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                   MERRILL LYNCH DRAGON FUND, INC.


                    SUPPLEMENT DATED FEBRUARY 23, 1995 TO
      STATEMENT OF ADDITIONAL INFORMATION DATED OCTOBER 21, 1994


     If the initial  sales charge  on a  purchase of $40,000,000 
or more  of Class  D shares of MLAM-advised  mutual funds is 
waived, such purchases will not be  subject to a CDSC  if the
shares  are redeemed within one  year after purchase.   For the
purpose of  these transactions only, the  term "purchase"
includes,  in addition  to the  transactions described  in this 
Statement of Additional   Information,  single  purchases  by  a 
trustee  or  co-trustees purchasing shares for one or more trust
estates.

Code # 16260ALL
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