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                                                  Filed pursuant to Rule 497(e)
                                                      Registration No. 33-56391
 
                 MERRILL LYNCH SENIOR FLOATING RATE FUND, INC.
   
                SUPPLEMENT TO PROSPECTUS DATED NOVEMBER 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 the Fund's
investments may not comply with the provisions of Rule 1301:6-3-09(H)(3)(d)
under the Ohio Securities Act. That Rule in effect prohibits investment of more
than 50% of the total assets of an investment company in securities that are
illiquid or restricted as to disposition. As described under "Investment
Objective and Policies -- Illiquid Securities", the Corporate Loans in which the
Fund primarily will invest are, at present, not readily marketable and may be
subject to restrictions on resale.
 
     The Prospectus, as supplemented, must be delivered to Ohio investors prior
to the consummation of the sale of Fund shares.
 
Code #10938OH



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