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                       SUPPLEMENT DATED APRIL 23, 1996
                      TO THE PROSPECTUSES OF MERRILL LYNCH
                      SELECT PRICING[sm] SYSTEM FUNDS



The discussion under "Purchase of Shares" is modified as follows:

     Shareholders already owning Class A shares who wish to reinvest the net
proceeds from a tender of the Merrill Lynch High Income Municipal Bond Fund,
Inc. or the Merrill Lynch Municipal Strategy Fund, Inc. may purchase Class
A shares at net asset value rather than Class D shares provided that (i) the
shares to be purchased are held in the same account as the Class A shares
that the shareholder already owns, and (ii) all other requirements pertaining
to the reinvestment privilege are met.




CODE # SELECT-ALL


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