EXHIBIT 11

                                 
                              ROGERS & WELLS     
                                
                             200 PARK AVENUE     
                            
                         NEW YORK, NEW YORK 10166     
                           
                        TELEPHONE: (212) 878-8000     
                           
                        FACSIMILE: (212) 878-8375     
                                                            
                                                         November 24, 1997     
   
Merrill Lynch Municipal Bond Fund, Inc.     
   
P.O. Box 9011     
   
Princeton, New Jersey 08543-9011     
   
Ladies and Gentlemen:     
   
  We have acted as counsel for Merrill Lynch Municipal Bond Fund, Inc., a
Maryland corporation (the "Fund"), in connection with the preparation and
filing with the Securities and Exchange Commission under the Securities Act of
1933, as amended, of a Registration Statement on Form N-14 (File Nos. 333-
37349 and 811-2688) (the "Registration Statement") relating to the issuance by
the Fund of its shares of Limited Maturity Portfolio Common Stock, par value
$0.10 per share (the "Shares"), in exchange for substantially all of the
assets of, and the assumption of substantially all of the liabilities of,
Merrill Lynch Arizona Limited Maturity Municipal Bond Fund, Merrill Lynch
Massachusetts Limited Maturity Municipal Bond Fund, Merrill Lynch Michigan
Limited Maturity Municipal Bond Fund, Merrill Lynch New Jersey Limited
Maturity Municipal Bond Fund, Merrill Lynch New York Limited Maturity
Municipal Bond Fund and Merrill Lynch Pennsylvania Limited Maturity Municipal
Bond Fund, each a series (collectively, the "State Funds") of Merrill Lynch
Multi-State Limited Maturity Municipal Series Trust, a Massachusetts business
trust (the "Trust").     
   
  In so acting, we have examined and relied upon originals or copies,
certified or otherwise identified to our satisfaction, of such corporate
records, documents, certificates and other instruments as in our judgment are
necessary or appropriate to enable us to render the opinions expressed below.
Based upon the foregoing, and such examination of law as we have deemed
necessary, we are of the opinion that:     
     
    1. The Fund has been duly incorporated and is a validly existing
  corporation in good standing under the laws of the State of Maryland.     
     
    2. The issuance of the Shares in consideration for the acquisition by the
  Fund of substantially all of the assets of, and the assumption by the Fund
  of substantially all of the liabilities of, the State Funds in the
  transaction described in the Registration Statement have been duly
  authorized and, when issued as contemplated in the Registration Statement,
  the Shares will be legally issued, fully paid and non-assessable.     
   
  We hereby consent to the filing of this opinion with the Securities and
Exchange Commission as an Exhibit to the Registration Statement. In giving
this consent, we do not admit that we are within the category of persons whose
consent is required under Section 7 of the Securities Act of 1933, as amended,
or the Rules and Regulations of the Securities and Exchange Commission
thereunder.     
   
  Our opinion is limited to the laws of the State of New York, the corporate
laws of the State of Maryland and the federal laws of the United States of
America. As to certain matters governed by the laws of the State of Maryland,
we have relied on the opinion of Wilmer, Cutler & Pickering.     
                                                     
                                                  Very truly yours,     
                                                     
                                                  /s/ Rogers & Wells