SUPPLEMENT DATED OCTOBER 7, 1996 TO THE
STATEMENTS OF ADDITIONAL INFORMATION OF THE
MERRILL LYNCH SELECT PRICING(SERVICE MARK) SYSTEM FUNDS
As described in the attached Statement of Additional Information, there are
circumstances under which sales charges may be waived. In addition to the
circumstances stated therein, sales charges may be waived as described below.
Fee-Based Investment Programs. Certain Merrill Lynch fee-based
investment programs, including pricing alternatives for securities
transactions, (each referred to in this paragraph as a "Program") may permit
the purchase of Class A shares at net asset value. Under specified
circumstances, participants in certain Programs may deposit other classes of
shares, which will be exchanged for Class A shares. Initial or deferred
sales charges otherwise due in connection with such exchanges may be waived
or modified. Termination of participation in a Program may result in the
redemption of such shares or the automatic exchange thereof to another class
at net asset value. In addition, upon termination of participation in a
Program, shares that have been held for less than specified periods within
such Program may be subject to a fee based upon the current value of such
shares. These Programs also generally prohibit such shares from being
transferred to another account at Merrill Lynch, to another broker-dealer or
to the Transfer Agent. Except in limited circumstances (which may also
involve an exchange as described above), such shares must be redeemed and
another class of shares purchased (which may involve the imposition of
initial or deferred sales charges and distribution and account maintenance
fees) in order for the investment not to be subject to Program fees.
Additional information regarding a specific Program (including charges and
limitations on transferability applicable to shares that may be held in such
Program) is available in the Program's client agreement and from Merrill
Lynch Investor Services at (800) MER-FUND (637-3863).
CODE # SELECT-ALL1
