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<PAGE> MERRILL LYNCH DEVELOPING CAPITAL MARKETS FUND, INC. SUPPLEMENT TO PROSPECTUS DATED JUNE 30, 1994 FOR USE IN WISCONSIN The Fund has authority to invest up to 10% of its assets in securities which are subject to legal or contractual restrictions on resale or which are otherwise not readily marketable. Restrictions on resale may involve additional risks to the Fund. Code #10893WI
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