Exhibit 16
POWER OF ATTORNEY
The undersigned Directors/Trustees and Officers of each of the registered
investment companies listed below hereby authorize Terry K. Glenn, Donald C.
Burke and Robert C. Doll, Jr., or any of them, as attorney-in-fact, to sign on
his or her behalf in the capacities indicated, any Registration Statement or
amendment thereto (including post-effective amendments) for each of the
following registered investment companies and to file the same, with all
exhibits thereto, with the Securities and Exchange Commission (the
"Commission"): Apex Municipal Fund, Inc.; The Asset Program, Inc.; Corporate
High Yield Fund, Inc.; Corporate High Yield Fund II, Inc.; Corporate High
Yield Fund III, Inc.; Corporate High Yield Fund IV, Inc.; Corporate High Yield
Fund V, Inc.; Financial Institutions Series Trust; Fund Asset Management
Master Trust; Master Focus Twenty Trust; Master Large Cap Series Trust; Master
Mid Cap Growth Trust; Master Premier Growth Trust; Mercury Focus Twenty Fund,
Inc.; Mercury HW Funds; Mercury HW Variable Trust; Mercury Large Cap Series
Funds, Inc.; Mercury Mid Cap Growth Fund, Inc.; Mercury Premier Growth Fund,
Inc.; Merrill Lynch California Municipal Series Trust; Merrill Lynch Focus
Twenty Fund, Inc.; Merrill Lynch Focus Value Fund, Inc.; Merrill Lynch
Fundamental Growth Fund, Inc.; Merrill Lynch Investment Managers Funds, Inc.;
Merrill Lynch Large Cap Series Funds, Inc.; Merrill Lynch Mid Cap Growth Fund,
Inc.; Merrill Lynch Multi-State Limited Maturity Municipal Series Trust;
Merrill Lynch Multi-State Municipal Series Trust; Merrill Lynch Premier Growth
Fund, Inc.; Merrill Lynch Retirement Series Trust; Merrill Lynch Short Term
U.S. Government Fund, Inc.; Merrill Lynch U.S. Government Mortgage Fund;
Merrill Lynch Variable Series Funds, Inc.; Merrill Lynch World Income Fund,
Inc.; MuniAssets Fund, Inc.; MuniEnhanced Fund, Inc.; MuniHoldings California
Insured Fund, Inc.; MuniHoldings Insured Fund II, Inc.; MuniInsured Fund,
Inc.; MuniYield Arizona Fund, Inc.; MuniYield California Fund, Inc.; MuniYield
California Insured Fund II, Inc.; MuniYield Florida Fund; MuniYield Fund,
Inc.; MuniYield Insured Fund, Inc.; MuniYield Michigan Fund, Inc.; MuniYield
New Jersey Fund, Inc.; MuniYield New York Insured Fund, Inc.; MuniYield
Quality Fund, Inc.; and MuniYield Quality Fund II, Inc.
Further, the undersigned Directors/Trustees and Officers of each of the
registered investment companies listed below hereby authorize Susan B. Baker,
as attorney-in-fact, to sign on his or her behalf in the capacities indicated,
any Registration Statement or amendment thereto (including post-effective
amendments) for each of the following registered investment companies and to
file the same, with all exhibits thereto, with the Commission: Master Focus
Twenty Trust; Master Mid Cap Growth Trust; Master Premier Growth Trust;
Mercury Focus Twenty Fund, Inc.; Mercury Mid Cap Growth Fund, Inc.; Mercury
Premier Growth Fund, Inc.; Merrill Lynch Focus Twenty Fund, Inc.; Merrill
Lynch Mid Cap Growth Fund, Inc.; and Merrill Lynch Premier Growth Fund, Inc.
Further, the undersigned Directors/Trustees and Officers of each of the
registered investment companies listed below hereby authorize Stephen Benham,
as attorney-in-fact, to sign on his or her behalf in the capacities indicated,
any Registration Statement or amendment thereto (including post-effective
amendments) for each of the following registered investment companies and to
file the same, with all exhibits thereto, with the Commission: Apex Municipal
Fund, Inc.; MuniAssets Fund, Inc.; MuniHoldings Insured Fund II, Inc.,
MuniInsured Fund, Inc.; and MuniYield Insured Fund, Inc.
Further, the undersigned Directors/Trustees and Officers of each of the
registered investment companies listed below hereby authorize Phillip S.
Gillespie, as attorney-in-fact, to sign on his or her behalf in the capacities
indicated, any Registration Statement or amendment thereto (including
post-effective amendments) for each of the following registered investment
companies and to file the same, with all exhibits thereto, with the
Commission: Fund Asset Management Master Trust; Mercury HW
C-11
Funds; Mercury HW Variable Trust; Merrill Lynch Investment Managers Funds,
Inc.; Merrill Lynch Retirement Series Trust; Merrill Lynch Short Term U.S.
Government Fund, Inc.; and Merrill Lynch U.S. Government Mortgage Fund.
Further, the undersigned Directors/Trustees and Officers of each of the
registered investment companies listed below hereby authorize Robert Harris,
as attorney-in-fact, to sign on his or her behalf in the capacities indicated,
any Registration Statement or amendment thereto (including post-effective
amendments) for each of the following registered investment companies and to
file the same, with all exhibits thereto, with the Commission: Financial
Institutions Series Trust and Merrill Lynch World Income Fund, Inc.
Further, the undersigned Directors/Trustees and Officers of each of the
registered investment companies listed below hereby authorize Bradley J.
Lucido, as attorney-in-fact, to sign on his or her behalf in the capacities
indicated, any Registration Statement or amendment thereto (including
post-effective amendments) for each of the following registered investment
companies and to file the same, with all exhibits thereto, with the
Commission: Corporate High Yield Fund, Inc.; Corporate High Yield Fund II,
Inc.; Corporate High Yield Fund III, Inc.; Corporate High Yield Fund IV, Inc.;
and Corporate High Yield Fund V, Inc.
Further, the undersigned Directors/Trustees and Officers of each of the
registered investment companies listed below hereby authorize Allan J. Oster,
as attorney-in-fact, to sign on his or her behalf in the capacities indicated,
any Registration Statement or amendment thereto (including post-effective
amendments) for each of the following registered investment companies and to
file the same, with all exhibits thereto, with the Commission: The Asset
Program, Inc., Merrill Lynch Focus Value Fund, Inc.; Merrill Lynch Fundamental
Growth Fund, Inc.; and Merrill Lynch Variable Series Funds, Inc.
Further, the undersigned Directors/Trustees and Officers of each of the
registered investment companies listed below hereby authorize Alice A.
Pellegrino, as attorney-in-fact, to sign on his or her behalf in the
capacities indicated, any Registration Statement or amendment thereto
(including post-effective amendments) for each of the following registered
investment companies and to file the same, with all exhibits thereto, with the
Commission: Master Large Cap Series Trust; Mercury Large Cap Series Funds,
Inc.; Merrill Lynch California Municipal Series Trust; Merrill Lynch Large Cap
Series Funds, Inc.; Merrill Lynch Multi-State Limited Maturity Municipal
Series Trust; Merrill Lynch Multi-State Municipal Series Trust; MuniEnhanced
Fund, Inc.; MuniHoldings California Insured Fund, Inc.; MuniYield Arizona
Fund, Inc.; MuniYield California Fund, Inc.; MuniYield California Insured Fund
II, Inc.; MuniYield Florida Fund; MuniYield Fund, Inc.; MuniYield Michigan
Fund, Inc.; MuniYield New Jersey Fund, Inc.; MuniYield New York Insured Fund,
Inc.; MuniYield Quality Fund, Inc.; and MuniYield Quality Fund II, Inc.
C-12
Dated: April 16, 2002
/s/ Terry K. Glenn /s/ Donald C. Burke
- ------------------------------------------------- ----------------------------------------------
Terry K. Glenn Donald C. Burke
(President/Principal Executive (Vice President/Treasurer/Principal
Officer/Director/Trustee) Financial and Accounting Officer)
/s/ James H. Bodurtha /s/ Joe Grills
- ------------------------------------------------- ----------------------------------------------
James H. Bodurtha Joe Grills
(Director/Trustee) (Director/Trustee)
/s/ Herbert I. London /s/ Andre F. Perold
- ------------------------------------------------- ----------------------------------------------
Herbert I. London Andre F. Perold
(Director/Trustee) (Director/Trustee)
/s/ Roberta Cooper Ramo /s/ Robert S. Salomon, Jr.
- ------------------------------------------------- ----------------------------------------------
Roberta Cooper Ramo Robert S. Salomon, Jr.
(Director/Trustee) (Director/Trustee)
/s/ Melvin R. Seiden /s/ Stephen B. Swensrud
- ------------------------------------------------- ----------------------------------------------
Melvin R. Seiden Stephen B. Swensrud
(Director/Trustee) (Director/Trustee)
C-13