Filed Pursuant to Rule 497(e)
			       File No. 2-57354
    
	      MERRILL LYNCH MUNICIPAL BOND FUND, INC.
			
	       Supplement dated February 5, 1998 to               
     Statement of Additional Information dated October 7, 1997

	Effective immediately, the contingent deferred sales charge
     of 0.20% that ordinarily would apply to purchases of Class A or
     Class D shares of the Limited Maturity Portfolio redeemed within
     one year of purchase is waived with respect to any purchase in 
     excess of $25 million and any subsequent purchase after which 
     the value of the purchaser's investment in the Portfolio is at 
     least $25 million, provided that the purchaser (i) is an 
     individual who has maintained a brokerage account with Merrill 
     Lynch, Pierce, Fenner & Smith Incorporated for at least the last 
     three years, (ii) is purchasing for his or her own account, and 
     (iii) is an executive officer of a corporation with which the 
     Corporate and Institutional Client Group of Merrill Lynch has 
     had an investment banking relationship for at least the last 
     three years.





						Code #10130-0298