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<SEC-DOCUMENT>/in/edgar/work/0000950123-00-010231/0000950123-00-010231.txt : 20001114
<SEC-HEADER>0000950123-00-010231.hdr.sgml : 20001114
ACCESSION NUMBER:		0000950123-00-010231
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20001213
FILED AS OF DATE:		20001109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIHOLDINGS INSURED FUND II INC
		CENTRAL INDEX KEY:			0001071899
		STANDARD INDUSTRIAL CLASSIFICATION:	 [
]		IRS NUMBER:				223636347
		FISCAL YEAR END:			1231
</COMPANY-DATA>

		FILING VALUES:
			FORM TYPE:		DEF 14A
			SEC ACT:		
			SEC FILE NUMBER:	811-09191
			FILM NUMBER:		757761
</FILING-VALUES>

			BUSINESS ADDRESS:	
				STREET 1:		C/O MERRILL LYNCH ASSET MANAGEMENT
				STREET 2:		800 SCUDDERS MILL RD
				CITY:			PLAINSBORO
				STATE:			NJ
				ZIP:			08536
				BUSINESS PHONE:		6092823087
</BUSINESS-ADDRESS>

				MAIL ADDRESS:	
					STREET 1:		C/O MERRILL LYNCH ASSET MANAGEMENT
					STREET 2:		PO BOX 9011, INFO SYSTEMS SECT 2-B
					CITY:			PRINCETON
					STATE:			NJ
					ZIP:			08543-9011
</MAIL-ADDRESS>
</FILER>
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>y41294def14a.htm
<DESCRIPTION>DEFINITIVE PROXY MATERIAL
<TEXT>

<HTML>
<HEAD>
<TITLE>NOTICE AND PROXY STATEMENT</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->





<P align="center">SCHEDULE 14A INFORMATION

<P align="CENTER">PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES<BR>
EXCHANGE ACT OF 1934 (AMENDMENT NO.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; )

<P>Filed by the Registrant [X]

<P>Filed by a Party other than the Registrant [ ]

<P>Check the appropriate box:

<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="95%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top">[ ]</TD>
        <TD></TD>
        <TD  align="left" valign="top">
Preliminary Proxy Statement</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top">[ ]</TD>
        <TD></TD>
        <TD  align="left" valign="top">
Confidential, for Use of the Commission Only</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
(as permitted by Rule&nbsp;14a-6(e)(2))</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top">[X]</TD>
        <TD></TD>
        <TD  align="left" valign="top">
Definitive Proxy Statement</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top">[ ]</TD>
        <TD></TD>
        <TD  align="left" valign="top">
Definitive Additional Materials</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top">[ ]</TD>
        <TD></TD>
        <TD  align="left" valign="top">
Soliciting Material Pursuant to Section&nbsp;240.14a-12</TD>
</TR>
</TABLE>

<P align="center">MuniHoldings Insured Fund II, Inc. P.O. Box 9011 Princeton,<BR>
New Jersey 08543-9011

<P>
<HR noshade width="100%" align="center" size="1">
<P>

<P align="center"><FONT size="3">(Name of Registrant as Specified In Its Charter)</FONT>

<P>
<HR noshade width="100%" align="center" size="1">
<P>

<P align="center">(Name of Person(s) Filing Proxy Statement, if other than Registrant)

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of Filing Fee (Check the appropriate box):

<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="95%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top">[X]</TD>
        <TD></TD>
        <TD  align="left" valign="top">
No fee required.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>

<TR valign="bottom">
        <TD valign="top">[ ]</TD>
        <TD></TD>
        <TD  align="left" valign="top">
Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(4) and 0-11.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
(1) Title of each class of securities to which transaction applies:</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
<BR><HR size="1"></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
(2) Aggregate number of securities to which transaction applies</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
<BR><HR size="1"></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule&nbsp;0-11 (Set forth the amount on which the
filing fee is calculated and state how it was determined):</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
<BR><HR size="1"></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
(4) Proposed maximum aggregate value of transaction:</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
<BR><HR size="1"></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
(5) Total fee paid:</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
<BR><HR size="1"></TD>
</TR>
<TR valign="bottom">
        <TD valign="top">[ ]</TD>
        <TD></TD>
        <TD  align="left" valign="top">
Fee paid previously with preliminary materials.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top">[ ]</TD>
        <TD></TD>
        <TD  align="left" valign="top">
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.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
(1) Amount Previously Paid:</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
<BR><HR size="1"></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
(2) Form, Schedule or Registration Statement No.:</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
<BR><HR size="1"></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
(3) Filing Party:</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
<BR><HR size="1"></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
(4) Date Filed:</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top">
<BR><HR size="1"></TD>
</TR>
</TABLE>


<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>PROXY STATEMENT</B>

<DIV align="center">
<HR size="1" width="30%" align="center">
</DIV>

<P align="center"><B>MUNIHOLDINGS INSURED FUND II, INC.</B>

<DIV align="center">
<B>P.O. Box 9011</B>
</DIV>

<DIV align="center">
<B>Princeton, New Jersey 08543-9011</B>
</DIV>

<DIV align="center">
<HR size="1" width="30%" align="center">
</DIV>

<P align="center">
<B>2000 ANNUAL MEETING OF STOCKHOLDERS</B>

<DIV align="center">
<HR size="1" width="30%" align="center">
</DIV>

<P align="center">
<B>December&nbsp;13, 2000</B>

<P align="center"><B>INTRODUCTION</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This Proxy Statement is furnished in connection with the
solicitation of proxies on behalf of the Board of Directors of
MuniHoldings Insured Fund II, Inc., a Maryland corporation (the
&#147;Fund&#148;), to be voted at the 2000 Annual Meeting of
Stockholders of the Fund (the &#147;Meeting&#148;), to be held
at the offices of Merrill Lynch Investment Managers, L.P.
(&#147;MLIM&#148;), 800 Scudders Mill Road, Plainsboro, New
Jersey, on Wednesday, December&nbsp;13, 2000 at 1:00&nbsp;p.m.
The approximate mailing date of this Proxy Statement is
November&nbsp;13, 2000.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All properly executed proxies received prior to the Meeting will
be voted at the Meeting in accordance with the instructions
marked thereon or otherwise as provided therein. Unless
instructions to the contrary are marked, proxies will be voted
<I>for</I> the election of the Board of Directors to serve for
the ensuing year and <I>for</I> the ratification of the
selection of independent auditors to serve for the Fund&#146;s
current fiscal year. Any proxy may be revoked at any time prior
to the exercise thereof by giving written notice to the
Secretary of the Fund at the Fund&#146;s address indicated above
or by voting in person at the Meeting.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors has fixed the close of business on
October&nbsp;30, 2000 as the record date (the &#147;Record
Date&#148;) for the determination of stockholders entitled to
notice of and to vote at the Meeting and at any adjournment
thereof. Stockholders on the Record Date will be entitled to one
vote for each share held, with no shares having cumulative
voting rights. As of the Record Date, the Fund had outstanding
22,352,427 shares of common stock, par value $.10 per share
(&#147;Common Stock&#148;), and 8,180 shares of auction market
preferred stock, par value $.10 per share and liquidation
preference of $25,000 per share plus an amount equal to
accumulated but unpaid dividends thereon (&#147;AMPS&#148;). To
the knowledge of the Fund, as of the Record Date, no person is
the beneficial owner of more than five percent of the
outstanding shares of Common Stock or five percent of the
outstanding AMPS.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors of the Fund knows of no business other
than that mentioned in Items 1 and 2 of the Notice of Meeting
that will be presented for consideration at the Meeting. If any
other matter is properly presented, it is the intention of the
persons named in the enclosed proxy to vote in accordance with
their best judgment.

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>ITEM 1.&nbsp; ELECTION OF DIRECTORS</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At the Meeting, the Board of Directors will be elected to serve
until the next Annual Meeting of Stockholders and until their
successors are elected and qualified. It is intended that all
properly executed proxies will be voted (unless such authority
has been withheld in the proxy) as follows:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        (1)&nbsp; All such proxies of the holders of shares of AMPS,
        voting separately as a class, in favor of the two
        (2)&nbsp;persons designated as Directors to be elected by
        holders of AMPS; and</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        (2)&nbsp; All such proxies of the holders of shares of Common
        Stock and AMPS, voting together as a single class, will be voted
        in favor of the four (4)&nbsp;persons designated as Directors to
        be elected by holders of Common Stock and AMPS.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors of the Fund knows of no reason why any of
these nominees will be unable to serve, but in the event of any
such unavailability, the proxies received will be voted for such
substitute nominee or nominees as the Board of Directors may
recommend.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Certain information concerning the nominees and the continuing
Directors is set forth as follows:

<P align="left"><B>To Be Elected By Holders of AMPS, Voting Separately as a
Class:</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="31%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="-2147483648%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2147483647%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="33%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="7"><FONT size="2"><B>Shares Beneficially</B></FONT></TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="7"><FONT size="2"><B>Owned at the</B></FONT></TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="7"><FONT size="2"><B>Record Date</B></FONT></TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap><FONT size="2"><B>Principal Occupation During Past</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Director</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Common</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
        <TD align="center" nowrap><FONT size="2"><B>Name and Address of Nominee</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Age</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap><FONT size="2"><B>Five Years and Public Directorships<SUP>(1)</SUP></B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Since</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Stock</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>AMPS</B></FONT></TD>
</TR>

<TR>
        <TD align="center" nowrap><HR size="1"></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap><HR size="1"></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Walter Mintz<SUP>(1)(2)<BR>
        </SUP>&nbsp;&nbsp;1114 Avenue of the Americas<BR>
        &nbsp;&nbsp;New York, New York 10036</FONT>
        </DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top" nowrap><FONT size="2">71</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Special Limited Partner of Cumberland Associates (investment
        partnership) since 1982.</FONT>
        </DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top" nowrap><FONT size="2">1999</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top" nowrap><FONT size="2">-0-</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top" nowrap><FONT size="2">-0-</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Melvin R. Seiden<SUP>(1)(2)<BR>
        </SUP>&nbsp;&nbsp;780 Third Avenue<BR>
        &nbsp;&nbsp;Suite&nbsp;2502<BR>
        &nbsp;&nbsp;New York, New York 10017</FONT>
        </DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top" nowrap><FONT size="2">70</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Director of Silbanc Properties, Ltd. (real estate, investment
        and consulting) since 1987; Chairman and President of
        Seiden&nbsp;&#38;<BR>
        de Cuevas, Inc. (private investment firm) from 1964 to 1987.</FONT>
        </DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top" nowrap><FONT size="2">1999</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top" nowrap><FONT size="2">-0-</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top" nowrap><FONT size="2">-0-</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<P align="left"><B>To Be Elected By Holders of Common Stock and AMPS, Voting
Together as a Single Class:</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="31%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="-2147483648%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2147483647%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="33%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="7"><FONT size="2"><B>Shares Beneficially</B></FONT></TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="7"><FONT size="2"><B>Owned at the</B></FONT></TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="7"><FONT size="2"><B>Record Date</B></FONT></TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap><FONT size="2"><B>Principal Occupation During Past</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Director</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Common</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
        <TD align="center" nowrap><FONT size="2"><B>Name and Address of Nominee</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Age</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap><FONT size="2"><B>Five Years and Public Directorships<SUP>(1)</SUP></B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Since</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Stock</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>AMPS</B></FONT></TD>
</TR>

<TR>
        <TD align="center" nowrap><HR size="1"></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap><HR size="1"></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
        <TD NOWRAP align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Terry K. Glenn<SUP>(1)*<BR>
        </SUP>&nbsp;&nbsp;P.O. Box 9011<BR>
        &nbsp;&nbsp;Princeton, New Jersey&nbsp; 08543-9011</FONT>
        </DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top" nowrap><FONT size="2">60</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Executive Vice President of MLIM and Fund Asset Management, L.P.
        (&#147;FAM&#148;) (which terms as used herein include their
        corporate predecessors) since 1983; Executive Vice President and
        Director of Princeton Services, Inc. (&#147;Princeton
        Services&#148;) since 1993; President of FAM Distributors, Inc.
        (&#147;FAMD&#148;) since 1986 and Director thereof since 1991;
        President of Princeton Administrators, LP since 1988.</FONT>
        </DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top" nowrap><FONT size="2">1999</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top" nowrap><FONT size="2">-0-</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top" nowrap><FONT size="2">-0-</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<P align="center">2

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<P><HR noshade><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="31%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="-2147483648%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="2147483647%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="33%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD colspan="3">&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD colspan="3">&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD colspan="7">&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD colspan="3">&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD colspan="3">&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Shares Beneficially</B></FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD colspan="3">&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD colspan="3">&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Owned at the</B></FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD colspan="3">&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD colspan="3">&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Record Date</B></FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD colspan="3">&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD colspan="3">&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD colspan="3">&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap><FONT size="2"><B>Principal Occupation During Past</B></FONT></TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Director</B></FONT></TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Common</B></FONT></TD>
	<TD>&nbsp;</TD>
	<TD colspan="3">&nbsp;</TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Name and Address of Nominee</B></FONT></TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Age</B></FONT></TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap><FONT size="2"><B>Five Years and Public Directorships<SUP>(1)</SUP></B></FONT></TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Since</B></FONT></TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Stock</B></FONT></TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>AMPS</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Joe Grills<SUP>(1)(2)<BR>
	</SUP>&nbsp;&nbsp;P.O. Box 98<BR>
	&nbsp;&nbsp;Rapidan, Virginia 22733</FONT>
	</DIV></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="right" valign="top" nowrap><FONT size="2">65</FONT></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Member of the Committee of Investment of Employee Benefit Assets
	of the Financial Executives Institute (affiliation changed in
	June 2000 to the Association of Financial Professionals)
	(&#147;CIEBA&#148;) since 1986; Member of CIEBA&#146;s Executive
	Committee since 1988 and its Chairman from 1991 to 1992;
	Assistant Treasurer of International Business Machines
	Corporation (&#147;IBM&#148;) and Chief Investment Officer of
	IBM Retirement Funds from 1986 until 1993; Member of the
	Investment Advisory Committees of the State of New York Common
	Retirement Fund and the Howard Hughes Medical Institute since
	1997; Director, Duke Management Company since 1992 and Vice
	Chairman thereof since 1998; Director, LaSalle Street Fund since
	1995; Director, Hotchkis and Wiley Mutual Funds since 1996;
	Director, Kimco Realty Corporation since 1997; Member of the
	Investment Advisory Committee of the Virginia Retirement System
	since 1998; Director, Montpelier Foundation since 1998 and its
	Vice Chairman since 2000; Member of the Investment Committee of
	the Woodberry Forest School since 2000; Member of the Investment
	Committee of the National Trust for Historic Preservation since
	2000.</FONT>
	</DIV></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1999</FONT></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="right" valign="top" nowrap><FONT size="2">-0-</FONT></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="right" valign="top" nowrap><FONT size="2">-0-</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<P align="center">3

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<P><HR noshade><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="31%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="-2147483648%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="2147483647%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="33%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD colspan="3">&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD colspan="3">&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD colspan="7">&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD colspan="3">&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD colspan="3">&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Shares Beneficially</B></FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD colspan="3">&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD colspan="3">&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Owned at the</B></FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD colspan="3">&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD colspan="3">&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Record Date</B></FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD colspan="3">&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD colspan="3">&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD colspan="3">&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap><FONT size="2"><B>Principal Occupation During Past</B></FONT></TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Director</B></FONT></TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Common</B></FONT></TD>
	<TD>&nbsp;</TD>
	<TD colspan="3">&nbsp;</TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Name and Address of Nominee</B></FONT></TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Age</B></FONT></TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap><FONT size="2"><B>Five Years and Public Directorships<SUP>(1)</SUP></B></FONT></TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Since</B></FONT></TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Stock</B></FONT></TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>AMPS</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Robert S. Salomon, Jr.<SUP>(1)(2)<BR>
	</SUP>&nbsp;&nbsp;106 Dolphin Cove Quay<BR>
	&nbsp;&nbsp;Stamford, Connecticut 06902</FONT>
	</DIV></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="right" valign="top" nowrap><FONT size="2">63</FONT></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Principal of STI Management (investment adviser) since 1994;
	Chairman and CEO of Salomon Brothers Asset Management from 1992
	until 1995; Chairman of Salomon Brothers equity mutual funds
	from 1992 until 1995; regular columnist with <I>Forbes
	</I>Magazine since 1992; Director of Stock Research and U.S.
	Equity Strategist at Salomon Brothers Inc. from 1975 until 1991;
	Trustee, Commonfund since 1980.</FONT>
	</DIV></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1999</FONT></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="right" valign="top" nowrap><FONT size="2">-0-</FONT></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="right" valign="top" nowrap><FONT size="2">-0-</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD colspan="19">&nbsp;</TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Stephen B. Swensrud<SUP>(1)(2)<BR>
	</SUP>&nbsp;&nbsp;88 Broad Street<BR>
	&nbsp;&nbsp;2nd Floor<BR>
	&nbsp;&nbsp;Boston, Massachusetts 02110</FONT>
	</DIV></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="right" valign="top" nowrap><FONT size="2">67</FONT></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Chairman of Fernwood Advisors (investment adviser) since 1996;
	Principal of Fernwood Associates (financial consultant) since
	1975; Director and Chairman, RPP Corporation since 1999;
	Director, International Mobile Communications, Inc. since 1999.</FONT>
	</DIV></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1999</FONT></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="right" valign="top" nowrap><FONT size="2">-0-</FONT></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="right" valign="top" nowrap><FONT size="2">-0-</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="22%" align="left">
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">(1)&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Each of the nominees is a director, trustee or
	member of an advisory board of one or more additional investment
	companies for which FAM or MLIM acts as investment adviser. See
	&#147;Compensation of Directors&#148; below.</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">(2)&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Member of the Audit Committee of the Board of
	Directors.</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&nbsp; *&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Interested person, as defined in the Investment
	Company Act of 1940 (the &#147;Investment Company Act&#148;), of
	the Fund.</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
<I>Committee and Board of Directors&#146; Meetings.</I> The
Board of Directors has a standing Audit Committee, which
consists of the Directors who are not &#147;interested
persons&#148; of the Fund within the meaning of the Investment
Company Act. The principal purpose of the Audit Committee is to
review the scope of the annual audit conducted by the
Fund&#146;s independent auditors and the evaluation by such
auditors of the accounting procedures followed by the Fund. The
Audit Committee also reviews and nominates candidates to serve
as non-interested Directors. The Audit Committee generally will
not consider nominees recommended by shareholders of the Fund.
The non-interested Directors have retained independent legal
counsel to assist them in connection with these duties.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During the fiscal year ended September&nbsp;30, 2000, the Board
of Directors held four meetings and the Audit Committee held
four meetings. 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 and, if a member, of the total number of
meetings of the Audit Committee held during such period.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Compliance with Section&nbsp;16(a) of the Securities Exchange
Act of 1934.</I> Section&nbsp;16(a) of the Securities Exchange
Act of 1934, as amended (the &#147;Exchange Act&#148;), requires
the Fund&#146;s officers and directors and persons who own more
than ten percent of a registered class of the Fund&#146;s equity
securities, to file reports of

<P align="center">4

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="left">
ownership and changes in ownership on Forms&nbsp;3, 4 and 5 with
the Securities and Exchange Commission (&#147;SEC&#148;) and the
New York Stock Exchange. Officers, directors and greater than
ten percent stockholders are required by SEC regulations to
furnish the Fund with copies of all Forms&nbsp;3, 4 and 5 they
file.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Based solely on the 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&nbsp;5 with respect to the most recent
fiscal year, the Fund believes that, except as noted below, all
of its officers, directors, greater than ten percent beneficial
owners and other persons subject to Section&nbsp;16 of the
Exchange Act due to the requirements of Section&nbsp;30 of the
Investment Company Act (i.e., any advisory board member,
investment adviser or affiliated person of the Fund&#146;s
investment adviser), have complied with all filing requirements
applicable to them with respect to transactions during the
Fund&#146;s most recent fiscal year, except that Arthur Zeikel
and Bradley&nbsp;J. Lucido inadvertently made late Form&nbsp;3
filings reporting their beneficial ownership of Fund shares, and
Alice&nbsp;A. Pellegrino and Michael&nbsp;G. Clark inadvertently
made late Form&nbsp;4 filings reporting changes in beneficial
ownership of Fund shares.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Interested Persons.</I> The Fund considers Mr.&nbsp;Glenn to
be an &#147;interested person&#148; of the Fund within the
meaning of Section&nbsp;2(a)(19) of the Investment Company Act
due to the positions he holds or has held with FAM and its
affiliates and/ or due to his ownership of securities issued by
ML&nbsp;&#38; Co. Mr.&nbsp;Glenn is the President of the Fund.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Compensation of Directors.</I> FAM, the Fund&#146;s
investment adviser, pays all compensation of all officers of the
Fund and all Directors of the Fund who are affiliated with ML
&#38; Co. or its subsidiaries. The Fund pays each Director not
affiliated with FAM (each a &#147;non-interested Director&#148;)
a fee of $1,500 per year plus $250 per meeting attended,
together with such Director&#146;s actual out-of-pocket expenses
relating to attendance at meetings. The Fund also pays each
member of its Audit Committee, which consists of all the
non-interested Directors, a fee of $1,500 per year plus $250 per
meeting attended, together with such Director&#146;s
out-of-pocket expenses relating to attendance at meetings. These
fees and expenses aggregated $25,541 for the fiscal year ended
September&nbsp;30, 2000.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth for the fiscal year ended
September&nbsp;30, 2000 compensation paid by the Fund to the
non-interested Directors and, for the calendar year ended
December&nbsp;31, 1999, the aggregate compensation paid by all
investment companies advised by FAM and its affiliate, MLIM
(&#147;FAM/ MLIM&nbsp;&#150; Advised Funds&#148;), to the
non-interested Directors.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="41%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="8%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="8%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Aggregate</B></FONT></TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Pension or</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Compensation</B></FONT></TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Retirement Benefits</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>from Fund, Other</B></FONT></TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Compensation</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Accrued as Part</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>FAM/MLIM&nbsp;&#150; Advised</B></FONT></TD>
</TR>

<TR>
        <TD align="center" nowrap><FONT size="2"><B>Name of Director</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>from Fund</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>of Fund Expenses</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Funds Paid to Directors</B></FONT></TD>
</TR>

<TR>
        <TD align="center" nowrap><HR size="1"></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
        <TD>&nbsp;</TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Joe Grills<SUP>(1)</SUP></FONT>
        </DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">5,000</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">None</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">245,250</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Walter Mintz<SUP>(1)</SUP></FONT>
        </DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">5,000</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">None</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">211,250</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Robert S. Salomon, Jr.<SUP>(1)</SUP></FONT>
        </DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">5,000</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">None</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">211,250</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Melvin R. Seiden<SUP>(1)</SUP></FONT>
        </DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">5,000</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">None</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">211,250</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Stephen B. Swensrud<SUP>(1)</SUP></FONT>
        </DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">5,000</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">None</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">232,250</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="22%" align="left">
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>

<TR valign="top">
        <TD><FONT size="2">(1)&nbsp;</FONT></TD>
        <TD align="left">
        <FONT size="2">The Directors serve on the boards of other FAM/
        MLIM&nbsp;&#151; Advised Funds as follows: Mr.&nbsp;Grills (32
        registered investment companies consisting of 54 portfolios);
        Mr.&nbsp; Mintz (18 registered investment companies consisting
        of 40 portfolios); Mr.&nbsp;Salomon</FONT></TD>
</TR>

</TABLE>

<P align="center">5

<!-- PAGEBREAK -->
<P><HR noshade><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD align="left">
	<FONT size="2">(18 registered investment companies consisting of
	40 portfolios); Mr.&nbsp;Seiden (18 registered investment
	companies consisting of 40 portfolios); Mr.&nbsp;Swensrud (44
	registered investment companies consisting of 91
	portfolios).</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
<I>Officers of the Fund.</I> The Board of Directors has elected
six officers of the Fund. The following sets forth information
concerning each of these officers:

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="62%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="14%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="2">&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD colspan="3">&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Officer</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><FONT size="2"><B>Name and Principal Occupation</B></FONT></TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Age</B></FONT></TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap><FONT size="2"><B>Office</B></FONT></TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Since</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><HR size="1"></TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD>&nbsp;</TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Terry K. Glenn</FONT>
	</DIV></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="right" valign="top" nowrap><FONT size="2">60</FONT></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="center" valign="top"><FONT size="2">
	President</FONT></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1999</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
	<TD align="left" valign="top"><FONT size="2">
	Executive Vice President of FAM and MLIM since 1983; Executive
	Vice President and Director of Princeton Services since 1993;
	President of FAMD since 1986 and Director thereof since 1991;
	President of Princeton Administrators, LP since 1988.</FONT></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Vincent R. Giordano</FONT>
	</DIV></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="right" valign="top" nowrap><FONT size="2">56</FONT></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="center" valign="top"><FONT size="2">
	Senior Vice</FONT></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1999</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
	<TD align="left" valign="top"><FONT size="2">
	Managing Director of MLIM since 2000; Senior Vice President of
	MLIM from 1984 to 2000; Portfolio Manager of FAM and MLIM since
	1977; Senior Vice President of Princeton Services since 1993.</FONT></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="center" valign="top"><FONT size="2">
	President</FONT></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Kenneth A. Jacob</FONT>
	</DIV></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="right" valign="top" nowrap><FONT size="2">49</FONT></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="center" valign="top"><FONT size="2">
	Vice President</FONT></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1999</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
	<TD align="left" valign="top"><FONT size="2">
	First Vice President of MLIM since 1997; Vice President of FAM
	and MLIM from 1984 to 1997; Vice President of FAM since 1984.</FONT></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Robert A. DiMella</FONT>
	</DIV></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="right" valign="top" nowrap><FONT size="2">34</FONT></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="center" valign="top"><FONT size="2">
	Vice President</FONT></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1999</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President of MLIM since 1997; Assistant Portfolio Manager
	of MLIM from 1993 to 1995; Assistant Portfolio Manager with
	Prudential Investment Advisers from 1991 to 1993.</FONT></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Donald C. Burke</FONT>
	</DIV></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="right" valign="top" nowrap><FONT size="2">40</FONT></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="center" valign="top"><FONT size="2">
	Vice President</FONT></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1999</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
	<TD align="left" valign="top"><FONT size="2">
	First Vice President of FAM and MLIM since 2000; Treasurer of
	FAM and MLIM since 1999; Senior Vice President of FAM and MLIM
	from 1999 to 2000; Senior Vice President and Treasurer of
	Princeton Services since 1999; Vice President of FAMD since
	1999; First Vice President of MLIM from 1997 to 1999; Vice
	President of MLIM from 1990 to 1997; Director of Taxation of
	MLIM since 1990.</FONT></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="center" valign="top"><FONT size="2">
	and Treasurer</FONT></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Bradley J. Lucido</FONT>
	</DIV></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="right" valign="top" nowrap><FONT size="2">34</FONT></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="center" valign="top"><FONT size="2">
	Secretary</FONT></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1999</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President of MLIM since 1999; attorney with MLIM since
	1995; attorney in private practice from 1991 to 1995.</FONT></TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Stock Ownership.</I> At the Record Date, the Directors and
officers of the Fund as a group (11&nbsp;persons) owned an
aggregate of less than 1% of the Common Stock of the Fund
outstanding at such date and owned none of the AMPS outstanding
at such date. At such date, Mr.&nbsp;Glenn, a Director and
officer of the Fund, Arthur Zeikel, a Director of the Fund, and
the other officers of the Fund owned an aggregate of less than
1% of the outstanding shares of common stock of
ML&nbsp;&#38;&nbsp;Co.

<P align="center"><B>ITEM 2.&nbsp; RATIFICATION OF THE SELECTION OF INDEPENDENT
AUDITORS</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors of the Fund, including a majority of the
Directors who are not interested persons of the Fund, has
selected the firm of Ernst&nbsp;&#38; Young LLP (
&#147;E&#38;Y&#148;), independent auditors, to examine the
financial statements of the Fund for the current fiscal year.
The Fund knows of no direct or indirect financial interest of
such firm in the Fund. Such appointment is subject to
ratification or rejection by the stockholders of the Fund.
Unless a contrary specification is made, the accompanying proxy
will be voted in favor of ratifying the selection of such
auditors.

<P align="center">6

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
E&#38;Y also acts as independent auditors for other investment
companies for which FAM acts as investment adviser. The fees
received by E&#38;Y from these other entities are substantially
greater, in the aggregate, than the fees received by it from the
Fund. The Board of Directors of the Fund considered the fact
that E&#38;Y has been retained as the independent auditors for
such other entities in its evaluation of the independence of
E&#38;Y with respect to the Fund.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Representatives of E&#38;Y are expected to be present at the
meeting and will have the opportunity to make a statement if
they so desire and to respond to questions from stockholders.

<P align="center"><B>ADDITIONAL INFORMATION</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The expenses of preparation, printing and mailing of the
enclosed form of proxy and accompanying Notice and Proxy
Statement will be borne by the Fund. The Fund will reimburse
banks, brokers and others for their reasonable expenses in
forwarding proxy solicitation material to the beneficial owners
of the shares of the Fund.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In order to obtain the necessary quorum at the Meeting
(<I>i.e.</I>, one-third of the shares of each class of the
Fund&#146;s securities entitled to vote at the Meeting, present
in person or by proxy), supplementary solicitation may be made
by mail, telephone, telegraph or personal interview by officers
of the Fund. The Fund has retained Shareholder Communications
Corporation, 17 State Street, New York, New York 10004,
1-800-645-4519, to assist in the solicitation of proxies at a
cost to the Fund of approximately $3,500, plus out-of-pocket
expenses, which are estimated to be $500.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All shares represented by properly executed proxies, unless such
proxies have previously been revoked, will be voted at the
Meeting in accordance with the directions on the proxies; if no
direction is indicated, the shares will be voted &#147;FOR&#148;
the Director nominees and &#147;FOR&#148; the ratification of
the independent auditors.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
With respect to Item&nbsp;1. &#147;Election of Directors,&#148;
holders of AMPS, voting separately as a class, are entitled to
elect the two Directors designated above and holders of Common
Stock and AMPS, voting together as a single class, are entitled
to elect the remaining Directors. Assuming a quorum is present,
(i)&nbsp;election of the two Directors to be elected by the
holders of AMPS, voting separately as a class, will require a
plurality of the votes cast by the holders of AMPS, represented
at the Meeting and entitled to vote; and (ii)&nbsp;election of
the remaining Directors will require a plurality of the votes
cast by the holders of Common Stock and the AMPS represented at
the Meeting and entitled to vote, voting together as a single
class. A &#147;plurality of the votes&#148; means the candidate
must receive more votes than any other candidate for the same
position, but not necessarily a majority of votes cast.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
With respect to Item&nbsp;2. &#147;Ratification of the Selection
of Independent Auditors,&#148; assuming a quorum is present,
approval will require the affirmative vote of a majority of the
votes cast by the holders of shares of Common Stock and the AMPS
represented present in person or by proxy at the Meeting and
entitled to vote, voting together as a single class.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Broker-dealer firms, including Merrill Lynch, Pierce, Fenner
&#38; Smith Incorporated (&#147;MLPF&#38;S&#148;), holding Fund
shares in &#147;street name&#148; for the benefit of their
customers and clients, will request the instructions of such
customers and clients on how to vote their shares on each Item
before the Meeting. The Fund understands that, under the rules
of the New York Stock Exchange, such broker-dealer firms may,
without instructions from their customers and clients, grant
authority to the proxies designated to vote on the election of
Directors (Item&nbsp;1) and ratification of the selection of
independent auditors (Item&nbsp;2) if no

<P align="center">7

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="left">
instructions have been received prior to the date specified in
the broker-dealer firm&#146;s request for voting instructions.
The Fund will include shares held of record by broker-dealers as
to which such authority has been granted in its tabulation of
the total number of votes present for purposes of determining
whether the necessary quorum of stockholders exists. Proxies
that are returned but that are marked &#147;abstain&#148; or on
which a broker-dealer has declined to vote on any proposal
(&#147;broker non-votes&#148;) will be counted as present for
the purposes of a quorum. MLPF&#38;S has advised the Fund that
except as limited by agreement or applicable law, it intends to
vote shares held in its name for which no instructions have been
received in the same proportion as the votes received from
beneficial owners of those shares for which instructions have
been received, whether or not held in nominee name. Abstentions
and broker non-votes will not be counted as votes cast.
Abstentions and broker non-votes, therefore, will not have an
effect on the vote on Item&nbsp;1 or Item 2.
</DIV>

<P align="left"><B>Address of Investment Adviser</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The principal office of FAM is located at 800&nbsp;Scudders Mill
Road, Plainsboro, New Jersey 08536.

<P align="left"><B>Annual Report Delivery</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>The Fund will furnish, without charge, a copy of its most
recent annual report and semi-annual report to any stockholder
upon request. </B>Such requests should be directed to
MuniHoldings Insured Fund&nbsp;II, Inc., P.O. Box&nbsp;9011,
Princeton, New Jersey 08543-9011, Attention: Bradley J. Lucido,
Secretary, or to 1-800-637-3863.

<P align="left"><B>Stockholder Proposals</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If a stockholder intends to present a proposal at the 2001
Annual Meeting of Stockholders of the Fund and desires to have
the proposal included in the Fund&#146;s proxy statement and
form of proxy for that meeting, the stockholder must deliver the
proposal to the offices of the Fund by July&nbsp;12, 2001.
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="38%"></TD>
	<TD width="62%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	By Order of the Board of Directors</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	BRADLEY J. LUCIDO</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<I>Secretary</I></TD>
</TR>

</TABLE>

<P align="left">
Dated: November&nbsp;9, 2000

<P align="center">8
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="right"><B>COMMON STOCK</B>

<P align="center"><B>MUNIHOLDINGS INSURED FUND II, INC.<BR>
P.O. Box 9011<BR>
Princeton, New Jersey 08543-9011</B>

<P align="center"><B>PROXY</B>

<P align="center"><B>This proxy is solicited on behalf of the Board of Directors</B>

<P>The undersigned hereby appoints Donald C. Burke, Terry K. Glenn and Bradley J.
Lucido as proxies, each with the power to appoint his substitute, and hereby
authorizes each of them to represent and to vote, as designated on the reverse
hereof, all the Common Stock of MuniHoldings Insured Fund II, Inc. (the &#147;Fund&#148;)
held of record by the undersigned on October&nbsp;30, 2000 at the annual meeting of
stockholders of the Fund to be held on December&nbsp;13, 2000 or any adjournment
thereof.

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="6%"></TD>
        <TD width="94%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><B>&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 Proposals 1 and 2.</B></TD>
</TR>
</TABLE>
<P>By signing and dating the reverse side of this card, you authorize the proxies
to vote each proposal as marked, or if not marked, to vote &#147;FOR&#148; each proposal,
and to use their discretion to vote for any other matter as may properly come
before the meeting or any adjournment thereof. If you do not intend to
personally attend the meeting, please complete and return this card at once in
the enclosed envelope.

<P align="right">(Continued and to be signed on the reverse side)

<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>



<P>Please mark boxes [&#149;] or [X] in blue or black ink.

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="23%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="33%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="34%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">1.</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">
ELECTION OF DIRECTORS
</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2"><B>FOR </B>all nominees listed below
</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2"><B>WITHHOLD AUTHORITY</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">
</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">(except as marked to the contrary below)&nbsp;&nbsp;[&nbsp;&nbsp;]
</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">to vote for all nominees listed below&nbsp;&nbsp;[&nbsp;&nbsp;]</FONT></TD>
</TR>
</TABLE>
</CENTER>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="4%">&nbsp;</TD>
        <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD valign="top"><FONT size="2"><B><I>(INSTRUCTION: To withhold authority to vote for any individual nominee, strike
a line through the nominee&#146;s name in the list below.)</I></B><BR>
<B>Terry K. Glenn, Joe Grills, Robert S. Salomon, Jr. and Stephen B. Swensrud
</B></FONT></TD>
</TR>
</TABLE>
</CENTER>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">2.</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">
Proposal to ratify the selection of Ernst &#38; Young </FONT
><FONT size="1">LLP</FONT><FONT size="2"> as the independent
auditors of the Fund to serve for the current fiscal year.</FONT></TD>
</TR>
</TABLE>
</CENTER>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%" align="center">
<TR valign="bottom">
        <TD width="22%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="34%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="34%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>FOR&nbsp;&nbsp;[&nbsp;&nbsp;]</B></FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">
<B>AGAINST&nbsp;&nbsp;[&nbsp;&nbsp;]</B>
</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2"><B>ABSTAIN&nbsp;&nbsp;[&nbsp;&nbsp;]</B></FONT></TD>
</TR>
</TABLE>
</CENTER>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">3.</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">
In the discretion of such proxies, upon such other business as may
properly come before the meeting or any adjournment thereof.</FONT></TD>
</TR>
</TABLE>
</CENTER>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%">&nbsp;</TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
      <TD><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 valign="top">
        <TD>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">Dated: ________________________________,
2000</FONT></TD>
</TR>
</TABLE>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="2">X ___________________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</FONT></TD>
</TR>
</TABLE>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="2">X ___________________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature, if held
jointly</FONT></TD>
</TR>
</TABLE>


<P><B>Sign, Date and Return the Proxy Card Promptly Using the Enclosed Envelope.</B>

<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>



<P align="right"><B>AUCTION MARKET<BR>
PREFERRED STOCK</B>

<P align="center"><B>MUNIHOLDINGS INSURED FUND II, INC.<BR>
P.O. Box 9011<BR>
Princeton, New Jersey 08543-9011</B>

<P align="center"><B>PROXY</B>

<P align="center"><B>This proxy is solicited on behalf of the Board of Directors</B>

<P>The undersigned hereby appoints Donald C. Burke, Terry K. Glenn and Bradley J.
Lucido as proxies, each with the power to appoint his substitute, and hereby
authorizes each of them to represent and to vote, as designated on the reverse
hereof, all the Auction Market Preferred Stock of MuniHoldings Insured Fund II,
Inc. (the &#147;Fund&#148;) held of record by the undersigned on October&nbsp;30, 2000 at the
annual meeting of stockholders of the Fund to be held on December&nbsp;13, 2000 or
any adjournment thereof.

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="6%"></TD>
        <TD width="94%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><B>&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 Proposals 1 and 2.</B></TD>
</TR>
</TABLE>
<P>By signing and dating the reverse side of this card, you authorize the proxies
to vote each proposal as marked, or if not marked, to vote &#147;FOR&#148; each proposal,
and to use their discretion to vote for any other matter as may properly come
before the meeting or any adjournment thereof. If you do not intend to
personally attend the meeting, please complete and return this card at once in
the enclosed envelope.

<P align="right">(Continued and to be signed on the reverse side)

<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>



Please mark boxes &nbsp;&nbsp;[&#149;] or [X] in blue or black ink.

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="23%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="33%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="34%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">1.</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">
ELECTION OF DIRECTORS
</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2"><B>FOR </B>all nominees listed below
</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2"><B>WITHHOLD AUTHORITY</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">
</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">(except as marked to the contrary below)&nbsp;&nbsp;[&nbsp;&nbsp;]
</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">To vote for all nominees listed below&nbsp;&nbsp;[&nbsp;&nbsp;]</FONT></TD>
</TR>
</TABLE>
</CENTER>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="4%">&nbsp;</TD>
        <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD>&nbsp;</td>
<td valign="top"><FONT size="2"><B><I>(INSTRUCTION: To withhold authority to vote for any individual nominee, strike
a line through the nominee&#146;s name in the list below.)</I></B><BR>
<B>Terry K. Glenn, Joe Grills, Walter Mintz, Robert S. Salomon, Jr., Melvin R.
Seiden and Stephen B. Swensrud</B></FONT></TD>
</TR>
</TABLE>
</CENTER>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">2.</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">
Proposal to ratify the selection of Ernst &#38; Young </FONT
><FONT size="1">LLP</FONT><FONT size="2"> as the independent
auditors of the Fund to serve for the current fiscal year.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%" align="center">
<TR valign="bottom">
        <TD width="22%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="16%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="17%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="16%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="17%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2"><B>FOR&nbsp;&nbsp;[&nbsp;&nbsp;]</B></FONT></TD>
        <TD></TD>
        <TD align="right"></TD>
        <TD align="right"><FONT size="2"><B>AGAINST&nbsp;&nbsp;[&nbsp;&nbsp;]</B></FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"></TD>
        <TD align="right"><FONT size="2"><B>ABSTAIN&nbsp;&nbsp;[&nbsp;&nbsp;]</B></FONT></TD>
        <TD></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">3.</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">
In the discretion of such proxies, upon such other business as may
properly come before the meeting or any adjournment thereof.</FONT></TD>
</TR>
</TABLE>
</CENTER>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="4%">&nbsp;</TD>
        <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD valign="top"><FONT size="2">If the undersigned is a broker-dealer, it hereby instructs the proxies,
pursuant to rule 452 of the New York Stock Exchange, to vote any uninstructed
Auction Market Preferred Stock in the same proportion as votes cast by holders
of Auction Market Preferred Stock who have responded to this proxy
solicitation.</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%">&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width="50%">&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 valign="top">
        <TD width="50%">&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="2">Dated:
________________________________, 2000</FONT></TD>
</TR>
</TABLE>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="2">X ___________________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</FONT></TD>
</TR>
</TABLE>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="2">X ___________________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature, if held
jointly</FONT></TD>
</TR>
</TABLE>


<P><B>Sign, Date and Return the Proxy Card Promptly Using the Enclosed Envelope.</B>


<P align="center">&nbsp;
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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