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A class action lawsuit was filed on behalf of a class consisting of all persons who purchased or otherwise acquired shares or other ownership units of any of the mutual funds carrying the "Merrill Lynch" brand name (the "MLIM Funds") through Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S") acting as broker between May 20, 1999 to the present (the "Class Period") and who were damaged thereby, seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").

The MLIM Funds, and the symbols for the respective MLIM Funds named below, are as follows:
ML Aggregate Bond Index Fund (Sym: MDABX, MAABX)
ML Balanced Capital Fund, Inc. (Sym: MDCPX, MBCPX, MCCPX)
ML Basic Value Fund, Inc. (Sym: MDBAX, MBBAX, MCBAX)
ML Bond Fund, Inc. -- Core Bond Portfolio (Sym: MDHQX, MBHQX, MCHQX)
ML Bond Fund, Inc. -- High Income Portfolio (Sym: MDHIX, BHIX, MCHIX, MAHIX)
ML Bond Fund, Inc. -- Intermediate Term (Sym: MDCTX, MBCTX, MCCTX, MACTX)
ML California Insured Municipal Bond Fund (Sym: MDCMX, MBCMX, MCCMX, MACMX)
ML Developing Capital Markets Fund, Inc. (Sym: MDDCX, MBDCX, MCDCX, MADCX)
ML Disciplined Equity Fund, Inc. (Sym: MDDGX, MBDGX, MCDGX, MADGX)
ML Dragon Fund, Inc. (Sym: MDDRX, MBDRX, MCDRX, MADRX)
ML Equity Dividend Fund (Sym: MDDVX, MBDVX, MCDVX, MADVX)
ML EuroFund (Sym: MDEFX, MBEFX, MCEFX, MAEFX)
ML Florida Municipal Bond Fund (Sym: MDFMX, MBFMX, MAFMX)
ML Focus Twenty Fund, Inc. (Sym: MDFOX, MBFOX, MCFOX, MAFOX)
ML Focus Value Fund, Inc. (Sym: MDPNX, MBPNX, MCPNX, MAPNX)
ML Fundamental Growth Fund, Inc. (Sym: MDFGX, MBFGX, MCFGX, MAFGX)
ML Global Allocation Fund, Inc. (Sym: MDLOX, MBLOX, MCLOX, MALOX)
ML Global Balanced Fund (Sym: MDGNX, MBGNX, MCGNX, MAGNX)
ML Global Financial Services Fund, Inc. (Sym: MDFNX, MBFNX, MCFNX, MAFNX)
ML Global Growth Fund, Inc. (Sym: MDGGX, MBGGX, MCGGX, MAGGX)
ML Global SmallCap Fund, Inc. (Sym: MDGCX, MBGCX, MCGCX, MAGCX)
ML Global Technology Fund, Inc. (Sym: MDGTX, MBGTX, MCGTX, MAGTX)
ML Global Value Fund, Inc. (Sym: MDVLX, MBVLX, MCVLX, MAVLX)
ML Healthcare Fund, Inc. (Sym: MDHCX, MBHCX, MCHCX, MAHCX)
ML International Equity Fund (Sym: MDIEX, MBIEX, MCIEX, MAIEX)
ML International Fund (Sym: MDILX, MBILX, MCILX, MAILX)
ML International Index Fund (Sym: MAIIX)
ML International Value Fund (Sym: MDIVX, MBIVX, MCIVX, MAIVX)
ML Internet Strategies Fund (Sym: MANTX, MBNTX, MCNTX, MDNTX)
ML Large Cap Core Fund (Sym: MDLRX, MBLRX, MCLRX, MALRX)
ML Large Cap Growth Fund (Sym: MDLHX, MBLHX, MCLHX, MALHX)
ML Large Cap Value Fund (Sym: MDLVX, MBLVX, MCLVX, MALVX)
ML Latin America Fund, Inc. (Sym: MDLTX, MBLTX, MCLTX, MALTX)
ML Low Duration Fund (Sym: MDDUX, MBDUX, MCDUX, MADUX)
ML Mid Cap Value Fund (Sym: MDRFX, MBRFX, MCRFX, MARFX)
ML Municipal Bond Fund, Inc. -- Insured (Sym: MDMIX, MBMIX, MCMIX, MAMIX)
ML Municipal Bond Fund, Inc. -- Limited Maturity (Sym: MDLMX, MBLMX, MCLMX, MALMX)
ML Municipal Bond Fund, Inc. -- National (Sym: MDNLX, MBNLX, MCNLX, MANLX)
ML Municipal Intermediate Term Fund (Sym: MDMTX, MBMTX, MCMTX, MAMTX)
ML Resources Trust (Sym: MDGRX, MBGRX, MCGRX, MAGRX)
ML New Jersey Municipal Bond Fund (Sym: MDNJX, MBNJX, MCNJX, MANJX)
ML New York Municipal Bond Fund (Sym: MDNKX, MBNKX, MCNKX, MANKX)
ML Pacific Fund, Inc. (Sym: MDPCX, MBPCX, MCPCX, MAPCX)
ML Pan-European Growth Fund (Sym: MDPEX, MBPEX, MCPEX, MAPEX)
ML Pennsylvania Municipal Bond Fund (Sym: MDPYX, MBPYX, MCPYX, MAPYX)
ML S&P 500 Index Fund MDSRX (Sym: MASRX, MDUGX)
ML Short Term U.S. Government Fund, Inc. (Sym: MDAJX, MBUGX, MBAJX, MCUGX, MCAJX)
ML Small Cap Growth Fund (Sym: MRUSX, MBSWX, MCSWX, MASWX)
ML Small Cap Index Fund (Sym: MDSKX, MASKX)
ML Small Cap Value Fund, Inc. (Sym: MDSPX, MBSPX, MCSPX, MASPX)
ML Strategy All-Equity Fund (Sym: MDAEX, MBAEX, MCAEX, MAAEX)
ML Strategy Growth and Income Fund (Sym: MDTGX, MBTGX, MCTGX, MATGX)
ML Strategy Long-Term Growth Fund (Sym: MDYLX, MBYLX, MCYLX, MAYLX)
ML U.S. Government Mortgage Fund (Sym: MDFSX, MBFSX, MCFSX, MAFSX)
ML U.S. High Yield Fund, Inc. (Sym: MDCHX, MBCHX, MCCHX, MACHX)
ML Utilities and Telecommunications Fund (Sym: MDGUX, MBGUX, MCGUX, MAGUX)
ML World Income Fund, Inc. (Sym: MDWIX, MBWIX, MCWIX, MAWIX)

The action, numbered 04-cv-3759, is pending before the Honorable Richard Owen in the United States District Court for the Southern District of New York against defendants Merrill Lynch & Co. ("ML&Co.") (NYSE: MER), Merrill Lynch Pierce Fenner & Smith Incorporated ("MLPF&S") and Merrill Lynch Investment Managers L.P ("MLIM LP").

The action charges defendants with engaging in an unlawful and deceitful course of conduct designed to improperly financially advantage defendants to the detriment of plaintiffs and other members of the Class. As part and parcel of defendants' unlawful conduct, defendants, in contravention of their disclosure obligations, fiduciary responsibilities and National Association of Securities Dealers ("NASD") Rules, failed to properly disclose that defendants systematically applied incentives and demerits to induce and compel MLPF&S's mid-level managers to maximize sales of mutual funds carrying the MLIM brand name. In turn, these mid-level managers -- Regional Directors, Directors and Resident Managers -- brought intense pressure to bear on the Financial Advisors under their supervision to steer the Financial Advisors' clients away from mutual funds owned and managed by other entities and into MLIM Funds. By investing in the MLIM Funds, plaintiffs and other members of the Class received a return on their investment that was substantially less than the return on investment that they would have received had they invested the same dollars in a comparable fund. MLPF&S's undisclosed plan and scheme has operated as a wrongful and deceptive exploitation of the misplaced trust of its clients.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.