MERRILL LYNCH CONSULTS INTERNATIONAL PORTFOLIO
SUPPLEMENT DATED SEPTEMBER 28, 1999 TO PROSPECTUS DATED FEBRUARY 27, 1999
Effective immediately, the sidebar labeled "About the Portfolio Manager"
on page 8 of the prospectus is amended to read as follows:
"Clive D. Lang is the Portfolio Manager of the Fund. Mr. Lang has been
associated with Merrill Lynch Asset Management U.K. Limited ("MLAM UK") since
1997, prior to which he was the Chief Investment Officer of Panagora Asset
Management Limited."
In addition, the sidebar labeled "About the Investment Adviser" on page 8
of the prospectus is amended to read as follows:
"The Fund is managed by Merrill Lynch (Suisse) Investment Management, S.A.
(the "Investment Adviser"), which in turn receives investment advice through a
subadvisory agreement with MLAM UK."
The third sentence of the first paragraph on page 22 under "Management of
the Fund" is amended to read as follows:
"The Investment Adviser and the Fund have hired MLAM UK to provide
day-to-day investment advice for the Fund, and Fund Asset Management, L.P.
("FAM") to manage the Fund's daily cash. MLAM UK and FAM are affiliates of the
Investment Adviser and the Fund."
Code #16458-10-99ALL
<PAGE>
MERRILL LYNCH CONSULTS INTERNATIONAL PORTFOLIO
SUPPLEMENT DATED SEPTEMBER 28, 1999 TO
STATEMENT OF ADDITIONAL INFORMATION DATED FEBRUARY 27, 1999
Effective immediately, information regarding Christophe Velay on page 16
of the statement of additional information under "Management of the Fund -
Trustees and Officers" is amended to read as follows:
"CHRISTOPHE VELAY (42) - Vice President(1) - Portfolio Manager of Merrill
Lynch Bank (Suisse) S.A. since 1986."
In addition, the information regarding Lorraine D. Mandel on page 16 of
the statement of additional information under "Management of the Fund - Trustees
and Officers" is deleted in its entirety and replaced with the following:
"ROBERT HARRIS (47) - Secretary (1)(2) - First Vice President of MLAM
since 1997; Vice President of MLAM from 1984 to 1997 and attorney associated
with MLAM since 1980; Secretary of Princeton Funds Distributor, Inc. since
1982."
The first sentence of the first paragraph on page 18 of the statement of
additional information under "Management of the Fund - Management and Advisory
Arrangements" is amended to read as follows:
"The Investment Adviser has also entered into sub-advisory agreements with
Merrill Lynch Asset Management U.K. Limited ("MLAM U.K.") and Fund Asset
Management, L.P. ("FAM"), pursuant to which MLAM U.K. provides day-to-day
investment advice for the Fund and FAM provides investment advisory services
with respect to the management of the Fund's cash position."
Code # 16459-10-99ALL
