<PAGE>
MERRILL LYNCH FLORIDA MUNICIPAL BOND FUND OF
MERRILL LYNCH MULTI-STATE MUNICIPAL SERIES TRUST
SUPPLEMENT DATED MARCH 13, 1996 TO
PROSPECTUS DATED NOVEMBER 1, 1995
The third paragraph under "Management of the Trust -- Management and
Advisory Arrangements", which provides the name and biography of the
portfolio manager of the Fund, is revised as follows:
Robert A. DiMella CFA became the Portfolio Manager of the Fund in 1996.
He joined MLAM in 1993 as an Assistant Portfolio Manager and has been an
Assistant Vice President since 1995. Prior thereto, he was an Assistant
Portfolio Manager with Prudential Investment Advisors from 1992 to 1993, and
was a Research Associate with Prudential Investment Corporation from 1989 to
1992.
Code #13904-1195ALL
