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              MERRILL LYNCH DEVELOPING CAPITAL MARKETS FUND, INC.
 
                  SUPPLEMENT TO PROSPECTUS DATED JUNE 30, 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 #10893OH



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