MERRILL LYNCH MUNICIPAL STRATEGY FUND, INC.
Supplement dated March 11, 1996 to
the Prospectus dated October 30, 1995
On March 11, 1996, the Fund issued 1,000 shares of Auction Market
Preferred Stock, Series A ("AMPS(registered trademark)") for an aggregate
of $25,000,000, representing approximately 26% of the Fund's capital at
that date. The Fund may issue additional shares of AMPS on a continuing
basis so that the aggregate amount of outstanding shares of AMPS will
represent up to approximately 35% of the Fund's capital.
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(Registered Trademark) Registered trademark of Merrill Lynch & Co., Inc.
Code # 18302-1095ALL
