<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000355916
<NAME> MERRILL LYNCH VARIABLE SERIES FUNDS, INC.
<SERIES>
<NUMBER> 161
<NAME> DEVELOPING CAPITAL MARKETS FOCUS FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> JUN-30-2000
<INVESTMENTS-AT-COST> 89326404
<INVESTMENTS-AT-VALUE> 100816496
<RECEIVABLES> 1550829
<ASSETS-OTHER> 4142440
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 106509765
<PAYABLE-FOR-SECURITIES> 2540867
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 562734
<TOTAL-LIABILITIES> 3103601
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 127438192
<SHARES-COMMON-STOCK> 10256408
<SHARES-COMMON-PRIOR> 10354395
<ACCUMULATED-NII-CURRENT> 224050
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (35639620)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11383542
<NET-ASSETS> 100956476
<DIVIDEND-INCOME> 1312710
<INTEREST-INCOME> 128972
<OTHER-INCOME> 0
<EXPENSES-NET> (687471)
<NET-INVESTMENT-INCOME> 754211
<REALIZED-GAINS-CURRENT> 12115499
<APPREC-INCREASE-CURRENT> (17707610)
<NET-CHANGE-FROM-OPS> (4837900)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (524875)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2107404
<NUMBER-OF-SHARES-REDEEMED> (2252005)
<SHARES-REINVESTED> 46614
<NET-CHANGE-IN-ASSETS> (4985491)
<ACCUMULATED-NII-PRIOR> 3340
<ACCUMULATED-GAINS-PRIOR> (47755119)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 546890
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 814502
<AVERAGE-NET-ASSETS> 108086455
<PER-SHARE-NAV-BEGIN> 10.34
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> (.52)
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.84
<EXPENSE-RATIO> 1.48
</TABLE>