MERRILL LYNCH MUNICIPAL STRATEGY FUND INC, 497, 1995-10-31

MERRILL LYNCH MUNICIPAL STRATEGY FUND INC
497, 1995-10-31

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                  MERRILL LYNCH MUNICIPAL STRATEGY FUND, INC.
 
                    SUPPLEMENT DATED OCTOBER 30, 1995 TO THE
                       PROSPECTUS DATED OCTOBER 30, 1995
 
   
                         FOR USE IN THE STATE OF MAINE
    
 
     THESE ARE SPECULATIVE SECURITIES. AN INVESTMENT IN THE FUND MAY INVOLVE
SIGNIFICANT RISKS. SEE "RISK FACTORS AND SPECIAL CONSIDERATIONS", "INVESTMENT
OBJECTIVES AND POLICIES -- OTHER INVESTMENT POLICIES" AND "RISKS AND SPECIAL
CONSIDERATIONS OF LEVERAGE".
 
     THE FUND MAY INVEST IN MEDIUM TO LOWER RATED MUNICIPAL OBLIGATIONS AND IN
CERTAIN MUNICIPAL OBLIGATIONS THAT ARE CONSIDERED DERIVATIVE INSTRUMENTS. SUCH
MUNICIPAL OBLIGATIONS MAY HAVE CERTAIN SPECULATIVE CHARACTERISTICS.
 
CODE # 18302-1095ME