MERRILL LYNCH SHORT TERM GLOBAL INCOME FUND INC, 497, 1998-10-22

MERRILL LYNCH SHORT TERM GLOBAL INCOME FUND INC
497, 1998-10-22

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                MERRILL LYNCH SHORT-TERM GLOBAL INCOME FUND, INC.

                    SUPPLEMENT DATED OCTOBER 22, 1998 TO THE
                         PROSPECTUS DATED APRIL 2, 1998


     The  fifth  paragraph  under  "MANAGEMENT  OF THE FUND -  MANAGEMENT  AND
ADVISORY ARRANGEMENTS," is revised by deleting the entire paragraph and adding
the following:

     Edward F. Gobora is currently the sole portfolio  manager of the Fund and
is  primarily   responsible  for  the  day-to-day  management  of  the  Fund's
investment portfolio.  He is a Vice President of the Fund. Mr. Gobora has been
a Vice President and Portfolio  Manager of the Investment  Adviser since 1993,
and has been associated with the Investment Adviser since 1988.

Code     #11099-0498ALL