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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950109-02-001522.txt : 20020415
<SEC-HEADER>0000950109-02-001522.hdr.sgml : 20020415
ACCESSION NUMBER:		0000950109-02-001522
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20020425
FILED AS OF DATE:		20020322

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07080
		FILM NUMBER:		02582616

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

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07136
		FILM NUMBER:		02582617

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

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

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07138
		FILM NUMBER:		02582618

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>ddef14a.htm
<DESCRIPTION>MUNIYIELD PENNSYLVANIA INSURED
<TEXT>
<HTML><HEAD>
<TITLE>Prepared by R.R. Donnelley Financial -- MuniYield Pennsylvania Insured</TITLE>
</HEAD>
  <BODY BGCOLOR="WHITE">

  <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>As filed with the Securities and Exchange Commission on March 22, 2002 </B></FONT></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>SCHEDULE 14A </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(Rule 14a-101) </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>INFORMATION REQUIRED IN PROXY STATEMENT </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>SCHEDULE 14A INFORMATION </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>PROXY
STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>EXCHANGE ACT OF 1934 (AMENDMENT NO. &nbsp;&nbsp;&nbsp;&nbsp;) </B></FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2">Filed&nbsp;by&nbsp;the&nbsp;Registrants&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#120;</FONT> </FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2">Filed by a party
other than the Registrant&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT><FONT FACE="Times New Roman" SIZE="2"> </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman"
SIZE="2">Check the appropriate box: </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="95%"><DIV STYLE="margin-left:27px; text-indent:-27px"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;Preliminary
Proxy Statement </FONT></DIV> <DIV STYLE="margin-left:359px; text-indent:-27px"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT><FONT FACE="Times New Roman"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;Confidential, for Use of the Commission Only (as&nbsp;permitted by Rule 14a-6(e)(2)) </FONT></DIV> </TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="013" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT FACE="WINGDINGS">&#120;</FONT></FONT></DIV></TD>
<TD WIDTH="013" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">Definitive Proxy Statement </FONT></DIV> </TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="013" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></DIV></TD>
<TD WIDTH="013" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">Definitive Additional Materials </FONT></DIV> </TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="013" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></DIV></TD>
<TD WIDTH="013" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">Soliciting Material Pursuant to Rule 14a-12 </FONT></DIV> </TD></TR></TABLE>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>MUNIYIELD FLORIDA INSURED FUND </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>MUNIYIELD PENNSYLVANIA INSURED FUND </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>MUNIYIELD
NEW JERSEY INSURED FUND, INC. </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>MUNIYIELD MICHIGAN INSURED FUND, INC. </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>P.O. BOX 9011 Princeton, New Jersey 08543-9011 </B></FONT></DIV> <HR NOSHADE WIDTH="73%" COLOR="#000000"><DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Name of Registrant as Specified In Its Charter)
</B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>SAME AS ABOVE </B></FONT></DIV> <HR NOSHADE WIDTH="73%" COLOR="#000000"><DIV ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant) </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2">Payment of Filing Fee (Check the appropriate box):
</FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="013" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT FACE="WINGDINGS">&#120;</FONT></FONT></DIV></TD>
<TD WIDTH="013" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">No fee required. </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="013" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></DIV></TD>
<TD WIDTH="013" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="027"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="015" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2">(1)</FONT></DIV></TD>
<TD WIDTH="011" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">Title of each class of securities to which transaction applies: </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:54px"><FONT
FACE="Times New Roman"
SIZE="2"><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;</U> </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="027"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="015" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2">(2)</FONT></DIV></TD>
<TD WIDTH="011" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">Aggregate number of securities to which transaction applies: </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:54px"><FONT
FACE="Times New Roman"
SIZE="2"><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;</U> </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="027"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="015" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2">(3)</FONT></DIV></TD>
<TD WIDTH="011" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it
was determined): </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:54px"><FONT FACE="Times New Roman"
SIZE="2"><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;</U> </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="027"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="015" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2">(4)</FONT></DIV></TD>
<TD WIDTH="011" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">Proposed maximum aggregate value of transaction: </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:54px"><FONT
FACE="Times New Roman"
SIZE="2"><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;</U> </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="027"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="015" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2">(5)</FONT></DIV></TD>
<TD WIDTH="011" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">Total fee paid: </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:54px"><FONT FACE="Times New Roman"
SIZE="2"><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;</U> </FONT></DIV>
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="054"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="013" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></DIV></TD>
<TD WIDTH="013" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">Fee paid previously with preliminary materials: </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:54px"><FONT
FACE="Times New Roman"
SIZE="2"><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;</U> </FONT></DIV>
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="054"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="013" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></DIV></TD>
<TD WIDTH="013" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the
previous filing by registration statement number, or the form or schedule and the date of its filing. </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="081"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="015" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2">(1)</FONT></DIV></TD>
<TD WIDTH="011" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">Amount previously paid: </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:108px"><FONT FACE="Times New Roman"
SIZE="2"><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;</U> </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="081"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="015" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2">(2)</FONT></DIV></TD>
<TD WIDTH="011" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">Form, Schedule or Registration Statement No.: </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:108px"><FONT
FACE="Times New Roman"
SIZE="2"><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;</U> </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="081"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="015" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2">(3)</FONT></DIV></TD>
<TD WIDTH="011" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">Filing Party:
&nbsp;<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;</U> </FONT></DIV> </TD></TR></TABLE> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV>
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="081"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="015" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2">(4)</FONT></DIV></TD>
<TD WIDTH="011" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">Date
Filed:&nbsp;<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;</U> </FONT></DIV> </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>MUNIYIELD FLORIDA INSURED FUND </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>MUNIYIELD PENNSYLVANIA INSURED
FUND </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>MUNIYIELD NEW JERSEY INSURED FUND, INC. </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>MUNIYIELD MICHIGAN INSURED FUND, INC.
</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>P.O. BOX 9011 </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Princeton, New Jersey 08543-9011 </B></FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <HR NOSHADE WIDTH="19%" COLOR="#000000"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>NOTICE OF 2002 ANNUAL MEETING OF STOCKHOLDERS </B></FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <HR NOSHADE WIDTH="19%" COLOR="#000000"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>April 25, 2002 </B></FONT></DIV>  <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV>  <DIV><FONT FACE="Times New Roman" SIZE="2"><B>To the Stockholders: </B></FONT></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">NOTICE IS
HEREBY GIVEN that the 2002 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 Fund Asset
Management, L.P., 800 Scudders Mill Road, Plainsboro, New Jersey, on Thursday, April 25, 2002 at the time specified in Exhibit A hereto for the following purposes: </FONT></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
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<TD WIDTH="015" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2">(1)</FONT></DIV></TD>
<TD WIDTH="011" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">To elect members of the Board of Directors/Trustees of each Fund to serve for the ensuing year; </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
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<TD WIDTH="015" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2">(2)</FONT></DIV></TD>
<TD WIDTH="011" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">To transact such other business as may properly come before the Meeting or any adjournment thereof. </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">The Board of Directors/Trustees (each, a &#147;Board&#148;) of each Fund has fixed the close of business on February 28, 2002 as the record date for the determination of
stockholders entitled to notice of and to vote at the Meeting or any adjournment thereof. </FONT></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">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 11, 2001, at the
offices of the Fund, 800 Scudders Mill Road, Plainsboro, New Jersey 08536. You are cordially invited to attend the Meeting.<B> Stockholders who do not expect to attend the Meeting in person are requested to complete, date and sign the enclosed form
of proxy and return it promptly in the envelope provided for this purpose. If you have been provided with the opportunity on your proxy card or voting instruction form to provide voting instructions via telephone or the Internet, please take
advantage of these prompt and efficient voting options. </B>The enclosed proxy is being solicited on behalf of the Board of the respective Fund. </FONT></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV STYLE="text-indent:49px"><FONT
FACE="Times New Roman" SIZE="2">If you have any questions regarding the enclosed proxy material or need assistance in voting your shares, please contact our proxy solicitor Georgeson Shareholder at 1-800-645-4519. </FONT></DIV>  <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV>
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<TD WIDTH="002%" VALIGN="top"><DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">By</FONT></DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">&nbsp;Order of the Boards of Directors/Trustees </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
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<TD WIDTH="002%" VALIGN="top"><DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">S<SMALL>T</SMALL></FONT></DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2"><SMALL>EPHEN</SMALL> M. B<SMALL>ENHAM</SMALL> </FONT></DIV> </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2"><I>Secretary of the Funds </I></FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2">Plainsboro, New Jersey
</FONT></DIV>  <DIV><FONT FACE="Times New Roman" SIZE="2">Dated: March 22, 2002 </FONT></DIV>

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 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>COMBINED PROXY STATEMENT </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <HR NOSHADE WIDTH="19%" COLOR="#000000"><DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>MUNIYIELD FLORIDA INSURED FUND </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>MUNIYIELD PENNSYLVANIA INSURED FUND
</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>MUNIYIELD NEW JERSEY INSURED FUND, INC. </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>MUNIYIELD MICHIGAN INSURED FUND, INC.
</B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>P.O. Box 9011 </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Princeton, New Jersey 08543-9011
</B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <HR NOSHADE WIDTH="19%" COLOR="#000000"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>2002 ANNUAL MEETING OF STOCKHOLDERS
</B></FONT></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <HR NOSHADE WIDTH="19%" COLOR="#000000"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>April 25, 2002 </B></FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>INTRODUCTION </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">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 2002
Annual Meeting of Stockholders of each Fund (the &#147;Meeting&#148;), to be held at the offices of Fund Asset Management L.P. (&#147;FAM&#148;), 800 Scudders Mill Road, Plainsboro, New Jersey, on Thursday, April 25, 2002 at the time specified in
Exhibit A hereto. The approximate mailing date of this Proxy Statement is March 26, 2002. </FONT></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">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
&#145;&#145;charter.&#146;&#146; </FONT></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">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, such proxies will be voted <I>for </I>the election of the Board members. 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></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">The Board of each Fund has fixed the close of business on February 28, 2002, as the record date (the &#147;Record Date&#148;) for the determination of Stockholders entitled to
notice of and to vote at the Meeting and at any adjournment thereof. Stockholders on the Record Date will be entitled to one vote for each share held, with no shares having cumulative voting rights. As of the Record Date, each Fund had outstanding
the number of Shares and the number of 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></DIV>

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 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">The Board of each Fund knows of no business other than that mentioned in Item 1 of the Notice
of Meeting that will be presented for consideration at the Meeting. If any other matter is properly presented, it is the intention of the persons named in the enclosed proxy to vote in accordance with their best judgment. </FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ITEM 1.&nbsp;&nbsp;&nbsp;&nbsp;ELECTION OF BOARD MEMBERS </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV STYLE="text-indent:49px"><FONT
FACE="Times New Roman" SIZE="2">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. The Board member nominees are
M. Colyer Crum, Laurie Simon Hodrick, Terry K. Glenn, J. Thomas Touchton and Fred G. Weiss. </FONT></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">It is intended that all
properly executed proxies will be voted (unless such authority has been withheld in the proxy) as follows: </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
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<TD WIDTH="015" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2">(1)</FONT></DIV></TD>
<TD WIDTH="011" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">All proxies of the holders of AMPS, voting separately as a class, in favor of the two (2) persons designated in Exhibit B as Board members to be elected by holders of AMPS; and
</FONT></DIV> </TD></TR></TABLE>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
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<TD WIDTH="015" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2">(2)</FONT></DIV></TD>
<TD WIDTH="011" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">All proxies of the holders of Shares and AMPS, voting together as a single class, in favor of the three (3) persons designated in Exhibit B as Board members to be elected by
holders of Shares and AMPS. </FONT></DIV> </TD></TR></TABLE>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">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></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV
STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2"><I>Committee Report.&nbsp;&nbsp;&nbsp;&nbsp;</I>The Board of each Fund has a standing Audit and Nominating Committee (the &#145;&#145;Committee&#146;&#146;), which consists of Board
members who are not &#145;&#145;interested persons&#146;&#146; of the Fund within the meaning of the Investment Company Act of 1940, as amended (the &#145;&#145;Investment Company Act&#146;&#146;) and who are &#145;&#145;independent&#146;&#146; as
defined in the New York Stock Exchange listing standards. Currently, Messrs. Crum, Touchton and Weiss and Ms. Hodrick are members of the Committee. The principal responsibilities of the Committee are to: (i) recommend to the Board the selection,
retention or termination of the Fund&#146;s independent auditors; (ii) review with the independent auditors the scope, performance and anticipated cost of their audit; (iii) discuss with the independent auditors certain matters relating to the
Fund&#146;s financial statements, including any adjustment to such financial statements recommended by such independent auditors, or any other results of any audit; (iv) review on a periodic basis a formal written statement from the independent
auditors with respect to their independence, discuss with the independent auditors any relationships or services disclosed in the statement that may impact the objectivity and independence of the Fund&#146;s independent auditors and recommend that
the Board take appropriate action in response thereto to satisfy itself of the independent auditors independence; and (v) consider the comments of the independent auditors and management&#146;s responses thereto with respect to the quality and
adequacy of the Fund&#146;s accounting and financial reporting policies and practices and internal controls. </FONT></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">Each Fund
adopted an Audit Committee Charter at a meeting held on May 23, 2000. Each Fund revised and reapproved the Charter on May 8, 2001. A copy of the revised Audit Committee Charter is attached to this Proxy Statement as Exhibit D. The Committee also has
(a) received written disclosures and the letter required by Independence Standards Board Standard No. 1 from Deloitte &amp; Touche <SMALL>LLP</SMALL> (&#145;&#145;D&amp;T&#146;&#146;), independent auditors for MuniYield Florida Insured Fund,
MuniYield Pennsylvania Insured Fund and MuniYield New Jersey Insured Fund, Inc. and Ernst &amp; Young <SMALL>LLP</SMALL> (&#147;E&amp;Y&#148;), independent auditors for MuniYield Michigan Insured Fund, Inc. and (b) discussed certain matters required
to be discussed by Statements on Auditing Standards No. 61 with D&amp;T and E&amp;Y. The Committee has considered whether the provision of non-audit services by the Funds&#146; independent auditors is compatible with maintaining the independence of
those auditors. </FONT></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">At its meeting held on December 17, 2001, the Committee reviewed and discussed the audit of each
Fund&#146;s financial statements with Fund management and D&amp;T and E&amp;Y, as applicable. No material concerns arose during the course of the audit and the preparation of the audited financial statements mailed to
</FONT></DIV>  <P></P>
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Stockholders and included in each Fund&#146;s Annual Report. Based on these reviews and discussions, the Committee recommended to the Board that each Fund&#146;s audited financial statements be
included in that Fund&#146;s Annual Report to Stockholders. </FONT></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">In addition to the above, the Committee also reviews and
nominates candidates to serve as non-interested Board members. The Committee generally will not consider nominees recommended by stockholders of a Fund. The non-interested Board members have retained independent legal counsel to assist them in
connection with these duties. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2"><I>Committee and Board Meetings.</I>&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, the total number of meetings of the Committee held during the period for
which he or she served. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2"><I>Compliance with Section 16(a) of the Securities Exchange Act of
1934.</I>&nbsp;&nbsp;&nbsp;&nbsp;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></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">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.e., any advisory board member, investment adviser or affiliated person of the Fund&#146;s Investment Adviser), have complied with all filing requirements applicable to them with respect to transactions
during the Fund&#146;s most recent fiscal year, except that (i) J. Thomas Touchton inadvertently made a late Form 4 filing reporting his Statement of Changes in Beneficial Ownership for MuniYield Florida Insured Fund, and (ii) Michael G. Clark
inadvertently made a late Form 4 filing reporting his Statement of Changes in Beneficial Ownership for each of the Funds. </FONT></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman"
SIZE="2"><I>Interested Persons.</I>&nbsp;&nbsp;&nbsp;&nbsp;Each Fund considers Mr. Glenn to be an &#147;interested person&#148; of the Fund within the meaning of Section 2(a)(19) of the Investment Company Act. Mr Glenn is the President of each Fund.
</FONT></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2"><I>Compensation of Board Members.</I>&nbsp;&nbsp;&nbsp;&nbsp;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 Merrill Lynch &amp; Co., Inc. (&#147;ML &amp; Co.&#148;) or its affiliates. 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 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. The Chairman of each Fund&#146;s Committee receives an additional fee. Information with respect to fees and expenses paid
to the non-affiliated Board members for each Fund&#146;s most recently completed fiscal year is set forth in Exhibit B. </FONT></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman"
SIZE="2"><I>Officers of the Funds.&nbsp;&nbsp;&nbsp;&nbsp;</I>Information regarding the officers of each Fund is set forth in Exhibit C. 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></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2"><I>Stock Ownership.&nbsp;&nbsp;&nbsp;&nbsp;</I>Set forth in Exhibit B to this
Combined Proxy Statement is the following information for each Board member nominee: (i) the number of Shares and AMPS, if applicable, of each Fund owned; (ii) the aggregate dollar range such stock ownership represents; and (iii) the aggregate
dollar range of
 </FONT></DIV>  <P></P>
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securities owned in all registered funds overseen by each Board member nominee in the Merrill Lynch family of funds. As of the Record Date, no non-affiliated Board Member nominee or his or her
immediate family members, owned beneficially or of record any securities of ML &amp; Co. As of the Record Date, the Board members and officers of each Fund as a group owned an aggregate of less than 1% of the Capital Stock of each Fund outstanding
at such date. At such date, Mr. Glenn, President 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&nbsp;&amp;&nbsp;Co. </FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ADDITIONAL INFORMATION </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><B>Expenses and Methods
of Proxy Solicitation </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">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></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">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
Georgeson Shareholder, 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 which are estimated to be $500 per fund. </FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><B>Broker Non-Votes and Abstentions </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">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. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">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></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">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) 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
 </FONT></DIV> <P></P>
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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 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 in the case of Maryland corporations; however, abstentions and broker non-votes will have the same effect as a vote against Item 1 in the case of
Massachusetts business trusts. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><B>Other Matters </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:49px"><FONT
FACE="Times New Roman" SIZE="2">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></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><B>Independent Auditors&#146; Fees </B></FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV>  <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">The following table sets forth the aggregate fees paid to the independent auditors for each Fund&#146;s most recent fiscal year for professional
services rendered for: (i) the audit of the Funds&#146; annual financial statements included in the Funds&#146; report to stockholders; (ii) all other related services provided to the Fund; and (iii) all other non-audit services provided to the
Fund, its investment adviser, and entities controlling, controlled by or under common control with the investment adviser that provide services to the Fund. For the most recent fiscal year, the independent auditors did not render any professional
services for financial information systems design and implementation services to the Funds, FAM, and entities controlling, controlled by or under common control with FAM that provide services to the Funds. The Committee of each Fund has determined
that the provision of information technology services under clause (ii) and the provision of non-audit services under clause (iii) are compatible with maintaining the independence of the independent auditors. </FONT></DIV>  <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV>  <DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD VALIGN="bottom" WIDTH="35%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Fund</B></FONT></DIV> <HR NOSHADE WIDTH="28" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Independent Auditors</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Audit&nbsp;Fees Charged to&nbsp;the&nbsp;Funds</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Other&nbsp;Audit Related&nbsp;Fees Charged to&nbsp;the&nbsp;Funds</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Other&nbsp;Fees</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Fiscal&nbsp;Year&nbsp;End</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="35%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">MuniYield Florida Insured<BR>Fund</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">D&amp;T</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23,900</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">25,600</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,441,400</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="17%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">October&nbsp;31,&nbsp;2001</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="35%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">MuniYield Pennsylvania Insured Fund</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">D&amp;T</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">27,700</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">25,600</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,441,400</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="17%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">October 31, 2001</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="35%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">MuniYield New Jersey Insured Fund, Inc.</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">D&amp;T</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23,900</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">25,600</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,441,400</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="17%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">October 31, 2001</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="35%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">MuniYield Michigan Insured Fund, Inc.</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">E&amp;Y</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">36,330</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23,520</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="17%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">October 31, 2001</FONT></DIV> </TD> </TR>
 </TABLE> </DIV>   <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><B>Address of Investment Adviser </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">The principal office of FAM is located at 800 Scudders Mill Road, Plainsboro, New Jersey 08536. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT
FACE="Times New Roman" SIZE="2"><B>Annual Report Delivery </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2"><B>Each Fund will furnish, without charge, a copy of its
Annual Report for the Fund&#146;s last fiscal year to any Stockholder upon request. </B>Such requests should be directed to the applicable Fund, P.O. Box 9011, Princeton, New Jersey 08543-9011, Attention: Stephen M. Benham, or to 1-800-637-3863.
</FONT></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><B>Stockholder Proposals </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman"
SIZE="2">If a Stockholder of a Fund intends to present a proposal at the 2003 Annual Meeting of Stockholders of a Fund, which is anticipated to be held in April 2003, and desires to have the proposal included in the Fund&#146;s
 </FONT></DIV>  <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">5 </FONT></DIV>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">

  <DIV><FONT FACE="Times New Roman" SIZE="2">
proxy statement and form of proxy for that meeting, the stockholder must deliver the proposal to the offices of the Fund by November 22, 2002. The persons named as proxies in the proxy materials
for the 2003 Annual Meeting of Stockholders may exercise discretionary authority with respect to any stockholder proposal presented at such meeting if written notice of such proposal has not been received by the Fund by February 10, 2003. Written
proposals and notices should be sent to the Secretary of the Fund (addressed to 800 Scudders Mill Road, Plainsboro, New Jersey 08543). </FONT></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
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<TR>
<TD WIDTH="326"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="002%" VALIGN="top"><DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">By</FONT></DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">&nbsp;Order of the Board of Directors/Trustees </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="326"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">S<SMALL>TEPHEN</SMALL> M. B<SMALL>ENHAM</SMALL> </FONT></DIV> </TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="326"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2"><I>Secretary of the Funds </I></FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV><FONT FACE="Times New Roman" SIZE="2">Dated: March 22, 2002
</FONT></DIV>  <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">6 </FONT></DIV>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT A </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>INFORMATION
PERTAINING TO EACH FUND </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><B>General Information Pertaining to the Funds </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD VALIGN="bottom" WIDTH="53%"> <DIV><FONT FACE="Times New Roman" SIZE="1"><B>Fund</B></FONT></DIV> <HR NOSHADE WIDTH="28" ALIGN="left" COLOR="#000000"> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Defined&nbsp;Term Used&nbsp;in Exhibits&nbsp;A,&nbsp;B and C</B></FONT></DIV> <HR NOSHADE COLOR="#000000"> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Fiscal Year&nbsp;End</B></FONT></DIV> <HR NOSHADE COLOR="#000000"> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>State of Organization</B></FONT></DIV> <HR NOSHADE COLOR="#000000"> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Meeting&nbsp;Time</B></FONT></DIV> <HR NOSHADE COLOR="#000000"> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="53%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">MuniYield Florida Insured Fund</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="12%"> <DIV><FONT FACE="Times New Roman" SIZE="2">MY&nbsp;FL&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10/31</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="12%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">MA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9:00&nbsp;a.m.</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="53%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">MuniYield Pennsylvania Insured Fund</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="12%"> <DIV><FONT FACE="Times New Roman" SIZE="2">MY&nbsp;PA&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10/31</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <center> <FONT FACE="Times New Roman" SIZE="2">MA</FONT></center> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9:20 a.m.</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="53%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">MuniYield New Jersey Insured Fund, Inc.</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="12%"> <DIV><FONT FACE="Times New Roman" SIZE="2">MY NJ </FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10/31</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <center> <FONT FACE="Times New Roman" SIZE="2">MD</FONT></center> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9:40 a.m.</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="53%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">MuniYield Michigan Insured Fund, Inc.</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="12%"> <DIV><FONT FACE="Times New Roman" SIZE="2">MY MI </FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10/31</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <center> <FONT FACE="Times New Roman" SIZE="2">MD</FONT></center> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10:00&nbsp;a.m.</FONT></DIV> </TD> </TR>
 </TABLE> </DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Shares of Capital Stock Outstanding&nbsp;as&nbsp;of&nbsp;the&nbsp;Record&nbsp;Date</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR>
<TD VALIGN="bottom" WIDTH="76%"> <DIV><FONT FACE="Times New Roman" SIZE="1"><B>Fund</B></FONT></DIV> <HR NOSHADE WIDTH="28" ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Shares</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>AMPS</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR>
<TD VALIGN="bottom" WIDTH="76%"> <DIV><FONT FACE="Times New Roman" SIZE="2">MY FL </FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8,440,456</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,400</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="bottom" WIDTH="76%"> <DIV><FONT FACE="Times New Roman" SIZE="2">MY PA </FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11,444,706</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,520</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="bottom" WIDTH="76%"> <DIV><FONT FACE="Times New Roman" SIZE="2">MY NJ </FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8,683,789</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,240</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="bottom" WIDTH="76%"> <DIV><FONT FACE="Times New Roman" SIZE="2">MY MI </FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">18,155,932</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,600</FONT></DIV> </TD> </TR>
 </TABLE> </DIV>  <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-1 </FONT></DIV>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT B </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>INFORMATION PERTAINING TO BOARD MEMBERS </B></FONT></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><B>Biographical Information </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">Certain biographical and other information relating to the Board member nominee who is an &#147;interested person,&#148; as defined in the Investment Company Act, of each Fund, is
set forth below: </FONT></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD VALIGN="bottom" WIDTH="25%"> <DIV><FONT FACE="Times New Roman" SIZE="1"><B>Name, Address and Age of</B></FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="1"><B>Board Member Nominee</B></FONT></DIV> <HR NOSHADE WIDTH="137" ALIGN="left"
COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="15%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Position(s)&nbsp;Held<BR>with&nbsp;each&nbsp;Fund(2)</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="31%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Principal&nbsp;Occupation<BR>During&nbsp;Past&nbsp;Five&nbsp;Years</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="15%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Number&nbsp;of MLIM/FAM- Advised Funds Overseen</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="12%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Public Directorships</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="25%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Terry K. Glenn (61)*(1)</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="1">P.O. Box 9011<BR>Princeton, New Jersey</FONT></DIV> <DIV><FONT FACE="Times New Roman"
SIZE="1">08543-9011</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="15%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Director/Trustee and President</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="31%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Chairman (Americas Region) since 2001, and Executive Vice President since 1983 of FAM and Merrill Lynch Investment Manager, L.P. (&#147;MLIM&#148;) (the terms FAM and MLIM,
as used herein, include their corporate predecessors); President of Merrill Lynch Mutual Funds since 1999; President of FAM Distributors, Inc. (&#147;FAMD&#148;) since 1986 and Director thereof since 1991; Executive Vice President and Director of
Princeton Services, Inc. (&#147;Princeton Services&#148;) since 1993; President of Princeton Administrators, L.P. since 1988; Director of Financial Data Services, Inc. since 1985.</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="15%"> <DIV><FONT FACE="Times New Roman" SIZE="1">127 registered investment companies consisting of 184 portfolios</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="12%"> <DIV><FONT FACE="Times New Roman" SIZE="1">None</FONT></DIV> </TD> </TR>
 </TABLE> </DIV>  <HR NOSHADE WIDTH="10%" COLOR="#000000" ALIGN="left">
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="010" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="1">*</FONT></DIV></TD>
<TD WIDTH="011" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="1">Mr. Glenn is a director, trustee or member of an advisory board of certain other investment companies for which FAM or MLIM acts as investment adviser. Mr. Glenn is an
&#147;interested person,&#148; as defined in the Investment Company Act, of each Fund based on his positions as Chairman (Americas Region) and Executive Vice President of FAM and MLIM; President of FAMD; Executive Vice President of Princeton
Services; and Princeton Administrators, L.P. </FONT></DIV> </TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="012" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="1">(1)</FONT></DIV></TD>
<TD WIDTH="009" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" 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></DIV> </TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="012" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="1">(2)</FONT></DIV></TD>
<TD WIDTH="009" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="1">For information as to the length of time served on each Board, see table following this chart. For information as to the length of time served as an officer of each Fund, See
Exhibit C. </FONT></DIV> </TD></TR></TABLE> <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">B-1 </FONT></DIV>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">

 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">Certain biographical and other information relating to the non-interested Board members of
the Fund is set forth below: </FONT></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD VALIGN="bottom" WIDTH="24%"> <DIV><FONT FACE="Times New Roman" SIZE="1"><B>Name, Address and Age</B></FONT></DIV> <HR NOSHADE WIDTH="140" ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="15%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Position(s)<BR>Held with the<BR>Fund*</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="31%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Principal Occupation(s)<BR>During&nbsp;Past&nbsp;Five&nbsp;Years</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="15%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Number of MLIM/FAM-Advised&nbsp;Funds and Portfolios Overseen</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="12%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Public Directorships</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="24%"> <DIV><FONT FACE="Times New Roman" SIZE="1">M. C<SMALL>OLYER</SMALL> C<SMALL>RUM</SMALL> (69)</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="1">104 Westcliff Road</FONT></DIV> <DIV><FONT FACE="Times New Roman"
SIZE="1">Weston, MA 02493-1410</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="15%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Director/Trustee</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="31%"> <DIV><FONT FACE="Times New Roman" SIZE="1">James R. Williston Professor of Investment Management Emeritus, Harvard Business School since 1996; James R. Williston Professor of Investment Management, Harvard Business
School from 1971 to 1996.</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="15%"> <DIV><FONT FACE="Times New Roman" SIZE="1">26 registered investment companies consisting of 51&nbsp;portfolios</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="12%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Cambridge</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="1">Bancorp</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="24%"> <DIV><FONT FACE="Times New Roman" SIZE="1">L<SMALL>AURIE</SMALL> S<SMALL>IMON</SMALL> H<SMALL>ODRICK</SMALL> (39)</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="1">809 Uris Hall</FONT></DIV> <DIV><FONT
FACE="Times New Roman" SIZE="1">3022 Broadway</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="1">New York, NY 10027</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="15%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Director/Trustee</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="31%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Professor of Finance and Economics, Graduate School of Business, Columbia University since 1998; Associate Professor of Finance and Economics, Graduate School of Business,
Columbia University from 1996 to 1998; Associate Professor of Finance, J.L. Kellogg Graduate School of Management, Northwestern University from 1992 to 1996.</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="15%"> <DIV><FONT FACE="Times New Roman" SIZE="1">26 registered investment companies consisting of 51&nbsp;portfolios</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="12%"> <DIV><FONT FACE="Times New Roman" SIZE="1">None</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="24%"> <DIV><FONT FACE="Times New Roman" SIZE="1">J. T<SMALL>HOMAS</SMALL> T<SMALL>OUCHTON</SMALL> (63)</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="1">One Tampa City Center</FONT></DIV> <DIV><FONT
FACE="Times New Roman" SIZE="1">Suite 3405</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="1">201 North Franklin Street</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="1">Tampa, FL 33062</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="15%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Director/Trustee</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="31%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Managing Partner of the Witt-Touchton Company and its predecessor, The Witt Co. (a private investment partnership), since 1972; Trustee Emeritus of Washington and Lee
University</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="15%"> <DIV><FONT FACE="Times New Roman" SIZE="1">26 registered investment companies consisting of 51&nbsp;portfolios</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="12%"> <DIV><FONT FACE="Times New Roman" SIZE="1">TECO Energy, Inc. </FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="24%"> <DIV><FONT FACE="Times New Roman" SIZE="1">F<SMALL>RED</SMALL> G. W<SMALL>EISS</SMALL> (60)</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="1">16450 Maddalena Place</FONT></DIV> <DIV><FONT FACE="Times New Roman"
SIZE="1">Delray Beach, FL 33446</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="15%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Director/Trustee</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="31%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Managing Director of FGW Associates since 1997; Vice President, Planning Investment and Development of Warner Lambert Co. from 1979 to 1997; Director of BTG International PLC
(a global technology commercialization company) since 2001; Director of the Michael J. Fox Foundation for Parkinson&#146;s Research</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="15%"> <DIV><FONT FACE="Times New Roman" SIZE="1">26 registered investment companies consisting of 51&nbsp;portfolios</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="12%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Watson Pharmaceutical Inc. </FONT></DIV> </TD> </TR>
 </TABLE> </DIV>  <HR NOSHADE WIDTH="10%" COLOR="#000000" ALIGN="left">
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="000" VALIGN="top" ALIGN="right"><DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">*</FONT></DIV></TD>
<TD WIDTH="006" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">Each Director/Trustee serves until his or her successor is elected and qualified, or until his or her death or resignation, or removal as provided in the Fund&#146;s by-laws or
charter or by statute, or until December 31 of the year in which he or she turns 72. </FONT></DIV> </TD></TR></TABLE>  <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">B-2 </FONT></DIV>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">

 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">Set forth in the table below, with respect to the applicable Funds, are the names of the
Board members to be elected by holders of AMPS, voting separately as a class, and the names of the Board members to be elected by holders of Shares and AMPS, voting together as a single class. </FONT></DIV>  <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV>  <DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD VALIGN="bottom" WIDTH="29%"> <DIV><FONT FACE="Times New Roman" SIZE="1"><B>Fund</B></FONT></DIV> <HR NOSHADE WIDTH="28" ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" WIDTH="17%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Board Member to be Elected&nbsp;by&nbsp;Holders&nbsp;of&nbsp;AMPS</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" WIDTH="20%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Board Member to be Elected by</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>Holders&nbsp;of&nbsp;Shares and AMPS</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="29%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">MY FL</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="16%"> <DIV><FONT FACE="Times New Roman" SIZE="2">M.&nbsp;Colyer&nbsp;Crum</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="17%"> <DIV><FONT FACE="Times New Roman" SIZE="2">Laurie&nbsp;S.&nbsp;Hodrick</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="15%"> <DIV><FONT FACE="Times New Roman" SIZE="2">Terry&nbsp;K.&nbsp;Glenn</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="20%"> <DIV><FONT FACE="Times New Roman" SIZE="2">J.&nbsp;Thomas&nbsp;Touchton Fred G. Weiss</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="29%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">MY PA </FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="16%"> <DIV><FONT FACE="Times New Roman" SIZE="2">M. Colyer Crum</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="17%"> <DIV><FONT FACE="Times New Roman" SIZE="2">Laurie&nbsp;S.&nbsp;Hodrick</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="15%"> <DIV><FONT FACE="Times New Roman" SIZE="2">Terry K. Glenn</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="20%"> <DIV><FONT FACE="Times New Roman" SIZE="2">J. Thomas Touchton Fred G. Weiss</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="29%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">MY NJ </FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="16%"> <DIV><FONT FACE="Times New Roman" SIZE="2">M. Colyer Crum</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="17%"> <DIV><FONT FACE="Times New Roman" SIZE="2">Laurie&nbsp;S.&nbsp;Hodrick</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="15%"> <DIV><FONT FACE="Times New Roman" SIZE="2">Terry K. Glenn</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="20%"> <DIV><FONT FACE="Times New Roman" SIZE="2">J. Thomas Touchton Fred G. Weiss</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="29%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">MY MI </FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="16%"> <DIV><FONT FACE="Times New Roman" SIZE="2">M. Colyer Crum</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="17%"> <DIV><FONT FACE="Times New Roman" SIZE="2">Laurie&nbsp;S.&nbsp;Hodrick</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="15%"> <DIV><FONT FACE="Times New Roman" SIZE="2">Terry K. Glenn</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="20%"> <DIV><FONT FACE="Times New Roman" SIZE="2">J. Thomas Touchton Fred G. Weiss</FONT></DIV> </TD> </TR>
 </TABLE> </DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><B>Ownership of Shares and AMPS </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV
STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">Information relating to the share ownership by the Board members as of the February 28, 2002 is set forth in the chart below: </FONT></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
 <DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD VALIGN="bottom" WIDTH="66%"> <DIV><FONT FACE="Times New Roman" SIZE="1"><B>Nominee</B></FONT></DIV> <HR NOSHADE WIDTH="50" ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"><B>Fund</B></FONT></DIV> <HR NOSHADE WIDTH="28" ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"><B>No.&nbsp;of&nbsp;Shares</B></FONT></DIV> <HR NOSHADE ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>No.&nbsp;of&nbsp;AMPS</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="66%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">M. Colyer Crum</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="9%"> <DIV><FONT FACE="Times New Roman" SIZE="2">None</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">None</FONT></DIV> </TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">None</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="66%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Terry K. Glenn</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="9%"> <DIV><FONT FACE="Times New Roman" SIZE="2">MY&nbsp;PA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">86,407</FONT></DIV> </TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">None</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="66%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Laurie S. Hodrick</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="9%"> <DIV><FONT FACE="Times New Roman" SIZE="2">None</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">None</FONT></DIV> </TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">None</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="66%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">J. Thomas Touchton</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="9%"> <DIV><FONT FACE="Times New Roman" SIZE="2">MY FL</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">40,000</FONT></DIV> </TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">*</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">None</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="66%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Fred G. Weiss</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="9%"> <DIV><FONT FACE="Times New Roman" SIZE="2">None</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">None</FONT></DIV> </TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">None</FONT></DIV> </TD> </TR>
 </TABLE> </DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="9" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Aggregate Dollar Range of Equity Securities in each Fund</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Crum</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Glenn*</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Hodrick</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Touchton</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Weiss</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="39%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">MY FL</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">None</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">None</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">None</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">over $100,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">None</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="39%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">MY PA </FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">None</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">over $100,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">None</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">None</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">None</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="39%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">MY NJ</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">None</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">None</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">None</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">None</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">None</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="39%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">MY MI</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">None</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">None</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">None</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">None</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">None</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="39%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Aggregate Dollar Range of Securities in All Registered Funds Overseen or to be Overseen by Nominee in Merrill Lynch Family of
Funds</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">over $100,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">over $100,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">over $100,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">over $100,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">over $100,000</FONT></DIV> </TD> </TR>
 </TABLE> </DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="9" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Year&nbsp;in&nbsp;Which&nbsp;Each&nbsp;Nominee&nbsp;Became&nbsp;a&nbsp;Member&nbsp;of&nbsp;the&nbsp;Board</B></FONT></DIV> <HR NOSHADE
COLOR="#000000"></TD> </TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Crum</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Hodrick</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Glenn</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Touchton</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Weiss</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="51%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">MY FL</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1992</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1999</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1999</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1992</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1998</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="51%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">MY PA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1992</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1999</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1999</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1992</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1998</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="51%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">MY NJ</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1992</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1999</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1999</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1992</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1998</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="51%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">MY MI</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1992</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1999</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1999</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1992</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1998</FONT></DIV> </TD> </TR>
 </TABLE> </DIV>  <HR NOSHADE WIDTH="10%" COLOR="#000000" ALIGN="left">
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="013" VALIGN="top" ALIGN="right"><DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV></TD>
<TD WIDTH="006" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">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></DIV>
</TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="013" VALIGN="top" ALIGN="right"><DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">**&nbsp;&nbsp;&nbsp;&nbsp;Mr.</FONT></DIV></TD>
<TD WIDTH="006" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">Glenn is an &#147;interested person&#148; of each Fund, as defined in Section 2(a)(19) of the Investment Company Act. </FONT></DIV> </TD></TR></TABLE>  <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">B-3 </FONT></DIV>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">

  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV><FONT FACE="Times New Roman" SIZE="2"><B>Board and Committee Meetings </B></FONT></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV
STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">Set forth in the table below is information regarding Board and Committee meetings held, current annual and per Meeting fees paid to each non-affiliated Board member 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></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD> <HR NOSHADE WIDTH="0" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Board</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Audit Committee</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="bottom" WIDTH="29%"> <DIV><FONT FACE="Times New Roman" SIZE="1"><B>Fund</B></FONT></DIV> <HR NOSHADE WIDTH="28" ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>#&nbsp;Meetings Held*</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Annual Fee ($)</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Per&nbsp;Meeting Fee ($)**</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>#&nbsp;Meetings Held*</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Annual Fee ($)</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Per&nbsp;Meeting Fee ($)**</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Aggregate Fees and Expenses&nbsp;($)</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="29%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">MY FL </FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,500</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">250</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">500</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">250</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">30,053</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="29%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">MY PA </FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,500</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">250</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">500</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">250</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">30,182</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="29%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">MY NJ </FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,500</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">250</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">500</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">250</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">32,251</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="29%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">MY MI </FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,500</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">250</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">500</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">250</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">30,182</FONT></DIV> </TD> </TR>
 </TABLE> </DIV>  <HR NOSHADE WIDTH="10%" COLOR="#000000" ALIGN="left">
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="013" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;*</FONT></DIV></TD>
<TD WIDTH="013" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">Includes meetings held via teleconferencing equipment. </FONT></DIV> </TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="013" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2">**</FONT></DIV></TD>
<TD WIDTH="013" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">The fee is payable for each meeting attended in person. A fee is not paid for telephonic meetings. </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV><FONT FACE="Times New Roman" SIZE="2"><B>Compensation of Board Members </B></FONT></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">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></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD> <HR NOSHADE WIDTH="0" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="11" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Compensation From Fund ($)&#134;</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR>
<TD VALIGN="bottom" WIDTH="65%"> <DIV><FONT FACE="Times New Roman" SIZE="1"><B>Fund</B></FONT></DIV> <HR NOSHADE WIDTH="28" ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Crum&#134;&#134;</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Hodrick</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Touchton</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Weiss</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="65%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">MY FL </FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,500</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,000</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="65%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">MY PA </FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,500</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,000</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="65%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">MY NJ </FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,500</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,000</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="65%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">MY MI </FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,500</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,000</FONT></DIV> </TD> </TR>
 </TABLE> </DIV>  <HR NOSHADE WIDTH="10%" COLOR="#000000" ALIGN="left">
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="000" VALIGN="top" ALIGN="right"><DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#134;&nbsp;&nbsp;&nbsp;&nbsp;No</FONT></DIV></TD>
<TD WIDTH="006" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">pension or retirement benefits are accrued as part of Fund expenses. </FONT></DIV> </TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="000" VALIGN="top" ALIGN="right"><DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#134;&#134;&nbsp;&nbsp;The</FONT></DIV></TD>
<TD WIDTH="006" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">Chairman of the Audit Committee receives an additional fee of $500 per year. </FONT></DIV> </TD></TR></TABLE>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV
STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">Set forth in the table below is information regarding the aggregate compensation paid by all registered investment companies advised by FAM and its affiliate, MLIM (&#147;FAM/MLIM
Advised Funds&#148;), to the non-affiliated Board members for the year ended December 31, 2001. </FONT></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD VALIGN="bottom" WIDTH="75%"> <DIV><FONT FACE="Times New Roman" SIZE="1"><B>Name of Board Member</B></FONT></DIV> <HR NOSHADE WIDTH="134" ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Aggregate&nbsp;Compensation From Fund and Other FAM/MLAM&nbsp;Advised&nbsp;Funds
Paid&nbsp;to&nbsp;Board&nbsp;Members&nbsp;($)(1)</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">M. Colyer Crum</FONT></DIV></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">215,500</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Laurie Simon Hodrick</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">195,000</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">J. Thomas Touchton</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">195,000</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Fred G. Weiss</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">$</FONT></DIV> </TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">195,000</FONT></DIV> </TD> </TR>
 </TABLE> </DIV>   <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">B-4 </FONT></DIV>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">

  <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT C </B></FONT></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>INFORMATION PERTAINING TO OFFICERS </B></FONT></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">Certain biographical and other information relating to the officers
of the Fund is set forth below, </FONT></DIV>  <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>  <DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD VALIGN="bottom" WIDTH="23%"> <DIV><FONT FACE="Times New Roman" SIZE="1"><B>Name, Address and Age</B></FONT></DIV> <HR NOSHADE WIDTH="140" ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="10%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Position(s) Held&nbsp;with&nbsp;the Funds</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="16%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Term of Office** and&nbsp;Length&nbsp;of<BR>Time Served</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="24%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Principal Occupation(s) During&nbsp;Past Five Years</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="13%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Number of MLIM/FAM-Advised&nbsp;Funds and Portfolios Overseen</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="11%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Public Directorships</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="23%"> <DIV><FONT FACE="Times New Roman" SIZE="1">T<SMALL>ERRY</SMALL> K. G<SMALL>LENN</SMALL>* (61)</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="1">P.O. Box 9011<BR>Princeton,&nbsp;New Jersey</FONT></DIV> <DIV><FONT
FACE="Times New Roman" SIZE="1">08543-9011</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="10%"> <DIV><FONT FACE="Times New Roman" SIZE="1">President/ Trustee<BR>MY FL<BR>MY PA<BR>MY NJ<BR>MY MI</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="16%"> <DIV><FONT FACE="Times New Roman" SIZE="1">President/Trustee<BR>since<BR>1999<BR>1999<BR>1999<BR>1999</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="24%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Chairman (Americas Region) of the Manager since 2000; Executive Vice President of the Manager and FAM (which terms as used herein include their corporate predecessors) since
1983; President of Merrill Lynch Mutual Funds since 1999; President of FAM Distributors, Inc. (&#147;FAMD&#148; or the &#147;Distributor&#148;) since 1986 and Director thereof since 1991; Executive Vice President and Director of Princeton Services,
Inc. (&#147;Princeton Services&#148;) since 1993; President of Princeton Administrators, L.P. since 1988; Director of Financial Data Services, Inc. since 1985.</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="13%"> <DIV><FONT FACE="Times New Roman" SIZE="1">127 registered investment companies consisting of 184 portfolios</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="11%"> <DIV><FONT FACE="Times New Roman" SIZE="1">None</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="23%"> <DIV><FONT FACE="Times New Roman" SIZE="1">D<SMALL>ONALD</SMALL> C. B<SMALL>URKE</SMALL> (41)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="10%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Vice<BR>President/ Treasurer<BR>MY FL<BR>MY PA<BR>MY NJ<BR>MY MI</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="16%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Vice President/<BR>Treasurer<BR>since<BR>1992/1999<BR>1992/1999<BR>1992/1999<BR>1992/1999</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="24%"> <DIV><FONT FACE="Times New Roman" SIZE="1">First Vice President of the Manager and FAM since 1997 and the Treasurer thereof since 1999; Senior Vice President and Treasurer of Princeton Services since 1999; Vice
President of FAMD since 1999; Vice President of the Manager and FAM from 1990 to 1997; Director of Taxation of the Manager since 1990.</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="13%"> <DIV><FONT FACE="Times New Roman" SIZE="1">128 registered investment companies consisting of 185 portfolios</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="11%"> <DIV><FONT FACE="Times New Roman" SIZE="1">None</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="23%"> <DIV><FONT FACE="Times New Roman" SIZE="1">K<SMALL>ENNETH</SMALL> A. J<SMALL>ACOB</SMALL> (51)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="10%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Senior Vice President MY FL<BR>MY PA<BR>MY NJ<BR>MY MI</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="16%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Senior Vice President since<BR>2002<BR>2002<BR>2002<BR>2002</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="24%"> <DIV><FONT FACE="Times New Roman" SIZE="1">First Vice President of MLIM since 1997; Vice President of MLIM from 1984 to 1997; Vice President of FAM since 1984.</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="13%"> <DIV><FONT FACE="Times New Roman" SIZE="1">38 registered investment companies consisting of 61 portfolios</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="11%"> <DIV><FONT FACE="Times New Roman" SIZE="1">None</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="23%"> <DIV><FONT FACE="Times New Roman" SIZE="1">J<SMALL>OHN</SMALL> M. L<SMALL>OFFREDO</SMALL> (38)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="10%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Senior Vice President MY FA<BR>MY PA<BR>MY NJ<BR>MY MI</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="16%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Senior Vice President since<BR>2002<BR>2002<BR>2002<BR>2002</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="24%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Managing Director of MLIM since 2000; First Vice President of MLIM from 1997 to 2000; Vice President of MLIM from 1991 to 1997; Portfolio Manager of FAM and MLIM since
1997.</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="13%"> <DIV><FONT FACE="Times New Roman" SIZE="1">38 registered investment companies consisting of 61 portfolios</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="11%"> <DIV><FONT FACE="Times New Roman" SIZE="1">None</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="23%"> <DIV><FONT FACE="Times New Roman" SIZE="1">W<SMALL>ILLIAM</SMALL> R. B<SMALL>OCK</SMALL> (65)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="10%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Vice President MY PA<BR></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="16%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Vice President<BR>since <BR>1997</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="24%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Vice President of MLIM since 1989 and a Portfolio Manager of MLIM since 1995.</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="13%"> <DIV><FONT FACE="Times New Roman" SIZE="1">6 registered investment companies consisting of 6 portfolios</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="11%"> <DIV><FONT FACE="Times New Roman" SIZE="1">None</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="23%"> <DIV><FONT FACE="Times New Roman" SIZE="1">T<SMALL>HEODORE</SMALL>&nbsp;R.&nbsp;J<SMALL>AECKEL</SMALL>,&nbsp;J<SMALL>R</SMALL>.&nbsp;(42)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="10%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Vice President MY NJ</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="16%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Vice President<BR>since<BR>1997</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="24%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Director (Tax-Exempt Fund Management) of MLIM since 1997 and Vice President thereof from 1991-1997.</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="13%"> <DIV><FONT FACE="Times New Roman" SIZE="1">9 registered investment companies consisting of 9 portfolios</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="11%"> <DIV><FONT FACE="Times New Roman" SIZE="1">None</FONT></DIV> </TD> </TR>
 </TABLE> </DIV>  <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">C-1 </FONT></DIV>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">

  <DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">



<TR>
<TD VALIGN="bottom" WIDTH="23%"> <DIV><FONT FACE="Times New Roman" SIZE="1"><B>Name, Address and Age</B></FONT></DIV> <HR NOSHADE WIDTH="140" ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="10%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Position(s) Held&nbsp;with&nbsp;the Funds</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="16%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Term of Office** and&nbsp;Length&nbsp;of<BR>Time Served</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="24%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Principal Occupation(s) During&nbsp;Past Five Years</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="13%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Number of MLIM/FAM-Advised&nbsp;Funds and Portfolios Overseen</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="11%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Public Directorships</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>

<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="23%"> <DIV><FONT FACE="Times New Roman" SIZE="1">F<SMALL>RED</SMALL> K. S<SMALL>TUEBE</SMALL> (51)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="10%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Vice President MY&nbsp;MI</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="16%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Vice President<BR>since<BR>1995</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="24%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Vice President of MLIM since 1989 and a Portfolio Manager of MLIM since 1995.</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="13%"> <DIV><FONT FACE="Times New Roman" SIZE="1">6 registered investment companies consisting of &nbsp;&nbsp;&nbsp;&nbsp; 6 portfolios</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="11%"> <DIV><FONT FACE="Times New Roman" SIZE="1">None</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="23%"> <DIV><FONT FACE="Times New Roman" SIZE="1">R<SMALL>OBERT</SMALL> S<SMALL>NEEDEN</SMALL> (47)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="10%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Vice President MY FL</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="16%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Vice President<BR>since<BR>2002</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="24%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Vice President of MLIM since 1998 and Assistant Vice President thereof from 1994 to 1998; Portfolio Manager with MLIM since 1994</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="13%"> <DIV><FONT FACE="Times New Roman" SIZE="1">6 registered investment companies consisted of<BR>6 portfolios</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="11%"> <DIV><FONT FACE="Times New Roman" SIZE="1">None</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="23%"> <DIV><FONT FACE="Times New Roman" SIZE="1">S<SMALL>TEPHEN</SMALL> M. B<SMALL>ENHAM</SMALL> (42)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="10%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Secretary MY FL<BR>MY PA<BR>MY NJ<BR>MY MI</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="16%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Secretary since<BR>2002<BR>2002<BR>2002<BR>2002</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="24%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Vice President of MLIM since 2000. Associate with Kirkpatrick &amp; Lockhart LLP from 1997 to 2000.</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="13%"> <DIV><FONT FACE="Times New Roman" SIZE="1">14 registered investment companies consisting of<BR>54 portfolios</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="11%"> <DIV><FONT FACE="Times New Roman" SIZE="1">None</FONT></DIV> </TD> </TR>
 </TABLE> </DIV>  <HR NOSHADE WIDTH="10%" COLOR="#000000" ALIGN="left">
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="010" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;*</FONT></DIV></TD>
<TD VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="1">The address of each officer listed above is P.O. Box 9011, Princeton, New Jersey, 08543-9011. </FONT></DIV> </TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="010" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="1">**</FONT></DIV></TD>
<TD VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="1">Elected by and serves at the pleasure of the Board of the Fund(s) for which he or she serves as an officer. </FONT></DIV> </TD></TR></TABLE>  <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">C-2 </FONT></DIV>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT D </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>CHARTER OF THE
AUDIT COMMITTEE </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>OF THE BOARD OF DIRECTORS/TRUSTEES </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>FOR EXCHANGE LISTED FUNDS
</B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">Although each investment company audit committee also serves as a nominating committee, the following charter pertains only
to each audit and nominating committee&#146;s duties as an audit committee. The Board of Directors/Trustees of each investment company listed on Appendix A hereto, has adopted the following audit committee charter: </FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><B>I.&nbsp;&nbsp;&nbsp;&nbsp;Composition of the Audit Committee </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:49px"><FONT
FACE="Times New Roman" SIZE="2">The Audit Committee shall be composed of at least three Directors/Trustees: </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:49px; text-indent:49px"><FONT FACE="Times New Roman"
SIZE="2">(a) each of whom shall not be an &#147;interested person&#148; of the Fund, as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended; </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="margin-left:49px; text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">(b) each of whom shall not have any relationship to the Fund that may interfere with the exercise of their independence from Fund management and the Fund; </FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:49px; text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">(c) each of whom shall otherwise satisfy the applicable independence requirements for any stock exchange or market
quotation system on which Fund shares are listed or quoted; </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:49px; text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">(d) each of whom shall be financially literate,
as such qualification is interpreted by the Board of Directors/Trustees in its business judgment, or shall become financially literate within a reasonable period of time after his or her appointment to the Audit Committee; and </FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:49px; text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">(e) at least one of whom shall have accounting or related financial management expertise as the Board of Directors/Trustees
interprets such qualification in its business judgment. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><B>II.&nbsp;&nbsp;&nbsp;&nbsp;Purposes of the Audit Committee </B></FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">The purposes of the Audit Committee are to assist the Board of Directors/Trustees: </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="margin-left:49px; text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">(a) in its oversight of the Fund&#146;s accounting and financial reporting policies and practices, the Fund&#146;s internal audit controls and procedures and, as
appropriate, the internal audit controls and procedures of certain of the Fund&#146;s service providers; </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:49px; text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">(b)
in its oversight of the Fund&#146;s financial statements and the independent audit thereof; and </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:49px; text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">(c) in acting
as a liaison between the Fund&#146;s independent accountants and the Board of Directors/Trustees. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">The function of the Audit
Committee is oversight. Fund management is responsible for maintaining appropriate systems for accounting. The independent accountants of the Fund are responsible for conducting a proper audit of the Fund&#146;s financial statements. </FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><B>III.&nbsp;&nbsp;&nbsp;&nbsp;Responsibilities and Duties of the Audit Committee </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">The policies and procedures of the Audit Committee shall remain flexible to facilitate its ability to react to changing conditions and to generally discharge its functions. The following
listed responsibilities describe areas of attention in broad terms. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">To carry out its purposes, the Audit Committee shall have
the following responsibilities and duties: </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:49px; text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">(a) to recommend the selection, retention or termination of the
Fund&#146;s independent accountants based on an evaluation of their independence and the nature and performance of audit services and other services; </FONT></DIV> <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">D-1 </FONT></DIV>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">

 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:49px; text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">(b)&nbsp;&nbsp;to ensure that the independent accountants for the Fund submit
on a periodic basis to the Audit Committee a formal written statement delineating all relationships between such independent accountants and the Fund, consistent with Independence Standards Board Standard No. 1, and actively engage in a dialogue
with the independent accountants for the Fund with respect to any disclosed relationships or services that may impact the objectivity and independence of such independent accountants and, if deemed appropriate by the Audit Committee, to recommend
that the Board of Directors/Trustees take appropriate action in response to the report of such independent accountants to satisfy itself of the independence of such independent accountants; </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="margin-left:49px; text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">(c)&nbsp;&nbsp;to receive specific representations from the independent accountants with respect to their independence and to consider whether the provision of any
disclosed non-audit services by the independent accountants is compatible with maintaining the independence of those accountants; </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:49px; text-indent:49px"><FONT
FACE="Times New Roman" SIZE="2">(d)&nbsp;&nbsp;to review the fees charged by independent accountants for audit and other services; </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:49px; text-indent:49px"><FONT
FACE="Times New Roman" SIZE="2">(e)&nbsp;&nbsp;to review with the independent accountants arrangements for annual audits and special audits and the scope thereof; </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="margin-left:49px; text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">(f)&nbsp;&nbsp;to discuss with the independent accountants those matters required by SAS No. 61 and SAS No. 90 relating to the Fund&#146;s financial statements,
including, without limitation, any adjustment to such financial statements recommended by such independent accountants, or any other results of any audit; </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="margin-left:49px; text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">(g)&nbsp;&nbsp;to consider with the independent accountants their comments with respect to the quality and adequacy of the Fund&#146;s accounting and financial
reporting policies, practices and internal controls and management&#146;s responses thereto, including, without limitation, the effect on the Fund of any recommendation of changes in accounting principles or practices by management or the
independent accountants; </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:49px; text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">(h)&nbsp;&nbsp;to report to the Board of Directors/Trustees regularly with respect
to the Audit Committee&#146;s activities and to make any recommendations it believes necessary or appropriate with respect to the Fund&#146;s accounting and financial reporting policies, practices and the Fund&#146;s internal controls; </FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:49px; text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">(i)&nbsp;&nbsp;to review and reassess the adequacy of this Charter on an annual basis and recommend any changes to the
Board of Directors/Trustees; </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:49px; text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">(j)&nbsp;&nbsp;to review legal and regulatory matters presented by counsel and
the independent accountants for the Fund that may have a material impact on the Fund&#146;s financial statements; </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:49px; text-indent:49px"><FONT FACE="Times New Roman"
SIZE="2">(k)&nbsp;&nbsp;to cause to be prepared and to review and submit any report, including any recommendation of the Audit Committee, required to be included in the Fund&#146;s annual proxy statement by the rules of the Securities and Exchange
Commission; </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:49px; text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">(l)&nbsp;&nbsp;to assist the Fund, if necessary, in preparing any written affirmation or written
certification required to be filed with any stock exchange on which Fund shares are listed; and </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="margin-left:49px; text-indent:49px"><FONT FACE="Times New Roman"
SIZE="2">(m)&nbsp;&nbsp;to perform such other functions consistent with this Charter, the Fund&#146;s By-laws and governing law, as the Audit Committee or the Board of Directors/Trustees deems necessary or appropriate. </FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">In fulfilling their responsibilities hereunder, it is recognized that members of the Audit Committee are not full-time employees of the Fund and are
not, and do not represent themselves to be, accountants or auditors by profession or experts in the field of accounting or auditing. As such, it is not the duty or responsibility of the Audit Committee or its members to conduct &#147;field
work&#148; or other types of auditing or accounting reviews or procedures, and each member of the Audit Committee shall be entitled to rely on (i) the integrity of those persons and organizations inside and outside the Fund from which the Audit
Committee receives information and (ii) the accuracy of the financial and other information provided to the Audit Committee by such persons or
 </FONT></DIV> <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">D-2 </FONT></DIV>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">

 <DIV><FONT FACE="Times New Roman" SIZE="2">
organizations absent actual knowledge to the contrary (which actual knowledge shall be promptly reported to the Board of Directors/Trustees). </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">The independent accountants for the Fund are ultimately accountable to the Board of Directors/Trustees and the Audit Committee. The Board of Directors/Trustees and the Audit
Committee have the ultimate authority and responsibility to select, evaluate and, where appropriate, replace the independent accountants for the Fund (or to nominate the independent accountants to be proposed for shareholder approval in the proxy
statement).<B></B> </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><B>IV.&nbsp;&nbsp;&nbsp;&nbsp;Meetings </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:49px"><FONT
FACE="Times New Roman" SIZE="2">The Audit Committee shall meet at least once annually with the independent accountants (outside the presence of Fund management) and at least once annually with the representatives of Fund management responsible for
the financial and accounting operations of the Fund. The Audit Committee shall hold special meetings at such times as the Audit Committee believes appropriate. Members of the Audit Committee may participate in a meeting of the Audit Committee by
means of conference call or similar communications equipment by means of which all persons participating in such meeting can hear each other. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman"
SIZE="2"><B>V.&nbsp;&nbsp;&nbsp;&nbsp;Outside Resources and Assistance from Fund Management </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:49px"><FONT FACE="Times New Roman" SIZE="2">The appropriate officers of the
Fund shall provide or arrange to provide such information, data and services as the Audit Committee may request. The Audit Committee shall have the power and authority to take all action it believes necessary or appropriate to discharge its
responsibilities, including the authority to retain at the expense of the Fund their own counsel and other experts and consultants whose expertise would be considered helpful to the Audit Committee. </FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2">Dated May 23, 2000 </FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2">Revised May 8, 2001 </FONT></DIV> <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">D-3 </FONT></DIV>


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 <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>APPENDIX A </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><B>MUNIHOLDINGS MICHIGAN
INSURED FUND II, INC. </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><B>MUNIYIELD FLORIDA INSURED FUND </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman"
SIZE="2"><B>MUNIYIELD MICHIGAN INSURED FUND, INC. </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><B>MUNIYIELD NEW JERSEY INSURED FUND, INC. </B></FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><B>MUNIYIELD PENNSYLVANIA INSURED FUND </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><B>THE S&amp;P 500 PROTECTED EQUITY
FUND, INC. </B></FONT></DIV> <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">D-4 </FONT></DIV>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
  <p align="right"><b>COMMON SHARES</b></p> <p align="center"><b>MUNIYIELD FLORIDA INSURED FUND<br> P.O. BOX 9011<br> PRINCETON, NEW JERSEY 08543-9011</b></p> <p align="center"><b>PROXY</b></p> <p
align="center">&nbsp;</p> <p align="center"><b>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</b></p> <p align="left"> <br> &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
&quot;Fund&quot;) held of record by the undersigned on February 28, 2002 at the annual meeting of shareholders of the Fund to be held on April 25, 2002 or any adjournment thereof. </p>
<table width="100%" cellpadding="0" cellspacing="0">
<tr>
<td width="3%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="95%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR PROPOSAL 1.</td> </tr> </table> <p
align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse side of this card, you authorize the proxies to vote Proposal 1 as marked, or if not marked, to vote &quot;FOR&quot; Proposal 1, and to use their discretion to vote for any
other matter as may properly come before the meeting or any adjournment thereof. If you do not intend to personally attend the meeting, please complete and return this card at once in the enclosed envelope.</p> <p align="right">(Continued and to be
signed on the reverse side)</p>
<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
  <p>Please mark boxes [-] or [x] in blue or black ink.</p> <p>1. ELECTION OF TRUSTEES</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td>&nbsp;</td>
<td>FOR all nominees listed below</td>
<td>WITHHOLD AUTHORITY</td> </tr>
<tr>
<td>&nbsp;</td>
<td>(except as marked to the</td>
<td>to vote for all nominees</td> </tr>
<tr>
<td width="20%">&nbsp;</td>
<td>contrary below) [ ]</td>
<td>listed below [ ]</td> </tr> </table> <p>(INSTRUCTION: TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE, STRIKE A LINE THROUGH THE NOMINEE'S NAME IN THE LIST BELOW.)</p> <p> <br> TERRY K. GLENN, J. THOMAS TOUCHTON AND FRED G.
WEISS </p> <p>2. In the discretion of such proxies, upon such other business as may properly come before the meeting or any adjournment thereof.</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="50%">&nbsp;</td>
<td> <p>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.</p> <p> <br> Dated: ____________________________, 2002 </p> <p>X________________________________<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</p> <p>X________________________________ <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature, if held jointly</p> </td> </tr> </table> <p>SIGN, DATE, AND
RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED ENVELOPE.</p>
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<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
  <div align="right"> <p><b>AUCTION MARKET<br> PREFERRED SHARES</b></p> <p align="center"><b>MUNIYIELD FLORIDA INSURED FUND<br> P.O. BOX 9011<br> PRINCETON, NEW JERSEY 08543-9011</b></p> <p
align="center"><b>PROXY</b></p> <p align="center"><b> <br> </b><b>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES </b><br> </p> <p align="left"> <br> &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 &quot;Fund&quot;) held of record by the undersigned on February 28, 2002 at the annual meeting of shareholders of the Fund to be held on April 25, 2002 or any adjournment thereof. </p> <p
align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR PROPOSAL 1.</p> <p
align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse side of this card, you authorize the proxies to vote Proposal 1 as marked, or if not marked, to vote &quot;FOR&quot; Proposal 1, and to use their discretion to vote for any
other matter as may properly come before the meeting or any adjournment thereof. If you do not intend to personally attend the meeting, please complete and return this card at once in the enclosed envelope.</p> <p align="right">(Continued and to be
signed on the reverse side)</p> <p align="left">&nbsp;</p> </div>
<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
  <div align="right"> <p>&nbsp;</p> <hr noshade align="right" width="100%" size="1"> <p align="left">Please mark boxes [-] or [X] in blue or black ink.</p> <p align="left">1. ELECTION OF TRUSTEES</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="20%">&nbsp;</td>
<td>FOR all nominees listed below</td>
<td>WITHHOLD AUTHORITY</td> </tr>
<tr>
<td>&nbsp;</td>
<td>(except as marked to the </td>
<td>to vote for all nominees</td> </tr>
<tr>
<td>&nbsp;</td>
<td>contrary below) [ ]</td>
<td>listed below [ ]</td> </tr> </table> <p align="left"> <br> (INSTRUCTION: TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE, STRIKE A LINE THROUGH THE NOMINEE'S NAME IN THE LIST BELOW.) M. COLYER CRUM, TERRY K. GLENN, LAURIE SIMON
HODRICK, J. THOMAS TOUCHTON AND FRED G. WEISS </p> <p align="left">2. In the discretion of such proxies, upon such other business as may properly come before the meeting or any adjournment thereof.</p> <p align="left"> </p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="50%">&nbsp;</td>
<td> <p>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.<br> <br> Dated:_______________________, 2002 </p> <p>X________________________________<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature </p> <p>X________________________________<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature, if held jointly</p> </td> </tr> </table> <p align="left">SIGN,
DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED ENVELOPE. </p> <p align="left">&nbsp;</p> </div>
<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
  <div align="right"> <p><b>COMMON SHARES </b></p> <p align="center"><b>MUNIYIELD PENNSYLVANIA INSURED FUND<br> P.O. BOX 9011<br> PRINCETON, NEW JERSEY 08543-9011</b></p> <p
align="center"><b>PROXY</b></p> <p align="center"><b>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</b><br> </p> <p align="left"> <br> &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
&quot;Fund&quot;) held of record by the undersigned on February 28, 2002 at the annual meeting of shareholders of the Fund to be held on April 25, 2002 or any adjournment thereof. </p> <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS PROXY WHEN
PROPERLY EXECUTED WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR PROPOSAL 1.</p> <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse side
of this card, you authorize the proxies to vote Proposal 1 as marked, or if not marked, to vote &quot;FOR&quot; Proposal 1, and to use their discretion to vote for any other matter as may properly come before the meeting or any adjournment thereof.
If you do not intend to personally attend the meeting, please complete and return this card at once in the enclosed envelope.</p> <p align="right">(Continued and to be signed on the reverse side)</p> <p align="left">&nbsp;</p> </div>
<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
  <p align="left">PLEASE MARK BOXES [-] OR [X] IN BLUE OR BLACK INK.</p> <p align="left">1. ELECTION OF TRUSTEES</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="20%">&nbsp;</td>
<td>FOR all nominees listed below</td>
<td>WITHHOLD AUTHORITY</td> </tr>
<tr>
<td>&nbsp;</td>
<td>(except as marked to the</td>
<td>to vote for all nominees</td> </tr>
<tr>
<td>&nbsp;</td>
<td>contrary below) [ ]</td>
<td>listed below [ ]</td> </tr> </table> <p align="left"> <br> (INSTRUCTION: TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE, STRIKE A LINE THROUGH THE NOMINEE'S NAME IN THE LIST BELOW.) TERRY K. GLENN, J. THOMAS TOUCHTON AND FRED G.
WEISS </p> <p align="left">2. In the discretion of such proxies, upon such other business as may properly come before the meeting or any adjournment thereof.</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td>&nbsp;</td>
<td width="50%"> <p>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.<br>  </p> <p>DATED:____________________, 2002 </p> <p>X_______________________________<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIGNATURE</p> <p>X_______________________________<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIGNATURE, IF HELD JOINTLY</p> </td> </tr> </table> <p>SIGN, DATE AND
RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED ENVELOPE.</p>
<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
  <p align="right"><b>AUCTION MARKET<br> PREFERRED SHARES</b></p> <p align="center"><b>MUNIYIELD PENNSYLVANIA INSURED FUND<br> P.O. BOX 9011<br> PRINCETON, NEW JERSEY 08543-9011</b></p> <p
align="center"><b>PROXY</b></p> <p align="center"><b>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</b></p> <p align="left"> </p> <p align="left">&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 &quot;Fund&quot;) held of record by the undersigned on February 28, 2002 at the annual meeting of shareholders of the Fund to be held on April 25, 2002 or any adjournment thereof. </p> <p
align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR PROPOSAL 1.</p> <p
align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse side of this card, you authorize the proxies to vote Proposal 1 as marked, or if not marked, to vote &quot;FOR&quot; Proposal 1, and to use their discretion to vote for any
other matter as may properly come before the meeting or any adjournment thereof. If you do not intend to personally attend the meeting, please complete and return this card at once in the enclosed envelope.</p> <p align="right">(Continued and to be
signed on the reverse side)</p> <p>&nbsp;</p>
<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
  <p align="right">&nbsp;</p> <hr noshade align="right" width="100%" size="1"> <p>Please mark boxes [-] or [X] in blue or black ink.</p> <p>1. ELECTION OF TRUSTEES</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="20%">&nbsp;</td>
<td>FOR all nominees listed below</td>
<td>WITHHOLD AUTHORITY</td> </tr>
<tr>
<td>&nbsp;</td>
<td>(except as marked to the </td>
<td>to vote for all nominees</td> </tr>
<tr>
<td>&nbsp;</td>
<td>contrary below) [ ]</td>
<td>listed below [ ]</td> </tr> </table> <p align="left"> <br> INSTRUCTION: TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE, STRIKE A LINE THROUGH THE NOMINEE'S NAME IN THE LIST BELOW.) M. COLYER CRUM, TERRY K. GLENN, LAURIE SIMON
HODRICK, J. THOMAS TOUCHTON AND FRED G. WEISS </p> <p align="left">2. In the discretion of such proxies, upon such other business as may properly come before the meeting or any adjournment thereof.</p> <p align="left"> </p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="50%">&nbsp;</td>
<td> <p>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.</p> <p> <br> Dated:_______________________, 2002 </p> <p>X________________________________<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature </p> <p>X________________________________<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature, if held jointly</p> </td> </tr> </table> <p align="left">SIGN,
DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED ENVELOPE. </p> <p align="left">&nbsp;</p>
<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
  <div align="right"> <p><b> COMMON STOCK</b></p> <p align="center"><b>MUNIYIELD NEW JERSEY INSURED FUND, INC.<br> P.O. BOX 9011<br> PRINCETON, NEW JERSEY 08543-9011</b></p> <p
align="center"><b>PROXY</b></p> <p align="center"><b>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</b></p> <p align="left"> <br> &nbsp;&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 &quot;Fund&quot;) held of record by the undersigned on February 28, 2002 at the annual meeting of stockholders of the Fund to be held on April 25, 2002 or any adjournment thereof. </p> </div> <blockquote>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER HEREIN DIRECTED BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR PROPOSAL 1.</p> </blockquote>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse side of this card, you authorize the proxies to vote Proposal 1 as marked, or if not marked, to vote &quot;FOR&quot; Proposal 1, and to use their discretion to vote for any
other matter as may properly come before the meeting or any adjournment thereof. If you do not intend to personally attend the meeting, please complete and return this card at once in the enclosed envelope.</p> <p align="right">(Continued and to be
signed on the reverse side)</p>
<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
  <hr noshade align="right" width="100%" size="1"> <p>Please mark boxes [-] or [X] in blue or black ink.</p> <p> <br> 1. ELECTION OF DIRECTORS </p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="20%">&nbsp;</td>
<td>FOR all nominees listed below</td>
<td>WITHHOLD AUTHORITY</td> </tr>
<tr>
<td>&nbsp;</td>
<td>(except as marked to the </td>
<td>to vote for all nominees</td> </tr>
<tr>
<td>&nbsp;</td>
<td>contrary below) [ ]</td>
<td>listed below [ ]</td> </tr> </table> <p align="left"> <br> (INSTRUCTION: TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE, STRIKE A LINE THROUGH THE NOMINEE'S NAME IN THE LIST BELOW.) TERRY K. GLENN, J. THOMAS TOUCHTON AND FRED G.
WEISS </p> <p align="left">2. In the discretion of such proxies, upon such other business as may properly come before the meeting or any adjournment thereof.</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="50%">&nbsp;</td>
<td> <p>Please sign exactly as name appears hereon.When stock is held by joint tenants, both should sign. When signing as attorney or as executor, administrator, trustee or guardian, please give full title as such. If a corporation, please sign in
full corporate name by president or other authorized officer. If a partnership, please sign in partnership name by authorized person.<br>  </p> <p>Dated:_______________________, 2002 </p> <p>X________________________________<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature </p> <p>X________________________________<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature, if held jointly</p> </td> </tr> </table> <p align="left">SIGN,
DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED ENVELOPE. </p> <p align="left">&nbsp;</p>
<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
  <p align="right"><b>AUCTION MARKET<br> PREFERRED STOCK</b></p> <p align="center"><b>MUNIYIELD NEW JERSEY INSURED FUND, INC.<br> P.O. BOX 9011<br> PRINCETON, NEW JERSEY 08543-9011</b></p> <p
align="center"><b>PROXY</b></p> <p align="center">&nbsp;</p> <p align="center"><b>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</b></p> <p align="left"> <br> &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 &quot;Fund&quot;) held of record by the undersigned on February 28, 2002 at the annual meeting of stockholders of the Fund to be held on April 25, 2002 or any adjournment thereof. </p>
<table width="100%" cellpadding="0" cellspacing="0">
<tr>
<td width="3%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="95%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER HEREIN DIRECTED BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR PROPOSAL 1.</td> </tr> </table> <p
align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse side of this card, you authorize the proxies to vote Proposal 1 as marked, or if not marked, to vote &quot;FOR&quot; Proposal 1, and to use their discretion to vote for any
other matter as may properly come before the meeting or any adjournment thereof. If you do not intend to personally attend the meeting, please complete and return this card at once in the enclosed envelope.</p> <p align="right">(Continued and to be
signed on the reverse side)</p>
<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
  <hr noshade align="right" width="100%" size="1"> <p>PLEASE MARK BOXES [-] OR [X] IN BLUE OR BLACK INK.</p> <p> <br> 1. ELECTION OF DIRECTORS </p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="20%">&nbsp;</td>
<td>FOR all nominees listed below</td>
<td>WITHHOLD AUTHORITY</td> </tr>
<tr>
<td>&nbsp;</td>
<td>(except as marked to the </td>
<td>to vote for all nominees</td> </tr>
<tr>
<td>&nbsp;</td>
<td>contrary below) [ ]</td>
<td>listed below [ ]</td> </tr> </table> <p align="left"> <br> (INSTRUCTION: TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE, STRIKE A LINE THROUGH THE NOMINEE'S NAME IN THE LIST BELOW.) M. COLYER CRUM, TERRY K. GLENN, LAURIE SIMON
HODRICK, J. THOMAS TOUCHTON AND FRED G. WEISS </p> <p align="left">2. In the discretion of such proxies, upon such other business as may properly come before the meeting or any adjournment thereof.</p> <p align="left"> </p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="50%">&nbsp;</td>
<td> <p>PLEASE SIGN EXACTLY AS NAME APPEARS HEREON.WHEN STOCK IS HELD BY JOINT TENANTS, BOTH SHOULD SIGN. WHEN SIGNING AS ATTORNEY OR AS EXECUTOR, ADMINISTRATOR, TRUSTEE OR GUARDIAN, PLEASE GIVE FULL TITLE AS SUCH. IF A CORPORATION, PLEASE SIGN IN
FULL CORPORATE NAME BY PRESIDENT OR OTHER AUTHORIZED OFFICER. IF A PARTNERSHIP, PLEASE SIGN IN PARTNERSHIP NAME BY AUTHORIZED PERSON.<br>  </p> <p>DATED:_______________________, 2002 </p> <p>X________________________________<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIGNATURE </p> <p>X________________________________<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIGNATURE, IF HELD JOINTLY</p> </td> </tr> </table> <p align="left">SIGN,
DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED ENVELOPE. </p> <p align="left">&nbsp;</p>
<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
  <div align="right"> <p><b>COMMON STOCK </b></p> <p align="center"><b>MUNIYIELD MICHIGAN INSURED FUND, INC.<br> P.O. BOX 9011<br> PRINCETON, NEW JERSEY 08543-9011</b></p> <p
align="center"><b>PROXY</b></p> <p align="center"><b>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS<br> </b> </p> <p align="left"> <br> &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 &quot;Fund&quot;) held of record by the undersigned on February 28, 2002 at the annual meeting of shareholders of the Fund to be held on April 25, 2002 or any adjournment thereof. </p> <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS PROXY
WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER HEREIN DIRECTED BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR PROPOSAL 1.</p> <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse
side of this card, you authorize the proxies to vote Proposal 1 as marked, or if not marked, to vote &quot;FOR&quot; Proposal 1, and to use their discretion to vote for any other matter as may properly come before the meeting or any adjournment
thereof. If you do not intend to personally attend the meeting, please complete and return this card at once in the enclosed envelope.</p> <p align="right">(Continued and to be signed on the reverse side)</p> <p align="left">&nbsp;</p> </div>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
  <hr noshade align="right" width="100%" size="1"> <p>PLEASE MARK BOXES [-] OR [X] IN BLUE OR BLACK INK.</p> <p> <br> 1. ELECTION OF DIRECTORS </p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="20%">&nbsp;</td>
<td>FOR all nominees listed below</td>
<td>WITHHOLD AUTHORITY</td> </tr>
<tr>
<td>&nbsp;</td>
<td>(except as marked to the </td>
<td>to vote for all nominees</td> </tr>
<tr>
<td>&nbsp;</td>
<td>contrary below) [ ]</td>
<td>listed below [ ]</td> </tr> </table> <p align="left"> <br> (INSTRUCTION: TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE, STRIKE A LINE THROUGH THE NOMINEE'S NAME IN THE LIST BELOW.) TERRY K. GLENN, J. THOMAS TOUCHTON AND FRED G.
WEISS </p> <p align="left">2. In the discretion of such proxies, upon such other business as may properly come before the meeting or any adjournment thereof.</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="50%">&nbsp;</td>
<td> <p>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.</p> <p> <br> Dated:_______________________,2002 </p> <p>X________________________________<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature </p> <p>X________________________________<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature, if held jointly</p> </td> </tr> </table> <p align="left">SIGN,
DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED ENVELOPE. </p> <p align="left">&nbsp;</p>
<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
  <div align="right"> <p><b>AUCTION MARKET<br> PREFERRED STOCK</b></p> <p align="center">&nbsp;</p> <p align="center"><b>MUNIYIELD MICHIGAN INSURED FUND, INC.</b><br> <b>P.O. BOX 9011</b><br>
<b>PRINCETON, NEW JERSEY 08543-9011</b></p> <p align="center"><b>PROXY</b></p> <p align="center"><b>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</b></p> <p align="left"><b> </b></p> <p
align="left">&nbsp;&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 &quot;Fund&quot;) held of record by the undersigned on February 28, 2002 at the annual meeting of
stockholders of the Fund to be held on April 25, 2002 or any adjournment thereof. </p> <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER HEREIN DIRECTED BY THE UNDERSIGNED
STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR PROPOSAL 1.</p> <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and dating the reverse side of this card, you authorize the proxies to vote Proposal 1 as marked, or if
not marked, to vote &quot;FOR&quot; Proposal 1, and to use their discretion to vote for any other matter as may properly come before the meeting or any adjournment thereof. If you do not intend to personally attend the meeting, please complete and
return this card at once in the enclosed envelope.</p> <p align="left">&nbsp;</p> <p align="right">(Continued and to be signed on the reverse side)</p> </div>
<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#CCEEFF" WIDTH="100%" ALIGN="CENTER">
  <p align="right">&nbsp;</p> <hr noshade align="right" width="100%" size="1"> <p>Please mark boxes [-] or [X] in blue or black ink.</p> <p> <br> 1. ELECTION OF DIRECTORS </p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="20%">&nbsp;</td>
<td>FOR all nominees listed below</td>
<td>WITHHOLD AUTHORITY</td> </tr>
<tr>
<td>&nbsp;</td>
<td>(except as marked to the </td>
<td>to vote for all nominees</td> </tr>
<tr>
<td>&nbsp;</td>
<td>contrary below) [ ]</td>
<td>listed below [ ]</td> </tr> </table> <p align="left"> <br> (INSTRUCTION: TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE, STRIKE A LINE THROUGH THE NOMINEE'S NAME IN THE LIST BELOW.) M. COLYER CRUM, TERRY K. GLENN, LAURIE SIMON
HODRICK, J. THOMAS TOUCHTON AND FRED G. WEISS </p> <p align="left">2. In the discretion of such proxies, upon such other business as may properly come before the meeting or any adjournment thereof.</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="50%">&nbsp;</td>
<td> <p>Please sign exactly as name appears hereon. When stock is held by joint tenants, both should sign. When signing as attorney or as executor, administrator, trustee or guardian, please give full title as such. If a corporation, please sign in
full corporate name by president or other authorized officer. If a partnership, please sign in partnership name by authorized person.<br>  </p> <p>Dated:_______________________, 2002 </p> <p>X________________________________<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature </p> <p>X________________________________<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature, if held jointly</p> </td> </tr> </table> <p align="left">SIGN,
DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED ENVELOPE. </p> <p align="left"> </p> </BODY></HTML>

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