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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000891092-06-000725.txt : 20060322
<SEC-HEADER>0000891092-06-000725.hdr.sgml : 20060322
<ACCEPTANCE-DATETIME>20060321184727
ACCESSION NUMBER:		0000891092-06-000725
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060427
FILED AS OF DATE:		20060322
DATE AS OF CHANGE:		20060321
EFFECTIVENESS DATE:		20060322

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:		06702262

	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

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:		06702258

	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:		06702259

	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 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:		06702261

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

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

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

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07136
		FILM NUMBER:		06702260

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

	MAIL ADDRESS:	
		STREET 1:		PO BOX 9011
		STREET 2:		C/O MERRILL LYNCH ASSET MANAGEMENT
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543-9011
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>e21254def_14a.htm
<DESCRIPTION>FORM DEF 14A
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 6; page: 6" --> <!-- 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, 2006
</B></FONT></P>
<!-- MARKER FORMAT-SHEET="Center Head 3 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3> <B>SCHEDULE
14A <BR>RULE 14a-101 </B></FONT></P><!-- MARKER FORMAT-SHEET="Center Head 3 Bold" FSL="Workstation" -->
<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. ) </B></FONT></P><!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<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> <!-- 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> [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> <!-- 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>Definitive
Additional Materials </FONT></TD></TR> </TABLE><BR> <!-- 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>Soliciting
Material Pursuant to Rule 14a-12 </FONT></TD></TR> </TABLE><BR> <!-- 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>Confidential,
for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) </FONT></TD></TR>
</TABLE><BR> <!-- MARKER FORMAT-SHEET="Center Head 3 Bold" FSL="Workstation" -->
<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<sup><font size="2">&#174;</font></sup> PROTECTED EQUITY FUND, INC. </B></FONT></P>
<!-- MARKER FORMAT-SHEET="Center Head 3 Bold" FSL="Workstation" -->
<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><!-- 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> [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> <!-- 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>Fee
computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. </FONT></TD></TR>
</TABLE><BR> <!-- 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> (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> <!-- 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> (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> <!-- 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> (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> <!-- 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> (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> <!-- 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> (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> <!-- 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>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> <!-- 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>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> <!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<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> <!-- 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: 1; page: 1" -->









<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<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<sup><font size="2">&#174;</font></sup> PROTECTED EQUITY
FUND, INC. </font></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><font size="3">P.O. Box 9011
Princeton, <BR>
  New Jersey 08543-9011 </font></B></FONT></P>

<!-- MARKER FORMAT-SHEET="Cutoff rule centered" FSL="Workstation" -->
<HR SIZE=1 noshade ALIGN=CENTER WIDTH=150>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><font size="3">NOTICE OF 2006
ANNUAL MEETINGS OF STOCKHOLDERS </font></B></FONT></P>

<!-- MARKER FORMAT-SHEET="Cutoff rule centered" FSL="Workstation" -->
<HR SIZE=1 noshade ALIGN=CENTER WIDTH=150>


<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><font size="3">TO BE HELD ON APRIL
27, 2006 </font></B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>T<font size="1">O</font>    <font size="1">THE</font> S<font size="1">TOCKHOLDERS OF</font>  <BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M<font size="1">UNIYIELD</font>
F<font size="1">LORIDA</font> I<font size="1">NSURED</font> F<font size="1">UND</font>  <BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M<font size="1">UNIYIELD</font> M<font size="1">ICHIGAN</font>       I<font size="1">NSURED</font> F<font size="1">UND</font>, I<font size="1">NC</font>.   <BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M<font size="1">UNIYIELD</font> N<font size="1">EW</font> J<font size="1">ERSEY</font>
I<font size="1">NSURED</font> F<font size="1">UND</font>, I<font size="1">NC</font>.  <BR>
   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M<font size="1">UNIYIELD</font>       P<font size="1">ENNSYLVANIA</font> I<font size="1">NSURED</font> F<font size="1">UND</font>  <BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T<font size="1">HE</font> S&amp;P 500<font size="3"><sup><font size="1">&#174;</font></sup></font> P<font size="1">ROTECTED</font>
E<font size="1">QUITY</font> F<font size="1">UND</font>, I<font size="1">NC</font>.: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICE
IS HEREBY GIVEN that the 2006 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 27, 2006 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 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>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; and </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>      (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>To
transact such other business as may properly come before the            Meetings or any
adjournment thereof. </FONT></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;Each
Fund&#146;s Board has fixed the close of business on February 27, 2006 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, Computershare Fund Services, at 1-800-543-6217. </FONT></P>
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<TABLE WIDTH=100%>
  <TR ALIGN="center" VALIGN=top>
    <TD WIDTH=29%>&nbsp;</TD>
    <TD WIDTH=4%>&nbsp;</TD>
    <TD WIDTH=23%>&nbsp;</TD>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=39% align="left"><font size=2>By
Order of the Boards of Directors/Trustees </font></TD>
  </TR>
  <TR ALIGN="center" VALIGN=top>
    <TD WIDTH=29%>&nbsp;</TD>
    <TD WIDTH=4%>&nbsp;</TD>
    <TD WIDTH=23%>&nbsp;</TD>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=39% align="left">&nbsp;</TD>
  </TR>
  <TR ALIGN="center" VALIGN=top>
    <TD WIDTH=29%>&nbsp;</TD>
    <TD WIDTH=4%>&nbsp;</TD>
    <TD WIDTH=23%>&nbsp;</TD>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=39% align="left"><font size=2>ALICE
A. PELLEGRINO                                                            <br>
      <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><font face="Times New Roman, Times, Serif" size=2><font size="3"><sup><font size="1"><i>&#174;</i></font></sup></font></font><font size=2><i>                                                           Protected
Equity                                                            Fund, Inc. </i></font></TD>
  </TR>
  <TR ALIGN="center" VALIGN=top>
    <TD WIDTH=29% align="left"><FONT SIZE=2>Plainsboro,
New Jersey <br>
       Dated: March 22, 2006 </FONT></TD>
    <TD WIDTH=4%>&nbsp;&nbsp;</TD>
    <TD WIDTH=23%><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=5%>&nbsp;&nbsp;</TD>
    <TD WIDTH=39%><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>

</TABLE>

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<BR>
&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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>





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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>COMBINED PROXY
STATEMENT </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><font face="Times New Roman, Times, Serif" size=2><b><font face="Times New Roman, Times, Serif" size=3><b><sup><font size="2">&#174;</font></sup></b></font><font size="3"></font></b></font><font size="3"> PROTECTED EQUITY FUND,
INC. </font><BR>
   <font size="3">P.O. Box 9011   <BR>
  Princeton, New                                 Jersey 08543-9011 </font></B></FONT></p>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><font size="3">2006 ANNUAL MEETINGS
OF STOCKHOLDERS </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">April 27, 2006 </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>TABLE OF CONTENTS </B></FONT></p>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 align="center" WIDTH=600>
  <TR VALIGN=Bottom>

    <TH COLSPAN=2>&nbsp;
</TH>
    <TH COLSPAN=2><FONT SIZE=1>Page</FONT>
      <hr width=95% size="1" noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>INTRODUCTION</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>ITEM 1. ELECTION OF DIRECTORS</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biographical Information</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>2</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Committees and Board Meetings</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director Attendance at Board and Committee Meetings</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>5</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholder Communications</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>5</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director Attendance at Stockholder Meetings</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>5</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16(a) Beneficial Ownership Reporting Compliance</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>5</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interested Persons</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>6</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation of Directors</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>6</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Officers of Each Fund</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>6</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Ownership</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>6</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>ADDITIONAL INFORMATION</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>6</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses and Methods of Proxy Solicitation</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>6</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quorum and Vote Required</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>7</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broker Non-Votes and Abstentions</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>8</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Matters</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>8</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Registered Public Accounting Firms&#146; Fees</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>8</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>

  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="0" height="14"><font size=2>&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</font></TD>
    <TD ALIGN=LEFT height="14">&nbsp;</TD>
    <TD ALIGN=RIGHT height="14"><font size=2>10</font></TD>
    <TD ALIGN=LEFT height="14">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address of Investment Adviser</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>10</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Report Delivery</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>10</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholder Proposals</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>10</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Exhibit A &#151; Information Pertaining to Each Fund</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>A-</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>1</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Exhibit B &#151; Information Pertaining to the Director Nominees</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>B-</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>1</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Exhibit C &#151; Information Pertaining to the Officers</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>C-</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>1</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Exhibit D &#151;  Audit Committee Charter</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>D-</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>1</FONT></TD>
  </TR>
</TABLE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Funds will be referred to
throughout this Combined Proxy Statement as listed below. </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600 align="center">
  <TR VALIGN=Bottom>

    <TH align="center" width="30%"><FONT SIZE=1>Fund </FONT>
      <hr width=30% size="1" noshade align="center">
    </TH>
    <TH align="left" width="48%">&nbsp;</TH>
    <TH COLSPAN=2><FONT SIZE=1>Term used in this <BR>
Combined Proxy Statement </FONT>
      <hr width=95% size="1" noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT colspan="2"><FONT SIZE=2>MuniYield Florida Insured Fund</FONT></TD>
    <TD WIDTH=21% ALIGN=CENTER><FONT SIZE=2>MY FL</FONT></TD>
    <TD WIDTH=1% ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT colspan="2"><FONT SIZE=2>MuniYield Michigan Insured Fund, Inc.</FONT></TD>
    <TD ALIGN=CENTER width="21%"><FONT SIZE=2>MY MI</FONT></TD>
    <TD ALIGN=LEFT width="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT colspan="2"><FONT SIZE=2>MuniYield New Jersey Insured Fund, Inc.</FONT></TD>
    <TD ALIGN=CENTER width="21%"><FONT SIZE=2>MY NJ</FONT></TD>
    <TD ALIGN=LEFT width="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT colspan="2"><FONT SIZE=2>MuniYield Pennsylvania Insured Fund</FONT></TD>
    <TD ALIGN=CENTER width="21%"><FONT SIZE=2>MY PA</FONT></TD>
    <TD ALIGN=LEFT width="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT colspan="2"><FONT SIZE=2>The S&amp;P 500</FONT><font face="Times New Roman, Times, Serif" size=2><font size="3"><sup><font size="1">&#174;</font></sup></font></font><FONT SIZE=2> Protected Equity Fund, Inc.</FONT></TD>
    <TD ALIGN=CENTER width="21%"><FONT SIZE=2>S&amp;P 500</FONT></TD>
    <TD ALIGN=LEFT width="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>


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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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>






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<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 2006 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 27, 2006, at the time specified in Exhibit A hereto. The approximate
mailing date of this Combined Proxy Statement is March 23, 2006. </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 &#147;FOR&#148; the
election of the Director nominees of each Fund. 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 27, 2006 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 the election of Directors
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 the election of Directors are outlined in
the following chart: </FONT></P>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600 align="center">

  <TR VALIGN=Bottom>
    <TD WIDTH=30% ALIGN=LEFT><b><font size=1>Fund </font>
      </b>
      <hr width=15% size="1" noshade align="left">
    </TD>
    <TD WIDTH=8% ALIGN=LEFT>&nbsp;</TD>
    <TD WIDTH=60% ALIGN=CENTER><b><font size=1>Item 1.  <br>
      Election of <br>
Directors </font>
      </b>
      <hr width=40% size="1" noshade>
    </TD>
    <TD WIDTH=2% ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD WIDTH=30% ALIGN=LEFT><FONT SIZE=2>MY FL*</FONT></TD>
    <TD WIDTH=8% ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=60% ALIGN=CENTER><FONT SIZE=2>Common Stock and AMPS</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY MI*</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Common Stock and AMPS</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY NJ*</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Common Stock and AMPS</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY PA*</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Common Stock and AMPS</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>S&amp;P 500</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>Common Stock</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>

<br>




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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">The
holders of Shares of Common Stock and AMPS are entitled to vote on the     election of
Directors. See &#147;Additional Information &#151; Quorum and Vote     Required.&#148;</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">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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February 15, 2006, BlackRock, Inc. (&#147;BlackRock&#148;) and Merrill Lynch &amp;Co.,
Inc. (&#147;Merrill Lynch&#148;) announced that they have reached an agreement to merge
Merrill Lynch&#146;s investment management business, Merrill Lynch Investment Managers,
L.P. and certain affiliates (including Fund Asset Management, L.P. and Merrill Lynch
International Limited), and BlackRock to create a new independent company that will be
one of the world&#146;s largest asset management firms with nearly $1 trillion in assets
under management. Merrill Lynch will hold a 49.8% stake and will have a 45% voting
interest in the combined company. The new company will operate under the BlackRock name
and be governed  </FONT></P>


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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>






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






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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>by a board of directors with a
majority of independent members. The combined company will offer a full range of equity,
fixed income, cash management and alternative investment products with strong
representation in both retail and institutional channels, in the U.S. and in non-U.S.
markets. It will have over 4,500 employees in 18 countries and a major presence in most
key markets, including the United States, the United Kingdom, Asia, Australia, the Middle
East and Europe. The transaction has been approved by the boards of directors of both
Merrill Lynch and BlackRock and is expected to close in the third quarter of 2006. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of the above transaction, the combined company is expected to become the
investment adviser to each of the Funds contingent upon the approval of the Fund&#146;s
Board of Directors and shareholders. </FONT></P>

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<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 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 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>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></TD>
</TR>
</TABLE>
<BR>

<!-- 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>      (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>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></TD>
</TR>
</TABLE>
<BR>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
  <TR VALIGN=Bottom align="left">

    <TH COLSPAN=2><font size="2">Fund</font>
</TH>
    <TH COLSPAN=2><font size="2">AMPS Director Nominees</font>
</TH>
    <TH COLSPAN=2><font size="2">Other Director Nominees</font>
</TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="top" colspan="5">
      <hr noshade size="1">
    </TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT valign="top"><FONT SIZE=2>MY FL</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>Laurie Simon Hodrick, <br>
       Fred G. Weiss</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>Donald W. Burton, Robert C. Doll, Jr., <br>
      John F. O&#146;Brien, David H. Walsh</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT valign="top" colspan="5"><FONT SIZE=2></FONT>
      <hr noshade size="1">
    </TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT valign="top"><FONT SIZE=2>MY MI</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>Laurie Simon Hodrick,  <br>
      Fred G. Weiss</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>Donald W. Burton, Robert C. Doll, Jr., <br>
       John F. O&#146;Brien, David H. Walsh</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT valign="top" colspan="5"><FONT SIZE=2></FONT>
      <hr noshade size="1">
    </TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT valign="top"><FONT SIZE=2>MY NJ</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>Laurie Simon Hodrick, <br>
      Fred G. Weiss</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>Donald W. Burton, Robert C. Doll, Jr., <br>
      John F. O&#146;Brien, David H. Walsh</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT valign="top" colspan="5">
      <hr noshade size="1">
    </TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT valign="top"><FONT SIZE=2>MY PA</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>Laurie Simon Hodrick, <br>
      Fred G. Weiss</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>Donald W. Burton, Robert C. Doll, Jr., <br>
      John F. O&#146;Brien, David H. Walsh</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT valign="top" colspan="5"><FONT SIZE=2></FONT>
      <hr noshade size="1">
    </TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>








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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>For S&amp;P 500: </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;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 CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
  <TR VALIGN=Bottom>

    <TH COLSPAN=4>&nbsp;
      </TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD WIDTH=21% ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=center colspan="2"><b><font size=1>Nominees to be Elected by Holders <br>
       of Shares of S&amp;P 500 </font></b>
      <hr width=70% size="1" noshade>
    </TD>
    <TD WIDTH=34% ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD WIDTH=21% ALIGN=LEFT>&nbsp;</TD>
    <TD WIDTH=29% ALIGN=LEFT><FONT SIZE=2>Donald W. Burton</FONT></TD>
    <TD WIDTH=16% ALIGN=LEFT><FONT SIZE=2>John F. O&#146;Brien</FONT></TD>
    <TD WIDTH=34% ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="21%">&nbsp;</TD>
    <TD ALIGN=LEFT width="29%"><FONT SIZE=2>Robert C. Doll, Jr&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="16%"><FONT SIZE=2>David H. Walsh</FONT></TD>
    <TD ALIGN=LEFT width="34%"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="21%">&nbsp;</TD>
    <TD ALIGN=LEFT width="29%"><FONT SIZE=2>Laurie Simon Hodrick&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="16%"><FONT SIZE=2>Fred G. Weiss</FONT></TD>
    <TD ALIGN=LEFT width="34%"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>

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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 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>

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<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>


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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>





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



<!-- 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>




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<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>


<table border=0 cellspacing=0 cellpadding=3 width=650 align="center">

  <tr valign="bottom" align="center">

    <td width=85>

      <font size="1"><b><font face="Times New Roman">Name, <br>
          Address&#134; <br>
          and Age </font></b></font>
      <hr size="1" noshade>
    </td>
    <td width=56>

      <font size="1"><b><font face="Times New Roman">Position(s) Held with Each Fund </font></b></font>
      <hr size="1" noshade>
    </td>
    <td width=81>

      <font size="1"><b><font face="Times New Roman">Term of Office <br>
          and Length
  of <br>
           Time Served </font></b></font>
      <hr size="1" noshade>
    </td>
    <td width=247>

      <font size="1"><b><font face="Times New Roman">Principal Occupation(s) <br>
          During Past Five Years </font></b></font>
      <hr size="1" noshade>
    </td>
    <td width=58>

      <font size="1"><b><font face="Times New Roman">Number of MLIM/FAM-Advised Funds** and Portfolios Overseen </font></b></font>
      <hr size="1" noshade>
    </td>
    <td width=87>

      <font size="1"><b><font face="Times New Roman">Public <br>
           Directorships </font></b></font>
      <hr size="1" noshade>
    </td>
  </tr>



  <tr>

    <td valign=top width=85>

      <p><font face="Times New Roman" size="1">Robert C. Doll, Jr.&#134;&#134; (51)</font></p>
    </td>
    <td valign=top width=56>

      <p><font face="Times New Roman" size="1">President and Director*</font></p>
    </td>
    <td valign=top width=81>

      <p><font face="Times New Roman" size="1">President and Director of each Fund since 2005.</font></p>
    </td>
    <td valign=top width=247>

      <p><font face="Times New Roman" 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; President and Director of Princeton Services, Inc. (&#147;Princeton
  Services&#148;) since 2001; President and Director 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></p>
    </td>
    <td valign=top width=58>

      <p><font face="Times New Roman" size="1">131 registered investment companies consisting of 177
  portfolios</font></p>
    </td>
    <td valign=top width=87>

      <p><font face="Times New Roman" size="1">None</font></p>
    </td>
  </tr>
</table>




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<HR SIZE=1 noshade ALIGN=left  WIDTH=75>



<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 00" FSL="Workstation" -->
<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 The
NASDAQ National Market (&#147;NASDAQ&#148;), 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>



<table border=0 cellspacing=0 cellpadding=3 width=650 align="center">
  <tr valign="bottom" align="center">

    <td width=85>

      <font size="1"><b><font face="Times New Roman">Name, <br>
          Address* <br>
          and Age </font></b></font>
      <hr size="1" noshade>
    </td>
    <td width=56>

      <font size="1"><b><font face="Times New Roman">Position(s) Held with Each Fund </font></b></font>
      <hr size="1" noshade>
    </td>
    <td width=81>

      <font size="1"><b><font face="Times New Roman">Term of Office</font><font size="1"><b><font face="Times New Roman">&#134;</font></b></font><font face="Times New Roman"> <br>
          and Length
  of <br>
           Time Served </font></b></font>
      <hr size="1" noshade>
    </td>
    <td width=247>

     <font size="1"><b><font face="Times New Roman">Principal Occupation(s) <br>
          During Past Five Years </font></b></font>
      <hr size="1" noshade>
    </td>
    <td width=58>

      <font size="1"><b><font face="Times New Roman">Number of MLIM/FAM-Advised Funds and Portfolios Overseen </font></b></font>
      <hr size="1" noshade>
    </td>
    <td width=87>

      <font size="1"><b><font face="Times New Roman">Public <br>
           Directorships </font></b></font>
      <hr size="1" noshade>
    </td>
  </tr>





  <tr>

    <td valign=top width=85>

      <p><font face="Times New Roman" size="1">Donald W. Burton (61)</font></p>
    </td>
    <td valign=top width=56>

      <p><font face="Times New Roman" size="1">Director</font></p>
    </td>
    <td valign=top width=81>

      <p><font face="Times New Roman" size="1">Director of each Fund since the year listed in Exhibit B.</font></p>
    </td>
    <td valign=top width=247>

      <p><font face="Times New Roman" 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></p>
    </td>
    <td valign=top width=58>

      <p><font face="Times New Roman" size="1">23 registered investment companies consisting of 42
  portfolios</font></p>
    </td>
    <td valign=top width=87>

      <p><font face="Times New Roman" size="1">Knology, Inc. (telecommuni-cations); Symbion, Inc. (health
  care)</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=85>

      <p><font face="Times New Roman" size="1">Laurie Simon Hodrick (43)</font></p>
    </td>
    <td valign=top width=56>

      <p><font face="Times New Roman" size="1">Director</font></p>
    </td>
    <td valign=top width=81>

      <p><font face="Times New Roman" size="1">Director of each Fund since the year listed in Exhibit B.</font></p>
    </td>
    <td valign=top width=247>

      <p><font face="Times New Roman" size="1">Professor of Finance and Economics, Graduate School of
  Business, Columbia University since 1998.</font></p>
    </td>
    <td valign=top width=58>

      <p><font face="Times New Roman" size="1">23 registered investment companies consisting of 42
  portfolios</font></p>
    </td>
    <td valign=top width=87>

      <p><font face="Times New Roman" size="1">None</font></p>
    </td>
  </tr>
























</table>
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
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<table border=0 cellspacing=0 cellpadding=3 width=650 align="center">







  <tr valign="bottom" align="center">

    <td width=85>

      <font size="1"><b><font face="Times New Roman">Name, <br>
          Address* <br>
          and Age </font></b></font>
      <hr size="1" noshade>
    </td>
    <td width=56>

      <font size="1"><b><font face="Times New Roman">Position(s) Held with Each Fund </font></b></font>
      <hr size="1" noshade>
    </td>
    <td width=81>

      <font size="1"><b><font face="Times New Roman">Term of Office</font><font size="1"><b><font face="Times New Roman">&#134;</font></b></font><font face="Times New Roman"> <br>
          and Length
  of <br>
           Time Served </font></b></font>
      <hr size="1" noshade>
    </td>
    <td width=247>

      <font size="1"><b><font face="Times New Roman">Principal Occupation(s) <br>
          During Past Five Years </font></b></font>
      <hr size="1" noshade>
    </td>
    <td width=58>

      <font size="1"><b><font face="Times New Roman">Number of MLIM/FAM-Advised Funds and Portfolios Overseen </font></b></font>
      <hr size="1" noshade>
    </td>
    <td width=87>

      <font size="1"><b><font face="Times New Roman">Public <br>
           Directorships </font></b></font>
      <hr size="1" noshade>
    </td>
  </tr>






  <tr>

    <td valign=top width=85>

      <p><font face="Times New Roman" size="1">John F. O&#146;Brien (62)</font></p>
    </td>
    <td valign=top width=56>

      <p><font face="Times New Roman" size="1">Director</font></p>
    </td>
    <td valign=top width=81>

      <p><font face="Times New Roman" size="1">Director of each Fund since the year listed in Exhibit B.</font></p>
    </td>
    <td valign=top width=247>

      <p><font face="Times New Roman" 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 2002, 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; Director of ABIOMED since 1989,
  Member of the Governance/Nominating Committee since 2004, Member of the
  Compensation Committee since 1989 and Member of the Audit Committee from 1990
  to 2004; Director and Member of the Governance and Nomination Committee of
  Cabot Corporation and Member of the Audit Committee since 1990; Director and
  Member of the Audit Committee and Compensation Committee of LKQ Corporation
  since 2003; Lead Director of TJX Companies, Inc. since 1999; Trustee of the
  Woods Hole Oceanographic Institute since 2003.</font></p>
    </td>
    <td valign=top width=58>

      <p><font face="Times New Roman" size="1">23 registered investment companies consisting of 42
  portfolios</font></p>
    </td>
    <td valign=top width=87>

      <p><font face="Times New Roman" size="1">ABIOMED (medical device manufacturer); Cabot Corporation
  (chemicals); LKQ Corporation (auto parts manufacturing); TJX Companies, Inc.
  (retailer)</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=85>

      <p><font face="Times New Roman" size="1">David H. Walsh (64)</font></p>
    </td>
    <td valign=top width=56>

      <p><font face="Times New Roman" size="1">Director</font></p>
    </td>
    <td valign=top width=81>

      <p><font face="Times New Roman" size="1">Director of each Fund since the year listed in Exhibit B.</font></p>
    </td>
    <td valign=top width=247>

      <p><font face="Times New Roman" 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 1998; Director, The American Museum of Fly
  Fishing since 1997.</font></p>
    </td>
    <td valign=top width=58>

      <p><font face="Times New Roman" size="1">23 registered investment companies consisting of 42
  portfolios</font></p>
    </td>
    <td valign=top width=87>

      <p><font face="Times New Roman" size="1">None</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=85>

      <p><font face="Times New Roman" size="1">Fred G. Weiss** (64)</font></p>
    </td>
    <td valign=top width=56>

      <p><font face="Times New Roman" size="1">Director</font></p>
    </td>
    <td valign=top width=81>

      <p><font face="Times New Roman" size="1">Director of each Fund since the year listed in Exhibit B.</font></p>
    </td>
    <td valign=top width=247>

      <p><font face="Times New Roman" size="1">Managing Director of FGW Associates since 1997; Vice
  President, Planning Investment and Development of Warner Lambert Co. from
  1979 to 1997; Director of the Michael J. Fox Foundation for Parkinson&#146;s
  Research since 2000; Director of BTG International PLC (a global technology
  commercialization company) since 2001.</font></p>
    </td>
    <td valign=top width=58>

      <p><font face="Times New Roman" size="1">23 registered investment companies consisting of 42
  portfolios</font></p>
    </td>
    <td valign=top width=87>

      <p><font face="Times New Roman" size="1">Watson Pharmaceuticals Inc. (pharmaceutical company)</font></p>
    </td>
  </tr>
</table>







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<HR SIZE=1 noshade ALIGN=left  WIDTH=75>




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



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<BR>&nbsp;
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<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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, a copy of which is attached to this Combined Proxy Statement as Exhibit D.
Each Audit Committee has retained independent legal counsel to assist it in connection
with these duties. </FONT></P>

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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 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
its independent registered public accounting firm identified in Exhibit A. Each Audit
Committee has discussed with the applicable independent registered public accounting firm
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>

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<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
Committee recommended to the Directors that the Fund&#146;s audited financial statements
for the Fund&#146;s 2005 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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Nominating
Committees</I> </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
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 has adopted a written Charter for the Nominating Committee,
a copy of which was last filed as an exhibit to the Funds&#146; Combined Proxy Statement
in connection with the 2005 Annual Meeting of Stockholders of the Funds. </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; (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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<BR>&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>Director Attendance at
Board and Committee Meetings </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;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 the 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>

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<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 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>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Director Attendance at
Stockholder Meetings </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;The
Funds have no formal policy regarding Director attendance at stockholder meetings. None
of the Funds&#146; Directors attended the 2005 Annual Meetings of 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>Section 16(a)
Beneficial Ownership Reporting Compliance </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;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>

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<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 00" FSL="Workstation" -->
<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, MLIM, Princeton Services and Princeton Administrators. On February 3, 2005, Mr. Doll
was elected by each Fund&#146;s Board as a Director of each Fund. Effective January 1,
2005, Mr. Doll was elected as President of each Fund by the Fund&#146;s Board. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Compensation 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;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 the
Funds. 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><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>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Officers of Each Fund </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;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>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Stock Ownership </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;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 equity securities owned in all registered funds
overseen by the Director Nominee in the Merrill Lynch family of funds. </FONT></P>

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<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>

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<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>

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<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>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ADDITIONAL
INFORMATION </B></FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Expenses and Methods
of Proxy Solicitation </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;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>

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<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 Computershare Fund Services, 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>



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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Quorum and Vote
Required </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;For
MY FL, MY MI, MY NJ 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>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
S&amp;P 500, a quorum consists of holders of one-third of the Shares of Common Stock
entitled to vote at the Meetings, present in person or by proxy. </FONT></P>

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<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 outstanding, the quorum requirements must be
met for holders of Shares of Common Stock and AMPS, each considered separately as a class. </FONT></P>

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<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. Election of Directors 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. </FONT></P>



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






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<P ALIGN=CENTER>&nbsp;</P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
  <TR VALIGN=Bottom>
    <TH COLSPAN=6 align="left">
      <p align=CENTER><font face="Times New Roman, Times, Serif" size=2><b>Item 1 </b></font></p>
      <!-- MARKER FORMAT-SHEET="1 pt rule no space" FSL="Workstation" -->






</TH>
  </TR>
  <TR VALIGN=Bottom>
    <TH COLSPAN=6 align="left">
      <hr noshade color=#000000 size=1>
    </TH>
  </TR>
  <TR VALIGN=Bottom>

    <TH COLSPAN=2 align="left"><font size="2">Fund</font></TH>
    <TH COLSPAN=2><font size="2">Election of Other Directors</font></TH>
    <TH COLSPAN=2><font size="2">Election of AMPS Directors</font></TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="top" WIDTH=600 colspan="6">
      <hr noshade color=#000000 size=1>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT valign="top" WIDTH=61><FONT SIZE=2>MY FL</FONT></TD>
    <TD ALIGN=LEFT valign="top" WIDTH=4><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT valign="top" WIDTH=232><FONT 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 single class</FONT></TD>
    <TD ALIGN=LEFT valign="top" WIDTH=7><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT valign="top" WIDTH=291><FONT 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</FONT></TD>
    <TD ALIGN=LEFT WIDTH=5><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>




  <TR>

    <TD COLSPAN=6 valign="top">
      <HR noshade COLOR=#000000 SIZE=1>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT valign="top" width="61"><FONT SIZE=2>MY MI</FONT></TD>
    <TD ALIGN=LEFT valign="top" width="4"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT valign="top" width="232"><FONT SIZE=2>Affirmative vote of a plurality of votes cast by the holders of AMPS, voting as a separate class and AMPS, voting together as a single class</FONT></TD>
    <TD ALIGN=LEFT valign="top" width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT valign="top" width="291"><FONT SIZE=2>Affirmative vote of a plurality of votes cast by the holders of Shares of Common Stock</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>


  <TR>

    <TD COLSPAN=6 valign="top">
      <HR noshade COLOR=#000000 SIZE=1>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT valign="top" width="61"><FONT SIZE=2>MY NJ</FONT></TD>
    <TD ALIGN=LEFT valign="top" width="4"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT valign="top" width="232"><FONT SIZE=2>Affirmative vote of a plurality of votes cast by the holders of AMPS, voting as a separate class</FONT></TD>
    <TD ALIGN=LEFT valign="top" width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT valign="top" width="291"><FONT 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>
    <TD ALIGN=LEFT width="5"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>


  <TR>

    <TD COLSPAN=6 valign="top">
      <HR noshade COLOR=#000000 SIZE=1>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT valign="top" width="61"><FONT SIZE=2>MY PA</FONT></TD>
    <TD ALIGN=LEFT valign="top" width="4"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT valign="top" width="232"><FONT 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 ALIGN=LEFT valign="top" width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT valign="top" width="291"><FONT SIZE=2>Affirmative vote of the holders of a majority of the Shares of Common Stock and AMPSpresent in person or by proxy at the Meetingand entitled to vote, voting together as a single class</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>




  <TR>

    <TD COLSPAN=6 valign="top">
      <HR noshade COLOR=#000000 SIZE=1>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT valign="top" width="61"><FONT SIZE=2>S&amp;P 500</FONT></TD>
    <TD ALIGN=LEFT valign="top" width="4"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT valign="top" width="232"><FONT SIZE=2>N/A</FONT></TD>
    <TD ALIGN=LEFT valign="top" width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT valign="top" width="291"><FONT 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>
    <TD ALIGN=LEFT width="5"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>


  <TR>

    <TD COLSPAN=6>
      <HR noshade COLOR=#000000 SIZE=1>
    </TD>
  </TR>
</TABLE>


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

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<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 &#147;FOR&#148; the Director Nominees. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Broker Non-Votes and
Abstentions </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;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 Item 1 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. 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, with respect to the election of
Directors (Item 1) it will do so with respect 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. 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. </FONT></P>


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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>






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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Other Matters </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;Management
knows of no other matters to be presented at the Meetings. However, if other matters are
presented for a vote at a 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>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Independent Registered
Public Accounting Firms&#146; Fees </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;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>

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<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>

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<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=2% VALIGN=top><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=95%><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>

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<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=2% VALIGN=top><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=95%><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>

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<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=2% VALIGN=top><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=95%><FONT SIZE=2>Tax
Fees include tax compliance, tax advice and tax planning; and</FONT></TD></TR></TABLE>

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<TABLE WIDTH=100%>
  <TR>
    <TD WIDTH=2% VALIGN=top><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#149;</FONT></TD>
    <TD WIDTH=3%></TD>
    <TD WIDTH=95%><FONT SIZE=2>All
Other Fees are for other products and services provided.</FONT></TD></TR></TABLE>

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<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>


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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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><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;The
fiscal year end for each Fund is set forth in Exhibit A to this Combined Proxy Statement. </FONT></P>

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<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 CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
  <TR VALIGN=Bottom>

    <TH COLSPAN=2><FONT SIZE=1></FONT></TH>
    <TH COLSPAN=2 rowspan="2"><FONT SIZE=1></FONT><FONT SIZE=1>Independent <BR>
Registered Public <BR>
Accounting Firm&#134; </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=4><FONT SIZE=1>Audit Fees ($) </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=4><FONT SIZE=1>Audit-Related <BR>
Fees ($) </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=4><FONT SIZE=1>Tax Fees ($) </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=4><FONT SIZE=1>All Other Fees </FONT>
      <hr width=95% size="1" noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>

    <TH COLSPAN=2 align="left"><FONT SIZE=1>Fund </FONT>
      <hr width=40% size="1" noshade align="left">
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>2005</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>2004</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>2005*</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>2004*</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>2005**</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>2004**</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>2005</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>2004</FONT>
      <hr width=95% size="1" noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY FL</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>26,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>25,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>19,400</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>3,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>5,700</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>5,610</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY MI</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>E&amp;Y</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>32,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>31,500</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>3,500</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>3,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>5,700</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>5,200</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY NJ</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>26,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>24,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>19,400</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>3,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>5,700</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>5,610</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY PA</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>26,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>25,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>19,400</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>3,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>5,700</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>5,610</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>S&amp;P 500</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>26,500</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>25,400</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>5,700</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>5,800</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>

<br>






<!-- 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 the performance of agreed upon compliance procedures associated with the
Fund&#146;s AMPS including procedures required for issuance of new series of AMPS in 2005, if applicable. </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>

<!-- 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">Deloitte
&amp; Touche LLP is referred to as D&amp;T herein. Ernst &amp; Young LLP is referred to as E&amp;Y herein.</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><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 CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
  <TR VALIGN=Bottom>

    <TH COLSPAN=2><FONT SIZE=1></FONT></TH>
    <TH COLSPAN=2 rowspan="2"><FONT SIZE=1></FONT><FONT SIZE=1>Independent <BR>
Registered Public <BR>
Accounting Firm </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=4><FONT SIZE=1>Audit-Related <BR>
Fees ($) </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=4><FONT SIZE=1>Tax Fees ($) </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=4><FONT SIZE=1>All Other Fees ($) </FONT>
      <hr width=95% size="1" noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>

    <TH COLSPAN=2 align="left"><font size=1>Fund </font>
      <hr width=40% size="1" noshade align="left">
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>2005</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>2004</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>2005</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>2004</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>2005</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>2004</FONT>
      <hr width=95% size="1" noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="83"><FONT SIZE=2>MY FL</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="85"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=LEFT width="9"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="108"><FONT SIZE=2>1,227,000</FONT></TD>
    <TD ALIGN=LEFT width="12"><FONT SIZE=2>*&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="72"><FONT SIZE=2>945,000</FONT></TD>
    <TD ALIGN=LEFT width="13"><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT width="29"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="14"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="58"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="18"><font size="2"></font></TD>
    <TD ALIGN=RIGHT width="29"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="14"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="29"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="22"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="83"><FONT SIZE=2>MY MI</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="85"><FONT SIZE=2>E&amp;Y</FONT></TD>
    <TD ALIGN=LEFT width="9"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="108"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="12"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="72"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="13"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="29"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="14"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="58"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="18"><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT width="29"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="14"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="29"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="22"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="83"><FONT SIZE=2>MY NJ</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="85"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=LEFT width="9"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="108"><FONT SIZE=2>1,227,000</FONT></TD>
    <TD ALIGN=LEFT width="12"><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT width="72"><FONT SIZE=2>945,000</FONT></TD>
    <TD ALIGN=LEFT width="13"><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT width="29"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="14"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="58"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="18"><font size="2"></font></TD>
    <TD ALIGN=RIGHT width="29"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="14"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="29"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="22"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="83"><FONT SIZE=2>MY PA</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="85"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=LEFT width="9"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="108"><FONT SIZE=2>1,227,000</FONT></TD>
    <TD ALIGN=LEFT width="12"><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT width="72"><FONT SIZE=2>945,000</FONT></TD>
    <TD ALIGN=LEFT width="13"><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT width="29"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="14"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="58"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="18"><font size="2"></font></TD>
    <TD ALIGN=RIGHT width="29"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="14"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="29"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="22"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="83"><FONT SIZE=2>S&amp;P 500</FONT></TD>
    <TD ALIGN=LEFT width="5"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="85"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=LEFT width="9"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="108"><FONT SIZE=2>1,227,000</FONT></TD>
    <TD ALIGN=LEFT width="12"><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT width="72"><FONT SIZE=2>945,000</FONT></TD>
    <TD ALIGN=LEFT width="13"><FONT SIZE=2>*</FONT></TD>
    <TD ALIGN=RIGHT width="29"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="14"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="58"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="18"><font size="2"></font></TD>
    <TD ALIGN=RIGHT width="29"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="14"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="29"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="22"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>

<br>







<!-- 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>

<!-- MARKER FORMAT-SHEET="Footnote Right" FSL="Workstation" -->
<!-- MARKER FORMAT-SHEET="Left Head 2 Bold Italic" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Aggregate non-audit
fees for services provided to the Fund and its Affiliated Service Providers, regardless
of whether pre-approval was required: </I></B></FONT></P>





<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>


  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT WIDTH=121>&nbsp;</TD>
    <TD ALIGN=LEFT WIDTH=8>&nbsp;</TD>
    <TD ALIGN=center WIDTH=118 rowspan="2"><b><font size=1>Independent <br>
Registered Public <br>
Accounting Firm </font>
      </b>
      <hr width=95% size="1" noshade>
    </TD>
    <TD ALIGN=center WIDTH=13>&nbsp;</TD>
    <TD ALIGN=center colspan="3"><font size=1><b>Aggregate <br>
Non-Audit Fees ($) </b><br>
  </font>
      <hr width=95% size="1" noshade>
    </TD>
    <TD ALIGN=LEFT WIDTH=193>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT WIDTH=121><font size=1>Fund</font>
      <hr width=25% size="1" noshade align="left">
    </TD>
    <TD ALIGN=LEFT WIDTH=8>&nbsp;</TD>
    <TD ALIGN=center WIDTH=13><b></b></TD>
    <TD ALIGN=center WIDTH=65><b><font size=1>2005</font></b>
      <hr width=95% size="1" noshade>
    </TD>
    <TD ALIGN=center WIDTH=7><b></b></TD>
    <TD ALIGN=center WIDTH=75><b><font size=1>2004</font></b>
      <hr width=95% size="1" noshade>
    </TD>
    <TD ALIGN=LEFT WIDTH=193>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT WIDTH=121><FONT SIZE=2>MY FL</FONT></TD>
    <TD ALIGN=LEFT WIDTH=8><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center WIDTH=118><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=LEFT WIDTH=13><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT WIDTH=65><FONT SIZE=2>6,302,849</FONT></TD>
    <TD ALIGN=LEFT WIDTH=7><font size="1">&#134;</font><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT WIDTH=75><FONT SIZE=2>13,270,096</FONT></TD>
    <TD ALIGN=LEFT WIDTH=193><FONT SIZE=2>&#134;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="121"><FONT SIZE=2>MY MI</FONT></TD>
    <TD ALIGN=LEFT width="8"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="118"><FONT SIZE=2>E&amp;Y</FONT></TD>
    <TD ALIGN=LEFT width="13"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="65"><FONT SIZE=2>13,448,860</FONT></TD>
    <TD ALIGN=LEFT width="7"><font size="1">&#134;</font><font size="1">&#134;</font></TD>
    <TD ALIGN=RIGHT width="75"><FONT SIZE=2>7,183,600</FONT></TD>
    <TD ALIGN=LEFT width="193"><FONT SIZE=2>&#134;&#134;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="121"><FONT SIZE=2>MY NJ</FONT></TD>
    <TD ALIGN=LEFT width="8"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="118"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=LEFT width="13"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="65"><FONT SIZE=2>6,302,849</FONT></TD>
    <TD ALIGN=LEFT width="7"><font size="1">&#134;</font><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="75"><FONT SIZE=2>13,270,096</FONT></TD>
    <TD ALIGN=LEFT width="193"><FONT SIZE=2>&#134;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="121"><FONT SIZE=2>MY PA</FONT></TD>
    <TD ALIGN=LEFT width="8"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="118"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=LEFT width="13"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="65"><FONT SIZE=2>6,302,849</FONT></TD>
    <TD ALIGN=LEFT width="7"><font size="1">&#134;</font><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="75"><FONT SIZE=2>13,270,096</FONT></TD>
    <TD ALIGN=LEFT width="193"><FONT SIZE=2>&#134;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="121"><FONT SIZE=2>S&amp;P 500</FONT></TD>
    <TD ALIGN=LEFT width="8"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="118"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=LEFT width="13"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="65"><FONT SIZE=2>6,833,088</FONT></TD>
    <TD ALIGN=LEFT width="7"><font size="1">&#134;</font><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="75"><FONT SIZE=2>14,091,966</FONT></TD>
    <TD ALIGN=LEFT width="193"><FONT SIZE=2>&#134;</FONT></TD>
  </TR>
</TABLE>

<br>






<!-- 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  including procedures required for issuance of new series of AMPS in 2005, if applicable 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 00" FSL="Workstation" -->
<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" -->
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>






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




<!-- 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 00" FSL="Workstation" -->
<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 00" FSL="Workstation" -->
<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 00" FSL="Workstation" -->
<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>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Other </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;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>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Address of Investment
Adviser </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;The
principal office of FAM is located at 800 Scudders Mill Road, Plainsboro, New Jersey
08536. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Annual Report Delivery </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;<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
1-800-543-6217. </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 Proposals </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;If
a stockholder of any Fund intends to present a proposal at the 2007 Annual Meeting of
Stockholders of such Fund, each of which is anticipated to be held in April 2007, 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 22, 2006. The By-Laws of S&amp;P 500 generally require that 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 27, 2007 to February 26, 2007. In the case of the Funds other than S&amp;P 500,
the persons named as proxies in the proxy materials for the 2007 Annual Meeting of
Stockholders for such 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 5, 2007. Written proposals and notices should be sent to
the Secretary of the respective Fund, 800 Scudders Mill Road, Plainsboro, New Jersey
08536. </FONT></P>

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<TABLE WIDTH=100%>
  <TR ALIGN="center" VALIGN=top>
    <TD WIDTH=30%>&nbsp;</TD>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=22%>&nbsp;</TD>
    <TD WIDTH=6%>&nbsp;</TD>
    <TD WIDTH=37% align="left"><font size=2>B<font size="1">Y</font>
O<font size="1">RDER OF THE</font> B<font size="1">OARDS OF</font> D<font size="1">IRECTORS</font> </font></TD>
  </TR>
  <TR ALIGN="center" VALIGN=top>
    <TD WIDTH=30%>&nbsp;</TD>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=22%>&nbsp;</TD>
    <TD WIDTH=6%>&nbsp;</TD>
    <TD WIDTH=37% align="left">&nbsp;</TD>
  </TR>
  <TR ALIGN="center" VALIGN=top>
    <TD WIDTH=30%>&nbsp;</TD>
    <TD WIDTH=5%>&nbsp;&nbsp;</TD>
    <TD WIDTH=22%><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=6%>&nbsp;&nbsp;</TD>
    <TD WIDTH=37% align="left"><FONT SIZE=2>ALICE
A. PELLEGRINO <br>
                                                                  <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<sup><font size="1">&#174;</font></sup> Protected
Equity Fund, Inc. </i></FONT></TD>
  </TR>
  <TR ALIGN="center" VALIGN=top>
    <TD WIDTH=30% align="left"><font size=2>Dated:
March 22, 2006 </font></TD>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=22%>&nbsp;</TD>
    <TD WIDTH=6%>&nbsp;</TD>
    <TD WIDTH=37% align="left">&nbsp;</TD>
  </TR>

</TABLE>


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<BR>
&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
11</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: 13; page: 13" -->




<!-- 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;Defined
terms used in these Exhibits and not otherwise defined shall have the same meanings
attributed thereto in the Combined Proxy Statement to which these Exhibits are attached. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Exhibit A </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>INFORMATION
PERTAINING TO EACH FUND </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>General Information
Pertaining to the Funds </B></FONT></P>







<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>

  <TR VALIGN=Bottom>
    <TH COLSPAN=2>&nbsp;</TH>
    <TH COLSPAN=2 rowspan="2"><FONT SIZE=1>Fiscal <br>
       Year End </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2 rowspan="2"><FONT SIZE=1>Independent <BR>
Registered <BR>
Public <BR>
Accounting <BR>
Firm </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2 rowspan="2"><FONT SIZE=1>Meeting Time </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=3><font size=1>Shares Outstanding <br>
as of the Record Date </font>
      <hr width=95% size="1" noshade>
    </TH>
    <TH>&nbsp;</TH>
  </TR>
  <TR VALIGN=Bottom>

    <TH COLSPAN=2 align="left"><FONT SIZE=1>Fund</FONT>
      <hr width=30% size="1" noshade align="left">
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>Shares</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH><FONT SIZE=1>AMPS</FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH>&nbsp;</TH>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="102"><FONT SIZE=2>MY FL</FONT></TD>
    <TD ALIGN=LEFT width="6"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="63"><FONT SIZE=2>10/31</FONT></TD>
    <TD ALIGN=LEFT width="6"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="104"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=LEFT width="11"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="97"><FONT SIZE=2>2:40 PM</FONT></TD>
    <TD ALIGN=LEFT width="9"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="87"><FONT SIZE=2>8,451,814</FONT></TD>
    <TD ALIGN=LEFT width="11"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="70"><FONT SIZE=2>2,880</FONT></TD>
    <TD ALIGN=LEFT width="34"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="102"><FONT SIZE=2>MY MI</FONT></TD>
    <TD ALIGN=LEFT width="6"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="63"><FONT SIZE=2>10/31</FONT></TD>
    <TD ALIGN=LEFT width="6"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="104"><FONT SIZE=2>E&amp;Y</FONT></TD>
    <TD ALIGN=LEFT width="11"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="97"><FONT SIZE=2>3:00 PM</FONT></TD>
    <TD ALIGN=LEFT width="9"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="87"><FONT SIZE=2>18,197,521</FONT></TD>
    <TD ALIGN=LEFT width="11"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="70"><FONT SIZE=2>6,600</FONT></TD>
    <TD ALIGN=LEFT width="34"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="102"><FONT SIZE=2>MY NJ</FONT></TD>
    <TD ALIGN=LEFT width="6"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="63"><FONT SIZE=2>10/31</FONT></TD>
    <TD ALIGN=LEFT width="6"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="104"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=LEFT width="11"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="97"><FONT SIZE=2>3:15 PM</FONT></TD>
    <TD ALIGN=LEFT width="9"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="87"><FONT SIZE=2>8,802,099</FONT></TD>
    <TD ALIGN=LEFT width="11"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="70"><FONT SIZE=2>2,940</FONT></TD>
    <TD ALIGN=LEFT width="34"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="102"><FONT SIZE=2>MY PA</FONT></TD>
    <TD ALIGN=LEFT width="6"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="63"><FONT SIZE=2>10/31</FONT></TD>
    <TD ALIGN=LEFT width="6"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="104"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=LEFT width="11"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="97"><FONT SIZE=2>3:30 PM</FONT></TD>
    <TD ALIGN=LEFT width="9"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="87"><FONT SIZE=2>11,480,567</FONT></TD>
    <TD ALIGN=LEFT width="11"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="70"><FONT SIZE=2>4,080</FONT></TD>
    <TD ALIGN=LEFT width="34"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="102"><FONT SIZE=2>S&amp;P 500</FONT></TD>
    <TD ALIGN=LEFT width="6"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="63"><FONT SIZE=2>9/30</FONT></TD>
    <TD ALIGN=LEFT width="6"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="104"><FONT SIZE=2>D&amp;T</FONT></TD>
    <TD ALIGN=LEFT width="11"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="97"><FONT SIZE=2>3:45 PM</FONT></TD>
    <TD ALIGN=LEFT width="9"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="87"><FONT SIZE=2>7,407,227</FONT></TD>
    <TD ALIGN=LEFT width="11"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="70"><FONT SIZE=2>N/A</FONT></TD>
    <TD ALIGN=LEFT width="34"><FONT SIZE=2>&nbsp;</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 00" FSL="Workstation" -->
<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 CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>

  <TR VALIGN=Bottom>
    <TH COLSPAN=2 align="left">&nbsp;</TH>
    <TH COLSPAN=6><font size=1>Board</font>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=6><font size=1>Audit Committee</font>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=4><font size=1>Nominating Committee</font>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2 rowspan="2"><FONT SIZE=1>Aggregate <BR>
Fees and <BR>
Expenses($) </FONT>
      <hr width=95% size="1" noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>

    <TH COLSPAN=2 align="left"><FONT SIZE=1>Fund</FONT>
      <hr width=35% size="1" noshade align="left">
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>Number of <BR>
Meetings <BR>
Held* </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>Annual <BR>
Fee($) </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>Per <BR>
Meeting <BR>
Fee($)** </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>Number of <BR>
Meetings <BR>
Held* </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>Annual <BR>
Fee($)***&#134; </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>Per <BR>
Meeting <BR>
Fee($)** </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>Number of <BR>
Meetings <BR>
Held* </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH COLSPAN=2><FONT SIZE=1>Aggregate <BR>
Fee($) </FONT>
      <hr width=95% size="1" noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="66"><FONT SIZE=2>MY FL</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="37"><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center width="19"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="42"><FONT SIZE=2>2,500</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="45"><FONT SIZE=2>250</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="37"><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=LEFT width="19"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="46"><FONT SIZE=2>500</FONT></TD>
    <TD ALIGN=LEFT width="21"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="45"><FONT SIZE=2>250</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="37"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="19"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="51"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="13"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="66"><FONT SIZE=2>26,715</FONT></TD>
    <TD ALIGN=LEFT width="15"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="66"><FONT SIZE=2>MY MI</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="37"><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center width="19"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="42"><FONT SIZE=2>2,500</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="45"><FONT SIZE=2>250</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="37"><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=LEFT width="19"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="46"><FONT SIZE=2>500</FONT></TD>
    <TD ALIGN=LEFT width="21"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="45"><FONT SIZE=2>250</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="37"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="19"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="51"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="13"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="66"><font size=2>26,715</font></TD>
    <TD ALIGN=LEFT width="15"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="66"><FONT SIZE=2>MY NJ</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="37"><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center width="19"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="42"><FONT SIZE=2>2,500</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="45"><FONT SIZE=2>250</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="37"><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=LEFT width="19"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="46"><FONT SIZE=2>500</FONT></TD>
    <TD ALIGN=LEFT width="21"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="45"><FONT SIZE=2>250</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="37"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="19"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="51"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="13"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="66"><font size=2>26,715</font></TD>
    <TD ALIGN=LEFT width="15"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="66"><FONT SIZE=2>MY PA</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="37"><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center width="19"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="42"><FONT SIZE=2>2,500</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="45"><FONT SIZE=2>250</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="37"><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=LEFT width="19"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="46"><FONT SIZE=2>500</FONT></TD>
    <TD ALIGN=LEFT width="21"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="45"><FONT SIZE=2>250</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="37"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="19"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="51"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="13"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="66"><font size=2>26,715</font></TD>
    <TD ALIGN=LEFT width="15"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="66"><FONT SIZE=2>S&amp;P 500</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="37"><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=center width="19"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="42"><FONT SIZE=2>2,500</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="45"><FONT SIZE=2>500</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="37"><FONT SIZE=2>4</FONT></TD>
    <TD ALIGN=LEFT width="19"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="46"><FONT SIZE=2>1,000</FONT></TD>
    <TD ALIGN=LEFT width="21"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="45"><FONT SIZE=2>500</FONT></TD>
    <TD ALIGN=LEFT width="7"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="37"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="19"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="51"><FONT SIZE=2>0</FONT></TD>
    <TD ALIGN=LEFT width="13"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="66"><FONT SIZE=2>39,970</FONT></TD>
    <TD ALIGN=LEFT width="15"><FONT SIZE=2>&nbsp;</FONT></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">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><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="Para Indent 00" FSL="Workstation" -->
<P><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 ALIGN=Center WIDTH=600>


  <TR VALIGN=Bottom>
    <TD WIDTH=64% ALIGN=LEFT><font size="1"></font></TD>
    <TD ALIGN=center colspan="2"><font size="1"><b>Shares of S&amp;P 500 Beneficially<br>
Owned as of the Record Date<br>
(1)
      </b>
      </font>
      <hr width=95% size="1" noshade>
    </TD>
    <TD WIDTH=2% ALIGN=LEFT><font size="1"></font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD WIDTH=64% ALIGN=LEFT><font size="1"><b>Name and Address of Beneficial Owner</b></font>
      <hr width=45% size="1" noshade align="left">

    </TD>
    <TD WIDTH=15% ALIGN=center><font size="1"><b>Number
      </b>
      </font>
      <hr width=95% size="1" noshade>
    </TD>
    <TD WIDTH=19% ALIGN=center><font size="1"><b>Percent of Total
      </b>
      </font>
      <hr width=95% size="1" noshade>
    </TD>
    <TD WIDTH=2% ALIGN=LEFT><font size="1"></font></TD>
  </TR>

  <TR VALIGN=Bottom>

    <TD WIDTH=64% ALIGN=LEFT><FONT SIZE=2>Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated &nbsp;&nbsp;<br>
      &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;Four World Financial Center, <br>
      &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;12th Floor <br>
      &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;New York, New York</FONT></TD>
    <TD ALIGN=center WIDTH=15%><FONT SIZE=2>&nbsp;4,179,640</FONT></TD>
    <TD ALIGN=RIGHT WIDTH=19%><FONT SIZE=2>56.43%(2)</FONT></TD>
    <TD ALIGN=LEFT WIDTH=2%><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>

</TABLE>


<br>





<!-- MARKER FORMAT-SHEET="Cutoff rule Footnote" FSL="Workstation" -->
<HR SIZE=1 noshade ALIGN=left  WIDTH=75>





<!-- MARKER FORMAT-SHEET="Footnote Left" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=left VALIGN=top><FONT SIZE="1">(1) </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD><TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Beneficial
share ownership is determined pursuant to Rule 13d-3 under the Exchange Act. Accordingly,
a beneficial owner of a security includes any person who, directly or indirectly, through
any contract, arrangement, understanding, relationship or otherwise has or shares the
power to vote such security or the power to dispose of such security.</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Footnote Left" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=left VALIGN=top><FONT SIZE="1">(2) </FONT></TD><TD WIDTH=2%><FONT SIZE="1"></FONT></TD>
    <TD WIDTH=94% ALIGN=left VALIGN=top><FONT SIZE="1">Based
on 7,407,227 Shares outstanding as of Record Date.</FONT></TD>
  </TR></TABLE>

<!-- 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 FACE="Times New Roman, Times, Serif" 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><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>





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



<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Exhibit B </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>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 CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>

    <TH COLSPAN=2><FONT SIZE=1></FONT></TH>

    <TH COLSPAN=2><FONT SIZE=1>Burton</FONT>
<hr width=95% size="1" noshade></TH>

    <TH COLSPAN=2><FONT SIZE=1>Doll</FONT>
<hr width=95% size="1" noshade></TH>

    <TH COLSPAN=2><FONT SIZE=1>Hodrick</FONT>
<hr width=95% size="1" noshade></TH>

    <TH COLSPAN=2><FONT SIZE=1>O&#146;Brien</FONT>
<hr width=95% size="1" noshade></TH>

    <TH COLSPAN=2><FONT SIZE=1>Walsh</FONT>
<hr width=95% size="1" noshade></TH>

    <TH COLSPAN=2><FONT SIZE=1>Weiss</FONT>
<hr width=95% size="1" noshade></TH></TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY FL</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2002</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2005</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>1999</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2004</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2003</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>1998</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY MI</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>1999</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2004</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2003</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>1998</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY NJ</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>1999</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2004</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2003</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>1998</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY PA</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>1999</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2004</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2003</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>1998</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>S&amp;P 500</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2002</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2005</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>1999</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2004</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2003</FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>1999</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</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 00" FSL="Workstation" -->
<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 CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>

    <TH COLSPAN=2 align="left" height="85"><FONT SIZE=1>Director Nominee</FONT>
      <hr width=30% size="1" noshade align="left">
    </TH>

    <TH COLSPAN=2 height="85"><FONT SIZE=1>Fund </FONT>
<hr width=95% size="1" noshade></TH>

    <TH COLSPAN=2 height="85"><FONT SIZE=1>Number <BR>
of Shares <BR>
of Common <BR>
Stock </FONT><hr width=95% size="1" noshade></TH>

    <TH COLSPAN=2 height="85"><FONT SIZE=1>Number <BR>
of AMPS </FONT><hr width=95% size="1" noshade></TH>

    <TH COLSPAN=2 height="85"><FONT SIZE=1>Aggregate <BR>
Dollar Range of <BR>
Equity Securities <BR>
in Each Fund </FONT><hr width=95% size="1" noshade></TH>

    <TH COLSPAN=2 height="85"><FONT SIZE=1>Aggregate Dollar Range <BR>
of Equity Securities in all <BR>
MLIM/FAM-Advised Funds <BR>
Overseen by each Director <BR>
Nominee in the Merrill <BR>
Lynch Family of Funds </FONT><hr width=95% size="1" noshade></TH></TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2><i>Interested Director Nominee:</i></FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;Robert C. Doll, Jr</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>Over $100,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2><i>Non-Interested Director Nominees:</i></FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;Donald W. Burton</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>None</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;Laurie Simon Hodrick</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>Over $100,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;John F. O&#146;Brien</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>None</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;David H. Walsh</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>Over $100,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;Fred G. Weiss</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=CENTER><FONT SIZE=2>Over $100,000</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>

<br>







<!-- MARKER FORMAT-SHEET="Cutoff rule Footnote" FSL="Workstation" -->
<HR SIZE=1 noshade ALIGN=left  WIDTH=75>




<!-- MARKER FORMAT-SHEET="Footnote Left" FSL="Workstation" -->
<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=left 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
Director Nominee owns Shares of Common Stock or AMPS of any of the Funds.</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 00" FSL="Workstation" -->
<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>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Compensation Paid by
Each Fund ($)* </B></FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>

    <TH COLSPAN=2><FONT SIZE=1></FONT></TH>

    <TH COLSPAN=2><FONT SIZE=1>Burton</FONT>
<hr width=95% size="1" noshade></TH>

    <TH COLSPAN=2><FONT SIZE=1>Hodrick</FONT>
<hr width=95% size="1" noshade></TH>

    <TH COLSPAN=2><FONT SIZE=1>O&#146;Brien</FONT>
<hr width=95% size="1" noshade></TH>

    <TH COLSPAN=2><FONT SIZE=1>Walsh</FONT>
<hr width=95% size="1" noshade></TH>

    <TH COLSPAN=2><FONT SIZE=1>Weiss**</FONT>
<hr width=95% size="1" noshade></TH>

    <TH COLSPAN=2><FONT SIZE=1>Crum***</FONT>
<hr width=95% size="1" noshade></TH></TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY FL</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>5,000</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>5,000</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>4,750</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>5,000</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>5,000</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>1,083</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY MI</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>5,000</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>5,000</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>4,750</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>5,000</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>5,000</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>1,083</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY NJ</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>5,000</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>5,000</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>4,750</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>5,000</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>5,000</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>1,083</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>MY PA</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>7,500</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>7,500</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>6,917</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>7,500</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>7,500</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>

    <TD ALIGN=center><FONT SIZE=2>2,125</FONT></TD>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>S&amp;P 500</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>


<br>







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<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.</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">Mr.
Crum retired effective January 1, 2005.</FONT></TD></TR></TABLE>

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<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 the non-interested Directors for the year ended December 31,
2005. </FONT></P>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
  <TR VALIGN=Bottom>

    <TH COLSPAN=2 align="left"><FONT SIZE=1>Non-Interested Director </FONT>
      <hr width=30% size="1" noshade align="left">
    </TH>
    <TH width="164"><FONT SIZE=1>Aggregate Compensation <br>
       Paid to Non-Interested <BR>
Directors by MLIM/FAM- <br>
      Advised Funds </FONT>
      <hr width=95% size="1" noshade>
    </TH>
    <TH width="125">&nbsp;</TH>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="217"><FONT SIZE=2>Donald W. Burton</FONT></TD>
    <TD ALIGN=LEFT width="94"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="164"><FONT SIZE=2>$200,500</FONT></TD>
    <TD ALIGN=LEFT width="125"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="217"><FONT SIZE=2>Laurie Simon Hodrick</FONT></TD>
    <TD ALIGN=LEFT width="94"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="164"><FONT SIZE=2>$200,500</FONT></TD>
    <TD ALIGN=LEFT width="125"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="217"><FONT SIZE=2>John F. O&#146;Brien</FONT></TD>
    <TD ALIGN=LEFT width="94"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="164"><FONT SIZE=2>$206,083</FONT></TD>
    <TD ALIGN=LEFT width="125"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="217"><FONT SIZE=2>David H. Walsh</FONT></TD>
    <TD ALIGN=LEFT width="94"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="164"><FONT SIZE=2>$200,500</FONT></TD>
    <TD ALIGN=LEFT width="125"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="217"><FONT SIZE=2>Fred G. Weiss*</FONT></TD>
    <TD ALIGN=LEFT width="94"><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center width="164"><FONT SIZE=2>$230,000</FONT></TD>
    <TD ALIGN=LEFT width="125"><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>


<br>






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<TABLE WIDTH=100%><TR><TD WIDTH=4% ALIGN=left 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></TABLE>


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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>





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




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

<table border=0 cellspacing=0 cellpadding=3 width=650 align="center">

















  <tr align="center" valign="bottom">

    <td width=97>

      <b><font face="Times New Roman" size="1">Name, Address* and Age of
  Officer </font></b>
      <hr size="1" noshade>
    </td>
    <td colspan="2">

      <b><font face="Times New Roman" size="1">Position(s) Held, <br>
        Term of
  Office** and <br>
        Length of Time Served </font></b>
      <hr size="1" noshade>
    </td>
    <td width=216>

      <b><font face="Times New Roman" size="1">Principal Occupation During
  Past Five Years </font></b>
      <hr size="1" noshade>
    </td>
    <td width=68>

      <b><font face="Times New Roman" size="1">Number of MLIM/FAM-Advised
  Funds and Portfolios Overseen </font></b>
      <hr size="1" noshade>
    </td>
    <td width=109>

      <b><font face="Times New Roman" size="1">Public Directorships </font></b>
      <hr size="1" noshade>
    </td>
  </tr>



  <tr>

    <td valign=top width=97>

      <p><font face="Times New Roman" size="1">Robert C. Doll, Jr.&#134; (51)</font></p>
    </td>
    <td valign=top colspan="2">

      <p><font face="Times New Roman" size="1">President and Director of all
  Funds listed in this Combined Proxy Statement since 2005.</font></p>
    </td>
    <td valign=top width=216>

      <p><font face="Times New Roman" 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; President and Director of
  Princeton Services, Inc. (&#147;Princeton Services&#148;) since 2001; President and
  Director 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></p>
    </td>
    <td valign=top width=68>

      <p><font face="Times New Roman" size="1">131 registered investment
  companies consisting of <br>
        177 portfolios</font></p>
    </td>
    <td valign=top width=109>

      <p><font face="Times New Roman" size="1">None</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=97>

      <p><font face="Times New Roman" size="1">William R. Bock (69)</font></p>
    </td>
    <td valign=top colspan="2">

      <p><font face="Times New Roman" size="1">Vice President of MY PA since
  1997.</font></p>
    </td>
    <td valign=top width=216>

      <p><font face="Times New Roman" size="1">Director since 2005; Vice
  President of MLIM from 1989 to 2005.</font></p>
    </td>
    <td valign=top width=68>

      <p><font face="Times New Roman" size="1">5 registered investment
  companies consisting of <br>
        5 portfolios</font></p>
    </td>
    <td valign=top width=109>

      <p><font face="Times New Roman" size="1">None</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=97>

      <p><font face="Times New Roman" size="1">Donald C. Burke (45)</font></p>
    </td>
    <td valign=top width=58>

      <p><font face="Times New Roman" size="1">Vice <br>
         President and Treasurer
  of:  <br>
        MY FL <br>
          MY MI <br>
          MY NJ <br>
          MY PA <br>
          S&amp;P 500 </font></p>
    </td>
    <td valign=top width=66><font face="Times New Roman" size="1">Vice President/ Treasurer <br>
       since:<br>
        1992/1999
  1992/1999 1992/1999 1992/1999 1999/1999</font></td>
    <td valign=top width=216>

      <p><font face="Times New Roman" 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 FAM Distributors, Inc. (&#147;FAMD&#148;) since 1999 and Director since
  2004; Vice President of FAM and MLIM from 1990 to 1997; Director of Taxation
  of MLIM from 1990 to 2001; Vice President, Treasurer and Secretary of the IQ
  Funds since 2004.</font></p>
    </td>
    <td valign=top width=68>

      <p><font face="Times New Roman" size="1">139 registered investment
  companies consisting of <br>
        185 portfolios</font></p>
    </td>
    <td valign=top width=109>

      <p><font face="Times New Roman" size="1">None</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=97>

      <p><font face="Times New Roman" size="1">Jonathan A. Clarke (36)</font></p>
    </td>
    <td valign=top colspan="2">

      <p><font face="Times New Roman" size="1">Vice President of S&amp;P 500
  since 2005.</font></p>
    </td>
    <td valign=top width=216>

      <p><font face="Times New Roman" size="1">Vice President of MLIM since
  1999.</font></p>
    </td>
    <td valign=top width=68>

      <p><font face="Times New Roman" size="1">5 registered investment
  companies consisting of <br>
         5 portfolios.</font></p>
    </td>
    <td valign=top width=109>

      <p><font face="Times New Roman" size="1">None</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=97>

      <p><font face="Times New Roman" size="1">Vincent J. Costa (43)</font></p>
    </td>
    <td valign=top colspan="2">

      <p><font face="Times New Roman" size="1">Vice President of S&amp;P 500
  since 2005.</font></p>
    </td>
    <td valign=top width=216>

      <p><font face="Times New Roman" size="1">Managing Director of MLIM
  since 2005; Director of MLIM from 1999 to 2005.</font></p>
    </td>
    <td valign=top width=68>

      <p><font face="Times New Roman" size="1">9 registered investment
  companies consisting of <br>
         16 portfolios.</font></p>
    </td>
    <td valign=top width=109>

      <p><font face="Times New Roman" size="1">None</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=97>

      <p><font face="Times New Roman" size="1">Kenneth A. Jacob (54)</font></p>
    </td>
    <td valign=top colspan="2">

      <p><font face="Times New Roman" size="1">Senior Vice President since
  2002 of MY FL, MY MI, MY NJ and MY PA.</font></p>
    </td>
    <td valign=top width=216>

      <p><font face="Times New Roman" size="1">Managing Director of MLIM
  since 2000; First Vice President of MLIM from 1997 to 2000; Vice President of
  MLIM from 1984 to 1997.</font></p>
    </td>
    <td valign=top width=68>

      <p><font face="Times New Roman" size="1">37 registered investment
  companies consisting of <br>
         49 portfolios</font></p>
    </td>
    <td valign=top width=109>

      <p><font face="Times New Roman" size="1">None</font></p>
    </td>
  </tr>







</table>
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>






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




<table border=0 cellspacing=0 cellpadding=3 width=650 align="center">

















  <tr align="center" valign="bottom">

    <td width=117>

     <b><font face="Times New Roman" size="1">Name, Address* and <br>
        Age of
  Officer </font></b>
      <hr size="1" noshade>
    </td>
    <td width=102>

      <b><font face="Times New Roman" size="1">Position(s) Held, <br>
        Term of
  Office** and <br>
        Length of Time Served </font></b>
      <hr size="1" noshade>
    </td>
    <td width=267>

      <b><font face="Times New Roman" size="1">Principal Occupation During
  Past Five Years </font></b>
      <hr size="1" noshade>
    </td>
    <td width=75>

     <b><font face="Times New Roman" size="1">Number of MLIM/FAM-Advised
  Funds <br>
       and Portfolios Overseen </font></b>
      <hr size="1" noshade>
    </td>
    <td width=59>

      <b><font face="Times New Roman" size="1">Public Directorships </font></b>
      <hr size="1" noshade>
    </td>
  </tr>


  <tr>

    <td valign=top width=117>

      <p><font face="Times New Roman" size="1">Theodore R. Jaeckel Jr. (46)</font></p>
    </td>
    <td valign=top width=102>

      <p><font face="Times New Roman" size="1">Vice President of MY NJ since
  1997.</font></p>
    </td>
    <td valign=top width=267>

      <p><font face="Times New Roman" size="1">Managing Director since 2005;
  Director (Municipal Tax-Exempt Fund Management) of FAM from 1997 to 2005;
  Vice President of FAM from 1991 to 1997.</font></p>
    </td>
    <td valign=top width=75>

      <p><font face="Times New Roman" size="1">6 registered investment
  companies consisting of <br>
        6 portfolios</font></p>
    </td>
    <td valign=top width=59>

      <p><font face="Times New Roman" size="1">None</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=117>

      <p><font face="Times New Roman" size="1">Debra L. Jelilian (38)</font></p>
    </td>
    <td valign=top width=102>

      <p><font face="Times New Roman" size="1">Vice President of S&amp;P 500
  since 2005.</font></p>
    </td>
    <td valign=top width=267>

      <p><font face="Times New Roman" size="1">Director of MLIM since 1999.</font></p>
    </td>
    <td valign=top width=75>

      <p><font face="Times New Roman" size="1">9 registered investment
  companies consisting of <br>
         13 portfolios.</font></p>
    </td>
    <td valign=top width=59>

      <p><font face="Times New Roman" size="1">None</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=117>

      <p><font face="Times New Roman" size="1">John M. Loffredo (41)</font></p>
    </td>
    <td valign=top width=102>

      <p><font face="Times New Roman" size="1">Senior Vice President since
  2002 of MY FL, MY MI, MY NJ and MY PA.</font></p>
    </td>
    <td valign=top width=267>

      <p><font face="Times New Roman" size="1">Managing Director of MLIM
  since 2000; First Vice President of MLIM from 1997 to 2000; Vice President of
  MLIM from 1991 to 1997; Portfolio Manager of FAM and MLIM since 1997.</font></p>
    </td>
    <td valign=top width=75>

      <p><font face="Times New Roman" size="1">37 registered investment
  companies consisting of  <br>
        49 portfolios</font></p>
    </td>
    <td valign=top width=59>

      <p><font face="Times New Roman" size="1">None</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=117>

      <p><font face="Times New Roman" size="1">Robert D. Sneeden (52)</font></p>
    </td>
    <td valign=top width=102>

      <p><font face="Times New Roman" size="1">Vice President of MY FL since
  2002.</font></p>
    </td>
    <td valign=top width=267>

      <p><font face="Times New Roman" size="1">Director since 2005; Vice
  President of MLIM from 1998 to 2005; Assistant Vice President from 1994 to
  1998.</font></p>
    </td>
    <td valign=top width=75>

      <p><font face="Times New Roman" size="1">3 registered investment
  companies consisting of <br>
         3 portfolios</font></p>
    </td>
    <td valign=top width=59>

      <p><font face="Times New Roman" size="1">None</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=117>

      <p><font face="Times New Roman" size="1">Fred K. Steube (55)</font></p>
    </td>
    <td valign=top width=102>

      <p><font face="Times New Roman" size="1">Vice President of MY MI since
  1995.</font></p>
    </td>
    <td valign=top width=267>

      <p><font face="Times New Roman" size="1">Director of MLIM since 2005;
  Vice President of MLIM from 1989 to 2005.</font></p>
    </td>
    <td valign=top width=75>

      <p><font face="Times New Roman" size="1">4 registered investment
  companies consisting of <br>
        4 portfolios</font></p>
    </td>
    <td valign=top width=59>

      <p><font face="Times New Roman" size="1">None</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=117>

      <p><font face="Times New Roman" size="1">Alice A. Pellegrino (46)</font></p>
    </td>
    <td valign=top width=102>

      <p><font face="Times New Roman" size="1">Secretary of all Funds listed
  in this Combined Proxy Statement since 2004.</font></p>
    </td>
    <td valign=top width=267>

      <p><font face="Times New Roman" size="1">Director (Legal Advisory) of
  MLIM since 2002; Vice President of MLIM from 1999 to 2002; Attorney
  associated with MLIM since 1997; Secretary of MLIM, FAM, FAMD and Princeton
  Services since 2004.</font></p>
    </td>
    <td valign=top width=75>

      <p><font face="Times New Roman" size="1">132 registered investment
  companies consisting of <br>
        178 portfolios</font></p>
    </td>
    <td valign=top width=59>

      <p><font face="Times New Roman" size="1">None</font></p>
    </td>
  </tr>
</table>

<br>






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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">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>



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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>







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






<!-- MARKER FORMAT-SHEET="Right Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Exhibit D </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>AUDIT COMMITTEE
CHARTER </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;This
document serves as the Charter for the Audit Committee of each fund (the &#147;Fund&#148;) advised
by Merrill Lynch Investment Managers, L.P., Fund Asset Management, L.P., or any
affiliated investment adviser (the &#147;investment adviser&#148;) listed on Appendix A hereto
(each such Charter being a separate Charter). The Board of Directors/Trustees of each
Fund (the &#147;Board&#148;) has adopted the following Audit Committee Charter (the &#147;Charter&#148;). </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>I. Composition of the
Audit Committee </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
Audit Committee shall be composed of at least three Directors/Trustees: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;each
of whom shall not be an &#147;interested person&#148; of the Fund, as defined in Section 2(a)(19)
of the Investment Company Act of 1940 (the &#147;1940 Act&#148;) (each, an &#147;Independent Director&#148;);  </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;each
of whom shall not accept directly or indirectly any consulting, advisory, or other
compensatory fee from the Fund (other than fees for serving on the Board or any committee
thereof and fixed amounts of compensation under a retirement plan for prior service with
a Fund listed or quoted on a stock exchange or market quotation system (&#147;Listed Fund&#148;));
and  </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;each
of whom shall satisfy the independence and experience requirements for any stock exchange
or market quotation system on which Fund shares are or become listed or quoted.  </FONT></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;The
Board shall use its best efforts to ensure that at least one of the members of the Audit
Committee is an &#147;audit committee financial expert,&#148; as defined in rules of the Securities
and Exchange Commission. For those Funds listed on the New York Stock Exchange, no member
of the Audit Committee may serve on more than three public company audit committees
unless the Board determines that such simultaneous service would not impair the ability
of such member to serve effectively on the Audit Committee. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>II. Purposes of the
Audit Committee </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;The
Audit Committee shall be responsible for: </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>(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>assisting
Board oversight of the </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>integrity
of the Fund&#146;s financial statements; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>independent
accountants&#146; qualifications and independence; and </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>performance
of the Fund&#146;s internal audit function and the Fund&#146;s independent accountants; and </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>(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>[for
Listed Funds] preparation, or overseeing the preparation of, any audit committee report
required by rules of the Securities and Exchange Commission to be included in the Fund&#146;s
proxy statement for its annual meeting of shareholders. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>III. Responsibilities
and Duties of the Audit Committee </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;The
Fund&#146;s independent accountants shall report directly to the Audit Committee. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
may be necessary or appropriate to carry out its purposes, or to comply with applicable
law or the requirements of any securities exchange or market quotation system on which
Fund shares are or may become listed or quoted, the Audit Committee shall have the
following responsibilities and duties: </FONT></P>

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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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
appointment, compensation, retention and oversight of the work of the Fund&#146;s independent
accountants, including the resolution of disagreements between management and the
independent accountants regarding financial reporting; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
(i) select an accounting firm to (1) serve as the Fund&#146;s independent accountants, (2)
audit the Fund&#146;s financial statements on an annual basis, and (3) provide an opinion on
an annual basis with respect to the Fund&#146;s financial statements, and (ii) recommend that
the Independent Directors ratify such selection; </FONT></TD>
</TR>
</TABLE>
<BR>

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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>






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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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
pre-approve (i) all audit and permissible non-audit services to be provided to the Fund
by the Fund&#146;s independent accountants and (ii) all permissible non-audit services to be
provided by the Fund&#146;s independent accountants to the Fund&#146;s investment adviser or any
entity controlling, controlled by, or under common control with the investment adviser
(&#147;adviser affiliate&#148;) that provides ongoing services to the Fund, if the engagement by
the adviser affiliate relates directly to the operations and financial reporting of the
Fund; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>if
determined to be advisable, to develop policies and procedures for pre-approval of the
engagement of the Fund&#146;s independent accountants to provide any of the audit or non-audit
services described in Section III(c) above; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
consider whether each non-audit service provided by the Fund&#146;s independent accountants to
the Fund and to the Fund&#146;s investment adviser or any adviser affiliate that provides
ongoing services to the Fund is compatible with maintaining the independence of such
independent accountants; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(f)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
ensure that the Fund&#146;s independent accountants submit on a periodic basis to the Audit
Committee a formal written statement delineating all relationships between such
independent accountants and the Fund, consistent with Independence Standards Board
Standard No. 1, and to actively engage in a dialogue with, and receive and consider
specific representations from, the Fund&#146;s independent accountants with respect to any
disclosed relationships or services that may affect the objectivity and independence of
such independent accountants; (g) to review the arrangements for annual and special
audits and the scope of such audits with the Fund&#146;s independent accountants; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(h)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
meet to review and discuss the Fund&#146;s audited financial statements and, to the extent
required by applicable law or regulations, the Fund&#146;s semi-annual financial statements
with Fund management and the Fund&#146;s independent accountants, including the Fund&#146;s
disclosure of management&#146;s discussion of Fund performance; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
review with the Fund&#146;s independent accountants any audit problems or difficulties the
accountants may have encountered during or relating to the conduct of the audit,
including any matters required to be discussed pursuant to Statement of Accounting
Standards No. 61, or any subsequent Statement, and management&#146;s response; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(j)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
establish and administer policies and procedures relating to the hiring by the Fund, its
investment adviser, or any administrator that is an adviser affiliate of employees or
former employees of the Fund&#146;s independent accountants; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(k)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
consider information and comments from the Fund&#146;s independent accountants with respect to
the Fund&#146;s accounting and financial reporting policies, procedures and internal control
over financial reporting (including the Fund&#146;s critical accounting policies and
practices) and management&#146;s responses to any such comments; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(l)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
request, receive and/or review from the Fund&#146;s independent accountants such other
materials as may be deemed necessary or advisable in the discretion of the Committee in
the exercise of its duties under this Charter; such materials may (but are not required
to) include, without limitation, any other material written communications bearing on the
Fund&#146;s financial statements, or internal or disclosure controls, between the independent
accountants and the Fund, the investment adviser, the Fund&#146;s sub-adviser(s), if any, or
other Fund service providers, such as any management letter or schedule of unadjusted
differences; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(m)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>at
least annually, to obtain and review a report by the Fund&#146;s independent accountants
describing: (i) such independent accountants&#146; internal quality-control procedures; (ii)
any material issues raised by the most recent internal quality-control review, or peer
review, of such independent accountants, or by any inquiry or investigation by
governmental or professional authorities, within the preceding five years, respecting one
or more independent audits carried out by such firm, and any steps taken to deal with any
such issues; and (iii) all relationships between the Fund&#146;s independent accountants and
the Fund, the investment adviser and adviser affiliates (to assess the independence of
the Fund&#146;s independent accountants); </FONT></TD>
</TR>
</TABLE>
<BR>


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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>





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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(n)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[for
Listed Funds] to discuss in general the Fund&#146;s earnings press releases, as well as any
financial information and earnings guidance provided to analysts and rating agencies, if
any (e.g., the types of information to be disclosed and the type of presentation to be
made); </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(o)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
establish procedures for: (i) the receipt, retention, and treatment of complaints
received by the Fund regarding accounting, internal accounting controls, or auditing
matters; and (ii) the confidential, anonymous submission of concerns by employees of the
Fund&#146;s investment adviser, manager, administrator, principal underwriter, or any other
provider of accounting related services for the Fund regarding questionable accounting or
auditing matters; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(p)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
address reports received from attorneys in accordance with procedures adopted by the
Fund&#146;s investment adviser relating to the possible violation of federal or state law or
fiduciary duty; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(q)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[for
Listed Funds] to discuss with Fund management and the Fund&#146;s independent accountants
policies with respect to risk assessment and risk management; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(r)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[for
Listed Funds] to assist the Fund, if necessary, in preparing any written affirmation or
written certification required to be filed with any stock exchange or market quotation
system on which Fund shares are or become listed or quoted; </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(s)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>on
an annual basis, to review and reassess the adequacy of this Charter, recommend any
changes to the Board, and evaluate the performance of the Audit Committee; and </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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(t)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
perform such other functions and to have such other powers consistent with this Charter,
the Fund&#146;s Articles of Incorporation or Declaration of Trust, as amended and
supplemented, the Fund&#146;s By-laws, as amended, and applicable law, as the Audit Committee
or the Board deems necessary or appropriate. </FONT></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;The
Audit Committee may delegate any portion of its authority, including the authority to
grant preapprovals of audit related services and permitted non-audit services, to a
subcomittee of one or more members of the Audit Committee pursuant to preapproval
policies and procedures established by the Audit Committee; provided, however, that the
Audit Committee may not delegate preapproval of the audit required by the Securities
Exchange Act of 1934. Any decision of such subcommittee of the Audit Committee to grant
preapprovals shall be presented to the full Audit Committee at its next regularly
scheduled meeting. </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
function of the Audit Committee is oversight; it is the responsibility of Fund management
to maintain appropriate systems for accounting and internal control over financial
reporting, and the responsibility of the Fund&#146;s independent accountants to plan and carry
out a proper audit. Specifically, Fund management is responsible for: (1) the
preparation, presentation and integrity of the Fund&#146;s financial statements; (2) the
maintenance of appropriate accounting and financial reporting principles and policies;
and (3) the maintenance of internal control over financial reporting and other procedures
designed to assure compliance with accounting standards and related laws and regulations.
The Fund&#146;s independent accountants are responsible for planning and carrying out an audit
consistent with applicable legal and professional standards and the terms of their
engagement letter. Nothing in this Charter shall be construed to reduce the
responsibilities or liabilities of the Fund&#146;s service providers, including the Fund&#146;s
independent accountants. </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;Although
the Audit Committee is expected to review appropriately the matters that come before it,
such review of a Fund&#146;s financial statements by the Audit Committee is not an audit, nor
does the Committee&#146;s review substitute for the responsibilities of the Fund&#146;s management
for preparing, or the Fund&#146;s independent accountants for auditing, the financial
statements. Members of the Audit Committee are not full-time employees of the Fund and,
in serving on the Audit Committee, are not, and do not hold themselves out to be, acting
as accountants or auditors. As such, it is not the duty or responsibility of the Audit
Committee or its members to conduct &#147;field work&#148; or other types of auditing or accounting
reviews or procedures. </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
discharging their duties, the members of the Audit Committee are entitled to rely on
information, opinions, reports, or statements, including financial statements and other
financial data, if prepared or presented by: (1) one or more officers of the Fund whom
the Board reasonably believes to be reliable and competent in the matters presented; (2)
legal counsel, public accountants, or other persons as to matters the Board reasonably
believes are within the person&#146;s professional or expert competence; or (3) a committee of
the Board. </FONT></P>



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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" 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><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 20; page: 20" -->



<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>IV. Meetings </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
Audit Committee shall meet on a regular basis but no less frequently than annually. The
Audit Committee periodically shall meet separately with the Fund&#146;s independent
accountants, Fund management, and representatives of Fund management responsible for the
financial and accounting operations of the Fund. The Audit Committee may hold special
meetings at such times as the Audit Committee believes necessary or appropriate. Members
of the Audit Committee may participate in a meeting of the Audit Committee by means of
conference call or similar communications equipment by means of which all persons
participating in such meeting can hear each other. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>V. Assistance from
Fund Management; Authority to Engage Advisers; Funding </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
appropriate officers of the Fund shall provide or arrange to provide such information,
data and services as the Audit Committee may request. The Audit Committee shall have the
power and authority to take all action it believes necessary or appropriate to discharge
its responsibilities, including the power and authority to retain independent counsel and
other advisers. The Fund shall provide for appropriate funding, as determined by the
Audit Committee as a committee of the Board, for payment of: (i) compensation to the
Fund&#146;s independent accountants or any other accounting firm engaged for the purpose of
preparing or issuing an audit report or performing other audit, review, or attest
services for the Fund, (ii) compensation to any advisers employed by the Audit Committee
under this Section V, and (iii) ordinary administrative expenses of the Audit Committee
that are necessary or appropriate in carrying out its responsibilities. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>VI. Reporting </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
Chairman or Chairwoman of the Audit Committee shall report to the Board on the results of
its deliberations and make such recommendations as deemed necessary or appropriate. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>VII. Amendments </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;This
Charter may be amended or modified from time to time by vote of the Board. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dated: March 3, 2006.</FONT>
<BR>
  &nbsp;
</P>





<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
D-4</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>





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<!-- MARKER PAGE="sheet: 20; page: 20" -->





<!-- MARKER FORMAT-SHEET="Center Head 2 no bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>APPENDIX  A</b> </FONT></P>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><font 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</font><font face="Times New Roman, Times, Serif" size=3><b><sup><font size="1">&#174;</font></sup></b></font><font size="2"> Protected
Equity Fund, Inc. </font></P>













<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<br>
  &nbsp;
</B></FONT></P>
<table width=100%>
  <tr>
    <td width=20% align=left><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td width=60% align=center><font size="2">D-5
</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="Left Head 2 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 27, 2006 at the annual meeting of
shareholders of the Fund to be held on April 27, 2006 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.</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: 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" -->
<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>2.
</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:
_________________________________________, 2006</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 27, 2006 at the annual meeting of
shareholders of the Fund to be held on April 27, 2006 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. </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: 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><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>2.
</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%">&nbsp;</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: _________________________________________, 2006</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 27, 2006 at the annual meeting of
stockholders of the Fund to be held on April 27, 2006 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: 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" -->
<br> <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0> <TR VALIGN=TOP> <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.
</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:
_________________________________________, 2006</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 27,
2006 at the annual meeting of stockholders of the Fund to be held on April 27,
2006 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.</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: 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><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>2.
</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%">&nbsp;</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: _________________________________________, 2006</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 27, 2006 at the
annual meeting of stockholders of the Fund to be held on April 27, 2006 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: 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" --> <br> <table width=100% cellpadding=0 cellspacing=0>
<tr valign=TOP> <td width=2%><font face="Times New Roman, Times, Serif" size=2>2.
</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:
_________________________________________, 2006</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 27,
2006 at the annual meeting of stockholders of the Fund to be held on April 27,
2006 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. </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: 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><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>2.
</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%">&nbsp;</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: _________________________________________, 2006</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 27, 2006 at the annual meeting of
shareholders of the Fund to be held on April 27, 2006 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. </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: 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 WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP> <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.
</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:
_________________________________________, 2006</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><!-- 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: 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 27, 2006 at the
annual meeting of shareholders of the Fund to be held on April 27, 2006 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. </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: 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> <!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
</P><TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0> <TR VALIGN=TOP> <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.
</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 valign="top">
<td width="47%">&nbsp;</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: _________________________________________, 2006</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<SUP>&#174;</SUP> 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;P 500<SUP>&#174;</SUP> Protected Equity Fund,
Inc. (the &#147;Fund&#148;) held of record by the undersigned on February 27,
2006 at the annual meeting of stockholders of the Fund to be held on April 27,
2006 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:
_________________________________________, 2006</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>
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