Exhibit 1(g)

                     MERRILL LYNCH MUNICIPAL BOND FUND, INC.

                              ARTICLES OF AMENDMENT

                  MERRILL   LYNCH   MUNICIPAL   BOND  FUND,   INC.,  a  Maryland
corporation  having  its  principal  office in the City of  Baltimore,  Maryland
(hereinafter  called the Corporation),  hereby certifies to the State Department
of Assessments and Taxation of Maryland that;

                  FIRST: The charter of the Corporation,  as heretofore amended,
is hereby amended by striking out the first paragraph of ARTICLE V and inserting
in lieu thereof the following:

                                    ARTICLE V

                                  CAPITAL STOCK

                  The total number of shares of all classes of stock,  including
those previously authorized, which the Corporation shall have authority to issue
is One Billion Eight Hundred  Million  (1,800,000,000)  shares of a par value of
Ten Cents  ($.10) per share and an  aggregate  par value of One  Hundred  Eighty
Million Dollars  ($180,000,000).  The shares shall be divided into three classes
of Common Stock which are  designated as Insured  Portfolio  Common Stock,  High
Yield Portfolio Common Stock,  and Limited  Maturity  Portfolio Common Stock, as
follows:

            Class                                    Number of Authorized Shares
            -----                                    ---------------------------
Insured Portfolio Common Stock.......................        750,000,000
High Yield Portfolio Common Stock....................        750,000,000
Limited Maturity Portfolio Common Stock..............        300,000,000

                  SECOND:  The  amendment of the charter of the  Corporation  at
hereinabove  set forth  has been duly  advised  by the  Board of  Directors  and
approved by the stockholders of the Corporation.

                  THIRD:

                  (a) The total  number of shares of all classes of stock of the
Corporation heretofore authorized, and the number and par value of the shares of
each class, are as follows:

                  Nine Hundred  Million  (900,000,0000  shares of capital  stock
                  divided  into  three  classes  of Common  Stock  each of which
                  consists of Three Hundred Million  (300,000,000) shares of the
                  par value of Ten Cents ($.10) per share.

                  (b) The total  number of shares of all classes of stock of the
Corporation  as  increased,  and the  number and par value of the shares of each
class, are as follows:



                  One Billion Eight Hundred  Million  (1,800,000,000)  shares of
                  capital  stock divided into three classes of common stock each
                  of  which,  with the  exception  of the  class  designated  as
                  Limited Maturity Common Stock, consists of Seven Hundred Fifty
                  Million  (750,000,000  shares  of the par  value of Ten  Cents
                  ($.10)  per share.  The class of common  stock  designated  as
                  Limited  Maturity  Portfolio  Common  Stock  consists of Three
                  Hundred Million  (300,000,000)  shares of the par value of Ten
                  Cents ($.10) per share.

                  (c) The information required pursuant to ss. 2-607(b)(2)(i) of
the  General  Corporation  Law of  Maryland  was not  changed  by the  foregoing
amendment.

                  In witness  whereof:  MERRILL LYNCH  MUNICIPAL BOND FUND, INC.
has caused  these  presents  to be executed in its name and on its behalf by its
Vice President and attested by its Secretary as of March 2, 1987.

                                          MERRILL LYNCH MUNICIPAL BOND
                                          FUND, INC.


                                          By: /s/ Kenneth A. Jacob
                                              ----------------------------
                                              Kenneth A. Jacob
                                              Vice President
ATTEST:


/s/ Mark B. Goldfus
------------------------------
Mark B. Goldfus
Secretary

                  The  undersigned,  Vice  President of MERRILL LYNCH  MUNICIPAL
BOND FUND,  INC.,  who  executed  on behalf of said  Corporation  the  foregoing
Articles  of  Amendment,  of  which  this  certificate  is made a  part,  hereby
acknowledges,  in the name and on  behalf  of said  Corporation,  the  foregoing
Articles of Amendment to be the  corporate act of said  Corporation  and further
certifies  that,  to the best of his  knowledge,  information  and  belief,  the
matters and facts set forth  therein with  respect to the  approval  thereof are
true in all material respects, under the penalties of perjury.

                                          MERRILL LYNCH MUNICIPAL BOND
                                          FUND, INC.


                                          By: /s/ Kenneth A. Jacob
                                              ----------------------------
                                              Kenneth A. Jacob
                                              Vice President


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