PROSPECTUS SUPPLEMENT DATED JULY 11, 1996
                   (TO PROSPECTUS DATED FEBRUARY 27, 1996)


                 MERRILL LYNCH MUNICIPAL STRATEGY FUND, INC.
        Auction Market Preferred Stock ("AMPS(Registered Trademark)")
                                   Series A
                   Liquidation Preference $25,000 Per Share


Number of Shares Sold:  320

Date of Original Issue:  July 11, 1996

Applicable Rate for Dividend Period:  3.45%

Dividend Payment Date:  July 18, 1996


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(Registered Trademark)Registered trademark of Merrill Lynch & Co., Inc.



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