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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000891092-05-000516.txt : 20050322
<SEC-HEADER>0000891092-05-000516.hdr.sgml : 20050322
<ACCEPTANCE-DATETIME>20050322131126
ACCESSION NUMBER:		0000891092-05-000516
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050428
FILED AS OF DATE:		20050322
DATE AS OF CHANGE:		20050322
EFFECTIVENESS DATE:		20050322

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:		05696214

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

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

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			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:		05696215

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

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

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			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:		05696216

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

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

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07138
		FILM NUMBER:		05696217

	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 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:		05696218

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIYIELD MICHIGAN INSURED FUND INC
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>e20037def14a.htm
<DESCRIPTION>FORM DEF 14A
<TEXT>

<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>



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<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2> <B>As filed
  with the Securities and Exchange Commission on March 22, 2005 </B></FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<B>SCHEDULE 14A
                                  <BR>RULE 14a-101 </B></FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<B>INFORMATION
REQUIRED IN PROXY STATEMENT                             <BR>
  SCHEDULE 14A INFORMATION
            <br>
  PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES
                      <BR>
  EXCHANGE ACT OF 1934 (AMENDMENT NO. 1)</B></FONT></P>


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<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><font face="Times New Roman, Times, Serif" size=2>Filed by the Registrant [X]</font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>Filed by a party other than the Registrant [&nbsp;&nbsp;&nbsp;]</font></td>
  </tr>
</table>

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


<!-- MARKER FORMAT-SHEET="Para Hang 10" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> [&nbsp;&nbsp;&nbsp;]</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Preliminary
Proxy Statement </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> [X] </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Definitive
Proxy Statement </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         [&nbsp;&nbsp;&nbsp;]  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Definitive
Additional Materials </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         [&nbsp;&nbsp;&nbsp;]  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Soliciting
Material Pursuant to Rule 14a-12 </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         [&nbsp;&nbsp;&nbsp;]  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Confidential,
for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) </FONT></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<B>MUNIYIELD FLORIDA
INSURED FUND                       <BR>MUNIYIELD MICHIGAN INSURED FUND, INC.
                     <BR>MUNIYIELD NEW JERSEY INSURED FUND, INC.
                       <BR>MUNIYIELD PENNSYLVANIA INSURED FUND                    <BR>
  THE S&amp;P 500<font size="2">&#174;</font>
PROTECTED EQUITY FUND, INC. </B></FONT></P>

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<P ALIGN=CENTER>
<FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>P.O. Box 9011,
Princeton, New Jersey 08543-9011</B></FONT>
<hr size="1" noshade>
<div align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>
  </B> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Name of Registrant as Specified in Its
Charter) </FONT> <!-- MARKER FORMAT-SHEET="Center head no bold" FSL="Workstation" -->
</div>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
</FONT></P>
<hr size="1" noshade align="center">
<div align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Name of Person(s)
Filing Proxy Statement if other than the Registrant) </FONT><!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
</div>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Payment of filing fee (Check the
appropriate box): </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         [X]  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No
fee required. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         [&nbsp;&nbsp;&nbsp;]  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fee
computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         (1)  </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Title
of each class of securities to which transaction applies: </FONT></TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD WIDTH=90%>
      <hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<BR>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         (2)  </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Aggregate
number of securities to which transaction applies: </FONT></TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD WIDTH=90%>
      <hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<BR>



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



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         (4)  </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Proposed
maximum aggregate value of transaction: </FONT></TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD WIDTH=90%>
      <hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<BR>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         (5)  </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total
fee paid: </FONT></TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD WIDTH=90%>
      <hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<BR>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         [&nbsp;&nbsp;&nbsp;]  </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fee
paid previously with preliminary materials: </FONT></TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD WIDTH=90%>
      <hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<BR>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         [&nbsp;&nbsp;&nbsp;]  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Check
box if any part of the fee is offset as provided by                   Exchange Act Rule
0-11(a)(2) and identify the filing for which                   the offsetting fee was
paid previously. Identify the previous                   filing by registration statement
number, or the form or                   schedule and the date of its filing. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=4%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                  (1)  </FONT></TD>
    <TD width="1%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amount
previously paid: </FONT></TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=10%>&nbsp;</TD>
    <TD colspan="3">
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=10%>&nbsp;</TD>
    <TD WIDTH=4%>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD WIDTH=85%>&nbsp;</TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=10%>&nbsp;</TD>
    <TD WIDTH=4%><font face="Times New Roman, Times, Serif" size=2>(2) </font></TD>
    <TD width="1%">&nbsp;</TD>
    <TD WIDTH=85%><font face="Times New Roman, Times, Serif" size=2>Form,
Schedule or Registration Statement No.: </font></TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=10%>&nbsp;</TD>
    <TD colspan="3">
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=10%>&nbsp;</TD>
    <TD WIDTH=4%>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD WIDTH=85%>&nbsp;</TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=10%>&nbsp;</TD>
    <td width=4%><font face="Times New Roman, Times, Serif" size=2>                  (3)  </font></td>
    <td width="1%"><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=85%><font face="Times New Roman, Times, Serif" size=2>Filing
Party: </font></td>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=10%>&nbsp;</TD>
    <TD colspan="3">
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=10%>&nbsp;</TD>
    <TD WIDTH=4%>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD WIDTH=85%>&nbsp;</TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=10%>&nbsp;</TD>
    <td width=4%><font face="Times New Roman, Times, Serif" size=2>(4)  </font></td>
    <td width="1%"><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=85%><font face="Times New Roman, Times, Serif" size=2>Date
Filed: </font></td>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=10%>&nbsp;</TD>
    <TD colspan="3">
      <hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<BR>



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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>







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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B> <font size="3">MUNIYIELD
  FLORIDA INSURED FUND <BR>
  MUNIYIELD MICHIGAN INSURED FUND, INC. <BR>
  MUNIYIELD NEW JERSEY INSURED FUND, INC. <BR>
  MUNIYIELD PENNSYLVANIA INSURED FUND <BR>
  THE S&amp;P 500<font size="1"><sup>&#174;</sup></font> PROTECTED EQUITY FUND, INC. </font></B></FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><font size="3">P.O.
  Box 9011<BR>
  Princeton, New Jersey 08543-9011 </font></B></FONT></P>


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<hr size=1 noshade align=CENTER width=150>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><font size="3">NOTICE
  OF 2005 ANNUAL MEETINGS OF STOCKHOLDERS </font></B></FONT></P>
<font size="3"><!-- MARKER FORMAT-SHEET="Center Head 2" FSL="Workstation" -->
</font>
<hr size=1 noshade align=CENTER width=150>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><font size="3">TO
  BE HELD ON APRIL 28, 2005 </font></B></FONT></P>


<table border=0 cellspacing=0 cellpadding=0 width="601">
  <tr>
    <td colspan=2 valign=top> <font face="Times New Roman" size="2">T<font size="1">O
      THE <font size="2">S</font>TOCKHOLDERS OF</font></font></td>
  </tr>
  <tr>
    <td width=21 valign=top>&nbsp; </td>
    <td width=580 valign=top> <font face="Times New Roman" size="2">M<font size="1">UNI<font size="2">Y</font>IELD
      <font size="2">F</font>LORIDA <font size="2">I</font>NSURED <font size="2">F</font>UND
      <br>
      MUNI</font>Y<font size="1">IELD</font> M<font size="1">ICHIGAN <font size="2">I</font>NSURED
      <font size="2">F</font>UND, <font size="2"> I</font>NC. <br>
      </font>M<font size="1">UNI</font>Y<font size="1">IELD <font size="2">N</font>EW
      <font size="2">J</font>ERSEY</font> I<font size="1">NSURED</font> F<font size="1">UND,</font>
      I<font size="1">NC. <br>
      </font>M<font size="1">UNI</font>Y<font size="1">IELD </font><font size="1"></font>P<font size="1">ENNSYLVANIA</font>
      I<font size="1">NSURED</font> F<font size="1">UND <br>
      <font size="2">T</font>HE<font size="2"> S&amp;P 500<sup><font size="1"></font></sup></font>
      <font size="2">P</font>ROTECTED <font size="2">E</font>QUITY</font> F<font size="1">UND,</font>
      I<font size="1">NC.:</font></font></td>
  </tr>
</table>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICE
  IS HEREBY GIVEN that the 2005 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
  Fund Asset Management, L.P. (&#147;FAM&#148;), 800 Scudders Mill Road, Plainsboro, New
  Jersey 08536, on Thursday, April 28, 2005 at the time specified for each Fund
  in Exhibit A to the Combined Proxy Statement for the following purposes: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (1)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>For
all Funds:</B>  To elect a Board of Directors  (which term as used herein  refers to both
 Directors and            Trustees,  as  applicable)  of each Fund to serve for the
ensuing year and until their  successors  have            been duly elected and qualified
or until their earlier retirement, resignation or removal;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (2)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>F<B>or
MuniYield  Florida  Insured  Fund,  MuniYield  Michigan  Insured  Fund,  Inc.,  MuniYield
New Jersey            Insured  Fund,  Inc. and  MuniYield  Pennsylvania  Insured  Fund:</B>
To consider and act upon a proposal to            amend a fundamental  investment
 restriction of the Fund with respect to investment in other  investment
           companies;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (3)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>For
 MuniYield  Pennsylvania  Insured  Fund:</B> To consider and act upon a proposal to remove a
fundamental            investment policy of the Fund that limits its ability to invest in
certain types of securities; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (4)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>For
all Funds:</B>  To  transact  such other  business  as may  properly  come  before the
 Meetings  or any            adjournment thereof. </FONT></P></TD>
</TR>
</TABLE>
<BR>


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<P>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><P>&nbsp;
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Fund&#146;s Board has fixed the close of business on February 28, 2005 as the record date for
the determination of stockholders entitled to notice of and to vote at the applicable Fund&#146;s
Meeting or any adjournment thereof. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
are cordially invited to attend the Meeting for any Fund in which you own shares.
<B>Stockholders who do not expect to attend a 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 of each Fund. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you have any questions regarding the enclosed proxy material or need assistance in voting
your shares, please contact our proxy solicitor, Georgeson Shareholder, at 1-800-645-4519. </FONT></P>



<table cellspacing=0 cellpadding=0 width="100%">
  <tr>
    <td width=313 valign=top>
      <p>&nbsp;</p>
    </td>
    <td width=349 valign=top> <font face="Times New Roman" size="2">By Order of
      the Boards of Directors</font></td>
  </tr>
  <tr>
    <td width=313 valign=top>&nbsp;</td>
    <td width=349 valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td width=313 valign=top>
      <p>&nbsp;</p>
    </td>
    <td width=349 valign=top> <font face="Times New Roman" size="2">ALICE A. PELLEGRINO</font></td>
  </tr>
  <tr>
    <td width=313 valign=top>
      <p>&nbsp;</p>
    </td>
    <td width=349 valign=top> <font face="Times New Roman" size="2"><i>Secretary
      of MuniYield Florida Insured Fund <br>
      MuniYield Michigan Insured Fund, Inc. <br>
      MuniYield New Jersey Insured Fund, Inc. <br>
      MuniYield Pennsylvania Insured Fund <br>
      The S&amp;P 500</i><font size="1"><sup><i>&#174;</i></sup></font><i> Protected
      Equity Fund, Inc.</i></font></td>
  </tr>
</table>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Plainsboro, New Jersey <BR>
  Dated: March 22, 2005 </FONT></P>


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<P>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><P>&nbsp;
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><font size="3">COMBINED
  PROXY STATEMENT </font></B></FONT></P>


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<HR SIZE=1 noshade ALIGN=CENTER WIDTH=150>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><font size="3">MUNIYIELD
  FLORIDA INSURED FUND <BR>
  MUNIYIELD MICHIGAN INSURED FUND, INC. <BR>
  MUNIYIELD NEW JERSEY INSURED FUND, INC. <BR>
  MUNIYIELD PENNSYLVANIA INSURED FUND <BR>
  THE S&amp;P 500<font size="1"><sup>&#174;</sup></font> PROTECTED EQUITY FUND, INC. <BR>
  P.O. Box 9011 <BR>
  Princeton, New Jersey 08543-9011 </font></B></FONT></P>
<font size="3"><!-- MARKER FORMAT-SHEET="Center Head 2" FSL="Workstation" -->
</font>
<P ALIGN=CENTER><font face="Times New Roman, Times, Serif" size="3"><B>2005 ANNUAL
  MEETINGS OF STOCKHOLDER</B></font><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>S
  </B></FONT></P>

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<HR SIZE=1 noshade ALIGN=CENTER WIDTH=150>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><font size="3">April
  28, 2005 </font></B></FONT></P>

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<HR SIZE=1 noshade ALIGN=CENTER WIDTH=150>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><font size="3">TABLE
  OF CONTENTS </font></B></FONT></P>



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<table border=0 cellspacing=0 cellpadding=0 width="600" align="center">
  <tr valign="bottom">
    <td width=54>
      <p>&nbsp;</p>
    </td>
    <td width=624>
      <p>&nbsp;</p>
    </td>
    <td align="center" width=34> <font size="1">Page</font>
      <hr noshade size="1" width="100%">
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="2"> <font face="Times New Roman" size="2">INTRODUCTION</font>
    </td>
    <td width=34 align="right"><font face="Times New Roman" size="2">1</font></td>
  </tr>
  <tr valign="bottom">
    <td width=54> <font face="Times New Roman" size="2">ITEM 1.</font></td>
    <td width=624> <font face="Times New Roman" size="2">ELECTION OF DIRECTORS</font></td>
    <td width=34 align="right"> <font size="2">2</font></td>
  </tr>
  <tr valign="bottom">
    <td width=54>&nbsp; </td>
    <td width=624> <font face="Times New Roman" size="2">Biographical Information</font></td>
    <td width=34 align="right"> <font size="2">3</font></td>
  </tr>
  <tr valign="bottom">
    <td width=54>&nbsp; </td>
    <td width=624> <font face="Times New Roman" size="2">Committees and Board
      Meetings</font></td>
    <td width=34 align="right"> <font size="2">6</font></td>
  </tr>
  <tr valign="bottom">
    <td width=54>&nbsp; </td>
    <td width=624> <font face="Times New Roman" size="2">Stockholder Communications</font></td>
    <td width=34 align="right"> <font size="2">7</font></td>
  </tr>
  <tr valign="bottom">
    <td width=54>&nbsp; </td>
    <td width=624> <font face="Times New Roman" size="2">Director Attendance at
      Stockholder Meetings</font></td>
    <td width=34 align="right"> <font size="2">8</font></td>
  </tr>
  <tr valign="bottom">
    <td width=54>&nbsp; </td>
    <td width=624> <font face="Times New Roman" size="2">Compliance with Section
      16(a) of the Securities Exchange Act of 1934</font></td>
    <td width=34 align="right"> <font size="2">8</font></td>
  </tr>
  <tr valign="bottom">
    <td width=54>&nbsp; </td>
    <td width=624> <font face="Times New Roman" size="2">Interested Persons</font></td>
    <td width=34 align="right"> <font size="2">8</font></td>
  </tr>
  <tr valign="bottom">
    <td width=54>&nbsp; </td>
    <td width=624> <font face="Times New Roman" size="2">Compensation of Directors</font></td>
    <td width=34 align="right"> <font size="2">8</font></td>
  </tr>
  <tr valign="bottom">
    <td width=54>&nbsp; </td>
    <td width=624> <font face="Times New Roman" size="2">Officers of Each Fund</font></td>
    <td width=34 align="right"> <font size="2">9</font></td>
  </tr>
  <tr valign="bottom">
    <td width=54>&nbsp; </td>
    <td width=624> <font face="Times New Roman" size="2">Stock Ownership</font></td>
    <td width=34 align="right"> <font size="2">9</font></td>
  </tr>
  <tr valign="bottom">
    <td width=54> <font face="Times New Roman" size="2">ITEM 2.</font></td>
    <td width=624> <font face="Times New Roman" size="2">APPROVAL OF CHANGE TO
      FUNDAMENTAL INVESTMENT RESTRICTION</font></td>
    <td width=34 align="right"><font size="2">9</font></td>
  </tr>
  <tr valign="bottom">
    <td width=54> <font face="Times New Roman" size="2">ITEM 3.</font></td>
    <td width=624> <font face="Times New Roman" size="2">PROPOSAL TO DELETE A
      FUNDAMENTAL INVESTMENT POLICY OF MY PA</font></td>
    <td width=34 align="right"><font size="2">10</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="2"> <font face="Times New Roman" size="2">ADDITIONAL INFORMATION</font>
    </td>
    <td width=34 align="right"><font face="Times New Roman" size="2">11</font></td>
  </tr>
  <tr valign="bottom">
    <td width=54>&nbsp; </td>
    <td width=624> <font face="Times New Roman" size="2">Expenses and Methods
      of Proxy Solicitation</font></td>
    <td width=34 align="right"> <font size="2">11</font></td>
  </tr>
  <tr valign="bottom">
    <td width=54>&nbsp; </td>
    <td width=624> <font face="Times New Roman" size="2">Quorum and Vote Required</font></td>
    <td width=34 align="right"> <font size="2">11</font></td>
  </tr>
  <tr valign="bottom">
    <td width=54>&nbsp; </td>
    <td width=624> <font face="Times New Roman" size="2">Broker Non-Votes and
      Abstentions</font></td>
    <td width=34 align="right"> <font size="2">13</font></td>
  </tr>
</table>


<P>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><P>&nbsp;
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><font size="3">TABLE
  OF CONTENTS</font> (continued) </B></FONT></P>





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<table border=0 cellspacing=0 cellpadding=0 width="600" align="center">
  <tr valign="bottom">
    <td width=54>&nbsp; </td>
    <td width=624> <font face="Times New Roman" size="2">Other Matters</font></td>
    <td width=34 align="right"> <font size="2">14</font></td>
  </tr>
  <tr valign="bottom">
    <td width=54>&nbsp; </td>
    <td width=624> <font face="Times New Roman" size="2">Independent Registered
      Public Accounting Firms&#146; Fees</font></td>
    <td width=34 align="right"> <font size="2">14</font></td>
  </tr>
  <tr valign="bottom">
    <td width=54>&nbsp; </td>
    <td width=624> <font face="Times New Roman" size="2">Other</font></td>
    <td width=34 align="right"> <font size="2">17</font></td>
  </tr>
  <tr valign="bottom">
    <td width=54>&nbsp; </td>
    <td width=624> <font face="Times New Roman" size="2">Address of Investment
      Adviser</font></td>
    <td width=34 align="right"> <font size="2">17</font></td>
  </tr>
  <tr valign="bottom">
    <td width=54>&nbsp; </td>
    <td width=624> <font face="Times New Roman" size="2">Annual Report Delivery</font></td>
    <td width=34 align="right"> <font size="2">17</font></td>
  </tr>
  <tr valign="bottom">
    <td width=54>&nbsp; </td>
    <td width=624> <font face="Times New Roman" size="2">Stockholder Proposals</font></td>
    <td width=34 align="right"> <font size="2">18</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="2"> <font face="Times New Roman" size="2">Exhibit A &#150; Information
      Pertaining to Each Fund</font> </td>
    <td width=34 align="right"> <font size="2">A-1</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="2"> <font face="Times New Roman" size="2">Exhibit B &#150; Information
      Pertaining to the Director Nominees</font> </td>
    <td width=34 align="right"> <font size="2">B-1</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="2"> <font face="Times New Roman" size="2">Exhibit C &#150; Information
      Pertaining to the Officers</font> </td>
    <td width=34 align="right"> <font size="2">C-1</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="2"> <font face="Times New Roman" size="2">Exhibit D &#150; Charter
      of the Nominating Committee</font> </td>
    <td width=34 align="right"> <font size="2">D-1</font></td>
  </tr>
</table>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  Funds will be referred to throughout this Combined Proxy Statement as listed
  below. </FONT></P>
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<table cellspacing=0 cellpadding=0 width="600" align="center">
  <tr>
    <td valign=top align="left" width=351> <b><font face="Times New Roman, Times, serif" size="1">Fund</font></b>
      <hr noshade size="1" width="10%" align="left">
    </td>
    <td valign=top width=247> <b><font face="Times New Roman, Times, serif" size="1">Term
      used in this Combined Proxy Statement </font></b>
      <hr noshade size="1" width="80%" align="left">
    </td>
  </tr>
  <tr>
    <td valign=top width=351> <font face="Times New Roman, Times, serif" size="2">MuniYield
      Florida Insured Fund</font></td>
    <td valign=top width=247 align="center"> <font face="Times New Roman, Times, serif" size="2">MY
      FL</font></td>
  </tr>
  <tr>
    <td valign=top width=351> <font face="Times New Roman, Times, serif" size="2">MuniYield
      Michigan Insured Fund, Inc.</font></td>
    <td valign=top width=247 align="center"> <font face="Times New Roman, Times, serif" size="2">MY
      MI</font></td>
  </tr>
  <tr>
    <td valign=top width=351> <font face="Times New Roman, Times, serif" size="2">MuniYield
      New Jersey Insured Fund, Inc.</font></td>
    <td valign=top width=247 align="center"> <font face="Times New Roman, Times, serif" size="2">MY
      NJ</font></td>
  </tr>
  <tr>
    <td valign=top width=351> <font face="Times New Roman, Times, serif" size="2">MuniYield
      Pennsylvania Insured Fund</font></td>
    <td valign=top width=247 align="center"> <font face="Times New Roman, Times, serif" size="2">MY
      PA</font></td>
  </tr>
  <tr>
    <td valign=top width=351> <font face="Times New Roman, Times, serif" size="2">The
      S&amp;P 500</font><font face="Times New Roman" size="1"><sup>&#174;</sup></font><font face="Times New Roman, Times, serif" size="2">
      Protected Equity Fund, Inc.</font></td>
    <td valign=top width=247 align="center"> <font face="Times New Roman, Times, serif" size="2">S&amp;P
      500</font></td>
  </tr>
</table>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>INTRODUCTION
  </B></FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
  Combined Proxy Statement is furnished in connection with the solicitation of
  proxies on behalf of the Board of Directors or the Board of Trustees, as applicable,
  of the above-listed funds (each a &#147;Fund&#148; and, collectively, the &#147;Funds&#148;),
  to be voted at the 2005 Annual Meeting of Stockholders of each Fund (each, a
  &#147;Meeting&#148; and, collectively, the &#147;Meetings&#148;), to be held
  at the offices of Fund Asset Management, L.P. (&#147;FAM&#148;), 800 Scudders
  Mill Road, Plainsboro, New Jersey 08536, on Thursday, April 28, 2005, at the
  time specified in Exhibit A hereto. The approximate mailing date of this Combined
  Proxy Statement is March 25, 2005. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MY
  MI, MY NJ and S&amp;P 500 are organized as Maryland corporations, and 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 herein
  as &#147;Shares&#148; or &#147;Shares of Common Stock,&#148; shares of auction
  market preferred stock and auction market preferred shares of beneficial interest
  are referred to as &#147;AMPS,&#148; the holders of the outstanding Shares and
  AMPS are referred to as &#147;stockholders,&#148; for the Maryland corporations,
  the Articles of Incorporation and Articles Supplementary, and for the Massachusetts
  business trusts, the Declaration of Trust and Certificate of Designation, are
  referred to separately or together as the &#147;Charter,&#148; the Board of
  Directors or Board of Trustees of each Fund is referred to as the &#147;Board&#148;
  or &#147;Board of Directors,&#148; and the Directors or Trustees of each Fund
  are referred to as &#147;Directors.&#148; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
properly executed proxies received prior to a Fund&#146;s Meeting will be voted at that
Meeting in accordance with the instructions marked thereon or otherwise as provided
therein. Unless instructions to the contrary are marked, proxies will be voted: </FONT></P>

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<P>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=60% ALIGN=center><FONT SIZE="2">1
</FONT></TD>
    <TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><P>&nbsp;
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>


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



<!-- MARKER FORMAT-SHEET="Para (List) Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      1.  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;FOR&#148; the
election of the Director nominees of each Fund; </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      2.  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;FOR&#148; approval
of the proposed amendment to the fundamental  investment  restriction of MY FL, MY MI, MY
           NJ and MY PA; and </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      3.  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;FOR&#148; approval
of the proposal to remove a fundamental investment policy of MY PA. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors of each Fund has fixed the close of business on February 28, 2005 as
the record date (the &#147;Record Date&#148;) for the determination of stockholders entitled to
notice of and to vote at the Meetings and at any adjournments 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, if applicable, indicated in Exhibit A. Except as set forth in Exhibit A
to this Combined Proxy Statement, to the knowledge of each Fund, as of the Record Date,
no person is the beneficial owner of five percent or more of that Fund&#146;s outstanding
Shares or five percent or more of the outstanding AMPS of such Fund, if applicable. This
Combined Proxy Statement is being provided to the holders of Shares and AMPS, if
applicable, of each Fund. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors of each Fund knows of no business other than mentioned in Items 1
through 3, as applicable, of the Notice of Meeting that will be presented for
consideration at its Meeting. If any other matter is properly presented, it is the
intention of the persons named in the enclosed proxy to vote in accordance with their
best judgment. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
stockholders solicited and entitled to vote on Items 1, 2 and 3 are outlined in the
following chart: </FONT></P>



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<table cellspacing=0 cellpadding=0 width="600" align="center">
  <tr align="center" valign="bottom">
    <td width=149> <font size="1" face="Times New Roman"><b>Fund </b></font>
      <hr noshade size="1" width="50%">
    </td>
    <td width=281> <font size="1" face="Times New Roman"><b>Item 1. <br>
      Election <br>
      of Directors </b></font>
      <hr noshade size="1" width="50%">
    </td>
    <td width=149> <font size="1" face="Times New Roman"><b>Item 2. <br>
      Approval of <br>
      Amendment to Fundamental <br>
      Investment <br>
      Restriction </b></font>
      <hr noshade size="1" width="50%">
    </td>
    <td width=337> <font size="1" face="Times New Roman"><b>Item 3. <br>
      Approval of <br>
      Removal of <br>
      Fundamental <br>
      Investment <br>
      Policy </b></font>
      <hr noshade size="1" width="50%">
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td width=149> <font face="Times New Roman" size="2">MY FL*</font></td>
    <td width=281> <font face="Times New Roman" size="2">Yes**</font></td>
    <td width=149> <font face="Times New Roman" size="2">Yes</font></td>
    <td width=337> <font face="Times New Roman" size="2">No</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td width=149> <font face="Times New Roman" size="2">MY MI*</font></td>
    <td width=281> <font face="Times New Roman" size="2">Yes**</font></td>
    <td width=149> <font face="Times New Roman" size="2">Yes</font></td>
    <td width=337> <font face="Times New Roman" size="2">No</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td width=149> <font face="Times New Roman" size="2">MY NJ*</font></td>
    <td width=281> <font face="Times New Roman" size="2">Yes**</font></td>
    <td width=149> <font face="Times New Roman" size="2">Yes</font></td>
    <td width=337> <font face="Times New Roman" size="2">No</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td width=149> <font face="Times New Roman" size="2">MY PA*</font></td>
    <td width=281> <font face="Times New Roman" size="2">Yes**</font></td>
    <td width=149> <font face="Times New Roman" size="2">Yes</font></td>
    <td width=337> <font face="Times New Roman" size="2">Yes</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td width=149> <font face="Times New Roman" size="2">S&amp;P 500</font></td>
    <td width=281> <font face="Times New Roman" size="2">Yes&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width=149> <font face="Times New Roman" size="2">No</font></td>
    <td width=337> <font face="Times New Roman" size="2">No</font></td>
  </tr>
</table>
<HR SIZE=1 noshade ALIGN=left  WIDTH=75>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">* </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD>
    <TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">With respect to each Item
      applicable to a Fund, the holder of Shares of Common Stock and AMPS are
      entitled to vote on the Item. See &#147;Additional Information&#151;Quorum and
      Vote Required.&#148;</FONT></TD>
  </TR></TABLE>

<table width=100%>
  <tr>
    <td width=4% align=right valign=top><font size="1">** </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=94% align=left valign=top><font size="1">Only the holders of AMPS
      are entitled to vote on the election of the two AMPS Director Nominees.
      The holders of Shares of Common Stock and AMPS are entitled to vote on the
      election of the other Director Nominees. See &#147;Item 1. Election of Directors&#148;
      and &#147;Additional Information&#151;Quorum and Vote Required.&#148;</font></td>
  </tr>
</table>

<!-- MARKER FORMAT-SHEET="Center Head 2" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ITEM 1. ELECTION OF
DIRECTORS </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the Meetings of all the Funds, the Directors 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 retirement, resignation or removal. The nominees are
Donald W. Burton, Robert C. Doll, Jr., Laurie Simon Hodrick, John F. O&#146;Brien, David H.
Walsh and Fred G. Weiss (collectively, the &#147;Director Nominees&#148;). </FONT></P>

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<P>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=60% ALIGN=center><FONT SIZE="2">
2</FONT></TD>
    <TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><P>&nbsp;
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>



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



<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>For MY FL, MY MI, MY
NJ and MY PA: </B></FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (1)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All
 properly  executed  proxies of the holders of AMPS,  voting  separately  as a class,
 will be voted            &#147;FOR&#148; the two (2) Director Nominees listed in the chart below
to be elected by the holders of AMPS; and </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      (2)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=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 four (4)  Director  Nominees  listed
in the chart  below to be  elected  by the            holders of Shares and AMPS: </FONT></P></TD>
</TR>
</TABLE>
<BR>
<table cellspacing=0 cellpadding=0 width="654" align="center">
  <tr>
    <td valign=top width="168"> <font size="1" face="Times New Roman, Times, serif"><b>Fund
      </b></font></td>
    <td valign=top width="223"> <font size="1" face="Times New Roman, Times, serif"><b>AMPS
      Director Nominees </b></font></td>
    <td valign=top width="261"> <font size="1" face="Times New Roman, Times, serif"><b>Other
      Director Nominees </b></font></td>
  </tr>
  <tr>
    <td valign=top colspan="3">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=top width="168"> <font face="Times New Roman, Times, serif" size="2">MY
      FL</font></td>
    <td valign=top width="223"> <font face="Times New Roman, Times, serif" size="2">Laurie
      Simon Hodrick,</font></td>
    <td valign=top width="261"> <font face="Times New Roman, Times, serif" size="2">Donald
      W. Burton, Robert C. Doll, Jr.,</font></td>
  </tr>
  <tr>
    <td valign=top width="168">&nbsp; </td>
    <td valign=top width="223"> <font face="Times New Roman, Times, serif" size="2">Fred
      G. Weiss</font></td>
    <td valign=top width="261"> <font face="Times New Roman, Times, serif" size="2">John
      F. O&#146;Brien, David H. Walsh</font></td>
  </tr>
  <tr>
    <td valign=top colspan="3">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=top width="168"> <font face="Times New Roman, Times, serif" size="2">MY
      MI</font></td>
    <td valign=top width="223"> <font face="Times New Roman, Times, serif" size="2">Laurie
      Simon Hodrick,</font></td>
    <td valign=top width="261"> <font face="Times New Roman, Times, serif" size="2">Donald
      W. Burton, Robert C. Doll, Jr.,</font></td>
  </tr>
  <tr>
    <td valign=top width="168">&nbsp; </td>
    <td valign=top width="223"> <font face="Times New Roman, Times, serif" size="2">Fred
      G. Weiss</font></td>
    <td valign=top width="261"> <font face="Times New Roman, Times, serif" size="2">John
      F. O&#146;Brien, David H. Walsh</font></td>
  </tr>
  <tr>
    <td valign=top colspan="3">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=top width="168"> <font face="Times New Roman, Times, serif" size="2">MY
      NJ</font></td>
    <td valign=top width="223"> <font face="Times New Roman, Times, serif" size="2">Laurie
      Simon Hodrick,</font></td>
    <td valign=top width="261"> <font face="Times New Roman, Times, serif" size="2">Donald
      W. Burton, Robert C. Doll, Jr.,</font></td>
  </tr>
  <tr>
    <td valign=top width="168">&nbsp; </td>
    <td valign=top width="223"> <font face="Times New Roman, Times, serif" size="2">Fred
      G. Weiss</font></td>
    <td valign=top width="261"> <font face="Times New Roman, Times, serif" size="2">John
      F. O&#146;Brien, David H. Walsh</font></td>
  </tr>
  <tr>
    <td valign=top colspan="3">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=top width="168"> <font face="Times New Roman, Times, serif" size="2">MY
      PA</font></td>
    <td valign=top width="223"> <font face="Times New Roman, Times, serif" size="2">Laurie
      Simon Hodrick,</font></td>
    <td valign=top width="261"> <font face="Times New Roman, Times, serif" size="2">Donald
      W. Burton, Robert C. Doll, Jr.,</font></td>
  </tr>
  <tr>
    <td valign=top width="168">&nbsp; </td>
    <td valign=top width="223"> <font face="Times New Roman, Times, serif" size="2">Fred
      G. Weiss</font></td>
    <td valign=top width="261"> <font face="Times New Roman, Times, serif" size="2">John
      F. O&#146;Brien, David H. Walsh</font></td>
  </tr>
  <tr>
    <td valign=top colspan="3">
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>For S&amp;P 500: </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
properly executed proxies will be voted &#147;FOR&#148; the six (6) Director Nominees listed below
to serve until the next Annual Meeting of Stockholders and until their successors are
elected and qualified. </FONT></P>



<table cellspacing=0 cellpadding=0 width="600" align="center">
  <tr>
    <td valign=top width=150>
      <p>&nbsp;&nbsp;</p>
    </td>
    <td valign=top align="center" width=300 colspan="2"> <font face="Times New Roman, Times, serif" size="1"><b>Nominees
      to be Elected by Holders <br>
      of Shares of S&amp;P 500 </b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td valign=top align="center" width=150>&nbsp;&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=150>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=150> <font face="Times New Roman, Times, serif" size="2">Donald
      W. Burton</font></td>
    <td valign=top width=150> <font face="Times New Roman, Times, serif" size="2">John
      F. O&#146;Brien</font></td>
    <td valign=top width=150>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=150>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=150> <font face="Times New Roman, Times, serif" size="2">Robert
      C. Doll, Jr.</font></td>
    <td valign=top width=150> <font face="Times New Roman, Times, serif" size="2">David
      H. Walsh</font></td>
    <td valign=top width=150>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=150>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=150> <font face="Times New Roman, Times, serif" size="2">Laurie
      Simon Hodrick</font></td>
    <td valign=top width=150> <font face="Times New Roman, Times, serif" size="2">Fred
      G. Weiss</font></td>
    <td valign=top width=150>&nbsp;</td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of each Fund knows of no reason why any of the Director Nominees listed above for
any Fund 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 that Fund&#146;s
Board of Directors may recommend. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
information concerning the Director Nominees is set forth below. Additional information
concerning the Director Nominees is set forth in Exhibit B to this Combined Proxy
Statement. </FONT></P>


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

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
  biographical and other information relating to the Director Nominee who is an
  &#147;interested person,&#148; as defined in the Investment Company Act of 1940,
  as amended (the &#147;Investment Company Act&#148;) of each Fund, is set forth
  below: </FONT></P>


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<P>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=60% ALIGN=center><FONT SIZE="2">
3</FONT></TD>
    <TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><P>&nbsp;
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>


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



<!-- MARKER FORMAT-SHEET="Cutoff rule Footnote" FSL="Workstation" -->
<p>&nbsp;</p><table border=0 cellspacing=0 cellpadding=0 width="700" align="center">
  <tr align="center" valign="bottom">
    <td width=80> <b><font size="1">Name, Address&#134; <br>
      and Age </font></b>
      <hr noshade size="1" width="95%">
    </td>
    <td width=15>&nbsp;</td>
    <td width=80> <b><font size="1">Position(s) <br>
      Held with <br>
      Each Fund </font></b>
      <hr noshade size="1" width="95%">
    </td>
    <td width=15>&nbsp;</td>
    <td width=80> <b><font size="1">Term of <br>
      Office and <br>
      Length of <br>
      Time Served </font></b>
      <hr noshade size="1" width="95%">
    </td>
    <td width=15>&nbsp;</td>
    <td width=200> <b><font size="1">Principal Occupation(s) <br>
      During Past Five Years </font></b>
      <hr noshade size="1" width="95%">
    </td>
    <td width=15>&nbsp;</td>
    <td width=100> <b><font size="1">Number of MLIM/ <br>
      FAM-Advised <br>
      Funds** and <br>
      Portfolios Overseen </font></b>
      <hr noshade size="1" width="95%">
    </td>
    <td width=15><b>&nbsp;&nbsp;</b></td>
    <td width=80> <b><font size="1">Public <br>
      Directorships </font></b>
      <hr noshade size="1" width="95%">
    </td>
  </tr>
  <tr>
    <td width=80 valign=top> <font size="1">Robert C. Doll, Jr.&#134;&#134; (50)
      </font></td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=80 valign=top> <font size="1">President and Director* </font></td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=80 valign=top> <font size="1">President and Director of each Fund
      since 2005. </font></td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=200 valign=top> <font size="1">President of MLIM/FAM-advised funds
      since 2005; President of FAM and its affiliate, Merrill Lynch Investment
      Managers, L.P. (&#147;MLIM&#148;), since 2001; Director of Princeton Services,
      Inc. (&#147;Princeton Services&#148;) since 2001; President of Princeton
      Administrators, L.P. (&#147;Princeton Administrators&#148;) since 2001;
      Co-Head (Americas Region) of FAM and MLIM from 2000 to 2001 and Senior Vice
      President thereof from 1999 to 2001; Chief Investment Officer of OppenheimerFunds,
      Inc. in 1999 and Executive Vice President thereof from 1991 to 1999. </font></td>
    <td width=15 valign=top>&nbsp;</td>
    <td valign=top width=100> <font size="1">114 registered investment companies
      consisting of <br>
      150 portfolios </font></td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=80 valign=top> <font size="1">None </font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td width="80">&nbsp;</td>
    <td width="15">&nbsp;</td>
    <td width="80">&nbsp;</td>
    <td width="15">&nbsp;</td>
    <td width="80">&nbsp;</td>
    <td width="15">&nbsp;</td>
    <td width="200">&nbsp;</td>
    <td width="15">&nbsp;</td>
    <td width="100">&nbsp;</td>
    <td width="15">&nbsp;</td>
    <td width="80">&nbsp;</td>
  </tr>
</table>
<HR SIZE=1 noshade ALIGN=left  WIDTH=75>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> &#134;</FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">P.O.
Box 9011, Princeton, New Jersey 08543-9011.</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR>
    <TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">&#134;&#134;</FONT></TD>
    <TD WIDTH=2%><FONT SIZE="1"></FONT></TD>
    <TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1"> Mr. Doll is an &#147;interested
      person,&#148; as defined in the Investment Company Act, of each Fund based
      on his positions with MLIM, FAM, Princeton Services and Princeton Administrators.</FONT></TD>
  </TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> * </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">As
a Director,  Mr. Doll serves until his successor is elected and qualified,  until
December 31 of the year in     which he turns 72, or until his death,  resignation,  or
removal as provided in each Fund&#146;s by-laws, charter or     by statute.</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">** </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">The
complex of funds advised by FAM and MLIM.</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
biographical and other information relating to the Director Nominees who are not &#147;interested
persons,&#148; as defined in the Investment Company Act of any Fund and who are &#147;independent&#148; as
defined in the listing standards of the New York Stock Exchange (&#147;NYSE&#148;) or NASDAQ, as
applicable to each Fund (&#147;non-interested Directors&#148;) is set forth below. Each
non-interested Director Nominee is a member of each Fund&#146;s Audit Committee and Nominating
Committee. </FONT></P>

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<table border=0 cellspacing=0 cellpadding=0 width="700" align="center">
  <tr align="center" valign="bottom">
    <td width="80"> <b><font size="1">Name, Address* <br>
      and Age </font></b>
      <hr noshade size="1" width="95%">
    </td>
    <td width="15"><b>&nbsp;&nbsp;</b></td>
    <td width="80"> <b><font size="1">Position(s) <br>
      Held with <br>
      Each Fund </font></b>
      <hr noshade size="1" width="95%">
    </td>
    <td width="15"><b>&nbsp;&nbsp;</b></td>
    <td width="80"> <b><font size="1">Term of <br>
      Office&#134; and <br>
      Length of <br>
      Time Served </font></b>
      <hr noshade size="1" width="95%">
    </td>
    <td width="15"><b>&nbsp;&nbsp;</b></td>
    <td width="200"> <b><font size="1">Principal Occupation(s) <br>
      During Past Five Years </font></b>
      <hr noshade size="1" width="95%">
    </td>
    <td width="15"><b>&nbsp;&nbsp;</b></td>
    <td width="100"> <b><font size="1">Number of MLIM/ <br>
      FAM-Advised <br>
      Funds and <br>
      Portfolios Overseen </font></b>
      <hr noshade size="1" width="95%">
    </td>
    <td width="15"><b>&nbsp;&nbsp;</b></td>
    <td width="80"> <b><font size="1">Public <br>
      Directorships </font></b>
      <hr noshade size="1" width="95%">
    </td>
  </tr>
  <tr>
    <td width=80 valign=top> <font size="1">Donald W. Burton (61) </font></td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=80 valign=top> <font size="1">Director </font></td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=80 valign=top> <font size="1">Director of each Fund since the year
      listed in Exhibit B. </font></td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=200 valign=top> <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 Council of the Florida State Board of Administration since 2001.
      </font></td>
    <td width=15 valign=top>&nbsp;</td>
    <td valign=top width=100> <font size="1">23 registered investment companies
      consisting of 42 portfolios </font></td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=80 valign=top> <font size="1">ITC DeltaCom, Inc. (telecommuni-cations);
      Knology, Inc. (telecommuni-cations); Symbion, Inc. (health care) </font></td>
  </tr>
  <tr>
    <td width=80 valign=top>&nbsp;</td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=80 valign=top>&nbsp;</td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=80 valign=top>&nbsp;</td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=200 valign=top>&nbsp;</td>
    <td width=15 valign=top>&nbsp;</td>
    <td valign=top width=100>&nbsp;</td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=80 valign=top>&nbsp;</td>
  </tr>
</table>
<P>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=60% ALIGN=center><FONT SIZE="2">
4</FONT></TD>
    <TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><P>&nbsp;
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>




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










<!-- MARKER FORMAT-SHEET="Cutoff rule Footnote" FSL="Workstation" -->
<p>&nbsp;</p><table border=0 cellspacing=0 cellpadding=0 width="700" align="center">
  <tr align="center" valign="bottom">
    <td width="80"> <b><font size="1">Name, Address* <br>
      and Age </font></b>
      <hr noshade size="1" width="95%">
    </td>
    <td width="15"><b>&nbsp;&nbsp;</b></td>
    <td width="80"> <b><font size="1">Position(s) <br>
      Held with <br>
      Each Fund </font></b>
      <hr noshade size="1" width="95%">
    </td>
    <td width="15"><b>&nbsp;&nbsp;</b></td>
    <td width="80"> <b><font size="1">Term of <br>
      Office&#134; and <br>
      Length of <br>
      Time Served </font></b>
      <hr noshade size="1" width="95%">
    </td>
    <td width="15"><b>&nbsp;&nbsp;</b></td>
    <td width="200"> <b><font size="1">Principal Occupation(s) <br>
      During Past Five Years </font></b>
      <hr noshade size="1" width="95%">
    </td>
    <td width="15"><b>&nbsp;&nbsp;</b></td>
    <td width="100"> <b><font size="1">Number of MLIM/ <br>
      FAM-Advised <br>
      Funds and <br>
      Portfolios Overseen </font></b>
      <hr noshade size="1" width="95%">
    </td>
    <td width="15"><b>&nbsp;&nbsp;</b></td>
    <td width="80"> <b><font size="1">Public <br>
      Directorships </font></b>
      <hr noshade size="1" width="95%">
    </td>
  </tr>
  <tr>
    <td width=80 valign=top> <font size="1">Laurie Simon Hodrick (42) </font></td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=80 valign=top> <font size="1">Director </font></td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=80 valign=top> <font size="1">Director of each Fund since the year
      listed in Exhibit B. </font></td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=200 valign=top> <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 width=15 valign=top>&nbsp;</td>
    <td valign=top width=100> <font size="1">23 registered investment companies
      consisting of 42 portfolios </font></td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=80 valign=top> <font size="1">None </font></td>
  </tr>
  <tr>
    <td width=80 valign=top>&nbsp;</td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=80 valign=top>&nbsp;</td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=80 valign=top>&nbsp;</td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=200 valign=top>&nbsp;</td>
    <td width=15 valign=top>&nbsp;</td>
    <td valign=top width=100>&nbsp;</td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=80 valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td width=80 valign=top> <font size="1">John F. O&#146;Brien (61) </font></td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=80 valign=top> <font size="1">Director </font></td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=80 valign=top> <font size="1">Director of each Fund since the year
      listed in Exhibit B. </font></td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=200 valign=top> <font size="1">President and Chief Executive Officer
      of Allmerica Financial Corporation (financial services holding company)
      from 1995 to 2002 and Director from 1995 to 2003; President of Allmerica
      Investment Management Co., Inc. (investment adviser) from 1989 to 1990,
      Director from 1989 to 2002 and Chairman of the Board from 1989 to 1990;
      President, Chief Executive Officer and Director of First Allmerica Financial
      Life Insurance Company from 1989 to 2002; and Director of various other
      Allmerica Financial companies until 2002; currently Director and member
      of the Governance/Nominating and Compensation Committee of ABIOMED, Director
      and member of the Audit Committee and the Governance and Nomination Committee
      of Cabot Corporation, Director and member of the Audit Committee and Compensation
      Committee of LKQ Corporation, and Lead Director of TJX Companies, Inc.;
      Corporator of the Worcester Art Museum since 1990; Trustee of the Woods
      Hole Oceanographic Institute since 2003. </font></td>
    <td width=15 valign=top>&nbsp;</td>
    <td valign=top width=100> <font size="1">23 registered investment companies
      consisting of 42 portfolios </font></td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=80 valign=top> <font size="1">ABIOMED (medical device manufacturer);
      Cabot Corporation (manufacturing); LKQ Corporation (auto parts manufacturing);
      TJX Companies, Inc. (retailer) </font></td>
  </tr>
  <tr>
    <td width=80 valign=top>&nbsp;</td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=80 valign=top>&nbsp;</td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=80 valign=top>&nbsp;</td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=200 valign=top>&nbsp;</td>
    <td width=15 valign=top>&nbsp;</td>
    <td valign=top width=100>&nbsp;</td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=80 valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td width=80 valign=top> <font size="1">David H. Walsh (63) </font></td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=80 valign=top> <font size="1">Director </font></td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=80 valign=top> <font size="1">Director of each Fund since the year
      listed in Exhibit B. </font></td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=200 valign=top> <font size="1">Consultant with Putnam Investments
      from 1993 to 2003 and employed in various capacities therewith from 1973
      to 1992; Director, The National Audubon Society since 1980; Director, The
      American Museum of Fly Fishing since 1998. </font></td>
    <td width=15 valign=top>&nbsp;</td>
    <td valign=top width=100> <font size="1">23 registered investment companies
      consisting of 42 portfolios </font></td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=80 valign=top> <font size="1">None </font></td>
  </tr>
  <tr>
    <td width=80 valign=top>&nbsp;</td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=80 valign=top>&nbsp;</td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=80 valign=top>&nbsp;</td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=200 valign=top>&nbsp;</td>
    <td width=15 valign=top>&nbsp;</td>
    <td valign=top width=100>&nbsp;</td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=80 valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td width=80 valign=top> <font size="1">Fred G. Weiss** (63) </font></td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=80 valign=top> <font size="1">Director </font></td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=80 valign=top> <font size="1">Director of each Fund since the year
      listed in Exhibit B. </font></td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=200 valign=top> <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 since 2000. </font></td>
    <td width=15 valign=top>&nbsp;</td>
    <td valign=top width=100> <font size="1">23 registered investment companies
      consisting of 42 portfolios </font></td>
    <td width=15 valign=top>&nbsp;</td>
    <td width=80 valign=top> <font size="1">Watson Pharmaceutical Inc. (pharmaceutical
      company) </font></td>
  </tr>
</table>
<HR SIZE=1 noshade ALIGN=left  WIDTH=75>
<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">* </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">The
address of each non-interested Director is P.O. Box 9095, Princeton, New Jersey
08543-9095.</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">** </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Chairman
of the Audit Committee of each Fund.</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> &#134;</FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD>
    <TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Each Director serves until
      his or her successor is elected and qualified, or until his or her death,
      resignation, or removal as provided in the Funds&#146; respective by-laws
      or charter or by statute, or until December 31 of the year in which he or
      she turns 72.</FONT></TD>
  </TR></TABLE>

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<p> </p>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=60% ALIGN=center><FONT SIZE="2">
5</FONT></TD>
    <TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><P>&nbsp;
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<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Committees and Board
Meetings </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of each Fund maintains a standing Audit Committee and a standing Nominating
Committee, each of which consists of all of the non-interested Directors. Currently, Ms.
Hodrick and Messrs. Burton, O&#146;Brien, Walsh and Weiss are members of each Fund&#146;s Audit
Committee and Nominating Committee. </FONT></P>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit
Committees </I></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal responsibilities of each Audit Committee are the appointment, compensation and
oversight of the Fund&#146;s independent registered public accounting firm, including the
resolution of disagreements regarding financial reporting between Fund management and
such independent registered public accounting firm. The Audit Committee&#146;s
responsibilities include, without limitation, to (i) review with the independent
registered public accounting firm the arrangements for and scope of annual and special
audits and any other services provided by the independent registered public accounting
firm to the Fund; (ii) discuss with the independent registered public accounting firm
certain matters relating to the Fund&#146;s financial statements, including any adjustment to
such financial statements recommended by such independent registered public accounting
firm or any other results of any audit; (iii) ensure that the independent registered
public accounting firm submits on a periodic basis a formal written statement with
respect to their independence, discuss with the independent registered public accounting
firm any relationships or services disclosed in the statement that may impact the
objectivity and independence of the Fund&#146;s independent registered public accounting firm
and recommend that the Board take appropriate action in response thereto to satisfy
itself of the independent registered public accounting firm&#146;s independence; and (iv)
consider the comments of the independent registered public accounting firm with respect
to the quality and adequacy of the Fund&#146;s accounting and financial reporting policies and
practices and internal controls and Fund management&#146;s responses thereto. The Board of
each Fund has adopted a written charter for the Audit Committee. Each Audit Committee has
retained independent legal counsel to assist it in connection with these duties. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Fund&#146;s Audit Committee also has received written disclosures and the letter required by
Independence Standards Board Standard No. 1, as may be modified or supplemented, from
Deloitte &amp; Touche LLP (&#147;D&amp;T&#148;),independent registered public accounting firm for all the
Funds, except MY MI, which received such written disclosures from its independent
registered public accounting firm, Ernst &amp; Young LLP (&#147;E&amp;Y&#148;). Each Audit Committee has
discussed with D&amp;T and E&amp;Y, as applicable, such firm&#146;s independence with respect to the
Fund and certain matters required to be discussed by Statements on Auditing Standards No.
61. Each Audit Committee has considered whether the provision of non-audit services by
the Fund&#146;s independent registered public accounting firm is compatible with maintaining
the independence of that registered public accounting firm. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Audit Committee also reviews and discusses the audit of the Fund&#146;s financial statements
with Fund management and the independent registered public accounting firm. If any
material concerns arise during the course of the audit and the preparation of the audited
financial statements mailed to stockholders and included in the Fund&#146;s Annual Report to
Stockholders, the Audit Committee would be notified by Fund management or the independent
registered public accounting firm. The Audit Committees received no such notifications
for any Fund. Following each Audit Committee&#146;s review and discussion regarding the audit
of the Fund&#146;s financial statements with Fund management and the Fund&#146;s independent
registered public accounting firm, each Audit </FONT></P>

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<P>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=60% ALIGN=center><FONT SIZE="2">
6</FONT></TD>
    <TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><P>&nbsp;
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>



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

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Committee recommended to the
Directors that the Fund&#146;s audited financial statements for the 2004 fiscal year (each Fund&#146;s
fiscal year end is set forth in Exhibit A) be included in each Fund&#146;s Annual Report to
Stockholders.  </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  principal responsibilities of each Nominating Committee are to identify individuals
  qualified to serve as non-interested Directors of the Fund and to recommend
  its nominees for consideration by the full Board. The non-interested Directors
  have retained independent legal counsel to assist them in connection with these
  duties. While each Nominating Committee is solely responsible for the selection
  and nomination of the Fund&#146;s non-interested Directors, the Nominating Committee
  may consider nominations for the office of Director made by Fund stockholders
  as it deems appropriate. Stockholders who wish to recommend a nominee should
  send nominations to the applicable Fund&#146;s Secretary that include biographical
  information and set forth the qualifications of the proposed nominee. The Nominating
  Committee evaluates nominees from whatever source using the same standard. Each
  Fund adopted a Charter of the Nominating Committee on January 21, 2004, a copy
  of which is attached hereto as Exhibit D. The nomination of Mr. O&#146;Brien was
  recommended to the Nominating Committee by a non-interested Director. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
  identifying and evaluating a potential nominee to serve as a non-interested   Director
of a Fund, the Nominating Committee will consider, among other factors,   (i) the
contribution that the person can make to the Board, with consideration   being given to
the person&#146;s business and professional experience, education,   and such other
factors as the Committee may consider relevant; (ii) the character   and integrity of the
person; (iii) whether or not the person is an &#147;interested   person&#148; as defined
in the Investment Company Act and whether the person   is otherwise qualified under
applicable laws and regulations to serve as a Director;   (iv) whether or not the person
has any business, charitable, financial or family   relationships with Fund management,
the investment adviser or manager of the   Fund, any sub-adviser to the Fund, Fund
service providers or their affiliates;   (v) whether the individual is financially
literate pursuant to the listing standards   of the NYSE or NASDAQ, as applicable; (vi)
whether or not the person serves   on boards of, or is otherwise affiliated with,
competing financial service organizations   or their related investment company
complexes; (vii) whether or not the person   is willing to serve, and willing and able to
commit the time necessary to perform   the duties of a Fund Director; and (viii) whether
or not the selection and nomination   of the person would be consistent with the Fund&#146;s
retirement policy.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
  each Fund&#146;s last fiscal year, each of the Directors then in office attended   at
least 75% of the aggregate of the total number of meetings of the Board of   Directors of
that Fund held during the fiscal year and, if a member, the total   number of meetings of
the Audit Committee and Nominating Committee held during   the period for which he or she
served. For information about the number of meetings   of the Board, the Audit Committee
and the Nominating Committee held during each   Fund&#146;s most recently completed
fiscal year, see Exhibit A to this Combined   Proxy Statement. </FONT></P>


<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<p align=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Stockholder
  Communications </B></FONT></p>
<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders
  may send written communications to a Fund&#146;s Board of Directors or to an
  individual Director by mailing such correspondence to the Director or Directors
  at P.O. Box 9095, Princeton, New Jersey 08543-9095. Such communications must
  be signed by the stockholder and identify the Fund, class and number of shares
  held by the stockholder. Properly submitted stockholder communications will,
  as appropriate, be </FONT></P>
<P align="left"><BR>
  &nbsp; </P>


<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=60% ALIGN=center>
<FONT SIZE="2">7&nbsp;&nbsp; </FONT></TD>
<TD WIDTH=20% ALIGN=right><FONT SIZE="1">
<B><I></I></B></FONT>
</TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>
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<!-- MARKER PAGE="sheet: 12; page: 12" --> <!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><font face="Times New Roman, Times, Serif" size=2>forwarded to the
  entire Board or to the individual Director. Any stockholder proposal submitted
  pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended
  (the &#147;Exchange Act&#148;), must continue to meet all the requirements of
  Rule 14a-8. See &#147;Additional Information&#151;Stockholder Proposals&#148;
  herein. </font></P>
<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<p align=LEFT><font face="Times New Roman, Times, Serif" size=2><b>Director Attendance
  at Stockholder Meetings </b></font></p>
<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  Funds have no formal policy regarding Director attendance at stockholder meetings.
  None of the Funds&#146; Directors attended the 2004 Annual Meetings of Stockholders.
  </font></p>


<!-- MARKER FORMAT-SHEET="Page Break Center" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Compliance
  with Section 16(a) of the Securities Exchange Act of 1934 </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
16(a) of the Exchange Act requires the officers and Directors of each Fund and persons
who own more than ten percent of a registered class of the Fund&#146;s equity securities to
file reports of ownership and changes in ownership on Forms 3, 4 and 5 with the
Securities and Exchange Commission (&#147;SEC&#148;) and in the case of MY FL, MY MI, MY NJ and MY
PA also with the NYSE. Officers, Directors and greater than ten percent stockholders of
each Fund are required by SEC regulations to furnish the Fund with copies of all Forms 3,
4 and 5 they file. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&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. </FONT></P>

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


<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
  Fund considers Mr. Doll to be an &#147;interested person&#148; of the Fund within
  the meaning of Section 2(a)(19) of the Investment Company Act based on his positions
  with FAM and its affiliates. On February 3, 2005, Mr. Doll was elected by each
  Fund&#146;s Board as a Director of that Fund. Effective January 1, 2005, Mr.
  Doll was elected as President of each Fund by the Fund&#146;s Board. </FONT></P>


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

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAM,
  the investment adviser of each Fund, pays all compensation to all officers of
  each Fund and all Directors of each Fund who are affiliated with Merrill Lynch
  &amp; Co., Inc. (&#147;ML &amp; Co.&#148;) or its subsidiaries. Each Fund  (except S&amp;P 500) pays
  each non-interested Director an annual retainer of $3,000 and
  S&amp;P 500 pays each non-interested Director an annual retainer of  $3,500 for his or her services to
  MLIM/FAM-advised funds, including the Funds. The portion of the annual retainer
  allocated to each MLIM/FAM-advised fund is determined quarterly based on the
  relative net assets of each such fund. In addition, each non-interested Director
  receives a fee per in-person Board meeting attended and per in-person Audit
  Committee meeting attended. The annual per meeting fees paid to each non-interested
  Director aggregate $86,000 for all MLIM/FAM-advised funds for which that Director
  serves and are allocated equally among those funds. The Chairman of the Audit
  Committee receives an additional annual retainer in the amount of $29,500, which
  is paid annually and allocated to each MLIM/FAM-advised fund for which he provides
  services based on the relative net assets of the fund. </FONT></P>

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<P>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=60% ALIGN=center><FONT SIZE="2">
8</FONT></TD>
    <TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><P>&nbsp;
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>




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<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
relating to (i) 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 and (ii) the compensation received by each
non-interested Director is set forth in Exhibit B to this Combined Proxy Statement. </FONT></P>


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

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
relating to the officers of each Fund is set forth in Exhibit C to this Combined Proxy
Statement. Officers of the Funds are elected and appointed by the Board of Directors and
hold office until they resign, are removed or are otherwise disqualified to serve. </FONT></P>


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

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set
forth in Exhibit B to the Combined Proxy Statement is the following information for each
Director Nominee: (i) the number of Shares of Common Stock and AMPS, if applicable, of
each Fund owned; (ii) the aggregate dollar range such stock ownership represents; and
(iii) the aggregate dollar range of securities owned in all registered funds overseen by
the Director Nominee in the Merrill Lynch family of funds. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the Record Date, no non-interested 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 Fund&#146;s outstanding shares. At such date, Mr. Doll, a Director and officer 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></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
&#147;Additional Information&#151;Quorum and Vote Required&#148; for the required vote necessary for the
election of the Director Nominees with respect to each Fund. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Board of Directors of each Fund recommends that the stockholders vote &#147;FOR&#148; the election
of the Director Nominees.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Center Head 2" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ITEM 2. APPROVAL OF
CHANGE TO <BR>
FUNDAMENTAL INVESTMENT RESTRICTION </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Boards of MY FL, MY MI, MY NJ and MY PA have approved, and recommend that stockholders of
those Funds approve the amendment to the investment restriction of the Fund prohibiting
investment in other investment companies, except under certain circumstances. The
investment restriction is a fundamental policy of these Funds and may not be changed
without stockholder approval. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
investment restriction as proposed to be amended is set forth below. The language to be
added appears in bold face type. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  Fund may not:</FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=4%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=96%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Purchase securities
      of other investment companies, except<b> (i)</b> in connection with a merger,
      consolidation, acquisition or reorganization, <B>(ii) by purchase of shares
      of tax-exempt money market funds advised by the Investment Adviser or its
      affiliates (as defined in the Investment Company Act) to the extent </B></FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<P>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=60% ALIGN=center><FONT SIZE="2">
9</FONT></TD>
    <TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><P>&nbsp;
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>





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<!-- MARKER FORMAT-SHEET="Para Flush 05" FSL="Workstation" -->
<p>&nbsp;</p><TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>permitted by an exemptive order issued to the Fund by the Securities and Exchange Commission,
or (iii)</B> by purchase in the       open market of securities of closed-end investment
companies and only if immediately thereafter not more       than 10% of the Fund&#146;s total
assets would be invested in such securities.  </FONT></TD>
</TR>
</TABLE>
<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
  of MY FL, MY MI, MY NJ and MY PA has adopted a fundamental investment restriction
  that provides that the Fund may not invest in other investment companies except
  under certain specified circumstances. You are being asked to approve changes
  to that fundamental investment restriction that would allow these Funds to invest
  in other investment companies by purchasing shares of tax-exempt money market
  funds advised by the Fund&#146;s Investment Adviser and its affiliates as permitted
  by an exemptive order issued to each of the Funds by the SEC (the &#147;SEC
  Order&#148;). This change will make it possible for each Fund, in the future,
  to invest uninvested cash balances in the shares of affiliated tax-exempt money
  market funds. Uninvested cash might arise from a variety of sources including
  dividend or interest payments, unsettled securities transactions, reserves held
  for investment strategy purposes, scheduled maturity of investments or liquidation
  of portfolio securities. Any such investment will be on the same terms and on
  the same basis as other stockholders in such tax-exempt money market funds,
  except that shares of tax-exempt money market funds sold to and redeemed by
  a Fund will not be subject to a sales load, redemption fee, distribution fee
  under a Rule 12b-1 plan or a service fee, and if the shares are subject to any
  such fee, the Investment Adviser will waive its advisory fee in an amount necessary
  to offset the amount of any such fees incurred. Also, if such investment would
  be subject to an investment advisory fee, the Fund&#146;s Investment Adviser
  has agreed to waive a portion of its advisory fee in an amount to offset the
  amount of fees incurred by the Fund. The SEC Order permits a Fund to invest
  up to 25% of its total assets in an affiliated tax-exempt money market fund.
  If the proposed amendment is adopted, each Fund will interpret the amended restriction
  in light of the existing SEC Order or as it may be amended in the future. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of each of MY FL, MY MI, MY NJ and MY PA believes that investment in affiliated
tax-exempt money market funds would provide each Fund with an efficient and
cost-effective means of investing uninvested cash balances. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
&#147;Additional Information&#151;Quorum and Vote Required&#148; for the required vote necessary for the
approval of the change to the fundamental investment restriction with respect to each
Fund. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
  Board of Directors of each of MY FL, MY MI, MY NJ and MY PA recommends that
  the stockholders of that Fund vote FOR the proposal to amend the Fund&#146;s
  fundamental investment restriction regarding investing in other investment companies.</B>
  </FONT></P>


<!-- MARKER FORMAT-SHEET="Center Head 2" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ITEM 3. PROPOSAL TO
DELETE A FUNDAMENTAL <BR> INVESTMENT POLICY OF MY
PA </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
  addition to investment restrictions, each Fund operates pursuant to investment
  objectives and policies that govern the investment activities of the Fund and
  further limit its ability to invest in certain types of securities or engage
  in certain types of transactions. At the time that MY PA was organized, the
  tax and state securities laws of the Commonwealth of Pennsylvania required that
  the Fund adopt the following investment policy and further required that it
  be a &#147;fundamental&#148; policy,<i> i.e.</i> one that cannot be changed
  without a vote of stockholders. That policy appears below: </FONT></P>

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<P>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=60% ALIGN=center><FONT SIZE="2">
10</FONT></TD>
    <TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><P>&nbsp;
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>





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<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<p>&nbsp;</p><TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order to pass through to investors income from the Fund exempt from Pennsylvania personal
      income tax, as a fundamental policy the Fund will invest in securities for income
earnings rather than       trading for profit. The Fund will not vary portfolio
investments except to: (i) eliminate unsafe       investment or investments not
consistent with the preservation of capital or the tax status of the       investments of
the Fund; (ii) honor redemption orders, meet anticipated redemption requirements, and
      negate gains from discount purchases; (iii) reinvest the earnings from portfolio
securities in like       securities; or (iv) defray normal administrative expenses. </FONT>
</TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
  current law in the Commonwealth of Pennsylvania, such a policy is no longer
  required. The Fund&#146;s Board has considered this policy, including whether
  or not it is in the best interests of the Fund and its stockholders to keep
  the policy in place. In consultation with counsel and Fund management, the Board
  has determined that it is in the best interests of the Fund and its stockholders
  to delete the policy. The removal of the policy will provide Fund management
  with greater flexibility in the management of the portfolio while still adhering
  to the Fund&#146;s fundamental investment objective of providing stockholders
  with as high a level of current income exempt from Federal and Pennsylvania
  income taxes as is consistent with its investment policies and prudent investment
  management. The existing investment policy could significantly limit the Fund&#146;s
  ability to trade securities by permitting the sale of portfolio holdings only
  in very limited circumstances. Fund management would like to be able, however,
  to purchase what they believe to be undervalued or underperforming municipal
  credits and to sell what they believe to be overvalued or outperforming municipal
  credits. The potential additional risk of this strategy is that the undervalued
  or underperforming credits might not, in fact, over time perform as anticipated
  by Fund management. The Fund does not anticipate that eliminating the existing
  investment policy will materially affect the way the Fund is currently managed.</FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
&#147;Additional Information&#151;Quorum and Vote Required&#148; for the required vote necessary for the
approval of this Item. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Board of MY PA recommends that the stockholders of the Fund vote FOR the proposal to
delete the Fund&#146;s fundamental investment policy described above.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Center Head 2 no bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>ADDITIONAL
  INFORMATION</b> </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold Italic" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Expenses and
  Methods of Proxy Solicitation </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
expenses of preparation, printing and mailing of the enclosed forms of proxy, the
accompanying Notice and this Combined Proxy Statement will be borne by each Fund in
proportion to its relative net assets. The Funds will reimburse banks, brokers and others
for their reasonable expenses in forwarding proxy solicitation material to the beneficial
owners of Shares of Common Stock and AMPS of the Funds. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
  order to obtain the necessary quorum at each Meeting, supplementary solicitation
  may be made by mail, telephone, telegraph or personal interview by officers
  of each Fund. 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 estimated
  to be $750 for each Fund. </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
MY FL and MY PA, a quorum consists of a majority of the Shares of Common Stock and AMPS
entitled to vote at the Meetings, present in person or by proxy. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><BR>
  &nbsp; </P>

<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=60% ALIGN=center>
<FONT SIZE="2">11 </FONT></TD>
<TD WIDTH=20% ALIGN=right><FONT SIZE="1">
<B><I></I></B></FONT>
</TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 16; page: 16" --> <!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
  the Funds listed below, a quorum consists of holders of one-third of the shares
  (Shares of Common Stock only or Shares of Common Stock and AMPS, as applicable)
  entitled to vote at the Meetings, present in person or by proxy: </font></p>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p><font face="Times New Roman, Times, Serif" size=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MY
  MI (Shares of Common Stock and AMPS) <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MY NJ (Shares of Common Stock
  and AMPS) <br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&amp;P 500 (Shares of Common
  Stock only) </font></p>
<!-- MARKER FORMAT-SHEET="Page Break Center" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
Funds with Shares of Common Stock and AMPS, the quorum requirements must be met for
holders of Shares of Common Stock and AMPS, each considered separately as a class. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assuming
a quorum is present, approval of Item 1 will require the affirmative vote of stockholders
holding at least the percentage of Shares of Common Stock and AMPS indicated in the chart
below. For purposes of Item 1, a &#147;plurality of the votes&#148; cast means the candidate must
receive more votes than any other candidate for the same position, but not necessarily a
majority of the votes cast. The vote required for approval of Item 2 and Item 3 is the
affirmative vote of the lesser of (i) 67% of the shares represented at the Meeting at
which more than 50% of the outstanding shares of the applicable Fund are represented or
(ii) more than 50% of the outstanding shares of the applicable Fund (an &#147;Investment
Company Act Majority&#148;). The Investment Company Act Majority must be obtained by the
Shares of Common Stock and AMPS, voting together as a single class, and by the AMPS,
voting separately as a class. </FONT></P>




<table border=0 cellspacing=0 cellpadding=0 width="600" align="center">
  <tr>
    <td valign=top width=60>&nbsp;</td>
    <td valign=top width=20>&nbsp;</td>
    <td valign=top align="right"><font size="1"><b>Item 1 </b></font></td>
    <td valign=top align="center">&nbsp;</td>
    <td valign=top align="center">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=600 colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=top width=60> <b><font face="Times New Roman, Times, serif" size="1">Fund
      </font></b></td>
    <td valign=top width=20><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;
      </font></b></td>
    <td valign=top align="center"> <b><font face="Times New Roman, Times, serif" size="1">Election
      of AMPS Directors </font></b></td>
    <td valign=top align="center">&nbsp;&nbsp;</td>
    <td valign=top align="center"> <b><font face="Times New Roman, Times, serif" size="1">Election
      of Other Directors </font></b></td>
  </tr>
  <tr>
    <td valign=top width=600 colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=top width=60> <font face="Times New Roman, Times, serif" size="2">MY
      FL</font></td>
    <td valign=top width=20>&nbsp;</td>
    <td valign=top width=250> <font face="Times New Roman, Times, serif" size="2">Affirmative
      vote of the holders of a majority of the AMPS present in person or by proxy
      at the Meeting and entitled to vote, voting as a separate class</font></td>
    <td valign=top width=20>&nbsp;</td>
    <td valign=top width=250> <font face="Times New Roman, Times, serif" size="2">Affirmative
      vote of the holders of a majority of the Shares of Common Stock and AMPS
      present in person or by proxy at the Meeting and entitled to vote, voting
      together as a single class</font></td>
  </tr>
  <tr>
    <td valign=top width=600 colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=top width=60> <font face="Times New Roman, Times, serif" size="2">MY
      MI</font></td>
    <td valign=top width=20>&nbsp;</td>
    <td valign=top width=250> <font face="Times New Roman, Times, serif" size="2">Affirmative
      vote of a plurality of votes cast by the holders of AMPS, voting as a separate
      class</font></td>
    <td valign=top width=20>&nbsp;</td>
    <td valign=top width=250> <font face="Times New Roman, Times, serif" size="2">Affirmative
      vote of a plurality of votes cast by the holders of Shares of Common Stock
      and AMPS, voting together as a single class</font></td>
  </tr>
  <tr>
    <td valign=top width=600 colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=top width=60> <font face="Times New Roman, Times, serif" size="2">MY
      NJ</font></td>
    <td valign=top width=20>&nbsp;</td>
    <td valign=top width=250> <font face="Times New Roman, Times, serif" size="2">Affirmative
      vote of a plurality of votes cast by the holders of AMPS, voting as a separate
      class</font></td>
    <td valign=top width=20>&nbsp;</td>
    <td valign=top width=250> <font face="Times New Roman, Times, serif" size="2">Affirmative
      vote of a plurality of votes cast by the holders of Shares of Common Stock
      and AMPS, voting together as a single class</font></td>
  </tr>
  <tr>
    <td valign=top width=600 colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=top width=60> <font face="Times New Roman, Times, serif" size="2">MY
      PA</font></td>
    <td valign=top width=20>&nbsp;</td>
    <td valign=top width=250> <font face="Times New Roman, Times, serif" size="2">Affirmative
      vote of the holders of a majority of the AMPS present in person or by proxy
      at the Meeting and entitled to vote, voting as a separate class</font></td>
    <td valign=top width=20>&nbsp;</td>
    <td valign=top width=250> <font face="Times New Roman, Times, serif" size="2">Affirmative
      vote of the holders of a majority of the Shares of Common Stock and AMPS
      present in person or by proxy at the Meeting and entitled to vote, voting
      together as a single class</font></td>
  </tr>
  <tr>
    <td valign=top width=600 colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=top width=60> <font face="Times New Roman, Times, serif" size="2">S&amp;P
      500</font></td>
    <td valign=top width=20>&nbsp;</td>
    <td valign=top width=250> <font face="Times New Roman, Times, serif" size="2">N/A</font></td>
    <td valign=top width=20>&nbsp;</td>
    <td valign=top width=250> <font face="Times New Roman, Times, serif" size="2">Affirmative
      vote of a plurality of votes cast by the holders of Shares of Common Stock
      present in person or by proxy at the Meeting and entitled to vote</font></td>
  </tr>
  <tr>
    <td valign=top width=600 colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </FONT><!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" --> </P>

<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=60% ALIGN=center><FONT SIZE="2">
12</FONT></TD>
    <TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><P>&nbsp;
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 17; page: 17" --> <!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 one or more proposals 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 of Common Stock and AMPS, if applicable, of the Fund present in person
  or by proxy and entitled to vote at the time of the Meeting to be adjourned.
  The persons named as proxies will vote in favor of any such adjournment if they
  believe the adjournment and additional proxy solicitation are reasonable and
  in the best interests of the Fund&#146;s stockholders. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Shares of Common Stock 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 of Common Stock
and AMPS will be voted: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      1.  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;FOR&#148; the
Director Nominees; </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      2.  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;FOR&#148; the
approval of an amendment to a fundamental investment restriction for MY FL, MY MI, MY NJ
and            MY PA; and </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      3.  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;FOR&#148; the
approval of the proposal to remove a fundamental investment policy of MY PA. </FONT></P></TD>
</TR>
</TABLE>
<BR>


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

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broker-dealer
  firms, including Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated (&#147;MLPF&amp;S&#148;),
  holding shares of a Fund in &#147;street name&#148; for the benefit of their
  customers and clients, will request the instructions of such customers and clients
  on how to vote their shares on each Item before the Meeting. The Funds will
  include shares held of record by broker-dealers as to which such authority has
  been granted in its tabulation of the total number of shares present for purposes
  of determining whether the necessary quorum of stockholders of each Fund exists.
  The Funds understand that, under the rules of the NYSE, such broker-dealer firms
  may, without instructions from their customers and clients, grant authority
  to the proxies designated to vote on the election of 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. With respect to the Shares of Common
  Stock of the Funds, broker-dealer firms, including MLPF&amp;S, will not be permitted
  to grant voting authority without instructions with respect to the amendment
  to the fundamental investment restriction (Item 2), or the proposal to remove
  the fundamental investment policy (Item 3). Shares of AMPS of any Fund held
  in &#147;street name,&#148; however, may be voted by broker-dealer firms without
  instructions under certain conditions with respect to the approval of non-routine
  matters such as Item 2 or Item 3, as applicable, and counted for purposes of
  establishing a quorum of that Fund if no instructions are received one business
  day before the applicable Meeting or, if adjourned, one business day before
  the day to which the Meeting is adjourned. These conditions include, among others,
  that (i) with respect to each Fund, at least 30% of that Fund&#146;s AMPS outstanding
  have voted on the Item, (ii) with respect to each Fund, less than 10% of that
  Fund&#146;s AMPS outstanding have voted against the Item and (iii) with respect
  to each Fund, holders of that Fund&#146;s Common Stock have voted to approve
  the Item. In such instances, the broker-dealer firm will vote such uninstructed
  shares of AMPS on the Item in the same proportion as the votes cast by all holders
  of that Fund&#146;s AMPS who voted on the Item. MLPF&amp;S has advised each
  Fund that if it votes shares held in its name for which no instructions have
  been received, except as limited by agreement or applicable law, (a) with respect
  to the election of Directors (Item 1) it will do so with respect </FONT></P>



<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<P>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=60% ALIGN=center><FONT SIZE="2">
13</FONT></TD>
    <TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><P>&nbsp;
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 18; page: 18" --> <!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to Shares of Common Stock
  and AMPS in the same proportion as the votes received from beneficial owners
  of those Shares of Common Stock and AMPS, if applicable, for which instructions
  have been received, whether or not held in nominee name and (b) with respect
  to the amendment to the fundamental investment restriction (Item 2) or the proposal
  to remove a fundamental investment policy of MY PA (Item 3), it will do so with
  respect to the AMPS only, in the same proportion as the votes received from
  beneficial owners of AMPS for which instructions have been received, whether
  or not held in nominee name. Proxies that are returned to a Fund but that are
  marked &#147;abstain&#148; or on which a broker-dealer has declined to vote
  on any non-routine proposal (&#147;broker non-votes&#148;) will be counted as
  present for the purposes of determining a quorum. Abstentions and broker non-votes
  will not be counted as votes cast. Therefore, abstentions and broker non-votes
  will not have an effect on the vote on Item 1 for any Fund, except for MY FL
  and MY PA; in the case of MY FL and MY PA, abstentions and broker non-votes
  will have the same effect as a vote against Item 1. For all Funds, abstentions
  and broker non-votes will have the same effect as a vote against Items 2 and
  3. </FONT></P>

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


<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Management knows of no other matters to be presented at the Meetings.
However, if other matters are presented for a vote at the Meeting or any
adjournments thereof, the proxy holders will vote the Shares of Common Stock and
AMPS represented by properly executed proxies according to their judgment on
those matters. </FONT></P>



<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<p><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Independent Registered
  Public Accounting Firms&#146; Fees </B></FONT></p>
<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
SEC&#146;s auditor independence rules require the Audit Committee of each Fund to pre-approve
(a) all audit and permissible non-audit services provided by the Fund&#146;s independent
registered public accounting firm directly to the Fund and (b) those permissible
non-audit services provided by the Fund&#146;s independent registered public accounting firm
to the Fund&#146;s Investment Adviser and any entity controlling, controlled by or under
common control with the Investment Adviser that provides ongoing services to the Fund
(the &#147;Affiliated Service Providers&#148;), if the services relate directly to the operations
and financial reporting of the Fund. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
first two tables below set forth for each Fund, for its two most recent fiscal years the
fees billed by its independent registered public accounting firm for (a) all audit and
non-audit services provided directly to the Fund and (b) those non-audit services
provided to the Fund&#146;s Affiliated Service Providers that relate directly to the Fund&#146;s
operations and financial reporting, and, therefore, require Audit Committee pre-approval.
Services under the caption: </FONT></P>

<!-- MARKER FORMAT-SHEET="Bullet 10" FSL="Workstation" -->
<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=3%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=92%><FONT SIZE=2>Audit
Fees are for the audit of the Fund&#146;s annual financial statements included in the Fund&#146;s
reports            to stockholders and in connection with statutory and regulatory filing
or engagements;</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Bullet 10" FSL="Workstation" -->
<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=3%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=92%><FONT SIZE=2>Audit-Related
Fees include assurance and related services reasonably related to the performance of the
           audit of financial statements not included in Audit Fees;</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Bullet 10" FSL="Workstation" -->
<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=3%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=92%><FONT SIZE=2>Tax
Fees include tax compliance, tax advice and tax planning; and</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Bullet 10" FSL="Workstation" -->
<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=3%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=92%><FONT SIZE=2>All
Other Fees are for other products and services provided.</FONT></TD></TR></TABLE>



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

<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<P>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=60% ALIGN=center><FONT SIZE="2">
14</FONT></TD>
    <TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><P>&nbsp;
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 19; page: 19" --> <!-- MARKER FORMAT-SHEET="Left Head 2 Bold Italic" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
  Fund also is required to disclose the total non-audit fees paid to its independent
  registered public accounting firm, for services rendered to the Fund and its
  Affiliated Service Providers regardless of whether those fees were pre-approved
  by the Audit Committee. </font></p>
<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  fiscal year end for each Fund is set forth in Exhibit A to this Combined Proxy
  Statement.</font></p>


<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Fees for audit and
non-audit services provided directly to the Fund: </I></B></FONT></P>




<table border=0 cellspacing=0 cellpadding=0 width="600" align="center">
  <tr valign="bottom" align="center">
    <td width=57>
      <p>&nbsp;</p>
    </td>
    <td width=89>
      <p>&nbsp;</p>
    </td>
    <td colspan="4"> <b><font face="Times New Roman" size="1">Audit Fees ($) </font></b>
      <hr size="1" noshade width="95%">
    </td>
    <td colspan="4"> <b><font face="Times New Roman" size="1">Audit-Related Fees
      ($) </font></b>
      <hr size="1" noshade width="95%">
    </td>
    <td colspan="4"> <b><font face="Times New Roman" size="1">Tax Fees ($) </font></b>
      <hr size="1" noshade width="95%">
    </td>
    <td colspan="4"> <b><font face="Times New Roman" size="1">All Other Fees </font></b>
      <hr size="1" noshade width="95%">
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=57> <b><font face="Times New Roman" size="1">Fund </font></b>
      <hr size="1" noshade width="80%" align="left">
    </td>
    <td width=89> <b><font face="Times New Roman" size="1">Independent <br>
      Registered Public <br>
      Accounting Firm </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td colspan="2"> <b><font face="Times New Roman" size="1">2004 </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td colspan="2"> <b><font face="Times New Roman" size="1">2003 </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td colspan="2"> <b><font face="Times New Roman" size="1">2004* </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td colspan="2"> <b><font face="Times New Roman" size="1">2003* </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td colspan="2"> <b><font face="Times New Roman" size="1">2004** </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td colspan="2"> <b><font face="Times New Roman" size="1">2003** </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td colspan="2"> <b><font face="Times New Roman" size="1">2004 </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td colspan="2"> <b><font face="Times New Roman" size="1">2003 </font></b>
      <hr size="1" noshade width="80%">
    </td>
  </tr>
  <tr>
    <td valign=top width=57> <font face="Times New Roman" size="1">MY FL</font></td>
    <td valign=top width=89 align="center"> <font face="Times New Roman" size="1">D&amp;T</font></td>
    <td valign=top width=42 align="right"> <font face="Times New Roman" size="1">24,000</font></td>
    <td valign=top width=16 align="right">&nbsp;</td>
    <td valign=top width=41 align="right"> <font face="Times New Roman" size="1">24,000</font></td>
    <td valign=top width=19 align="right">&nbsp;</td>
    <td valign=top width=41 align="right"> <font face="Times New Roman" size="1">3,000</font></td>
    <td valign=top width=19 align="right">&nbsp;</td>
    <td valign=top width=43 align="right"> <font face="Times New Roman" size="1">5,600</font></td>
    <td valign=top width=15 align="right">&nbsp;</td>
    <td valign=top width=36 align="right"> <font face="Times New Roman" size="1">5,610</font></td>
    <td valign=top width=19 align="right">&nbsp;</td>
    <td valign=top width=38 align="right"> <font face="Times New Roman" size="1">4,800</font></td>
    <td valign=top width=17 align="right">&nbsp;</td>
    <td valign=top width=39 align="right"> <font face="Times New Roman" size="1">0</font></td>
    <td valign=top width=16 align="right">&nbsp;</td>
    <td valign=top width=30 align="right"> <font face="Times New Roman" size="1">0</font></td>
    <td valign=top width=23 align="right">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=57> <font face="Times New Roman" size="1">MY MI</font></td>
    <td valign=top width=89 align="center"> <font face="Times New Roman" size="1">E&amp;Y</font></td>
    <td valign=top width=42 align="right"> <font face="Times New Roman" size="1">31,500</font></td>
    <td valign=top width=16 align="right">&nbsp;</td>
    <td valign=top width=41 align="right"> <font face="Times New Roman" size="1">30,550</font></td>
    <td valign=top width=19 align="right">&nbsp;</td>
    <td valign=top width=41 align="right"> <font face="Times New Roman" size="1">3,000</font></td>
    <td valign=top width=19 align="right">&nbsp;</td>
    <td valign=top width=43 align="right"> <font face="Times New Roman" size="1">3,000</font></td>
    <td valign=top width=15 align="right">&nbsp;</td>
    <td valign=top width=36 align="right"> <font face="Times New Roman" size="1">5,200</font></td>
    <td valign=top width=19 align="right">&nbsp;</td>
    <td valign=top width=38 align="right"> <font face="Times New Roman" size="1">5,000</font></td>
    <td valign=top width=17 align="right">&nbsp;</td>
    <td valign=top width=39 align="right"> <font face="Times New Roman" size="1">0</font></td>
    <td valign=top width=16 align="right">&nbsp;</td>
    <td valign=top width=30 align="right"> <font face="Times New Roman" size="1">0</font></td>
    <td valign=top width=23 align="right">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=57> <font face="Times New Roman" size="1">MY NJ</font></td>
    <td valign=top width=89 align="center"> <font face="Times New Roman" size="1">D&amp;T</font></td>
    <td valign=top width=42 align="right"> <font face="Times New Roman" size="1">24,000</font></td>
    <td valign=top width=16 align="right">&nbsp;</td>
    <td valign=top width=41 align="right"> <font face="Times New Roman" size="1">24,000</font></td>
    <td valign=top width=19 align="right">&nbsp;</td>
    <td valign=top width=41 align="right"> <font face="Times New Roman" size="1">3,000</font></td>
    <td valign=top width=19 align="right">&nbsp;</td>
    <td valign=top width=43 align="right"> <font face="Times New Roman" size="1">5,600</font></td>
    <td valign=top width=15 align="right">&nbsp;</td>
    <td valign=top width=36 align="right"> <font face="Times New Roman" size="1">5,610</font></td>
    <td valign=top width=19 align="right">&nbsp;</td>
    <td valign=top width=38 align="right"> <font face="Times New Roman" size="1">4,800</font></td>
    <td valign=top width=17 align="right">&nbsp;</td>
    <td valign=top width=39 align="right"> <font face="Times New Roman" size="1">0</font></td>
    <td valign=top width=16 align="right">&nbsp;</td>
    <td valign=top width=30 align="right"> <font face="Times New Roman" size="1">0</font></td>
    <td valign=top width=23 align="right">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=57> <font face="Times New Roman" size="1">MY PA</font></td>
    <td valign=top width=89 align="center"> <font face="Times New Roman" size="1">D&amp;T</font></td>
    <td valign=top width=42 align="right"> <font face="Times New Roman" size="1">25,000</font></td>
    <td valign=top width=16 align="right">&nbsp;</td>
    <td valign=top width=41 align="right"> <font face="Times New Roman" size="1">25,000</font></td>
    <td valign=top width=19 align="right">&nbsp;</td>
    <td valign=top width=41 align="right"> <font face="Times New Roman" size="1">3,000</font></td>
    <td valign=top width=19 align="right">&nbsp;</td>
    <td valign=top width=43 align="right"> <font face="Times New Roman" size="1">5,600</font></td>
    <td valign=top width=15 align="right">&nbsp;</td>
    <td valign=top width=36 align="right"> <font face="Times New Roman" size="1">5,610</font></td>
    <td valign=top width=19 align="right">&nbsp;</td>
    <td valign=top width=38 align="right"> <font face="Times New Roman" size="1">4,800</font></td>
    <td valign=top width=17 align="right">&nbsp;</td>
    <td valign=top width=39 align="right"> <font face="Times New Roman" size="1">0</font></td>
    <td valign=top width=16 align="right">&nbsp;</td>
    <td valign=top width=30 align="right"> <font face="Times New Roman" size="1">0</font></td>
    <td valign=top width=23 align="right">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=57> <font face="Times New Roman" size="1">S&amp;P 500</font></td>
    <td valign=top width=89 align="center"> <font face="Times New Roman" size="1">D&amp;T</font></td>
    <td valign=top width=42 align="right"> <font face="Times New Roman" size="1">25,400</font></td>
    <td valign=top width=16 align="right">&nbsp;</td>
    <td valign=top width=41 align="right"> <font face="Times New Roman" size="1">26,000</font></td>
    <td valign=top width=19 align="right">&nbsp;</td>
    <td valign=top width=41 align="right"> <font face="Times New Roman" size="1">0</font></td>
    <td valign=top width=19 align="right">&nbsp;</td>
    <td valign=top width=43 align="right"> <font face="Times New Roman" size="1">0</font></td>
    <td valign=top width=15 align="right">&nbsp;</td>
    <td valign=top width=36 align="right"> <font face="Times New Roman" size="1">5,800</font></td>
    <td valign=top width=19 align="right">&nbsp;</td>
    <td valign=top width=38 align="right"> <font face="Times New Roman" size="1">5,400</font></td>
    <td valign=top width=17 align="right">&nbsp;</td>
    <td valign=top width=39 align="right"> <font face="Times New Roman" size="1">0</font></td>
    <td valign=top width=16 align="right">&nbsp;</td>
    <td valign=top width=30 align="right"> <font face="Times New Roman" size="1">0</font></td>
    <td valign=top width=23 align="right">&nbsp;</td>
  </tr>
</table>
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<HR SIZE=1 noshade ALIGN=left  WIDTH=75>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">* </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Primarily
related to the performance of agreed upon compliance procedures associated with the Fund&#146;s
AMPS.</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">** </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Primarily
related to tax compliance services associated with reviewing the Fund&#146;s tax returns.</FONT></TD></TR></TABLE>


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<P>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=60% ALIGN=center><FONT SIZE="2">
15</FONT></TD>
    <TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><P>&nbsp;
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>




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<!-- MARKER FORMAT-SHEET="Left Head 2 Bold Italic" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Fees for
  non-audit services provided to the Fund&#146;s Affiliated Service Providers
  for which pre-approval by the Committee was required: </I></B></FONT></P>




<table cellspacing=0 cellpadding=0 width="600" align="center">
  <tr valign="bottom" align="center">
    <td width=61>
      <p>&nbsp;</p>
    </td>
    <td width=111>
      <p>&nbsp;</p>
    </td>
    <td colspan="4"> <b><font face="Times New Roman" size="1">Audit-Related Fees
      ($) </font></b>
      <hr size="1" noshade width="95%">
    </td>
    <td colspan="4"> <b><font face="Times New Roman" size="1">Tax Fees ($) </font></b>
      <hr size="1" noshade width="95%">
    </td>
    <td colspan="4"> <b><font face="Times New Roman" size="1">All Other Fees ($)
      </font></b>
      <hr size="1" noshade width="95%">
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td width=61 align="left"> <b><font face="Times New Roman" size="1">Fund </font></b>
      <hr size="1" noshade width="80%" align="left">
    </td>
    <td width=111> <b><font face="Times New Roman" size="1">Independent <br>
      Registered Public <br>
      Accounting Firm </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td colspan="2"> <b><font face="Times New Roman" size="1">2004 </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td colspan="2"> <b><font face="Times New Roman" size="1">2003 </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td colspan="2"> <b><font face="Times New Roman" size="1">2004 </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td colspan="2"> <b><font face="Times New Roman" size="1">2003 </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td colspan="2"> <b><font face="Times New Roman" size="1">2004 </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td colspan="2"> <b><font face="Times New Roman" size="1">2003 </font></b>
      <hr size="1" noshade width="80%">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=61> <font face="Times New Roman" size="2">MY FL</font></td>
    <td align="center" width=111> <font face="Times New Roman" size="2">D&amp;T</font></td>
    <td align="right" width=57> <font face="Times New Roman" size="2">945,000</font></td>
    <td align="left" width=19><font face="Times New Roman" size="2">*</font></td>
    <td align="right" width=56> <font face="Times New Roman" size="2">485,500</font></td>
    <td align="left" width=19><font face="Times New Roman" size="2">*</font></td>
    <td align="right" width=50> <font face="Times New Roman" size="2">5,610</font></td>
    <td align="right" width=20><font face="Times New Roman" size="2">**</font>&nbsp;&nbsp;</td>
    <td align="right" width=48> <font face="Times New Roman" size="2">4,800</font></td>
    <td align="right" width=20><font face="Times New Roman" size="2">**</font>&nbsp;&nbsp;</td>
    <td align="right" width=41> <font face="Times New Roman" size="2">0</font></td>
    <td align="left" width=27>&nbsp;</td>
    <td align="right" width=49> <font face="Times New Roman" size="2">56,140</font></td>
    <td align="left" width=21><font size="2">***</font></td>
  </tr>
  <tr valign="bottom">
    <td width=61> <font face="Times New Roman" size="2">MY MI</font></td>
    <td align="center" width=111> <font face="Times New Roman" size="2">E&amp;Y</font></td>
    <td align="right" width=57> <font face="Times New Roman" size="2">0</font></td>
    <td align="left" width=19>&nbsp;</td>
    <td align="right" width=56> <font face="Times New Roman" size="2">0</font></td>
    <td align="left" width=19>&nbsp;</td>
    <td align="right" width=50> <font face="Times New Roman" size="2">0</font></td>
    <td align="right" width=20>&nbsp;</td>
    <td align="right" width=48> <font face="Times New Roman" size="2">0</font></td>
    <td align="right" width=20>&nbsp;</td>
    <td align="right" width=41> <font face="Times New Roman" size="2">0</font></td>
    <td align="left" width=27>&nbsp;</td>
    <td align="right" width=49> <font face="Times New Roman" size="2">0</font></td>
    <td align="left" width=21><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td width=61> <font face="Times New Roman" size="2">MY NJ</font></td>
    <td align="center" width=111> <font face="Times New Roman" size="2">D&amp;T</font></td>
    <td align="right" width=57> <font face="Times New Roman" size="2">945,000</font></td>
    <td align="left" width=19><font face="Times New Roman" size="2">*</font></td>
    <td align="right" width=56> <font face="Times New Roman" size="2">485,500</font></td>
    <td align="left" width=19><font face="Times New Roman" size="2">*</font></td>
    <td align="right" width=50> <font face="Times New Roman" size="2">5,610</font></td>
    <td align="left" width=20><font face="Times New Roman" size="2">**</font></td>
    <td align="right" width=48> <font face="Times New Roman" size="2">4,800</font></td>
    <td align="left" width=20><font face="Times New Roman" size="2">**</font></td>
    <td align="right" width=41> <font face="Times New Roman" size="2">0</font></td>
    <td align="left" width=27>&nbsp;</td>
    <td align="right" width=49> <font face="Times New Roman" size="2">56,140</font></td>
    <td align="left" width=21><font size="2">***</font></td>
  </tr>
  <tr valign="bottom">
    <td width=61> <font face="Times New Roman" size="2">MY PA</font></td>
    <td align="center" width=111> <font face="Times New Roman" size="2">D&amp;T</font></td>
    <td align="right" width=57> <font face="Times New Roman" size="2">945,000</font></td>
    <td align="left" width=19><font face="Times New Roman" size="2">*</font></td>
    <td align="right" width=56> <font face="Times New Roman" size="2">485,500</font></td>
    <td align="left" width=19><font face="Times New Roman" size="2">*</font></td>
    <td align="right" width=50> <font face="Times New Roman" size="2">5,610</font></td>
    <td align="left" width=20><font face="Times New Roman" size="2">**</font></td>
    <td align="right" width=48> <font face="Times New Roman" size="2">4,800</font></td>
    <td align="left" width=20><font face="Times New Roman" size="2">**</font></td>
    <td align="right" width=41> <font face="Times New Roman" size="2">0</font></td>
    <td align="left" width=27>&nbsp;</td>
    <td align="right" width=49> <font face="Times New Roman" size="2">56,140</font></td>
    <td align="left" width=21><font size="2">***</font></td>
  </tr>
  <tr valign="bottom">
    <td width=61> <font face="Times New Roman" size="2">S&amp;P 500</font></td>
    <td align="center" width=111> <font face="Times New Roman" size="2">D&amp;T</font></td>
    <td align="right" width=57> <font face="Times New Roman" size="2">945,000</font></td>
    <td align="left" width=19><font face="Times New Roman" size="2">*</font></td>
    <td align="right" width=56> <font face="Times New Roman" size="2">485,500</font></td>
    <td align="left" width=19><font face="Times New Roman" size="2">*</font></td>
    <td align="right" width=50> <font face="Times New Roman" size="2">5,800</font></td>
    <td align="left" width=20><font face="Times New Roman" size="2">**</font></td>
    <td align="right" width=48> <font face="Times New Roman" size="2">5,400</font></td>
    <td align="left" width=20><font face="Times New Roman" size="2">**</font></td>
    <td align="right" width=41> <font face="Times New Roman" size="2">0</font></td>
    <td align="left" width=27>&nbsp;</td>
    <td align="right" width=49> <font face="Times New Roman" size="2">56,140</font></td>
    <td align="left" width=21><font size="2">***</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Cutoff rule Footnote" FSL="Workstation" -->
<HR SIZE=1 noshade ALIGN=left  WIDTH=75>
<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">* </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Primarily
 related to  examinations of internal  controls and investment  management  performance
 returns at       Affiliated Service Providers.</FONT></TD></TR></TABLE>

<table width=100%>
  <tr>
    <td width=4% align=right valign=top><font size="1">** </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=94% align=left valign=top><font size="1">Primarily related to tax
      compliance services associated with reviewing the Fund&#146;s tax returns.</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR>
    <TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">*** </FONT></TD>
    <TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Primarily
associated with project management of non-financial systems implementations.</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate
non-audit fees for services provided to the Fund and its Affiliated Service Providers,
regardless of whether pre-approval was required. </FONT></P>




<table cellspacing=0 cellpadding=0 width="600" align="center">
  <tr valign="bottom" align="center">
    <td width=220>
      <p>&nbsp;</p>
    </td>
    <td width=140 rowspan="2">
      <p>&nbsp;</p>
      <font size="1" face="Times New Roman"><b>Independent Registered <br>
      Public Accounting Firm </b></font>
      <hr size="1" noshade width="80%">
    </td>
    <td colspan="4"> <font size="1" face="Times New Roman"><b>Aggregate Non-Audit
      Fees ($) </b></font>
      <hr size="1" noshade width="95%">
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td width=220 align="left"> <font size="1" face="Times New Roman"><b>Fund
      </b></font>
      <hr size="1" noshade width="10%" align="left">
    </td>
    <td colspan="2"> <font size="1" face="Times New Roman"><b>2004 </b></font>
      <hr size="1" noshade width="80%">
    </td>
    <td colspan="2"> <font size="1" face="Times New Roman"><b>2003 </b></font>
      <hr size="1" noshade width="80%">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=220> <font face="Times New Roman" size="2">MY FL</font></td>
    <td align="center" width=140> <font face="Times New Roman" size="2">D&amp;T</font></td>
    <td align="right" width=80> <font face="Times New Roman" size="2">13,278,706</font></td>
    <td width=35><font face="Times New Roman" size="2">&#134;</font></td>
    <td align="right" width=76> <font face="Times New Roman" size="2">18,700,837</font></td>
    <td width=47><font face="Times New Roman" size="2">&#134;</font></td>
  </tr>
  <tr valign="bottom">
    <td width=220> <font face="Times New Roman" size="2">MY MI</font></td>
    <td align="center" width=140> <font face="Times New Roman" size="2">E&amp;Y</font></td>
    <td align="right" width=80> <font face="Times New Roman" size="2">7,183,600</font></td>
    <td width=35><font face="Times New Roman" size="2">&#134;&#134;</font></td>
    <td align="right" width=76> <font face="Times New Roman" size="2">2,317,000</font></td>
    <td width=47><font face="Times New Roman" size="2">&#134;</font><font face="Times New Roman" size="2">&#134;</font></td>
  </tr>
  <tr valign="bottom">
    <td width=220> <font face="Times New Roman" size="2">MY NJ</font></td>
    <td align="center" width=140> <font face="Times New Roman" size="2">D&amp;T</font></td>
    <td align="right" width=80> <font face="Times New Roman" size="2">13,278,706</font></td>
    <td width=35><font face="Times New Roman" size="2">&#134;</font></td>
    <td align="right" width=76> <font face="Times New Roman" size="2">18,700,837</font></td>
    <td width=47><font face="Times New Roman" size="2">&#134;</font></td>
  </tr>
  <tr valign="bottom">
    <td width=220> <font face="Times New Roman" size="2">MY PA</font></td>
    <td align="center" width=140> <font face="Times New Roman" size="2">D&amp;T</font></td>
    <td align="right" width=80> <font face="Times New Roman" size="2">13,278,706</font></td>
    <td width=35><font face="Times New Roman" size="2">&#134;</font></td>
    <td align="right" width=76> <font face="Times New Roman" size="2">18,700,837</font></td>
    <td width=47><font face="Times New Roman" size="2">&#134;</font></td>
  </tr>
  <tr valign="bottom">
    <td width=220> <font face="Times New Roman" size="2">S&amp;P 500</font></td>
    <td align="center" width=140> <font face="Times New Roman" size="2">D&amp;T</font></td>
    <td align="right" width=80> <font face="Times New Roman" size="2">14,097,766</font></td>
    <td width=35><font face="Times New Roman" size="2">&#134;</font></td>
    <td align="right" width=76> <font face="Times New Roman" size="2">18,695,837</font></td>
    <td width=47><font face="Times New Roman" size="2">&#134;</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Cutoff rule Footnote" FSL="Workstation" -->
<HR SIZE=1 noshade ALIGN=left  WIDTH=75>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">&#134;</FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Primarily
associated with project management of non-financial service systems  implementations,
 advisory and       management consulting services,  and examinations of internal
controls and investment management  performance       returns for Affiliated Service
Providers.  Fees are also related to the performance of agreed upon compliance
      procedures  associated with the Fund&#146;s AMPS and tax compliance  services associated
with reviewing the Fund&#146;s       tax returns.</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR>
    <TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">&#134;&#134;</FONT></TD>
    <TD WIDTH=2%><FONT SIZE="1"></FONT></TD>
    <TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1"> Primarily associated with
      corporate tax consulting, cash flow analyses, and quality enhancement and
      education seminars for personnel of Affiliated Service Providers. Fees are
      also related to the performance of agreed upon compliance procedures associated
      with the Fund&#146;s AMPS and tax compliance services associated with reviewing
      the Fund&#146;s tax returns.</FONT></TD>
  </TR></TABLE>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee of each Fund has reviewed the non-audit services provided by the Fund&#146;s
independent registered public accounting firm to the Fund&#146;s Affiliated Service Providers
that were not subject to the Audit Committee&#146;s pre-approval and has determined that the
provision of such services is compatible with maintaining the independence of the
independent registered public accounting firm. </FONT></P>



<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<P>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=60% ALIGN=center><FONT SIZE="2">
16</FONT></TD>
    <TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><P>&nbsp;
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>





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<!-- MARKER PAGE="sheet: 21; page: 21" -->



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

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee of each Fund has adopted policies and procedures with regard to the
pre-approval of services. Audit, audit-related and tax compliance services provided to a
Fund on an annual basis require specific pre-approval by the Fund&#146;s Audit Committee. As
noted above, the Audit Committee also must approve other non-audit services provided to a
Fund and those non-audit services provided to the Fund&#146;s Affiliated Service Providers
that relate directly to the operations and financial reporting of the Fund. Certain of
these non-audit services that the Audit Committee believes are (a) consistent with the SEC&#146;s
auditor independence rules and (b) routine and recurring services that will not impair
the independence of the independent registered public accounting firm may be approved by
the Audit Committee without consideration on a specific case-by-case basis (&#147;general
pre-approval&#148;). However, such services will only be deemed pre-approved provided that any
individual project does not exceed $5,000 attributable to the Fund or $50,000 for the
project as a whole. Any proposed services exceeding the pre-approved cost levels will
require specific pre-approval by the Audit Committee, as will any other services not
subject to general pre-approval (e.g., unanticipated but permissible services). The Audit
Committee is informed of each service approved subject to general pre-approval at the
next regularly scheduled in-person board meeting. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-audit
services provided to a Fund&#146;s Affiliated Service Providers that have a direct impact on
the operations or financial reporting of the Fund must be pre-approved by the Audit
Committee of ML &amp; Co. in addition to pre-approval by the Fund&#146;s Audit Committee. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
independent registered public accounting firm annually will provide the Audit Committee
with a detailed analysis of all fees paid by ML &amp; Co. and its affiliates. </FONT></P>


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

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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></P>


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


<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal office of FAM and MLIM is located at 800 Scudders Mill Road, Plainsboro, New Jersey
08536. </FONT></P>



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

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Each
Fund will furnish, without charge, a copy of its Annual Report for the Fund&#146;s last fiscal
year to any stockholder upon request.</B> Such requests should be directed to the applicable
Fund, P.O. Box 9011, Princeton, New Jersey 08543-9011, Attention: Fund Secretary, or to
1-800-637-3863. </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<P>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=60% ALIGN=center><FONT SIZE="2">
17</FONT></TD>
    <TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><P>&nbsp;
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 22; page: 22" -->



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


<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
  a stockholder of any Fund intends to present a proposal at the 2006 Annual Meeting
  of Stockholders of such Fund, each of which is anticipated to be held in April
  2006, and desires to have the proposal included in the Fund&#146;s proxy statement
  and form of proxy for that meeting, the stockholder must deliver the proposal
  to the offices of the appropriate Fund by November 23, 2005. The By-Laws of
  S&amp;P 500 require advance notice be given to the Fund in the event a stockholder
  desires to transact any business from the floor at an Annual Meeting of Stockholders.
  Notice of any such business must be in writing and received at the principal
  executive office of S&amp;P 500 during the period from January 28, 2006 to February
  27, 2006. In the case of the Funds other than S&amp;P 500, the persons named
  as proxies in the proxy materials for the 2006 Annual Meeting of Stockholders
  for such of the Funds 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 6, 2006. Written proposals and
  notices should be sent to the Secretary of the respective Fund, 800 Scudders
  Mill Road, Plainsboro, New Jersey 08536. </FONT></P>



<table cellspacing=0 cellpadding=0 width="100%">
  <tr>
    <td width=313 valign=top>
      <p>&nbsp;</p>
    </td>
    <td width=349 valign=top> <font face="Times New Roman" size="2">By Order of
      the Boards of Directors</font></td>
  </tr>
  <tr>
    <td width=313 valign=top>&nbsp;</td>
    <td width=349 valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td width=313 valign=top>
      <p>&nbsp;</p>
    </td>
    <td width=349 valign=top> <font face="Times New Roman" size="2">ALICE A. PELLEGRINO</font></td>
  </tr>
  <tr>
    <td width=313 valign=top>
      <p>&nbsp;</p>
    </td>
    <td width=349 valign=top> <font face="Times New Roman" size="2"><i>Secretary
      of MuniYield Florida Insured Fund <br>
      MuniYield Michigan Insured Fund, Inc. <br>
      MuniYield New Jersey Insured Fund, Inc. <br>
      MuniYield Pennsylvania Insured Fund <br>
      The S&amp;P 500</i><font size="1"><sup><i>&#174;</i></sup></font><i> Protected
      Equity Fund, Inc.</i></font></td>
  </tr>
</table>


<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dated: March 22, 2005 </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<P>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=60% ALIGN=center><FONT SIZE="2">
18</FONT></TD>
    <TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><P>&nbsp;
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 23; page: 23" --> <!-- MARKER FORMAT-SHEET="Head Right" FSL="Default" --><b><!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
</b>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&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></P>
<P align="right"><font face="Times New Roman, Times, Serif" size=2><b>Exhibit
  A</b></font></P>


<!-- MARKER FORMAT-SHEET="Center Head 2" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>INFORMATION
PERTAINING TO EACH FUND </B></FONT></P>


<!-- MARKER FORMAT-SHEET="Left Head 2 Bold Italic" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>General Information
Pertaining to the Funds </I></B></FONT></P>




<table cellspacing=0 cellpadding=0 width="600" align="center">
  <tr>
    <td valign=top width=169>
      <p>&nbsp;</p>
    </td>
    <td valign=top width=116>
      <p>&nbsp;</p>
    </td>
    <td valign=top align="center" width=127>
      <p>&nbsp;</p>
    </td>
    <td valign=bottom align="center" colspan="2"> <font face="Times New Roman" size="1"><b>Shares
      Outstanding as <br>
      of the Record Date </b></font>
      <hr size="1" noshade width="97%">
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=169> <font size="1"><b><font face="Times New Roman">
      &nbsp;&nbsp;Fund </font> </b></font>
      <hr size="1" noshade width="20%" align="left">
    </td>
    <td width=116> <font size="1"><b><font face="Times New Roman">Fiscal Year
      End </font> </b></font>
      <hr size="1" noshade width="97%">
    </td>
    <td width=127> <font size="1"><b><font face="Times New Roman">Meeting Time
      </font> </b></font>
      <hr size="1" noshade width="97%">
    </td>
    <td width=98> <font size="1"><b><font face="Times New Roman">Shares </font>
      </b></font>
      <hr size="1" noshade width="97%">
    </td>
    <td width=88> <font size="1"><b><font face="Times New Roman">AMPS </font>
      </b></font>
      <hr size="1" noshade width="97%">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=169> <font face="Times New Roman" size="2">MY FL</font></td>
    <td align="center" width=116> <font face="Times New Roman" size="2">10/31</font></td>
    <td align="center" width=127> <font face="Times New Roman" size="2">2:40 PM</font></td>
    <td align="center" width=98> <font face="Times New Roman" size="2">8,440,456</font></td>
    <td align="center" width=88> <font face="Times New Roman" size="2">2,880</font></td>
  </tr>
  <tr valign="bottom">
    <td width=169> <font face="Times New Roman" size="2">MY MI</font></td>
    <td align="center" width=116> <font face="Times New Roman" size="2">10/31</font></td>
    <td align="center" width=127> <font face="Times New Roman" size="2">3:00 PM</font></td>
    <td align="center" width=98> <font face="Times New Roman" size="2">18,155,932</font></td>
    <td align="center" width=88> <font face="Times New Roman" size="2">6,600</font></td>
  </tr>
  <tr valign="bottom">
    <td width=169> <font face="Times New Roman" size="2">MY NJ</font></td>
    <td align="center" width=116> <font face="Times New Roman" size="2">10/31</font></td>
    <td align="center" width=127> <font face="Times New Roman" size="2">3:15 PM</font></td>
    <td align="center" width=98> <font face="Times New Roman" size="2">&nbsp;&nbsp;8,767,782</font></td>
    <td align="center" width=88> <font face="Times New Roman" size="2">2,940</font></td>
  </tr>
  <tr valign="bottom">
    <td width=169> <font face="Times New Roman" size="2">MY PA</font></td>
    <td align="center" width=116> <font face="Times New Roman" size="2">10/31</font></td>
    <td align="center" width=127> <font face="Times New Roman" size="2">3:30 PM</font></td>
    <td align="center" width=98> <font face="Times New Roman" size="2">11,472,447</font></td>
    <td align="center" width=88> <font face="Times New Roman" size="2">4,080</font></td>
  </tr>
  <tr valign="bottom">
    <td width=169> <font face="Times New Roman" size="2">S&amp;P 500</font></td>
    <td align="center" width=116> <font face="Times New Roman" size="2">9/30</font></td>
    <td align="center" width=127> <font face="Times New Roman" size="2">3:45 PM</font></td>
    <td align="center" width=98> <font face="Times New Roman" size="2">31,510,000</font></td>
    <td align="center" width=88> <font face="Times New Roman" size="2">N/A</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Board and Committee
Meetings </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set
forth in the table below is information regarding Board, Audit Committee and Nominating
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></P>



<table cellspacing=0 cellpadding=0 width="650" align="center">
  <tr>
    <td valign=top>
      <p>&nbsp;</p>
    </td>
    <td valign=bottom colspan="3" align="center"> <b><font face="Times New Roman" size="1">Board
      </font></b>
      <hr size="1" noshade width="97%">
    </td>
    <td valign=bottom colspan="3" align="center"> <b><font face="Times New Roman" size="1">Audit
      Committee</font><font size="1">&#134;</font><font face="Times New Roman" size="1">
      </font></b>
      <hr size="1" noshade width="97%">
    </td>
    <td valign=bottom colspan="3" align="center"> <b><font face="Times New Roman" size="1">Nominating
      Committee </font></b>
      <hr size="1" noshade width="97%">
    </td>
  </tr>
  <tr>
    <td valign=bottom> <font size="1"><b><font face="Times New Roman">&nbsp;&nbsp;Fund
      </font> </b> </font>
      <hr size="1" noshade width="60%" align="left">
    </td>
    <td valign=bottom align="center"> <b><font face="Times New Roman" size="1">Number
      of <br>
      Meetings <br>
      Held* </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td valign=bottom align="center"> <b><font face="Times New Roman" size="1">Annual
      <br>
      Fee($) </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td valign=bottom align="center"> <b><font face="Times New Roman" size="1">Per
      <br>
      Meeting <br>
      Fee($)** </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td valign=bottom align="center"> <b><font face="Times New Roman" size="1">Number
      of <br>
      Meetings <br>
      Held* </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td valign=bottom align="center"> <b><font face="Times New Roman" size="1">Annual
      <br>
      Fee($)*** </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td valign=bottom align="center"> <b><font face="Times New Roman" size="1">Per
      <br>
      Meeting <br>
      Fee($)** </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td valign=bottom align="center"> <b><font face="Times New Roman" size="1">Number
      of <br>
      Meetings <br>
      Held* </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td valign=bottom align="center"> <b><font face="Times New Roman" size="1">Aggregate
      <br>
      Fee </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td valign=bottom align="center"> <b><font face="Times New Roman" size="1">Aggregate
      <br>
      Fees and <br>
      Expenses($) </font></b>
      <hr size="1" noshade width="97%">
    </td>
  </tr>
  <tr>
    <td valign=bottom> <font face="Times New Roman" size="2">MY FL</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">4</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">2,500</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">250</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">4</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">500</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">250</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">1</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">750</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">26,667</font></td>
  </tr>
  <tr>
    <td valign=bottom> <font face="Times New Roman" size="2">MY MI</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">4</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">2,500</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">250</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">4</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">500</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">250</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">1</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">750</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">26,667</font></td>
  </tr>
  <tr>
    <td valign=bottom> <font face="Times New Roman" size="2">MY NJ</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">4</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">2,500</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">250</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">4</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">500</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">250</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">1</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">750</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">26,667</font></td>
  </tr>
  <tr>
    <td valign=bottom> <font face="Times New Roman" size="2">MY PA</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">4</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">2,500</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">250</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">4</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">500</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">250</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">1</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">750</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">26,529</font></td>
  </tr>
  <tr>
    <td valign=bottom> <font face="Times New Roman" size="2">S&amp;P 500</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">4</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">2,500</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">500</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">4</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">1,000</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">500</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">1</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">750</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">39,928</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Cutoff rule Footnote" FSL="Workstation" -->
<HR SIZE=1 noshade ALIGN=left  WIDTH=75>
<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> * </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Includes
telephonic meetings.</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> ** </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">The
fee is payable for each meeting attended in person. A fee is not paid for telephonic
meetings.</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">*** </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Does
not include the additional fee paid to the Chairman of the Audit Committee.</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> &#134;</FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD>
    <TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Chairman of the Audit Committee
      receives an additional fee of $5,000 per year.</FONT></TD>
  </TR></TABLE>


<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT>&nbsp;</P>


<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
A-1</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><P>&nbsp;
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 24; page: 24" --> <!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P>&nbsp;</P>
<p align=LEFT><font face="Times New Roman, Times, Serif" size=2><b>Information
  about 5% Beneficial Owners of Shares of Common Stock or AMPS </b></font></p>
<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<p align=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  following table sets forth the beneficial ownership of the shares of S&amp;P
  500 Common Stock  for each person known to be the beneficial owner of more than five percent
  of the shares of the Fund. </FONT></p>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
  <TR VALIGN=Bottom>
    <TH width="66%">&nbsp;</TH>
    <TH COLSPAN=4><font size="1">Shares of S&amp;P 500 Beneficially <br>
      Owned as of the Record Date <br>
      (1) </font>
      <hr width=95% size="1" noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>
    <TH width="66%"><FONT SIZE=1>Name and Address of Beneficial Owner</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>Number </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>Percent of Total </FONT>
      <hr width=95% size="1" noshade>
    </TH>
  </TR>
  <tr valign=Bottom>
    <td width=66% align=LEFT><font size=2>Merrill Lynch, Pierce, Fenner &amp;
      Smith Incorporated</font></td>
    <td width=12% align=LEFT>&nbsp;</td>
    <td width=5% align=LEFT><font size=2>&nbsp;</font></td>
    <td width=9% align=right>&nbsp;</td>
    <td width=8% align=right>&nbsp;</td>
  </tr>
  <TR VALIGN=Bottom>
    <TD WIDTH=66% ALIGN=LEFT><font size=2>&nbsp;&nbsp;&nbsp;Four World Financial
      Center,</font></TD>
    <TD WIDTH=12% ALIGN=LEFT>&nbsp;</TD>
    <TD WIDTH=5% ALIGN=LEFT>&nbsp;</TD>
    <TD WIDTH=9% ALIGN=LEFT>&nbsp;</TD>
    <TD WIDTH=8% ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD WIDTH=66% ALIGN=LEFT><font size=2>&nbsp;&nbsp;&nbsp;12th Floor <br>
      &nbsp;&nbsp;&nbsp;New York,
      New York</font></TD>
    <TD WIDTH=12% ALIGN=right><font size="2">26,175,681</font></TD>
    <TD WIDTH=5% ALIGN=LEFT>&nbsp;</TD>
    <TD WIDTH=9% ALIGN=right><font size="2">83.08</font></TD>
    <TD WIDTH=8% ALIGN=left><font size=2>%(2) </font></TD>
  </TR>
</TABLE>


<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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, relationship or
otherwise has or shares the power to vote       such security or the power to dispose of
such security. </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Based on 31,510,000
      Shares outstanding as of Record Date. </FONT></TD>
</TR>
</TABLE>

<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MLPF&amp;S
has acted 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 has
purchased and sold shares of S&amp;P 500. </FONT></P>



<!-- MARKER FORMAT-SHEET="Page Break Center" FSL="Workstation" -->
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH=60% ALIGN=center>
<FONT SIZE="2">A-2 </FONT></TD>
<TD WIDTH=20% ALIGN=right><FONT SIZE="1">
<B><I></I></B></FONT>
</TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>





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



<!-- MARKER FORMAT-SHEET="Head Right" FSL="Default" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Exhibit B
  </b></FONT></P>


<!-- MARKER FORMAT-SHEET="Center Head 2" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>INFORMATION
PERTAINING TO THE DIRECTOR NOMINEES </B></FONT></P>


<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Year in Which Each
Director Nominee of Each Fund Became a Director </B></FONT></P>


<table cellspacing=0 cellpadding=0 width="600" align="center">
  <tr valign="bottom" align="center">
    <td>
      <p>&nbsp;</p>
    </td>
    <td> <b><font face="Times New Roman" size="1">Burton </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td> <b><font face="Times New Roman" size="1">Doll </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td> <b><font face="Times New Roman" size="1">Hodrick </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td> <b><font face="Times New Roman" size="1">O&#146;Brien </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td> <b><font face="Times New Roman" size="1">Walsh </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td> <b><font face="Times New Roman" size="1">Weiss </font></b>
      <hr size="1" noshade width="80%">
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left"> <font face="Times New Roman" size="2">MY FL</font></td>
    <td align="center" valign="bottom"> <font face="Times New Roman" size="2">2002</font></td>
    <td align="center" valign="bottom"> <font face="Times New Roman" size="2">2005</font></td>
    <td align="center" valign="bottom"> <font face="Times New Roman" size="2">1999</font></td>
    <td align="center" valign="bottom"> <font face="Times New Roman" size="2">2004</font></td>
    <td align="center" valign="bottom"> <font face="Times New Roman" size="2">2003</font></td>
    <td align="center" valign="bottom"> <font face="Times New Roman" size="2">1998</font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left"> <font face="Times New Roman" size="2">MY MI</font></td>
    <td align="center" valign="bottom"> <font face="Times New Roman" size="2">2002</font></td>
    <td align="center" valign="bottom"> <font face="Times New Roman" size="2">2005</font></td>
    <td align="center" valign="bottom"> <font face="Times New Roman" size="2">1999</font></td>
    <td align="center" valign="bottom"> <font face="Times New Roman" size="2">2004</font></td>
    <td align="center" valign="bottom"> <font face="Times New Roman" size="2">2003</font></td>
    <td align="center" valign="bottom"> <font face="Times New Roman" size="2">1998</font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left"> <font face="Times New Roman" size="2">MY NJ</font></td>
    <td align="center" valign="bottom"> <font face="Times New Roman" size="2">2002</font></td>
    <td align="center" valign="bottom"> <font face="Times New Roman" size="2">2005</font></td>
    <td align="center" valign="bottom"> <font face="Times New Roman" size="2">1999</font></td>
    <td align="center" valign="bottom"> <font face="Times New Roman" size="2">2004</font></td>
    <td align="center" valign="bottom"> <font face="Times New Roman" size="2">2003</font></td>
    <td align="center" valign="bottom"> <font face="Times New Roman" size="2">1998</font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left"> <font face="Times New Roman" size="2">MY PA</font></td>
    <td align="center" valign="bottom"> <font face="Times New Roman" size="2">2002</font></td>
    <td align="center" valign="bottom"> <font face="Times New Roman" size="2">2005</font></td>
    <td align="center" valign="bottom"> <font face="Times New Roman" size="2">1999</font></td>
    <td align="center" valign="bottom"> <font face="Times New Roman" size="2">2004</font></td>
    <td align="center" valign="bottom"> <font face="Times New Roman" size="2">2003</font></td>
    <td align="center" valign="bottom"> <font face="Times New Roman" size="2">1998</font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left"> <font face="Times New Roman" size="2">S&amp;P 500</font></td>
    <td align="center" valign="bottom"> <font face="Times New Roman" size="2">2002</font></td>
    <td align="center" valign="bottom"> <font face="Times New Roman" size="2">2005</font></td>
    <td align="center" valign="bottom"> <font face="Times New Roman" size="2">1999</font></td>
    <td align="center" valign="bottom"> <font face="Times New Roman" size="2">2004</font></td>
    <td align="center" valign="bottom"> <font face="Times New Roman" size="2">2003</font></td>
    <td align="center" valign="bottom"> <font face="Times New Roman" size="2">1998</font></td>
  </tr>
</table>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Ownership of Shares of
Common Stock and AMPS by Director Nominees as of the Record Date </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
relating to the share ownership, if any, by the Director Nominees as of the Record Date
is set forth in the chart below. </FONT></P>


<table cellspacing=0 cellpadding=0 width="600" align="center">
  <tr valign="bottom" align="center">
    <td align="left" width=182> <b><font face="Times New Roman" size="1">Director
      Nominee</font></b>
      <hr size="1" noshade align="left" width="80">
      <b><font face="Times New Roman" size="1"> </font></b></td>
    <td width=49> <b><font face="Times New Roman" size="1">Fund </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td width=86> <b><font face="Times New Roman" size="1">Number of Shares <br>
      of Common Stock </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td width=55> <b><font face="Times New Roman" size="1">Number <br>
      of AMPS </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td width=88> <b><font face="Times New Roman" size="1">Aggregate <br>
      Dollar Range of <br>
      Equity in <br>
      Each Fund </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td width=138> <b><font face="Times New Roman" size="1">Aggregate Dollar Range
      <br>
      of Securities Owned in all <br>
      MLIM/FAM-Advised Funds <br>
      Overseen by each Director <br>
      Nominee in the Merrill <br>
      Lynch Family of Funds </font></b>
      <hr size="1" noshade width="80%">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=182> <font face="Times New Roman" size="2"><i>Interested Director
      Nominee:</i></font></td>
    <td width=49>&nbsp;</td>
    <td width=86>&nbsp;</td>
    <td width=55>&nbsp;</td>
    <td width=88>&nbsp;</td>
    <td width=138>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width=182> <font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert
      C. Doll, Jr.</font></td>
    <td width=49 align="center"><font size="2">None </font></td>
    <td width=86 align="center"><font size="2">None </font></td>
    <td width=55 align="center"><font size="2">None </font></td>
    <td width=88 align="center"><font size="2">None </font></td>
    <td width=138 align="center"><font size="2">Over $100,000</font></td>
  </tr>
  <tr valign="bottom">
    <td width=182> <font face="Times New Roman" size="2"><i>Non-Interested Directors:</i></font></td>
    <td width=49 align="center">&nbsp; </td>
    <td width=86 align="center">&nbsp; </td>
    <td width=55 align="center">&nbsp; </td>
    <td width=88 align="center">&nbsp; </td>
    <td width=138 align="center">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width=182> <font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donald
      W. Burton</font></td>
    <td width=49 align="center"><font size="2">None </font></td>
    <td width=86 align="center"><font size="2">None </font></td>
    <td width=55 align="center"><font size="2">None </font></td>
    <td width=88 align="center"><font size="2">None </font></td>
    <td width=138 align="center"><font size="2">Over $100,000</font></td>
  </tr>
  <tr valign="bottom">
    <td width=182> <font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laurie
      Simon Hodrick</font></td>
    <td width=49 align="center"><font size="2">None </font></td>
    <td width=86 align="center"><font size="2">None </font></td>
    <td width=55 align="center"><font size="2">None </font></td>
    <td width=88 align="center"><font size="2">None </font></td>
    <td width=138 align="center"><font size="2">Over $100,000</font></td>
  </tr>
  <tr valign="bottom">
    <td width=182> <font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John
      F. O&#146;Brien</font></td>
    <td width=49 align="center"><font size="2">None </font></td>
    <td width=86 align="center"><font size="2">None </font></td>
    <td width=55 align="center"><font size="2">None </font></td>
    <td width=88 align="center"><font size="2">None </font></td>
    <td width=138 align="center"><font size="2">None </font></td>
  </tr>
  <tr valign="bottom">
    <td width=182> <font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David
      H. Walsh</font></td>
    <td width=49 align="center"><font size="2">None </font></td>
    <td width=86 align="center"><font size="2">None </font></td>
    <td width=55 align="center"><font size="2">None </font></td>
    <td width=88 align="center"><font size="2">None </font></td>
    <td width=138 align="center"><font size="2">Over $100,000</font></td>
  </tr>
  <tr valign="bottom">
    <td width=182> <font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fred
      G. Weiss</font></td>
    <td width=49 align="center"><font size="2">None </font></td>
    <td width=86 align="center"><font size="2">None </font></td>
    <td width=55 align="center"><font size="2">None </font></td>
    <td width=88 align="center"><font size="2">None </font></td>
    <td width=138 align="center"><font size="2">Over $100,000</font></td>
  </tr>
</table>

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

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set
forth in the table below is information regarding compensation paid by each Fund to the
non-interested Directors during each Fund&#146;s most recently completed fiscal year. </FONT></P>

<P align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Compensation
  Paid by Each Fund ($)*</b></FONT></P>


<table border=0 cellspacing=0 cellpadding=0 width="600" align="center">
  <tr>
    <td valign=top>
      <p>&nbsp;</p>
    </td>
    <td valign=bottom align="center"> <b><font face="Times New Roman" size="1">Burton
      </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td valign=bottom align="center"> <b><font face="Times New Roman" size="1">Hodrick
      </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td valign=bottom align="center"> <b><font face="Times New Roman" size="1">O&#146;Brien
      </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td valign=bottom align="center"> <b><font face="Times New Roman" size="1">Walsh
      </font></b>
      <hr size="1" noshade width="80%">
    </td>
    <td valign=bottom align="center"> <b><font face="Times New Roman" size="1">Weiss**
      </font></b>
      <hr size="1" noshade width="80%">
    </td>
  </tr>
  <tr>
    <td valign=bottom> <font face="Times New Roman" size="2">MY FL</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">5,150</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">5,150</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">0</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">5,150</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">5,150</font></td>
  </tr>
  <tr>
    <td valign=bottom> <font face="Times New Roman" size="2">MY MI</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">5,150</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">5,150</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">0</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">5,150</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">5,150</font></td>
  </tr>
  <tr>
    <td valign=bottom> <font face="Times New Roman" size="2">MY NJ</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">5,150</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">5,150</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">0</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">5,150</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">5,150</font></td>
  </tr>
  <tr>
    <td valign=bottom> <font face="Times New Roman" size="2">MY PA</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">5,150</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">5,150</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">0</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">5,150</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">5,150</font></td>
  </tr>
  <tr>
    <td valign=bottom> <font face="Times New Roman" size="2">S&amp;P 500</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">7,650</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">7,650</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">0</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">7,650</font></td>
    <td valign=bottom align="center"> <font face="Times New Roman" size="2">7,650</font></td>
  </tr>
</table>


<!-- MARKER FORMAT-SHEET="Cutoff rule Footnote" FSL="Workstation" -->
<HR SIZE=1 noshade ALIGN=left  WIDTH=75>
<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1"> * </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">No
pension or retirement benefits are accrued as part of Fund expenses.</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">** </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD>
    <TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Chairman of the Audit Committee
      of each Fund.</FONT></TD>
  </TR></TABLE>


<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<P>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
B-1</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><P>&nbsp;
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 25; page: 25" -->




<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set
forth in the table below is information regarding the aggregate compensation paid by
MLIM/FAM-advised funds to non-interested Directors for the year ended December 31, 2004. </FONT></P>



<table border=0 cellspacing=0 cellpadding=0 width="600" align="center">
  <tr valign="bottom">
    <td width=369> <b><font face="Times New Roman" size="1">Non-Interested Director
      </font></b>
      <hr size="1" noshade width="30%" align="left">
    </td>
    <td width=231 align="center"> <b><font face="Times New Roman" size="1">Aggregate
      Compensation Paid to <br>
      Non-Interested Directors by <br>
      MLIM/FAM-Advised Funds**</font></b>
      <hr size="1" noshade width="80%">
    </td>
  </tr>
  <tr>
    <td width=369 valign=top> <font face="Times New Roman" size="2">Donald W.
      Burton</font></td>
    <td width=231 valign=top align="center"> <font face="Times New Roman" size="2">$195,500</font></td>
  </tr>
  <tr>
    <td width=369 valign=top> <font face="Times New Roman" size="2">Laurie Simon
      Hodrick</font></td>
    <td width=231 valign=top align="center"> <font face="Times New Roman" size="2">$195,500</font></td>
  </tr>
  <tr>
    <td width=369 valign=top> <font face="Times New Roman" size="2">John F. O&#146;Brien</font></td>
    <td width=231 valign=top align="center"> <font face="Times New Roman" size="2">$&nbsp;&nbsp;20,917</font></td>
  </tr>
  <tr>
    <td width=369 valign=top> <font face="Times New Roman" size="2">David H. Walsh</font></td>
    <td width=231 valign=top align="center"> <font face="Times New Roman" size="2">$195,500</font></td>
  </tr>
  <tr>
    <td width=369 valign=top> <font face="Times New Roman" size="2">Fred G. Weiss*</font></td>
    <td width=231 valign=top align="center"> <font face="Times New Roman" size="2">$195,500</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Cutoff rule Footnote" FSL="Workstation" -->
<HR SIZE=1 noshade ALIGN=left  WIDTH=75>
<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=4% ALIGN=right VALIGN=top><FONT SIZE="1">* </FONT></TD>
    <TD WIDTH=2%><FONT SIZE="1"></FONT></TD>
    <TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Chairman of the Audit Committee.</FONT></TD>
  </TR>
  <TR>
    <TD WIDTH=4% ALIGN=right VALIGN=top><font size="1">**</font></TD>
    <TD WIDTH=2%><font size="1"></font></TD>
    <TD WIDTH=94% ALIGN=left VALIGN=top><font size="1">For the number of MLIM/FAM
      Advised Funds and portfolios overseen by non&#150;interested Directors,
      see the table beginning on page 4 of the Combined Proxy Statement.</font></TD>
  </TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<P>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
B-2</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><P>&nbsp;
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 26; page: 26" -->



<!-- MARKER FORMAT-SHEET="Head Right" FSL="Default" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Exhibit C
  </b></FONT></P>

<!-- MARKER FORMAT-SHEET="Center Head 2" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>INFORMATION
PERTAINING TO THE OFFICERS </B></FONT></P>







<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<table border=0 cellspacing=0 cellpadding=0 width="700" align="center">
  <tr align="center" valign="bottom">
    <td width=90> <font size="1"><b>Name, Address* <br>
      and Age of <br>
      Officer </b></font>
      <hr noshade size="1" width="95%">
    </td>
    <td width=10>&nbsp;&nbsp;</td>
    <td colspan="2" width=110> <font size="1"><b>Position(s) Held <br>
      and Length of <br>
      Time Served** </b></font>
      <hr noshade size="1" width="95%">
    </td>
    <td width=10>&nbsp;&nbsp;</td>
    <td width=200> <font size="1"><b>Principal Occupation <br>
      During Past Five Years </b></font>
      <hr noshade size="1" width="95%">
    </td>
    <td width=10>&nbsp;&nbsp;</td>
    <td width=100> <font size="1"><b>Number of MLIM/ <br>
      FAM-Advised <br>
      Funds and <br>
      Portfolios Overseen </b></font>
      <hr noshade size="1" width="95%">
    </td>
    <td width=10>&nbsp;&nbsp;</td>
    <td width=60> <font size="1"><b>Public <br>
      Directorships </b></font>
      <hr noshade size="1" width="95%">
    </td>
  </tr>
  <tr>
    <td valign=top width=90> <font size="1">Robert C. Doll, Jr.&#134; (50) </font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top colspan="2" width=110> <font size="1">President and Director
      of all Funds listed in this Combined Proxy Statement since 2005. </font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=200> <font size="1">President of MLIM/FAM-advised funds
      since 2005; President of FAM and its affiliate, Merrill Lynch Investment
      Managers, L.P. (&#147;MLIM&#148;), since 2001; Director of Princeton Services,
      Inc. (&#147;Princeton Services&#148;) since 2001; President of Princeton
      Administrators, L.P. (&#147;Princeton Administrators&#148;) since 2001;
      Co-Head (Americas Region) of FAM and MLIM from 2000 to 2001 and Senior Vice
      President thereof from 1999 to 2001; Chief Investment Officer of OppenheimerFunds,
      Inc. in 1999 and Executive Vice President thereof from 1991 to 1999. </font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=100> <font size="1">114 registered investment companies
      <br>
      consisting of <br>
      150 portfolios </font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=60> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign=top width=90>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=110 colspan="2">&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=200>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=100>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=60>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=90> <font size="1">William R. Bock (68) </font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=110 colspan="2"> <font size="1">Vice President of MY PA
      since 1997. </font> </td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=200><font size="1">Vice President of MLIM since 1989.
      </font> </td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=100><font size="1">5 registered investment companies
      consisting of <br>
      5 portfolios </font> </td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=60><font size="1">None </font> </td>
  </tr>
  <tr>
    <td valign=top width=90>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=55>&nbsp;</td>
    <td valign=top width=55>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=200>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=100>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=60>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=90> <font size="1">Donald C. Burke (44) </font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=55> <font size="1">Vice <br>
      President <br>
      and <br>
      Treasurer of:<br>
      <br>
      MY FL <br>
      MY MI <br>
      MY NJ <br>
      MY PA <br>
      S&amp;P 500 </font></td>
    <td valign=top width=55> <font size="1">Vice <br>
      President/ Treasurer <br>
      since: <br>
      <br>
      1992/1999 1992/1999 1992/1999 1992/1999 1999/1999 </font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=200> <font size="1">First Vice President of FAM and MLIM
      since 1997 and Treasurer thereof since 1999; Senior Vice President and Treasurer
      of Princeton Services since 1999 and Director since 2004; Vice President
      of FAMD since 1999; Vice President of FAM and MLIM from 1990 to 1997; Director
      of Taxation of MLIM from 1990 to 2001. </font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=100> <font size="1">124 registered investment companies
      consisting of <br>
      163 portfolios </font></td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=60> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign=top width=90>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top colspan="2" width=110>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=200>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=100>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=60>&nbsp;</td>
  </tr>
</table>
<P>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
C-1</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><P>&nbsp;
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 27; page: 27" --> <!-- MARKER FORMAT-SHEET="Cutoff rule Footnote" FSL="Workstation" -->
<p>&nbsp;</p>


<table border=0 cellspacing=0 cellpadding=0 width="701" align="center">
  <tr align="center" valign="bottom">
    <td width=105> <font size="1"><b>Name, Address* <br>
      and Age of <br>
      Officer </b></font>
      <hr noshade size="1" width="95%">
    </td>
    <td width=11>&nbsp;&nbsp;</td>
    <td colspan="2"> <font size="1"><b>Position(s) Held <br>
      and Length of <br>
      Time Served** </b></font>
      <hr noshade size="1" width="95%">
    </td>
    <td width=11>&nbsp;&nbsp;</td>
    <td width=233> <font size="1"><b>Principal Occupation <br>
      During Past Five Years </b></font>
      <hr noshade size="1" width="95%">
    </td>
    <td width=11>&nbsp;&nbsp;</td>
    <td width=116> <font size="1"><b>Number of MLIM/ <br>
      FAM-Advised <br>
      Funds and <br>
      Portfolios Overseen </b></font>
      <hr noshade size="1" width="95%">
    </td>
    <td width=11>&nbsp;&nbsp;</td>
    <td width=75> <font size="1"><b>Public <br>
      Directorships </b></font>
      <hr noshade size="1" width="95%">
    </td>
  </tr>
  <tr>
    <td valign=top width=105> <font size="1">Theodore R. Jaeckel Jr. (44) </font></td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top colspan="2"> <font size="1">Vice President of MY NJ <br>
      since 1997. </font></td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=233> <font size="1">Director (Municipal Tax-Exempt Fund
      Management) of FAM since 1997; Vice President of FAM from 1991 to 1997.
      </font></td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=116> <font size="1">6 registered investment companies
      consisting of <br>
      6 portfolios </font></td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=75> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign=top width=105>&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top colspan="2">&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=233>&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=116>&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=75>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=105> <font size="1">Robert D. Sneeden (51) </font></td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top colspan="2"> <font size="1">Vice President of MY FL <br>
      since 2002. </font></td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=233> <font size="1">Vice President of MLIM since of MLIM
      1998; Assistant Vice President of MLIM from 1994 to 1998. </font></td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=116> <font size="1">3 registered investment companies
      consisting of <br>
      3 portfolios </font></td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=75> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign=top width=105>&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top colspan="2">&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=233>&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=116>&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=75>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=105> <font size="1">Fred K. Steube (53) </font></td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top colspan="2"> <font size="1">Vice President of MY MI <br>
      since 1995. </font></td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=233> <font size="1">Vice President of MLIM since 1989.
      </font></td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=116> <font size="1">4 registered investment companies
      consisting of <br>
      4 portfolios </font></td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=75> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign=top width=105>&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top colspan="2">&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=233>&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=116>&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=75>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=105> <font size="1">Richard Vella (46) </font></td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top colspan="2"> <font size="1">Vice President of S&amp;P 500 <br>
      since 1995. </font></td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=233> <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=11>&nbsp;</td>
    <td valign=top width=116> <font size="1">2 registered investment companies
      consisting of <br>
      2 portfolios </font></td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=75> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign=top width=105>&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top colspan="2">&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=233>&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=116>&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=75>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=105> <font size="1">Kenneth A. Jacob (53) </font></td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top colspan="2"> <font size="1">Senior Vice President <br>
      since 2002 of MY FL, MY MI, MY NJ and MY PA. </font></td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=233> <font size="1">Managing Director of MLIM since 2000;
      First Vice President of MLIM from 1997 to 2000; Vice President of MLIM from
      1984 to 1997. </font></td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=116> <font size="1">37 registered investment companies
      consisting of <br>
      49 portfolios </font></td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=75> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign=top width=105>&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top colspan="2">&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=233>&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=116>&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=75>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=105> <font size="1">John M. Loffredo (40) </font></td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top colspan="2"> <font size="1">Senior Vice President <br>
      since 2002 of MY FL, MY MI, MY NJ and MY PA. </font></td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=233> <font size="1">Managing Director of MLIM since 2000;
      First Vice President of MLIM from 1997 to 2000; Vice President of MLIM from
      1991 to 1997; Portfolio Manager of FAM and MLIM since 1997. </font></td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=116> <font size="1">37 registered investment companies
      consisting of <br>
      49 portfolios </font></td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=75> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign=top width=105>&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top colspan="2">&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=233>&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=116>&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=75>&nbsp;</td>
  </tr>
</table>

<p> </p>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
C-2</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><P>&nbsp;
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 27; page: 27" -->



<!-- MARKER FORMAT-SHEET="Page Break Center" FSL="Workstation" -->
<BR>

<table border=0 cellspacing=0 cellpadding=0 width="701" align="center">
  <tr align="center" valign="bottom">
    <td width=105> <font size="1"><b>Name, Address* <br>
      and Age of <br>
      Officer </b></font>
      <hr noshade size="1" width="95%">
    </td>
    <td width=11>&nbsp;&nbsp;</td>
    <td colspan="2"> <font size="1"><b>Position(s) Held <br>
      and Length of <br>
      Time Served** </b></font>
      <hr noshade size="1" width="95%">
    </td>
    <td width=11>&nbsp;&nbsp;</td>
    <td width=233> <font size="1"><b>Principal Occupation <br>
      During Past Five Years </b></font>
      <hr noshade size="1" width="95%">
    </td>
    <td width=11>&nbsp;&nbsp;</td>
    <td width=116> <font size="1"><b>Number of MLIM/ <br>
      FAM-Advised <br>
      Funds and <br>
      Portfolios Overseen </b></font>
      <hr noshade size="1" width="95%">
    </td>
    <td width=11>&nbsp;&nbsp;</td>
    <td width=75> <font size="1"><b>Public <br>
      Directorships </b></font>
      <hr noshade size="1" width="95%">
    </td>
  </tr>
  <tr>
    <td valign=top width=105><font size="1">Jeffrey Hiller (53)</font></td>
    <td valign=top width=11><font size="1"></font></td>
    <td valign=top colspan="2"><font size="1">Chief Compliance Officer of all Funds listed in
      this Combined Proxy Statement since 2004. </font></td>
    <td valign=top width=11><font size="1"></font></td>
    <td valign=top width=233><font size="1">Chief Compliance Officer of the IQ
      Funds since 2004; Chief Compliance Officer of the MLIM/FAM-advised funds
      and First Vice President and Chief Compliance Officer of MLIM (Americas
      Region) since 2004; Global Director of Compliance at Morgan Stanley Investment
      Management from 2002 to 2004; Managing Director and Global Director of Compliance
      at Citigroup Asset Management from 2000 to 2002; Chief Compliance Officer
      at Soros Fund Management in 2000; Chief Compliance Officer at Prudential
      Financial from 1995 to 2000; Senior Counsel in the Commission&#146;s Division
      of Enforcement in Washington, D.C. from 1990 to 1995.</font></td>
    <td valign=top width=11><font size="1"></font></td>
    <td valign=top width=116><font size="1">127 registered investment companies
      consisting of <br>
      166 portfolios </font></td>
    <td valign=top width=11><font size="1"></font></td>
    <td valign=top width=75><font size="1">None</font></td>
  </tr>
  <tr>
    <td valign=top width=105>&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top colspan="2">&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=233>&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=116>&nbsp;</td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=75>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=105> <font size="1">Alice A. Pellegrino (44) </font></td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top colspan="2"> <font size="1">Secretary of all Funds listed in
      this Combined Proxy Statement since 2004. </font></td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=233> <font size="1"> Secretary of MLIM, FAM, FAMD and
      Princeton Services since 2004; Director (Legal Advisory) of MLIM since 2002;
      Vice President of MLIM from 1999 to 2002; Attorney associated with MLIM
      since 1997. </font></td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=116> <font size="1">123 registered investment companies
      consisting of <br>
      156 portfolios </font></td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=75> <font size="1">None </font></td>
  </tr>
  <tr>
    <td valign=top width=105>&nbsp; </td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top colspan="2">&nbsp; </td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=233>&nbsp; </td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=116>&nbsp; </td>
    <td valign=top width=11>&nbsp;</td>
    <td valign=top width=75>&nbsp; </td>
  </tr>
</table>
<br>
<hr size=1 noshade align=left  width=75>
<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<table width=100%>
  <tr>
    <td width=4% align=right valign=top><font size="1">* </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=94% align=left valign=top><font size="1">The address of each officer
      listed above is P.O. Box 9011, Princeton, New Jersey 08543-9011.</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<table width=100%>
  <tr>
    <td width=4% align=right valign=top><font size="1">** </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=94% align=left valign=top><font size="1">Elected by and serves at
      the pleasure of the Board of Directors of each Fund.</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<table width=100%>
  <tr>
    <td width=4% align=right valign=top><font size="1">&#134;</font></td>
    <td width=2%><font size="1"></font></td>
    <td width=94% align=left valign=top><font size="1">Mr. Doll is an &#147;interested
      person,&#148; as defined in the Investment Company Act, of each Fund based
      on his positions with FAM, MLIM, Princeton Services and Princeton Administrators.</font></td>
  </tr>
</table>

<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<p>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH=60% ALIGN=center>
<FONT SIZE="2">C-3&nbsp; </FONT></TD>
<TD WIDTH=20% ALIGN=right><FONT SIZE="1">
<B><I></I></B></FONT>
</TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>






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






<!-- MARKER FORMAT-SHEET="Head Right" FSL="Default" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Exhibit D</b>
  </FONT></P>


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


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

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating Committee (the &#147;Committee&#148;) of the Board of Directors/Trustees for the
registered investment companies (each a &#147;Fund&#148; and collectively, the &#147;Funds&#148;) listed on
Exhibit A attached hereto shall be composed solely of Directors/Trustees who are not &#147;interested
persons&#148; of the Fund as defined in Section 2(a)(19) of the Investment Company Act of
1940, as amended (the &#147;1940 Act&#148;), and who are &#147;independent&#148; as defined in the New York
Stock Exchange and the American Stock Exchange (each, an &#147;Exchange&#148;) listing standards
(if applicable) (&#147;Independent Directors&#148;). The Board of Directors/Trustees of the Fund
(the &#147;Board&#148;) shall appoint the members of the Committee (which may or may not be all of
the Independent Directors) and shall designate the Chairman of the Committee. The
Committee shall have authority to retain outside counsel and other advisors the Committee
deems appropriate and shall have the sole authority to approve the compensation and other
terms of their retention. </FONT></P>


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

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee shall identify individuals qualified to serve as Independent Directors of the
Fund and shall recommend its nominees for consideration by the full Board. </FONT></P>


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

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
identifying and evaluating a person as a potential nominee to serve as an Independent
Director of the Fund, the Committee should consider among other factors it may deem
relevant: </FONT></P>

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<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE=2>the
contribution which the person can make to the Board, with consideration being given to
the            person&#146;s business and professional experience, education and such other
factors as the Committee may            consider relevant;</FONT></TD></TR></TABLE>

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<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE=2>the
character and integrity of the person;</FONT></TD></TR></TABLE>

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<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE=2>whether
or not the person is an &#147;interested person&#148; as defined in the 1940 Act and whether the
person            is otherwise qualified under applicable laws and regulations to serve
as a Director or Independent            Director of the Fund;</FONT></TD></TR></TABLE>

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<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE=2>whether
or not the person has any relationships that might impair his or her independence, such
as any            business, charitable, financial or family relationships with Fund
management, the investment adviser            or manager of the Fund, Fund service
providers or their affiliates;</FONT></TD></TR></TABLE>

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<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE=2>whether
or not the person is financially literate pursuant to the applicable Exchange&#146;s audit
           committee membership standards;</FONT></TD></TR></TABLE>

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<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE=2>whether
or not the person serves on boards of, or is otherwise affiliated with, competing
financial            service organizations or their related investment company complexes;</FONT></TD></TR></TABLE>

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<P>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
D-1</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><P>&nbsp;
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 28; page: 28" -->


<P>

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<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE=2>whether
or not the person is willing to serve, and willing and able to commit the time necessary
for            the performance of the duties of a Director of the Fund;</FONT></TD></TR></TABLE>

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<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=5%></TD>
    <TD WIDTH=2% VALIGN=top><FONT SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=90%><FONT SIZE=2>whether
or not the selection and nomination of the person would be consistent with the
requirements of            the Fund&#146;s retirement policy.</FONT></TD></TR></TABLE>


<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
the Committee is solely responsible for the selection and nomination of the Fund&#146;s
Independent Directors, the Committee may consider nominations for the office of Director
made by Fund stockholders or by management in the same manner as it deems appropriate.
Stockholders who wish to recommend a nominee should send nominations to the Secretary of
the Fund which include biographical information and set forth the qualifications of the
proposed nominee. The Secretary of the Fund will forward all nominations received to the
Committee. </FONT></P>


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

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
majority of the members of the Committee shall constitute a quorum for the transaction of
business, and the act of a majority of the members of the Committee present at any
meeting at which there is quorum shall be the act of the Committee. </FONT></P>


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

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
a determination by the Committee that a person should be nominated as an Independent
Director of the Fund, the Committee shall present its recommendation to the full Board
for its consideration and, where appropriate, to the Independent Directors. </FONT></P>


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

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee may meet either on its own or in conjunction with meetings of the Board.
Meetings of the Committee may be held in person, video conference or by conference
telephone. The Committee may take action by unanimous written consent in lieu of a
meeting. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Adopted: January 21, 2004 <br>
  <!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
</FONT></P>
<p>&nbsp;
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp;</font></td>
    <td width=60% align=center><font size="2">
D-2</font></td>
    <td width=20% align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=100% align=LEFT>







<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 7; page: 7" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
   </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MuniYield Florida Insured Fund <BR>
MuniYield Michigan Insured Fund, Inc. <BR>MuniYield New Jersey Insured Fund, Inc. <BR>MuniYield
Pennsylvania Insured Fund <BR>
  The S&amp;P 500<sup><font size="1">&#174;</font></sup> Protected Equity Fund, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<P>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=60% ALIGN=center><FONT SIZE="2">
D-3</FONT></TD>
    <TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><P>&nbsp;
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>







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



<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>COMMON SHARES</B> </FONT> </P>

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

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

<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>This proxy is
solicited on behalf of the Board of Trustees </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby appoints Andrew J. Donohue, Donald C. Burke and Alice A. Pellegrino as
proxies, each with the power to appoint his or her substitute, and hereby authorizes each
of them to represent and to vote, as designated on the reverse hereof, all of the Common
Shares of MuniYield Florida Insured Fund (the &#147;Fund&#148;) held of record by the undersigned
on February 28, 2005 at the annual meeting of shareholders of the Fund to be held on
April 28, 2005 or any adjournment thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>This
proxy when properly executed will be voted in the manner directed herein by the
undersigned shareholder. If no direction is made, this proxy will be voted FOR
Proposal 1 and Proposal 2.</B> </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
signing and dating the reverse side of this card, you authorize the proxies to vote
Proposal 1 and Proposal 2 as marked, or if not marked, to vote &#147;FOR&#148; Proposal 1 and
Proposal 2, 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></P>

<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(Continued and to be
signed on the reverse side) </FONT> </P>




<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





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




<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Please mark boxes |<font size="3">&#149;</font>| or |X| in blue
or black ink. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE CELLPADDING=0 CELLSPACING=0 WIDTH=100% border="0">
  <TR VALIGN=TOP>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.  </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ELECTION
OF TRUSTEES  </FONT></TD>
    <TD><font face="Times New Roman, Times, Serif" size=2><b>FOR</b> all nominees
      listed below <br>
      (except as marked to the contrary below) |_|</font></TD>
    <TD><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD AUTHORITY</b>
     <br>
      to vote for all nominees listed
                                                                                              below
 |_|</font></TD>
  </TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><B>(<I>INSTRUCTION: To withhold authority
to vote for any individual nominee, strike a line through the nominee&#146;s name in the list
below.) </I> <br>
  &nbsp;&nbsp;
  Donald W. Burton, Robert C. Doll, Jr., John F. O&#146;Brien and David H. Walsh</B> </FONT> </P>


<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE CELLPADDING=0 CELLSPACING=0 WIDTH=100% border="0">
  <TR VALIGN=TOP>
    <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.  </FONT></TD>
    <TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AMENDMENT
      OF <br>
      FUNDAMENTAL <br>
      INVESTMENT <br>
      RESTRICTION </FONT></TD>
    <TD WIDTH=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font> <font face="Times New Roman, Times, Serif" size=2>  <br>
      &nbsp;
      |_|</font></TD>
    <TD WIDTH=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST <br>
      &nbsp;
      </b> |_|</font></TD>
    <TD WIDTH=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b> <br>
      &nbsp;
       |_|</font></TD>
  </TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.  </FONT></TD>

    <TD WIDTH=98%><FONT FACE="Times New Roman, Times, Serif" 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>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Please sign
                                                                   exactly as
                                                                   name appears
                                                                   hereon. When
                                                                   stock is held
                                                                   by joint
                                                                   tenants, both
                                                                   should sign.
                                                                   When signing
                                                                   as attorney
                                                                   or as
                                                                   executor,
                                                                   administrator,
                                                                   trustee or
                                                                   guardian,
                                                                   please give
                                                                   full title as
                                                                   such. If a
                                                                   corporation,
                                                                   please sign
                                                                   in full
                                                                   corporate
                                                                   name by
                                                                   president or
                                                                   other
                                                                   authorized
                                                                   officer. If a
                                                                   partnership,
                                                                   please sign
                                                                   in
                                                                   partnership
                                                                   name by
                                                                   authorized
                                                                   person.</font></p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"></font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"></font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
    </p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"></font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature, if held jointly</font></td>
  </tr>

</table>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><B>Sign, Date and Return the Proxy Card
Promptly Using the Enclosed Envelope.</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->

<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 16; page: 16" -->




<p align=right><font face="Times New Roman, Times, Serif" size="2"><b>AUCTION MARKET <br>
  PREFERRED
SHARES</b> </font> </p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>
<b>MUNIYIELD FLORIDA
INSURED FUND                                   <br>
  P.O. Box 9011
                        <br>
  Princeton, New Jersey 08543-9011 </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>
<b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>
<b>This proxy is
solicited on behalf of the Board of Trustees </b></font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby appoints Andrew J. Donohue, Donald C. Burke and Alice A. Pellegrino as
proxies, each with the power to appoint his or her substitute, and hereby authorizes each
of them to represent and to vote, as designated on the reverse hereof, all the Auction
Market Preferred Shares of MuniYield Florida Insured Fund (the &#147;Fund&#148;) held of record by
the undersigned on February 28, 2005 at the annual meeting of shareholders of the Fund to
be held on April 28, 2005 or any adjournment thereof. </font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2>&nbsp;<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
proxy when properly executed will be voted in the manner          directed herein by the
undersigned shareholder. If no direction is          made, this proxy will be voted FOR
Proposal 1 and Proposal 2. </b></font>
</td>
  </tr>
</table>
<br>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
signing and dating the reverse side of this card, you authorize the proxies to vote
Proposal 1 and Proposal 2 as marked, or if not marked, to vote &#147;FOR&#148; Proposal 1 and
Proposal 2, 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></p>
<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font face="Times New Roman, Times, Serif" size=1>(Continued and to be
signed on the reverse side) </font></p>
<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<br>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp;</font></td>
    <td width=60% align=center><font size="2">
</font></td>
    <td width=20% align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>






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




<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>| or |X| in blue
or black ink. </font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td><font face="Times New Roman, Times, Serif" size=2>1.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>ELECTION
OF TRUSTEES  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>FOR</b> all nominees
      listed below <br>
      (except as marked to the contrary below) |_|</font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD AUTHORITY</b>
     <br>
      to vote for all nominees listed
                                                                                              below
 |_|</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size="1"><b><i>(INSTRUCTION: To withhold authority
to vote for any individual nominee, strike a line through the nominee&#146;s name in the list
below.)  </i> <br>
  &nbsp;&nbsp;
  Donald W. Burton, Robert C. Doll, Jr., Laurie Simon Hodrick, John F. O&#146;Brien,
David H. Walsh and Fred G. Weiss</b> </font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2.  </font></td>
    <td width=25%><font face="Times New Roman, Times, Serif" size=2>AMENDMENT
      OF <br>
      FUNDAMENTAL <br>
      INVESTMENT <br>
      RESTRICTION </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font> <font face="Times New Roman, Times, Serif" size=2>  <br>
      &nbsp;
      |_|</font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST <br>
      &nbsp;
      </b> |_|</font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b> <br>
      &nbsp;
       |_|</font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>3.  </font></td>
    <td width=98%><font face="Times New Roman, Times, Serif" 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>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="47%"><font face="Times New Roman, Times, Serif" size=2>If the undersigned
      is a broker-dealer, it hereby instructs the proxies, pursuant to Rule 452
      of the New York Stock Exchange, to vote any uninstructed Auction Market
      Preferred Shares in the same proportion as votes cast by holders of Auction
      Market Preferred Shares who have responded to this proxy solicitation.</font></td>
    <td width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="50%"><font size="2">Please sign exactly as name appears hereon.
      When stock is held by joint tenants, both should sign. When signing as attorney
      or as executor, administrator, trustee or guardian, please give full title
      as such. If a corporation, please sign in full corporate name by president
      or other authorized officer. If a partnership, please sign in partnership
      name by authorized person.</font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"></font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"></font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly</font></td>
  </tr>
</table>
<p><font face="Times New Roman, Times, Serif" size="1"><b>Sign, Date and Return the Proxy Card
Promptly Using the Enclosed Envelope.</b> </font> </p>
<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<br>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp;</font></td>
    <td width=60% align=center><font size="2">
</font></td>
    <td width=20% align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<BR>





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



<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>COMMON STOCK</B> </FONT> </P>

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

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

<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>This proxy is
solicited on behalf of the Board of Directors </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby appoints Andrew J. Donohue, Donald C. Burke and Alice A. Pellegrino as
proxies, each with the power to appoint his or her substitute, and hereby authorizes each
of them to represent and to vote, as designated on the reverse hereof, all 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, 2005 at the annual meeting of stockholders of the Fund to
be held on April 28, 2005 or any adjournment thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>This
proxy when properly executed will be voted in the manner directed herein by the
undersigned stockholder. If no direction is made, this proxy will be voted FOR
Proposal 1 and Proposal 2.</B> </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
signing and dating the reverse side of this card, you authorize the proxies to vote
Proposal 1 and Proposal 2 as marked, or if not marked, to vote &#147;FOR&#148; Proposal 1 and
Proposal 2, 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></P>

<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(Continued and to be
signed on the reverse side) </FONT></P>



<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





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




<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Please mark boxes |<font size="3">&#149;</font>| or |X| in blue
or black ink. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td><font face="Times New Roman, Times, Serif" size=2>1.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>ELECTION OF DIRECTORS
      </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>FOR</b> all nominees
      listed below <br>
      (except as marked to the contrary below) |_|</font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD AUTHORITY</b>
     <br>
      to vote for all nominees listed
                                                                                              below
 |_|</font></td>
  </tr>
</table>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><B><I>(INSTRUCTION: To withhold authority
to vote for any individual nominee, strike a line through the nominee&#146;s name in the list
below.) </I> <br>
  &nbsp;&nbsp;
  Donald W. Burton, Robert C. Doll, Jr., John F. O&#146;Brien and David H. Walsh</B> </FONT> </P>


<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2.  </font></td>
    <td width=25%><font face="Times New Roman, Times, Serif" size=2>AMENDMENT
      OF <br>
      FUNDAMENTAL <br>
      INVESTMENT <br>
      RESTRICTION </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font> <font face="Times New Roman, Times, Serif" size=2>  <br>
      &nbsp;
      |_|</font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST <br>
      &nbsp;
      </b> |_|</font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b> <br>
      &nbsp;
       |_|</font></td>
  </tr>
</table>
<br>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.  </FONT></TD>
    <TD WIDTH=98%><FONT FACE="Times New Roman, Times, Serif" 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>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Please sign exactly as name appears hereon. When stock
        is held by joint tenants, both should sign. When signing as attorney or
        as executor, administrator, trustee or guardian, please give full title
        as such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person.</font></p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"></font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"></font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"></font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly</font></td>
  </tr>
</table>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>Sign, Date and Return
the Proxy Card Promptly Using the Enclosed Envelope. </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 18; page: 18" -->



<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font face="Times New Roman, Times, Serif" size="2"><b>AUCTION MARKET <br>
  PREFERRED
STOCK</b> </font> </p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>
<b>MUNIYIELD MICHIGAN
INSURED FUND, INC.                                   <br>
  P.O. Box 9011
                        <br>
  Princeton, New Jersey 08543-9011 </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>
<b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>
<b>This proxy is
solicited on behalf of the Board of Directors </b></font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby appoints Andrew J. Donohue, Donald C. Burke and Alice A. Pellegrino as
proxies, each with the power to appoint his or her substitute, and hereby authorizes each
of them to represent and to vote, as designated on the reverse hereof, all the shares of
Auction Market Preferred Stock of MuniYield Michigan Insured Fund, Inc. (the &#147;Fund&#148;) held
of record by the undersigned on February 28, 2005 at the annual meeting of stockholders
of the Fund to be held on April 28, 2005 or any adjournment thereof. </font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
proxy when properly executed will be voted in the manner          directed herein by the
undersigned stockholder. If no direction is          made, this proxy will be voted FOR
Proposal 1 and Proposal 2.</b> </font>
</td>
  </tr>
</table>
<br>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
signing and dating the reverse side of this card, you authorize the proxies to vote
Proposal 1 and Proposal 2 as marked, or if not marked, to vote &#147;FOR&#148; Proposal 1 and
Proposal 2, 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></p>
<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font face="Times New Roman, Times, Serif" size=1>(Continued and to be
signed on the reverse side) </font></p>
<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<br>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp;</font></td>
    <td width=60% align=center><font size="2">
</font></td>
    <td width=20% align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 19; page: 19" -->





<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>| or |X| in blue
or black ink. </font></p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td><font face="Times New Roman, Times, Serif" size=2>1.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>ELECTION OF DIRECTORS
      </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>FOR</b> all nominees
      listed below <br>
      (except as marked to the contrary below) |_|</font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD AUTHORITY</b>
     <br>
      to vote for all nominees listed
                                                                                              below
 |_|</font></td>
  </tr>
</table>
<p><font face="Times New Roman, Times, Serif" size="1"><b><i>(INSTRUCTION: To withhold authority
to vote for any individual nominee, strike a line through the nominee&#146;s name in the list
below.) </i> <br>
  &nbsp;&nbsp;&nbsp;
  Donald W. Burton, Robert C. Doll, Jr., Laurie Simon Hodrick, John F. O&#146;Brien,
David H. Walsh and Fred G. Weiss</b> </font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2.  </font></td>
    <td width=25%><font face="Times New Roman, Times, Serif" size=2>AMENDMENT
      OF <br>
      FUNDAMENTAL <br>
      INVESTMENT <br>
      RESTRICTION </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font> <font face="Times New Roman, Times, Serif" size=2>  <br>
      &nbsp;
      |_|</font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST <br>
      &nbsp;
      </b> |_|</font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b> <br>
      &nbsp;
       |_|</font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>3.  </font></td>
    <td width=98%><font face="Times New Roman, Times, Serif" 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>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="47%"><font face="Times New Roman, Times, Serif" size=2>If the undersigned
      is a broker-dealer, it hereby instructs the proxies, pursuant to Rule 452
      of the New York Stock Exchange, to vote any uninstructed Auction Market
      Preferred Stock in the same proportion as votes cast by holders of Auction
      Market Preferred Stock who have responded to this proxy solicitation.</font></td>
    <td width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="50%"><font size="2">Please sign exactly as name appears hereon.
      When stock is held by joint tenants, both should sign. When signing as attorney
      or as executor, administrator, trustee or guardian, please give full title
      as such. If a corporation, please sign in full corporate name by president
      or other authorized officer. If a partnership, please sign in partnership
      name by authorized person.</font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"></font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"></font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size="1"><b>Sign, Date and Return the Proxy Card
Promptly Using the Enclosed Envelope.</b> </font> </p>
<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<br>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp;</font></td>
    <td width=60% align=center><font size="2">
</font></td>
    <td width=20% align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<BR>





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



<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>COMMON STOCK</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>MUNIYIELD NEW
JERSEY INSURED FUND, INC.                                   <BR>P.O. Box 9011
                        <BR>Princeton, New Jersey 08543-9011 </B></FONT></P>

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

<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>This proxy is
solicited on behalf of the Board of Directors </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby appoints Andrew J. Donohue, Donald C. Burke and Alice A. Pellegrino as
proxies, each with the power to appoint his or her substitute, and hereby authorizes each
of them to represent and to vote, as designated on the reverse hereof, all 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, 2005 at the annual meeting of stockholders of the Fund to
be held on April 28, 2005 or any adjournment thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>This
proxy when properly executed will be voted in the manner          directed herein by the
undersigned stockholder. If no direction is          made, this proxy will be voted FOR
Proposal 1 and Proposal 2. </b></FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
signing and dating the reverse side of this card, you authorize the proxies to vote
Proposal 1 and Proposal 2 as marked, or if not marked, to vote &#147;FOR&#148; Proposal 1 and
Proposal 2, 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></P>

<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(Continued and to be
signed on the reverse side) </FONT></P>



<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





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




<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Please mark boxes |<font size="3">&#149;</font>| or |X| in blue
or black ink. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td><font face="Times New Roman, Times, Serif" size=2>1.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>ELECTION OF DIRECTORS
      </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>FOR</b> all nominees
      listed below <br>
      (except as marked to the contrary below) |_|</font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD AUTHORITY</b>
     <br>
      to vote for all nominees listed
                                                                                              below
 |_|</font></td>
  </tr>
</table>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><B><I>(INSTRUCTION: To withhold authority
to vote for any individual nominee, strike a line through the nominee&#146;s name in the list
below.) </I> <br>
  &nbsp;&nbsp;
  Donald W. Burton, Robert C. Doll, Jr., John F. O&#146;Brien and David H. Walsh</B> </FONT> </P>



<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
 <!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2.  </font></td>
    <td width=25%><font face="Times New Roman, Times, Serif" size=2>AMENDMENT
      OF <br>
      FUNDAMENTAL <br>
      INVESTMENT <br>
      RESTRICTION </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font> <font face="Times New Roman, Times, Serif" size=2>  <br>
      &nbsp;
      |_|</font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST <br>
      &nbsp;
      </b> |_|</font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b> <br>
      &nbsp;
       |_|</font></td>
  </tr>
</table>
<br>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>3.  </font></td>
    <td width=98%><font face="Times New Roman, Times, Serif" 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>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Please sign exactly as name appears hereon. When stock
        is held by joint tenants, both should sign. When signing as attorney or
        as executor, administrator, trustee or guardian, please give full title
        as such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person.</font></p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"></font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"></font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"></font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>Sign, Date and Return
the Proxy Card Promptly Using the Enclosed Envelope. </B></FONT></P>



<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 20; page: 20" -->




<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font face="Times New Roman, Times, Serif" size="2"><b>AUCTION MARKET <br>
  PREFERRED
STOCK</b> </font> </p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>
<b>MUNIYIELD NEW
JERSEY INSURED FUND, INC.                                   <br>
  P.O. Box 9011
                        <br>
  Princeton, New Jersey 08543-9011 </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>
<b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>
<b>This proxy is
solicited on behalf of the Board of Directors </b></font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby appoints Andrew J. Donohue, Donald C. Burke and Alice A. Pellegrino as
proxies, each with the power to appoint his or her substitute, and hereby authorizes each
of them to represent and to vote, as designated on the reverse hereof, all the shares of
Auction Market Preferred Stock of MuniYield New Jersey Insured Fund, Inc. (the &#147;Fund&#148;)
held of record by the undersigned on February 28, 2005 at the annual meeting of
stockholders of the Fund to be held on April 28, 2005 or any adjournment thereof. </font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
proxy when properly executed will be voted in the manner          directed herein by the
undersigned stockholder. If no direction is          made, this proxy will be voted FOR
Proposal 1 and Proposal 2. </b></font>
</td>
  </tr>
</table>
<br>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
signing and dating the reverse side of this card, you authorize the proxies to vote
Proposal 1 and Proposal 2 as marked, or if not marked, to vote &#147;FOR&#148; Proposal 1 and
Proposal 2, 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></p>
<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font face="Times New Roman, Times, Serif" size=1>(Continued and to be
signed on the reverse side) </font></p>
<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<br>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp;</font></td>
    <td width=60% align=center><font size="2">
</font></td>
    <td width=20% align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 21; page: 21" -->




<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>| or |X| in blue
or black ink. </font></p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td><font face="Times New Roman, Times, Serif" size=2>1.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>ELECTION OF DIRECTORS
      </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>FOR</b> all nominees
      listed below <br>
      (except as marked to the contrary below) |_|</font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD AUTHORITY</b>
     <br>
      to vote for all nominees listed
                                                                                              below
 |_|</font></td>
  </tr>
</table>
<p><font face="Times New Roman, Times, Serif" size="1"><b><i>(INSTRUCTION: To withhold authority
to vote for any individual nominee, strike a line through the nominee&#146;s name in the list
below.) <br>
  &nbsp;&nbsp;
   </i>Donald W. Burton, Robert C. Doll, Jr., Laurie Simon Hodrick, John F. O&#146;Brien,
David H. Walsh and Fred G. Weiss</b> </font></p>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2.  </font></td>
    <td width=25%><font face="Times New Roman, Times, Serif" size=2>AMENDMENT
      OF <br>
      FUNDAMENTAL <br>
      INVESTMENT <br>
      RESTRICTION </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font> <font face="Times New Roman, Times, Serif" size=2>  <br>
      &nbsp;
      |_|</font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST <br>
      &nbsp;
      </b> |_|</font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b> <br>
      &nbsp;
       |_|</font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>3.  </font></td>
    <td width=98%><font face="Times New Roman, Times, Serif" 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>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="47%"><font face="Times New Roman, Times, Serif" size=2>If the undersigned
      is a broker-dealer, it hereby instructs the proxies, pursuant to Rule 452
      of the New York Stock Exchange, to vote any uninstructed Auction Market
      Preferred Stock in the same proportion as votes cast by holders of Auction
      Market Preferred Stock who have responded to this proxy solicitation.</font></td>
    <td width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="50%"><font size="2">Please sign exactly as name appears hereon.
      When stock is held by joint tenants, both should sign. When signing as attorney
      or as executor, administrator, trustee or guardian, please give full title
      as such. If a corporation, please sign in full corporate name by president
      or other authorized officer. If a partnership, please sign in partnership
      name by authorized person.</font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"></font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"></font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<p align=LEFT><font face="Times New Roman, Times, Serif" size=1><b>Sign, Date and Return
the Proxy Card Promptly Using the Enclosed Envelope. </b></font></p>
<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<br>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp;</font></td>
    <td width=60% align=center><font size="2">
</font></td>
    <td width=20% align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<BR>





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



<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>COMMON SHARES</B> </FONT> </P>

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

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

<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>This proxy is
solicited on behalf of the Board of Trustees </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby appoints Andrew J. Donohue, Donald C. Burke and Alice A. Pellegrino as
proxies, each with the power to appoint his or her substitute, and hereby authorizes each
of them to represent and to vote, as designated on the reverse hereof, all of the Common
Shares of MuniYield Pennsylvania Insured Fund (the &#147;Fund&#148;) held of record by the
undersigned on February 28, 2005 at the annual meeting of shareholders of the Fund to be
held on April 28, 2005 or any adjournment thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>This
proxy when properly executed will be voted in the manner          directed herein by the
undersigned shareholder. If no direction is          made, this proxy will be voted FOR
Proposal 1, Proposal 2 and Proposal          3. </b></FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
signing and dating the reverse side of this card, you authorize the proxies to vote
Proposal 1, Proposal 2 and Proposal 3 as marked, or if not marked, to vote &#147;FOR&#148; Proposal
1, Proposal 2 and Proposal 3, 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></P>

<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(Continued and to be
signed on the reverse side) </FONT></P>





<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>





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




<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Please mark boxes |<font size="3">&#149;</font>| or |X| in blue
or black ink. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td><font face="Times New Roman, Times, Serif" size=2>1.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>ELECTION
OF TRUSTEES  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>FOR</b> all nominees
      listed below <br>
      (except as marked to the contrary below) |_|</font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD AUTHORITY</b>
     <br>
      to vote for all nominees listed
                                                                                              below
 |_|</font></td>
  </tr>
</table>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><B><I>(INSTRUCTION: To withhold authority
to vote for any individual nominee, strike a line through the nominee&#146;s name in the list
below.) </I> <br>
  &nbsp;&nbsp;
  Donald W. Burton, Robert C. Doll, Jr., John F. O&#146;Brien and David H. Walsh</B> </FONT></P>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2.  </font></td>
    <td width=25%><font face="Times New Roman, Times, Serif" size=2>AMENDMENT
      OF <br>
      FUNDAMENTAL <br>
      INVESTMENT <br>
      RESTRICTION </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font> <font face="Times New Roman, Times, Serif" size=2>  <br>
      &nbsp;
      |_|</font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST <br>
      &nbsp;
      </b> |_|</font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b> <br>
      &nbsp;
       |_|</font></td>
  </tr>
</table>
 <br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>3.  </font></td>
    <td width=25%><font face="Times New Roman, Times, Serif" size=2>REMOVAL OF
      <br>
      FUNDAMENTAL <br>
      INVESTMENT <br>
      POLICY </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font> <font face="Times New Roman, Times, Serif" size=2>  <br>
      &nbsp;
      |_|</font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST <br>
      &nbsp;
      </b> |_|</font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b> <br>
      &nbsp;
       |_|</font></td>
  </tr>
</table>
 <br>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.  </FONT></TD>
    <TD WIDTH=98%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
the discretion of such proxies, upon such other business as may properly come before the
meeting or any adjournment thereof. </FONT></TD>
  </TR>
</TABLE>
 <br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Please sign exactly as name appears hereon. When stock
        is held by joint tenants, both should sign. When signing as attorney or
        as executor, administrator, trustee or guardian, please give full title
        as such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person.</font></p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"></font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"></font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"></font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly</font></td>
  </tr>
</table>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>Sign, Date and Return
the Proxy Card Promptly Using the Enclosed Envelope. </B></FONT></P>




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<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>












<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 22; page: 22" -->




<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>AUCTION MARKET <BR>PREFERRED
SHARES</B> </FONT> </P>

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

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

<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>This proxy is
solicited on behalf of the Board of Trustees </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby appoints Andrew J. Donohue, Donald C. Burke and Alice A. Pellegrino as
proxies, each with the power to appoint his or her substitute, and hereby authorizes each
of them to represent and to vote, as designated on the reverse hereof, all the Auction
Market Preferred Shares of MuniYield Pennsylvania Insured Fund (the &#147;Fund&#148;) held of
record by the undersigned on February 28, 2005 at the annual meeting of shareholders of
the Fund to be held on April 28, 2005 or any adjournment thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
proxy when properly executed will be voted in the manner          directed herein by the
undersigned shareholder. If no direction is          made, this proxy will be voted FOR
Proposal 1, Proposal 2 and Proposal          3. </b></FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
signing and dating the reverse side of this card, you authorize the proxies to vote
Proposal 1, Proposal 2 and Proposal 3 as marked, or if not marked, to vote &#147;FOR&#148; Proposal
1, Proposal 2 and Proposal 3, 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></P>

<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(Continued and to be
signed on the reverse side) </FONT></P>




<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT><BR>






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 23; page: 23" -->




<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Please mark boxes |<font size="3">&#149;</font>| or |X| in blue
or black ink. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td><font face="Times New Roman, Times, Serif" size=2>1.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>ELECTION
OF TRUSTEES  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>FOR</b> all nominees
      listed below <br>
      (except as marked to the contrary below) |_|</font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD AUTHORITY</b>
     <br>
      to vote for all nominees listed
                                                                                              below
 |_|</font></td>
  </tr>
</table>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><B><I>(INSTRUCTION: To withhold authority
to vote for any individual nominee, strike a line through the nominee&#146;s name in the list
below.) </I> <br>
  &nbsp;&nbsp;
  Donald W. Burton, Robert C. Doll, Jr., Laurie Simon Hodrick, John F. O&#146;Brien,
David H. Walsh and Fred G. Weiss</B> </FONT></P>
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>2.  </font></td>
    <td width=25%><font face="Times New Roman, Times, Serif" size=2>AMENDMENT
      OF <br>
      FUNDAMENTAL <br>
      INVESTMENT <br>
      RESTRICTION </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font> <font face="Times New Roman, Times, Serif" size=2>  <br>
      &nbsp;
      |_|</font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST <br>
      &nbsp;
      </b> |_|</font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b> <br>
      &nbsp;
       |_|</font></td>
  </tr>
</table>
 <br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>3.  </font></td>
    <td width=25%><font face="Times New Roman, Times, Serif" size=2>REMOVAL OF
      <br>
      FUNDAMENTAL <br>
      INVESTMENT <br>
      POLICY </font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>FOR</b></font> <font face="Times New Roman, Times, Serif" size=2>  <br>
      &nbsp;
      |_|</font></td>
    <td width=22%><font face="Times New Roman, Times, Serif" size=2><b>AGAINST <br>
      &nbsp;
      </b> |_|</font></td>
    <td width=28%><font face="Times New Roman, Times, Serif" size=2><b>ABSTAIN</b> <br>
      &nbsp;
       |_|</font></td>
  </tr>
</table>
 <br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.  </FONT></TD>
    <TD WIDTH=98%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
the discretion of such proxies, upon such other business as may properly come before the
meeting or any adjournment thereof. </FONT></TD>
  </TR>
</TABLE>
<P><br>

  <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="47%"><font face="Times New Roman, Times, Serif" size=2>If the undersigned
      is a broker-dealer, it hereby instructs the proxies, pursuant to Rule 452
      of the New York Stock Exchange, to vote any uninstructed Auction Market
      Preferred Shares in the same proportion as votes cast by holders of Auction
      Market Preferred Shares who have responded to this proxy solicitation.</font></td>
    <td width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="50%"><font size="2">Please sign exactly as name appears hereon.
      When stock is held by joint tenants, both should sign. When signing as attorney
      or as executor, administrator, trustee or guardian, please give full title
      as such. If a corporation, please sign in full corporate name by president
      or other authorized officer. If a partnership, please sign in partnership
      name by authorized person.</font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"></font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"></font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>Sign, Date and Return
the Proxy Card Promptly Using the Enclosed Envelope. </B></FONT></P>




<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 15; page: 15" -->




<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>
<b>THE S&amp;P 500&#174;
PROTECTED EQUITY FUND, INC.                                   <br>
  P.O. Box 9011
                        <br>
  Princeton, New Jersey 08543-9011 </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>
<b>PROXY </b></font></p>
<!-- MARKER FORMAT-SHEET="Center Head 2 Bold" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>
<b>This proxy is
solicited on behalf of the Board of Directors </b></font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby appoints Andrew J. Donohue, Donald C. Burke and Alice A. Pellegrino as
proxies, each with the power to appoint his or her substitute, and hereby authorizes each
of them to represent and to vote, as designated on the reverse hereof, all of the shares
of Common Stock of The S&amp;P500&#174; Protected Equity Fund, Inc. (the &#147;Fund&#148;) held of record
by the undersigned on February 28, 2005 at the annual meeting of stockholders of the Fund
to be held on April 28, 2005 or any adjournment thereof. </font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>This
proxy when properly executed will be voted in the manner directed herein by the
undersigned stockholder. If no direction is made, this proxy will be voted FOR
Proposal 1.</b> </font>
</td>
  </tr>
</table>
<br>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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></p>
<!-- MARKER FORMAT-SHEET="Right no bold" FSL="Workstation" -->
<p align=right><font face="Times New Roman, Times, Serif" size=1>(Continued and to be
signed on the reverse side) </font></p>
<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<br>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp;</font></td>
    <td width=60% align=center><font size="2">
</font></td>
    <td width=20% align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<br>





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




<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please mark boxes |<font size="3">&#149;</font>| or |X| in blue
or black ink. </font></p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table cellpadding=0 cellspacing=0 width=100% border="0">
  <tr valign=TOP>
    <td><font face="Times New Roman, Times, Serif" size=2>1.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>ELECTION OF DIRECTORS
      </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>FOR</b> all nominees
      listed below <br>
      (except as marked to the contrary below) |_|</font></td>
    <td><font face="Times New Roman, Times, Serif" size=2><b>WITHHOLD AUTHORITY</b>
     <br>
      to vote for all nominees listed
                                                                                              below
 |_|</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size="1"><b><i>(INSTRUCTION: To withhold authority
to vote for any individual nominee, strike a line through the nominee&#146;s name in the list
below.) </i> <br>
  &nbsp;&nbsp;
  Donald W. Burton, Robert C. Doll, Jr., Laurie Simon Hodrick, John F. O&#146;Brien,
David H. Walsh and Fred G. Weiss</b> </font> </p>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" --> <br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Please sign exactly as name appears hereon. When stock
        is held by joint tenants, both should sign. When signing as attorney or
        as executor, administrator, trustee or guardian, please give full title
        as such. If a corporation, please sign in full corporate name by president
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person.</font></p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"></font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">Dated: _________________________________________, 2005</font></p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"></font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top">
      <p><font size="2">X _____________________________________________ <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</font>
      </p>
    </td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2"></font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="left" valign="top"><font size="2">X _____________________________________________
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature,
      if held jointly</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size="1"><b>Sign, Date and Return the Proxy Card
Promptly Using the Enclosed Envelope.</b></font></p>
<p><font face="Times New Roman, Times, Serif" size="1"> <!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<br>
  </font></p>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp;</font></td>
    <td width=60% align=center><font size="2">
</font></td>
    <td width=20% align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>
<BR>



</BODY></HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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