MERRILL LYNCH DEVELOPING CAPITAL MARKETS FUND INC, 497, 1994-10-21

MERRILL LYNCH DEVELOPING CAPITAL MARKETS FUND INC
497, 1994-10-21

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              MERRILL LYNCH DEVELOPING CAPITAL MARKETS FUND, INC.

    Supplement dated October 21, 1994, to Prospectus dated October 21, 1994

                                FOR USE IN OHIO

  Investment in the Fund may involve a higher degree of risk than investment
in more traditional open-end diversified investment companies because although
the Fund may not purchase more than 10% of the voting securities of any one
issuer with regard to 50% of the Fund's assets, the remaining assets may be
invested without this restriction. See "Investment Objective and Policies --
Other Investment Policies and Practices -- Non-Diversified Status".

  This Prospectus, as supplemented, must be delivered to Ohio investors prior
to the consummation of the sale of Fund shares.

Code # 10893-OH