<HTML>
<head>
<TITLE>DEFINITIVE PROXY STATEMENT</TITLE>
</head>
<body bgcolor="#FFFFFF">
<table width=600>
<tr>
<td>
<p align=center><font size=2><b>AS FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION ON OCTOBER 28, 1999</b></font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<p align=center><font size=2><b>SCHEDULE 14A<br>
(RULE 14A-101)<br>
INFORMATION REQUIRED IN PROXY STATEMENT<br>
SCHEDULE 14A INFORMATION</b></font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<p align=center><font size=2><b>PROXY STATEMENT PURSUANT TO SECTION 14(A)
OF THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. )</b></font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<p><font size=2>Filed by the Registrant [X]</font></p>
</td>
</tr>
</TABLE>
<table width=600>
<tr>
<td>
<p><font size=2>Filed by a Party other than the Registrant [ ]
</font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<p><font size=2>Check the appropriate box:</font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<p><font size=2> [ ] Preliminary Proxy
Statement </font></p>
</td>
</tr>
</TABLE>
<table width=600>
<tr>
<td>
<p><font size=2> [ ] Confidential, for
Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) </font></p>
</td>
</tr>
</TABLE>
<table width=600>
<tr>
<td>
<p><font size=2> [X] Definitive Proxy Statement </font></p>
</td>
</tr>
</TABLE>
<table width=600>
<tr>
<td>
<p><font size=2> [ ] Definitive Additional
Materials </font></p>
</td>
</tr>
</TABLE>
<table width=600>
<tr>
<td>
<p><font size=2> [ ] Soliciting Material
Pursuant to Rule 14a-11(c) or Rule 14a-12</font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<p align=center><font size=4><b>Apex Municipal Fund, Inc.</b></font></p>
</td>
</tr>
</TABLE>
<table width=600>
<tr>
<td>
<p align=center><font size=2><b>PO BOX 9011<br>
PRINCETON, NEW JERSEY 08543-9011</b></font></p>
</td>
</tr>
</TABLE>
<table width=600>
<tr>
<td>
<hr size=1 noshade>
</td>
</tr>
</TABLE>
<table width=600>
<tr>
<td>
<p align=center><font size=1><b>(Name of Registrant as Specified In Its
Charter)</b></font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<hr size=1 noshade>
</td>
</tr>
</TABLE>
<table width=600>
<tr>
<td>
<p align=center><font size=1><b>(Name of Person(s) Filing Proxy Statement,
if other than the Registrant)</b></font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<p><font size=2>Payment of Filing Fee (Check the appropriate box):</font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<p><font size=2>[X] No fee required.</font></p>
</td>
</tr>
</TABLE>
<table width=600>
<tr>
<td>
<p><font size=2>[ ] Fee computed on table below per Exchange
Act Rules 14a-6(i) (4) and 0-11.</font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td height="31">
<ol>
<p> <font size=2> (1) Title of each class
of securities to which transaction applies</font>:
</ol>
</td>
</tr>
</TABLE>
<table width=600>
<tr>
<td height="31">
<ol>
<p> <font size=2> (2) Aggregate number
of securities to which transaction applies:</font>
</ol>
</td>
</tr>
</TABLE>
<table width=600>
<tr>
<td>
<ol>
<p> <font size=2> (3) Per unit price
or other underlying value of transaction computed pursuant to Exchange
Act Rule 0-11:</font>
</ol>
</td>
</tr>
</TABLE>
<table width=600>
<tr>
<td>
<ol>
<p> <font size=2> (4) Proposed maximum
aggregate value of transaction</font>:
</ol>
</td>
</tr>
</TABLE>
<table width=600>
<tr>
<td height="25">
<ol>
<p> <font size=2> (5) Total fee paid</font>:
</ol>
</td>
</tr>
</TABLE>
<table width=600>
<tr>
<td>
<p><font size=2>[ ] Fee paid previously with preliminary
materials.</font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<p><font size=2>[ ] Check box if any part of the fee is
offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing
for which the offsetting fee was paid previously. Identify the previous
filing by registration statement number, or the Form or Schedule and the
date of its filing.</font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<ol>
<p> <font size=2> (1) Amount Previously
Paid:</font>
</ol>
</td>
</tr>
</TABLE>
<table width=600>
<tr>
<td>
<ol>
<p> <font size=2> (2) Form, Schedule
or Registration Statement No.:</font>
</ol>
</td>
</tr>
</TABLE>
<table width=600>
<tr>
<td>
<ol>
<p> <font size=2> (3) Filing Party:</font>
</ol>
</td>
</tr>
</TABLE>
<table width=600>
<tr>
<td>
<ol>
<p> <font size=2> (4) Date Filed:</font>
</ol>
</td>
</tr>
</TABLE>
<table width=600>
<tr>
<td>
<p><font size=2>Notes:</font></p>
</td>
</tr>
</TABLE>
<table width=100>
<tr>
<td><br>
<hr size=1 noshade width=100>
</td>
</tr>
</TABLE>
<table width=600>
<tr valign=TOP>
<td width=3%><font size=2>1</font></td>
<td width=3%></td>
<td width=94%><font size=2> Set forth the amount on which the
filing fee is calculated and state how it was determined.</font></td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<hr size=5 noshade>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<p align=CENTER><font size=2> </font></p>
</td>
</tr>
</TABLE>
<table width=600>
<tr>
<td>
<p align=center><font size=3><b>APEX MUNICIPAL FUND, INC.<br>
PO Box 9011<br>
Princeton, New Jersey 08543-9011</b></font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td><br>
<hr size=1 noshade width=150>
<br>
</td>
</tr>
</TABLE>
<table width=600>
<tr>
<td>
<p align=center><font size=2><b>NOTICE OF 1999 ANNUAL MEETING OF STOCKHOLDERS</b></font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<p align=center><font size=2><b>December 15, 1999</b></font></p>
</td>
</tr>
</TABLE>
<br>
<TABLE WIDTH=600><TR>
<TD height="15">
<P><FONT SIZE=2>T<small>O </small>T<small>HE </small>S<small>TOCKHOLDERS
OF </small>A<small>PEX </small>M<small>UNICIPAL </small>F<small>UND, </small>I<small>NC.:</small></FONT></P>
</TD></TR></TABLE><BR>
<TABLE WIDTH=600><TR><TD>
<P><FONT SIZE=2> Notice is hereby given that
the 1999 Annual Meeting of Stockholders (the “Meeting”) of Apex
Municipal Fund, Inc. (the “Fund”) will be held at the offices
of Merrill Lynch Asset Management, L.P., 800 Scudders Mill Road, Plainsboro,
New Jersey, on Wednesday, December 15, 1999 at 8:00 a.m. for the following
purposes:</FONT></P>
</TD></TR></TABLE>
<OL>
<TABLE WIDTH=572>
<TR>
<TD>
<P><FONT SIZE=2> (1) To elect three Class
II Directors to serve until the 2002 Annual Meeting of Stockholders;</FONT></P>
</TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=572>
<TR>
<TD>
<P><FONT SIZE=2> (2) To consider and act
upon a proposal to ratify the selection of Deloitte & Touche<font size="1">
LLP</font> to serve as independent auditors of the Fund for its current
fiscal year; and</FONT></P>
</TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=571>
<TR>
<TD>
<P><FONT SIZE=2> (3) To transact such other
business as may properly come before the Meeting or any adjournment
thereof.</FONT></P>
</TD>
</TR>
</TABLE>
</OL>
<TABLE WIDTH=600><TR><TD><P><FONT SIZE=2> The
Board of Directors has fixed the close of business on October 20, 1999 as the
record date for the determination of stockholders entitled to notice of and to
vote at the Meeting or any adjournment thereof.</FONT></P></TD></TR></TABLE><BR>
<TABLE WIDTH=600><TR><TD>
<P><FONT SIZE=2> A complete list of the stockholders
of the Fund entitled to vote at the Meeting will be available and open
to the examination of any stockholder of the Fund for any purpose germane
to the Meeting during ordinary business hours from and after December
1, 1999, at the office of the Fund, 800 Scudders Mill Road, Plainsboro,
New Jersey. You are cordially invited to attend the Meeting. <b>Stockholders
who do not expect to attend the meeting in person are requested to complete,
date and sign the enclosed form of proxy and return it promptly in the
envelope provided for this purpose.</b> The enclosed proxy is being solicited
on behalf of the Board of Directors of the Fund.</FONT></P>
</TD></TR></TABLE>
<ol>
<ol>
<ol>
<ol>
<ol>
<ol>
<ol>
<ol>
<ol>
<table width=600>
<tr>
<td>
<p><font size=2>By Order of the Board of Directors</font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<p><font size=2>BRADLEY J. LUCIDO <br>
<i>Secretary</i></font></p>
</td>
</tr>
</TABLE>
</ol>
</ol>
</ol>
</ol>
</ol>
</ol>
</ol>
</ol>
</ol>
<table width=600>
<tr>
<td>
<p><font size=2>Plainsboro, New Jersey <br>
Dated: October 29, 1999</font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<hr size=5 noshade>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<p align=center><font size=3><b>PROXY STATEMENT</b></font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<hr size=1 noshade width=150>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<p align=center><font size=2><b>APEX MUNICIPAL FUND, INC.<br>
PO Box 9011<br>
Princeton, New Jersey 08543-9011</b></font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td height="26">
<hr size=1 noshade width=150>
</td>
</tr>
</TABLE>
<table width=600>
<tr>
<td>
<p align=center><font size=3><b>1999 ANNUAL MEETING OF STOCKHOLDERS<br>
</b></font></p>
<hr size=1 noshade width=150>
<p align=center><font size=3><b> December 15, 1999</b></font></p>
</td>
</tr>
</TABLE>
<br>
<br>
<TABLE WIDTH=600><TR><TD><P ALIGN=center><FONT SIZE=2><B>INTRODUCTION</B></FONT></P></TD></TR></TABLE><BR>
<TABLE WIDTH=600><TR><TD>
<P><FONT SIZE=2> This Proxy Statement is furnished
in connection with the solicitation of proxies on behalf of the Board
of Directors of Apex Municipal Fund, Inc., a Maryland corporation (the
“Fund”), to be voted at the 1999 Annual Meeting of Stockholders
of the Fund (the “Meeting”), to be held at the offices of Merrill
Lynch Asset Management, LP (“MLAM”), 800 Scudders Mill Road,
Plainsboro, New Jersey, on Wednesday, December 15, 1999 at 8:00 a.m. The
approximate mailing date of this Proxy Statement is November 2, 1999.</FONT></P>
</TD></TR></TABLE><BR>
<TABLE WIDTH=600><TR><TD>
<P><FONT SIZE=2> All properly executed proxies
received prior to the Meeting will be voted at the Meeting in accordance
with the instructions marked thereon or otherwise as provided therein.
Unless instructions to the contrary are marked, proxies will be voted
for the election of three Class II Directors to serve until the 2002 Annual
Meeting of Stockholders and for the ratification of the selection of independent
auditors to serve for the Fund’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’s address indicated
above or by voting in person at the Meeting.</FONT></P>
</TD></TR></TABLE><BR>
<TABLE WIDTH=600><TR>
<TD>
<P><FONT SIZE=2> The Board of Directors has
fixed the close of business on October 20, 1999, as the record date (the
“Record Date”) 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 19,596,732 shares of common stock,
par value $.10 per share (“Common Stock”). To the knowledge
of the Fund, as of the Record Date, no person was the beneficial owner
of more than five percent of its outstanding shares of Common Stock.</FONT></P>
</TD></TR></TABLE><BR>
<TABLE WIDTH=600><TR><TD><P><FONT SIZE=2> 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.</FONT></P></TD></TR></TABLE>
<br>
<table width=600>
<tr>
<td>
<hr size=5 noshade>
</td>
</tr>
</TABLE>
<BR>
<TABLE WIDTH=600><TR><TD><P ALIGN=center><FONT SIZE=2><B>ITEM 1. ELECTION OF
DIRECTORS</B></FONT></P></TD></TR></TABLE><BR>
<TABLE WIDTH=600><TR><TD><P><FONT SIZE=2> Pursuant
to the Articles of Incorporation of the Fund, the Board of Directors is divided
into three classes, designated Class I, Class II and Class III. Each class has
a term of office of three years, and each year the term of office of one class
will expire. A Director elected by stockholders will serve until the Annual
Meeting of Stockholders for the year in which his term expires and until his
successor is elected and qualified.</FONT></P></TD></TR></TABLE><BR>
<TABLE WIDTH=600><TR><TD><P><FONT SIZE=2> It is
the intention of the persons named in the enclosed proxy to nominate and vote
in favor of the election of Melvin R. Seiden and Stephen B. Swensrud, the Class
II Directors whose current terms expire at the Meeting and Terry K. Glenn who
will serve as a newly elected Class II Director. The Board of Directors of the
Fund knows of no reason why the nominees will be unable to serve, but in the
event of any such unavailability, the proxies received will be voted for such
substitute nominees as the Board of Directors may recommend.</FONT></P></TD></TR></TABLE><BR>
<TABLE WIDTH=600><TR><TD><P><FONT SIZE=2> Certain
information concerning the nominees and the other Directors is set forth as
follows:</FONT></P></TD></TR></TABLE>
<table cellpadding="0" cellspacing="0" border="0" width="601">
<tr valign="BOTTOM">
<th valign="bottom" height="135" width="31%"><font size="1">Name and Address
</font><font size="-1">
<hr width=95% size=1 noshade>
</font></th>
<th valign="bottom" height="135" width="5%"><font size="1"></font></th>
<th valign="bottom" height="135" width="2%"><font size="1">Age </font><font size="-1">
<hr width=95% size=1 noshade>
</font></th>
<th valign="bottom" height="135" width="37%" colspan="2"><font size="1"></font><font size="1">Principal
Occupations<br>
During Past Five Years<br>
and Public Directorships (1) </font><font size="-1">
<hr width=85% size=1 noshade>
</font></th>
<th valign="bottom" height="135" width="5%"><font size="1"></font></th>
<th valign="bottom" height="135" width="4%"><font size="1">Director<br>
Since </font><font size="-1">
<hr width=95% size=1 noshade>
</font></th>
<th valign="bottom" height="135" width="5%"><font size="1"></font></th>
<th valign="bottom" height="135" width="9%"><font size="1">Shares<br>
of Common<br>
Stock of<br>
the Fund<br>
Beneficially<br>
Owned at<br>
the Record Date </font><font size="-1">
<hr width=95% size=1 noshade>
</font></th>
</tr>
<tr valign="middle">
<td align="LEFT" colspan="9" height="35"><i><font size=2>Class
II Nominees to serve until the 2002 Annual Meeting of Stockholders:</font><font size="2">
</font></i></td>
</tr>
<tr valign="bottom">
<td width="31%" align="LEFT"><font size="2">Terry K. Glenn</font><font size="1">(1)</font><font size="2">*<br>
</font></td>
<td width="5%" align="LEFT"><font size="2"></font></td>
<td width="2%" align="RIGHT">
<div align="center"><font size="2">59</font></div>
</td>
<td width="37%" align="LEFT" colspan="2"><font size="2"></font><font size="2"> Executive
Vice President of MLAM </font></td>
<td width="5%" align="LEFT"><font size="2"></font></td>
<td width="4%" align="LEFT">
<div align="center"><font size="2">1999</font></div>
</td>
<td width="5%" align="LEFT"><font size="2"></font></td>
<td width="9%" align="LEFT">
<div align="center"><font size="2">17,139</font></div>
</td>
</tr>
<tr valign="BOTTOM">
<td width="31%" align="LEFT" valign="top"><font size="2">P.O. Box 9011 <br>
Princeton, New Jersey<br>
08543-9011</font></td>
<td width="5%" align="LEFT" valign="top"> </td>
<td width="2%" align="RIGHT" valign="top"> </td>
<td width="5%" align="LEFT" valign="top"> </td>
<td width="32%" align="LEFT" valign="top"><font size="2">and Fund Asset Management,
LP (“FAM”) (which terms as used herein include their corporate
predecessors) since 1983; Executive Vice President and Director of Princeton
Services, Inc. (“Princeton Services”) since 1993; President of
Princeton Funds Distributor, Inc. (“PFD”) since 1986 and Director
thereof since 1991; President of Princeton Administrators, LP since 1988.<br>
<br>
</font></td>
<td width="5%" align="LEFT" valign="top"> </td>
<td width="4%" align="LEFT" valign="top"> </td>
<td width="5%" align="LEFT" valign="top"> </td>
<td width="9%" align="LEFT" valign="top"> </td>
</tr>
<tr valign="middle">
<td width="169" height="15">
<p> <font size=2>Melvin R. Seiden<font size="1">(1)(2)</font></font>
</td>
<td width="29" height="15"> </td>
<td width="22" height="15"> <font size=2>
<p align="center">68
</font></td>
<td width="225" colspan="2" height="15"> <font size=2>
<p> Director of Silbanc Properties, Ltd.
</font></td>
<td width="20" height="15"> <font size=2>
<p>
</font></td>
<td width="34" align="center" height="15"><font size=2>1992 </font></td>
<td width="18" align="center" height="15"> <font size=2>
<p>
</font></td>
<td width="81" align="center" height="15"><font size=2>-0- </font></td>
</tr>
<tr>
<td valign="TOP" width="169">
<p><font size=2>780 Third Avenue<br>
</font><font size=2>Suite 2502<br>
</font><font size="2">New York, New York 10017 </font> <font size=2></font>
</td>
<td valign="TOP" width="29"> </td>
<td valign="TOP" width="22"> </td>
<td valign="TOP" width="18"> </td>
<td valign="TOP" width="207"><font size=2>(real estate, investment
and consulting) since 1987; Chairman and President of Seiden & de Cuevas,
Inc. (private investment firm) from 1964 to 1987.</font></td>
<td valign="TOP" width="20"> </td>
<td valign="TOP" width="34" align="center"> </td>
<td valign="TOP" width="18" align="center"> </td>
<td valign="TOP" width="81" align="center"> </td>
</tr>
</TABLE>
<table cellspacing=0 cellpadding=0 width=600>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<p align=CENTER><font size=2>2</font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<hr size=5 noshade>
</td>
</tr>
</TABLE>
<br>
<table cellpadding="0" cellspacing="0" border="0" width="601">
<tr valign="BOTTOM">
<th valign="bottom" height="135" width="31%"><font size="1">Name and Address
</font><font size="-1">
<hr width=95% size=1 noshade>
</font></th>
<th valign="bottom" height="135" width="5%"><font size="1"></font></th>
<th valign="bottom" height="135" width="2%"><font size="1">Age </font><font size="-1">
<hr width=95% size=1 noshade>
</font></th>
<th valign="bottom" height="135" width="37%" colspan="2"><font size="1"></font><font size="1">Principal
Occupations<br>
During Past Five Years<br>
and Public Directorships (1) </font><font size="-1">
<hr width=85% size=1 noshade>
</font></th>
<th valign="bottom" height="135" width="5%"><font size="1"></font></th>
<th valign="bottom" height="135" width="4%"><font size="1">Director<br>
Since </font><font size="-1">
<hr width=95% size=1 noshade>
</font></th>
<th valign="bottom" height="135" width="5%"><font size="1"></font></th>
<th valign="bottom" height="135" width="9%"><font size="1">Shares<br>
of Common<br>
Stock of<br>
the Fund<br>
Beneficially<br>
Owned at<br>
the Record Date </font><font size="-1">
<hr width=95% size=1 noshade>
</font></th>
</tr>
</TABLE>
<table cellspacing=0 cellpadding=0 width=600>
<tr valign="bottom">
<td colspan="5"><font size=2>Stephen B. Swensrud<font size="1">(1)(2)
</font></font> </td>
<td width="20">
<div align="center"><font size="2">66</font></div>
</td>
<td colspan="2" width="222"><font size=2> Chairman
of Fernwood Advisors </font> </td>
<td width="32"> </td>
<td width="31" align="center"><font size="2">1992</font></td>
<td width="30" align="center"> </td>
<td width="51" align="center"><font size="2">-0- </font></td>
</tr>
<tr>
<td valign="TOP" rowspan="4" colspan="5">
<p><font size=2>24 Federal Street </font> <font size=2><br>
Suite 400 </font><font size="2"><br>
Boston, Massachusetts 02110 </font>
<p><font size="2"> </font>
</td>
<td valign="TOP" rowspan="4" width="20">
<div align="center"></div>
</td>
<td valign="TOP" rowspan="4" width="31"> </td>
<td valign="TOP" rowspan="4" width="191">
<p> <font size=2>(investment adviser) since 1996; </font> <font size=2>Principal
of Fernwood Associates </font><font size="2">(financial consultant)
since 1975; Chairman, Department of Manufacturing, RPP Corporation since
1999; Director, Department of Telecommunications, International Mobile
Communications, Inc. since 1999.</font>
</td>
<td valign="TOP" rowspan="4" width="32"> </td>
<td valign="TOP" rowspan="4" width="31" align="center">
<p><font size="2"> </font>
</td>
<td valign="TOP" rowspan="4" width="30" align="center"> </td>
<td valign="TOP" rowspan="4" width="51" align="center">
<p>
</td>
</tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr>
<td valign="TOP" colspan="12">
<p><i><font size="2">Class III Directors serving until the
2001 Annual Meeting of Stockholders: </font></i>
</td>
</tr>
<tr>
<td valign="TOP" colspan="5"> </td>
<td valign="TOP" width="20">
<div align="center"></div>
</td>
<td valign="TOP" width="31"> </td>
<td valign="TOP" width="191"> </td>
<td valign="TOP" width="32"> </td>
<td valign="TOP" width="31" align="center"> </td>
<td valign="TOP" width="30" align="center"> </td>
<td valign="TOP" width="51" align="center"> </td>
</tr>
<tr valign="middle">
<td colspan="5" height="13"><font size="2">Arthur Zeikel<font size="1">(1)</font>*</font></td>
<td width="20" height="13">
<div align="center"><font size="2">67</font></div>
</td>
<td colspan="2" width="222" height="13"><font size="2"> Chairman
of FAM and MLAM </font></td>
<td width="32" height="13"> </td>
<td width="31" align="center" height="13"><font size="2">1992
</font></td>
<td width="30" align="center" height="13"> </td>
<td width="51" align="center" height="13"><font size="2">-0-
</font></td>
</tr>
<tr>
<td valign="TOP" rowspan="12" colspan="5">
<p><font size=2> </font><font size=2>300 Woodland
Avenue</font><font size=2><br>
Westfield, New Jersey 07090 </font>
<p><font size="2"> </font>
</td>
<td valign="TOP" rowspan="12" width="20">
<div align="center"></div>
</td>
<td valign="TOP" rowspan="12" width="31"> </td>
<td valign="TOP" rowspan="12" width="191">
<p> <font size=2> from 1997 to 1999; President of FAM and MLAM
from 1977 to 1997; Chairman of Princeton Services from 1997 to 1999 and
Director thereof since 1993; President of Princeton Services from 1993
to 1997; Executive Vice President of Merrill Lynch & Co., Inc. (</font><font size="2">“</font><font size=2>ML
& Co.</font><font size="2">”</font><font size=2>)
from 1990 to 1999. </font><font size=2></font><font size=2></font><font size=2></font>
</td>
<td valign="TOP" rowspan="12" width="32"> </td>
<td valign="TOP" rowspan="12" width="31" align="center">
<p>
</td>
<td valign="TOP" rowspan="12" width="30" align="center"> </td>
<td valign="TOP" rowspan="12" width="51" align="center">
<p>
</td>
</tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr>
<td valign="TOP" colspan="5"> </td>
<td valign="TOP" width="20">
<div align="center"></div>
</td>
<td valign="TOP" width="31"> </td>
<td valign="TOP" width="191"> </td>
<td valign="TOP" width="32"> </td>
<td valign="TOP" width="31" align="center"> </td>
<td valign="TOP" width="30" align="center"> </td>
<td valign="TOP" width="51" align="center"> </td>
</tr>
<tr valign="bottom">
<td colspan="5" height="20"><font size=2>Robert S. Salomon, Jr.(<font size="1">1)(2)
</font></font> </td>
<td width="20" height="20">
<div align="center"><font size="2">62</font></div>
</td>
<td width="222" height="20" colspan="2"><font size=2> Principal
of STI Management </font></td>
<td width="32" height="20"> </td>
<td width="31" align="center" height="20"><font size=2>1996 </font></td>
<td width="30" align="center" height="20"> </td>
<td width="51" align="center" height="20"><font size="2">-0-
</font></td>
</tr>
<tr>
<td valign="TOP" rowspan="13" colspan="5">
<p> <font size=2>106 Dolphin Cove Quay<br>
</font><font size="2">Stamford, Connecticut 06902 </font>
<p><font size="2"> </font>
</td>
<td valign="TOP" rowspan="13" width="20">
<div align="center"></div>
</td>
<td valign="TOP" rowspan="13" width="31"> </td>
<td valign="TOP" rowspan="13" width="191">
<p> <font size=2>(investment adviser) since 1994;</font><font size=2>
Chairman and CEO of Salomon Brothers Asset Management from </font> <font size=2>1992
to 1995; Monthly columnist </font> <font size=2>with the
<i>Forbes</i> Magazine since </font> <font size=2>1992; Chairman
of Salomon </font> <font size=2>Brothers equity mutual funds
</font> <font size=2>from 1992 to 1995; Director of </font>
<font size=2>Stock Research and U.S. Equity </font><font size=2>Strategist
at Salomon Brothers Inc. </font> <font size=2>from 1975 to
1991; Trustee, The </font><font size="2">Common Fund since
1980. </font>
</td>
<td valign="TOP" rowspan="13" width="32"> </td>
<td valign="TOP" rowspan="13" width="31" align="center">
<p>
<p> <font size=2> </font>
<p>
</td>
<td valign="TOP" rowspan="13" width="30" align="center"> </td>
<td valign="TOP" rowspan="13" width="51" align="center">
<p>
</td>
</tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<p align=CENTER><font size=2>3</font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<hr size=5 noshade>
</td>
</tr>
</TABLE>
<br>
<table cellpadding="0" cellspacing="0" border="0" width="601">
<tr valign="BOTTOM">
<th valign="bottom" height="135" width="31%"><font size="1">Name and Address
</font><font size="-1">
<hr width=95% size=1 noshade>
</font></th>
<th valign="bottom" height="135" width="5%"><font size="1"></font></th>
<th valign="bottom" height="135" width="2%"><font size="1">Age </font><font size="-1">
<hr width=95% size=1 noshade>
</font></th>
<th valign="bottom" height="135" width="37%" colspan="2"><font size="1"></font><font size="1">Principal
Occupations<br>
During Past Five Years<br>
and Public Directorships (1) </font><font size="-1">
<hr width=85% size=1 noshade>
</font></th>
<th valign="bottom" height="135" width="5%"><font size="1"></font></th>
<th valign="bottom" height="135" width="4%"><font size="1">Director<br>
Since </font><font size="-1">
<hr width=95% size=1 noshade>
</font></th>
<th valign="bottom" height="135" width="5%"><font size="1"></font></th>
<th valign="bottom" height="135" width="9%"><font size="1">Shares<br>
of Common<br>
Stock of<br>
the Fund<br>
Beneficially<br>
Owned at<br>
the Record Date </font><font size="-1">
<hr width=95% size=1 noshade>
</font></th>
</tr>
</TABLE>
<table cellspacing=0 cellpadding=0 width=600>
<tr valign="middle">
<td colspan="9" height="34">
<p><i><font size="2">Class I Directors serving until the 2000
Annual Meeting of Stockholders: </font></i>
</td>
</tr>
<tr valign="middle">
<td width="31%"><font size=2>Joe Grills<font size="1">(1)(2)</font></font></td>
<td width="5%"> </td>
<td width="3%">
<div align="center"><font size="2">64</font></div>
</td>
<td colspan="2"><font size="2"> Member
of the Committee of </font></td>
<td width="5%"> </td>
<td width="6%" align="center"><font size="2">1994</font></td>
<td width="4%" align="center"> </td>
<td width="9%" align="center"><font size="2">-0- </font></td>
</tr>
<tr>
<td width="31%" valign="TOP" rowspan="28">
<p> <font size=2> </font><font size=2>PO Box 98<br>
</font><font size="2">Rapidan, Virginia 22733 </font>
</td>
<td width="5%" valign="TOP" rowspan="28"> </td>
<td width="3%" valign="TOP" rowspan="28">
<p align="center"><font size="2"> </font>
</td>
<td width="5%" valign="TOP" rowspan="28"> </td>
<td width="32%" valign="TOP" rowspan="28">
<p> <font size="2">Investment of Employee Benefit </font> <font size="2">Assets
of the Financial Executives </font> <font size="2">Institute
(</font><font size="2">“</font><font size="2">CIEBA</font><font size="2">”</font><font size="2">)
since 1986; </font><font size="2">Member of CIEBA’s Executive
</font><font size="2">Committee since 1988 and its </font><font size="2">Chairman
from 1991 to 1992; </font><font size="2">Assistant Treasurer
of International </font><font size="2">Business Machines
Corporation </font><font size="2">(</font><font size="2">“</font><font size="2">IBM</font><font size="2">”</font><font size="2">)
and Chief Investment </font><font size="2">Officer of IBM
Retirement Funds </font><font size="2">from 1986 to 1993;
Member of </font> <font size="2">the Investment Advisory
Committees </font> <font size="2">of the State of New York
Common </font><font size="2">Retirement Fund and the Howard
</font><font size="2">Hughes Medical Institute since </font><font size="2">1997;
Director, Duke Management </font><font size="2">Company since
1992 and Vice </font><font size="2">Chairman thereof since
1998; </font><font size="2">Director, LaSalle Street Fund
since </font><font size="2">1995; Director, Hotchkis and
Wiley </font><font size="2">Mutual Funds since 1996; Director,
</font> <font size="2">Kimco Realty Corporation since </font>
<font size="2">1997; Member of the Investment </font> <font size="2">Advisory
Committee of the Virginia </font> <font size="2">Retirement
System since 1998; </font> <font size="2">Director, Montpelier
Foundation </font><font size="2">since 1998. </font> <font size=2></font>
</td>
<td width="5%" valign="TOP" rowspan="28"> </td>
<td width="6%" valign="TOP" rowspan="28" align="center">
<p><font size="2"> </font>
</td>
<td width="4%" valign="TOP" rowspan="28" align="center"> </td>
<td width="9%" valign="TOP" rowspan="28" align="center">
<p>
</td>
</tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr> </tr>
<tr valign="middle">
<td width="31%"> </td>
<td width="5%"> </td>
<td width="3%">
<div align="center"></div>
</td>
<td width="5%"> </td>
<td width="32%"> </td>
<td width="5%"> </td>
<td width="6%" align="center"> </td>
<td width="4%" align="center"> </td>
<td width="9%" align="center"> </td>
</tr>
<tr valign="middle">
<td width="31%" height="17"><font size=2>Walter Mintz<font size="1">(1)(2)</font></font></td>
<td width="5%" height="17"> </td>
<td width="3%" height="17">
<div align="center"><font size="2">70</font></div>
</td>
<td colspan="2" height="17"><font size=2> Special
Limited Partner of </font></td>
<td width="5%" height="17"> </td>
<td width="6%" align="center" height="17"><font size="2">1992</font></td>
<td width="4%" align="center" height="17"> </td>
<td width="9%" align="center" height="17"><font size="2">-0-
</font></td>
</tr>
<tr>
<td width="31%" valign="TOP" rowspan="3">
<p> <font size=2> </font> <font size=2>1114 Avenue
of the Americas </font><font size="2"><br>
New York, New York 10036 </font>
</td>
<td width="5%" valign="TOP" rowspan="3"> </td>
<td width="3%" valign="TOP" rowspan="3">
<p align="center"><font size="2"> </font>
</td>
<td width="5%" valign="TOP" rowspan="3"> </td>
<td width="32%" valign="TOP" rowspan="3">
<p> <font size=2>Cumberland Associates (investment partnership)
since 1982. </font><font size=2></font>
</td>
<td width="5%" valign="TOP" rowspan="3"> </td>
<td width="6%" valign="TOP" rowspan="3" align="center">
<p><font size="2"> </font>
</td>
<td width="4%" valign="TOP" rowspan="3" align="center"> </td>
<td width="9%" valign="TOP" rowspan="3" align="center">
<p>
</td>
</tr>
<tr> </tr>
<tr> </tr>
</TABLE>
<TABLE WIDTH=100><TR><TD><BR><HR SIZE=1 noshade width=100></TD></TR></TABLE>
<TABLE WIDTH=600>
<TR VALIGN=TOP>
<TD WIDTH=3%><font size="1">(1) </font></TD>
<TD WIDTH=3%><font size="1"></font></TD>
<TD WIDTH=94%><font size="1">Each of the nominees and the other Directors
is a director, trustee or member of an advisory board of certain other investment
companies for which FAM or MLAM acts as investment adviser.</font></TD>
</TR>
</TABLE>
<TABLE WIDTH=600>
<TR VALIGN=TOP>
<TD WIDTH=3%><font size="1">(2) </font></TD>
<TD WIDTH=3%><font size="1"></font></TD>
<TD WIDTH=94%><font size="1">Member of the Audit Committee of the Board of
Directors.</font></TD>
</TR>
</TABLE>
<TABLE WIDTH=600>
<TR VALIGN=TOP>
<TD WIDTH=3%><font size="1">* </font></TD>
<TD WIDTH=3%><font size="1"></font></TD>
<TD WIDTH=94%><font size="1">Interested person, as defined in the Investment
Company Act of 1940, as amended (the “Investment Company Act”),
of the Fund.</font></TD>
</TR>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<p align=CENTER><font size=2>4</font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<hr size=5 noshade>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<p><font size=2> <i>Committees and Board of Directors’
Meetings. </i>The Board of Directors has a standing Audit Committee, which
consists of the Directors who are not “interested persons” 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’s independent auditors and the evaluation by
such auditors of the accounting procedures followed by the Fund. The non-interested
Directors have retained independent legal counsel to assist them in connection
with these duties. The Board of Directors does not have a nominating committee.
</font></p>
</td>
</tr>
</TABLE>
<br>
<TABLE WIDTH=600><TR><TD><P><FONT SIZE=2> During
the fiscal year ended June 30, 1999, 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, the total number of meetings of the
Audit Committee held during such period.</FONT></P></TD></TR></TABLE><BR>
<TABLE WIDTH=600><TR><TD>
<P><FONT SIZE=2> <i>Compliance with Section
16(a) of the Securities Exchange Act of 1934. </i>Section 16(a) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”),
requires the Fund’s officers and directors and persons who own more
than ten percent of a registered class of the Fund’s equity securities,
to file reports of ownership and changes in ownership of Forms 3, 4 and
5 with the Securities and Exchange Commission (the “SEC”) and
the New York Stock Exchange. Officers, directors and greater than ten
percent stockholders are required by SEC regulations to furnish the Fund
with copies of all Forms 3, 4 and 5 they file.</FONT></P>
</TD></TR></TABLE><BR>
<TABLE WIDTH=600><TR><TD><P><FONT SIZE=2> Based
solely on the Fund’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, the Fund
believes that all of its officers, directors, greater than ten percent
beneficial owners and other persons subject to Section 16 of the Exchange Act
because of the requirements of Section 30 of the Investment Company Act, (i.e.,
any advisory board member, investment adviser or affiliated person of the Fund’s
investment adviser), have complied with all filing requirements applicable to
them with respect to transactions during the Fund’s most recent fiscal
year.</FONT></P></TD></TR></TABLE><BR>
<TABLE WIDTH=600><TR><TD>
<P><FONT SIZE=2> <i> Interested Persons. </i>The
Fund considers Mr. Zeikel and Mr. Glenn to be “interested persons”
of the Fund within the meaning of Section 2(a)(19) of the Investment Company
Act as a result of the positions each holds or has held with FAM and its
affiliates and/or due to their ownership of securities issued by ML & Co.
Mr. Glenn is the President of the Fund.</FONT></P>
</TD></TR></TABLE><BR>
<TABLE WIDTH=600><TR><TD>
<P><FONT SIZE=2> <i> Compensation of Directors.
</i>FAM, the Fund’s investment adviser, pays all compensation of
all officers of the Fund and all Directors of the Fund who are affiliated
with ML & Co. or its subsidiaries. The Fund pays each Director not affiliated
with FAM (each a “non-interested Director”) a fee of $2,000
per year plus $500 per regular meeting attended, together with such Director’s
actual out-of-pocket expenses relating to attendance at those meetings.
The Fund also pays each member of its Audit Committee, which consists
of all of the non-interested Directors, an additional fee of $2,000 per
year plus $500 per Audit Committee meeting attended, together with such
Director’s out-of-pocket expenses relating to attendance at such
meetings. These fees and expenses aggregated $40,115 for the fiscal year
ended June 30, 1999.</FONT></P>
</TD></TR></TABLE><BR>
<TABLE WIDTH=600><TR><TD><P><FONT SIZE=2> The
following table sets forth for the fiscal year ended June 30, 1999 compensation
paid by the Fund to the non-interested Directors and, for the calendar year
ended December 31, 1998, the aggregate compensation paid by all investment
companies advised by FAM and its affiliate, MLAM (“FAM/MLAM Advised Funds”),
to the non-interested Directors.</FONT></P></TD></TR></TABLE>
<br>
<table width=600>
<tr>
<td>
<p align=CENTER><font size=2>5</font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<hr size=5 noshade>
</td>
</tr>
</TABLE>
<br>
<table cellpadding="0" cellspacing="0" border="0" width="600">
<tr valign="BOTTOM">
<th colspan="2" align="left" height="100"><font size="1">Name of Director</font><font size="-1">
<hr align=LEFT width=95% size=1 noshade>
</font></th>
<th colspan="2" height="100"><font size="1">Compensation<br>
From Fund </font><font size="-1">
<hr width=75% size=1 noshade>
</font></th>
<th colspan="2" height="100"><font size="1">Pension or<br>
Retirement Benefits<br>
Accrued as Part<br>
of Fund Expenses </font><font size="-1">
<hr width=85% size=1 noshade>
</font></th>
<th colspan="2" height="100"><font size="1">Aggregate<br>
Compensation<br>
From Fund and Other<br>
FAM/MLAM Advised<br>
Funds Paid to Directors </font><font size="-1">
<hr width=95% size=1 noshade>
</font></th>
</tr>
<tr valign="TOP">
<td width="33%" align="LEFT"><font size="2">Joe Grills<font size="1">(1)</font></font></td>
<td width="11%" align="LEFT"><font size="2"></font></td>
<td width="13%" align="RIGHT">
<div align="right"><font size="2">$8,000</font></div>
</td>
<td width="5%" align="LEFT"> </td>
<td align="LEFT" width="11%">
<div align="right"><font size="2">None</font></div>
</td>
<td align="LEFT" width="5%"><font size="2"></font></td>
<td width="15%" align="RIGHT">
<div align="right"><font size="2">$198,333</font></div>
</td>
<td width="7%" align="LEFT"> </td>
</tr>
<tr valign="TOP">
<td align="LEFT" width="33%"><font size="2">Walter Mintz<font size="1">(1)</font></font></td>
<td align="LEFT" width="11%"><font size="2"></font></td>
<td align="RIGHT" width="13%">
<div align="right"><font size="2">$8,000</font></div>
</td>
<td align="LEFT" width="5%"> </td>
<td align="LEFT" width="11%">
<div align="right"><font size="2">None</font></div>
</td>
<td align="LEFT" width="5%"><font size="2"></font></td>
<td align="RIGHT" width="15%">
<div align="right"><font size="2">$178,583</font></div>
</td>
<td align="LEFT" width="7%"> </td>
</tr>
<tr valign="TOP">
<td align="LEFT" width="33%"><font size="2">Robert S. Salomon, Jr.<font size="1">(1)</font></font></td>
<td align="LEFT" width="11%"><font size="2"></font></td>
<td align="RIGHT" width="13%">
<div align="right"><font size="2">$8,000</font></div>
</td>
<td align="LEFT" width="5%"> </td>
<td align="LEFT" width="11%">
<div align="right"><font size="2">None</font></div>
</td>
<td align="LEFT" width="5%"><font size="2"></font></td>
<td align="RIGHT" width="15%">
<div align="right"><font size="2">$178,583</font></div>
</td>
<td align="LEFT" width="7%"> </td>
</tr>
<tr valign="TOP">
<td align="LEFT" width="33%"><font size="2">Melvin R. Seiden<font size="1">(1)</font></font></td>
<td align="LEFT" width="11%"><font size="2"></font></td>
<td align="RIGHT" width="13%">
<div align="right"><font size="2">$8,000</font></div>
</td>
<td align="LEFT" width="5%"> </td>
<td align="LEFT" width="11%">
<div align="right"><font size="2">None</font></div>
</td>
<td align="LEFT" width="5%"><font size="2"></font></td>
<td align="RIGHT" width="15%">
<div align="right"><font size="2">$178,583</font></div>
</td>
<td align="LEFT" width="7%"> </td>
</tr>
<tr valign="TOP">
<td align="LEFT" width="33%"><font size="2">Stephen B. Swensrud<font size="1">(1)</font></font></td>
<td align="LEFT" width="11%"><font size="2"></font></td>
<td align="RIGHT" width="13%">
<div align="right"><font size="2">$8,000</font></div>
</td>
<td align="LEFT" width="5%"> </td>
<td align="LEFT" width="11%">
<div align="right"><font size="2">None</font></div>
</td>
<td align="LEFT" width="5%"><font size="2"></font></td>
<td align="RIGHT" width="15%">
<div align="right"><font size="2">$195,583</font></div>
</td>
<td align="LEFT" width="7%"> </td>
</tr>
</TABLE>
<TABLE WIDTH=100><TR><TD><BR><HR SIZE=1 noshade width=100></TD></TR></TABLE>
<TABLE WIDTH=600><TR VALIGN=TOP>
<TD WIDTH=3%><font size="1">(1)</font><FONT SIZE=2> </FONT></TD>
<TD WIDTH=3%></TD>
<TD WIDTH=94%><font size="1">The Directors serve on the boards of FAM/MLAM
Advised Funds as follows: Mr. Grills (24 registered investment companies
consisting of 56 portfolios); Mr. Mintz (22 registered investment companies
consisting of 43 portfolios); Mr. Salomon (22 registered investment companies
consisting of 43 portfolios); Mr. Seiden (22 registered investment companies
consisting of 43 portfolios); Mr. Swensrud (25 registered investment companies
consisting of 58 portfolios).</font></TD>
</TR></TABLE>
<br>
<TABLE WIDTH=600><TR><TD>
<P><FONT SIZE=2> <i> Officers of the Fund. </i>The
Board of Directors has elected seven officers of the Fund. The following
sets forth information concerning each of these officers:</FONT></P>
</TD></TR></TABLE><BR>
<table cellpadding="0" cellspacing="0" border="0" width="600">
<tr valign="BOTTOM">
<th colspan="2" align="left"><font size="-1"> </font></th>
<th colspan="2"><font size="-1"> </font></th>
<th colspan="2"><font size="-1"> </font></th>
<th width="21"><font size="1"></font></th>
<th width="67"><font size="-1"> </font></th>
</tr>
</TABLE>
<table cellspacing=0 cellpadding=0 width=600>
<tr valign="bottom">
<td colspan="3"><font size="1"><b> Name and Principal Occupation </b>
</font><font size="-1">
<hr align=LEFT width=100% size=1 noshade>
</font></td>
<td width="2%"> </td>
<td width="3%">
<div align="center"><font size="1"><b>Age </b> </font><font size="-1"> </font></div>
<font size="-1">
<hr width=100% size=1 noshade>
</font></td>
<td width="2%"> </td>
<td width="27%">
<div align="center"><font size="1"><b>Office </b> </font><font size="-1">
</font></div>
<font size="-1">
<hr width=100% size=1 noshade>
</font></td>
<td width="18%" align="center"><font size="1"><b>Officer Since </b> </font>
<hr size="1" noshade width="80%">
</td>
</tr>
<tr valign="top">
<td colspan="3"> <font size=2>
<p><font size="2">Terry K. Glenn</font>
</font></td>
<td width="2%"><font size="2"></font></td>
<td width="3%" align="center">
<div align="center"><font size=2> </font></div>
<font size=2>
<p align="center"><font size="2">59</font>
</font></td>
<td width="2%"> </td>
<td width="27%">
<div align="left"><font size=2> </font></div>
<font size=2>
<p align="left"><font size="2">President</font>
</font></td>
<td width="18%" align="center">
<div align="center"><font size=2> </font></div>
<font size=2>
<p align="center"><font size="2">1989*</font>
</font></td>
</tr>
<tr>
<td width="0%" valign="TOP" rowspan="2"><font size="2"></font><font size="2"></font></td>
<td width="1%" valign="TOP" rowspan="2"> </td>
<td width="47%" valign="TOP" rowspan="2">
<p> <font size=2><font size="2">Executive Vice President
of FAM and MLAM since 1983; </font></font><font size="2">Executive Vice
President and Director of Princeton Services since 1993; President of
Princeton Funds Distributor, Inc. (“PFD”) since 1986 and Director
thereof since 1991; President of Princeton Administrators, LP since 1988.</font><br>
<br>
<font size=2></font>
</td>
<td width="2%" valign="TOP" rowspan="2"><font size="2"></font><font size="2"></font></td>
<td width="3%" valign="TOP" rowspan="2" align="center">
<div align="center"><font size="2"></font><font size="2"></font></div>
</td>
<td width="2%" valign="TOP" rowspan="2"> </td>
<td width="27%" valign="TOP" rowspan="2">
<div align="left"><font size="2"></font><font size="2"></font></div>
</td>
<td width="18%" valign="TOP" rowspan="2" align="center">
<div align="center"><font size="2"></font><font size="2"></font></div>
</td>
</tr>
<tr> </tr>
<tr valign="top">
<td colspan="3" height="14"> <font size=2>
<p><font size="2">Vincent R. Giordano</font>
</font></td>
<td width="2%" height="14"><font size="2"></font></td>
<td width="3%" align="center" height="14">
<div align="center"><font size=2> </font></div>
<font size=2>
<p align="center"><font size="2">55</font>
</font></td>
<td width="2%" height="14"> </td>
<td width="27%" rowspan="3">
<div align="left"><font size=2> </font></div>
<font size=2>
<p align="left"><font size="2">Senior </font><font size=2><font size="2">Vice
President</font> </font><font size="2"></font>
</font></td>
<td width="18%" align="center" height="14">
<div align="center"><font size=2> </font></div>
<font size=2>
<p align="center"><font size="2">1989</font>
</font></td>
</tr>
<tr>
<td width="0%" valign="top" rowspan="2"><font size="2"></font><font size="2"></font></td>
<td width="1%" valign="top" rowspan="2"> </td>
<td width="47%" valign="top" rowspan="2">
<p> <font size=2><font size="2">Senior Vice President of FAM and MLAM since
1984; </font></font><font size="2">Senior Vice President of Princeton
Services since 1993.</font> <br>
<br>
<font size=2></font>
</td>
<td width="2%" valign="TOP" rowspan="2"><b></b><font size="2"></font></td>
<td width="3%" valign="TOP" rowspan="2" align="center">
<div align="center"><b></b><font size="2"></font></div>
</td>
<td width="2%" valign="TOP" rowspan="2"> </td>
<td width="18%" valign="TOP" rowspan="2" align="center">
<div align="center"><b></b><font size="2"></font></div>
</td>
</tr>
<tr> </tr>
<tr valign="top">
<td colspan="3" height="16"> <font size=2>
<p><font size="2">Kenneth A. Jacob</font>
</font></td>
<td width="2%" height="16"><font size="2"></font></td>
<td width="3%" align="center" height="16">
<div align="center"><font size=2> </font></div>
<font size=2>
<p align="center"><font size="2">48</font>
</font></td>
<td width="2%" height="16"> </td>
<td width="27%" rowspan="2">
<div align="left"><font size=2> </font></div>
<font size=2>
<p align="left"><font size="2">Vice </font><font size=2><font size="2">President</font></font><font size="2"></font>
</font></td>
<td width="18%" align="center" height="16">
<div align="center"><font size=2> </font></div>
<font size=2>
<p align="center"><font size="2">1992</font>
</font></td>
</tr>
<tr>
<td width="0%" valign="top"><font size="2"></font></td>
<td width="1%" valign="top"> </td>
<td width="47%" valign="top"> <font size=2>
<p><font size="2">First Vice President of MLAM since 1997; Vice President
of FAM and MLAM from 1984 to 1997.</font> <br>
<br>
</font></td>
<td width="2%" valign="TOP"><font size="2"></font></td>
<td width="3%" valign="TOP" align="center">
<div align="center"><font size="2"></font></div>
</td>
<td width="2%" valign="TOP"> </td>
<td width="18%" valign="TOP" align="center">
<div align="center"><font size="2"></font></div>
</td>
</tr>
<tr valign="top">
<td colspan="3" valign="top" height="15"> <font size=2>
<p><font size="2">John M. Loffredo</font>
</font></td>
<td width="2%" height="15"><font size="2"></font></td>
<td width="3%" align="center" valign="top" height="15">
<div align="center"><font size=2> </font></div>
<font size=2>
<p align="center"><font size="2">35</font>
</font></td>
<td width="2%" valign="top" height="15"> </td>
<td width="27%" rowspan="2" valign="top">
<div align="left"><font size=2> </font></div>
<font size=2>
<p align="left"><font size="2">Vice </font><font size=2><font size="2">President</font></font><font size="2"></font>
</font></td>
<td width="18%" align="center" valign="top" height="15">
<div align="center"><font size=2> </font></div>
<font size=2>
<p align="center"><font size="2">1998</font>
</font></td>
</tr>
<tr>
<td width="0%" valign="top"><font size="2"></font></td>
<td width="1%" valign="top"> </td>
<td width="47%" valign="top"> <font size=2>
<p><font size="2">First Vice President of MLAM since 1997; Vice President
of MLAM since 1991; Portfolio Manager of FAM and MLAM since 1997.</font>
<br>
<br>
</font></td>
<td width="2%" valign="TOP"><font size="2"></font></td>
<td width="3%" valign="TOP" align="center">
<div align="center"><font size="2"></font></div>
</td>
<td width="2%" valign="TOP"> </td>
<td width="18%" valign="TOP" align="center">
<div align="center"><font size="2"></font></div>
</td>
</tr>
<tr valign="bottom">
<td colspan="3" valign="top" height="12"> <font size=2>
<p><font size="2">Theodore R. Jaeckel, Jr.</font>
</font></td>
<td width="2%" valign="top" height="12"><font size="2"></font></td>
<td width="3%" align="center" valign="top" height="12">
<div align="center"><font size=2> </font></div>
<font size=2>
<p align="center"><font size="2">40</font>
</font></td>
<td width="2%" height="12"> </td>
<td width="27%" rowspan="4" valign="top">
<div align="left"><font size=2> </font></div>
<font size=2>
<p align="left"><font size="2">Vice </font><font size=2><font size="2">President</font></font><font size="2"></font><font size="2"></font><font size="2"></font>
</font></td>
<td width="18%" align="center" valign="top" height="12">
<div align="center"><font size=2> </font></div>
<font size=2>
<p align="center"><font size="2">1997</font>
</font></td>
</tr>
<tr>
<td width="0%" valign="top" rowspan="3"><font size="2"></font><font size="2"></font><font size="2"></font></td>
<td width="1%" valign="top" rowspan="3"> </td>
<td width="47%" valign="top" rowspan="3">
<p> <font size=2><font size="2">Director (Municipal Tax-Exempt Fund Management)
of </font> </font> <font size=2><font size="2">MLAM since 1997; Vice President
of MLAM from 1991 </font> </font> <font size="2">to 1997.<br>
<br>
</font>
</td>
<td width="2%" valign="TOP" rowspan="3"><font size="2"></font><font size="2"></font><font size="2"></font></td>
<td width="3%" valign="TOP" rowspan="3" align="center">
<div align="center"><font size="2"></font><font size="2"></font><font size="2"></font></div>
</td>
<td width="2%" valign="TOP" rowspan="3"> </td>
<td width="18%" valign="TOP" rowspan="3" align="center">
<div align="center"><font size="2"></font><font size="2"></font><font size="2"></font></div>
</td>
</tr>
<tr> </tr>
<tr> </tr>
<tr valign="top">
<td colspan="3" height="15"> <font size=2>
<p><font size="2">Donald C. Burke</font>
</font></td>
<td width="2%" height="15"><font size="2"></font></td>
<td width="3%" align="center" height="15">
<div align="center"><font size=2> </font></div>
<font size=2>
<p align="center"><font size="2">39</font>
</font></td>
<td width="2%" height="15"> </td>
<td width="27%">
<div align="left"><font size=2> </font></div>
<font size=2>
<p align="left"><font size="2">Vice </font><font size=2><font size=2><font size="2">President</font></font></font>
</font></td>
<td width="18%" align="center" height="15" valign="top">
<div align="center"><font size=2> </font></div>
<font size=2>
<p align="center"><font size="2">1993</font>
</font></td>
</tr>
<tr>
<td width="0%" valign="top" rowspan="2"><font size="2"></font><font size="2"></font></td>
<td width="1%" valign="top" rowspan="2"> </td>
<td width="47%" valign="top" rowspan="2">
<p> <font size=2><font size="2">Senior Vice President and Treasurer of FAM
and MLAM since </font></font><font size="2">1999; Senior Vice President
and Treasurer of Princeton Services since 1999; Vice President of PFD
since 1999; First Vice President of MLAM from 1997 to 1999; Vice President
of MLAM from 1990 to 1997; Director of Taxation of MLAM since 1990.</font>
<br>
<br>
<font size=2></font>
</td>
<td width="2%" valign="TOP" rowspan="2"><font size="2"></font><font size="2"></font></td>
<td width="3%" valign="TOP" rowspan="2" align="center">
<div align="center"><font size="2"></font><font size="2"></font></div>
</td>
<td width="2%" valign="TOP" rowspan="2"> </td>
<td width="27%" valign="top" rowspan="2"><font size=2><font size=2> <font size="2">and
Treasurer</font> </font><font size="2"></font> </font></td>
<td width="18%" valign="TOP" align="center" rowspan="2"> <font size="2">1999 </font></td>
</tr>
<tr> </tr>
<tr valign="top">
<td colspan="3" height="17"> <font size=2>
<p><font size="2">Bradley J. Lucido</font>
</font></td>
<td width="2%" height="17"><font size="2"></font></td>
<td width="3%" align="center" height="17">
<div align="center"><font size=2> </font></div>
<font size=2>
<p align="center"><font size="2">33</font>
</font></td>
<td width="2%" height="17"> </td>
<td width="27%" height="17">
<div align="left"><font size=2> </font></div>
<font size=2>
<p align="left"><font size="2">Secretary</font>
</font></td>
<td width="18%" align="center" height="17">
<div align="center"><font size=2> </font></div>
<font size=2>
<p align="center"><font size="2">1999</font>
</font></td>
</tr>
<tr>
<td width="0%" valign="top" height="46"><font size="2"></font></td>
<td width="1%" valign="top" height="46"> </td>
<td width="47%" valign="top" height="46"> <font size=2>
<p><font size="2">Vice President of MLAM since 1999; attorney with MLAM
since 1995; attorney in private practice from 1991 to 1995.</font>
</font></td>
<td width="2%" valign="TOP" height="46"><font size="2"></font></td>
<td width="3%" valign="TOP" height="46" align="center">
<div align="center"><font size="2"></font></div>
</td>
<td width="2%" valign="TOP" height="46"> </td>
<td width="27%" valign="TOP" height="46">
<div align="left"><font size="2"></font></div>
</td>
<td width="18%" valign="TOP" height="46" align="center">
<div align="center"><font size="2"></font></div>
</td>
</tr>
</TABLE>
<TABLE WIDTH=100><TR><TD><BR><HR SIZE=1 noshade width=100></TD></TR></TABLE>
<TABLE WIDTH=600><TR VALIGN=TOP><TD WIDTH=3%><FONT SIZE=2>*
</FONT></TD><TD WIDTH=3%></TD>
<TD WIDTH=94%><font size="1">Mr. Glenn was elected President of the Fund in
1999. Prior to that he served as Executive Vice President of the Fund.</font></TD>
</TR></TABLE>
<br>
<table width=600>
<tr>
<td>
<p align=CENTER><font size=2>6</font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<hr size=5 noshade>
</td>
</tr>
</TABLE>
<br>
<TABLE WIDTH=600><TR><TD>
<P><FONT SIZE=2> <i> Stock Ownership.</i> At
the Record Date, the Directors and officers of the Fund as a group (13
persons) owned an aggregate of less than 1% of the Common Stock of the
Fund outstanding at such date. At such date, Mr. Zeikel, a Director of
the Fund, Mr. Glenn, a Director and an officer 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 & Co.</FONT></P>
</TD></TR></TABLE><BR>
<TABLE WIDTH=600><TR><TD>
<P ALIGN=center><FONT SIZE=2><B>ITEM 2. SELECTION OF INDEPENDENT AUDITORS</B></FONT></P>
</TD></TR></TABLE><BR>
<TABLE WIDTH=600><TR><TD>
<P><FONT SIZE=2> 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 Deloitte & Touche <font size="1">LLP</font>
(“D&T”), 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.</FONT></P>
</TD></TR></TABLE><BR>
<TABLE WIDTH=600><TR><TD>
<P><FONT SIZE=2> D&T also acts as independent
auditors for ML & Co. and all of its subsidiaries and for most other investment
companies for which FAM or MLAM acts as investment adviser. The fees received
by D&T from these other entities are substantially greater, in the
aggregate, than the total fees received by it from the Fund. The Board
of Directors of the Fund considered the fact that D&T has been retained
as the independent auditors for ML & Co. and the other entities described
above in its evaluation of the independence of D&T with respect to
the Fund.</FONT></P>
</TD></TR></TABLE><BR>
<TABLE WIDTH=600><TR><TD><P><FONT SIZE=2> Representatives
of D&T 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.</FONT></P></TD></TR></TABLE>
<br>
<table width=600>
<tr>
<td>
<p align=center><font size=2><b>ADDITIONAL INFORMATION</b></font></p>
</td>
</tr>
</TABLE>
<BR>
<TABLE WIDTH=600><TR>
<TD>
<P><FONT SIZE=2> The expenses of preparation, printing
and mailing of the enclosed form of proxy and accompanying Notice and
Proxy Statement will be borne by the 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.</FONT></P>
<P><FONT SIZE=2> In order to obtain
the necessary quorum at the Meeting (i.e., a majority of the shares of
the Fund entitled to vote at the Meeting, present in person or by proxy),
supplementary solicitation may be made by mail, telephone, telegraph or
personal interview by officers of the Fund. The Fund has retained D.F.
King & Co., Inc. to assist in the solicitation of proxies for an estimated
fee of $3,500, plus reasonable out-of-pocket expenses. </FONT></P>
<P><FONT SIZE=2> 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
“FOR” the Director nominees and “FOR” the ratification
of the independent auditors. </FONT></P>
<P><FONT SIZE=2> Approval of Items 1
and 2 will require the affirmative vote of a majority of the votes cast
by the Fund’s stockholders, present in person or by proxy and entitled
to vote, at a meeting at which a quorum is duly constituted. </FONT></P>
<P align="center"><font size="2">7</font></P>
<hr size=5 noshade>
<P> <FONT SIZE=2>Broker-dealer firms, including
Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”),
holding Fund shares in “street name” 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 1) and ratification of the selection of independent
auditors (Item 2) if no instructions have been received prior to the date
specified in the broker-dealer firm’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 to the Fund but that
are marked “abstain” or on which a broker-dealer has declined
to vote on any proposal (“broker non-votes”) will be counted
as present for the purposes of a quorum. MLPF&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 the 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 have no effect on the
vote on Item 1 or Item 2.</FONT></P>
</TD></TR></TABLE><BR>
<TABLE WIDTH=600><TR><TD>
<P><FONT SIZE=2><b>Address Of Investment Adviser </b></FONT></P>
</TD></TR></TABLE>
<br>
<table width=600>
<tr>
<td>
<p><font size=2> The principal office of FAM is located
at 800 Scudders Mill Road, Plainsboro, New Jersey 08536.</font></p>
</td>
</tr>
</TABLE>
<BR>
<TABLE WIDTH=600><TR><TD>
<P><FONT SIZE=2><b>Annual Report Delivery</b></FONT></P>
</TD></TR></TABLE>
<br>
<table width=600>
<tr>
<td>
<p><font size=2> The Fund will furnish, without
charge, a copy of its annual report for the fiscal year ended June 30,
1999, to any stockholder upon request. Such requests should be directed
to Apex Municipal Fund, Inc., PO Box 9011, Princeton, New Jersey 08543-9011,
Attention: Bradley J. Lucido, Secretary, or to 1-800-456-4587 ext. 123.</font></p>
</td>
</tr>
</TABLE>
<BR>
<TABLE WIDTH=600><TR><TD>
<P><FONT SIZE=2><b>Stockholder Proposals</b></FONT></P>
</TD></TR></TABLE>
<br>
<table width=600>
<tr>
<td>
<p><font size=2> If a stockholder intends
to present a proposal at the 2000 Annual Meeting of Stockholders of the
Fund, and desires to have the proposal included in the Fund’s proxy
statement and form of proxy for that meeting, the stockholder must deliver
the proposal to the offices of the Fund by June 30, 2000.</font></p>
</td>
</tr>
</TABLE>
<br>
<ol>
<ol>
<ol>
<ol>
<ol>
<ol>
<ol>
<ol>
<ol>
<table width=600>
<tr>
<td>
<p><font size=2>By Order of the Board of Directors</font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<p><font size=2>BRADLEY J. LUCIDO<br>
<i>Secretary</i></font></p>
</td>
</tr>
</TABLE>
</ol>
</ol>
</ol>
</ol>
</ol>
</ol>
</ol>
</ol>
</ol>
<table width=600>
<tr>
<td>
<p><font size=2>Dated: October 29, 1999</font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<p align=CENTER><font size=2>8</font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<hr size=5 noshade>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<p align=center><font size=2><b>APEX MUNICIPAL FUND, INC. <br>
PO Box 9011 <br>
Princeton, New Jersey 08543-9011 <br>
PROXY</b></font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<p align=center><font size=2><b><i>This proxy is solicited on behalf of
the Board of Directors</i></b></font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<p><font size=2> The undersigned hereby appoints
Terry K. Glenn, Donald C. Burke 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 shares of Common Stock of Apex Municipal Fund, Inc. (the “Fund”)
held of record by the undersigned on October 20, 1999 at the Annual Meeting
of Stockholders of the Fund to be held on December 15, 1999 or any adjournment
thereof.</font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<p><font size=2> <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”
Proposals 1 and 2.</b></font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<p><font size=2> 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 “FOR” 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.</font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<p align=right><font size=2>(Continued and to be signed on the reverse side)</font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<hr size=5 noshade>
</td>
</tr>
</TABLE>
<p><br>
<br>
</p>
<table width=600>
<tr>
<td colspan="5">
<p><font size="2"><b>Please mark boxes</b>: [ ] or [X]
in blue or black ink.</font></p>
</td>
</tr>
<tr valign="top">
<td width="102"><font size="2">1. ELECTION OF CLASS
II DIRECTORS</font></td>
<td width="6"> </td>
<td width="243"><font size="2"><b>FOR</b> all nominees listed below<br>
(except as marked to the contrary below)[ ]</font></td>
<td width="1"> </td>
<td width="224"><font size="2"><b>WITHHOLD AUTHORITY </b><br>
to vote for all nominees listed below [ ]<br>
</font></td>
</tr>
</TABLE>
<table width=600>
<tr>
<td>
<p><font size=2><b><i>(INSTRUCTION: To withhold authority to vote for any
individual nominee, strike a line through the nominee’s name in the
list below.)</i></b><br>
Terry K. Glenn, Melvin R. Seiden, and Stephen B. Swensrud</font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<p><font size=2>2. Proposal to ratify the selection of Deloitte & Touche
<font size="1">LLP</font> as the independent auditors of the Fund to serve<br>
for the current fiscal year.</font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<p align=left><font size=2><b> FOR </b>[ ]<b> AGAINST
</b>[ ]<b> ABSTAIN
</b>[ ]</font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<p><font size=2>3. In the discretion of such proxies, upon such other business
as may properly come before the meeting or any<br>
adjournment thereof.</font></p>
</td>
</tr>
</TABLE>
<br>
<table width=600>
<tr>
<td>
<p align=left><font size=2><b> FOR </b>[ ]<b> AGAINST
</b>[ ]<b> ABSTAIN
</b>[ ]</font></p>
</td>
</tr>
</TABLE>
<br>
<ol>
<ol>
<ol>
<ol>
<ol>
<ol>
<ol>
<ol>
<table width=300>
<tr>
<td>
<p><font size=2>Please sign exactly as name appears hereon.
When shares are held by joint tenants, both should sign.
When signing as attorney or as executor, administrator,
trustee or guardian, please give full title as such. If
a corporation, please sign in full corporate name by president
or other authorized officer. If a partnership, please
sign in partnership name by authorized person.<br>
</font></p>
</td>
</tr>
<tr>
<td height="25"><font size=2>Dated: _______________________________,
1999</font></td>
</tr>
<tr valign="bottom">
<td height="26"><font size=2>X ________________________________________</font></td>
</tr>
<tr valign="top">
<td height="26">
<div align="center"><font size="1"><b>Signature</b></font></div>
</td>
</tr>
<tr valign="bottom">
<td height="26"><font size=2>X ________________________________________</font></td>
</tr>
<tr valign="top">
<td>
<div align="center"><font size="1"><b>Signature, if held
jointly</b></font></div>
</td>
</tr>
</TABLE>
</ol>
</ol>
</ol>
</ol>
</ol>
</ol>
</ol>
</ol>
<br>
<br>
<table width=600>
<tr>
<td>
<p><font size=2><b>Sign, Date and Return Proxy Card Promptly Using the Enclosed
Envelope.</b></font></p>
</td>
</tr>
</TABLE>
<p> </p>
<table width=600>
<tr>
<td>
<hr size=5 noshade>
</td>
</tr>
</TABLE>
<p><br>
</p>
</body>
</HTML>
