsp;&nbsp;&nbsp; 1993 to 1999 and President thereof from 1993
        to 1997; <br>
        &nbsp;&nbsp;&nbsp;&nbsp; Executive Vice President of Merrill Lynch &amp;
        Co., Inc. (&#147;ML <br>
        &nbsp;&nbsp;&nbsp;&nbsp; &amp; Co.&#148;) from 1990 to 1997.</font>
    </td>
  </tr>
</TABLE>
<PRE>
<!-- MARKER FORMAT-SHEET="Cutt off rule Footnote" -->
</PRE>
<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600><tr><td width=3% valign=top><font size="1">(1)
</font></td><td width=2%><font size="1"></font></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&#148; in Exhibit A.</font></td></tr></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600><tr><td width=3% valign=top><font size="1">(2)
</font></td><td width=2%><font size="1"></font></td><td width=95%><font size="1">Member
of the Audit and Nominating Committee of each Board.</font></td></tr></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600><tr><td width=3% valign=top><font size="1">*
</font></td><td width=2%><font size="1"></font></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>

<!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600><tr><td width=3% valign=top><font size="1">**
</font></td><td width=2%><font size="1"></font></td>
    <td width=95%><font size="1">On November 4, 1999 the Board of each Fund appointed
      Dr. Hodrick as a Board member of each of the Funds.</font></td>
  </tr></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600><tr><td width=3% valign=top><font size="1">***
</font></td><td width=2%><font size="1"></font></td><td width=95%><font size="1">On
March 1, 2000 the Board of each Fund appointed Mr. Swensrud as a Board member
of each of the Funds.</font></td></tr></TABLE>

<!-- MARKER FORMAT-SHEET="PAGE BREAK" -->
<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&nbsp;</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 7, page: 7" -->
<!-- MARKER FORMAT-SHEET="para indent" -->
<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 and Nominating
Committee (the &#147;Committee&#148;), 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 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 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>

<!-- MARKER FORMAT-SHEET="para indent" -->
<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
Committee held during the period for which he or she served.</font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><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>

<!-- MARKER FORMAT-SHEET="para indent" -->
<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, except that Alice A. Pellegrino inadvertently made a late Form 3
filing reporting her election as Secretary of each of the Funds, which report
indicated that she owned no shares of any of the Funds.</font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interested
Persons.</I> Each Fund considers Messrs. Zeikel and Glenn 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>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compensation
of Board Members.</I> FAM, the investment adviser of each Fund, pays all
compensation to all officers of the Fund and all Board members of the Fund who
are affiliated with ML&amp; Co. or its subsidiaries. Each Fund pays each Board
member not affiliated with FAM (each a &#147;non-affiliated Board member&#148;) an annual
fee plus a fee for each meeting attended, and each Fund also pays each member
of its Committee, which consists of all of the non-affiliated Board members, an
annual fee plus a fee for each meeting attended, together with such
non-affiliated Board member&#146;s out-of-pocket expenses relating to attendance at
such meetings. Information with respect to fees and expenses paid to the
non-affiliated Directors for each Fund&#146;s most recently completed fiscal year is
set forth in Exhibit A.</font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="para indent" -->
<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>

<!-- MARKER FORMAT-SHEET="PAGE BREAK" -->
<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&nbsp;</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 8, page: 8" -->
<!-- MARKER FORMAT-SHEET="para indent" -->
<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 was the beneficial owner
of Capital Stock of the Funds except as set forth in the table below:</font></td></tr></TABLE><p></p>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td valign="bottom" colspan=2><font size="1"><b><br>
      Nominee </b></font></td>
    <td valign="bottom" colspan=2> </td>
    <td valign="bottom" width="314">
      <center>
        <font size="1"><b><br>
        Fund and Class of Capital Stock </b></font>
      </center>
    </td>
    <td valign="bottom" colspan=2> </td>
    <td valign="bottom" colspan=2>
      <center>
        <font size="1"><b>No. of Shares <br>
        Held* </b></font>
      </center>
    </td>
    <td valign="TOP" width="15"> </td>
  </tr>
  <tr>
    <td valign="TOP" colspan=2 height="5">
      <hr size="1" noshade align="left" width="50%">
    </td>
    <td valign="TOP" colspan=2 height="5">&nbsp;</td>
    <td valign="TOP" width="314" height="5">
      <hr size="1" noshade align="center" width="60%">
    </td>
    <td valign="TOP" colspan=2 height="5">&nbsp;</td>
    <td valign="TOP" colspan=2 height="5">
      <hr size="1" noshade align="center" width="90%">
    </td>
    <td valign="TOP" width="15" height="5">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" colspan=2>
      <p><font size="2">Terry K. Glenn</font>
    </td>
    <td valign="TOP" colspan=2>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP" width="314">
      <div align="left"></div>
      <p align="left"><font size="2">MuniYield Pennsylvania Insured Fund &#151; Common
        Shares</font>
    </td>
    <td valign="TOP" colspan=2>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP" colspan=2>
      <p align="center"><font size="2">76,174</font>
    </td>
    <td valign="TOP" width="15"> </td>
  </tr>
  <tr>
    <td valign="TOP" colspan=2>
      <p><font size="2">J. Thomas Touchton**</font>
    </td>
    <td valign="TOP" colspan=2> </td>
    <td valign="TOP" width="314">
      <div align="left"></div>
      <p align="left"><font size="2">MuniYield Florida Insured Fund &#151; Common Shares</font>
    </td>
    <td valign="TOP" colspan=2>&nbsp;</td>
    <td valign="TOP" colspan=2 align="center">
      <p><font size="2">40,000</font>
    </td>
    <td valign="TOP" width="15">
      <p align="left"><font size="2"></font>
    </td>
  </tr>
</TABLE>
<PRE><!-- MARKER FORMAT-SHEET="Cutt off rule Footnote" -->
</PRE>
<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600>
  <tr>
    <td width=3% valign=top><font size="1">* </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=95%><font size="1">Rounded to the nearest share.</font></td>
  </tr>
</TABLE>
<table width=600><tr>
    <td width=3% valign=top><font size="1">** </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=95%><font size="1">Mr. Touchton&#146;s shares are held in the name
      of The Witt-Touchton Company, an investment Partnership, of which Mr. Touchton
      is Managing Partner.</font></td>
  </tr></TABLE>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><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 the 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 &amp; Co.</font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<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>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of each Fund (other than MuniYield Michigan Insured Fund, Inc.),
including a majority of the Board members who are not interested persons of the
Fund, has selected the firm of Deloitte &amp; Touche llp (&#147;D&amp;T&#148;), independent
auditors, to examine the financial statements of the Fund for the current
fiscal year. The Board of MuniYield Michigan Insured Fund, Inc., including a
majority of the Board members who are not interested persons of MuniYield
Michigan Insured Fund, Inc., have selected Ernst&amp; Young llp (&#147;E&amp;Y&#148;), independent
auditors, to examine the financial statements of MuniYield Michigan Insured
Fund, Inc. 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>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D&amp;T acts
as independent auditor for each of the Funds, except MuniYield Michigan Insured
Fund, Inc., for which E&amp;Yacts as independent auditor. D&amp;T also acts as
independent auditors for ML &amp; Co. and all of its subsidiaries and for most
other investment companies advised by FAM or MLAM. E&amp;Y also acts as independent
auditors for other investment companies advised by FAM or MLAM. The fees
received by the independent auditors from these other entities are
substantially greater, in the aggregate, than the total fees received by the
independent auditors from each applicable Fund. The Board of each Fund
considered the fact that (i) D&amp;T has been retained as the independent auditors
for ML &amp; Co. and the other entities described above and (ii) E&amp;Y has been
retained as the independent auditors for other investment companies advised by
FAM or MLAM, in its evaluation of the independence of the independent auditors
with respect to the Fund.</font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives
of D&amp;T and E&amp;Y 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></p>

<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p><table width=600><tr><td  align=center><font size=2><B>ADDITIONAL INFORMATION</B></font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="para indent" -->
<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>

<!-- MARKER FORMAT-SHEET="PAGE BREAK" -->
<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&nbsp;</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 9, page: 9" -->
<!-- MARKER FORMAT-SHEET="para indent" -->
<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>

<!-- MARKER FORMAT-SHEET="para indent" -->
<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 the
independent auditors.</font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><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
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 present 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
present 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>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to Item 2. &#147;Ratification of 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>

<!-- MARKER FORMAT-SHEET="para indent" -->
<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, 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 as to which such authority has been
granted in their 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 Fund that it
intends to vote shares held in its name </font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="PAGE BREAK" -->
<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&nbsp;</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 10, page: 10" -->
<!-- MARKER FORMAT-SHEET="para flush" -->
<p><table width=600><tr><td><font size=2>for which no instructions are
received, except as limited by agreement or applicable law, 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><p></p>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
knows of no other matters to be presented at the Meetings. However, if other
matters are presented for a vote at the meeting 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>

<!-- MARKER FORMAT-SHEET="Left head" -->
<p><table width=600><tr><td><font size=2><B>Address of Investment Adviser</B></font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="para indent" -->
<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>

<!-- MARKER FORMAT-SHEET="Left head" -->
<p><table width=600><tr><td><font size=2><B>Annual Report Delivery</B></font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="para indent" -->
<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>

<!-- MARKER FORMAT-SHEET="Left head" -->
<p><table width=600><tr><td><font size=2><B>Stockholder Proposals</B></font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Stockholder of a Fund
      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&nbsp;18, 2000.</font></td>
  </tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="Right Head Bold Size 2" -->
<p>
<table width=600>
  <tr>
    <td align=right width="351">&nbsp;</td>
    <td align=left width="237"><font size=2>By Order of the Board
of Directors/Trustees<br>
      A<font size=1>LICE </font><font size=2> A. P<font size=1>ELLEGRINO</font></font><br>
      <i>Secretary of the Funds</i></font></td>
  </tr>
</TABLE>
<p></p>


<!-- MARKER FORMAT-SHEET="para flush" -->
<p><table width=600><tr>
    <td><font size=2>Dated: March 17, 2000</font></td>
  </tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="PAGE BREAK" -->
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">7&nbsp;</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 11, page: 11" -->
<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p><table width=600>
  <tr align="right">
    <td><font size=2><B>EXHIBIT A</B></font></td>
  </tr></TABLE><p></p>

INFORMATION PERTAINING TO EACH FUND

<!-- MARKER FORMAT-SHEET="para flush" -->
<p><table width=600><tr><td><font size=2>&#149; General Information Pertaining
to the Funds</font></td></tr></TABLE><p></p>


<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="241"><font size="1"><b>Fund</b></font></td>
    <td width="12">&nbsp;</td>
    <td width="107">
      <center>
        <font size="1"><b>Defined Term<br>
        Used in Exhibit A</b></font>
      </center>
    </td>
    <td width="27">&nbsp;</td>
    <td width="42">
      <center>
        <font size="1"><b>Fiscal Year<br>
        End</b></font>
      </center>
    </td>
    <td width="15">&nbsp;</td>
    <td width="57">
      <center>
        <font size="1"><b>State of<br>
        Organization</b></font>
      </center>
    </td>
    <td width="15">&nbsp;</td>
    <td width="84">
      <center>
        <font size="1"><b>Meeting Time</b></font>
      </center>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="241" height="5">
      <hr size="1" noshade align="left" width="25%">
    </td>
    <td valign="TOP" width="12" height="5">&nbsp;</td>
    <td valign="TOP" width="107" height="5">
      <hr size="1" noshade align="center" width="80%">
    </td>
    <td valign="TOP" width="27" height="5">&nbsp;</td>
    <td valign="TOP" width="42" height="5">
      <hr noshade size="1" align="center">
    </td>
    <td valign="TOP" width="15" height="5">&nbsp;</td>
    <td valign="TOP" width="57" height="5">
      <hr size="1" noshade align="center">
    </td>
    <td valign="TOP" width="15" height="5">&nbsp;</td>
    <td valign="TOP" width="84" height="5">
      <hr size="1" noshade align="center">
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="241">
      <p align="left"><font size="2">MuniYield Florida Insured Fund</font>
    </td>
    <td valign="TOP" width="12">
      <p align="CENTER"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP" width="107">
      <p align="left"><font size="2">MY FL Ins. Fund</font>
    </td>
    <td valign="TOP" width="27">
      <p align="CENTER"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP" width="42">
      <p align="center"><font size="2">10/31</font>
    </td>
    <td valign="TOP" width="15">
      <p align="CENTER"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP" width="57">
      <p align="center"><font size="2">MA</font>
    </td>
    <td valign="TOP" width="15">
      <p align="CENTER"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP" width="84">
      <p align="center"><font size="2">9:00 a.m.</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="241">
      <p align="left"><font size="2">MuniYield Pennsylvania&nbsp;Insured Fund</font>
    </td>
    <td valign="TOP" width="12">&nbsp;</td>
    <td valign="TOP" width="107">
      <div align="left"><font size="2">MY PA Ins. Fund</font></div>
    </td>
    <td valign="TOP" width="27">&nbsp;</td>
    <td valign="TOP" width="42">
      <center>
        <font size="2">10/31</font>
      </center>
    </td>
    <td valign="TOP" width="15">&nbsp;</td>
    <td valign="TOP" width="57">
      <center>
        <font size="2">MA</font>
      </center>
    </td>
    <td valign="TOP" width="15">&nbsp;</td>
    <td valign="TOP" width="84">
      <center>
        <font size="2">9:20 a.m.</font>
      </center>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="241">
      <p align="left"><font size="2">MuniYield New Jersey Insured&nbsp;Fund,
        Inc.</font>
    </td>
    <td valign="TOP" width="12">&nbsp;</td>
    <td valign="TOP" width="107">
      <div align="left"><font size="2">MY NJ Ins. Fund</font></div>
    </td>
    <td valign="TOP" width="27">&nbsp;</td>
    <td valign="TOP" width="42">
      <center>
        <font size="2">10/31</font>
      </center>
    </td>
    <td valign="TOP" width="15">&nbsp;</td>
    <td valign="TOP" width="57">
      <center>
        <font size="2">MD</font>
      </center>
    </td>
    <td valign="TOP" width="15">&nbsp;</td>
    <td valign="TOP" width="84">
      <center>
        <font size="2">9:40 a.m.</font>
      </center>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="241">
      <p align="left"><font size="2">MuniYield Michigan Insured&nbsp;Fund, Inc.</font>
    </td>
    <td valign="TOP" width="12">&nbsp;</td>
    <td valign="TOP" width="107">
      <div align="left"><font size="2">MY MI Ins. Fund</font></div>
    </td>
    <td valign="TOP" width="27">&nbsp;</td>
    <td valign="TOP" width="42">
      <center>
        <font size="2">10/31</font>
      </center>
    </td>
    <td valign="TOP" width="15">&nbsp;</td>
    <td valign="TOP" width="57">
      <center>
        <font size="2">MD</font>
      </center>
    </td>
    <td valign="TOP" width="15">&nbsp;</td>
    <td valign="TOP" width="84">
      <center>
        <font size="2">10:00 a.m.</font>
      </center>
    </td>
  </tr>
</TABLE>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="261">&nbsp;</td>
    <td width="72">&nbsp;</td>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="261">&nbsp;</td>
    <td width="72">&nbsp;</td>
    <td colspan="3">
      <center>
        <font size=2><font size=2><font size="1"><b>Shares of Capital Stock<BR>Outstanding as of the Record Date</b></font></font>
      </font></center>
    </td>
  </tr>
  <tr valign="top">
    <td width="261" height="5">&nbsp;</td>
    <td width="72" height="5">&nbsp;</td>
    <td width="267" colspan="3" height="5">
      <hr size="1" noshade align="center">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="261"><font size=2><font size="1"><b>Fund</b></font></font></td>
    <td width="72">&nbsp;</td>
    <td width="83">
      <center>
        <b><font size="1">Shares</font></b>
      </center>
    </td>
    <td width="90">&nbsp;</td>
    <td width="94">
      <center>
        <font size=2><font size="1"><b>AMPS</b></font></font>
      </center>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height="5" width="261">
      <hr size="1" noshade align="left" width="25%">
    </td>
    <td valign="TOP" height="5" width="72">&nbsp;</td>
    <td valign="TOP" height="5" width="83">
      <hr size="1" noshade align="center" width="100%">
    </td>
    <td valign="TOP" height="5" width="90">&nbsp;</td>
    <td valign="TOP" height="5" width="94">
      <hr size="1" noshade align="center" width="100%">
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="261">
      <p><font size="2">MY FL Ins. Fund </font>
    </td>
    <td valign="TOP" width="72">
      <center>
      </center>
      <p align="center"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>
    </td>
    <td valign="TOP" width="83" align="center"> &nbsp;<font size="2">&nbsp;8,437,358
      </font> </td>
    <td valign="TOP" width="90">
      <center>
      </center>
      <p align="center"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>
    </td>
    <td valign="TOP" width="94">
      <center>
      </center>
      <p align="center"><font size="2">2,400 </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="261">
      <p><font size="2">MY PA Ins. Fund </font>
    </td>
    <td valign="TOP" width="72">
      <center>
      </center>
    </td>
    <td valign="TOP" width="83">
      <center>
      </center>
      <p align="center"><font size="2">11,434,069 </font>
    </td>
    <td valign="TOP" width="90">
      <center>
      </center>
    </td>
    <td valign="TOP" width="94">
      <center>
      </center>
      <p align="center"><font size="2">3,520 </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="261">
      <p><font size="2">MY NJ Ins. Fund </font>
    </td>
    <td valign="TOP" width="72">
      <center>
      </center>
    </td>
    <td valign="TOP" width="83">
      <center>
      </center>
      <p align="center"><font size="2">&nbsp;&nbsp;8,586,560 </font>
    </td>
    <td valign="TOP" width="90">
      <center>
      </center>
    </td>
    <td valign="TOP" width="94">
      <center>
      </center>
      <p align="center"><font size="2">2,240 </font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="261">
      <p><font size="2">MY MI Ins. Fund </font>
    </td>
    <td valign="TOP" width="72">
      <center>
      </center>
    </td>
    <td valign="TOP" width="83">
      <center>
      </center>
      <p align="center"><font size="2">&nbsp;&nbsp;7,431,634 </font>
    </td>
    <td valign="TOP" width="90">
      <center>
      </center>
    </td>
    <td valign="TOP" width="94">
      <center>
      </center>
      <p align="center"><font size="2">2,000 </font>
    </td>
  </tr>
</TABLE>
<!-- MARKER FORMAT-SHEET="Bullet" -->

<!-- MARKER FORMAT-SHEET="para flush" -->
<p><table width=600><tr><td><font size=2>&#149; Information Pertaining to
Officers and Board Members</font></td></tr></TABLE><p></p>


<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="15">
      <center>
        <font size="1"><b>Year in Which Each Nominee Became a Member of the Board</b></font>
      </center>
    </td>
  </tr>
  <tr valign="top">
    <td height="5">&nbsp;</td>
    <td height="5">&nbsp;</td>
    <td colspan="15" height="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td><b><font size="1">Fund</font></b></td>
    <td>&nbsp;</td>
    <td>
      <center>
        <b><font size="1">Crum</font></b>
      </center>
    </td>
    <td>
      <center>
      </center>
    </td>
    <td>
      <center>
        <b><font size="1">Hodrick</font></b>
      </center>
    </td>
    <td>
      <center>
      </center>
    </td>
    <td>
      <center>
        <b><font size="1">Glenn</font></b>
      </center>
    </td>
    <td>
      <center>
      </center>
    </td>
    <td>
      <center>
        <b><font size="1">Sunderland</font></b>
      </center>
    </td>
    <td>
      <center>
      </center>
    </td>
    <td>
      <center>
        <b><font size="1">Swensrud</font></b>
      </center>
    </td>
    <td>
      <center>
      </center>
    </td>
    <td>
      <center>
        <b><font size="1">Touchton</font></b>
      </center>
    </td>
    <td>
      <center>
      </center>
    </td>
    <td>
      <center>
        <b><font size="1">Weiss</font></b>
      </center>
    </td>
    <td>
      <center>
      </center>
    </td>
    <td>
      <center>
        <b><font size="1">Zeikel</font></b>
      </center>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height="5">
      <hr size="1" noshade align="left" width="35%">
    </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>
    <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">
      <div align="left"></div>
      <p align="left"><font size="2">MY FL Ins. Fund</font>
    </td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">1992</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">1999</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">1999</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">1992</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">2000</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">1992</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">1998</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">1992</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP">
      <div align="left"></div>
      <p align="left"><font size="2">MY PA Ins. Fund</font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">1992</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">1999</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">1999</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">1992</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">2000</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">1992</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">1998</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">1992</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP">
      <div align="left"></div>
      <p align="left"><font size="2">MY NJ Ins. Fund</font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">1992</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">1999</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">1999</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">1992</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">2000</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">1992</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">1998</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">1992</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP">
      <div align="left"></div>
      <p align="left"><font size="2">MY MI Ins. Fund</font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">1992</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">1999</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">1999</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">1992</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">2000</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">1992</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">1998</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <center>
      </center>
      <p align="center"><font size="2">1992</font>
    </td>
  </tr>
</TABLE>
<PRE><!-- MARKER FORMAT-SHEET="PAGE BREAK" -->
</PRE>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">A-1&nbsp;</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 12, page: 12" -->
<!-- MARKER FORMAT-SHEET="para indent" -->
<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 valign="bottom">
    <td width="98">&nbsp;</td>
    <td width="13">&nbsp;</td>
    <td colspan="5">
      <center>
        <font size="1"><b>Board</b></font>
      </center>
    </td>
    <td width="19">
      <center>
      </center>
    </td>
    <td colspan="5">
      <center>
        <font size="1"><b>Audit Committee </b></font>
      </center>
    </td>
    <td width="19">&nbsp;</td>
    <td width="75">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td height="5" width="98">&nbsp;</td>
    <td height="5" width="13">&nbsp;</td>
    <td height="5" colspan="5">
      <hr size="1" noshade>
    </td>
    <td height="5" width="19">
      <center>
      </center>
    </td>
    <td height="5" colspan="5">
      <hr size="1" noshade>
    </td>
    <td height="5" width="19">&nbsp;</td>
    <td height="5" width="75">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="98"><font size="1"><b>Fund</b></font></td>
    <td width="13">&nbsp;</td>
    <td width="56">
      <center>
        <font size="1"><b> # Meetings <br>
        Held*</b></font>
      </center>
    </td>
    <td width="19">
      <center>
      </center>
    </td>
    <td width="34">
      <center>
        <font size="1"><b>Annual<br>
        Fee ($)</b></font>
      </center>
    </td>
    <td width="19">
      <center>
      </center>
    </td>
    <td width="67">
      <center>
        <font size="1"><b>Per Meeting <br>
        Fee ($)**</b></font>
      </center>
    </td>
    <td width="19">
      <center>
      </center>
    </td>
    <td width="63">
      <center>
        <font size="1"><b># Meetings <br>
        Held*</b></font>
      </center>
    </td>
    <td width="19">
      <center>
      </center>
    </td>
    <td width="37">
      <center>
        <font size="1"><b>Annual <br>
        Fee ($)</b></font>
      </center>
    </td>
    <td width="19">
      <center>
      </center>
    </td>
    <td width="43">
      <center>
        <font size="1"><b>Per Meeting <br>
        Fee ($)**</b></font>
      </center>
    </td>
    <td width="19">
      <center>
      </center>
    </td>
    <td width="75">
      <center>
        <font size="1"><b>Aggregate <br>
        Fees and <br>
        Expenses($)</b></font>
      </center>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height="5" width="98">
      <hr size="1" noshade width="50%" align="left">
    </td>
    <td valign="TOP" height="5" width="13">&nbsp;</td>
    <td valign="TOP" height="5" width="56">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height="5" width="19">&nbsp;</td>
    <td valign="TOP" height="5" width="34">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height="5" width="19">&nbsp;</td>
    <td valign="TOP" height="5" width="67">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height="5" width="19">&nbsp;</td>
    <td valign="TOP" height="5" width="63">
      <hr size="1">
    </td>
    <td valign="TOP" height="5" width="19">&nbsp;</td>
    <td valign="TOP" height="5" width="37">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height="5" width="19">&nbsp;</td>
    <td valign="TOP" height="5" width="43">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height="5" width="19">&nbsp;</td>
    <td valign="TOP" height="5" width="75">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="98">
      <p align="left"><font size="2">MY FL Ins. Fund</font>
    </td>
    <td valign="TOP" width="13">
      <p align="CENTER"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP" width="56">
      <p align="center"><font size="2">6</font>
    </td>
    <td valign="TOP" width="19">
      <p align="center"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP" width="34">
      <p align="center"><font size="2">2,500</font>
    </td>
    <td valign="TOP" width="19">
      <p align="center"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP" width="67">
      <p align="center"><font size="2">250</font>
    </td>
    <td valign="TOP" width="19">
      <p align="center"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP" width="63">
      <p align="center"><font size="2">4</font>
    </td>
    <td valign="TOP" width="19">
      <p align="center"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP" width="37">
      <p align="center"><font size="2">500</font>
    </td>
    <td valign="TOP" width="19">
      <p align="center"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP" width="43">
      <p align="center"><font size="2">125</font>
    </td>
    <td valign="TOP" width="19">
      <p align="center"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP" width="75">
      <p align="center"><font size="2">27,479</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="98">
      <p align="left"><font size="2">MY PA Ins. Fund</font>
    </td>
    <td valign="TOP" width="13">&nbsp;</td>
    <td valign="TOP" width="56">
      <p align="center"><font size="2">6</font>
    </td>
    <td valign="TOP" width="19">
      <center>
      </center>
    </td>
    <td valign="TOP" width="34">
      <p align="center"><font size="2">2,500</font>
    </td>
    <td valign="TOP" width="19">
      <center>
      </center>
    </td>
    <td valign="TOP" width="67">
      <p align="center"><font size="2">250</font>
    </td>
    <td valign="TOP" width="19">
      <center>
      </center>
    </td>
    <td valign="TOP" width="63">
      <p align="center"><font size="2">4</font>
    </td>
    <td valign="TOP" width="19">
      <center>
      </center>
    </td>
    <td valign="TOP" width="37">
      <p align="center"><font size="2">500</font>
    </td>
    <td valign="TOP" width="19">
      <center>
      </center>
    </td>
    <td valign="TOP" width="43">
      <p align="center"><font size="2">125</font>
    </td>
    <td valign="TOP" width="19">
      <center>
      </center>
    </td>
    <td valign="TOP" width="75">
      <p align="center"><font size="2">28,654</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="98">
      <p align="left"><font size="2">MY NJ Ins. Fund</font>
    </td>
    <td valign="TOP" width="13">&nbsp;</td>
    <td valign="TOP" width="56">
      <p align="center"><font size="2">6</font>
    </td>
    <td valign="TOP" width="19">
      <center>
      </center>
    </td>
    <td valign="TOP" width="34">
      <p align="center"><font size="2">2,500</font>
    </td>
    <td valign="TOP" width="19">
      <center>
      </center>
    </td>
    <td valign="TOP" width="67">
      <p align="center"><font size="2">250</font>
    </td>
    <td valign="TOP" width="19">
      <center>
      </center>
    </td>
    <td valign="TOP" width="63">
      <p align="center"><font size="2">4</font>
    </td>
    <td valign="TOP" width="19">
      <center>
      </center>
    </td>
    <td valign="TOP" width="37">
      <p align="center"><font size="2">500</font>
    </td>
    <td valign="TOP" width="19">
      <center>
      </center>
    </td>
    <td valign="TOP" width="43">
      <p align="center"><font size="2">125</font>
    </td>
    <td valign="TOP" width="19">
      <center>
      </center>
    </td>
    <td valign="TOP" width="75">
      <p align="center"><font size="2">27,417</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="98">
      <p align="left"><font size="2">MY MI Ins. Fund</font>
    </td>
    <td valign="TOP" width="13">&nbsp;</td>
    <td valign="TOP" width="56">
      <p align="center"><font size="2">6</font>
    </td>
    <td valign="TOP" width="19">
      <center>
      </center>
    </td>
    <td valign="TOP" width="34">
      <p align="center"><font size="2">2,500</font>
    </td>
    <td valign="TOP" width="19">
      <center>
      </center>
    </td>
    <td valign="TOP" width="67">
      <p align="center"><font size="2">250</font>
    </td>
    <td valign="TOP" width="19">
      <center>
      </center>
    </td>
    <td valign="TOP" width="63">
      <p align="center"><font size="2">4</font>
    </td>
    <td valign="TOP" width="19">
      <center>
      </center>
    </td>
    <td valign="TOP" width="37">
      <p align="center"><font size="2">500</font>
    </td>
    <td valign="TOP" width="19">
      <center>
      </center>
    </td>
    <td valign="TOP" width="43">
      <p align="center"><font size="2">125</font>
    </td>
    <td valign="TOP" width="19">
      <center>
      </center>
    </td>
    <td valign="TOP" width="75">
      <p align="center"><font size="2">28,629</font>
    </td>
  </tr>
</TABLE>

<!-- MARKER FORMAT-SHEET="Cutt off rule Footnote" -->
<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<!-- MARKER FORMAT-SHEET="Footnote align right" -->
<table width=600><tr><td width=3% align=right valign=top><font size="1">*
</font></td><td width=2%><font size="1"></font></td><td width=95%><font size="1">Includes
meetings held via teleconferencing equipment.</font></td></tr></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote align right" -->
<table width=600><tr><td width=3% align=right valign=top><font size="1">**
</font></td><td width=2%><font size="1"></font></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.</font></td></tr></TABLE>

<!-- MARKER FORMAT-SHEET="para indent" -->
<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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><p></p>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="11">
      <center>
        <b><font size="1">Compensation From Fund ($)&#134;</font></b>
      </center>
    </td>
  </tr>
  <tr valign="top">
    <td height="5">&nbsp;</td>
    <td height="5">&nbsp;</td>
    <td height="5" colspan="11">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <div align="left"><b><font size="1">Fund</font></b></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <center>
        <b><font size="1">Crum</font></b>
      </center>
    </td>
    <td>
      <center>
      </center>
    </td>
    <td>
      <center>
        <b><font size="1">Hodrick(1)</font></b>
      </center>
    </td>
    <td>
      <center>
      </center>
    </td>
    <td>
      <center>
        <b><font size="1">Sunderland</font></b>
      </center>
    </td>
    <td>
      <center>
      </center>
    </td>
    <td>
      <center>
        <b><font size="1">Swensrud(2)</font></b>
      </center>
    </td>
    <td>
      <center>
      </center>
    </td>
    <td>
      <center>
        <b><font size="1">Touchton</font></b>
      </center>
    </td>
    <td>
      <center>
      </center>
    </td>
    <td>
      <center>
        <b><font size="1">Weiss</font></b>
      </center>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height="5">
      <hr size="1" noshade align="left" width="25%">
    </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>
    <td valign="TOP" height="5">&nbsp;</td>
    <td valign="TOP" height="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP">
      <p align="left"><font size="2">MY FL Ins. Fund</font>
    </td>
    <td valign="TOP">
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP">
      <p align="center"><font size="2">4,500</font>
    </td>
    <td valign="TOP">
      <p align="center"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP">
      <p align="center"><font size="2">0</font>
    </td>
    <td valign="TOP">
      <p align="center"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP">
      <p align="center"><font size="2">4,500</font>
    </td>
    <td valign="TOP">
      <p align="center"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP">
      <p align="center"><font size="2">0</font>
    </td>
    <td valign="TOP">
      <p align="center"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP">
      <p align="center"><font size="2">4,500</font>
    </td>
    <td valign="TOP">
      <p align="center"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP">
      <p align="center"><font size="2">4,500</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP">
      <p align="left"><font size="2">MY PA Ins. Fund</font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="center"><font size="2">4,750</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <p align="center"><font size="2">0</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <p align="center"><font size="2">4,750</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <p align="center"><font size="2">0</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <p align="center"><font size="2">4,500</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <p align="center"><font size="2">4,750</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP">
      <p align="left"><font size="2">MY NJ 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">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <p align="center"><font size="2">0</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <p align="center"><font size="2">4,500</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <p align="center"><font size="2">0</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <p align="center"><font size="2">4,500</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <p align="center"><font size="2">4,500</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP">
      <p align="left"><font size="2">MY MI Ins. Fund</font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="center"><font size="2">4,750</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <p align="center"><font size="2">0</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <p align="center"><font size="2">4,750</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <p align="center"><font size="2">0</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <p align="center"><font size="2">4,500</font>
    </td>
    <td valign="TOP">
      <center>
      </center>
    </td>
    <td valign="TOP">
      <p align="center"><font size="2">4,750</font>
    </td>
  </tr>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Cutt off rule Footnote" -->
<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600><tr><td width=3% valign=top><font size="1">&#134;</font></td><td width=2%><font size="1"></font></td><td width=95%><font size="1"> No
pension or retirement benefits are accrued as part of Fund expenses.</font></td></tr></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600><tr><td width=3% valign=top><font size="1">(1)
</font></td><td width=2%><font size="1"></font></td>
    <td width=95%><font size="1">Dr. Hodrick did not join the Boards until November
      4, 1999 and received no compensation in the Fund&#146;s most recently completed
      fiscal year.</font></td>
  </tr></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600><tr><td width=3% valign=top><font size="1">(2)
</font></td><td width=2%><font size="1"></font></td><td width=95%><font size="1">Mr.
Swensrud did not join the Boards until March 1, 2000 and received no
compensation in the Fund&#146;s most recently completed fiscal year.</font></td></tr></TABLE>

<!-- MARKER FORMAT-SHEET="para indent" -->
<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;FAM/MLAM Advised Funds&#148;), to the 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 width="205">
      <div align="left"><b><font size="1">Name of Board Member</font></b></div>
    </td>
    <td width="130">&nbsp;</td>
    <td width="265">
      <center>
        <b><font size="1">Aggregate Compensation From Fund and Other<br>
        FAM/MLAM Advised Funds Paid to Board Members ($)(1)</font></b>
      </center>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height="5" width="205">
      <hr size="1" noshade align="left" width="50%">
    </td>
    <td valign="TOP" height="5" width="130">&nbsp;</td>
    <td valign="TOP" height="5" width="265">
      <hr size="1" noshade align="center">
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="205">
      <p align="left"><font size="2">M. Colyer Crum</font>
    </td>
    <td valign="TOP" width="130">
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
    </td>
    <td valign="TOP" width="265">
      <p align="CENTER"><font size="2">122,975</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="205">
      <p align="left"><font size="2">Laurie Simon Hodrick (2)</font>
    </td>
    <td valign="TOP" width="130">&nbsp;</td>
    <td valign="TOP" width="265">
      <p align="CENTER"><font size="2">&nbsp;&nbsp;53,000</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="205">
      <p align="left"><font size="2">Jack B. Sunderland</font>
    </td>
    <td valign="TOP" width="130">&nbsp;</td>
    <td valign="TOP" width="265">
      <p align="CENTER"><font size="2">143,975</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="205">
      <p align="left"><font size="2">Stephen B. Swensrud (3)</font>
    </td>
    <td valign="TOP" width="130">&nbsp;</td>
    <td valign="TOP" width="265">
      <p align="CENTER"><font size="2">232,250</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="205">
      <p align="left"><font size="2">J. Thomas Touchton</font>
    </td>
    <td valign="TOP" width="130">&nbsp;</td>
    <td valign="TOP" width="265">
      <p align="CENTER"><font size="2">142,725</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="205">
      <p align="left"><font size="2">Fred G. Weiss</font>
    </td>
    <td valign="TOP" width="130">&nbsp;</td>
    <td valign="TOP" width="265">
      <p align="CENTER"><font size="2">122,975</font>
    </td>
  </tr>
</TABLE>
<PRE><!-- MARKER FORMAT-SHEET="Cutt off rule Footnote" --></PRE>
<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600><tr><td width=3% valign=top><font size="1">(1)
</font></td><td width=2%><font size="1"></font></td>
    <td width=95%><font size="1">The Directors serve on the boards of FAM/MLAM
      Advised Funds as follows: Mr. Crum (15 registered investment companies consisting
      of 15 portfolios); Dr. Hodrick (15 registered investment companies consisting
      of 15 portfolios); Mr. Sunderland (19 registered investment companies consisting
      of 34 portfolios); Mr. Swensrud ( 25 registered investment companies consisting
      of 61 portfolios); Mr. Touchton (19 registered investment companies consisting
      of 34 portfolios); and Mr. Weiss (15 registered investment companies consisting
      of 15 portfolios).</font></td>
  </tr></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600><tr><td width=3% valign=top><font size="1">(2)
</font></td><td width=2%><font size="1"></font></td>
    <td width=95%><font size="1">Dr. Hodrick was appointed a Board member of each
      of the Funds and certain other MLAM/FAM Advised Funds on November 4, 1999.</font></td>
  </tr></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600><tr><td width=3% valign=top><font size="1">(3)
</font></td><td width=2%><font size="1"></font></td><td width=95%><font size="1">Mr.
Swensrud was appointed a Board member of each of the Funds and certain other
MLAM/FAM Advised Funds on March 1, 2000.</font></td></tr></TABLE>

<!-- MARKER FORMAT-SHEET="PAGE BREAK" -->
<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&nbsp;</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 13, page: 13" -->
<!-- MARKER FORMAT-SHEET="para indent" -->
<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>
<table cellspacing=0 border=0 cellpadding=0 width=600 height="892">
  <tr valign="bottom">
    <td height=5 width="246">&nbsp;</td>
    <td height=5 width="22">&nbsp;</td>
    <td height=5 colspan="12">
      <center>
        <b><font size="1">Officer Since </font></b>
      </center>
    </td>
  </tr>
  <tr valign="top">
    <td height=5 width="246">&nbsp;</td>
    <td height=5 width="22">&nbsp;</td>
    <td height=5 colspan="12">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=15 width="246">
      <div align="left"><b><font size="1">Name and Biography</font></b></div>
    </td>
    <td height=15 width="22"><b></b></td>
    <td height=15 width="20">
      <center>
        <b><font size="1">Age</font></b>
      </center>
    </td>
    <td height=15 width="19">
      <center>
        <b></b>
      </center>
    </td>
    <td height=15 width="61">
      <center>
        <b><font size="1">Office</font></b>
      </center>
    </td>
    <td height=15 width="19">
      <center>
        <b></b>
      </center>
    </td>
    <td height=15 width="32">
      <center>
        <b><font size="1">MY<br>
        FL Ins.<br>
        Fund </font> <font size="1"> </font></b>
      </center>
    </td>
    <td height=15 width="23">
      <center>
      </center>
    </td>
    <td height=15 width="28">
      <center>
        <b><font size="1">MY PA Ins.<br>
        Fund</font></b>
      </center>
    </td>
    <td height=15 width="23">
      <center>
      </center>
    </td>
    <td height=15 width="31">
      <center>
        <b><font size="1">MY<br>
        NJ Ins.<br>
        Fund</font></b>
      </center>
    </td>
    <td height=15 width="23">
      <center>
      </center>
    </td>
    <td height=15 width="33">
      <center>
        <b><font size="1">MY<br>
        MI Ins.<br>
        Fund</font></b>
      </center>
    </td>
    <td height=15 width="23">
      <center>
        <b></b>
      </center>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=5 width="246">
      <hr size="1" noshade align="left" width="40%">
    </td>
    <td valign="TOP" height=5 width="22">&nbsp;</td>
    <td valign="TOP" height=5 width="20">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height=5 width="19">&nbsp;</td>
    <td valign="TOP" height=5 width="61">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height=5 width="19">&nbsp;</td>
    <td valign="TOP" height=5 width="32">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height=5 width="23">&nbsp;</td>
    <td valign="TOP" height=5 width="28">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height=5 width="23">&nbsp;</td>
    <td valign="TOP" height=5 width="31">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height=5 width="23">&nbsp;</td>
    <td valign="TOP" height=5 width="33">
      <hr size="1" noshade>
    </td>
    <td valign="TOP" height=5 width="23">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" height=40 width="246"> <font size="2">Terry K. Glenn <br>
      &nbsp;&nbsp;&nbsp;&nbsp; Vice President of FAM and MLAM <br>
      &nbsp;&nbsp;&nbsp;&nbsp; since 1983; Executive Vice President <br>
      &nbsp;&nbsp;&nbsp;&nbsp; and Director of Princeton Services since <br>
      &nbsp;&nbsp;&nbsp;&nbsp; 1993; President of Princeton Funds <br>
      &nbsp;&nbsp;&nbsp;&nbsp; Distributor, Inc. (&#147;PFD&#148;) since 1986 and <br>
      &nbsp;&nbsp;&nbsp;&nbsp; Director thereof since 1991; President of <br>
      &nbsp;&nbsp;&nbsp;&nbsp; Princeton Administrators, L.P. since <br>
      &nbsp;&nbsp;&nbsp;&nbsp; 1988.</font></td>
    <td valign="TOP" height=40 width="22"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td valign="TOP" height=40 width="20">
      <center>
        <font size="2">59</font>
      </center>
    </td>
    <td valign="TOP" height=40 width="19">
      <center>
        <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
      </center>
    </td>
    <td valign="TOP" height=40 width="61">
      <center>
        <font size="2">President</font>
      </center>
    </td>
    <td valign="TOP" height=40 width="19">
      <center>
        <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
      </center>
    </td>
    <td valign="TOP" height=40 width="32">
      <div align="right"><font size="2">1992</font> </div>
    </td>
    <td valign="TOP" height=40 width="23">
      <center>
        <font size="2">*&nbsp;&nbsp;&nbsp;&nbsp;</font>
      </center>
    </td>
    <td valign="TOP" height=40 width="28">
      <center>
        <font size="2">1992</font>
      </center>
    </td>
    <td valign="TOP" height=40 width="23">
      <center>
        <font size="2">*&nbsp;&nbsp;&nbsp;&nbsp;</font>
      </center>
    </td>
    <td valign="TOP" height=40 width="31">
      <center>
        <font size="2">1992</font>
      </center>
    </td>
    <td valign="TOP" height=40 width="23">
      <center>
        <font size="2">*&nbsp;&nbsp;&nbsp;&nbsp;</font>
      </center>
    </td>
    <td valign="TOP" height=40 width="33">
      <center>
        <font size="2">1992</font>
      </center>
    </td>
    <td valign="TOP" height=40 width="23">
      <center>
        <font size="2">*&nbsp;&nbsp;&nbsp;&nbsp;</font>
      </center>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=76 width="246">
      <p align="left"><font size="2">Vincent R. Giordano <br>
        &nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President of FAM and <br>
        &nbsp;&nbsp;&nbsp;&nbsp; MLAM since 1984; Portfolio Manager <br>
        &nbsp;&nbsp;&nbsp;&nbsp; of FAM and MLAM since 1977; Senior <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President of Princeton Services <br>
        &nbsp;&nbsp;&nbsp;&nbsp; since 1993. </font>
    </td>
    <td valign="TOP" height=76 width="22">
      <p></p>
    </td>
    <td valign="TOP" height=76 width="20">
      <p align="center"><font size="2">55</font>
    </td>
    <td valign="TOP" height=76 width="19">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=76 width="61">
      <p align="center"><font size="2">Senior Vice President</font>
    </td>
    <td valign="TOP" height=76 width="19">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=76 width="32">
      <p align="right"><font size="2">1992</font>
    </td>
    <td valign="TOP" height=76 width="23">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=76 width="28">
      <p align="center"><font size="2">1992</font>
    </td>
    <td valign="TOP" height=76 width="23">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=76 width="31">
      <p align="center"><font size="2">1992</font>
    </td>
    <td valign="TOP" height=76 width="23">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=76 width="33">
      <p align="center"><font size="2">1992</font>
    </td>
    <td valign="TOP" height=76 width="23">
      <p align="center"></p>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=62 width="246">
      <p align="left"><font size="2">Kenneth A. Jacob <br>
        &nbsp;&nbsp;&nbsp;&nbsp; First Vice President of MLAM since <br>
        &nbsp;&nbsp;&nbsp;&nbsp; 1997; Vice President of MLAM from <br>
        &nbsp;&nbsp;&nbsp;&nbsp; 1984 to 1997; Vice President of FAM <br>
        &nbsp;&nbsp;&nbsp;&nbsp; since 1984. </font>
    </td>
    <td valign="TOP" height=62 width="22">
      <p></p>
    </td>
    <td valign="TOP" height=62 width="20">
      <p align="center"><font size="2">49</font>
    </td>
    <td valign="TOP" height=62 width="19">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=62 width="61">
      <p align="center"><font size="2">Vice President</font>
    </td>
    <td valign="TOP" height=62 width="19">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=62 width="32">
      <p align="right"><font size="2">1992</font>
    </td>
    <td valign="TOP" height=62 width="23">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=62 width="28">
      <p align="center"><font size="2">1992</font>
    </td>
    <td valign="TOP" height=62 width="23">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=62 width="31">
      <p align="center"><font size="2">1992</font>
    </td>
    <td valign="TOP" height=62 width="23">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=62 width="33">
      <p align="center"><font size="2">1992</font>
    </td>
    <td valign="TOP" height=62 width="23">
      <p align="center"></p>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=150 width="246">
      <p align="left"><font size="2">Donald C. Burke <br>
        &nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President and Treasurer of <br>
        &nbsp;&nbsp;&nbsp;&nbsp; MLAM President and FAM since 1999; <br>
        &nbsp;&nbsp;&nbsp;&nbsp; Senior Vice and Treasurer of Princeton <br>
        &nbsp;&nbsp;&nbsp;&nbsp; Services since 1999; Vice President of <br>
        &nbsp;&nbsp;&nbsp;&nbsp; PFD since 1999; First Vice President of <br>
        &nbsp;&nbsp;&nbsp;&nbsp; MLAM from 1997 to 1999; Vice <br>
        &nbsp;&nbsp;&nbsp;&nbsp; President of MLAM from 1990 to 1997; <br>
        &nbsp;&nbsp;&nbsp;&nbsp; Director of Taxation of MLAM <br>
        &nbsp;&nbsp;&nbsp;&nbsp; since 1990. </font>
    </td>
    <td valign="TOP" height=150 width="22">
      <p></p>
    </td>
    <td valign="TOP" height=150 width="20">
      <p align="center"><font size="2">39</font>
    </td>
    <td valign="TOP" height=150 width="19">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=150 width="61">
      <p align="center"><font size="2">Treasurer Vice President</font>
    </td>
    <td valign="TOP" height=150 width="19">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=150 width="32">
      <p align="right"><font size="2"> 1999<br>
        1993</font>
    </td>
    <td valign="TOP" height=150 width="23">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=150 width="28">
      <p align="center"><font size="2">1999 1993</font>
    </td>
    <td valign="TOP" height=150 width="23">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=150 width="31">
      <p align="center"><font size="2">1999<br>
        1993</font>
    </td>
    <td valign="TOP" height=150 width="23">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=150 width="33">
      <p align="center"><font size="2">1999 1993</font>
    </td>
    <td valign="TOP" height=150 width="23">
      <p align="center"></p>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=24 width="246">
      <p align="left"><font size="2">William R. Bock <br>
        &nbsp;&nbsp;&nbsp;&nbsp; Vice President of MLAM since 1989.</font>
    </td>
    <td valign="TOP" height=24 width="22">
      <p></p>
    </td>
    <td valign="TOP" height=24 width="20">
      <p align="center"><font size="2">64</font>
    </td>
    <td valign="TOP" height=24 width="19">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=24 width="61">
      <p align="center"><font size="2">Vice President</font>
    </td>
    <td valign="TOP" height=24 width="19">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=24 width="32">
      <p align="right"><font size="2">1998</font>
    </td>
    <td valign="TOP" height=24 width="23">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=24 width="28">
      <p align="center"><font size="2">1997</font>
    </td>
    <td valign="TOP" height=24 width="23">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=24 width="31">
      <p align="center"><font size="2">&#151;</font>
    </td>
    <td valign="TOP" height=24 width="23">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=24 width="33">
      <p align="center"><font size="2">&#151;</font>
    </td>
    <td valign="TOP" height=24 width="23">
      <p align="center"></p>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=52 width="246">
      <p align="left"><font size="2">Theodore R. Jaeckel, Jr. <br>
        &nbsp;&nbsp;&nbsp;&nbsp; Director (Municipal Tax-Exempt Fund <br>
        &nbsp;&nbsp;&nbsp;&nbsp; Management) of MLAM since 1997; <br>
        &nbsp;&nbsp;&nbsp;&nbsp; Vice President of MLAM from 1991 <br>
        &nbsp;&nbsp;&nbsp;&nbsp; to 1997. </font>
    </td>
    <td valign="TOP" height=52 width="22">
      <p></p>
    </td>
    <td valign="TOP" height=52 width="20">
      <p align="center"><font size="2">40</font>
    </td>
    <td valign="TOP" height=52 width="19">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=52 width="61">
      <p align="center"><font size="2">Vice President</font>
    </td>
    <td valign="TOP" height=52 width="19">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=52 width="32">
      <p align="center"><font size="2">&#151;</font>
    </td>
    <td valign="TOP" height=52 width="23">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=52 width="28">
      <p align="center"><font size="2">&#151;</font>
    </td>
    <td valign="TOP" height=52 width="23">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=52 width="31">
      <p align="center"><font size="2">1997</font>
    </td>
    <td valign="TOP" height=52 width="23">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=52 width="33">
      <p align="center"><font size="2">&#151;</font>
    </td>
    <td valign="TOP" height=52 width="23">
      <p align="center"></p>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=40 width="246">
      <p align="left"><font size="2">Fred K. Stuebe <br>
        &nbsp;&nbsp;&nbsp;&nbsp; Vice President of MLAM since 1989. </font>
    </td>
    <td valign="TOP" height=40 width="22">
      <p></p>
    </td>
    <td valign="TOP" height=40 width="20">
      <p align="center"><font size="2">49</font>
    </td>
    <td valign="TOP" height=40 width="19">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=40 width="61">
      <p align="center"><font size="2">Vice President</font>
    </td>
    <td valign="TOP" height=40 width="19">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=40 width="32">
      <p align="center"><font size="2">&#151;</font>
    </td>
    <td valign="TOP" height=40 width="23">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=40 width="28">
      <p align="center"><font size="2">&#151;</font>
    </td>
    <td valign="TOP" height=40 width="23">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=40 width="31">
      <p align="center"><font size="2">&#151;</font>
    </td>
    <td valign="TOP" height=40 width="23">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=40 width="33">
      <p align="right"><font size="2">1995</font>
    </td>
    <td valign="TOP" height=40 width="23">
      <p align="center"></p>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=27 width="246">
      <p align="left"><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>
    </td>
    <td valign="TOP" height=27 width="22">
      <p></p>
    </td>
    <td valign="TOP" height=27 width="20">
      <p align="center"><font size="2">40</font>
    </td>
    <td valign="TOP" height=27 width="19">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=27 width="61">
      <p align="center"><font size="2">Secretary</font>
    </td>
    <td valign="TOP" height=27 width="19">
      <p align="center"></p>
    </td>
    <td valign="TOP" height=27 width="32">
      <p align="right"><font size="2">1999</font>
    </td>
    <td valign="TOP" height=27 width="23">
      <p align="right"></p>
    </td>
    <td valign="TOP" height=27 width="28">
      <p align="right"><font size="2">1999</font>
    </td>
    <td valign="TOP" height=27 width="23">
      <p align="right"></p>
    </td>
    <td valign="TOP" height=27 width="31">
      <p align="right"><font size="2">1999</font>
    </td>
    <td valign="TOP" height=27 width="23">
      <p align="right"></p>
    </td>
    <td valign="TOP" height=27 width="33">
      <p align="right"><font size="2">1999</font>
    </td>
    <td valign="TOP" height=27 width="23">
      <p align="center"></p>
    </td>
  </tr>
</TABLE>
<PRE>
<!-- MARKER FORMAT-SHEET="Cutt off rule Footnote" -->
</PRE>

<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600><tr><td width=3% valign=top><font size="1">*
</font></td><td width=2%><font size="1"></font></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>

<!-- MARKER FORMAT-SHEET="PAGE BREAK" -->
<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&nbsp;</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 2, page: 2" -->
<!-- MARKER FORMAT-SHEET="Right Head Bold Size 2" -->
<p><table width=600><tr><td align=right><font size=2><B>COMMON SHARES</B></font></td></tr></TABLE><p></p>


<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p><table width=600><tr><td  align=center><font size=2><B>MUNIYIELD FLORIDA
INSURED FUND<br> P.O. Box 9011<br> Princeton, New Jersey 08543-9011</B></font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p><table width=600><tr><td  align=center><font size=2><B>PROXY</B></font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<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>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints
      Donald C. Burke, Terry K. Glenn 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 Insured 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>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr>
    <td><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 &quot;FOR&quot;
      Proposals 1 and 2.</B></font></td>
  </tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="para indent" -->
<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>

<!-- MARKER FORMAT-SHEET="Right Head Bold Size 2" -->
<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>


<!-- MARKER FORMAT-SHEET="Page break SAI" -->
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="1">&nbsp;</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 3, page: 3" -->
<!-- MARKER FORMAT-SHEET="para flush" -->
<p><table width=600><tr><td><font size=2>Please mark boxes |X| or |X| in blue
or black ink.</font></td></tr></TABLE><p></p>


<p>&nbsp;</p><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=600>
  <TR>
    <TD WIDTH="24%" VALIGN="TOP">
      <P><font size="2">1</font><font size="1">.&nbsp;&nbsp;ELECTION OF TRUSTEES</font>
    </TD>
    <TD WIDTH="36%" 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="40%" 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>


<!-- MARKER FORMAT-SHEET="para flush" -->
<p><table width=600><tr>
    <td><font size=2><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>
      Terry K. Glenn, Jack B. Sunderland, Stephen B. Swensrud, J. Thomas Touchton,
      Fred G. Weiss and Arthur Zeikel</B></font></td>
  </tr></TABLE><p></p>




<!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600><tr><td width=2% valign=top><font size="2">2.
</font></td><font size="2"></font>
    <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>


<FONT SIZE=2>
<br>
</FONT>
<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>
<FONT SIZE=2>
<br>
</FONT>

<!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600><tr><td width=2% valign=top><font size="2">3.
</font></td><font size="2"></font><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>





<FONT SIZE=2>
<br>
</FONT>
<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: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </U>, 2000</FONT></p>
      <P><font size="1">X<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </u><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<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><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>

<FONT SIZE=2>
<br>
</FONT>




<!-- MARKER FORMAT-SHEET="Left head" -->
<p><table width=600><tr>
    <td><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></p>


<!-- MARKER FORMAT-SHEET="Page break SAI" -->
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="1">&nbsp;</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp;




<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 4, page: 4" -->

<!-- MARKER FORMAT-SHEET="Right Head Bold Size 2" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2><b>AUCTION MARKET<br>
      PREFERRED SHARES</b></font></td>
  </tr>
</TABLE>
<p></p>
<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>MUNIYIELD FLORIDA INSURED FUND<br>
      P.O. Box 9011<br>
      Princeton, New Jersey 08543-9011</b></font></td>
  </tr>
</TABLE>
<p></p>
<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>PROXY</b></font></td>
  </tr>
</TABLE>
<p></p>
<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<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>
<!-- MARKER FORMAT-SHEET="para indent" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints
      Donald C. Burke, Terry K. Glenn 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 Insured 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>
<!-- MARKER FORMAT-SHEET="para indent" -->
<p>
<table width=600>
  <tr>
    <td><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 &quot;FOR&quot;
      Proposals 1 and 2.</b></font></td>
  </tr>
</TABLE>
<p></p>
<!-- MARKER FORMAT-SHEET="para indent" -->
<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>
<!-- MARKER FORMAT-SHEET="Right Head Bold Size 2" -->
<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>
<!-- MARKER FORMAT-SHEET="Page break SAI" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="1">&nbsp;</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp;




<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 5, page: 5" -->

<!-- MARKER FORMAT-SHEET="para flush" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes |X| or |X| in blue or black ink.</font></td>
  </tr>
</TABLE>
<p></p>
<p>&nbsp;</p>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="24%" valign="TOP">
      <p><font size="2">1</font><font size="1">.&nbsp;&nbsp;ELECTION OF TRUSTEES</font>
    </td>
    <td width="36%" 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="40%" 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>
<!-- MARKER FORMAT-SHEET="para flush" -->
<p>
<table width=600>
  <tr>
    <td>
      <p><font size=2><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>
        M. Colyer Crum, Terry K. Glenn, Laurie Simon Hodrick, </b></font><font size=2><b>Jack
        B. Sunderland, Stephen B. Swensrud, <br>
        J. Thomas Touchton, Fred G. Weiss and Arthur Zeikel</b></font></p>
      </td>
  </tr>
</TABLE>
<p></p>
<!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">2. </font></td>
    <font size="1"></font>
    <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>
<font size=2> <br>
</font>
<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>
<font size=2> <br>
</font> <!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600>
  <tr>
    <td width=2% valign=top height="30"><font size="2">3. </font></td>
    <font size="1"></font>
    <td width=95% height="30"><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>
<p><!-- MARKER FORMAT-SHEET="Footnote align left" --></p>
<table width=600>
  <tr>
    <td width=97% valign=top colspan="2"><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>
    <font size="1"></font> </tr>
</TABLE>
<font size=2><br>
</font>
<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: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </u>, 2000</font></p>
      <p><font size="1">X<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </u><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<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><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>
<font size=2> <br>
</font> <!-- MARKER FORMAT-SHEET="Left head" -->
<p>
<table width=600>
  <tr>
    <td><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></p>
<!-- MARKER FORMAT-SHEET="Page break SAI" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="1">&nbsp;</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<br>
<p>&nbsp;




<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 6, page: 6" -->

<!-- MARKER FORMAT-SHEET="Right Head Bold Size 2" -->
<p><table width=600><tr><td align=right><font size=2><B>COMMON SHARES</B></font></td></tr></TABLE><p></p>


<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p><table width=600><tr><td  align=center><font size=2><B>MUNIYIELD
PENNSYLVANIA INSURED FUND<br> P.O. Box 9011<br> Princeton, New Jersey 08543-9011</B></font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p><table width=600><tr><td  align=center><font size=2><B>PROXY</B></font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<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>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints
      Donald C. Burke, Terry K. Glenn 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 Pennsylvania Insured 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>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr>
    <td><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 &quot;FOR&quot;
      Proposals 1 and 2.</B></font></td>
  </tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="para indent" -->
<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>

<!-- MARKER FORMAT-SHEET="Right Head Bold Size 2" -->
<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>


<!-- MARKER FORMAT-SHEET="Page break SAI" -->
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="1">&nbsp;</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp;




<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 7, page: 7" -->

<!-- MARKER FORMAT-SHEET="para flush" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes |X| or |X| in blue or black ink.</font></td>
  </tr>
</TABLE>
<p></p>
<p>&nbsp;</p>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="24%" valign="TOP">
      <p><font size="2">1</font><font size="1">.&nbsp;&nbsp;ELECTION OF TRUSTEES</font>
    </td>
    <td width="36%" 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="40%" 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>
<!-- MARKER FORMAT-SHEET="para flush" -->
<p>
<table width=600>
  <tr>
    <td><font size=2><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>
      Terry K. Glenn, Jack B. Sunderland, Stephen B. Swensrud, J. Thomas Touchton,
      Fred G. Weiss and Arthur Zeikel</b></font></td>
  </tr>
</TABLE>
<p></p>
<!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">2. </font></td>
    <font size="1"></font>
    <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>
<font size=2> <br>
</font>
<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>
<font size=2> <br>
</font> <!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">3. </font></td>
    <font size="1"></font>
    <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>
<font size=2> <br>
</font>
<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: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </u>, 2000</font></p>
      <p><font size="1">X<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </u><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<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><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>
<font size=2> <br>
</font> <!-- MARKER FORMAT-SHEET="Left head" -->
<p>
<table width=600>
  <tr>
    <td><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></p>
<!-- MARKER FORMAT-SHEET="Page break SAI" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="1">&nbsp;</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp;




<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 8, page: 8" -->

<!-- MARKER FORMAT-SHEET="Right Head Bold Size 2" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2><b>AUCTION MARKET<br>
      PREFERRED SHARES</b></font></td>
  </tr>
</TABLE>
<p></p>
<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>MUNIYIELD PENNSYLVANIA INSURED FUND<br>
      P.O. Box 9011<br>
      Princeton, New Jersey 08543-9011</b></font></td>
  </tr>
</TABLE>
<p></p>
<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>PROXY</b></font></td>
  </tr>
</TABLE>
<p></p>
<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<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>
<!-- MARKER FORMAT-SHEET="para indent" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints
      Donald C. Burke, Terry K. Glenn 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 Pennsylvania Insured 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>
<!-- MARKER FORMAT-SHEET="para indent" -->
<p>
<table width=600>
  <tr>
    <td><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 &quot;FOR&quot;
      Proposals 1 and 2.</b></font></td>
  </tr>
</TABLE>
<p></p>
<!-- MARKER FORMAT-SHEET="para indent" -->
<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>
<!-- MARKER FORMAT-SHEET="Right Head Bold Size 2" -->
<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>
<!-- MARKER FORMAT-SHEET="Page break SAI" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="1">&nbsp;</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp;




<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 9, page: 9" -->

<!-- MARKER FORMAT-SHEET="para flush" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes |X| or |X| in blue or black ink.</font></td>
  </tr>
</TABLE>
<p></p>
<p>&nbsp;</p>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="24%" valign="TOP">
      <p><font size="2">1</font><font size="1">.&nbsp;&nbsp;ELECTION OF TRUSTEES</font>
    </td>
    <td width="36%" 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="40%" 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>
<!-- MARKER FORMAT-SHEET="para flush" -->
<p>
<table width=600>
  <tr>
    <td><font size=2><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>
      M. Colyer Crum, Terry K. Glenn, Laurie Simon Hodrick, Jack B. Sunderland,
      Stephen B. Swensrud, <br>
      J. Thomas Touchton, Fred G. Weiss, and Arthur Zeikel</b></font></td>
  </tr>
</TABLE>
<p></p>
<!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">2. </font></td>
    <font size="1"></font>
    <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>
<font size=2> <br>
</font>
<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>
<font size=2> <br>
</font> <!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">3. </font></td>
    <font size="1"></font>
    <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>
<p><!-- MARKER FORMAT-SHEET="Footnote align left" --></p>
<table width=600>
  <tr>
    <td width=97% valign=top colspan="2"><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>
    <font size="1"></font> </tr>
</TABLE>
<p><font size=2> <br>
  </font> </p>
<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: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </u>, 2000</font></p>
      <p><font size="1">X<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </u><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<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><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>
<font size=2> <br>
</font> <!-- MARKER FORMAT-SHEET="para flush" -->
<p>
<table width=600>
  <tr>
    <td><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></p>
<!-- MARKER FORMAT-SHEET="Page break SAI" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="1">&nbsp;</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp;





<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 10, page: 10" -->

<!-- MARKER FORMAT-SHEET="Right Head Bold Size 2" -->
<p><table width=600><tr><td align=right><font size=2><B>COMMON STOCK</B></font></td></tr></TABLE><p></p>


<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p><table width=600><tr><td  align=center><font size=2><B>MUNIYIELD NEW JERSEY
INSURED FUND, INC.<br> P.O. Box 9011<br> Princeton, New Jersey 08543-9011</B></font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p><table width=600><tr><td  align=center><font size=2><B>PROXY</B></font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<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>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints
      Donald C. Burke, Terry K. Glenn 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 Stock of MuniYield New Jersey 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>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr>
    <td><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 &quot;FOR&quot;
      Proposals 1 and 2.</B></font></td>
  </tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="para indent" -->
<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>

<!-- MARKER FORMAT-SHEET="Right Head Bold Size 2" -->
<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>



<!-- MARKER FORMAT-SHEET="Page break SAI" -->
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="1">&nbsp;</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 11, page: 11" -->

<!-- MARKER FORMAT-SHEET="para flush" -->
<p><table width=600><tr><td><font size=2>Please mark boxes |X| or |X| in blue
or black ink.</font></td></tr></TABLE><p></p>


<p>&nbsp;</p><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=600>
  <TR>
    <TD WIDTH="24%" VALIGN="TOP">
      <P><font size="2">1</font><font size="1">.&nbsp;&nbsp;ELECTION OF </font><font size="1">
        DIRECTORS</font>
    </TD>
    <TD WIDTH="36%" 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="40%" 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>



<!-- MARKER FORMAT-SHEET="para flush" -->
<p><table width=600><tr>
    <td><font size=2><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>
      Terry K. Glenn, Jack B. Sunderland, Stephen B. Swensrud, J. Thomas Touchton,
      Fred G. Weiss and Arthur Zeikel</B></font></td>
  </tr></TABLE><p></p>


<!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600><tr><td width=2% valign=top><font size="2">2.
</font></td><font size="2"></font>
    <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>

<FONT SIZE=2>
<br>
</FONT>
<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>
<FONT SIZE=2>
<br>
</FONT>


<!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600><tr><td width=2% valign=top><font size="2">3.
</font></td><font size="2"></font><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>


<FONT SIZE=2>
<br>
</FONT>
<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: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </U>, 2000</FONT></p>
      <P><font size="1">X<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </u><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<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><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>

<FONT SIZE=2>
<br>
</FONT>



<!-- MARKER FORMAT-SHEET="para flush" -->
<p><table width=600><tr>
    <td><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></p>


<!-- MARKER FORMAT-SHEET="Page break SAI" -->
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="1">&nbsp;</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp;





<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 12, page: 12" -->

<!-- MARKER FORMAT-SHEET="Right Head Bold Size 2" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2><b>AUCTION MARKET<br>
      PREFERRED STOCK</b></font></td>
  </tr>
</TABLE>
<p></p>
<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>MUNIYIELD NEW JERSEY INSURED FUND, INC.<br>
      P.O. Box 9011<br>
      Princeton, New Jersey 08543-9011</b></font></td>
  </tr>
</TABLE>
<p></p>
<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>PROXY</b></font></td>
  </tr>
</TABLE>
<p></p>
<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<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>
<!-- MARKER FORMAT-SHEET="para indent" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints
      Donald C. Burke, Terry K. Glenn 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 Stock of MuniYield New Jersey 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>
<!-- MARKER FORMAT-SHEET="para indent" -->
<p>
<table width=600>
  <tr>
    <td><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 &quot;FOR&quot;
      Proposals 1 and 2.</b></font></td>
  </tr>
</TABLE>
<p></p>
<!-- MARKER FORMAT-SHEET="para indent" -->
<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>
<!-- MARKER FORMAT-SHEET="Right Head Bold Size 2" -->
<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>
<!-- MARKER FORMAT-SHEET="Page break SAI" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="1">&nbsp;</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp;




<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 13, page: 13" -->

<!-- MARKER FORMAT-SHEET="para flush" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>Please mark boxes |X| or |X| in blue or black ink.</font></td>
  </tr>
</TABLE>
<p></p>
<p>&nbsp;</p>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="24%" valign="TOP">
      <p><font size="2">1</font><font size="1">.&nbsp;&nbsp;ELECTION OF DIRECTORS</font>
    </td>
    <td width="36%" 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="40%" 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>
<!-- MARKER FORMAT-SHEET="para flush" -->
<p>
<table width=600>
  <tr>
    <td><font size=2><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>
      M. Colyer Crum, Terry K. Glenn, Laurie Simon Hodrick, Jack B. Sunderland,
      Stephen B. Swensrud, <br>
      J. Thomas Touchton, Fred G. Weiss and Arthur Zeikel</b></font></td>
  </tr>
</TABLE>
<p></p>
<!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">2. </font></td>
    <font size="1"></font>
    <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>
<font size=2> <br>
</font>
<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>
<font size=2> <br>
</font> <!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2">3. </font></td>
    <font size="1"></font>
    <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>
<p>
<!-- MARKER FORMAT-SHEET="Footnote align left" --></p>
<table width=600>
  <tr>
    <td width=97% valign=top colspan="2"><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 shares of Auction Market Preferred Stock, who have responded to this
      proxy solicitation.</font></td>
    <font size="1"></font> </tr>
</TABLE>
<p>
<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: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </u>, 2000</font></p>
      <p><font size="1">X<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </u><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<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><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>
<font size=2> <br>
</font> <!-- MARKER FORMAT-SHEET="para flush" -->
<p>
<table width=600>
  <tr>
    <td><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></p>
<!-- MARKER FORMAT-SHEET="Page break SAI" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="1">&nbsp;</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</TABLE>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>
<p>&nbsp;




<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 14, page: 14" -->

<!-- MARKER FORMAT-SHEET="Right Head Bold Size 2" -->
<p><table width=600><tr><td align=right><font size=2><B>COMMON STOCK</B></font></td></tr></TABLE><p></p>


<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p><table width=600><tr><td  align=center><font size=2><B>MUNIYIELD MICHIGAN
INSURED FUND, INC.<br> P.O. Box 9011<br> Princeton, New Jersey 08543-9011</B></font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p><table width=600><tr><td  align=center><font size=2><B>PROXY</B></font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<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>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints
      Donald C. Burke, Terry K. Glenn 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 Stock of MuniYield Michigan 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>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr>
    <td><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 &quot;FOR&quot;
      Proposals 1 and 2.</b></font></td>
  </tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="para indent" -->
<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>

<!-- MARKER FORMAT-SHEET="Right Head Bold Size 2" -->
<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>



<!-- MARKER FORMAT-SHEET="Page break SAI" -->
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="1">&nbsp;</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 15, page: 15" -->

<!-- MARKER FORMAT-SHEET="para flush" -->
<p><table width=600><tr><td><font size=2>Please mark boxes |X| or |X| in blue
or black ink.</font></td></tr></TABLE><p></p>


<p>&nbsp;</p><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=600>
  <TR>
    <TD WIDTH="24%" VALIGN="TOP">
      <P><font size="2">1</font><font size="1">.&nbsp;&nbsp;ELECTION OF DIRECTORS</font>
    </TD>
    <TD WIDTH="36%" 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="40%" 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>



<!-- MARKER FORMAT-SHEET="para flush" -->
<p><table width=600><tr>
    <td><font size=2><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>
      Terry K. Glenn, Jack B. Sunderland, Stephen B. Swensrud, J. Thomas Touchton,
      Fred G. Weiss and Arthur Zeikel</B></font></td>
  </tr></TABLE><p></p>


<!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600><tr><td width=2% valign=top><font size="2">2.
</font></td><font size="1"></font>
    <td width=95%><font size="2">Proposal to ratify the selection of Ernst &amp; Young
      <font size="1">LLP</font> as the independent auditors of the Fund to serve
      for the current fiscal year.</font></td>
  </tr></TABLE>


<FONT SIZE=2>
<br>
</FONT>
<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>
<FONT SIZE=2>
<br>
</FONT>



<!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600><tr><td width=2% valign=top><font size="2">3.
</font></td><font size="1"></font><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>


<FONT SIZE=2>
<br>
</FONT>
<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: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </U>, 2000</FONT></p>
      <P><font size="1">X<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </u><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<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><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>

<FONT SIZE=2>
<br>
</FONT>



<!-- MARKER FORMAT-SHEET="Left head" -->
<p><table width=600><tr>
    <td><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></p>


<!-- MARKER FORMAT-SHEET="Page break SAI" -->
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="1">&nbsp;</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
&nbsp; <!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 16, page: 16" --> <!-- MARKER FORMAT-SHEET="Right Head Bold Size 2" -->
<p><table width=600><tr><td align=right><font size=2><B>AUCTION
MARKET<br>
PREFERRED STOCK</B></font></td></tr></TABLE><p></p>


<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p><table width=600><tr>
    <td  align=center><font size=2><B>MUNIYIELD MICHIGAN INSURED FUND, INC.<br>
       P.O. Box 9011<br> Princeton, New Jersey 08543-9011</B></font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<p><table width=600><tr><td  align=center><font size=2><B>PROXY</B></font></td></tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="Center Head size 2" -->
<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>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints
      Donald C. Burke, Terry K. Glenn 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 Stock of MuniYield Michigan 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>

<!-- MARKER FORMAT-SHEET="para indent" -->
<p><table width=600><tr>
    <td><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 &quot;FOR&quot;
      Proposals 1 and 2.</B></font></td>
  </tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="para indent" -->
<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>

<!-- MARKER FORMAT-SHEET="Right Head Bold Size 2" -->
<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>



<!-- MARKER FORMAT-SHEET="Page break SAI" -->
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="1">&nbsp;</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></TABLE>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




<!-- *************************************************************************** -->
<!-- MARKER LABEL="sheet: 17, page: 17" -->

<!-- MARKER FORMAT-SHEET="para flush" -->
<p><table width=600><tr><td><font size=2>Please mark boxes |X| or |X| in blue
or black ink.</font></td></tr></TABLE><p></p>

<p>&nbsp;</p><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=600>
  <TR>
    <TD WIDTH="24%" VALIGN="TOP">
      <P><font size="2">1</font><font size="1">.&nbsp;&nbsp;ELECTION OF DIRECTORS</font>
    </TD>
    <TD WIDTH="36%" 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="40%" 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>


<!-- MARKER FORMAT-SHEET="para flush" -->
<p><table width=600><tr>
    <td><font size=2><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>
      M. Colyer Crum, Terry K. Glenn, Laurie Simon Hodrick, Jack B. Sunderland,
      Stephen B. Swensrud, <br>
      J. Thomas Touchton, Fred G. Weiss and Arthur Zeikel<B></b></b></font></td>
  </tr></TABLE><p></p>

<!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600><tr><td width=2% valign=top><font size="2">2.
</font></td><font size="1"></font>
    <td width=95%><font size="2">Proposal to ratify the selection of Ernst &amp; Young
      <font size="1">LLP</font> as the independent auditors of the Fund to serve
      for the current fiscal year.</font></td>
  </tr></TABLE>


<FONT SIZE=2>
<br>
</FONT>
<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>
<FONT SIZE=2>
<br>
</FONT>


<!-- MARKER FORMAT-SHEET="Footnote align left" -->
<table width=600><tr><td width=2% valign=top><font size="2">3.
</font></td><font size="1"></font><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>


<p><!-- MARKER FORMAT-SHEET="Footnote align left" --></p>
<table width=600>
  <tr>
    <td width=97% valign=top colspan="2"><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 shares of Auction Market Preferred Stock, who have responded to this
      proxy solicitation.</font></td>
    <font size="1"></font> </tr>
</TABLE>
<p><FONT SIZE=2> <br>
  </FONT> </p>
<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: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </U>, 2000</FONT></p>
      <P><font size="1">X<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </u><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<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><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>

<FONT SIZE=2>
<br>
</FONT>


<!-- MARKER FORMAT-SHEET="Left head" -->
<p><table width=600><tr>
    <td><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></p>
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