Merrill Lynch Special Value Fund, Inc.
Supplement Dated November 9, 1998
To Prospectus Dated June 30, 1998
The disclosure set forth under "Fee Table" is modified as follows:
(g) The Fund pays the Investment Adviser a fee at the annual rate of 0.75%
of average daily net assets not exceeding $1 billion; 0.725% of average daily
net assets exceeding $1 billion but not exceeding $1.5 billion; and 0.70% of
average daily net assets exceeding $1.5 billion. See "Management of the Fund --
Management and Advisory Arrangements" -- page 20.
The disclosure set forth under "Management of the Fund -- Management and
Advisory Arrangements" is modified as follows:
The Investment Adviser receives monthly compensation at the annual rate of
0.75% of average daily net assets not exceeding $1 billion; 0.725% of average
daily net assets exceeding $1 billion but not exceeding $1.5 billion; and 0.70%
of average daily net assets exceeding $1.5 billion.
Code # 609282-0724ALL
