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MERRILL LYNCH MUNICIPAL STRATEGY FUND, INC.
Supplement dated April 18, 1996 to Prospectus dated
October 30, 1995
The last paragraph under the section entitled "Tender Offers" is modified by
inserting the following sentence immediately after the first sentence:
A shareholder may purchase Class A shares at net asset value without the
imposition of a sales charge rather than Class D shares if such shareholder
already owns Class A shares of the MLAM-sponsored open-end investment company
into which he or she wishes to reinvest the net proceeds from a sale of the
Original Shares pursuant to a tender offer by the Fund and provided that (i)
the Class A shares to be purchased will be held in the same account as the
Class A shares the shareholder already owns, and (ii) all the other
requirements of this paragraph are met.
Code #18302-1095ALL
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