Merrill Lynch High Income Municipal Bond Fund, Inc.
Supplement to Prospectus Dated December 28, 1994
FOR USE IN THE STATES OF ARIZONA AND WASHINGTON
The Fund invests primarily in a portfolio of medium to lower grade or
unrated municipal obligations the interest on which is exempt from Federal
income taxes in the opinion of bond counsel to the issuer. Investments in
medium to lower rated municipal obligations generally provide a higher yield
than higher rated municipal obligations of similar maturity but are subject to
greater market risk and are also subject to a greater degree of risk with
respect to the ability of the issuer to meet its principal and interest
obligations. As a result, an investment in the Fund may be speculative in that
it involves a high degree of risk and should not constitute a complete
investment program. In addition, the Fund should be considered a long-term
investment and not a vehicle for trading purposes. See "Risk Factors."
THESE ARE SPECULATIVE SECURITIES.
Code #11263AZWA
