<PAGE>   1
 
                    MERRILL LYNCH UTILITY INCOME FUND, INC.
 
                         Supplement Dated March 3, 1994
                       to Prospectus Dated March 3, 1994
 
                                FOR USE IN OHIO
 
     This Prospectus must be delivered to Ohio investors prior to the
consummation of a sale.
 
     The Fund is authorized to invest up to 15% of its net assets in securities
that cannot be readily resold because of legal or contractual restrictions or
that are otherwise not readily marketable. Restrictions on resale and
illiquidity may involve additional risks to the Fund. In addition, Rule 144A
securities which are determined to be liquid are not subject to the Fund's 15%
restriction.
 
     Code #168550H
<PAGE>   2
 
                    MERRILL LYNCH UTILITY INCOME FUND, INC.
 
                         Supplement Dated March 3, 1994
                       to Prospectus Dated March 3, 1994
 
                              FOR USE IN WISCONSIN
 
     Prospective Wisconsin investors should note that, currently, the Fund may
invest up to 10% of its total assets in restricted securities. It is the opinion
of the Wisconsin Securities Commission that investment in restricted securities
in excess of 5% of the Fund's total assets may be considered a speculative
activity and may involve greater risk and may increase Fund Expenses.
 
     Code #16855WI



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