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MERRILL LYNCH CONSULTS INTERNATIONAL PORTFOLIO
SUPPLEMENT DATED DECEMBER 20, 1999 TO PROSPECTUS DATED FEBRUARY 27, 1999
On October 26, 1999, the Board of Trustees of Merrill Lynch Consults
International Portfolio (the "Fund") approved a reorganization (the
"Reorganization") pursuant to which Merrill Lynch International Equity Fund
("International Equity Fund") will acquire substantially all of the assets and
assume substantially all of the liabilities of the Fund in exchange for an equal
aggregate amount of Class C shares of International Equity Fund. In connection
with the Reorganization, such shares will be distributed by the Fund to its
shareholders in liquidation of the Fund. In addition, as part of the
Reorganization, the Fund will terminate its existence as a trust with
transferable shares under Massachusetts law and its registration under the
Investment Company Act of 1940, as amended. The Reorganization is conditioned
upon receipt of certain regulatory approvals and the approval of Fund
shareholders. A special shareholders meeting to approve or disapprove the
Reorganization has been called for January 20, 2000. If the shareholders of the
Fund approve the Reorganization at such meeting, all required regulatory
approvals are obtained, and certain conditions are either met or waived, it is
expected that the Reorganization will take place during the first calendar
quarter of 2000.
Code # 16458-12-99ALL
