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<SEC-DOCUMENT>0000891092-03-000424.txt : 20030314
<SEC-HEADER>0000891092-03-000424.hdr.sgml : 20030314
<ACCEPTANCE-DATETIME>20030314172408
ACCESSION NUMBER:		0000891092-03-000424
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030428
FILED AS OF DATE:		20030314
EFFECTIVENESS DATE:		20030314

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07080
		FILM NUMBER:		03604785

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

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

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

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07156
		FILM NUMBER:		03604783

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

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

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

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

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-09479
		FILM NUMBER:		03604784

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

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

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

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

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:		03604786

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

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

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

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07136
		FILM NUMBER:		03604787

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

	MAIL ADDRESS:	
		STREET 1:		PO BOX 9011
		STREET 2:		C/O MERRILL LYNCH ASSET MANAGEMENT
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543-9011
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>e14301_def14a.htm
<DESCRIPTION>NPS
<TEXT>
<html>
<head>
<title> DEF 14A </title>
</head>
<body>







<p><table width=600><tr>
    <td  align=center><font size=2><B>As filed with the Securities and Exchange
      Commission on March 14, 2003</B></font></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>SCHEDULE 14A<BR>(Rule 14a-101)<BR>
INFORMATION REQUIRED IN PROXY STATEMENT</B></font></td></tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2><B>SCHEDULE 14A INFORMATION<BR>
      Proxy Statement Pursuant to Section 14(a) of the Securities<BR>
      Exchange Act of 1934 (Amendment No. &nbsp;&nbsp;)</B></font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>Filed by the Registrant [X]<BR>
      Filed by a party other than the Registrant [&nbsp;&nbsp; ]</font></td>
  </tr></table>

<P>
<table width=600>
  <TR>
    <TD width=100% valign=top colspan="2"><font size=2>
Check </FONT><font size=2>the
appropriate box:</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600 cellpadding="0" cellspacing="0" border="0">
  <TR>
    <TD width=10% valign=top><font size=2>
</FONT></TD>
    <TD width=90% valign=bottom><font size=2>[ &nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;
Preliminary Proxy Statement</font></TD>
  </TR></TABLE><p></P>

<P>
<table width=600 cellpadding="0" cellspacing="0" border="0">
  <TR valign="bottom">
    <TD width=10%><font size=2>
</FONT></TD>
    <TD width=90%><font size=2>[ &nbsp;&nbsp;]
&nbsp;&nbsp;&nbsp;Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</font></TD>
  </TR></TABLE><p></P>

<P>
<table width=600 cellpadding="0" cellspacing="0" border="0">
  <TR>
    <TD width=10% valign=top><font size=2>
 </FONT></TD>
    <TD width=90% valign=bottom><font size=2>[X]&nbsp;&nbsp;&nbsp;&nbsp;Definitive
Proxy Statement</font></TD>
  </TR></TABLE><p></P>

<P>
<table width=600 cellpadding="0" cellspacing="0" border="0">
  <TR valign="bottom">
    <TD width=10%><font size=2>
 </FONT></TD>
    <TD width=90%><font size=2>[&nbsp;&nbsp;&nbsp;]
&nbsp;&nbsp;&nbsp;Definitive Additional Materials</font></TD>
  </TR></TABLE><p></P>

<P>
<table width=600 cellpadding="0" cellspacing="0" border="0">
  <TR valign="bottom">
    <TD width=10%><font size=2>
</FONT></TD>
    <TD width=90%><font size=2>[ &nbsp;&nbsp;]
&nbsp;&nbsp;&nbsp;Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12</font></TD>
  </TR></TABLE><p></P>

<p><table width=600><tr><td  align=center><font size=2><B>MUNIYIELD FLORIDA INSURED FUND<BR>
MUNIYIELD PENNSYLVANIA INSURED FUND<BR>MUNIYIELD NEW JERSEY INSURED FUND, INC.<BR>MUNIYIELD
MICHIGAN INSURED FUND, INC.<BR>
      THE S&amp;P 500<font size="1"><sup>&reg;</sup></font> PROTECTED EQUITY FUND, INC.</B></font></td>
  </tr></table>

<p><table width=600><tr><td  align=center>
      <hr size="1" noshade>
      <font size=2><B>(Name of Registrant as
Specified in Its Charter)</B></font></td>
  </tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2><B>Same as above</B></font>
      <hr size="1" noshade>
    </td></tr></table>

<table width=600><tr><td  align=center><font size=2><B>(Name of Person(s) Filing Proxy
Statement, if Other Than the Registrant)</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>Payment of filing fee (Check the appropriate
box):</font></td></tr></table>

<P>
<table width=600 cellpadding="0" cellspacing="0" border="0">
  <TR valign="bottom">
    <TD width=10%><font size=2>
</FONT></TD>
    <TD width=90%><font size=2>[X] &nbsp;&nbsp;&nbsp;No
fee required.</font></TD>
  </TR></TABLE><p></P>

<P>
<table width=600 cellpadding="0" cellspacing="0" border="0">
  <TR>
    <TD width=10% valign=top><font size=2>
</FONT></TD>
    <TD width=90% valign=top><font size=2>[ &nbsp;&nbsp;] &nbsp;&nbsp;&nbsp;Fee
      computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</font></TD>
  </TR></TABLE><p></P>

<table width=600 cellpadding="0" cellspacing="0" border="0">
  <tr valign="bottom">
    <td width=4%><font size="2">(1) </font></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="2">Title
of each class of securities to which transaction applies:</font></td>
  </tr>
</table>



<br>
<table width=600 cellpadding="0" cellspacing="0" border="0">
  <tr valign="bottom">
    <td width=4%>&nbsp;</td>
    <td width=2%>&nbsp;</td>
    <td width=94%>
      <hr size="1" noshade>
    </td>
  </tr>
</table>

<br>
<table width=600 cellpadding="0" cellspacing="0" border="0">
  <tr valign="bottom">
    <td width=4%><font size="2">(2) </font></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="2">Aggregate
number of securities to which transaction applies:</font></td>
  </tr>
</table>



<br>
<table width=600 cellpadding="0" cellspacing="0" border="0">
  <tr valign="bottom">
    <td width=4%>&nbsp;</td>
    <td width=2%>&nbsp;</td>
    <td width=94%>
      <hr size="1" noshade>
    </td>
  </tr>
</table>

<br>
<table width=600 cellpadding="0" cellspacing="0" border="0">
  <tr>
    <td width=4% valign=top><font size="2">(3) </font></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="2">Per
unit price or other underlying value of transaction computed pursuant to Exchange Act
Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it
was determined):</font></td>
  </tr>
</table>



<br>
<table width=600 cellpadding="0" cellspacing="0" border="0">
  <tr valign="bottom">
    <td width=4%>&nbsp;</td>
    <td width=2%>&nbsp;</td>
    <td width=94%>
      <hr size="1" noshade>
    </td>
  </tr>
</table>

<br>
<table width=600 cellpadding="0" cellspacing="0" border="0">
  <tr valign="bottom">
    <td width=4%><font size="2">(4) </font></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="2">Proposed
maximum aggregate value of transaction:</font></td>
  </tr>
</table>



<br>
<table width=600 cellpadding="0" cellspacing="0" border="0">
  <tr valign="bottom">
    <td width=4%>&nbsp;</td>
    <td width=2%>&nbsp;</td>
    <td width=94%>
      <hr size="1" noshade>
    </td>
  </tr>
</table>

<br>
<table width=600 cellpadding="0" cellspacing="0" border="0">
  <tr valign="bottom">
    <td width=4%><font size="2">(5) </font></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="2">Total
fee paid:</font></td>
  </tr>
</table>



<br>
<table width=600 cellpadding="0" cellspacing="0" border="0">
  <tr valign="bottom">
    <td width=4%>&nbsp;</td>
    <td width=2%>&nbsp;</td>
    <td width=94%>
      <hr size="1" noshade>
    </td>
  </tr>
</table>

<br>
<table width=600 cellpadding="0" cellspacing="0" border="0">
  <tr valign="bottom">
    <td width=4%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width=9% align="right">&nbsp;<font size=2>[&nbsp;&nbsp;]</font></td>
    <td width=2%>&nbsp;</td>
    <td width=85%> <font size=2>Fee paid previously with preliminary materials:</font></td>
  </tr>
</table>
<br>
<table width=600 cellpadding="0" cellspacing="0" border="0">
  <tr valign="bottom">
    <td width=4%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width=9% align="right" valign="top">&nbsp;<font size=2>[&nbsp;&nbsp;]</font></td>
    <td width=2%>&nbsp;</td>
    <td width=85%> <font size=2>Check box if any part of the fee is offset as
      provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which
      the offsetting fee was paid previously. Identify the previous filing by
      registration statement number, or the form or schedule and the date of its
      filing.</font></td>
  </tr>
</table>
<P>
<p></P>



<P>
<p></P>

<table width=600>
  <tr>
    <td width=4% valign=top><font size="2"> </font></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;Amount
previously paid:</font></td>
  </tr>
</table>



<br>
<table width=600 cellpadding="0" cellspacing="0" border="0">
  <tr valign="bottom">
    <td width=4%>&nbsp;</td>
    <td width=2%>&nbsp;</td>
    <td width=94%>
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=4% valign=top>&nbsp;</td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="2">(2) &nbsp;&nbsp;&nbsp;Form,
Schedule or Registration Statement No.:</font></td>
  </tr>
</table>



<br>
<table width=600 cellpadding="0" cellspacing="0" border="0">
  <tr valign="bottom">
    <td width=4%>&nbsp;</td>
    <td width=2%>&nbsp;</td>
    <td width=94%>
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=4% valign=top><font size="2"> </font></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;Filing
Party:</font></td>
  </tr>
</table>



<br>
<table width=600 cellpadding="0" cellspacing="0" border="0">
  <tr valign="bottom">
    <td width=4%>&nbsp;</td>
    <td width=2%>&nbsp;</td>
    <td width=94%>
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=4% valign=top><font size="2"> </font></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="2">(4)&nbsp;&nbsp;&nbsp;&nbsp;Date
Filed:</font></td>
  </tr>
</table>


<br>
<table width=600 cellpadding="0" cellspacing="0" border="0">
  <tr valign="bottom">
    <td width=4%>&nbsp;</td>
    <td width=2%>&nbsp;</td>
    <td width=94%>
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->


<p>
<p><table width=600><tr>
    <td  align=center><font size=3><B>MUNIYIELD FLORIDA INSURED FUND <br>
      MUNIYIELD PENNSYLVANIA INSURED FUND <br>
      MUNIYIELD NEW JERSEY INSURED FUND, INC. <br>
      MUNIYIELD MICHIGAN INSURED FUND, INC. <br>
      THE S&amp;P 500<sup>&reg;</sup> PROTECTED EQUITY FUND, INC. <br>
      P.O. Box 9011 <br>
      Princeton, New Jersey 08543-901 </B></font></td>
  </tr></table>

<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>


<table width=600><tr><td  align=center><font size=3><B>NOTICE OF 2003 ANNUAL MEETINGS
OF STOCKHOLDERS</B></font></td></tr></table>

<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>





<table width=600><tr><td  align=center><font size=3><B>TO BE HELD ON APRIL 28, 2003</B></font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td colspan="2"><font size=2>T<font size="1">O THE</font> S<font size="1">TOCKHOLDERS
      OF</font></font></td>
  </tr>
  <tr>
    <td width="32"><font size=2> </font></td>
    <td width="556"><font size=2>M<font size="1">UNIYIELD</font> F<font size="1">LORIDA</font>
      I<font size="1">NSURED</font> F<font size="1">UND </font><br>
      M<font size="1">UNIYIELD</font> P<font size="1">ENNSYLVANIA</font> I<font size="1">NSURED</font>
      F<font size="1">UND </font> <br>
      M<font size="1">UNIYIELD</font> N<font size="1">EW</font> J<font size="1">ERSEY</font>
      I<font size="1">NSURED</font> F<font size="1">UND </font>, I<font size="1">NC</font>.
      <br>
      M<font size="1">UNIYIELD</font> M<font size="1">ICHIGAN</font> I<font size="1">NSURED</font>
      F<font size="1">UND </font>, I<font size="1">NC</font>. <br>
      T<font size="1">HE</font> S&amp;P 500<sup>&reg;</sup> P<font size="1">ROTECTED</font>
      E<font size="1">QUITY</font> F<font size="1">UND </font>, I<font size="1">NC</font>.:</font></td>
  </tr>
</table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICE IS HEREBY
GIVEN that the 2003 Annual Meeting of  Stockholders (each a &#147;Meeting&#148; and,
collectively the &#147;Meetings&#148;) of  each of the above listed investment companies
(each, a &#147;Fund&#148; and,  collectively, the &#147;Funds&#148;) will be held at the
offices of Merrill  Lynch Investment Managers, L.P.,  800 Scudders Mill Road, Plainsboro,
New Jersey 08536, on Monday, April  28, 2003 at the time specified for each Fund in
Exhibit A of the  Combined Proxy Statement for the following purposes:</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>(1)  To elect
a Board of Directors/Trustees to serve for the  ensuing year and until their successors
are elected and  qualified or until their earliest resignation or removal;</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>(2)  To
transact such other business as may properly come before  the Meetings or any adjournment
thereof.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of
Directors/Trustees has fixed the close of business  on February 28, 2003 as the record
date for the determination of  stockholders entitled to notice of and to vote at the
applicable  Meeting or any adjournment thereof.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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



<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You are cordially
invited to attend any Meeting at which you may vote shares. <B>Stockholders who do not
expect to attend any such meeting in person are requested to complete, date and sign the
enclosed form of proxy and return it promptly in the envelope provided for this
purpose. If you have been provided with the opportunity on your proxy card or voting
instruction form to provide voting instructions via telephone or the internet, please
take advantage of these prompt and efficient voting options.</B> The enclosed proxy is being
solicited on behalf of the Board of Directors/Trustees of each Fund.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you have any
questions regarding the enclosed proxy material  or need assistance in voting your
shares, please contact our proxy  solicitor, Georgeson Shareholder at (800) 645-4519.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=293>&nbsp;</td>
    <td width=295><font size=2>By Order of the Board of Directors/Trustees,</font></td>
  </tr>
  <tr>
    <td width=293>&nbsp;</td>
    <td width=295>&nbsp;</td>
  </tr>
  <tr>
    <td width=293>&nbsp;</td>
    <td width=295><font size=2>BRIAN D. STEWART <br>
      <i>Secretary of MuniYield Florida Insured Fund, MuniYield Pennsylvania Insured
      Fund, MuniYield New Jersey Insured Fund, Inc. and MuniYield Michigan Insured
      Fund, Inc. </i></font></td>
  </tr>
  <tr>
    <td width=293>&nbsp;</td>
    <td width=295>&nbsp;</td>
  </tr>
  <tr>
    <td width=293>&nbsp;</td>
    <td width=295><font size=2>PHILLIP S. GILLESPIE <br>
      Secretary of The S&amp;P 500<sup>&reg;</sup> Protected Equity Fund, Inc. </font></td>
  </tr>
</table>
<p></P>

<p>
<p></P>

<p>
<p></P>

<p>
<p></P>

<p>
<p></P>



<p><table width=600><tr><td><font size=2>Plainsboro, New Jersey  <BR>Dated: March 14, 2003</font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;


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



<p><table width=600><tr><td  align=center><font size=3><B>COMBINED PROXY STATEMENT</B></font></td></tr></table>

<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>

<table width=600><tr>
    <td  align=center><font size=3><B>MUNIYIELD FLORIDA INSURED FUND <br>
      MUNIYIELD PENNSYLVANIA INSURED FUND <br>
      MUNIYIELD NEW JERSEY INSURED FUND, INC. <br>
      MUNIYIELD MICHIGAN INSURED FUND, INC. <br>
      THE S&amp;P 500<sup>&reg;</sup> PROTECTED EQUITY FUND, INC. <br>
      P.O. Box 9011 <br>
      Princeton, New Jersey 08543-9011</B></font></td>
  </tr></table>

<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>

<table width=600><tr><td  align=center><font size=3><B>2003 ANNUAL MEETINGS OF
STOCKHOLDERS</B></font></td></tr></table>

<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>

<table width=600><tr><td  align=center><font size=3><B>April 28, 2003</B></font></td></tr></table>

<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>



<table width=600><tr><td  align=center><font size=3><B>INTRODUCTION</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Proxy
Statement is furnished in connection with the  solicitation of proxies on behalf of the
Boards (which term as used  herein refers to the Board of Directors or Board of Trustees,
as  applicable) of each of MuniYield Florida Insured Fund (&#147;MY FL&#148;),  MuniYield
Pennsylvania Insured Fund (&#147;MY PA&#148;), MuniYield New Jersey  Insured Fund, Inc. (&#147;MY
NJ&#148;), MuniYield Michigan Insured Fund, Inc.  (&#147;MY MI&#148;) and The S&amp;P 500<sup>&reg;</sup> Protected
Equity Fund, Inc. (&#147;S&amp;P 500&#147;)  (each, a &#147;Fund&#148; and, collectively,
the &#147;Funds&#148;), to be voted at the  2003 Annual Meeting of Stockholders of each
Fund (each a &#147;Meeting and,  collectively, the &#147;Meetings&#148;), to be held at
the offices of Merrill  Lynch Investment Managers, L.P. (&#147;MLIM&#148;), 800 Scudders
Mill Road,  Plainsboro, New Jersey 08536, on Monday, April 28, 2003 at the time
specified for each Fund in Exhibit A hereto. The approximate mailing  date of this
Combined Proxy Statement is March 21, 2003.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MY NJ, MY MI and S&amp;P
500 are organized as Maryland corporations;  MY FL and MY PA, are organized as
Massachusetts business trusts. In  each jurisdiction, nomenclature varies. For ease and
clarity of  presentation, shares of common stock or common shares of beneficial  interest
of a Fund are referred to as &#147;Shares,&#148; shares of auction  market preferred
stock and auction market preferred shares are  referred to as &#147;AMPS,&#148; the
holders of the outstanding Shares and AMPS  are referred to as &#147;stockholders,&#148; and
the Directors or Trustees of  each Fund are referred to as &#147;Directors.&#148; The
investment adviser for  MY FL, MY PA, MY NJ, and MY MI is Fund Asset Management L.P. and
is  referred to as &#147;FAM,&#148; the investment adviser for S&amp;P 500 is MLIM and
collectively, FAM and MLIM may be referred to herein the &#147;Investment  Adviser&#148; and
together as the &#147;Investment Advisers.&#148; Please see Exhibit  A to this Combined
Proxy Statement for certain information relating to  each Fund.</font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;


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



<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All properly
executed proxies received prior to the Meetings  will be voted at the applicable Meeting
in accordance with the  instructions marked thereon or otherwise as provided therein.
Unless  instructions to the contrary are marked, proxies will be voted for the  election
of the nominees to serve for the ensuing year. Any proxy may  be revoked at any time
prior to the exercise thereof by giving written  notice to the Secretary of the
applicable Fund at that Fund&#146;s address  indicated above or by voting in person at
the Meeting.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of each Fund has
      fixed the close of business on February 28, 2003 as the record date (the
      &#147;Record Date&#148;) for the determination of stockholders entitled
      to notice of and to vote at the applicable Meeting and at any adjournment
      thereof. Stockholders on the Record Date will be entitled to one vote for
      each share held, with no shares having cumulative voting rights. As of the
      Record Date, each Fund had outstanding the number of Shares and AMPS indicated
      in Exhibit A. Persons who, to the knowledge of each Fund, beneficially own
      more than five percent of such Fund&#146;s outstanding Shares as of the
      Record Date are listed in Exhibit A under &#147;Stock Ownership of Certain
      Beneficial Owners.&#148;</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of each
Fund knows of no business other than the  election of Directors that will be presented
for consideration at the  applicable Meeting. If any other matter is properly presented
at a  Meeting, it is the intention of the persons named in the enclosed  forms of proxy
to vote in accordance with their best judgment.</font></td></tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2><b>ITEM 1. ELECTION OF DIRECTORS</b></font></td>
  </tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Meetings
for all the Funds, the Board of Directors 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 or until their earlier  resignation or removal. The nominees are Donald W.
Burton, M. Colyer Crum, Terry K. Glenn, Laurie Simon Hodrick and Fred  G. Weiss.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to
each Fund in this Combined Proxy Statement, it  is intended that all properly executed
proxies will be voted (unless  such authority has been withheld in the proxy or revoked
as described  herein) as set forth below:</font></td></tr></table>

<p><table width=600>
<tr><td width=60>&nbsp;</td>
<td width=540><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)
All properly executed proxies of the holders of AMPS,  voting separately as a class, will
be voted &#147;FOR&#148; the two (2)  persons designated in Exhibit B as Director
nominees to be  elected by holders of AMPs; and</font></td></tr></table>

<p><table width=600>
<tr><td width=60>&nbsp;</td>
<td width=540><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)
All properly executed Proxies of the holders of Shares  and AMPs voting together as a
single class will be voted &#147;FOR&#148; the six (6) persons designated in Exhibit B as
Director  nominees, to be elected by holders of Shares and AMPs.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">2 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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



<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The classes of
Stockholders solicited and entitled to vote on the proposal are outlined in the following
chart.</font></td></tr></table>



<p>
<table cellpadding=0 cellspacing=0 width="600">
  <tr valign="bottom">
    <td width=147> <font size="1"><b>Fund</b> </font>
      <hr noshade align="left" width="20%" size="1">
    </td>
    <td align="center" width=145> <font size="1"><b>Class of <br>
      Stockholders</b> </font>
      <hr noshade align="center" width="80%" size="1">
    </td>
    <td align="center" width=168> <font size="1"><b>Election of <br>
      AMPS Directors</b> </font>
      <hr noshade align="center" width="80%" size="1">
    </td>
    <td align="center" width=138> <font size="1"><b>Election of <br>
      Other Directors</b> </font>
      <hr noshade align="center" width="80%" size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=147> <font size="2">MY FL </font></td>
    <td align="center" width=145> <font size="2">Shares </font></td>
    <td align="center" width=168> <font size="2">No </font></td>
    <td align="center" width=138> <font size="2">Yes </font></td>
  </tr>
  <tr valign="bottom">
    <td width=147> <font size="2">MY FL </font></td>
    <td align="center" width=145> <font size="2">AMPS </font></td>
    <td align="center" width=168> <font size="2">Yes </font></td>
    <td align="center" width=138> <font size="2">Yes </font></td>
  </tr>
  <tr valign="bottom">
    <td width=147> <font size="2">MY PA </font></td>
    <td align="center" width=145> <font size="2">Shares </font></td>
    <td align="center" width=168> <font size="2">No </font></td>
    <td align="center" width=138> <font size="2">Yes </font></td>
  </tr>
  <tr valign="bottom">
    <td width=147> <font size="2">MY PA </font></td>
    <td align="center" width=145> <font size="2">AMPS </font></td>
    <td align="center" width=168> <font size="2">Yes </font></td>
    <td align="center" width=138> <font size="2">Yes </font></td>
  </tr>
  <tr valign="bottom">
    <td width=147> <font size="2">MY NJ </font></td>
    <td align="center" width=145> <font size="2">Shares </font></td>
    <td align="center" width=168> <font size="2">No </font></td>
    <td align="center" width=138> <font size="2">Yes </font></td>
  </tr>
  <tr valign="bottom">
    <td width=147> <font size="2">MY NJ </font></td>
    <td align="center" width=145> <font size="2">AMPS </font></td>
    <td align="center" width=168> <font size="2">Yes </font></td>
    <td align="center" width=138> <font size="2">Yes </font></td>
  </tr>
  <tr valign="bottom">
    <td width=147> <font size="2">MY MI </font></td>
    <td align="center" width=145> <font size="2">Shares </font></td>
    <td align="center" width=168> <font size="2">No </font></td>
    <td align="center" width=138> <font size="2">Yes </font></td>
  </tr>
  <tr valign="bottom">
    <td width=147> <font size="2">MY MI </font></td>
    <td align="center" width=145> <font size="2">AMPS </font></td>
    <td align="center" width=168> <font size="2">Yes </font></td>
    <td align="center" width=138> <font size="2">Yes </font></td>
  </tr>
  <tr valign="bottom">
    <td width=147> <font size="2">S&amp;P 500 </font></td>
    <td align="center" width=145> <font size="2">Shares </font></td>
    <td align="center" width=168> <font size="2">N/A </font></td>
    <td align="center" width=138> <font size="2">Yes </font></td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Boards of each
Fund know 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 may recommend.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
information concerning the nominees is set forth below.  Additional information
concerning the nominees is set forth in Exhibit  B to this Combined Proxy Statement.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Biographical
Information. </I>Certain biographical and other information relating to the Director
nominees who are not &#147;interested persons,&#148; as defined by the Investment
Company Act of 1940, as amended (the &#147;Investment Company Act&#148;) (&#147;non-interested
Directors&#148;), of each Fund is set forth below, including their ages, their principal
occupations for at least the last five years, the length of time served, the total
number of portfolios overseen in the complex of funds advised by MLIM and its affiliate,
FAM, (&#147;MLIM/FAM-advised funds&#148;) and other public directorships.</FONT></td></tr></table>



<p>
<table cellpadding=0 cellspacing=0 width="600">
  <tr valign="bottom" align="center">
    <td width=111> <b><font size="1">Name, Address&#134; and Age </font></b>
      <hr noshade width="95%" size="1">
    </td>
    <td width=61> <b><font size="1">Position(s) <br>
      Held with <br>
      the Fund </font></b>
      <hr noshade width="95%" size="1">
    </td>
    <td width=66> <b><font size="1">Term of <br>
      Office* and <br>
      Length of <br>
      Time Served </font></b>
      <hr noshade width="95%" size="1">
    </td>
    <td width=178> <b><font size="1">Principal Occupation(s) <br>
      During Past Five Years </font></b>
      <hr noshade width="95%" size="1">
    </td>
    <td width=10>&nbsp;</td>
    <td width=67> <b><font size="1">Number of <br>
      MLIM/FAM- <br>
      Advised <br>
      Funds and <br>
      Portfolios <br>
      Overseen </font></b>
      <hr noshade width="95%" size="1">
    </td>
    <td width=108> <b><font size="1">Public Directorships </font></b>
      <hr noshade width="95%" size="1">
    </td>
  </tr>
  <tr>
    <td valign=top width=111> <font size="1">Donald W. Burton (59) </font></td>
    <td valign=top width=61> <font size="1">Director </font></td>
    <td valign=top width=66> <font size="1">Director of <br>
      each Fund <br>
      since the <br>
      year listed <br>
      in Exhibit B </font></td>
    <td valign=top width=178> <font size="1">General Partner of The Burton Partnership,
      Limited Partnership (an investment partnership) since 1979; Managing General
      Partner of The South Atlantic Venture Funds since 1983; Member of the Investment
      Advisory Committee of the Florida State Board of Administration since 2001.
      </font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=67><font size="1">23 registered <br>
      investment <br>
      companies <br>
      consisting of <br>
      35 portfolios </font> </td>
    <td valign=top width=108> <font size="1">ITC DeltaCom, Inc. <br>
      (telecommunications); <br>
      ITC Holding Company, <br>
      Inc. <br>
      (telecommunications); <br>
      Knology, Inc. <br>
      (telecommunications); <br>
      Main Bancorp, N.A. <br>
      (bank holding company); <br>
      PriCare, Inc. (health care);
      Symbion, Inc. (health care) </font></td>
  </tr>
  <tr>
    <td valign=top width=111>&nbsp;</td>
    <td valign=top width=61>&nbsp;</td>
    <td valign=top width=66>&nbsp;</td>
    <td valign=top width=178>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=67>&nbsp;</td>
    <td valign=top width=108>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=111> <font size="1">M. Colyer Crum (70) </font></td>
    <td valign=top width=61> <font size="1">Director </font></td>
    <td valign=top width=66> <font size="1">Director of <br>
      each Fund <br>
      since the <br>
      year listed <br>
      in Exhibit B </font></td>
    <td valign=top width=178> <font size="1">Chairman and Director Phaeton International
      Ltd. since 1985; 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></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=67> <font size="1">23 registered <br>
      investment <br>
      companies <br>
      consisting of <br>
      35 portfolios </font></td>
    <td valign=top width=108> <font size="1">Cambridge <br>
      Bancorp </font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">3 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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




<p>
<table cellpadding=0 cellspacing=0 width="600">
  <tr valign="bottom" align="center">
    <td width=111> <b><font size="1">Name, Address&#134; and Age </font></b>
      <hr noshade width="95%" size="1">
    </td>
    <td width=61> <b><font size="1">Position(s) <br>
      Held with <br>
      the Fund </font></b>
      <hr noshade width="95%" size="1">
    </td>
    <td width=66> <b><font size="1">Term of <br>
      Office* and <br>
      Length of <br>
      Time Served </font></b>
      <hr noshade width="95%" size="1">
    </td>
    <td width=178> <b><font size="1">Principal Occupation(s) <br>
      During Past Five Years </font></b>
      <hr noshade width="95%" size="1">
    </td>
    <td width=10>&nbsp;</td>
    <td width=67> <b><font size="1">Number of <br>
      MLIM/FAM- <br>
      Advised <br>
      Funds and <br>
      Portfolios <br>
      Overseen </font></b>
      <hr noshade width="95%" size="1">
    </td>
    <td width=108> <b><font size="1">Public Directorships </font></b>
      <hr noshade width="95%" size="1">
    </td>
  </tr>
  <tr>
    <td valign=top width=111> <font size="1">Laurie Simon Hodrick (40) </font></td>
    <td valign=top width=61> <font size="1">Director </font></td>
    <td valign=top width=66> <font size="1">Director of <br>
      each Fund <br>
      since the <br>
      year listed <br>
      in Exhibit B </font></td>
    <td valign=top width=178> <font 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. </font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=67> <font size="1">23 registered <br>
      investment <br>
      companies <br>
      consisting of <br>
      35 portfolios </font></td>
    <td valign=top width=108> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign=top width=111>&nbsp;</td>
    <td valign=top width=61>&nbsp;</td>
    <td valign=top width=66>&nbsp;</td>
    <td valign=top width=178>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=67>&nbsp;</td>
    <td valign=top width=108>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=111> <font size="1">Fred G. Weiss (61) </font></td>
    <td valign=top width=61> <font size="1">Director </font></td>
    <td valign=top width=66> <font size="1">Director of <br>
      each Fund <br>
      since the <br>
      year listed <br>
      in Exhibit B </font></td>
    <td valign=top width=178> <font 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></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=67> <font size="1">23 registered <br>
      investment <br>
      companies <br>
      consisting of <br>
      35 portfolios </font></td>
    <td valign=top width=108> <font size="1">Watson <br>
      Pharmaceutical Inc. <br>
      (pharmaceutical <br>
      company) </font></td>
  </tr>
</table>
<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<table width=600><tr><td width=2% align=right valign=top><font size="1">&#134;</font></td>
    <td width=1%>&nbsp;</td>
    <td width=97%><font size="1"> The
address of each non-interested Director is P.O. Box 9095, Princeton, New Jersey
08543-9095.</font></td></tr></table>


<table width=600><tr><td width=2% align=right valign=top><font size="1">* </font></td>
    <td width=1%>&nbsp;</td>
    <td width=97%><font size="1"> Each
Director  serves until his or her  successor is elected and  qualified,  until  December
31 of the year in which he  turns 72, or until his death or resignation, or removal as
provided  in each Fund&#146;s by-laws or charter or by statute.</font></td></tr></table>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
4</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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




<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
biographical and other information relating to the Director  nominee who is an &#147;interested
person&#148; of each Fund as defined in  the Investment Company Act (the &#147;interested
Director&#148;) is set forth  below, including his age, principal occupations for at
least the  last five years, the length of time served, the total number of  portfolios
overseen in MLIM/FAM-advised funds and public  directorships held.</font></td></tr></table>


<p>
<table cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="center">
    <td width=111> <b><font size="1">Name, Address&#134; and Age </font></b>
      <hr noshade width="95%" size="1">
    </td>
    <td width=68> <b><font size="1">Position(s) Held with the Fund </font></b>
      <hr noshade width="95%" size="1">
    </td>
    <td width=78> <b><font size="1">Term of <br>
      Office and <br>
      Length of <br>
      Time Served*** </font></b>
      <hr noshade width="95%" size="1">
    </td>
    <td width=177> <b><font size="1">Principal Occupation(s) <br>
      During Past Five Years </font></b>
      <hr noshade width="95%" size="1">
    </td>
    <td width=10>&nbsp;</td>
    <td width=69> <b><font size="1">Number of <br>
      MLIM/FAM- <br>
      Advised Funds <br>
      and Portfolios <br>
      Overseen </font></b>
      <hr noshade width="95%" size="1">
    </td>
    <td width=85> <b><font size="1">Public Directorships </font></b>
      <hr noshade width="95%" size="1">
    </td>
  </tr>
  <tr>
    <td valign=top width=111> <font size="1">Terry K. Glenn* (62) </font></td>
    <td valign=top width=68> <font size="1">President** <br>
      and Director </font></td>
    <td valign=top width=78> <font size="1">President and <br>
      Director of <br>
      each Fund <br>
      since the year <br>
      listed in <br>
      Exhibit B </font></td>
    <td valign=top width=177> <font size="1">President and Chairman of the MLIM/FAM-advised
      funds since 1999; Chairman (Americas Region) of  MLIM from 2000 to 2002;
      Executive Vice President of MLIM and FAM (which terms as used herein include
      their corporate predecessors) from 1983 to 2002; President of FAM Distributors,
      Inc. (&#147;FAMD&#148; or the &#147;Distributor&#148;) from 1986 to 2002 and Director thereof
      from 1991 to 2002; Executive Vice President and Director of Princeton Services,
      Inc. (&#147;Princeton Services&#148;) from 1993 to 2002; President of Princeton Administrators,
      L.P. from 1988 to 2002; Director of Financial Data Services, Inc. from 1985
      to 2002. </font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=69> <font size="1">118 registered <br>
      investment <br>
      companies <br>
      consisting of <br>
      163 portfolios </font></td>
    <td valign=top width=85> <font size="1">None </font></td>
  </tr>
</table>
<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>


<table width=600><tr><td width=4% align=right valign=top><font size="1">&#134;</font></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="1"> P.O.
Box 9011, Princeton, New Jersey 08543-9011.</font></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">* </font></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="1"> Mr.
Glenn is an &#147;interested person,&#148; as defined in the Investment  Company Act of
the Funds based on his former positions with FAM,  MLIM, FAMD, Princeton Services and
Princeton Administrators, L.P.</font></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">** </font></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="1"> Elected
by and serves at the pleasure of the Board of Directors  of each of the Funds. Prior to
being elected President of each  Fund in 1999, Mr. Glenn served as Executive Vice
President of  each Fund.</font></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">*** </font></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="1"> As
Director, Mr. Glenn serves until his successor is elected and  qualified, until December
31 of the year in which he turns 72, or  until his death or resignation, or removal as
provided in each of  the Fund&#146;s by-laws or charter or by statute.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Audit Committee
Report.</I> The Board of Directors of each Fund has a standing Audit and Nominating
Committee (the &#147;Committee&#148;), which consists of the Directors who are
non-interested Directors of the Fund and who are &#147;independent&#148; as defined in
the listing standards of the New York Stock Exchange (&#147;NYSE&#148;) and, with
respect to S&amp;P 500, the Nasdaq National Market System (&#147;Nasdaq&#148;).
Currently, Messrs. Burton, Crum, and Weiss and Ms. Hodrick are members of the Committee
of each Fund. The principal responsibilities of the Committee are the appointment,
compensation and oversight of the Fund&#146;s independent accountants, including the
resolution of disagreements regarding financial reporting between Fund management and
such independent accountants.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund&#146;s
Board of Directors has adopted a written Audit  Committee Charter, which is attached as
Exhibit D to this Combined  Proxy Statement. Each Committee also has (a) received written
disclosures and the letter required by Independence Standards Board  Standard No. 1 from
Deloitte &amp; Touche LLP (&#147;D&amp;T&#148;),</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
5</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2>independent  accountants for MY FL, MY  PA, MY
NJ, and S&amp;P 500 or from Ernst &amp; Young  LLP (&#147;E&amp;Y&#148;),  the
independent accountants for MY MI, as applicable, and  has discussed with D&amp;T  and E&amp;Y,
as applicable, such firms&#146; independence with respect to each  applicable Fund, and
(b) discussed  with D&amp;T and E&amp;Y, as applicable, certain  matters required to be
discussed by Statements on Auditing Standards No. 61, as may be  modified or
supplemented. Each Committee has considered whether the  provision of  non-audit services
by the Fund&#146;s independent accountants  is compatible with  maintaining the
independence of those accountants.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Committee
also reviews and discusses the audit of each  Fund&#146;s financial statements with Fund
management and the independent  accountants. If any material concerns arise during the
course of the  audit and the preparation of the audited financial statements mailed  to
stockholders and included in the Fund&#146;s annual report, the  Committee would be
notified by Fund management or the independent  accountants. The Committees received no
such notifications for any of  the Funds. Following each Committee&#146;s review and
discussions regarding  the audit of the Fund&#146;s financial statements with Fund
management and  the independent accountants, the Committee recommended to the  Directors
that the Fund&#146;s audited financial statements be included in  that Fund&#146;s Annual
Report to stockholders.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the
above, each Committee also reviews and  nominates candidates to serve as non-interested
Directors. Each  Committee generally will not consider nominees recommended by
stockholders of the Fund. The non-interested Directors have retained  independent legal
counsel to assist them in connection with their  duties.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Committee and
Board Meetings.</I> The number of Committee and Board meetings held during each Fund&#146;s
last fiscal year is set forth in Exhibit A. During each Fund&#146;s last fiscal year,
each of the Directors then in office attended at least 75% of the aggregate of the total
number of meetings of the Board of that Fund 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></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compliance with
Section 16(a) of the Securities Exchange Act of 1934.</I> Section 16(a) of the Securities
Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), requires the officers
and Directors of each Fund and persons who own more than ten percent of a registered
class of a 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 NYSE for MY FL, MY PA, MY NJ and MYMI. Officers, Directors and greater than ten
percent stockholders are required by SEC regulations to furnish the Fund with copies of
all Forms 3, 4 and 5 they file.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based solely on
each Fund&#146;s review of the copies of such forms,  and amendments thereto, furnished
to it during or with respect to its  most recent fiscal year, and written representations
from certain  reporting persons that they were not required to file Form 5 with  respect
to the most recent fiscal year, each Fund believes that all of  its officers, Directors,
greater than ten percent beneficial owners  and other persons subject to Section 16 of
the Exchange Act due to 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)
Stephen Benham inadvertently made  a late Form 3 filing reporting his Initial Statement
of Beneficial  Ownership for MY FL, MY MI, MY NJ and MY PA, and (ii) FAM  inadvertently
made a late Form 4 filing reporting its statement of  changes in Beneficial Ownership for
MY FL, MY MI, MY NJ and MY PA.</font></td></tr></table>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
6</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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



<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interested
Persons.</I> 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 because of his
former positions held with MLIM and its affiliates and/or due to his ownership of
securities issued by Merrill Lynch &amp; Co., Inc. (&#147;ML &amp; Co.&#148;) Mr. Glenn
is the President of each Fund.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compensation of
Directors.</I> Each Fund&#146;s Investment Adviser, pays all compensation to all officers of
each such Fund and all Directors of each such Fund who are affiliated with ML &amp; Co.
or its subsidiaries. Each Fund currently pays each non-interested Director a combined
fee of $2,500 per year plus $250 per meeting attended, together with such Director&#146;s
actual out-of-pocket expenses relating to attendance at meetings. Each Fund also pays
each member of its Committee, which consists of all of the non-interested Directors of
such Fund, a fee of $2,500 per year plus $250 per Committee meeting attended. The
Chairman of each Fund&#146;s Committee receives an additional fee of $500 per year.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
relating to the aggregate fees and expenses paid by  each Fund to its non-interested
Directors during each Fund&#146;s most  recently completed fiscal year is set forth in
Exhibit A to this  Combined Proxy Statement.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Officers of Each
Fund.</I> Information relating to the officers of each Fund is set forth in Exhibit C to
this Combined Proxy Statement. Officers of the Funds are elected and appointed by the
Board and hold office until they resign, are removed or are otherwise disqualified to
serve.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Stock Ownership.</I>
Set forth in Exhibit B to this Combined Proxy Statement is the following information for
each Director nominee: (i) the number of Shares and AMPs of each Fund owned; (ii) the
aggregate dollar range such stock ownership represents; and (iii) the aggregate dollar
range of securities owned in all MLIM/FAM-advised funds.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the Record
Date, other than Mr. Glenn, no Director nominee  or his or her immediate family members,
owned beneficially or of  record any securities of ML &amp; Co. As of the Record Date,
the Directors  and officers of each Fund as a group owned an aggregate of less than  1%
of the shares of each Fund outstanding at such date. At such date,  Mr. Glenn, President
and Director of each Fund, and the other officers  of each Fund owned an aggregate of
less than 1% of the outstanding  shares of common stock of ML &amp; Co.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T<B>he Board of
Directors of each Fund recommends that the stockholders of that Fund vote OFORO the
election of the nominees for Director.</B></FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the knowledge
of each Fund, as of the Record Date, no person  is the beneficial owner of more than five
percent of the outstanding  Shares or five percent of the outstanding AMPS of any Fund
other than  S&amp;P 500. The table set forth in Exhibit A lists the beneficial  ownership
of the Shares of S&amp;P 500 for each person known to be the  beneficial owner of more
than five percent of the Shares of the Fund.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
7</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<!-- MARKER PAGE="sheet: 10; page: 10" -->



<p><table width=600><tr>
    <td  align=center><font size=2><b>ADDITIONAL INFORMATION</b></font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2><B>Expenses and Methods of Proxy Solicitation;
Quorum; Voting Rights and Required Vote</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The expenses of
preparation, printing and mailing of the  enclosed forms of proxy, the accompanying
Notice and this Combined  Proxy Statement will be borne by each Fund in proportion to its
relative net assets. Each Fund will reimburse banks, brokers and  others for their
reasonable expenses in forwarding proxy solicitation  material to the beneficial owners
of the Shares and AMPS of the Funds.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For S&amp;P 500,
one-third of the Fund&#146;s Shares entitled to vote at  the Meeting, present in person
or by proxy, constitutes a quorum. For  each of MY FL, MY PA, MY NJ and MY MI, a majority
of the Fund&#146;s Shares  and AMPS entitled to vote at the Meeting, present in person or
by  proxy, constitutes a quorum. The quorum requirements must be met for  each Fund&#146;s
Shares and AMPS, and considered separately.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to obtain
the necessary quorum and vote at each  Meeting, supplementary solicitation may be made by
mail, telephone,  telegraph or personal interview by officers of each Fund. If, by the
time scheduled for a Meeting, a quorum of stockholders is not present  or if a quorum is
present but sufficient votes to allow action on the  proposal are not received from the
stockholders, the persons named as  proxies may propose one or more adjournments of the
Meeting to permit  further solicitation of proxies from stockholders. Any such
adjournment will require the affirmative vote of a majority of the  Shares and AMPS of
each of MY FL, MY MI, MY NJ and MY PA, or with  respect to S&amp;P 500, a majority of the
Shares, present in person or by  proxy and entitled to vote at the time of the Meeting to
be adjourned.  The persons named as proxies will vote in favor of any such  adjournment
if they believe that adjournment and additional proxy  solicitation are reasonable and in
the best interests of the Fund&#146;s  stockholders. Each Fund has retained Georgeson
Shareholder, 17 State  Street, New York, New York 10004, to assist in the solicitation of
proxies at a cost of approximately $3,500 for each Fund plus  out-of-pocket expenses,
which are estimated to be approximately $500  for each Fund.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Voting Requirement</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Shares and
AMPS represented by properly executed proxies,  unless such proxies have previously been
revoked, will be voted at  each Meeting in accordance with the directions on the proxies;
if no  direction is indicated, the Shares and AMPS will be voted &#147;FOR&#148; the
Director nominees.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to
Item 1, &#147;Election of Directors,&#148; A. For holders  of AMPS, voting separately as
a class, are entitled to elect the two  Directors designated herein for such Fund and
holders of Shares and  AMPS, voting together as a single class, are entitled to elect the
remaining Directors for such Fund; B. holders of Shares of S&amp;P 500,  voting together
as a single class, are entitled to elect all of the  Directors of S&amp;P 500 designated
herein. Assuming a quorum is present,  approval of Item 1 will require the affirmative
vote of stockholders  holding at least the percentage of shares indicated below. &#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 the votes cast.</font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
8</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;


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




<p>
<table cellspacing=0 cellpadding=0 width="600">
  <tr>
    <td valign=top width=172> <font size="1"><b>Fund</b></font></td>
    <td valign=top width=210> <font size="1"><b>Election of AMPS Directors</b></font></td>
    <td valign=top width=216> <font size="1"><b>Election of Other Directors</b></font></td>
  </tr>
  <tr>
    <td valign=top width=598 colspan="3">
      <hr noshade width="100%" size="1">
    </td>
  </tr>
  <tr>
    <td valign=top width=172> <font size="2">MY FL</font></td>
    <td valign=top width=210> <font size="2">Affirmative vote of the holders of
      <br>
      a majority of the AMPS present in <br>
      person or by proxy at the Meeting , <br>
      voting as a separate class</font></td>
    <td valign=top width=216> <font size="2">Affirmative vote of the holders of
      <br>
      a majority of the Shares and AMPS <br>
      present in person or by proxy at the<br>
      Meeting, voting together as a single<br>
      class</font></td>
  </tr>
  <tr>
    <td valign=top width=598 colspan="3">
      <hr noshade width="100%" size="1">
    </td>
  </tr>
  <tr>
    <td valign=top width=172> <font size="2">MY PA</font></td>
    <td valign=top width=210> <font size="2">Affirmative vote of the holders of
      <br>
      a majority of the AMPS present in<br>
      person or by proxy at the Meeting, <br>
      voting as a separate class</font></td>
    <td valign=top width=216> <font size="2">Affirmative vote of the holders of
      <br>
      a majority of the Shares and AMPS<br>
      present in person or by proxy at the <br>
      Meeting, voting together as a single<br>
      class</font></td>
  </tr>
  <tr>
    <td valign=top width=598 colspan="3">
      <hr noshade width="100%" size="1">
    </td>
  </tr>
  <tr>
    <td valign=top width=172> <font size="2">MY NJ</font></td>
    <td valign=top width=210> <font size="2">Affirmative vote of a plurality of
      <br>
      the votes cast by the holders of <br>
      AMPS, voting as a separate class</font></td>
    <td valign=top width=216> <font size="2">Affirmative vote of a plurality of
      <br>
      the votes cast by the holders of <br>
      Shares and AMPS, voting together <br>
      as a single class</font></td>
  </tr>
  <tr>
    <td valign=top width=598 colspan="3">
      <hr noshade width="100%" size="1">
    </td>
  </tr>
  <tr>
    <td valign=top width=172> <font size="2">MY MI</font></td>
    <td valign=top width=210> <font size="2">Affirmative vote of a plurality of
      <br>
      the votes cast by the holders of <br>
      AMPS, voting as a separate class</font></td>
    <td valign=top width=216> <font size="2">Affirmative vote of a plurality of
      <br>
      the votes cast by the holders of <br>
      Shares and AMPS, voting together <br>
      as a single class</font></td>
  </tr>
  <tr>
    <td valign=top width=598 colspan="3">
      <hr noshade width="100%" size="1">
    </td>
  </tr>
  <tr>
    <td valign=top width=172> <font size="2">S&amp;P 500</font></td>
    <td valign=top width=210> <font size="2">N/A</font></td>
    <td valign=top width=216> <font size="2">Affirmative vote of the holders of
      <br>
      a plurality of the votes cast by the <br>
      Shares present in person or by proxy<br>
      at the Meeting and entitled to vote</font></td>
  </tr>
  <tr>
    <td valign=top width=598 colspan="3">
      <hr noshade width="100%" size="1">
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2><B>Broker Non-Votes and Abstentions</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broker-dealer
firms, including MLPF&amp;S, holding shares of a Fund  in &#147;street name&#148; for the
benefit of their customers and clients, will  request the instructions of such customers
and clients on how to vote  their shares on the Item before each Meeting. Each Fund
understands  that, under the rules of the NYSE and Nasdaq, such broker-dealer firms  may,
without instructions from their customers and clients, grant  authority to the proxies
designated to vote on the election of  Directors (Item 1) if no instructions have been
received prior to the  date specified in the broker-dealer firm&#146;s request for voting
instructions. Each Fund will include shares held of record by  broker-dealers as to which
such authority has been granted in its  tabulation of the total number of shares present
for purposes of  determining whether the necessary quorum of stockholders of each Fund
exists. Proxies that are returned to a Fund but that are marked  &#147;abstain&#148; or
on which a broker-dealer has declined to vote on any  proposal (&#147;broker non-votes&#148;)
will be counted as present for the  purposes of determining a quorum. MLPF&amp;S has
advised each Fund that if  it votes shares held in its name for which no instructions are
received, except as limited by agreement or applicable law, it will do  so in the same
proportion as the votes received from beneficial owners  of those Shares and AMPS 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. Therefore, with respect to MY
NJ,  MY MI and S&amp;P 500, abstentions and broker non-votes will not have an  effect on
the vote on Item 1; but will have the same effect as a vote  against Item 1 with respect
to MY FL and MY PA.</font></td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
9</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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



<p><table width=600><tr><td><font size=2><B>Other Matters</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management knows
of no other matters to be presented at the  Meetings. However, if other matters are
presented for a vote at the  meeting or any adjournments thereof, the proxy holders will
vote the  Shares and AMPS represented by properly executed proxies according to  their
judgment on those matters.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Independent Auditors&#146; Fees</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
table sets forth the aggregate fees paid to the  independent auditors for each Fund&#146;s
most recently completed fiscal  year for professional services rendered for: (i) the
audit of the  Fund&#146;s annual financial statements included in such Fund&#146;s report
to  stockholders; (ii) all other audit 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 its Investment Adviser that
provide services to  that Fund. For each Fund&#146;s most recently completed fiscal year,
the  independent auditors did not render any professional services for  financial
information systems design and implementation services to  the Fund, its Investment
Adviser and entities controlling, controlled  by or under common control with its
Investment Adviser that provide  services to that Fund. Each Fund&#146;s Committee has
determined that the  provision of other audit related services under clause (ii) and the
provision of non-audit services under clause (iii) are compatible with  maintaining the
independence of the independent auditors.  Representatives of D&amp;T and E&amp;Y, as
applicable, are expected to be  present at the Meetings and will have an opportunity to
make a  statement if they so desire and to respond to questions from  stockholders.</font></td></tr></table>



<br>
<table cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width=137> <font size="1"><b>Fund</b> </font>
      <hr noshade align="left" width="20%" size="1">
    </td>
    <td align="center" width=73> <font size="1"><b>Independent <br>
      Auditors</b> </font>
      <hr noshade align="center" width="80%" size="1">
    </td>
    <td align="center" width=87> <font size="1"><b>Audit Fees <br>
      Charged <br>
      to the Fund</b> </font>
      <hr noshade align="center" width="80%" size="1">
    </td>
    <td align="center" width=87> <font size="1"><b>Other Audit <br>
      Related Fees <br>
      Charged to <br>
      the Fund </b> </font>
      <hr noshade align="center" width="80%" size="1">
    </td>
    <td align="center" width=93> <font size="1"><b>Other <br>
      Fees&#134;</b> </font>
      <hr noshade align="center" width="80%" size="1">
    </td>
    <td align="center" width=121> <font size="1"><b>Fiscal <br>
      Year End</b> </font>
      <hr noshade align="center" width="80%" size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=137> <font size="2">MY FL </font></td>
    <td align="center" width=73> <font size="2">D&amp;T </font></td>
    <td align="center" width=87> <font size="2">$24,100 </font></td>
    <td align="center" width=87> <font size="2">$20,400&nbsp;&nbsp; </font></td>
    <td align="center" width=93> <font size="2">$5,375,400 </font></td>
    <td width=121 align="center"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;October
      31, 2002 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=137> <font size="2">MY PA </font></td>
    <td align="center" width=73> <font size="2">D&amp;T </font></td>
    <td align="center" width=87> <font size="2">$27,900 </font></td>
    <td align="center" width=87> <font size="2">$20,400&nbsp;&nbsp; </font></td>
    <td align="center" width=93> <font size="2">$5,375,400 </font></td>
    <td width=121 align="center"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;October
      31, 2002 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=137> <font size="2">MY NJ </font></td>
    <td align="center" width=73> <font size="2">D&amp;T </font></td>
    <td align="center" width=87> <font size="2">$24,100 </font></td>
    <td align="center" width=87> <font size="2">$20,400&nbsp;&nbsp; </font></td>
    <td align="center" width=93> <font size="2">$5,375,400 </font></td>
    <td width=121 align="center"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;October
      31, 2002 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=137> <font size="2">MY MI </font></td>
    <td align="center" width=73> <font size="2">E&amp;Y </font></td>
    <td align="center" width=87> <font size="2">$37,275 </font></td>
    <td align="center" width=87> <font size="2">$16,740* </font></td>
    <td align="center" width=93> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;
      </font></td>
    <td width=121 align="center"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;October
      31, 2002 </font></td>
  </tr>
  <tr valign="bottom">
    <td width=137> <font size="2">S&amp;P 500 </font></td>
    <td align="center" width=73> <font size="2">D&amp;T </font></td>
    <td align="center" width=87> <font size="2">$26,800 </font></td>
    <td align="center" width=87> <font size="2">$&nbsp;5,300&nbsp;&nbsp; </font></td>
    <td align="center" width=93> <font size="2">$5,375,400 </font></td>
    <td width=121 align="center"> <font size="2">September 30, 2002 </font></td>
  </tr>
</table>
<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<table width=600><tr><td width=2% align=right valign=top><font size="1">&#134;</font></td>
    <td width=1%>&nbsp;</td>
    <td width=97%><font size="1"> Includes
fees billed for non-audit services rendered to each Fund,  FAM, MLIM and any entity
controlling, controlled by, or under common  control with FAM or MLIM, during the year
ended December 31, 2002.</font></td></tr></table>

<table width=600><tr><td width=2% align=right valign=top><font size="1">* </font></td>
    <td width=1%>&nbsp;</td>
    <td width=97%><font size="1">Other
audit related fees charged to the Fund include $4,740 in tax  return review fees and
$12,000 in other audit related services.  Audit fees charged to other funds within the
complex were $523,405.  Tax return review fees and fees for other audit related services
for  those funds were $89,510 and $72,000, respectively.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Address of Investment Adviser</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal
office of MLIM and FAM is located at 800 Scudders  Mill Road, Plainsboro, New Jersey
08536.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Annual Report Delivery</B></font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Each Fund will
furnish, without charge, a copy of its Annual Report for the Fund&#146;s last fiscal
year to any stockholder upon request.</B> Such requests should be directed to the attention
of the applicable Fund, P.O. Box 9011, Princeton, New Jersey 08543-9011, Attention:
Fund Secretary, or to 1-800-637-3863.</FONT></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
10</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<!-- MARKER PAGE="sheet: 13; page: 13" -->



<p><table width=600><tr><td><font size=2><B>Stockholder Proposals</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a stockholder
intends to present a proposal at the 2004  Annual Meeting of Stockholders Fund&#146;s
which is anticipated to be held  in April 2004, and desires to have the proposal included
in such  Fund&#146;s proxy statement and form of proxy for that meeting, the  stockholder
must deliver the proposal to the offices of the Fund by  November 14, 2003. The persons
named as proxies in the proxy materials  for each Fund&#146;s 2004 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 5, 2004. Written proposals and  notices should be sent
to the Secretary of the applicable Fund  (addressed to P.O. Box 9011, Princeton, New
Jersey 08543-9011).</font></td></tr></table>

<p>
<table width=600 cellpadding="0" cellspacing="0" border="0">
  <tr>
    <td width=273>&nbsp;</td>
    <td width=327><font size=2>By Order of the Board of Directors,</font></td>
  </tr>
  <tr>
    <td width=273>&nbsp;</td>
    <td width=327>&nbsp;</td>
  </tr>
  <tr>
    <td width=273>&nbsp;</td>
    <td width=327><font size="2">BRIAN D. STEWART<br>
      <i>Secretary of MuniYield Florida Insured Fund, MuniYield Pennsylvania Insured
      Fund, MuniYield New Jersey Insured Fund, Inc. and MuniYield Michigan Insured
      Fund, Inc.</i></font></td>
  </tr>
  <tr>
    <td width=273>&nbsp;</td>
    <td width=327>&nbsp;</td>
  </tr>
  <tr>
    <td width=273>&nbsp;</td>
    <td width=327><font size="2">PHILLIP S. GILLESPIE<br>
      <i>Secretary of The S&amp;P 500<sup>&reg;</sup> Protected Equity Fund, Inc</i>. </font></td>
  </tr>
</table>
<p></P>

                                               <p><table width=600><tr><td><FONT SIZE="2">
Dated: March 14, 2003</FONT></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
11</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 1; page: 1" -->



<p><table width=600><tr><td align=right><font size=2><B>Exhibit A</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defined  terms
used herein and not  otherwise  defined shall have the same  meanings  attributed
thereto in the  Combined  Proxy  Statement  to which these  Exhibits are attached.</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>INFORMATION PERTAINING TO EACH
FUND</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>General Information Pertaining to the Funds</B></font></td></tr></table>

<p>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="266"><b><font size=2><b><font size="1">Fund </font></b> </font></b>
      <hr noshade size="1" width="10%" align="left">
    </td>
    <td align="center" width="79"> <font size=2> <b><font size="1">Defined </font><br>
      <font size=2><b><font size="1">Term </font></b> </font></b> </font>
      <hr noshade size="1" width="50%">
    </td>
    <td align="center" width="90"> <font size=2> <b><font size="1">Fiscal </font><br>
      <font size=2><b><font size="1">Year End </font></b> </font></b> </font>
      <hr noshade size="1" width="45%">
    </td>
    <td align="center" width="86"> <font size=2> <b><font size="1">State of </font><br>
      <font size=2><b><font size="1">Organization </font></b> </font></b> </font>
      <hr noshade size="1" width="70%">
    </td>
    <td align="center" width="77"> <font size=2> <b><font size="1">Meeting </font><br>
      <font size=2><b><font size="1">Time </font></b> </font></b> </font>
      <hr noshade size="1" width="50%">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="266"> <font size=2> MuniYield Florida Insured Fund </font></td>
    <td width="79" align="center"> <font size=2> MY FL </font></td>
    <td width="90" align="center"> <font size=2> October 31 </font></td>
    <td width="86" align="center"> <font size=2> MA </font></td>
    <td width="77" align="center"> <font size=2> 9:00 A.M. </font></td>
  </tr>
  <tr valign="bottom">
    <td width="266"> <font size=2> MuniYield Pennsylvania Insured Fund </font></td>
    <td width="79" align="center"> <font size=2> MY PA </font></td>
    <td width="90" align="center"> <font size=2> October 31 </font></td>
    <td width="86" align="center"> <font size=2> MA </font></td>
    <td width="77" align="center"> <font size=2> 9:30 A.M. </font></td>
  </tr>
  <tr valign="bottom">
    <td width="266"> <font size=2> MuniYield New Jersey Insured Fund, Inc. </font></td>
    <td width="79" align="center"> <font size=2> MY NJ </font></td>
    <td width="90" align="center"> <font size=2> October 31 </font></td>
    <td width="86" align="center"> <font size=2> MD </font></td>
    <td width="77" align="center"> <font size=2> 10:00 A.M. </font></td>
  </tr>
  <tr valign="bottom">
    <td width="266"> <font size=2> MuniYield Michigan Insured Fund, Inc. </font></td>
    <td width="79" align="center"> <font size=2> MY MI </font></td>
    <td width="90" align="center"> <font size=2> October 31 </font></td>
    <td width="86" align="center"> <font size=2> MD </font></td>
    <td width="77" align="center"> <font size=2> 10:30 A.M. </font></td>
  </tr>
  <tr valign="bottom">
    <td width="266"> <font size=2> The S&amp;P 500<font size="1"><sup>&reg;</sup>
      </font> Protected Equity Fund, Inc. </font></td>
    <td width="79" align="center"> <font size=2> S&amp;P 500 </font></td>
    <td width="90" align="center"> <font size=2> September 30 </font></td>
    <td width="86" align="center"> <font size=2> MD </font></td>
    <td width="77" align="center"> <font size=2> 11:00 A.M. </font></td>
  </tr>
</table>
<P>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr align="left">
    <td valign="TOP" width="384"><b></b></td>
    <td valign="TOP" colspan="4" align="center"> <font size=2> <b><font size="1">Shares
      Outstanding as </font></b> <b><font size="1">of the Record Date </font></b>
      </font>
      <hr noshade size="1">
    </td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="384"> <font size=2> <b><font size="1">Fund </font></b>
      </font>
      <hr noshade size="1" width="5%" align="left">
    </td>
    <td valign="TOP" align="center" colspan="2"> <font size=2> <b><font size="1">Shares
      </font></b> </font>
      <hr noshade size="1" width="90%">
    </td>
    <td valign="TOP" align="center" colspan="2"> <font size=2> <b><font size="1">AMPS
      </font></b> </font>
      <hr noshade size="1" width="90%">
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="384"> <font size=2> MY FL </font></td>
    <td valign="TOP" width="78" align="right"> <font size=2> 8,440,456 </font></td>
    <td valign="TOP" width="33" align="right">&nbsp;</td>
    <td valign="TOP" width="66" align="right"> <font size=2> 2,400 </font></td>
    <td valign="TOP" width="39" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="384"> <font size=2> MY PA </font></td>
    <td valign="TOP" width="78" align="right"> <font size=2> 11,454,697 </font></td>
    <td valign="TOP" width="33" align="right">&nbsp;</td>
    <td valign="TOP" width="66" align="right"> <font size=2> 3,520 </font></td>
    <td valign="TOP" width="39" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="384"> <font size=2> MY NJ </font></td>
    <td valign="TOP" width="78" align="right"> <font size=2> 8,725,777 </font></td>
    <td valign="TOP" width="33" align="right">&nbsp;</td>
    <td valign="TOP" width="66" align="right"> <font size=2> 2,240 </font></td>
    <td valign="TOP" width="39" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="384"> <font size=2> MY MI </font></td>
    <td valign="TOP" width="78" align="right"> <font size=2> 18,155,932 </font></td>
    <td valign="TOP" width="33" align="right">&nbsp;</td>
    <td valign="TOP" width="66" align="right"> <font size=2> 5,600 </font></td>
    <td valign="TOP" width="39" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="384"> <font size=2> S&amp;P 500 </font></td>
    <td valign="TOP" width="78" align="right"> <font size=2> 31,510,000 </font></td>
    <td valign="TOP" width="33" align="right">&nbsp;</td>
    <td valign="TOP" width="66" align="right"> <font size=2> N/A </font></td>
    <td valign="TOP" width="39" align="right">&nbsp;</td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2><B>Board and Committee Meetings</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth in the
table below is information  regarding Board and Committee  meetings held,  current annual
and per meeting fees paid to each  non-interested  Director  and  the  aggregate  fees
and  expenses  paid  by  each  Fund  to the  non-interested Directors during each Fund&#146;s
most recently completed fiscal year.</font></td></tr></table>

<p>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="75">&nbsp;</td>
    <td width="222" align="center" colspan="3"><b><font size="1">Board </font></b>
      <hr noshade size="1" width="95%">
    </td>
    <td width="303" align="center" colspan="4"><b><font size="1">Committee</font></b>
      <hr noshade size="1" width="95%">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="75"> <b><font size="1">Fund </font></b>
      <hr noshade size="1" width="30%" align="left">
    </td>
    <td width="77" align="center"><b><font size="1"> No. of <br>
      Meetings <br>
      Held* </font></b>
      <hr noshade size="1" width="70%">
      <b> </b></td>
    <td width="76" align="center"><b><font size="1"> <br>
      Annual <br>
      Fee ($) </font></b>
      <hr noshade size="1" width="70%">
      <b> </b></td>
    <td width="69" align="center"><b><font size="1">Per <br>
      Meeting <br>
      Fee ($)** </font></b>
      <hr noshade size="1" width="70%">
      <b> </b></td>
    <td width="72" align="center"><b><font size="1">No. of <br>
      Meetings <br>
      Held*(1) </font></b>
      <hr noshade size="1" width="70%">
      <b> </b></td>
    <td width="76" align="center"><b><font size="1">Annual <br>
      Fee ($)*** </font></b>
      <hr noshade size="1" width="70%">
      <b><font size="1"> </font> </b></td>
    <td width="70" align="center"> <b><font size="1">Per <br>
      Meeting <br>
      Fee ($)** </font></b>
      <hr noshade size="1" width="70%">
    </td>
    <td width="85" align="center"><b><font size="1">Aggregate <br>
      Fees and <br>
      Expenses ($) </font></b>
      <hr noshade size="1" width="70%">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="75"> <font size=2>MY FL </font></td>
    <td width="77" align="center"> <font size=2>13 </font></td>
    <td width="76" align="center"> <font size=2>2,500 </font></td>
    <td width="69" align="center"> <font size=2>250 </font></td>
    <td width="72" align="center"> <font size=2>6 </font></td>
    <td width="76" align="center"> <font size=2>500 </font></td>
    <td width="70" align="center"> <font size=2>250 </font></td>
    <td width="85" align="center"> <font size=2>30,501 </font></td>
  </tr>
  <tr valign="bottom">
    <td width="75"> <font size=2>MY PA </font></td>
    <td width="77" align="center"> <font size=2>12 </font></td>
    <td width="76" align="center"> <font size=2>2,500 </font></td>
    <td width="69" align="center"> <font size=2>250 </font></td>
    <td width="72" align="center"> <font size=2>6 </font></td>
    <td width="76" align="center"> <font size=2>500 </font></td>
    <td width="70" align="center"> <font size=2>250 </font></td>
    <td width="85" align="center"> <font size=2>30,837 </font></td>
  </tr>
  <tr valign="bottom">
    <td width="75"> <font size=2>MY NJ </font></td>
    <td width="77" align="center"> <font size=2>12 </font></td>
    <td width="76" align="center"> <font size=2>2,500 </font></td>
    <td width="69" align="center"> <font size=2>250 </font></td>
    <td width="72" align="center"> <font size=2>6 </font></td>
    <td width="76" align="center"> <font size=2>500 </font></td>
    <td width="70" align="center"> <font size=2>250 </font></td>
    <td width="85" align="center"> <font size=2>30,324 </font></td>
  </tr>
  <tr valign="bottom">
    <td width="75"> <font size=2>MY MI </font></td>
    <td width="77" align="center"> <font size=2>12 </font></td>
    <td width="76" align="center"> <font size=2>2,500 </font></td>
    <td width="69" align="center"> <font size=2>250 </font></td>
    <td width="72" align="center"> <font size=2>6 </font></td>
    <td width="76" align="center"> <font size=2>500 </font></td>
    <td width="70" align="center"> <font size=2>250 </font></td>
    <td width="85" align="center"> <font size=2>30,751 </font></td>
  </tr>
  <tr valign="bottom">
    <td width="75"> <font size=2>S&amp;P 500 </font></td>
    <td width="77" align="center"> <font size=2>8 </font></td>
    <td width="76" align="center"> <font size=2>2,500 </font></td>
    <td width="69" align="center"> <font size=2>500 </font></td>
    <td width="72" align="center"> <font size=2>6 </font></td>
    <td width="76" align="center"> <font size=2>1,000 </font></td>
    <td width="70" align="center"> <font size=2>500 </font></td>
    <td width="85" align="center"> <font size=2>46,081 </font></td>
  </tr>
</table>
<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">* </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1"> Includes
telephonic meetings.</font></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">** </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">The
fee is payable for each  meeting  attended in person.  A fee is not paid  for telephonic
meetings.</font></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">*** </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Does
not  include  the  additional  $3,000 fee paid to the  Chairman  of the  Committee.</font></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">(1) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">There
were two special  meetings  held on March 7, 2002 and April 26, 2002.  The Directors were
paid for the audit meeting only.</font></td></tr></table>

<p>&nbsp;</p>
<p>&nbsp;</p>
<font size="2"> </font>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> A-1</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 2; page: 2" -->
<br>
<table width=600>
  <tr align="center">
    <td><font size=2><b>STOCK OWNERSHIP OF CERTAIN BENEFICIAL OWNERS</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth
      the beneficial ownership of the shares of S&amp;P 500 for each person known
      to be the beneficial owner of more than five percent of the Shares of the
      Fund.</font></td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr>
    <td valign=top>
      <p><b><font size="2"><font size="1">&nbsp;</font></font></b></p>
    </td>
    <td valign=top>
      <p><b><font size="2"><font size="1">&nbsp;</font></font></b></p>
    </td>
    <td valign=bottom align="center" colspan="3"> <b><font size="2"><font size="1">Shares
      of S&amp;P 500 <br>
      Beneficially Owned as of <br>
      the Record Date (1) </font></font></b>
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td> <b><font size="1">Name and Address of Beneficial Owner</font></b>
      <hr noshade size="1" width="170" align="left">
    </td>
    <td>&nbsp; </td>
    <td align="center"> <b><font size="1">Number</font></b>
      <hr noshade size="1">
    </td>
    <td align="center">&nbsp; </td>
    <td align="center"> <b><font size="1">Percent of Total</font></b>
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Merrill Lynch Pierce, Fenner &amp; Smith Incorporated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four World Financial Center, 12<sup>th</sup>
        Floor&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York, New York</font></p>
    </td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="center">
      <p><font size="2">27,723,065</font></p>
    </td>
    <td align="center">
      <p>&nbsp;</p>
    </td>
    <td valign=bottom align="center">
      <p><font size="2">87.98%(2)</font></p>
    </td>
  </tr>
</table>
<table width=600>
  <tr>
    <td>
      <hr size=1 noshade align=left  width=75>
    </td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width=4% align=right valign=top><font size="1">(1) </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=94%><font size="2"><font size="1">Beneficial share ownership is
      determined pursuant to Rule 13d-3 under the Exchange Act. Accordingly, a
      beneficial owner of a security includes any person who, directly or indirectly,
      through any contract, arrangement, understanding, a relationship or otherwise
      has or shares the power to vote such security or the power to dispose of
      such security.</font></font></td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width=4% align=right valign=top><font size="1">(2) </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=94%><font size="2"><font size="1">Based on 31,510,000 Shares outstanding
      as of Record Date.</font></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch, Pierce, Fenner
      &amp; Smith Incorporated (&#147;MLPF&amp;S&#148;) acts as a market maker
      in connection with the quotation of S&amp;P 500 on the NASDAQ. From time
      to time in connection with its market making activities, MLPF&amp;S purchases
      and sells shares of S&amp;P 500.</font></td>
  </tr>
</table>
<p><font size="2"> </font> </p>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> A-2</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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



<p><table width=600><tr><td align=right><font size=2><B>Exhibit B</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>INFORMATION PERTAINING TO THE
DIRECTOR NOMINEES</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Year in Which Each Nominee of Each Fund
Became a Director</B></font></td></tr></table>

<p>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr>
    <td valign="TOP" width="235">&nbsp;</td>
    <td valign="bottom" align="center" width="68"> <b><font size="1">MY FL </font></b>
      <hr noshade size="1" width="70%">
    </td>
    <td valign="bottom" align="center" width="70"> <b><font size="1">MY PA </font></b>
      <hr noshade size="1" width="70%">
    </td>
    <td valign="bottom" align="center" width="70"> <b><font size="1">MY NJ </font></b>
      <hr noshade size="1" width="70%">
    </td>
    <td valign="bottom" align="center" width="70"> <b><font size="1">MY MI </font></b>
      <hr noshade size="1" width="70%">
    </td>
    <td valign="bottom" align="center" width="87"> <b><font size="1">S&amp;P 500
      </font></b>
      <hr noshade size="1" width="70%">
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="235"> <font size=2>Donald W. Burton </font></td>
    <td valign="bottom" align="center" width="68"> <font size=2>2002 </font></td>
    <td valign="bottom" align="center" width="70"> <font size=2>2002 </font></td>
    <td valign="bottom" align="center" width="70"> <font size=2>2002 </font></td>
    <td valign="bottom" align="center" width="70"> <font size=2>2002 </font></td>
    <td valign="bottom" align="center" width="87"> <font size=2>2002 </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="235"> <font size=2>M. Colyer Crum </font></td>
    <td valign="bottom" align="center" width="68"> <font size=2>1992 </font></td>
    <td valign="bottom" align="center" width="70"> <font size=2>1992 </font></td>
    <td valign="bottom" align="center" width="70"> <font size=2>1992 </font></td>
    <td valign="bottom" align="center" width="70"> <font size=2>1992 </font></td>
    <td valign="bottom" align="center" width="87"> <font size=2>1999 </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="235"> <font size=2>Terry K. Glenn </font></td>
    <td valign="bottom" align="center" width="68"> <font size=2>1999 </font></td>
    <td valign="bottom" align="center" width="70"> <font size=2>1999 </font></td>
    <td valign="bottom" align="center" width="70"> <font size=2>1999 </font></td>
    <td valign="bottom" align="center" width="70"> <font size=2>1999 </font></td>
    <td valign="bottom" align="center" width="87"> <font size=2>1999 </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="235"> <font size=2>Laurie S. Hodrick </font></td>
    <td valign="bottom" align="center" width="68"> <font size=2>1999 </font></td>
    <td valign="bottom" align="center" width="70"> <font size=2>1999 </font></td>
    <td valign="bottom" align="center" width="70"> <font size=2>1999 </font></td>
    <td valign="bottom" align="center" width="70"> <font size=2>1999 </font></td>
    <td valign="bottom" align="center" width="87"> <font size=2>1999 </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="235"> <font size=2>Fred G. Weiss </font></td>
    <td valign="bottom" align="center" width="68"> <font size=2>1998 </font></td>
    <td valign="bottom" align="center" width="70"> <font size=2>1998 </font></td>
    <td valign="bottom" align="center" width="70"> <font size=2>1998 </font></td>
    <td valign="bottom" align="center" width="70"> <font size=2>1998 </font></td>
    <td valign="bottom" align="center" width="87"> <font size=2>1999 </font></td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth in the
table below,  with respect to the applicable  Funds,  are  the names of the nominees to
be elected by holders of AMPS, voting separately as  a class,  and the names of the
nominees  to be elected by holders of shares and  AMPS, voting together as a single class.</font></td></tr></table>

<p>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="131"> <b><font size="1">Fund </font></b>
      <hr noshade size="1" width="20%" align="left">
    </td>
    <td colspan="2" align="center"><b><font size="1">AMPS <br>
      Nominee-Directors </font></b>
      <hr noshade size="1">
      <b> </b></td>
    <td align="center" width="13">&nbsp;</td>
    <td colspan="2" align="center"> <b><font size="1">Other Nominee-Directors
      </font></b>
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="131"> <font size=2>MY FL </font></td>
    <td width="128"> <font size=2>M. Colyer Crum </font></td>
    <td width="96"> <font size=2>Laurie S. Hodrick </font></td>
    <td width="13">&nbsp;</td>
    <td width="128"> <font size=2>Donald W. Burton </font></td>
    <td width="102"> <font size=2>Fred G. Weiss </font></td>
  </tr>
  <tr valign="bottom">
    <td width="131">&nbsp;</td>
    <td width="128">&nbsp;</td>
    <td width="96">&nbsp;</td>
    <td width="13">&nbsp;</td>
    <td width="128">&nbsp;</td>
    <td width="102"> <font size=2>Terry K. Glenn </font></td>
  </tr>
  <tr valign="bottom">
    <td width="131"> <font size=2>MY PA </font></td>
    <td width="128"> <font size=2>M. Colyer Crum </font></td>
    <td width="96"> <font size=2>Laurie S. Hodrick </font></td>
    <td width="13">&nbsp;</td>
    <td width="128"> <font size=2>Donald W. Burton </font></td>
    <td width="102"> <font size=2>Fred G. Weiss </font></td>
  </tr>
  <tr valign="bottom">
    <td width="131">&nbsp;</td>
    <td width="128">&nbsp;</td>
    <td width="96">&nbsp;</td>
    <td width="13">&nbsp;</td>
    <td width="128">&nbsp;</td>
    <td width="102"> <font size=2>Terry K. Glenn </font></td>
  </tr>
  <tr valign="bottom">
    <td width="131"> <font size=2>MY NJ </font></td>
    <td width="128"> <font size=2>M. Colyer Crum </font></td>
    <td width="96"> <font size=2>Laurie S. Hodrick </font></td>
    <td width="13">&nbsp;</td>
    <td width="128"> <font size=2>Donald W. Burton </font></td>
    <td width="102"> <font size=2>Fred G. Weiss </font></td>
  </tr>
  <tr valign="bottom">
    <td width="131">&nbsp;</td>
    <td width="128">&nbsp;</td>
    <td width="96">&nbsp;</td>
    <td width="13">&nbsp;</td>
    <td width="128">&nbsp;</td>
    <td width="102"> <font size=2>Terry K. Glenn </font></td>
  </tr>
  <tr valign="bottom">
    <td width="131"> <font size=2>MY MI </font></td>
    <td width="128"> <font size=2>M. Colyer Crum </font></td>
    <td width="96"> <font size=2>Laurie S. Hodrick </font></td>
    <td width="13">&nbsp;</td>
    <td width="128"> <font size=2>Donald W. Burton </font></td>
    <td width="102"> <font size=2>Fred G. Weiss </font></td>
  </tr>
  <tr valign="bottom">
    <td width="131">&nbsp;</td>
    <td width="128">&nbsp;</td>
    <td width="96">&nbsp;</td>
    <td width="13">&nbsp;</td>
    <td width="128">&nbsp;</td>
    <td width="102"> <font size=2>Terry K. Glenn </font></td>
  </tr>
  <tr valign="bottom">
    <td width="131"> <font size=2>S&amp;P 500 </font></td>
    <td colspan="3" align="center"> <font size=2>N/A &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width="128"> <font size=2>M. Colyer Crum </font></td>
    <td width="102"> <font size=2>Donald W. Burton </font></td>
  </tr>
  <tr valign="bottom">
    <td width="131">&nbsp;</td>
    <td width="128">&nbsp;</td>
    <td width="96">&nbsp;</td>
    <td width="13">&nbsp;</td>
    <td width="128"> <font size=2>Laurie S. Hodrick </font></td>
    <td width="102"> <font size=2>Terry K. Glenn </font></td>
  </tr>
  <tr valign="bottom">
    <td width="131">&nbsp;</td>
    <td width="128">&nbsp;</td>
    <td width="96">&nbsp;</td>
    <td width="13">&nbsp;</td>
    <td width="128">&nbsp;</td>
    <td width="102"> <font size=2>Fred G. Weiss </font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
B-1</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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



<p><table width=600><tr><td><font size=2><B>Ownership of Shares and AMPS</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
relating to the share ownership by the Director nominees as of  the Record Date is set
forth in the charts below.</font></td></tr></table>

<p>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="315"><b><font size="1">Name</font></b>
      <hr noshade size="1" width="10%" align="left">
    </td>
    <td width="102" align="center"><b><font size="1">Fund </font></b>
      <hr noshade size="1" width="50%">
    </td>
    <td width="89" align="center"> <b><font size="1">No. of <br>
      Shares </font></b>
      <hr noshade size="1" width="60%">
    </td>
    <td width="92" align="center"> <b><font size="1">No. of <br>
      AMPS </font></b>
      <hr noshade size="1" width="60%">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="315"> <font size=2><i>Non-Interested Directors: </i></font></td>
    <td width="102" align="center">&nbsp;</td>
    <td width="89" align="center">&nbsp;</td>
    <td width="92" align="center">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="315"> <font size=2>Donald W. Burton </font></td>
    <td width="102" align="center"> <font size=2>None </font></td>
    <td width="89" align="center"> <font size=2>N/A </font></td>
    <td width="92" align="center"> <font size=2>N/A </font></td>
  </tr>
  <tr valign="bottom">
    <td width="315"> <font size=2>M. Colyer Crum </font></td>
    <td width="102" align="center"> <font size=2>None </font></td>
    <td width="89" align="center"> <font size=2>N/A </font></td>
    <td width="92" align="center"> <font size=2>N/A </font></td>
  </tr>
  <tr valign="bottom">
    <td width="315"> <font size=2>Terry K. Glenn </font></td>
    <td width="102" align="center"> <font size=2>MY PA </font></td>
    <td width="89" align="center"> <font size=2>92,825 </font></td>
    <td width="92" align="center"> <font size=2>None </font></td>
  </tr>
  <tr valign="bottom">
    <td width="315"> <font size=2>Laurie S. Hodrick </font></td>
    <td width="102" align="center"> <font size=2>None </font></td>
    <td width="89" align="center"> <font size=2>N/A </font></td>
    <td width="92" align="center"> <font size=2>N/A </font></td>
  </tr>
  <tr valign="bottom">
    <td width="315"> <font size=2>Fred G. Weiss </font></td>
    <td width="102" align="center"> <font size=2>None </font></td>
    <td width="89" align="center"> <font size=2>N/A </font></td>
    <td width="92" align="center"> <font size=2>N/A </font></td>
  </tr>
</table>
<p>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="213">&nbsp;</td>
    <td colspan="5" align="center"> <b><font size="1">Aggregate Dollar Range of
      Equity Securities in Each Fund </font></b>
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="213">&nbsp;</td>
    <td align="center" width="54"> <b><font size="1">Burton </font></b>
      <hr noshade size="1" width="70%">
    </td>
    <td align="center" width="58"> <b><font size="1">Crum </font></b>
      <hr noshade size="1" width="70%">
    </td>
    <td align="center" width="92"> <b><font size="1">Glenn* </font></b>
      <hr noshade size="1" width="50%">
    </td>
    <td align="center" width="95"> <b><font size="1">Hodrick </font></b>
      <hr noshade size="1" width="50%">
    </td>
    <td align="center" width="88"> <b><font size="1">Weiss </font></b>
      <hr noshade size="1" width="50%">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="213"> <font size=2>MY FL </font></td>
    <td align="center" width="54"> <font size=2>None </font></td>
    <td align="center" width="58"> <font size=2>None </font></td>
    <td align="center" width="92"> <font size=2>None </font></td>
    <td align="center" width="95"> <font size=2>None </font></td>
    <td align="center" width="88"> <font size=2>None </font></td>
  </tr>
  <tr valign="bottom">
    <td width="213"> <font size=2>MY PA </font></td>
    <td align="center" width="54"> <font size=2>None </font></td>
    <td align="center" width="58"> <font size=2>None </font></td>
    <td align="center" width="92"> <font size=2>Over $100,000 </font></td>
    <td align="center" width="95"> <font size=2>None </font></td>
    <td align="center" width="88"> <font size=2>None </font></td>
  </tr>
  <tr valign="bottom">
    <td width="213"> <font size=2>MY NJ </font></td>
    <td align="center" width="54"> <font size=2>None </font></td>
    <td align="center" width="58"> <font size=2>None </font></td>
    <td align="center" width="92"> <font size=2>None </font></td>
    <td align="center" width="95"> <font size=2>None </font></td>
    <td align="center" width="88"> <font size=2>None </font></td>
  </tr>
  <tr valign="bottom">
    <td width="213"> <font size=2>MY MI </font></td>
    <td align="center" width="54"> <font size=2>None </font></td>
    <td align="center" width="58"> <font size=2>None </font></td>
    <td align="center" width="92"> <font size=2>None </font></td>
    <td align="center" width="95"> <font size=2>None </font></td>
    <td align="center" width="88"> <font size=2>None </font></td>
  </tr>
  <tr valign="bottom">
    <td width="213"> <font size=2>S&amp;P 500 </font></td>
    <td align="center" width="54"> <font size=2>None </font></td>
    <td align="center" width="58"> <font size=2>None </font></td>
    <td align="center" width="92"> <font size=2>None </font></td>
    <td align="center" width="95"> <font size=2>None </font></td>
    <td align="center" width="88"> <font size=2>None </font></td>
  </tr>
  <tr valign="bottom">
    <td width="213"> <font size=2>Aggregate Dollar Range of <br>
      Securities in All Registered <br>
      Funds Overseen of to be <br>
      Overseen by Nominee <br>
      in Merrill Lynch <br>
      Family of Funds </font></td>
    <td align="center" width="54"> <font size=2>None </font></td>
    <td align="center" width="58"> <font size=2>None </font></td>
    <td align="center" width="92"> <font size=2>Over $100,000 </font></td>
    <td align="center" width="95"> <font size=2>Over $100,000 </font></td>
    <td align="center" width="88"> <font size=2>Over $100,000 </font></td>
  </tr>
</table>
<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<table width=600><tr><td width=2% align=right valign=top><font size="1">* </font></td><td width=1%><font size="1"></font></td><td width=97%><font size="1">Mr.
Glenn is &#147;interested  person&#148; of each Fund, as defined in Section 2(a)(19)  of
the Investment Company Act.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
B-2</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2><B>Compensation of Non-Interested Directors</B></font></td></tr></table>

<p>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="179"><font size="1"><b>Name</b></font>
      <hr noshade size="1" width="15%" align="left">
    </td>
    <td width="104" align="center" valign="bottom"> <b><font size="1">Aggregate<br>
      Compensation <br>
      from each Fund </font></b>
      <hr noshade size="1" width="80%">
    </td>
    <td width="107" align="center" valign="bottom"><b><font size="1">Pension or
      <br>
      Retirement <br>
      Benefits <br>
      Accrued <br>
      as Part of <br>
      Fund Expense </font></b>
      <hr noshade size="1" width="70%">
      <b> </b></td>
    <td width="97" align="center" valign="bottom"><b><font size="1">Estimated
      <br>
      Annual <br>
      Benefits upon <br>
      Retirement </font></b>
      <hr noshade size="1" width="80%">
      <b> </b></td>
    <td width="111" align="center" valign="bottom"><b><font size="1">Aggregate
      <br>
      Compensation <br>
      from Fund <br>
      and Other <br>
      MLIM/FAM- <br>
      Advised Funds </font></b>
      <hr noshade size="1" width="80%">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="179"> <font size=2>Donald W. Burton** </font></td>
    <td width="104" align="center"> <font size=2>$16,250 </font></td>
    <td width="107" align="center"> <font size=2>None </font></td>
    <td width="97" align="center"> <font size=2>None </font></td>
    <td width="111" align="center"> <font size=2>$189,042 </font></td>
  </tr>
  <tr valign="bottom">
    <td width="179"> <font size=2>M. Colyer Crum* </font></td>
    <td width="104" align="center"> <font size=2>$33,500 </font></td>
    <td width="107" align="center"> <font size=2>None </font></td>
    <td width="97" align="center"> <font size=2>None </font></td>
    <td width="111" align="center"> <font size=2>$226,583 </font></td>
  </tr>
  <tr valign="bottom">
    <td width="179"> <font size=2>Laurie S. Hodrick </font></td>
    <td width="104" align="center"> <font size=2>$28,500 </font></td>
    <td width="107" align="center"> <font size=2>None </font></td>
    <td width="97" align="center"> <font size=2>None </font></td>
    <td width="111" align="center"> <font size=2>$208,917 </font></td>
  </tr>
  <tr valign="bottom">
    <td width="179"> <font size=2>Fred G. Weiss </font></td>
    <td width="104" align="center"> <font size=2>$28,500 </font></td>
    <td width="107" align="center"> <font size=2>None </font></td>
    <td width="97" align="center"> <font size=2>None </font></td>
    <td width="111" align="center"> <font size=2>$208,917 </font></td>
  </tr>
  <tr valign="bottom">
    <td width="179"> <font size=2>Stephen B. Swensrud*** </font></td>
    <td width="104" align="center"> <font size=2>$14,200 </font></td>
    <td width="107" align="center"> <font size=2>None </font></td>
    <td width="97" align="center"> <font size=2>None </font></td>
    <td width="111" align="center"> <font size=2>$309,564 </font></td>
  </tr>
  <tr valign="bottom">
    <td width="179"> <font size=2>J. Thomas Touchton**** </font></td>
    <td width="104" align="center"> <font size=2>$22,000 </font></td>
    <td width="107" align="center"> <font size=2>None </font></td>
    <td width="97" align="center"> <font size=2>None </font></td>
    <td width="111" align="center"> <font size=2>$139,375 </font></td>
  </tr>
</table>
<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">* </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Chairman
of each Fund&#146;s Committee.</font></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">** </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Mr.
Burton was  elected a Director  of the Fund and a Director  of certain  other
MLIM/FAM-advised Funds on April 1, 2002.</font></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">*** </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Mr.
Swensrud resigned from Cluster A, effective March 15, 2002.</font></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">**** </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Mr.
Touchton retired from Cluster A, effective January 1, 2003.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
B-3</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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



<p><table width=600><tr><td align=right><font size=2><B>Exhibit C</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>INFORMATION PERTAINING TO THE
OFFICERS</B></font></td></tr></table>

<p>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr align="center" valign="bottom">
    <td width="114"> <b><font size="1">Name, Address* and Age </font></b>
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
    <td width="126"> <b><font size="1">Position(s) Held with <br>
      applicable Fund <br>
      Term of Office** and <br>
      Length of Time Served </font></b>
      <hr noshade size="1" width="90%">
    </td>
    <td width="9">&nbsp;</td>
    <td width="254"> <b><font size="1">Principal Occupation(s) <br>
      During&nbsp;Past Five Years </font></b>
      <hr noshade size="1" width="50%">
    </td>
    <td width="10">&nbsp;</td>
    <td width="77"> <b><font size="1">Public <br>
      Directorships </font></b>
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="114"> <font size="1">Terry K. Glenn (62) </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="126"> <font size="1">President&#134; of each Fund since
      1999 </font></td>
    <td valign="TOP" width="9">&nbsp;</td>
    <td valign="TOP" width="254"> <font size="1">Chairman of the MLIM/FAM-advised
      funds since 1999; Chairman (Americas Region) of MLIM from 2000 to 2002;
      Executive Vice President of FAM and MLIM (which terms as used herein include
      their corporate predecessors) from 1983 to 2002; President of FAM Distributors,
      Inc. (&#147;FAMD&#148; or the &#147;Distributor&#148;) from 1986 to 2002
      and Director thereof from 1991 to 2002; Executive Vice President and Director
      of Princeton Services, Inc. (&#147;Princeton Services&#148;) from 1993 to
      2002; President of Princeton Administrators, L.P. from 1988 to 2002; Director
      of Financial Data Services, Inc. from 1985 to 2002. </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="77"> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="114">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="126">&nbsp;</td>
    <td valign="TOP" width="9">&nbsp;</td>
    <td valign="TOP" width="254">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="77">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="114"> <font size="1">Donald C. Burke (42) </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="126"> <font size="1">Treasurer of each Fund since
      1999 and Vice President of each Fund as follows: MY PA since 1992; MY FL
      since 1992; MY NJ since 1992; MY MI since 1992; S&amp;P 500 since 1999 </font></td>
    <td valign="TOP" width="9">&nbsp;</td>
    <td valign="TOP" width="254"> <font size="1">First Vice President of FAM and
      MLIM since 1997 and Treasurer thereof since 1999; Senior Vice President
      and Treasurer of Princeton Services since 1999; Vice President of FAMD since
      1999; Vice President of FAM and MLIM from 1990 to 1997; Director of Taxation
      of MLIM since 1990. </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="77"> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="114">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="126">&nbsp;</td>
    <td valign="TOP" width="9">&nbsp;</td>
    <td valign="TOP" width="254">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="77">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="114"> <font size="1">William R. Bock (67) </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="126"> <font size="1">Vice President and Portfolio
      Manager of MY PA since 1997 </font></td>
    <td valign="TOP" width="9">&nbsp;</td>
    <td valign="TOP" width="254"> <font size="1">Vice President of MLIM since
      1989 and a Portfolio Manager of MLIM since 1995. </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="77"> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="114">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="126">&nbsp;</td>
    <td valign="TOP" width="9">&nbsp;</td>
    <td valign="TOP" width="254">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="77">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="114"> <font size="1">Theodore R. Jaeckel Jr. (42)
      </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="126"> <font size="1">Vice President and Portfolio
      Manager of MY NJ since 1997 </font></td>
    <td valign="TOP" width="9">&nbsp;</td>
    <td valign="TOP" width="254"> <font size="1">Director (Municipal Tax-Exempt
      Fund Management) of MLIM since 1997 and Vice President thereof from 1991
      to 1997. </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="77"> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="114">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="126">&nbsp;</td>
    <td valign="TOP" width="9">&nbsp;</td>
    <td valign="TOP" width="254">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="77">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="114"> <font size="1">Robert D. Sneeden (50) </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="126"> <font size="1">Vice President and Portfolio
      Manager of MY FL since 2002 </font></td>
    <td valign="TOP" width="9">&nbsp;</td>
    <td valign="TOP" width="254"> <font size="1">Vice President of MLIM since
      1998; Assistant Vice President and Portfolio Manager from 1994 to 1998.
      </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="77"> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="114">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="126">&nbsp;</td>
    <td valign="TOP" width="9">&nbsp;</td>
    <td valign="TOP" width="254">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="77">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="114"> <font size="1">Fred K. Stuebe (49) </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="126"> <font size="1">Vice President and Portfolio
      Manager of MY MI since 1995 </font></td>
    <td valign="TOP" width="9">&nbsp;</td>
    <td valign="TOP" width="254"> <font size="1">Vice President of MLIM since
      1989. </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="77"> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="114">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="126">&nbsp;</td>
    <td valign="TOP" width="9">&nbsp;</td>
    <td valign="TOP" width="254">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="77">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="114"> <font size="1">Richard Vella (46) </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="126"> <font size="1">Vice President and Portfolio
      Manager of S&amp;P 500 since 2002 </font></td>
    <td valign="TOP" width="9">&nbsp;</td>
    <td valign="TOP" width="254"> <font size="1">Senior Portfolio Manager and
      head of Global Index and Enhanced Index Products for Merrill Lynch Quantitative
      Advisors since 1999; Managing Director and head of Global Index and Enhanced
      Index Business at Bankers Trust from 1984 to 1999. </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="77"> <font size="1">None </font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
C-1</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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

<p>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr align="center" valign="bottom">
    <td width="113"> <b><font size="1">Name, Address* and Age </font></b>
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
    <td width="126"> <b><font size="1">Position(s) Held with <br>
      applicable Fund <br>
      Term of Office** and <br>
      Length of Time Served </font></b>
      <hr noshade size="1" width="90%">
    </td>
    <td width="10">&nbsp;</td>
    <td width="253"> <b><font size="1">Principal Occupation(s) <br>
      During&nbsp;Past Five Years </font></b>
      <hr noshade size="1" width="50%">
    </td>
    <td width="10">&nbsp;</td>
    <td width="76"> <b><font size="1">Public <br>
      Directorships </font></b>
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="113"> <font size="1">Kenneth A. Jacob (52) </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="126"> <font size="1">Senior Vice President of MY FL,
      MY PA, MY NJ and MY MI since 2002 </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="253"> <font size="1">Managing Director of FAM and
      MLIM since 1997. </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="76"> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="113">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="126">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="253">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="76">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="113"> <font size="1">John M. Loffredo (39) </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="126"> <font size="1">Senior Vice President of MY FL,
      MY PA, MY NJ and MY MI since 2002 </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="253"> <font size="1">Managing Director of FAM and
      MLIM since 2000 and First Vice President of FAM and MLIM from 1997 to 2000.
      </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="76"> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="113">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="126">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="253">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="76">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="113"> <font size="1">Phillip S. Gillespie (39) </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="126"> <font size="1">Secretary of S&amp;P 500 since
      2003 </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="253"> <font size="1">First Vice President (Legal Advisory)
      of MLIM since 2001; Director of MLIM from 2000 to 2001; Vice President of
      MLIM from 1999 to 2000; Attorney associated with MLIM since 1998; Assistant
      General Counsel of Chancellor LGT Asset Management Inc. from 1997 to 1998;
      Senior Counsel and Attorney in the Division of Investment Management and
      the Office of General Counsel at the U.S. Securities and Exchange Commission
      from 1993 to 1997. </font></td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="76"> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign="TOP" width="113">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="126">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="253">&nbsp;</td>
    <td valign="TOP" width="10">&nbsp;</td>
    <td valign="TOP" width="76">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP" width="113"><font size="1">Brian D. Stewart (33)</font></td>
    <td valign="TOP" width="10"><font size="1"></font></td>
    <td valign="TOP" width="126"><font size="1">Secretary of MY FL, MY PA, MY
      NJ and MY MI since 2002 </font></td>
    <td valign="TOP" width="10"><font size="1"></font></td>
    <td valign="TOP" width="253"><font size="1">Vice President (Legal Advisory)
      of MLIM since 2002; Attorney with Reed Smith LLP from 2001 to 2002 and with
      Saul Ewing LLP from 1999 to 2001. </font></td>
    <td valign="TOP" width="10"><font size="1"></font></td>
    <td valign="TOP" width="76"><font size="1">None </font></td>
  </tr>
</table>
<table width=600>
  <tr>
    <td>
      <hr size=1 noshade align=left  width=75>
    </td>
  </tr>
</table>
<table width=600><tr><td width=4% align=right valign=top><font size="1">* </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">The
address  of  each  officer  is  P.O.  Box  9011,  Princeton,  New  Jersey  08543-9011. </font></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">** </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Elected
by and serves at the  pleasure of the Board of Directors  of each Fund.</font></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">&#134; </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Prior
to 1999 Mr. Glenn served as Executive Vice President of each Fund.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
C-2</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp;&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 7; page: 7" -->
<p><table width=600><tr><td align=right><font size=2><B>Exhibit D</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>CHARTER OF THE AUDIT COMMITTEE
<BR>OF THE BOARD OF DIRECTORS/TRUSTEES  <BR>FOR EXCHANGE LISTED FUNDS</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although  the
audit  committee of an  investment  company also serves as a  nominating  committee,  the
following  charter  pertains only to each audit and  nominating  committee&#146;s  duties  as
an  audit  committee.  The  Board  of  Directors/Trustees  of each  investment  company
listed on Appendix A hereto has  adopted the following audit committee charter:</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>I. Composition of the Audit Committee</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The  Audit
Committee  shall  be  composed  of  at  least  three  Directors/Trustees:</font></td></tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top align="right"><font size=2> (a) &nbsp;</font></td>
    <td width=90% valign=top><font size=2> each of whom shall not be an &#147;interested
      person&#148; of the Fund, as defined in Section 2(a)(19) of the Investment
      Company Act of 1940, as amended, or an &#147;affiliated person&#148; of
      the Fund, as described in Section 10A(m) of the Securities Exchange Act
      of 1934, as amended (the &#147;1934 Act&#148;);</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top align="right"><font size=2> (b) &nbsp;</font></td>
    <td width=90% valign=top><font size=2> each of whom shall not accept any consulting,
      advisory, or other compensatory fee from the Fund (other than fees for serving
      on the Board of Directors/Trustees or any committee thereof) or have any
      other relationship to the Fund that may interfere with the exercise of such
      person&#146;s independence from the Fund and Fund management;</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top align="right"><font size=2> (c) &nbsp;</font></td>
    <td width=90% valign=top><font size=2> each of whom shall otherwise satisfy
      the applicable independence requirements for any stock exchange or market
      quotation system on which Fund shares are listed or quoted;</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top align="right"><font size=2> (d) &nbsp;</font></td>
    <td width=90% valign=top><font size=2> 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></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top align="right"><font size=2> (e) &nbsp;</font></td>
    <td width=90% valign=top><font size=2>at least one of whom shall have accounting
      or related financial management expertise as the Board of Directors/Trustees
      interprets such qualification in its business judgment.</font></td>
  </tr>
</table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit
Committee  shall  determine  whether at least one member of the  Audit  Committee is an
&#147;audit  committee  financial  expert&#148; as defined in rules  promulgated by the
U.S. Securities and Exchange Commission (the &#147;SEC&#148;) under the  Sarbanes-Oxley
Act of 2002 and shall consider whether any member thereof serves  on the audit committee
of any other public companies.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>II. Purposes of the Audit Committee</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The  Audit
Committee,  in its  capacity  as a  committee  of the Board of  Directors/Trustees,  is
directly responsible for the appointment,  compensation,  and oversight of the Fund&#146;s
independent accountants, including the resolution of  disagreements  regarding  financial
reporting  between Fund management and such  independent  accountants.  The Audit
Committee  should report  regularly to the  Board of Directors/Trustees with respect to
the matters described in Section III  of this Audit  Committee  Charter.  The Fund&#146;s
independent  accountants  report  directly to the Audit Committee.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
D-1</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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



<p><table width=600><tr><td><font size=2><B>III. Responsibilities and Duties of the Audit
Committee</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The policies and
procedures of the Audit  Committee  shall remain flexible  to  facilitate  its ability to
react to  changing  conditions  and to  generally  discharge its functions. The following
listed responsibilities describe areas of  attention in broad terms.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To carry out its
purposes,  the Audit  Committee  shall have the following  responsibilities and duties:</font></td></tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top align="right"><font size=2> (a)&nbsp; </font></td>
    <td width=90% valign=top><font size=2> upon submission of an application form
      by the Fund&#146;s independent accountants to the Public Company Accounting Oversight
      Board, to request: (i) a copy of such application form; (ii) any material
      amendments to such application form; and (iii) the written findings of the
      Public Company Accounting Oversight Board in connection with that Board&#146;s
      inspection of the Fund&#146;s independent accountants;</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top align="right"><font size=2> (b)&nbsp; </font></td>
    <td width=90% valign=top><font size=2> to preapprove all auditing services
      to be provided to the Fund by the Fund&#146;s independent accountants*</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top align="right"><font size=2> (c)&nbsp; </font></td>
    <td width=90% valign=top><font size=2> to preapprove all non-auditing services,
      including tax services, to be provided to the Fund by the Fund&#146;s independent
      accountants in accordance with the 1934 Act; provided, however, that the
      preapproval requirement with respect to the provision of non-auditing services
      to the Fund by the Fund&#146;s independent accountants may be waived by the Audit
      Committee under the circumstances described in the 1934 Act**;</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top align="right"><font size=2> (d)&nbsp; </font></td>
    <td width=90% valign=top><font size=2> to ensure that the Fund&#146;s independent
      accountants submit on a periodic basis to the Audit Committee a formal written
      statement delineating all relationships between such independent accountants
      and the Fund, consistent with Independence Standards Board Standard No.
      1, to actively engage in a dialogue with the Fund&#146;s independent accountants
      with respect to any disclosed relationships or services that may affect
      the objectivity and independence of such independent accountants and, if
      deemed appropriate by the Audit Committee, to recommend that the Board of
      Directors/Trustees take appropriate action in response to the report of
      such independent accountants to satisfy itself of the independence of such
      independent accountants;</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top align="right"><font size=2> (e)&nbsp; </font></td>
    <td width=90% valign=top><font size=2> to receive and consider specific representations
      from the Fund&#146;s independent accountants with respect to the independence
      of such accountants, audit partner rotation, and conflicts of interest described
      in Section 10A(l) of the 1934 Act, and to consider whether the provision
      of any non-audit services to the Fund by the Fund&#146;s independent accountants
      as described in Section III(c) of this Audit Committee Charter is compatible
      with maintaining the independence of those accountants;</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top align="right"><font size=2> (f)&nbsp; </font></td>
    <td width=90% valign=top><font size=2> to review arrangements for annual and
      special audits and the scope of such audits with the Fund&#146;s independent
      accountants;</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top align="right"><font size=2> (g)&nbsp; </font></td>
    <td width=90% valign=top><font size=2> to review and discuss the Fund&#146;s audited
      financial statements with Fund management;</font></td>
  </tr>
</table>
<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">* </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">The
Audit  Committee  may delegate to one or more  designated  members of the  Audit
Committee the authority to grant such preapprovals;  provided, however,  that the Audit
Committee shall not delegate preapproval of the audit required  by the 1934  Act.  The
decisions  of any  member  or  members  of the  Audit  Committee to whom such authority
has been given shall be reported to the full  Audit Committee at each of its scheduled
meetings.</font></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">** </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">The
Audit  Committee  may delegate to one or more  designated  members of the  Audit
Committee the authority to grant such  preapprovals.  The decisions of  any member or
members of the Audit  Committee to whom such authority has been  given shall be reported
to the full Audit  Committee at each of its scheduled  meetings.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
D-2</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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


<P>
<table width=600>
  <tr>
    <td width=10% valign=top align="right"><font size=2> (h) &nbsp;</font></td>
    <td width=90% valign=top><font size=2> to discuss with the independent accountants
      those matters required by Statement of Accounting Standards Nos. 61 and
      90 relating to the Fund&#146;s financial statements, including, without limitation,
      any adjustment to such financial statements recommended by such independent
      accountants, or any other results of any audit;</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top align="right"><font size=2> (i) &nbsp;</font></td>
    <td width=90% valign=top><font size=2> to cause to be prepared and to review
      and submit any report, including any recommendation of the Audit Committee,
      required by SEC Rules to be included in the Fund&#146;s annual proxy statement;</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top align="right"><font size=2> (j) &nbsp;</font></td>
    <td width=90% valign=top><font size=2> to review legal and regulatory matters
      presented by counsel and the Fund&#146;s independent accountants that may have
      a material impact on the Fund&#146;s financial statements;</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top align="right"><font size=2> (k) &nbsp;</font></td>
    <td width=90% valign=top><font size=2> to establish and administer policies
      and procedures relating to: (i) the hiring of employees or former employees
      of the Fund&#146;s independent accountants; and (ii) the resolution of any disagreements
      between Fund management and the Fund&#146;s independent accountants regarding
      accounting and/or financial reporting policies and procedures;</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top align="right"><font size=2> (l) &nbsp;</font></td>
    <td width=90% valign=top><font size=2> to consider with the Fund&#146;s 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></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top align="right"><font size=2> (m) &nbsp;</font></td>
    <td width=90% valign=top><font size=2> to receive and consider reports from
      the Fund&#146;s independent accountants regarding: (i) all critical accounting
      policies and practices to be used; (ii) all alternative treatments of financial
      information within generally accepted accounting principles that have been
      discussed with Fund management, ramifications of the use of such alternative
      disclosures and treatments, and the treatment preferred by the independent
      accountants; and (iii) other material written communications between the
      independent accountants and Fund management, such as any management letter
      or schedule of unadjusted differences;</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top align="right"><font size=2> (n) &nbsp;</font></td>
    <td width=90% valign=top><font size=2> to receive reports from the principal
      executive officer and the principal financial officer, or persons performing
      similar functions, regarding: (i) all significant deficiencies in the design
      or operation of Fund internal controls that could adversely affect the Fund&#146;s
      ability to record, process, summarize, and report financial data and have
      identified for Fund&#146;s independent accountants any material weaknesses in
      internal controls; (ii) any fraud, whether or not material, that involves
      Fund management or other employees who have a significant role in the Fund&#146;s
      internal controls; and (iii) whether or not there were significant changes
      in the Fund&#146;s internal controls or in other factors that could significantly
      affect the Fund&#146;s internal controls subsequent to the date of their evaluation,
      including any corrective actions with regard to significant deficiencies
      and material weaknesses;</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top align="right"><font size=2> (o) &nbsp;</font></td>
    <td width=90% valign=top><font size=2> to establish procedures for: (i) the
      receipt, retention, and treatment of complaints received by the Fund regarding
      accounting, internal accounting controls, or auditing matters; and (ii)
      the confidential, anonymous submission of concerns regarding questionable
      accounting or auditing matters;</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top align="right"><font size=2> (p) &nbsp;</font></td>
    <td width=90% valign=top><font size=2> to discuss with Fund management and
      the Fund&#146;s independent auditors policies with respect to risk assessment
      and risk management and the quality and adequacy of the Fund&#146;s internal
      controls and processes that could materially affect the Fund&#146;s financial
      statements and financial reporting;</font></td>
  </tr>
</table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
D-3</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<!-- MARKER PAGE="sheet: 10; page: 10" -->



<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top align="right"><font size=2> (q) &nbsp;</font></td>
    <td width=90% valign=top><font size=2> 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;</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top align="right"><font size=2> (r) &nbsp;</font></td>
    <td width=90% valign=top><font size=2> to review and reassess the adequacy
      of this Charter on an annual basis and recommend any changes to the Board
      of Directors/Trustees; and</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top align="right"><font size=2> (s) &nbsp;</font></td>
    <td width=90% valign=top><font size=2> to perform such other functions consistent
      with this Audit Committee Charter, the Fund&#146;s Articles of Incorporation
      or Declaration of Trust, as applicable, the Fund&#146;s By-laws, and applicable
      law, as the Audit Committee or the Board of Directors/Trustees deems necessary
      or appropriate.</font></td>
  </tr>
</table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In fulfilling
their  responsibilities  under this Audit Committee Charter,  it is recognized that
members of the Audit Committee are not full-time employees  of the  Fund.  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.
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  organizations,
absent  actual  knowledge to the  contrary  (which  actual  knowledge  shall be promptly
reported to the Board of  Directors/Trustees).</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund  management
is responsible for  maintaining  appropriate  systems for  accounting.  The Fund&#146;s
independent accountants are responsible for conducting a  proper audit of the Fund&#146;s
financial  statements and are ultimately  accountable  to the Audit  Committee.  The
Audit  Committee  has the ultimate  authority  and  responsibility to select (subject,
if applicable,  to shareholder approval) and  evaluate the Fund&#146;s  independent
accountants,  to determine the compensation of  the Fund&#146;s independent accountants and,
where appropriate, to replace the Fund&#146;s  independent accountants.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>IV. Meetings</B></font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=600 align=left colspan="3"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
      Audit Committee shall meet regularly with the Fund&#146;s independent accountants
      (outside the presence of Fund management) and 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.&nbsp;</font></td>
  </tr>
</table>

<p><table width=600><tr><td><font size=2><B>V. Assistance from Fund Management; Authority
to Engage Advisers; Funding</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The  appropriate
officers of the Fund shall provide or arrange to provide  such  information,  data and
services as the Audit  Committee  may request.  The  Audit  Committee  shall  have the
power  and  authority  to take all  action it  believes necessary or appropriate to
discharge its  responsibilities,  including  the power and authority to retain
independent  counsel and other advisers.  The  Fund shall provide for appropriate
funding, as determined by the Audit Committee  as a committee of the Board of
Directors/Trustees,  for payment of compensation  to: (i) the Fund&#146;s independent
accountants and (ii) any advisers employed by the  Audit Committee under this Section V.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Dated: May 23,  2000</B></font></td></tr></table>

<table width=600><tr><td><font size=2><B>Revised: March  19, 2001</B></font></td></tr></table>

<table width=600><tr><td><font size=2><B>Further  Revised: November 5, 2002</B></font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
D-4</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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



<p><table width=600><tr><td  align=center><font size=2><B>APPENDIX A</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MuniYield Florida
Insured Fund</font></td></tr></table>

<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MuniYield Michigan
Insured Fund, Inc.</font></td></tr></table>

<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MuniYield New
Jersey Insured Fund, Inc.</font></td></tr></table>

<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MuniYield
Pennsylvania Insured Fund</font></td></tr></table>

<table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The S&amp;P 500<font size="1"><sup>&reg;</sup></font>
      Protected Equity Fund, Inc.</font></td>
  </tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->





<p><table width=600><tr><td align=right><font size=2><B>COMMON STOCK</B></font></td></tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2><B>THE S&amp;P 500<font size="1"><sup>&reg;</sup></font>
      PROTECTED EQUITY FUND, INC.<BR>
      P.O. Box 9011<BR>Princeton, New Jersey 08543-9011</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>PROXY</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>This proxy is solicited on
behalf of the Board of Directors</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints
      Terry K. Glenn, Donald C. Burke and Phillip S. Gillespie as proxies, each
      with the power to appoint his substitute, and hereby authorizes each of
      them to represent and to vote, as designated on the reverse hereof, all
      of the shares of common stock of The S&amp;P 500<sup><font size="1">&reg;</font></sup>
      Protected Equity Fund, Inc. (the &#147;Fund&#148;) held of record by the
      undersigned on February 28, 2003 at the annual meeting of stockholders of
      the Fund to be held on April 28, 2003 or any adjournment thereof.</font></td>
  </tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>This
proxy when properly executed, will be voted in the manner directed herein by the
undersigned stockholder. If no direction is made, this proxy will be voted &#147;FOR&#148; Proposal
1.</B></FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and
dating the reverse side of this card, you authorize the proxies to vote Proposal 1 as
marked, or if not marked, to vote &#147;FOR&#148; 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.</font></td></tr></table>

<p><table width=600><tr>
    <td align=right><font size="1">(Continued and to be signed on the reverse
      side)</font></td>
  </tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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



<p><table width=600><tr><td><font size=2>Please mark boxes |X| or |&#149;| in blue or black
ink.</font></td></tr></table>

<br>
<table cellpadding="0" cellspacing="0" border="0" width=600>
  <tr>
    <td align="left" valign="top"><font size="2"><b>1. ELECTION OF DIRECTORS</b></font></td>
    <td align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="top"><font size="2"><b>FOR</b> all nominees listed
      below<br>
      (except as marked to the contrary
<br>
      below) |_|
            </font></td>
    <td align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="top"><font size="2"><b>WITHHOLD AUTHORITY</b><b><br>
      </b>To vote for all nominees listed<br>
      below |_|</font></td>
  </tr>
</table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>(INSTRUCTION: To withhold authority to vote for
any individual nominee, strike a line through the nominee&#146;s name in the list below.)</I></B></FONT></td></tr></table>


<p><table width=600><tr>
    <td><font size=2>DONALD W. BURTON, M. COLYER CRUM, TERRY K. GLENN, LAURIE
      SIMON HODRICK and FRED G. WEISS.</font></td>
  </tr></table>

<br>
<table width=600 cellpadding="0" cellspacing="0" border="0">
  <tr>
    <td width=4% valign=top><font size="2">2. </font></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="2">In
the discretion of such proxies, upon such other business as properly may come before the
meeting or any adjournment thereof.</font></td>
  </tr>
</table>




<br>
<table cellpadding="0" cellspacing="0" border="0" width=600>
  <tr>
    <td width="296">&nbsp;</td>
    <td width="304"><font size="2">Please sign exactly as name appears
                                            herein. When shares are held by
                                            joint tenants, both should sign.
                                            When signing as attorney or as
                                            executor, administrator, trustee or
                                            guardian, please give full title as
                                            such. If a corporation, please sign
                                            in full corporate name by president
                                            or other authorized officer. If a
                                            Partnership, please sign in
                                            Partnership name by authorized
                                            person.</font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td height="18" width="296">&nbsp;</td>
    <td height="18" width="304"><font size="2"> </font>


         &nbsp;
      <font size="2"> </font>
      </td>
  </tr>

</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="296">&nbsp;</td>
    <td width="43" align="center"><font size="2">Dated:</font></td>
    <td width="216"> ___________________________</td>
    <td width="45"><font size="2">,</font>

      <font size="2">2003</font></td>
  </tr>


</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="296">&nbsp;</td>
    <td width="16" valign="top" align="right"><font size="2">X</font></td>
    <td width="288"> ___________________________________</td>
  </tr>

  <tr>
    <td width="296">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="288" align="center"><font size="2"><b>Signature</b></font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="296">&nbsp;</td>
    <td width="16" valign="top" align="right"><font size="2">X</font></td>
    <td width="288"> ___________________________________</td>
  </tr>

  <tr>
    <td width="296">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="288" align="center"><font size="2"><b>Signature, if held jointly</b></font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign="bottom">
    <td>
      <div align="center"><font size=2><b>SIGN, DATE AND RETURN THE PROXY CARD
        PROMPTLY <br>
        USING THE ENCLOSED ENVELOPE. </b></font></div>
    </td>
  </tr>
</table>
<p> <br>
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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




<p><table width=600><tr><td align=right><font size=2><B>COMMON SHARES</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>MUNIYIELD PENNSYLVANIA INSURED
FUND<BR>
      P.O. Box 9011<BR>
      Princeton, New Jersey 08543-9011</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>PROXY</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>This proxy is solicited on
behalf of the Board of Trustees</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned
hereby appoints Terry K. Glenn, Donald C. Burke and Brian D. Stewart as proxies, each
with the power to appoint his substitute, and hereby authorizes each of them to represent
and to vote, as designated on the reverse hereof, all the common shares of MuniYield
Pennsylvania Insured Fund (the &#147;Fund&#148;) held of record by the undersigned on
February 28, 2003 at the annual meeting of shareholders of the Fund to be held on April
28, 2003 or any adjournment thereof.</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>This
proxy when properly executed, will be voted in the manner directed herein by the
undersigned shareholder. If no direction is made, this proxy will be voted &#147;FOR&#148; Proposal
1.</B></FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and
dating the reverse side of this card, you authorize the proxies to vote Proposal 1 as
marked, or if not marked, to vote &#147;FOR&#148; 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.</font></td></tr></table>

<p><table width=600><tr>
    <td align=right><font size="1">(Continued and to be signed on the reverse
      side)</font></td>
  </tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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



<p><table width=600><tr>
    <td><font size=2>Please mark boxes |X| or |&#149;| in blue or black ink.</font></td>
  </tr></table>

<br>
<table cellpadding="0" cellspacing="0" border="0" width=600>
  <tr>
    <td align="left" valign="top"><font size="2"><b>1. ELECTION OF TRUSTEES</b></font></td>
    <td align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="top"><font size="2"><b>FOR</b> all nominees listed
      below<br>
      (except as marked to the contrary
<br>
      below) |_|
            </font></td>
    <td align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="top"><font size="2"><b>WITHHOLD AUTHORITY</b><br>
      To vote for all nominees listed<br>
      below |_|</font></td>
  </tr>
</table>


<p><table width=600><tr><td><FONT SIZE="2"><B><I>(INSTRUCTION: To withhold authority to vote for
any individual nominee, strike a line through the nominee&#146;s name in the list below.)</I></B></FONT></td></tr></table>


<p><table width=600><tr>
    <td><font size=2>DONALD W. BURTON, TERRY K. GLENN and FRED G. WEISS.</font></td>
  </tr></table>

<br>
<table width=600>
  <tr>
    <td width=4% valign=top><font size="2">2. </font></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="2">In
the discretion of such proxies, upon such other business as properly may come before the
meeting or any adjournment thereof.</font></td>
  </tr>
</table>
<br>
<table cellpadding="0" cellspacing="0" border="0" width=600>
  <tr>
    <td width="296">&nbsp;</td>
    <td width="304"><font size="2">Please sign exactly as name appears
                                            herein. When shares are held by
                                            joint tenants, both should sign.
                                            When signing as attorney or as
                                            executor, administrator, trustee or
                                            guardian, please give full title as
                                            such. If a corporation, please sign
                                            in full corporate name by president
                                            or other authorized officer. If a
                                            Partnership, please sign in
                                            Partnership name by authorized
                                            person.</font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td height="18" width="296">&nbsp;</td>
    <td height="18" width="304"><font size="2"> </font>


         &nbsp;
      <font size="2"> </font>
      </td>
  </tr>

</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="296">&nbsp;</td>
    <td width="43"><font size="2">Dated:</font></td>
    <td width="216"> ___________________________</td>
    <td width="45"><font size="2">,</font>

      <font size="2">2003</font></td>
  </tr>


</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="296">&nbsp;</td>
    <td width="16" valign="top"><font size="2">X</font></td>
    <td width="288"> ____________________________________</td>
  </tr>

  <tr>
    <td width="296">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="288" align="center"><font size="2"><b>Signature</b></font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="296">&nbsp;</td>
    <td width="15" valign="top"><font size="2">X</font></td>
    <td width="289"> ____________________________________</td>
  </tr>

  <tr>
    <td width="296">&nbsp;</td>
    <td width="15">&nbsp;</td>
    <td width="289" align="center"><font size="2"><b>Signature, if held jointly</b></font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign="bottom">
    <td>
      <div align="center"><font size=2><b>SIGN, DATE AND RETURN THE PROXY CARD
        PROMPTLY <br>
        USING THE ENCLOSED ENVELOPE. </b></font></div>
    </td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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




<p><table width=600><tr><td align=right><font size=2><B>COMMON STOCK</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>MUNIYIELD MICHIGAN INSURED
FUND, INC.<BR>
      P.O. Box 9011<BR>
      Princeton, New Jersey 08543-9011</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>PROXY</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>This proxy is solicited on
behalf of the Board of Directors</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned
hereby appoints Terry K. Glenn, Donald C. Burke and Brian D. Stewart as proxies, each
with the power to appoint his substitute, and hereby authorizes each of them to represent
and to vote, as designated on the reverse hereof, all of the shares of common stock of
MuniYield Michigan Insured Fund, Inc. (the &#147;Fund&#148;) held of record by the
undersigned on February 28, 2003 at the annual meeting of stockholders of the Fund to be
held on April 28, 2003 or any adjournment thereof.</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>This
proxy when properly executed, will be voted in the manner directed herein by the
undersigned stockholder. If no direction is made, this proxy will be voted &#147;FOR&#148; Proposal
1.</B></FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and
dating the reverse side of this card, you authorize the proxies to vote Proposal 1 as
marked, or if not marked, to vote &#147;FOR&#148; 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.</font></td></tr></table>

<p><table width=600><tr>
    <td align=right><font size="1">(Continued and to be signed on the reverse
      side)</font></td>
  </tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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




<p><table width=600><tr>
    <td><font size=2>Please mark boxes |X| or |&#149;| in blue or black ink.</font></td>
  </tr></table>

<br>
<table cellpadding="0" cellspacing="0" border="0" width=600>
  <tr>
    <td align="left" valign="top"><font size="2"><b>1. ELECTION OF DIRECTORS</b></font></td>
    <td align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="top"><font size="2"><b>FOR</b> all nominees listed
      below<br>
      (except as marked to the contrary
<br>
      below) |_|
            </font></td>
    <td align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="top"><font size="2"><b>WITHHOLD AUTHORITY</b><br>
      To vote for all nominees listed<br>
      below |_|</font></td>
  </tr>
</table>


<p><table width=600><tr><td><FONT SIZE="2"><B><I>(INSTRUCTION: To withhold authority to vote for
any individual nominee, strike a line through the nominee&#146;s name in the list below.)</I></B></FONT></td></tr></table>


<p><table width=600><tr>
    <td><font size=2>DONALD W. BURTON, TERRY K. GLENN and FRED G. WEISS.</font></td>
  </tr></table>

<br>
<table width=600>
  <tr>
    <td width=4% valign=top><font size="2">2. </font></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="2">In
the discretion of such proxies, upon such other business as properly may come before the
meeting or any adjournment thereof.</font></td>
  </tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width=600>
  <tr>
    <td width="296">&nbsp;</td>
    <td width="304"><font size="2">Please sign exactly as name appears
                                            herein. When shares are held by
                                            joint tenants, both should sign.
                                            When signing as attorney or as
                                            executor, administrator, trustee or
                                            guardian, please give full title as
                                            such. If a corporation, please sign
                                            in full corporate name by president
                                            or other authorized officer. If a
                                            Partnership, please sign in
                                            Partnership name by authorized
                                            person.</font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td height="18" width="296">&nbsp;</td>
    <td height="18" width="304"><font size="2"> </font>


         &nbsp;
      <font size="2"> </font>
      </td>
  </tr>

</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="296">&nbsp;</td>
    <td width="43"><font size="2">Dated:</font></td>
    <td width="216"> ___________________________</td>
    <td width="45"><font size="2">,</font>

      <font size="2">2003</font></td>
  </tr>


</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="296">&nbsp;</td>
    <td width="14" valign="top"><font size="2">X</font></td>
    <td width="290"> ____________________________________</td>
  </tr>

  <tr>
    <td width="296">&nbsp;</td>
    <td width="14">&nbsp;</td>
    <td width="290" align="center"><font size="2"><b>Signature</b></font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="296">&nbsp;</td>
    <td width="14" valign="top"><font size="2">X</font></td>
    <td width="290"> ____________________________________</td>
  </tr>

  <tr>
    <td width="296">&nbsp;</td>
    <td width="14">&nbsp;</td>
    <td width="290" align="center"><font size="2"><b>Signature, if held jointly</b></font></td>
  </tr>
</table>

<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign="bottom">
    <td>
      <div align="center"><font size=2><b>SIGN, DATE AND RETURN THE PROXY CARD
        PROMPTLY <br>
        USING THE ENCLOSED ENVELOPE. </b></font></div>
    </td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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







<p><table width=600><tr><td align=right><font size=2><B>COMMON STOCK</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>MUNIYIELD NEW JERSEY INSURED
FUND, INC.<BR>
      P.O. Box 9011<BR>
      Princeton, New Jersey 08543-9011</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>PROXY</B></font></td></tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2><B>This proxy is solicited on behalf of the
      Board of Directors</B></font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints
      Terry K. Glenn, Donald C. Burke and Brian D. Stewart as proxies, each with
      the power to appoint his substitute, and hereby authorizes each of them
      to represent and to vote, as designated on the reverse hereof, all of the
      shares of common stock of MuniYield New Jersey Insured Fund, Inc. (the &#147;Fund&#148;)
      held of record by the undersigned on February 28, 2003 at the annual meeting
      of stockholders of the Fund to be held on April 28, 2003 or any adjournment
      thereof.</font></td>
  </tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
    <td width=570><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;<b>&nbsp;This proxy when
      properly executed, will be voted in the manner directed herein by the undersigned
      stockholder. If no direction is made, this proxy will be voted &#147;FOR&#148;
      Proposal 1.</b></FONT></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and
dating the reverse side of this card, you authorize the proxies to vote Proposal 1 as
marked, or if not marked, to vote &#147;FOR&#148; 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.</font></td></tr></table>

<p><table width=600><tr>
    <td align=right><font size="1">(Continued and to be signed on the reverse
      side)</font></td>
  </tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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



<p><table width=600><tr>
    <td><font size=2>Please mark boxes |X| or |&#149;| in blue or black ink.</font></td>
  </tr></table>

<br>
<table cellpadding="0" cellspacing="0" border="0" width=600>
  <tr>
    <td align="left" valign="top"><font size="2"><b>1. ELECTION OF DIRECTORS</b></font></td>
    <td align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="top"><font size="2"><b>FOR</b> all nominees listed
      below<br>
      (except as marked to the contrary
<br>
      below) |_|
            </font></td>
    <td align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="top"><font size="2"><b>WITHHOLD AUTHORITY</b><br>
      To vote for all nominees listed<br>
      below |_|</font></td>
  </tr>
</table>


<p><table width=600><tr><td><FONT SIZE="2"><B><I>(INSTRUCTION: To withhold authority to vote for
any individual nominee, strike a line through the nominee&#146;s name in the list below.)</I></B></FONT></td></tr></table>


<p><table width=600><tr>
    <td><font size=2>DONALD W. BURTON, TERRY K. GLENN and FRED G. WEISS.</font></td>
  </tr></table>

<br>
<table width=600>
  <tr>
    <td width=4% valign=top><font size="2">2. </font></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="2">In
the discretion of such proxies, upon such other business as properly may come before the
meeting or any adjournment thereof.</font></td>
  </tr>
</table>
<br>
<table cellpadding="0" cellspacing="0" border="0" width=600>
  <tr>
    <td width="296">&nbsp;</td>
    <td width="304"><font size="2">Please sign exactly as name appears
                                            herein. When shares are held by
                                            joint tenants, both should sign.
                                            When signing as attorney or as
                                            executor, administrator, trustee or
                                            guardian, please give full title as
                                            such. If a corporation, please sign
                                            in full corporate name by president
                                            or other authorized officer. If a
                                            Partnership, please sign in
                                            Partnership name by authorized
                                            person.</font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td height="18" width="296">&nbsp;</td>
    <td height="18" width="304"><font size="2"> </font>


         &nbsp;
      <font size="2"> </font>
      </td>
  </tr>

</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="296">&nbsp;</td>
    <td width="43"><font size="2">Dated:</font></td>
    <td width="216"> ___________________________</td>
    <td width="45"><font size="2">,</font>

      <font size="2">2003</font></td>
  </tr>


</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="296">&nbsp;</td>
    <td width="14" valign="top"><font size="2">X</font></td>
    <td width="290"> ____________________________________</td>
  </tr>

  <tr>
    <td width="296">&nbsp;</td>
    <td width="14">&nbsp;</td>
    <td width="290" align="center"><font size="2"><b>Signature</b></font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="296">&nbsp;</td>
    <td width="14" valign="top"><font size="2">X</font></td>
    <td width="290"> ____________________________________</td>
  </tr>

  <tr>
    <td width="296">&nbsp;</td>
    <td width="14">&nbsp;</td>
    <td width="290" align="center"><font size="2"><b>Signature, if held jointly</b></font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign="bottom">
    <td>
      <div align="center"><font size=2><b>SIGN, DATE AND RETURN THE PROXY CARD
        PROMPTLY <br>
        USING THE ENCLOSED ENVELOPE. </b></font></div>
    </td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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




<p><table width=600><tr><td align=right><font size=2><B>COMMON SHARES</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>MUNIYIELD FLORIDA INSURED FUND<BR>
      P.O. Box 9011<BR>
      Princeton, New Jersey 08543-9011</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>PROXY</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>This proxy is solicited on
behalf of the Board of Trustees</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned
hereby appoints Terry K. Glenn, Donald C. Burke and Brian D. Stewart as proxies, each
with the power to appoint his substitute, and hereby authorizes each of them to represent
and to vote, as designated on the reverse hereof, all the common shares of MuniYield
Florida Insured Fund (the &#147;Fund&#148;) held of record by the undersigned on February
28, 2003 at the annual meeting of shareholders of the Fund to be held on April 28, 2003
or any adjournment thereof.</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>This
proxy when properly executed, will be voted in the manner directed herein by the
undersigned shareholder. If no direction is made, this proxy will be voted &#147;FOR&#148; Proposal
1.</B></FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and
dating the reverse side of this card, you authorize the proxies to vote Proposal 1 as
marked, or if not marked, to vote &#147;FOR&#148; 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.</font></td></tr></table>

<p><table width=600><tr>
    <td align=right><font size="1">(Continued and to be signed on the reverse
      side)</font></td>
  </tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 10; page: 10" -->



<p><table width=600><tr>
    <td><font size=2>Please mark boxes |X| or |&#149;| in blue or black ink.</font></td>
  </tr></table>

<br>
<table cellpadding="0" cellspacing="0" border="0" width=600>
  <tr>
    <td align="left" valign="top"><font size="2"><b>1. ELECTION OF TRUSTEES</b></font></td>
    <td align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="top"><font size="2"><b>FOR</b> all nominees listed
      below<br>
      (except as marked to the contrary
<br>
      below) |_|
            </font></td>
    <td align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="top"><font size="2"><b>WITHHOLD AUTHORITY</b><br>
      To vote for all nominees listed<br>
      below |_|</font></td>
  </tr>
</table>


<p><table width=600><tr><td><font size=2><B><I>(INSTRUCTION: To withhold authority to
vote for any individual nominee, strike a line through the nominee&#146;s name in the
list below.)</I></B></font></td></tr></table>


<p><table width=600><tr>
    <td><font size=2>DONALD W. BURTON, TERRY K. GLENN and FRED G. WEISS.</font></td>
  </tr></table>

<br>
<table width=600>
  <tr>
    <td width=4% valign=top><font size="2">2. </font></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="2">In
the discretion of such proxies, upon such other business as properly may come before the
meeting or any adjournment thereof.</font></td>
  </tr>
</table>
<br>
<table cellpadding="0" cellspacing="0" border="0" width=600>
  <tr>
    <td width="296">&nbsp;</td>
    <td width="304"><font size="2">Please sign exactly as name appears
                                            herein. When shares are held by
                                            joint tenants, both should sign.
                                            When signing as attorney or as
                                            executor, administrator, trustee or
                                            guardian, please give full title as
                                            such. If a corporation, please sign
                                            in full corporate name by president
                                            or other authorized officer. If a
                                            Partnership, please sign in
                                            Partnership name by authorized
                                            person.</font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td height="18" width="296">&nbsp;</td>
    <td height="18" width="304"><font size="2"> </font>


         &nbsp;
      <font size="2"> </font>
      </td>
  </tr>

</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="296">&nbsp;</td>
    <td width="43"><font size="2">Dated:</font></td>
    <td width="216"> ___________________________</td>
    <td width="45"><font size="2">,</font>

      <font size="2">2003</font></td>
  </tr>


</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="296">&nbsp;</td>
    <td width="14" valign="top"><font size="2">X</font></td>
    <td width="290"> ____________________________________</td>
  </tr>

  <tr>
    <td width="296">&nbsp;</td>
    <td width="14">&nbsp;</td>
    <td width="290" align="center"><font size="2"><b>Signature</b></font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="296">&nbsp;</td>
    <td width="15" valign="top"><font size="2">X</font></td>
    <td width="289"> ____________________________________</td>
  </tr>

  <tr>
    <td width="296">&nbsp;</td>
    <td width="15">&nbsp;</td>
    <td width="289" align="center"><font size="2"><b>Signature, if held jointly</b></font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign="bottom">
    <td>
      <div align="center"><font size=2><b>SIGN, DATE AND RETURN THE PROXY CARD
        PROMPTLY <br>
        USING THE ENCLOSED ENVELOPE. </b></font></div>
    </td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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






<p><table width=600><tr><td align=right><font size=2><B>AUCTION MARKET<BR>PREFERRED SHARES</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>MUNIYIELD FLORIDA INSURED FUND<BR>
      P.O. Box 9011<BR>
      Princeton, New Jersey 08543-9011</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>PROXY</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>This Proxy is solicited on
behalf of the Board of Trustees</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints
      Donald C. Burke, Terry K. Glenn and Brian D. Stewart as proxies, each with
      the power to appoint his substitute, and hereby authorizes each of them
      to represent and to vote, as designated on the reverse hereof, all the Auction
      Market Preferred Shares of MuniYield Florida Insured Fund (the &#147;Fund&#148;)
      held of record by the undersigned on February 28, 2003 at the annual meeting
      of shareholders of the Fund to be held on April 28, 2003 or any adjournment
      thereof.</font></td>
  </tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>This
proxy when properly executed will be voted in the manner herein directed by the
undersigned shareholder. If no direction is made, this proxy will be voted &#147;FOR&#148; Proposal
1.</B></FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and
dating the reverse side of this card, you authorize the proxies to vote Proposal 1 as
marked, or if not marked, to vote &#147;FOR&#148; 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.</font></td></tr></table>


<p><table width=600><tr>
    <td align=right><font size="1">(Continued and to be signed on the reverse
      side)</font></td>
  </tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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




<p><table width=600><tr><td><font size=2>Please mark boxes [-] or [X] in blue or black
ink.</font></td></tr></table>




<br>
<table cellpadding="0" cellspacing="0" border="0" width=600>
  <tr>
    <td align="left" valign="top"><font size="2"><b>1. ELECTION OF TRUSTEES</b></font></td>
    <td align="left" valign="top">&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="top"><font size="2"><b>FOR</b> all nominees listed
      below<br>
      (except as marked to the contrary
<br>
      below) |_|
            </font></td>
    <td align="left" valign="top">&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="top"><font size="2"><b>WITHHOLD AUTHORITY</b><br>
      to vote for all nominees listed<br>
      below |_|</font></td>
  </tr>
</table>


<p><table width=600><tr><td><font size=2><B><I>(Instruction: To withhold authority to
vote for any individual nominee, strike a line through the nominee&#146;s name in the
list below.)</I></B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>DONALD W. BURTON, M. COLYER CRUM, TERRY K. GLENN, LAURIE
      SIMON HODRICK and FRED G. WEISS</font></td>
  </tr></table>

<br>
<table width=600>
  <tr>
    <td width=4% valign=top><font size="2">2. </font></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="2">In
the discretion of such proxies, upon such other business as may properly come before the
meeting or any adjournment thereof.</font></td>
  </tr>
</table>
<br>
<table cellpadding="0" cellspacing="0" border="0" width=600>
  <tr>
    <td width="296">&nbsp;</td>
    <td width="304"><font size="2">Please sign exactly as name appears
                                            herein. When shares are held by
                                            joint tenants, both should sign.
                                            When signing as attorney or as
                                            executor, administrator, trustee or
                                            guardian, please give full title as
                                            such. If a corporation, please sign
                                            in full corporate name by president
                                            or other authorized officer. If a
                                            Partnership, please sign in
                                            Partnership name by authorized
                                            person.</font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td height="18" width="296">&nbsp;</td>
    <td height="18" width="304"><font size="2"> </font>


         &nbsp;
      <font size="2"> </font>
      </td>
  </tr>

</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="296">&nbsp;</td>
    <td width="43"><font size="2">Dated:</font></td>
    <td width="216"> ___________________________</td>
    <td width="45"><font size="2">,</font>

      <font size="2">2003</font></td>
  </tr>


</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="296">&nbsp;</td>
    <td width="14" valign="top"><font size="2">X</font></td>
    <td width="290"> ____________________________________</td>
  </tr>

  <tr>
    <td width="296">&nbsp;</td>
    <td width="14">&nbsp;</td>
    <td width="290" align="center"><font size="2"><b>Signature</b></font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="296">&nbsp;</td>
    <td width="14" valign="top"><font size="2">X</font></td>
    <td width="290"> ____________________________________</td>
  </tr>

  <tr>
    <td width="296">&nbsp;</td>
    <td width="14">&nbsp;</td>
    <td width="290" align="center"><font size="2"><b>Signature, if held jointly</b></font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign="bottom">
    <td>
      <div align="center"><font size=2><b>SIGN, DATE AND RETURN THE PROXY CARD
        PROMPTLY <br>
        USING THE ENCLOSED ENVELOPE. </b></font></div>
    </td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 13; page: 13" -->





<p><table width=600><tr><td align=right><font size=2><B>AUCTION MARKET<BR>PREFERRED SHARES</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>MUNIYIELD PENNSYLVANIA INSURED
FUND<BR>
      P.O. Box 9011<BR>
      Princeton, New Jersey 08543-9011</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>PROXY</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>This Proxy is solicited on
behalf of the Board of Trustees</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints
      Terry K. Glenn, Donald C. Burke and Brian D. Stewart as proxies, each with
      the power to appoint his substitute, and hereby authorizes each of them
      to represent and to vote, as designated on the reverse hereof, all the Auction
      Market Preferred Shares of MuniYield Pennsylvania Insured Fund (the &#147;Fund&#148;)
      held of record by the undersigned on February 28, 2003 at the annual meeting
      of shareholders of the Fund to be held on April 28, 2003 or any adjournment
      thereof.</font></td>
  </tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>This
proxy when properly executed will be voted in the manner herein directed by the
undersigned shareholder. If no direction is made, this proxy will be voted for Proposal 1.</B></FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and
dating the reverse side of this card, you authorize the proxies to vote Proposal 1 as
marked, or if not marked, to vote &#147;FOR&#148; 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.</font></td></tr></table>


<p><table width=600><tr>
    <td align=right><font size="1">(Continued and to be signed on the reverse
      side)</font></td>
  </tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 14; page: 14" -->




<p><table width=600><tr><td><font size=2>Please mark boxes [-] or [X] in blue or black
ink.</font></td></tr></table>




<br>
<table cellpadding="0" cellspacing="0" border="0" width=600>
  <tr>
    <td align="left" valign="top"><font size="2"><b>1. ELECTION OF TRUSTEES</b></font></td>
    <td align="left" valign="top">&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="top"><font size="2"><b>FOR</b> all nominees listed
      below<br>
      (except as marked to the contrary
<br>
      below) |_|
            </font></td>
    <td align="left" valign="top">&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="top"><font size="2"><b>WITHHOLD AUTHORITY</b><br>
      to vote for all nominees listed<br>
      below |_|</font></td>
  </tr>
</table>


<p><table width=600><tr><td><font size=2><B><I>(Instruction: To withhold authority to
vote for any individual nominee, strike a line through the nominee&#146;s name in the
list below.)</I></B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>DONALD W. BURTON, M. COLYER CRUM, TERRY K. GLENN, LAURIE
      SIMON HODRICK and FRED G. WEISS</font></td>
  </tr></table>


<br>
<table width=600>
  <tr>
    <td width=4% valign=top><font size="2">2. </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=94%><font size="2">In
the discretion of such proxies, upon such other business as may properly come before the
meeting or any adjournment thereof.</font></td>
  </tr>
</table>
<br>
<table cellpadding="0" cellspacing="0" border="0" width=600>
  <tr>
    <td width="296">&nbsp;</td>
    <td width="304"><font size="2">Please sign exactly as name appears
                                            herein. When shares are held by
                                            joint tenants, both should sign.
                                            When signing as attorney or as
                                            executor, administrator, trustee or
                                            guardian, please give full title as
                                            such. If a corporation, please sign
                                            in full corporate name by president
                                            or other authorized officer. If a
                                            Partnership, please sign in
                                            Partnership name by authorized
                                            person.</font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td height="18" width="296">&nbsp;</td>
    <td height="18" width="304"><font size="2"> </font>


         &nbsp;
      <font size="2"> </font>
      </td>
  </tr>

</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="296">&nbsp;</td>
    <td width="43"><font size="2">Dated:</font></td>
    <td width="216"> ___________________________</td>
    <td width="45"><font size="2">,</font>

      <font size="2">2003</font></td>
  </tr>


</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="296">&nbsp;</td>
    <td width="14" valign="top"><font size="2">X</font></td>
    <td width="290"> ____________________________________</td>
  </tr>

  <tr>
    <td width="296">&nbsp;</td>
    <td width="14">&nbsp;</td>
    <td width="290" align="center"><font size="2"><b>Signature</b></font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="295">&nbsp;</td>
    <td width="15" valign="top"><font size="2">X</font></td>
    <td width="290"> ____________________________________ </td>
  </tr>

  <tr>
    <td width="295">&nbsp;</td>
    <td width="15">&nbsp;</td>
    <td width="290" align="center"><font size="2"><b>Signature, if held jointly</b></font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign="bottom">
    <td>
      <div align="center"><font size=2><b>SIGN, DATE AND RETURN THE PROXY CARD
        PROMPTLY <br>
        USING THE ENCLOSED ENVELOPE. </b></font></div>
    </td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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







<p><table width=600><tr><td align=right><font size=2><B>AUCTION MARKET<BR>PREFERRED STOCK</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>MUNIYIELD NEW JERSEY INSURED
FUND, INC.<BR>
      P.O. Box 9011<BR>
      Princeton, New Jersey 08543-9011</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>PROXY</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>This Proxy is solicited on
behalf of the Board of Directors</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints
      Donald C. Burke, Terry K. Glenn and Brian D. Stewart as proxies, each with
      the power to appoint his substitute, and hereby authorizes each of them
      to represent and to vote, as designated on the reverse hereof, all the Auction
      Market Preferred Stock of MuniYield New Jersey Insured Fund, Inc. (the &#147;Fund&#148;)
      held of record by the undersigned on February 28, 2003 at the annual meeting
      of stockholders of the Fund to be held on April 28, 2003 or any adjournment
      thereof.</font></td>
  </tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>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.</B></FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and
dating the reverse side of this card, you authorize the proxies to vote Proposal 1 as
marked, or if not marked, to vote &#147;FOR&#148; 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.</font></td></tr></table>


<p><table width=600><tr>
    <td align=right><font size="1">(Continued and to be signed on the reverse
      side)</font></td>
  </tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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



<p><table width=600><tr><td><font size=2>Please mark boxes [-] or [X] in blue or black
ink.</font></td></tr></table>




<br>
<table cellpadding="0" cellspacing="0" border="0" width=600>
  <tr>
    <td align="left" valign="top"><font size="2"><b>1. ELECTION OF DIRECTORS</b></font></td>
    <td align="left" valign="top">&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="top"><font size="2"><b>FOR</b> all nominees listed
      below<br>
      (except as marked to the contrary
<br>
      below) |_|
            </font></td>
    <td align="left" valign="top">&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="top"><font size="2"><b>WITHHOLD AUTHORITY</b><br>
      to vote for all nominees listed<br>
      below |_|</font></td>
  </tr>
</table>


<p><table width=600><tr><td><font size=2><B><I>(Instruction: To withhold authority to
vote for any individual nominee, strike a line through the nominee&#146;s name in the
list below.)</I></B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>DONALD W. BURTON, M. COLYER CRUM, TERRY K. GLENN, LAURIE
      SIMON HODRICK and FRED G. WEISS</font></td>
  </tr></table>

<br>
<table width=600>
  <tr>
    <td width=4% valign=top><font size="2">2. </font></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="2">In
the discretion of such proxies, upon such other business as may properly come before the
meeting or any adjournment thereof.</font></td>
  </tr>
</table>
<br>
<table cellpadding="0" cellspacing="0" border="0" width=600>
  <tr>
    <td width="296">&nbsp;</td>
    <td width="304"><font size="2">Please sign exactly as name appears
                                            herein. When shares are held by
                                            joint tenants, both should sign.
                                            When signing as attorney or as
                                            executor, administrator, trustee or
                                            guardian, please give full title as
                                            such. If a corporation, please sign
                                            in full corporate name by president
                                            or other authorized officer. If a
                                            Partnership, please sign in
                                            Partnership name by authorized
                                            person.</font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td height="18" width="296">&nbsp;</td>
    <td height="18" width="304"><font size="2"> </font>


         &nbsp;
      <font size="2"> </font>
      </td>
  </tr>

</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="296">&nbsp;</td>
    <td width="43"><font size="2">Dated:</font></td>
    <td width="216">___________________________ </td>
    <td width="45"><font size="2">,</font>

      <font size="2">2003</font></td>
  </tr>


</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="296">&nbsp;</td>
    <td width="14" valign="top"><font size="2">X</font></td>
    <td width="290"> ____________________________________</td>
  </tr>

  <tr>
    <td width="296">&nbsp;</td>
    <td width="14">&nbsp;</td>
    <td width="290" align="center"><font size="2"><b>Signature</b></font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="296">&nbsp;</td>
    <td width="14" valign="top"><font size="2">X</font></td>
    <td width="290"> ____________________________________</td>
  </tr>

  <tr>
    <td width="296">&nbsp;</td>
    <td width="14">&nbsp;</td>
    <td width="290" align="center"><font size="2"><b>Signature, if held jointly</b></font></td>
  </tr>
</table>
<p>
<table width=600 cellpadding="0" cellspacing="0" border="0">
  <tr><td  align=center>
      <div align="center"><font size=2><B>SIGN, DATE AND RETURN THE PROXY CARD
        PROMPTLY <br>
        USING THE ENCLOSED ENVELOPE.</B></font></div>
    </td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 17; page: 17" -->






<p><table width=600><tr><td align=right><font size=2><B>AUCTION MARKET<BR>PREFERRED STOCK</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>MUNIYIELD MICHIGAN INSURED
FUND, INC.<BR>
      P.O. Box 9011<BR>
      Princeton, New Jersey 08543-9011</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>PROXY</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>This Proxy is solicited on
behalf of the Board of Directors</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints
      Donald C. Burke, Terry K. Glenn and Brian D. Stewart as proxies, each with
      the power to appoint his substitute, and hereby authorizes each of them
      to represent and to vote, as designated on the reverse hereof, all the Auction
      Market Preferred Stock of MuniYield Michigan Insured Fund, Inc. (the &#147;Fund&#148;)
      held of record by the undersigned on February 28, 2003 at the annual meeting
      of stockholders of the Fund to be held on April 28, 2003 or any adjournment
      thereof.</font></td>
  </tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>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.</B></FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing and
dating the reverse side of this card, you authorize the proxies to vote Proposal 1 as
marked, or if not marked, to vote &#147;FOR&#148; 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.</font></td></tr></table>


<p><table width=600><tr>
    <td align=right><font size="1">(Continued and to be signed on the reverse
      side)</font></td>
  </tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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



<p><table width=600><tr><td><font size=2>Please mark boxes [-] or [X] in blue or black
ink.</font></td></tr></table>




<br>
<table cellpadding="0" cellspacing="0" border="0" width=600>
  <tr>
    <td align="left" valign="top"><font size="2"><b>1. ELECTION OF DIRECTORS</b></font></td>
    <td align="left" valign="top">&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="top"><font size="2"><b>FOR</b> all nominees listed
      below<br>
      (except as marked to the contrary
<br>
      below) |_|
            </font></td>
    <td align="left" valign="top">&nbsp;&nbsp;&nbsp;</td>
    <td align="left" valign="top"><font size="2"><b>WITHHOLD AUTHORITY</b><br>
      to vote for all nominees listed<br>
      below |_|</font></td>
  </tr>
</table>


<p><table width=600><tr><td><font size=2><B><I>(Instruction: To withhold authority o vote
for any individual nominee, strike a line through the nominee&#146;s name in the list
below.)</I></B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>DONALD W. BURTON, M. COLYER CRUM, TERRY K. GLENN, LAURIE
      SIMON HODRICK and FRED G. WEISS</font></td>
  </tr></table>

<br>
<table width=600>
  <tr>
    <td width=4% valign=top><font size="2">2. </font></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="2">In
the discretion of such proxies, upon such other business as may properly come before the
meeting or any adjournment thereof.</font></td>
  </tr>
</table>
<br>
<table cellpadding="0" cellspacing="0" border="0" width=600>
  <tr>
    <td width="296">&nbsp;</td>
    <td width="304"><font size="2">Please sign exactly as name appears
                                            herein. When shares are held by
                                            joint tenants, both should sign.
                                            When signing as attorney or as
                                            executor, administrator, trustee or
                                            guardian, please give full title as
                                            such. If a corporation, please sign
                                            in full corporate name by president
                                            or other authorized officer. If a
                                            Partnership, please sign in
                                            Partnership name by authorized
                                            person.</font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td height="18" width="296">&nbsp;</td>
    <td height="18" width="304"><font size="2"> </font>


         &nbsp;
      <font size="2"> </font>
      </td>
  </tr>

</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="296">&nbsp;</td>
    <td width="43"><font size="2">Dated:</font></td>
    <td width="216"> ___________________________</td>
    <td width="45"><font size="2">,</font>

      <font size="2">2003</font></td>
  </tr>


</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="296">&nbsp;</td>
    <td width="14" valign="top"><font size="2">X</font></td>
    <td width="290"> ____________________________________</td>
  </tr>

  <tr>
    <td width="296">&nbsp;</td>
    <td width="14">&nbsp;</td>
    <td width="290" align="center"><font size="2"><b>Signature</b></font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="296">&nbsp;</td>
    <td width="13" valign="top"><font size="2">X</font></td>
    <td width="291"> ____________________________________</td>
  </tr>

  <tr>
    <td width="296">&nbsp;</td>
    <td width="13">&nbsp;</td>
    <td width="291" align="center"><font size="2"><b>Signature, if held jointly</b></font></td>
  </tr>
</table>
<p>
<table width=600 cellpadding="0" cellspacing="0" border="0">
  <tr><td  align=center>
      <div align="center"><font size=2><B>SIGN, DATE AND RETURN THE PROXY CARD
        PROMPTLY <br>
        USING THE ENCLOSED ENVELOPE.</B></font></div>
    </td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp;








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