THE MUNICIPAL FUND ACCUMULATION PROGRAM, INC.
SUPPLEMENT DATED JANUARY 9, 1996
TO THE PROSPECTUS DATED MAY 1, 1995
The Prospectus is amended by substituting the following language for the
last paragraph of "Management of the Program - Advisory and Administration
Arrangements" on page 11:
William Michael Petty is the Portfolio Manager for the Program and is
responsible for the day-to-day management of the Program. Mr. Petty has been
employed by the Manager since 1993 as Vice President and was an Assistant Vice
President thereof from 1992 to 1993. Prior thereto, he was a Municipal Bond
Broker with J.J. Kenny Municipal Bond Brokers from 1990 to 1992.
