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MERRILL LYNCH ASSET BUILDER PROGRAM, INC.
SUPPLEMENT DATED FEBRUARY 5, 1996 TO THE
PROSPECTUS DATED DECEMBER 19, 1995
The disclosure set forth under "Purchase of Shares -- Initial Sales Charge
Alternatives-Class A and Class D Shares -- Reduced Initial Sales Charges" is
modified as follows:
Class D shares of the Portfolios are offered at net asset value to
shareholders of Merrill Lynch Municipal Strategy Fund, Inc. ("Municipal
Strategy Fund") and Merrill Lynch High Income Municipal Bond Fund, Inc.
("High Income Fund") who wish to purchase shares of the Portfolios with the net
proceeds from a sale of certain of their shares of common stock pursuant to a
tender offer by Municipal Strategy Fund or High Income Fund. This investment
option is available only with respect to the proceeds of Municipal Strategy
Fund shares as to which no CDSC (as defined in the Municipal Strategy Fund
prospectus) is applicable, or with respect to the proceeds of High Income
Fund shares as to which no Early Withdrawal Charge (as defined in the High
Income Fund prospectus) is applicable. Such Class D shares are offered
subject to the conditions applicable to the offering of Class A shares of the
Portfolios to shareholders of Merrill Lynch Senior Floating Rate Fund, Inc.
("Senior Floating Rate Fund") who wish to purchase shares of the Portfolios
with the net proceeds from a sale of certain of their shares of common stock
pursuant to a tender offer by Senior Floating Rate Fund, as described in the
Statement of Additional Information under "Purchase of Shares -- Initial
Sales Charge Alternatives-Class A and Class D Shares -- Closed-End Fund
Investment Option".
Code #18471-1295
