-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: keymaster@town.hall.org
Originator-Key-Asymmetric:
 MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq
 pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ==
MIC-Info: RSA-MD5,RSA,
 ib45qaNheH+ELXefYLGQ+mBddll4QFJL7g8v3Ri+1TIxNsykZ5wrCAvYYSB4Fbfp
 LL+PQlrJ1Ab31FMqg7EVDQ==

<IMS-DOCUMENT>0000950123-94-001680.txt : 19941024
<IMS-HEADER>0000950123-94-001680.hdr.sgml : 19941024
ACCESSION NUMBER:		0000950123-94-001680
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		19941021
SROS:			NONE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MERRILL LYNCH PHOENIX FUND INC
		CENTRAL INDEX KEY:			0000701960
		STANDARD INDUSTRIAL CLASSIFICATION:	0000
		IRS NUMBER:				133114958
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	002-77068
		FILM NUMBER:		94554353

	BUSINESS ADDRESS:	
		STREET 1:		P O BOX 9011
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543
		BUSINESS PHONE:		6092823319
</IMS-HEADER>
<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<DESCRIPTION>SUPPS. TO PROS. DTD. 10/21/94 FOR USE IN WA
<TEXT>

<PAGE>   1
 
                        MERRILL LYNCH PHOENIX FUND, INC.
                SUPPLEMENT TO PROSPECTUS DATED OCTOBER 21, 1994
                       FOR USE IN THE STATE OF WASHINGTON
 
     The Fund may invest significantly in lower rated bonds, commonly known as
"junk bonds". Investments of this type are subject to greater risk of loss of
principal and interest than are higher rated bonds. Purchasers should carefully
assess the risks associated with an investment in the Fund.
 
Code #10121WA
</TEXT>
</DOCUMENT>
</IMS-DOCUMENT>
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