MUNICIPAL FUND ACCUMULATION PROGRAM INC, 497, 2000-08-04

MUNICIPAL FUND ACCUMULATION PROGRAM INC
497, 2000-08-04

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               THE MUNICIPAL FUND INVESTMENT ACCUMULATION PROGRAM

                        Supplement dated August 4, 2000
                       to Prospectus dated March 31, 2000

The following  information  supersedes and replaces the information contained in
the Prospectus in the sidebar  "About the Portfolio  Manager" that appears under
the caption "Details About the Program-How the Program Invests":

Theodore R. Jaeckel, Jr. is the portfolio manager of the Program.  Mr. Jaeckel
has been a Director (Municipal Tax-Exempt Fund Management) of Merrill Lynch
Investment Managers since 1997 and a Vice President since 1991.