SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
STATEMENT BY REGISTERED CLOSED-END INVESTMENT COMPANY
WITH RESPECT TO PURCHASES OF ITS OWN SECURITIES PURSUANT
TO RULE N-23C-1 DURING THE LAST CALENDAR MONTH
Report For Calendar Month Ending: November 30, 2000
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<CAPTION>
MERRILL LYNCH MUNICIPAL STRATEGY FUND, INC.
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Approx Asset
Number of Value or Approx Asset Name of
Date of each Identification Shares Purchased Price per Coverage per Share at Seller or of
Transaction of Security Share Time of Purchase Seller's Broker
--------------------- ------------------- ------------------ --------------- ------------------------- -------------------
<S> <C> <C> <C> <C> <C>
Nov. 8, 2000 Auction Market 76 $25,000 $1,900,000 Morgan Stanley
Preferred Stock Dean Witter
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MERRILL LYNCH MUNICIPAL
STRATEGY FUND, INC.
By /s/ Kenneth A. Jacob
Vice President
Date of Statement: November 30, 2000
