<PAGE>
                    MERRILL LYNCH AMERICAS INCOME FUND, INC.

                        SUPPLEMENT DATED APRIL 29, 1996,
                       TO PROSPECTUS DATED APRIL 29, 1996

                               FOR USE IN VERMONT
 
     The Fund may at times be predominantly invested in lower rated bonds,
commonly referred to as 'junk bonds'. Bonds of this type are considered to be
speculative with regard to the payment of interest and return of principal.
Purchasers should carefully assess the risks associated with an investment in
the Fund.
 
Code #16802-0496VT

<PAGE>
                    MERRILL LYNCH AMERICAS INCOME FUND, INC.

                        SUPPLEMENT DATED APRIL 29, 1996,
                       TO PROSPECTUS DATED APRIL 29, 1996

                              FOR USE IN MISSOURI
 
     The Fund may invest in debt securities which are rated below investment
grade, commonly referred to as 'junk bonds'. The Fund's ability to invest in
such securities, as well as its ability to invest in the securities of foreign
issuers and to utilize leverage, involves certain special considerations and
risk factors. See 'High Yield Securities', 'Foreign Investments' and 'Leverage'
under 'Investment Objective and Policies--Special Considerations and Risk
Factors' in the Prospectus.
 
Code # 16802-0496MO

<PAGE>
                    MERRILL LYNCH AMERICAS INCOME FUND, INC.

                        SUPPLEMENT DATED APRIL 29, 1996,
                       TO PROSPECTUS DATED APRIL 29, 1996

                               FOR USE IN ARIZONA
 
     The Fund has established no rating criteria for the debt securities in
which it may invest. Therefore, the Fund may at times be predominantly invested
in medium or lower rated bonds. Medium rated bonds may have speculative
characteristics. Lower rated bonds, commonly referred to as 'junk bonds', are
considered to be speculative with regard to the payment of interest and return
of principal. Purchasers should carefully assess the risks associated with an
investment in the Fund.
 
Code #16802-0496AZ

<PAGE>
                    MERRILL LYNCH AMERICAS INCOME FUND, INC.

                        SUPPLEMENT DATED APRIL 29, 1996,
                       TO PROSPECTUS DATED APRIL 29, 1996

                               FOR USE IN ALASKA
 
     This Fund may invest in lower rated bonds, commonly referred to as 'junk
bonds'.
 
Code #16802-0496AK

<PAGE>
                    MERRILL LYNCH AMERICAS INCOME FUND, INC.

                        SUPPLEMENT DATED APRIL 29, 1996,
                       TO PROSPECTUS DATED APRIL 29, 1996

                               FOR USE IN INDIANA
 
     The Fund may invest without limit in lower rated bonds, commonly referred
to as 'junk bonds'. Bonds of this type are considered to be speculative with
regard to the payment of interest and return of principal. For further
information concerning the risks involved in investing in such securities, see
'Investment Objective and Policies--Special Considerations and Risk Factors--
High Yield Securities' in the Prospectus.
 
Code #16802-0496IN

<PAGE>
                    MERRILL LYNCH AMERICAS INCOME FUND, INC.

                        SUPPLEMENT DATED APRIL 29, 1996,
                       TO PROSPECTUS DATED APRIL 29, 1996

                              FOR USE IN MINNESOTA
 
     The Fund may at times be predominantly invested in lower rated bonds,
commonly referred to as 'junk bonds'. Bonds of this type are considered to be
speculative with regard to the payment of interest and return of principal.
Purchasers should carefully assess the risks associated with an investment in
the Fund. For further information concerning the risks involved in such
securities, see 'Investment Objective and Policies--Special Considerations and
Risk Factors--High Yield Securities' in the Prospectus.
 
Code #16802-0496MN



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