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MERRILL LYNCH MIDDLE EAST/AFRICA FUND, INC.
SUPPLEMENT DATED DECEMBER 22, 1994 TO THE
PROSPECTUS DATED DECEMBER 22, 1994
FOR USE IN THE STATE OF WISCONSIN
The Fund may invest in securities that are restricted as to resale without
registration under the Securities Act of 1933 ("Restricted Securities"), the
securities of unseasoned issuers, and securities which are not readily
marketable. The combined total of such investments will not exceed 15% of the
Fund's total assets. Within that limitation, Restricted Securities, other than
those eligible for resale pursuant to Rule 144A under the Securities Act of
1933 and determined to be liquid under guidelines established by the Board of
Directors, will be limited to 10% of the Fund's total assets. SUCH INVESTMENTS
CONSTITUTE A SPECULATIVE ACTIVITY AND INVOLVE RELATIVELY GREATER RISKS OR COSTS
TO THE FUND.
Code # 18415-WI
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MERRILL LYNCH MIDDLE EAST/AFRICA FUND, INC.
SUPPLEMENT DATED DECEMBER 22, 1994 TO THE
PROSPECTUS DATED DECEMBER 22, 1994
FOR USE IN THE STATE OF OHIO
The Fund is a non-diversified, open-end, management investment company.
Consequently, investment in the Fund may involve a higher degree of risk than
investment in open-end, diversified investment companies because, although the
Fund may not purchase more than 10% of the voting securities of any one issuer
with regard to 50% of the Fund's assets, the remaining assets may be invested
without this restriction. See "Investment Restrictions--Non-Diversified
Status".
Notwithstanding the fact that the Board of Directors of the Fund may
determine that a Rule 144A security is liquid and not subject to the 15%
restriction on illiquid securities, the State of Ohio does not recognize Rule
144A securities as securities that are free of restrictions as to resale.
Consequently, to the extent required by Ohio law, the Fund will not invest more
than 50% of its total assets in securities of issuers that are restricted as to
disposition, including Rule 144A securities.
This Prospectus must be delivered to Ohio investors prior to the consummation
of the sale of Fund shares.
Code # 18415-OH
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MERRILL LYNCH MIDDLE EAST/AFRICA FUND, INC.
SUPPLEMENT DATED DECEMBER 22, 1994 TO THE
PROSPECTUS DATED DECEMBER 22, 1994
FOR USE IN THE STATE OF MINNESOTA
The restricted securities and derivative instruments in which the Fund may
invest may have certain speculative characteristics, and investors should
consider carefully whether the Fund is a suitable investment vehicle for them.
Code # 18415-MN
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MERRILL LYNCH MIDDLE EAST/AFRICA FUND, INC.
SUPPLEMENT DATED DECEMBER 22, 1994 TO THE
PROSPECTUS DATED DECEMBER 22, 1994
FOR USE IN THE STATE OF MARYLAND
The Fund may invest in certain derivative instruments, such as indexed and
inverse securities, to enhance its return; derivative instruments used to
enhance return may have certain speculative characteristics.
Code # 18415-MD
