1
 
                    MERRILL LYNCH GLOBAL UTILITY FUND, INC.
 
                      SUPPLEMENT DATED FEBRUARY 7, 1994 TO
                        PROSPECTUS DATED MARCH 30, 1993
 
     The disclosure set forth under "Initial Sales Charge Alternative -- Class A
Shares" is modified as follows:
 
       Initial sales charges will be waived for shareholders purchasing
       $1 million or more in a single transaction (other than an employer
       sponsored retirement or savings plan, such as a tax qualified
       retirement plan under Section 401 of the Internal Revenue Code of
       1986, as amended (the "Code"), a deferred compensation plan under
       Section 403(b) and Section 457 of the Code, other deferred
       compensation arrangements, VEBA plans and non-qualified After Tax
       Savings and Investment programs maintained on the Merrill Lynch
       Group Employee Services system herein referred to as "Employer
       Sponsored Retirement or Savings Plans"), or a purchase by a TMAsm
       Managed Trust, of Class A shares of the Fund.
 
     In addition, the disclosure set forth under "Initial Sales Charge
Alternative -- Class A Shares -- Reduced Initial Sales Charges" is amended to
reflect that Class A shares are offered at net asset value to certain Employer
Sponsored Retirement or Savings Plans, provided such plans meet the required
minimum number of eligible employees or required amount of assets advised by the
Fund's investment adviser or any of its affiliates.
 
     Additional information regarding investments by Employer Sponsored
Retirement or Savings Plans may be obtained from your Merrill Lynch financial
consultant.
 
Code #11281ALL-3