MERRILL LYNCH ASSET BUILDER PROGRAM, INC.
Supplement dated January 28, 2000 to the Prospectus dated June 1, 1999
Effective on or about April 3, 2000 (the "Effective Date"), Merrill
Lynch Asset Builder Program, Inc. (the "Program") will change its name to The
Asset Program, Inc. and will undergo the following additional changes:
The Fundamental Value Portfolio will change its name to the Merrill
Lynch Mid Cap Value Fund and will normally invest at least 65% of its total
assets at time of purchase in equity securities of mid cap companies. The
definition of mid cap companies will change over time in response to market
conditions and typically will have the market capitalization, at the time of
purchase, in the same range as the companies in the S&P 400 Index, a widely
known mid cap investment benchmark. R. Elise Baum will be the portfolio
manager of Merrill Lynch Mid Cap Value Fund. Ms. Baum was a Vice President of
Merrill Lynch Asset Management, L.P. ("MLAM") from 1995 to 1997 and a Director
from 1997 to 1999 and has been a First Vice President since 1999.
The Growth Opportunity Portfolio will change its name to the Mercury
Growth Opportunity Fund and will change its investment adviser to Fund Asset
Management, L.P. ("FAM"), an affiliate of MLAM, its current investment
adviser.
The U.S. Government Securities Portfolio will change its name to the
Mercury U.S. Government Bond Fund. Its investment adviser will also change to
FAM.
Redemptions of Class B shares of the Mercury Growth Opportunity Fund
and Mercury U.S. Government Bond Fund acquired after the Effective Date may be
subject to a contingent deferred sales charge ("CDSC") which decreases from
4.0% to 0% over a period of six years instead of over the current four years.
Redemptions of Class B shares in these portfolios acquired prior to the
Effective Date will continue to be subject to a CDSC that decreases over a
period of 4 years.
As of the Effective Date, the Mercury Growth Opportunity Fund and
Mercury U.S. Government Bond Fund will redesignate current Class A shares as
Class I shares and will redesignate current Class D shares as Class A shares.
In all other respects, the description of shares will remain substantially the
same.
The portfolios renamed as Mercury Funds will no longer have an
exchange privilege with other Merrill Lynch funds as described in the current
Prospectus after the Effective Date but instead will have an exchange
privilege with other Mercury-branded funds. Merrill Lynch will not reinstate
the IRA account fee on any account holding shares in the portfolios to be
rebranded as Mercury Funds that are exchanged prior to the Effective Date into
the same class of shares of any other Select Pricing Fund (as defined in the
Prospectus).
It is being proposed that the Merrill Lynch Global Allocation Fund,
Inc. acquire all of the assets and liabilities of the Global Opportunity
Portfolio in exchange for shares of Merrill Lynch Global Allocation Fund,
Inc., subject to shareholder approval by the Global Opportunity Portfolio.
Also, as of the Effective Date, the Global Opportunity Portfolio will
cease to offer its shares for sale to the public.
Code #18471-0599ALL2
