MUNICIPAL FUND ACCUMULATION PROGRAM INC, 497, 1994-10-05

MUNICIPAL FUND ACCUMULATION PROGRAM INC
497, 1994-10-05

Previous: JOHNSON & JOHNSON, 8-K, 1994-10-05

Next: PRICE T ROWE TAX FREE INCOME FUND INC, N-30D/A, 1994-10-05



<PAGE>
               The Municipal Fund Investment Accumulation Program
                     Supplement dated September 28, 1994 to
                        Prospectus dated April 28, 1994

    Under  the  Section "MANAGEMENT  OF THE  PROGRAM", subsection  "Advisory and
Administration Arrangements" the last paragraph,  located on page 10 is  deleted
in its entirety and the following is added in place thereof:

    "Vincent R. Giordano and Kenneth A. Jacob are the Portfolio Managers for
    the Program. Vincent R. Giordano has been a portfolio manager of FAM and
    MLAM  since 1977 and Senior  Vice President of FAM  and MLAM since 1984.
    Kenneth A. Jacob has been a Vice President of MLAM since 1984."