<DOCUMENT>
<TYPE>EX-1.(V)
<SEQUENCE>6
<FILENAME>e16171ex1v.txt
<DESCRIPTION>ARTICLES SUPPLEMENTARY
<TEXT>
                                                                    Exhibit 1(v)

                    MERRILL LYNCH VARIABLE SERIES FUNDS, INC.

                             ARTICLES SUPPLEMENTARY

     Merrill Lynch Variable Series Funds,  Inc. a Maryland  corporation,  having
its principal  office in Baltimore City,  Maryland (which is hereinafter  called
the "Corporation"),  hereby certifies to the State Department of Assessments and
Taxation of Maryland that:

     FIRST:  The  Corporation  is registered as an open-end  investment  company
under the  Investment  Company Act of 1940,  as amended,  with the  authority to
issue capital stock as follows:

                                                                      Number of
                                                                     Authorized
Funds/Classes                                                          Shares
-------------                                                          ------
Merrill Lynch American Balanced V.I. Fund Common Stock
   Class I                                                           100,000,000
   Class II                                                          100,000,000
Merrill Lynch Basic Value V.I. Fund Common Stock
   Class I                                                           300,000,000
   Class II                                                          100,000,000
Merrill Lynch Core Bond V.I. Fund Common Stock
   Class I                                                           600,000,000
   Class II                                                          100,000,000
Merrill Lynch Developing Capital Markets V.I. Fund Common Stock
   Class I                                                           100,000,000
   Class II                                                          100,000,000
Merrill Lynch Domestic Money Market V.I. Fund Common Stock
   Class I                                                         3,300,000,000
   Class II                                                        1,300,000,000
Merrill Lynch Focus Twenty V.I. Fund
   Class I                                                           100,000,000
   Class II                                                          100,000,000
Merrill Lynch Fundamental Growth V.I. Fund Common Stock
   Class I                                                           100,000,000
   Class II                                                          100,000,000
Merrill Lynch Global Allocation V.I. Fund Common Stock
   Class I                                                           200,000,000
   Class II                                                          200,000,000
Merrill Lynch Global Bond V.I. Fund Common Stock
   Class I                                                           200,000,000
   Class II                                                          200,000,000
Merrill Lynch Global Growth V.I. Fund Common Stock
   Class I                                                           100,000,000
   Class II                                                          100,000,000
Merrill Lynch Government Bond V.I. Fund Common Stock
   Class I                                                           300,000,000
   Class II                                                          100,000,000
Merrill Lynch High Current Income V.I. Fund Common Stock
   Class I                                                           200,000,000
   Class II                                                          100,000,000
Merrill Lynch Index 500 V.I. Fund Common Stock
   Class I                                                           100,000,000
   Class II                                                          100,000,000

<PAGE>

                                                                      Number of
                                                                     Authorized
Funds/Classes                                                          Shares
-------------                                                          ------
Merrill Lynch Large Cap Core V.I. Fund Common Stock
   Class I                                                           200,000,000
   Class II                                                          100,000,000
Merrill Lynch Large Cap Value V.I. Fund Common Stock
   Class I                                                           100,000,000
   Class II                                                          100,000,000
Merrill Lynch Natural Resources V.I. Fund Common Stock
   Class I                                                           100,000,000
   Class II                                                          100,000,000
Merrill Lynch Reserve Assets V.I. Fund Common Stock
   Class I                                                           500,000,000
   Class II                                                          500,000,000
Merrill Lynch Small Cap Value V.I. Fund Common Stock
   Class I                                                           100,000,000
   Class II                                                          100,000,000
Merrill Lynch Utilities and Telecommunications V.I. Fund
  Common Stock
   Class I                                                           100,000,000
   Class II                                                          100,000,000
                                                                  --------------
                                                          Total   10,500,000,000

     SECOND: All shares of Class I and Class II Common Stock have a par value of
$0.10 per share. The aggregate par value of all the shares of all classes of the
Corporation's  capital  stock is currently  One Billion  Fifty  Million  Dollars
($1,050,000,000).

     THIRD: The Board of Directors of the Corporation, acting in accordance with
Section 2-105(c) of the General Corporation Law of the State of Maryland, hereby
increases  the  number  of  shares  of  capital  stock  of  the  Corporation  by
3,300,000,000,  all of which shall be  designated  as Class III Common Stock and
shall be classified as follows:


                                                                      Number of
                                                                     Authorized
Funds/Classes                                                          Shares
-------------                                                          ------
Merrill Lynch American Balanced V.I. Fund Common Stock
   Class III                                                         100,000,000
Merrill Lynch Basic Value V.I. Fund Common Stock
   Class III                                                         100,000,000
Merrill Lynch Core Bond V.I. Fund Common Stock
   Class III                                                         100,000,000
Merrill Lynch Developing Capital Markets V.I. Fund Common Stock
   Class III                                                         100,000,000
Merrill Lynch Domestic Money Market V.I. Fund Common Stock
   Class III                                                       1,300,000,000
Merrill Lynch Focus Twenty V.I. Fund
   Class III                                                         100,000,000
Merrill Lynch Fundamental Growth V.I. Fund Common Stock
   Class III                                                         100,000,000
Merrill Lynch Global Allocation V.I. Fund Common Stock
   Class III                                                         200,000,000
Merrill Lynch Global Bond V.I. Fund Common Stock
   Class III                                                         200,000,000
Merrill Lynch Global Growth V.I. Fund Common Stock
   Class III                                                         100,000,000


                                       2
<PAGE>

Merrill Lynch Government Bond V.I. Fund Common Stock
   Class III                                                         100,000,000
Merrill Lynch High Current Income V.I. Fund Common Stock
   Class III                                                         100,000,000
Merrill Lynch Index 500 V.I. Fund Common Stock
   Class III                                                         100,000,000
Merrill Lynch Large Cap Core V.I. Fund Common Stock
   Class III                                                         100,000,000
Merrill Lynch Large Cap Value V.I. Fund Common Stock
   Class III                                                         100,000,000
Merrill Lynch Natural Resources V.I. Fund Common Stock
   Class III                                                         100,000,000
Merrill Lynch Reserve Assets V.I. Fund Common Stock
   Class III                                                         100,000,000
Merrill Lynch Small Cap Value V.I. Fund Common Stock
   Class III                                                         100,000,000
Merrill Lynch Utilities and Telecommunications V.I. Fund
  Common Stock
   Class III                                                         100,000,000
                                                                   -------------
                                                        Total      3,300,000,000

     FOURTH:  After this increase in the number of authorized  shares of capital
stock of the Corporation and  classification of the shares, the Corporation will
have the authority to issue capital stock as follows:

                                                                       Number of
                                                                      Authorized
Funds/Classes                                                           Shares
-------------                                                           ------
Merrill Lynch American Balanced V.I. Fund Common Stock
   Class I                                                           100,000,000
   Class II                                                          100,000,000
   Class III                                                         100,000,000
Merrill Lynch Basic Value V.I. Fund Common Stock
   Class I                                                           300,000,000
   Class II                                                          100,000,000
   Class III                                                         100,000,000
Merrill Lynch Core Bond V.I. Fund Common Stock
   Class I                                                           600,000,000
   Class II                                                          100,000,000
   Class III                                                         100,000,000
Merrill Lynch Developing Capital Markets V.I. Fund Common Stock
   Class I                                                           100,000,000
   Class II                                                          100,000,000
   Class III                                                         100,000,000
Merrill Lynch Domestic Money Market V.I. Fund Common Stock
   Class I                                                         3,300,000,000
   Class II                                                        1,300,000,000
   Class III                                                       1,300,000,000
Merrill Lynch Focus Twenty V.I. Fund
   Class I                                                           100,000,000
   Class II                                                          100,000,000
   Class III                                                         100,000,000


                                       3
<PAGE>

                                                                       Number of
                                                                      Authorized
Funds/Classes                                                           Shares
-------------                                                           ------
Merrill Lynch Fundamental Growth V.I. Fund
   Class I                                                           100,000,000
   Class II                                                          100,000,000
   Class III                                                         100,000,000
Merrill Lynch Global Allocation V.I. Fund Common Stock
   Class I                                                           200,000,000
   Class II                                                          200,000,000
   Class III                                                         200,000,000
Merrill Lynch Global Bond V.I. Fund Common Stock
   Class I                                                           200,000,000
   Class II                                                          200,000,000
   Class III                                                         200,000,000
Merrill Lynch Global Growth V.I. Fund Common Stock
   Class I                                                           100,000,000
   Class II                                                          100,000,000
   Class III                                                         100,000,000
Merrill Lynch Government Bond V.I. Fund Common Stock
   Class I                                                           300,000,000
   Class II                                                          100,000,000
   Class III                                                         100,000,000
Merrill Lynch High Current Income V.I. Fund Common Stock
   Class I                                                           200,000,000
   Class II                                                          100,000,000
   Class III                                                         100,000,000
Merrill Lynch Index 500 V.I. Fund Common Stock
   Class I                                                           100,000,000
   Class II                                                          100,000,000
   Class III                                                         100,000,000
Merrill Lynch Large Cap Core V.I. Fund Common Stock
   Class I                                                           200,000,000
   Class II                                                          100,000,000
   Class III                                                         100,000,000
Merrill Lynch Large Cap Value V.I. Fund Common Stock
   Class I                                                           100,000,000
   Class II                                                          100,000,000
   Class III                                                         100,000,000
Merrill Lynch Natural Resources V.I. Fund Common Stock
   Class I                                                           100,000,000
   Class II                                                          100,000,000
   Class III                                                         100,000,000
Merrill Lynch Reserve Assets V.I. Fund Common Stock
   Class I                                                           500,000,000
   Class II                                                          500,000,000
   Class III                                                         100,000,000


                                       4
<PAGE>

Merrill Lynch Small Cap Value V.I. Fund Common Stock                 100,000,000
   Class I                                                           100,000,000
   Class II                                                          100,000,000
   Class III
Merrill Lynch Utilities and Telecommunications V.I. Fund
  Common Stock
   Class I                                                           100,000,000
   Class II                                                          100,000,000
   Class III                                                         100,000,000
                                                                 ---------------
                                                         Total    13,800,000,000


     FIFTH:  All of the shares of Class I,  Class II and Class III Common  Stock
shall have a par value of $0.10 per share.  After the  increase in the number of
authorized  shares of capital stock of the Corporation,  the aggregate par value
of all the shares of all classes of the Corporation's  capital stock will be One
Billion Three Hundred Eighty Million Dollars ($1,380,000,000).

     SIXTH: No other change is intended or effected.

     IN WITNESS  WHEREOF,  Merrill Lynch Variable Series Funds,  Inc. has caused
these  presents to be signed in its name and on its behalf by its Vice President
and Treasurer and witnessed by its Secretary on September 2, 2003.


WITNESS                                MERRILL LYNCH VARIABLE SERIES FUNDS, INC.



/s/ Stephen M. Benham                  /s/ Donald C. Burke
Name:  Stephen M. Benham               Name:  Donald C. Burke
Title:  Secretary                      Title:  Vice President and Treasurer

     THE  UNDERSIGNED,  Vice  President and Treasurer of Merrill Lynch  Variable
Series  Funds,  Inc. who  executed on behalf of the  Corporation  the  foregoing
Articles  Supplementary  of  which  this  Certificate  is  made a  part,  hereby
acknowledges  the foregoing  Articles  Supplementary  to be the corporate act of
said  Corporation  and  hereby  certifies  that to the  best  of his  knowledge,
information,  and belief the matters and facts set forth therein with respect to
the  authorization  and approval thereof are true in all material respects under
penalties of perjury.



                                           /s/ Donald C. Burke
                                           Name:  Donald C. Burke
                                           Title:   Vice President and Treasurer



                                       5

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