Merrill Lynch Variable Series Fund, Inc.
Supplement dated March 6, 1997, to the
Prospectus dated December 9, 1996
The Merrill Lynch Index 500 Fund (the "Index 500 Portfolio")
will value portfolio holdings which trade on the NASDAQ national
market system at the last sale price prior to the time of
valuation. The Index 500 Portfolio will value other portfolio
holdings which trade on NASDAQ at the last available bid price
prior to the time of valuation. Each other portfolio of Merrill
Lynch Variable Series Funds, Inc. (the "Fund") will continue to
value all portfolio holdings which trade in the over-the-counter
market at the last available bid price in the over-the-counter
market prior to the time of valuation, as currently stated in the
Fund's Statement of Additional Information.
Andrew John Bascand is the portfolio manager of the Merrill
Lynch International Equity Focus Fund (the "International Equity
Portfolio") and will be responsible for all aspects of the day-
to-day portfolio management of the International Equity
Portfolio. Mr. Bascand was previously the International Equity
Portfolio's asset allocator and co-portfolio manager.
Thomas Dauria is the portfolio manager of the Merrill Lynch
Equity Growth Fund (the "Equity Growth Portfolio") and will be
responsible for all aspects of the day-to-day portfolio
management of the Equity Growth Portfolio. Mr. Dauria was
previously the principal analyst for the Equity Growth Portfolio.
Code #16747-0996ALL
