MERRILL LYNCH SPECIAL VALUE FUND, INC.

       Supplement Dated December 2, 1999 to the Statement of Additional
                        Information Dated July 22, 1999

                   Wilshire Associates - CDSC Waiver Sticker

The deferred sales charge imposed upon purchases of Class D shares for
purchases over $1 million which are redeemed within one year will not be
imposed upon certain institutional financial consulting and analysis
organizations with which Merrill Lynch as a relationship which invest at least
$3 million prior to December 31, 1999.


Code #:    10256-0799ALL(2)



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