MERRILL LYNCH VARIABLE SERIES FUNDS INC
497, 1999-02-25
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                    MERRILL LYNCH VARIABLE SERIES FUNDS, INC.
                     Supplement dated February 25, 1999 to the
                         Prospectus dated April 17, 1998


         Christopher  G. Ayoub is the  Portfolio  Manager of the Prime Bond Fund
and the Government  Bond Fund and is now solely  responsible  for the day-to-day
management  of the Funds.  Mr. Ayoub has been  Co-Portfolio Manager of the Funds
since April 1998. He has been a First Vice President of MLAM since 1998 and Vice
President of MLAM from 1985 to 1997.



Code #0299




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