File No. 002-57442
Rule 497(e)
The Municipal Fund Investment Accumulation Program
Supplement dated June 17, 1997 to the
Prospectus dated April 25, 1997
The last paragraph on page 10 of the Prospectus is deleted and
replaced with the following:
Roberto Roffo is the Portfolio Manager for the Program and is
responsible for the day-to-day management of the Program. Mr. Roffo has been
employed by MLAM since 1996 as a Vice President and was a Portfolio Manager
thereof since 1992. Prior thereto, he was an employee of the State Street
Bank and Trust Company from 1989 to 1992.
CODE# 11566-0497
<PAGE>
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File No. 002-57442
Rule 497(e)
The Municipal Fund Investment Accumulation Program
Supplement dated June 17, 1997 to the
Statement of Additional Information dated April 25, 1997
Under the Section, "Directors and Officers," replace the second
sentence in the first paragraph with the following:
The Directors, Officers and Portfolio Manager of the Program, their
ages, and their principal occupations for at least the last five years are
set forth below.
On page 10, replace the first entry with the following:
<TABLE>
<CAPTION>
<S> <C> <C>
Name Capacity Address
__________________ ____________________ ___________________________
Roberto Roffo (31) Portfolio Manager(1) 800 Scudders Mill Road
Plainsboro, New Jersey 08536
</TABLE>
Occupation: Vice President of MLAM since 1996 and a Portfolio Manager
thereof since 1992; prior thereto, employee of the State
Street Bank and Trust Company from 1989 to 1992.
CODE# 11567-0497
