24F-2NT

                           






February 28, 1994



Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street N.W.
Washington, D.C.  20549

Re:  Rule 24f-2 Notice for
     THE CORPORATE FUND ACCUMULATION
             PROGRAM, INC.
     File No.  2-57060
     
Dear Sirs:

In accordance with the provisions of Rule 24f-2
under the Investment Company Act of 1940, The
Corporate Fund Accumulation Program, Inc. (the
"Fund") hereby files its Rule 24f-2 Notice (the
"Notice").

1.     The Notice is being filed for the fiscal year
        of the Fund ended December 31, 1993 
       (the "Fiscal Year").
   
2.    36,438 shares of common stock of the Fund which
       had been registered under the Securities Act of 1933
       (the "Securities Act") other than pursuant to
       Rule 24f-2 remained unsold at the beginning of
       the Fiscal Year.
   
3.    1,678,229 shares of common stock were
       registered under the Securities Act during the
       Fiscal Year other than pursuant to Rule 24f-2.
   
4.    3,558,780 shares of common stock were sold
       during the  Fiscal Year.*
   
5.    1,844,113 shares of common stock were sold
       during the Fiscal Year in reliance upon 
       registration pursuant to  Rule 24f-2.
   
_______________
*The aggregate sale price for all shares sold
during the Fiscal Year was $79,734,098.



   6.   Since the maximum possible aggregate sale
         price of securities sold during the Fiscal
         Year in reliance upon registration pursuant to
         Rule 24f-2 is less than the aggregate
         redemption price of securities redeemed
         during the Fiscal Year, no filing fee is
         required in connection with the filing of this
         Notice.  The   calculation is as follows:
   
      (i)    Maximum possible aggregate sale price
             for the 1,844,113 shares of common
             stock sold during the Fiscal Year
             in reliance upon registration
             pursuant to Rule 24f-2.  (Based
             upon maximum offering price of
             $23.31).

                                                     $42,986,274
   
     (ii)     Aggregate redemption price for
             the 2,948,852 shares of common
             stock redeemed during the Fiscal
             Year.

                                                      $66,149,898
   
   equals amount on which filing fee is
   to be based.                          
                                                             -0-



Please direct any questions relating to this
filing to Susan B. Baker at Merrill Lynch Asset
Management, P.O. Box 9011, Princeton, N.J. 08543-
9011, (609) 282-2460, or to Leonard B. Mackey, Jr.
at Rogers & Wells, 200 Park Avenue, New York, New
York  10166, (212) 878-8000.

Very truly yours,

THE CORPORATE FUND ACCUMULATION 
        PROGRAM, INC.



By /s/ Susan B. Baker
   - - - - - - - - - - -
     Susan B. Baker
      Secretary

EX-1

                        [Rogers & Wells]







                              February 25, 1994


The Corporate Fund Accumulation
   Program, Inc.
800 Scudders Mill Road
Plainsboro, NJ  08536

Gentlemen:

           We  have  acted  as  counsel  to  The  
Corporate  Fund Accumulation  Program, Inc.
(the "Fund") in connection  with  the sale  of 3,558,780 
shares of common stock of the Fund, par  value
$0.10  per  share (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
not independently established, we  have  relied
upon such representations, certificates and other
documents as we deemed appropriate.

          Based on the foregoing, we are of the 
opinion that when the  1,844,113  Shares referred
to in paragraph 5 of  the  Notice were sold during 
the fiscal year ended December 31, 1993 pursuant
to  the  Distribution  Agreement 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