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Merrill Lynch California Insured Municipal Bond Fund of Merrill Lynch California Municipal Series Trust Supplement dated August 16, 1994 to Prospectus dated December 23, 1993 The Fund's portfolio insurance relates only to payment on the Municipal Bonds (as that term is defined in the Prospectus under Investment Objective and Policies) held by the Fund and not to the value of Fund shares. Code#16574-IN
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