<PAGE>
MERRILL LYNCH LATIN AMERICA FUND, INC.
SUPPLEMENT DATED MARCH 29, 1994, TO PROSPECTUS DATED MARCH 29, 1994
FOR USE IN THE STATE OF WASHINGTON
The Fund may invest significantly in lower rated bonds (or unrated bonds with
similar credit characteristics), commonly known as "junk bonds". Investments of
this type are subject to greater risk of loss of principal and interest than
are investments in higher rated bonds. Purchasers should carefully assess the
risks associated with an investment in this Fund.
Code #13989-WA