U.S. Securities and Exchange Commission
Washington, D.C. 20549
Form 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
1. Name and address of Issuer:
The Municipal Fund Accumulation Program, Inc.
P.O. Box 9011
Princeton, N.J. 08543-9011
2. Name of each series or class of funds for which this notice
is filed:
The Municipal Fund Accumulation Program, Inc.
3. Investment Company Act File Number: 811-2694
Securities Act File Number: 2-57442
4. Last day of fiscal year for which this notice is filed:
December 31, 1995
5. Check box if this notice is being filed more than 180 days
after the close of the issuer's fiscal year for purposes of
reporting securities sold after the close of the fiscal year
but before termination of the issuer's 24f-2 declaration:
[ ]
6. Date of termination of issuer's declaration under rule
24f-2(a)(1), if applicable :
7. Number and amount of securities of the same class or series
which had been registered under the Securities Act of 1933
other than pursuant to rule 24f-2 in a prior fiscal year,
but which remained unsold at the beginning of the
fiscal year:
0 shares
8. Number and amount of securities registered during the fiscal
year other than pursuant to rule 24f-2:
3,328,654 shares
9. Number and aggregate sale price of securities sold during
the fiscal year:
5,353,884 shares $98,802,679
10. Number and aggregate sale price of securities sold during
the fiscal year in reliance upon registration pursuant to
rule 24f-2:
2,025,230 shares $38,985,678
(Based on a maximum offering price of $19.25)
11. Number and aggregate sale price of securities issued during
the fiscal year in connection with dividend reinvestment
plans, if applicable :
1,553,919 shares $28,721,772
12. Calculation of registration fee:
(i) Aggregate sale price of securities
sold during the fiscal year in
reliance on rule 24f-2
(from Item 10): $38,985,678
(ii) Aggregate price of shares issued
in connection with dividend
reinvestment plans (from Item
11, if applicable): + $28,721,772
(iii)Aggregate price of shares redeemed
or repurchased during the fiscal
year (if applicable): - $135,404,475
(iv) Aggregate price of shares redeemed
or repurchased and previously
applied as a reduction to
filing fees pursuant to rule
24e-2 (if applicable): + $ 0
(v) Net aggregate price of securities
sold and issued during the
fiscal year in reliance upon
rule 24f-2 [line (i), plus line (ii), $ 0
less line (iii), plus line (iv)]
(if applicable):
(vi) Multiplier prescribed by Section
6(b) of the Securities Act of
1933 or other applicable law or
regulation : x 1/2900
(vii)Fee due [line (i) or line (v)
multiplied by line (vi)]: $ 0
13. Check box if fees are being remitted to the Commission's
lockbox depository as described in section 3a of the
Commission's Rules of Informal and Other Procedures
(17 CFR 202.3a).
[ ]
Date of mailing or wire transfer of filing fees to the
Commission's lockbox depository:
SIGNATURES
This report has been signed below by the following persons
on behalf of the issuer and in the capacities and on the
dates indicated.
By
/s/Jaclyn Scheck
Jaclyn Scheck, Assistant Secretary
Date February 9, 1996
February 16, 1996
The Municipal Fund Accumulation
Program, Inc.
800 Scudders Mill Road
Plainsboro, NJ 08536
Gentlemen:
We have acted as counsel
to The Municipal Fund Accumulation
Program, Inc. (the "Fund") in connection
with the sale of its shares of common
stock (the "Shares"). You have asked
us to furnish certain legal opinions in
connection with the filing of a notice
(the "Notice") under Rule 24f-2 of the
Investment Company Act of 1940, as
amended (the "Act").
For purposes of the opinion
expressed in this letter, we have examined
the Fund's Articles of Incorporation as
amended through the date hereof,
the resolutions of the Board of
Directors of the Fund and such other
documents and questions of law as we
have deemed necessary or advisable.
As to relevant matters of fact, we have
relied upon such documents as we
deemed appropriate.
Based on the foregoing, we are of
the opinion that when the 2,025,230 Shares
referred to in paragraph 10 of the Notice
were sold during the fiscal year ended
December 31, 1995 in reliance upon
registration pursuant to Rule 24f-2 of the
Act and in accordance with the currently
effective prospectus of the Fund, the
Shares were legally issued, fully paid
and non-assessable.
Very truly yours,
/s/ Rogers & Wells
cc: Susan B. Baker
