<PAGE> PAGE 1
000 A000000 12/31/98
000 C000000 0000849402
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 ML DEVELOPING CAPITAL MARKETS FUND, INC.
001 B000000 811-5723
001 C000000 6092822800
002 A000000 P.O. BOX 9011
002 B000000 PRINCETON
002 C000000 NJ
002 D010000 08543
002 D020000 9011
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 MERRILL LYNCH ASSET MANAGEMENT, L.P.
008 B000001 A
008 C000001 801-11583
008 D010001 PRINCETON
008 D020001 NJ
008 D030001 08543
008 D040001 9011
008 A000002 MERRILL LYNCH ASSET MANAGEMENT U.K., LTD.
008 B000002 S
008 C000002 801-31780
008 D010002 LONDON
008 D050002 ENGLAND
008 D060002 EC24 9LY
011 A000001 MERRILL LYNCH FUNDS DISTRIBUTOR, INC.
011 B000001 8-14663
011 C010001 PRINCETON
011 C020001 NJ
011 C030001 08543
<PAGE> PAGE 2
011 C040001 9011
012 A000001 FINANCIAL DATA SERVICES, INC.
012 B000001 84-01339
012 C010001 JACKSONVILLE
012 C020001 FL
012 C030001 32246
012 C040001 6484
013 A000001 DELOITTE & TOUCHE LLP
013 B010001 PRINCETON
013 B020001 NJ
013 B030001 08540
014 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
014 B000001 8-7221
015 A000001 BROWN BROTHERS HARRIMAN & CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02119
015 E010001 X
015 A000002 BANKBOSTON
015 B000002 S
015 C010002 SAO PAULO
015 D010002 BRAZIL
015 E040002 X
015 A000003 STANDARD CHARTERED BANK
015 B000003 S
015 C010003 SHANGHAI
015 D010003 CHINA
015 E010003 X
015 A000004 MCSD
015 B000004 S
015 C010004 EGYPT
015 D010004 EGYPT
015 E040004 X
015 A000005 APOTHETIRION TITLON A.E.
015 B000005 S
015 C010005 GREECE
015 D010005 GREECE
015 E040005 X
015 A000006 BANK OF GREECE
015 B000006 S
015 C010006 GREECE
015 D010006 GREECE
015 E040006 X
015 A000007 FIRST NATIONAL BANK OF SOUTHERN AFRICA
015 B000007 S
015 C010007 SOUTH AFRICA
015 D010007 SOUTH AFRICA
015 E040007 X
015 A000008 CITIBANK
015 B000008 S
<PAGE> PAGE 3
015 C010008 BUENOS AIRES
015 D010008 ARGENTINA
015 E010008 X
015 A000009 CITIBANK
015 B000009 S
015 C010009 SAO PAULO
015 D010009 BRAZIL
015 E010009 X
015 A000010 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000010 S
015 C010010 HONG KONG
015 D010010 HONG KONG
015 E040010 X
015 A000011 BANCO COMMERCIAL PORTUGUES SA.
015 B000011 S
015 C010011 PORTUGAL
015 D010011 PORTUGAL
015 E040011 X
015 A000012 CITIBANK BUDAPEST RT
015 B000012 S
015 C010012 HUNGARY
015 D010012 HUNGARY
015 E040012 X
015 A000013 KELER LTD.
015 B000013 S
015 C010013 HUNGARY
015 D010013 HUNGARY
015 E040013 X
015 A000014 NSDL
015 B000014 S
015 C010014 INDIA
015 D010014 INDIA
015 E040014 X
015 A000015 ROSVNESHTORGBAN (VTB)
015 B000015 S
015 C010015 RUSSIA
015 D010015 RUSSIA
015 E040015 X
015 A000016 CITIBANK
015 B000016 S
015 C010016 SANTIAGO
015 D010016 CHILE
015 E010016 X
015 A000017 CAJA DE VALORES S.A.
015 B000017 S
015 C010017 ARGENTINA
015 D010017 ARGENTINA
015 E040017 X
015 A000018 CLC
015 B000018 S
015 C010018 BRAZIL
<PAGE> PAGE 4
015 D010018 BRAZIL
015 E040018 X
015 A000019 SSCCRC
015 B000019 S
015 C010019 SHANGHAI
015 D010019 CHINA
015 E040019 X
015 A000020 SSCC
015 B000020 S
015 C010020 SHENZHEN
015 D010020 CHINA
015 E040020 X
015 A000021 HKSCC
015 B000021 S
015 C010021 HONG KONG
015 D010021 HONG KONG
015 E040021 X
015 A000022 STANDARD CHARTERED BANK
015 B000022 S
015 C010022 SHENZHEN
015 D010022 CHINA
015 E010022 X
015 A000023 MALAYSIAN CENTRAL DEPOSITORY SDN BHD
015 B000023 S
015 C010023 MALAYSIA
015 D010023 MALAYSIA
015 E040023 X
015 A000024 INDEVAL
015 B000024 S
015 C010024 MEXICO
015 D010024 MEXICO
015 E040024 X
015 A000025 NDS
015 B000025 S
015 C010025 POLAND
015 D010025 POLAND
015 E040025 X
015 A000026 INTERBOLSA
015 B000026 S
015 C010026 PORTUGAL
015 D010026 PORTUGAL
015 E040026 X
015 A000027 NATIONAL BANK OF POLAND
015 B000027 S
015 C010027 POLAND
015 D010027 POLAND
015 E040027 X
015 A000028 KOREAN SECURITIES DEPOSITORY CORPORATION
015 B000028 S
015 C010028 SOUTH KOREA
015 D010028 SOUTH KOREA
<PAGE> PAGE 5
015 E040028 X
015 A000029 TSCD
015 B000029 S
015 C010029 TAIWAN
015 D010029 TAIWAN
015 E040029 X
015 A000030 THAILAND SHARES DEPOSITORY CENTER (TSDC)
015 B000030 S
015 C010030 THAILAND
015 D010030 THAILAND
015 E040030 X
015 A000031 TAKASBANK
015 B000031 S
015 C010031 TURKEY
015 D010031 TURKEY
015 E040031 X
015 A000032 CITIBANK
015 B000032 S
015 C010032 CAIRO
015 D010032 EGYPT
015 E010032 X
015 A000033 CITIBANK
015 B000033 S
015 C010033 ATHENS
015 D010033 GREECE
015 E010033 X
015 A000034 CITIBANK
015 B000034 S
015 C010034 MUMBAI
015 D010034 INDIA
015 E010034 X
015 A000035 CENTRAL DEPOSITORY PTY LTD.
015 B000035 S
015 C010035 SOUTH AFRICA
015 D010035 SOUTH AFRICA
015 E040035 X
015 A000036 STANDARD CHARTERED BANK
015 B000036 S
015 C010036 TAIPEI
015 D010036 TAIWAN
015 E040036 X
015 A000037 BANCO DE MEXICO
015 B000037 S
015 C010037 MEXICO
015 D010037 MEXICO
015 E040037 X
015 A000038 BANK HAPOALIM B.M.
015 B000038 S
015 C010038 ISRAEL
015 D010038 ISRAEL
015 E040038 X
<PAGE> PAGE 6
015 A000039 THE BANK OF NEW YORK
015 B000039 S
015 C010039 NEW YORK
015 C020039 NY
015 C030039 10286
015 E010039 X
015 A000040 BANKERS TRUST COMPANY
015 B000040 S
015 C010040 NEW YORK
015 C020040 NY
015 C030040 10006
015 E010040 X
015 A000041 THE CHASE MANHATTAN BANK
015 B000041 S
015 C010041 NEW YORK
015 C020041 NY
015 C030041 10017
015 E010041 X
015 A000042 CUSTODIAL TRUST CO.
015 B000042 S
015 C010042 NEW YORK
015 C020042 NY
015 C030042 10167
015 E010042 X
015 A000043 HONGKONG BANK MALAYSIA BERHAD
015 B000043 S
015 C010043 MALAYSIA
015 D010043 MALAYSIA
015 E040043 X
015 A000044 BANK NEGARA MALAYSIA
015 B000044 S
015 C010044 MALAYSIA
015 D010044 MALAYSIA
015 E040044 X
015 A000045 MORGAN GUARANTY TRUST CO. OF NEW YORK
015 B000045 S
015 C010045 NEW YORK
015 C020045 NY
015 C030045 10260
015 E010045 X
015 A000046 CITIBANK MEXICO, S.A.
015 B000046 S
015 C010046 MEXICO
015 D010046 MEXICO
015 E040046 X
015 A000047 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000047 S
015 C010047 BANGKOK
015 D010047 THAILAND
015 E040047 X
015 A000048 BANK CREDIT SUISSE FIRST BOSTON AO
<PAGE> PAGE 7
015 B000048 S
015 C010048 RUSSIA
015 D010048 RUSSIA
015 E040048 X
015 A000049 CENTRAL BANK OF TURKEY (C.B.T.)
015 B000049 S
015 C010049 TURKEY
015 D010049 TURKEY
015 E040049 X
015 A000050 TASE
015 B000050 S
015 C010050 ISRAEL
015 D010050 ISRAEL
015 E040050 X
015 A000051 CITIBANK
015 B000051 S
015 C010051 JAKARTA
015 D010051 INDONESIA
015 E010051 X
015 A000052 CRYL
015 B000052 S
015 C010052 ARGENTINA
015 D010052 ARGENTINA
015 E040052 X
015 A000053 BOVESPA
015 B000053 S
015 C010053 BRAZIL
015 D010053 BRAZIL
015 E040053 X
015 A000054 BANCA COMMERCIALE ITALIANA
015 B000054 S
015 C010054 ITALY
015 D010054 ITALY
015 E040054 X
015 A000055 CITIBANK
015 B000055 S
015 C010055 SEOUL
015 D010055 SOUTH KOREA
015 E010055 X
015 A000056 CITIBANK
015 B000056 S
015 C010056 LIMA
015 D010056 PERU
015 E010056 X
015 A000057 CITIBANK (POLAND), S.A.
015 B000057 S
015 C010057 POLAND
015 D010057 POLAND
015 E040057 X
015 A000058 CITIBANK
015 B000058 S
<PAGE> PAGE 8
015 C010058 ISTANBUL
015 D010058 TURKEY
015 E010058 X
015 A000059 CITIBANK
015 B000059 S
015 C010059 CARACAS
015 D010059 VENEZUELA
015 E010059 X
015 A000060 DCV
015 B000060 S
015 C010060 CHILE
015 D010060 CHILE
015 E040060 X
015 A000061 LPP
015 B000061 S
015 C010061 INDONESIA
015 D010061 INDONESIA
015 E040061 X
015 A000062 PT KSEI
015 B000062 S
015 C010062 INDONESIA
015 D010062 INDONESIA
015 E040062 X
015 A000063 BANCA D'ITALIA
015 B000063 S
015 C010063 ITALY
015 D010063 ITALY
015 E040063 X
015 A000064 MONTE TITOLI
015 B000064 S
015 C010064 ITALY
015 D010064 ITALY
015 E040064 X
015 A000065 CAVALI
015 B000065 S
015 C010065 PERU
015 D010065 PERU
015 E040065 X
015 A000066 THE NATL CO FOR CLEARING, SETTLEMENT AND DEPO
015 B000066 S
015 C010066 PORTUGAL
015 D010066 PORTUGAL
015 E040066 X
015 A000067 BUCHAREST STOCK EXCHANGE
015 B000067 S
015 C010067 PORTUGAL
015 D010067 PORTUGAL
015 E040067 X
015 A000068 NDC
015 B000068 S
015 C010068 RUSSIA
<PAGE> PAGE 9
015 D010068 RUSSIA
015 E040068 X
015 A000069 CVV
015 B000069 S
015 C010069 VENEZUELA
015 D010069 VENEZUELA
015 E040069 X
018 000000 Y
019 A000000 Y
019 B000000 212
019 C000000 MERRILLLYN
020 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000001 13-5674085
020 C000001 197
020 A000002 ROBERT FLEMING INC.
020 B000002 13-3298866
020 C000002 191
020 A000003 UBS AG WARBURG DILLON READ
020 B000003 13-3340045
020 C000003 176
020 A000004 CREDIT SUISSE FIRST BOSTON CORPORATION
020 B000004 13-5659485
020 C000004 166
020 A000005 MORGAN STANLEY & CO. INCORPORATED
020 B000005 13-2655998
020 C000005 65
020 A000006 BEAR, STEARNS & CO. INC.
020 B000006 13-3299429
020 C000006 49
020 A000007 GOLDMAN, SACHS & CO.
020 B000007 13-5108880
020 C000007 47
020 A000008 CIBC WOOD GUNDY SECURITIES CORP.
020 B000008 13-5492430
020 C000008 42
020 A000009 SMITH BARNEY INC.
020 B000009 13-1912900
020 C000009 22
020 A000010 SMITH ZAIN SECURITIES
020 C000010 21
021 000000 1109
022 A000001 GENERAL MOTORS ACCEPTANCE CORP.
022 C000001 983344
022 D000001 0
022 A000002 MORGAN STANLEY & CO. INCORPORATED
022 B000002 13-2655998
022 C000002 90682
022 D000002 34894
022 A000003 GOLDMAN, SACHS & CO.
022 B000003 13-5108880
022 C000003 66770
<PAGE> PAGE 10
022 D000003 17094
022 A000004 HSBC SECURITIES, INC.
022 B000004 13-2650272
022 C000004 45688
022 D000004 1412
022 A000005 CHASE SECURITIES INC.
022 B000005 13-3112953
022 C000005 9925
022 D000005 17310
022 A000006 BT ALEX. BROWN INCORPORATED
022 B000006 13-3311934
022 C000006 14916
022 D000006 3918
022 A000007 LEHMAN BROTHERS INC.
022 B000007 13-2518466
022 C000007 6476
022 D000007 11029
022 A000008 PRUDENTIAL SECURITIES INCORPORATED
022 B000008 22-2347336
022 C000008 0
022 D000008 16935
022 A000009 LEHMAN BROTHERS COMMERCIAL PAPER
022 C000009 4992
022 D000009 11495
022 A000010 FORD MOTOR CREDIT CORP.
022 C000010 14614
022 D000010 0
023 C000000 1270308
023 D000000 135775
024 000000 N
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 6226
028 A020000 0
028 A030000 0
028 A040000 26071
028 B010000 5168
028 B020000 0
028 B030000 0
028 B040000 24531
028 C010000 3821
028 C020000 0
028 C030000 0
<PAGE> PAGE 11
028 C040000 20501
028 D010000 1445
028 D020000 0
028 D030000 0
028 D040000 76905
028 E010000 3630
028 E020000 0
028 E030000 0
028 E040000 11378
028 F010000 2282
028 F020000 1312
028 F030000 0
028 F040000 20686
028 G010000 22572
028 G020000 1312
028 G030000 0
028 G040000 180072
028 H000000 10016
029 000000 Y
030 A000000 31
030 B000000 5.25
030 C000000 0.00
031 A000000 2
031 B000000 0
032 000000 0
033 000000 29
034 000000 Y
035 000000 299
036 A000000 N
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 739
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 1.000
048 A010000 0
048 A020000 0.000
<PAGE> PAGE 12
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
<PAGE> PAGE 13
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 Y
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
<PAGE> PAGE 14
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 Y
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 103904
071 B000000 229315
071 C000000 265660
071 D000000 39
072 A000000 6
072 B000000 2574
072 C000000 3032
072 D000000 0
072 E000000 44
072 F000000 1536
072 G000000 98
072 H000000 0
072 I000000 934
072 J000000 430
072 K000000 0
072 L000000 102
072 M000000 23
072 N000000 61
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 33
072 S000000 23
072 T000000 739
072 U000000 0
072 V000000 0
072 W000000 78
072 X000000 4057
072 Y000000 0
072 Z000000 1593
072AA000000 23037
072BB000000 131222
072CC010000 26006
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 1515
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
<PAGE> PAGE 15
073 C000000 0.0000
074 A000000 2514
074 B000000 0
074 C000000 13525
074 D000000 23834
074 E000000 10494
074 F000000 161389
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 1460
074 K000000 0
074 L000000 1257
074 M000000 35
074 N000000 214508
074 O000000 618
074 P000000 285
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 3518
074 S000000 0
074 T000000 210087
074 U010000 11359
074 U020000 13257
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 54473
074 Y000000 0
075 A000000 0
075 B000000 304641
076 000000 0.00
077 A000000 Y
077 O000000 Y
078 000000 N
SIGNATURE GERALD M. RICHARD
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000849402
<NAME> MERRILL LYNCH DEVELOPING CAPITAL MARKETS FUND, INC.
<SERIES>
<NUMBER> 001
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 262452613
<INVESTMENTS-AT-VALUE> 209241653
<RECEIVABLES> 2717188
<ASSETS-OTHER> 2548901
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 214507742
<PAYABLE-FOR-SECURITIES> 617974
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3803033
<TOTAL-LIABILITIES> 4421007
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 514498558
<SHARES-COMMON-STOCK> 9265836
<SHARES-COMMON-PRIOR> 21026252
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (6197214)
<ACCUMULATED-NET-GAINS> (215059177)
<OVERDISTRIBUTION-GAINS> (29846658)
<ACCUM-APPREC-OR-DEPREC> (53308774)
<NET-ASSETS> 80011964
<DIVIDEND-INCOME> 3031598
<INTEREST-INCOME> 2574141
<OTHER-INCOME> 43882
<EXPENSES-NET> (4056491)
<NET-INVESTMENT-INCOME> 1593130
<REALIZED-GAINS-CURRENT> (108185124)
<APPREC-INCREASE-CURRENT> 26005782
<NET-CHANGE-FROM-OPS> (80586212)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (567181)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1169854
<NUMBER-OF-SHARES-REDEEMED> (12989333)
<SHARES-REINVESTED> 59063
<NET-CHANGE-IN-ASSETS> (238289500)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (106874053)
<OVERDISTRIB-NII-PRIOR> (7790344)
<OVERDIST-NET-GAINS-PRIOR> (28331659)
<GROSS-ADVISORY-FEES> 1535723
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4056491
<AVERAGE-NET-ASSETS> 141124711
<PER-SHARE-NAV-BEGIN> 10.44
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> (1.81)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.06)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.64
<EXPENSE-RATIO> 2.11
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000849402
<NAME> MERRILL LYNCH DEVELOPING CAPITAL MARKETS FUND, INC.
<SERIES>
<NUMBER> 002
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 262452613
<INVESTMENTS-AT-VALUE> 209241653
<RECEIVABLES> 2717188
<ASSETS-OTHER> 2548901
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 214507742
<PAYABLE-FOR-SECURITIES> 617974
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3803033
<TOTAL-LIABILITIES> 4421007
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 514498558
<SHARES-COMMON-STOCK> 11080795
<SHARES-COMMON-PRIOR> 16044527
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (6197214)
<ACCUMULATED-NET-GAINS> (215059177)
<OVERDISTRIBUTION-GAINS> (29846658)
<ACCUM-APPREC-OR-DEPREC> (53308774)
<NET-ASSETS> 93732590
<DIVIDEND-INCOME> 3031598
<INTEREST-INCOME> 2574141
<OTHER-INCOME> 43882
<EXPENSES-NET> (4056491)
<NET-INVESTMENT-INCOME> 1593130
<REALIZED-GAINS-CURRENT> (108185124)
<APPREC-INCREASE-CURRENT> 26005782
<NET-CHANGE-FROM-OPS> (80586212)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (682842)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 739314
<NUMBER-OF-SHARES-REDEEMED> (5776229)
<SHARES-REINVESTED> 73183
<NET-CHANGE-IN-ASSETS> (238289500)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (106874053)
<OVERDISTRIB-NII-PRIOR> (7790344)
<OVERDIST-NET-GAINS-PRIOR> (28331659)
<GROSS-ADVISORY-FEES> 1535723
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4056491
<AVERAGE-NET-ASSETS> 117696405
<PER-SHARE-NAV-BEGIN> 10.28
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> (1.78)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.06)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.46
<EXPENSE-RATIO> 3.22
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000849402
<NAME> MERRILL LYNCH DEVELOPING CAPITAL MARKETS FUND, INC.
<SERIES>
<NUMBER> 003
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 262452613
<INVESTMENTS-AT-VALUE> 209241653
<RECEIVABLES> 2717188
<ASSETS-OTHER> 2548901
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 214507742
<PAYABLE-FOR-SECURITIES> 617974
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3803033
<TOTAL-LIABILITIES> 4421007
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 514498558
<SHARES-COMMON-STOCK> 2176679
<SHARES-COMMON-PRIOR> 3157682
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (6197214)
<ACCUMULATED-NET-GAINS> (215059177)
<OVERDISTRIBUTION-GAINS> (29846658)
<ACCUM-APPREC-OR-DEPREC> (53308774)
<NET-ASSETS> 18343517
<DIVIDEND-INCOME> 3031598
<INTEREST-INCOME> 2574141
<OTHER-INCOME> 43882
<EXPENSES-NET> (4056491)
<NET-INVESTMENT-INCOME> 1593130
<REALIZED-GAINS-CURRENT> (108185124)
<APPREC-INCREASE-CURRENT> 26005782
<NET-CHANGE-FROM-OPS> (80586212)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (135257)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 164896
<NUMBER-OF-SHARES-REDEEMED> (1160260)
<SHARES-REINVESTED> 14361
<NET-CHANGE-IN-ASSETS> (238289500)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (106874053)
<OVERDISTRIB-NII-PRIOR> (7790344)
<OVERDIST-NET-GAINS-PRIOR> (28331659)
<GROSS-ADVISORY-FEES> 1535723
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4056491
<AVERAGE-NET-ASSETS> 23243738
<PER-SHARE-NAV-BEGIN> 10.24
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> (1.77)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.06)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.43
<EXPENSE-RATIO> 3.22
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000849402
<NAME> MERRILL LYNCH DEVELOPING CAPITAL MARKETS FUND, INC.
<SERIES>
<NUMBER> 004
<NAME> CLASS D
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 262452613
<INVESTMENTS-AT-VALUE> 209241653
<RECEIVABLES> 2717188
<ASSETS-OTHER> 2548901
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 214507742
<PAYABLE-FOR-SECURITIES> 617974
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3803033
<TOTAL-LIABILITIES> 4421007
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 514498558
<SHARES-COMMON-STOCK> 2092914
<SHARES-COMMON-PRIOR> 3044847
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (6197214)
<ACCUMULATED-NET-GAINS> (215059177)
<OVERDISTRIBUTION-GAINS> (29846658)
<ACCUM-APPREC-OR-DEPREC> (53308774)
<NET-ASSETS> 17998664
<DIVIDEND-INCOME> 3031598
<INTEREST-INCOME> 2574141
<OTHER-INCOME> 43882
<EXPENSES-NET> (4056491)
<NET-INVESTMENT-INCOME> 1593130
<REALIZED-GAINS-CURRENT> (108185124)
<APPREC-INCREASE-CURRENT> 26005782
<NET-CHANGE-FROM-OPS> (80586212)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (129719)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 534314
<NUMBER-OF-SHARES-REDEEMED> (1499888)
<SHARES-REINVESTED> 13641
<NET-CHANGE-IN-ASSETS> (238289500)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (106874053)
<OVERDISTRIB-NII-PRIOR> (7790344)
<OVERDIST-NET-GAINS-PRIOR> (28331659)
<GROSS-ADVISORY-FEES> 1535723
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4056491
<AVERAGE-NET-ASSETS> 22575825
<PER-SHARE-NAV-BEGIN> 10.41
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> (1.81)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.06)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.60
<EXPENSE-RATIO> 2.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>