The
Corporate
Fund
Accumulation
Program,
Inc.
Semi-Annual Report
June 30, 1996
This report is not authorized for use as an offer of sale or a
solicitation of an offer to buy shares of the Program unless
accompanied or preceded by the Program's current prospectus. Past
performance results shown in this report should not be considered a
representation of future performance. Investment return and
principal value of shares will fluctuate so that shares, when
redeemed, may be worth more or less than their original cost.
Statements and other information herein are as dated and are subject
to change.
The Corporate Fund
Accumulation Program, Inc.
Box 9011
Princeton, NJ 08543-9011
To Our Shareholders:
For the six-month period ended June 30, 1996, The Corporate Fund
Accumulation Program, Inc. provided a total investment return of
- -2.77%, based on a change in per share net asset value from $21.59
to $20.42, and assuming reinvestment of $0.574 per share income
dividends.
<PAGE>
The Environment
The pace of economic activity picked up over the course of the six-
month period ended June 30, 1996. As a result, recessionary concerns
have abated. Investors are now focusing on prospects for an
overheating economy, increasing inflationary pressures, and the
potential for monetary policy tightening by the Federal Reserve
Board. With more robust economic growth, a sharp rise in prices for
crude oil and agricultural commodities, and expectations of
escalating wage pressures, long-term interest rates (as measured by
the yield on the 30-year US Treasury bond) are in excess of 7%.
Inflationary concerns were heightened further shortly after the
close of the June period with the report of a stronger-than-expected
employment report for June. Unemployment fell to a six-year low, and
hourly wages rose sharply. This mounting evidence of a tighter labor
market and rising labor costs suggested to many investors that the
US central bank would be forced to raise short-term interest rates
in the coming months. In the weeks ahead, investors will continue to
monitor economic data releases to determine the potential for
monetary policy tightening by the Federal Reserve Board. Evidence of
more moderate, but sustained, economic activity would be a
beneficial development for the US capital markets.
Portfolio Matters
The acceleration of job creation, which became evident in February,
adversely impacted interest rates during the six-month period ended
June 30, 1996. Job growth averaged 233,000 jobs per month during the
first six months of 1996, compared with an average monthly gain of
only 144,000 for the same period in 1995. Combined with a surprising
strength in the wage and salary index, this data caused concern that
the period of favorable inflationary developments may be drawing to
a close. Economic activity heated up in the second quarter of 1996,
and there was speculation that the Federal Reserve Board may reverse
trend and tighten interest rates during the summer months. Federal
Reserve Board Chairman Alan Greenspan lamented that serious
discussion in Washington related to reducing the Federal budget
deficit had faded, which caused investors additional concern.
Trading activity pushed the long-term Treasury note rate from under
6% up to 7.25% before recovering to 6.90% at June 30, 1996.
We took a defensive position in this investment environment. We
achieved this by shortening the average duration of The Corporate
Fund Accumulation Program, Inc. from 5.86 years to 4.68 years. This
was accomplished by trading down the yield curve. The Program
remained underweighted in the utility and Canadian sectors. At the
same time, we increased our commitment to Yankee issues. We hope
that economic growth will slow in the third quarter, but we will
remain wary by continuing to maintain a defensive strategy. The
steepness of the short-term yield curve compelled us to be fully
invested, but inflationary concerns will keep us cautious.
<PAGE>
In Conclusion
We appreciate your ongoing interest in The Corporate Fund
Accumulation Program, Inc., and we look forward to sharing our
investment strategy with you in our upcoming annual report to
shareholders.
Sincerely,
(Arthur Zeikel)
Arthur Zeikel
President
(Jay C. Harbeck)
Jay C. Harbeck
Vice President and Portfolio Manager
July 31, 1996
<TABLE>
The Corporate Fund Accumulation Program, Inc.
Schedule of Investments June 30, 1996
<CAPTION>
S&P Moody's Face Value
Industry Rating Rating Amount Issue Cost (Note 1a)
US Government Obligations
<S> <S> <S> <C> <S> <C> <C>
US Government AAA Aaa $1,500,000 US Treasury Bonds, 6.875% due 8/15/2025 $ 1,478,227 $ 1,484,760
Obligations-- US Treasury Notes:
9.2% AAA Aaa 3,000,000 6.25% due 8/31/2000 3,022,953 2,978,910
AAA Aaa 1,000,000 7.875% due 8/15/2001 1,087,436 1,059,370
AAA Aaa 2,000,000 6.25% due 2/15/2003 1,965,428 1,964,680
----------- -----------
7,554,044 7,487,720
<PAGE>
Total US Government Obligations--9.2% 7,554,044 7,487,720
Corporate Bonds & Notes
Banks & A+ A1 2,000,000 BankAmerica Corp., 7.125% due 5/12/2005 1,974,258 1,971,080
Thrifts-- A- A2 1,500,000 Chase Manhattan Bank Corp., 8.65% due
12.9% 2/13/1999 1,571,603 1,563,600
A- A 1,000,000 Citicorp., 8.80% due 2/01/2000 1,000,000 1,014,980
A A1 1,000,000 Midland Bank PLC, 7.625% due 6/15/2006 997,623 1,013,140
A A2 1,000,000 NationsBank Corp., 7.50% due 2/15/1997 999,723 1,009,330
Norwest Corp.:
AA- Aa3 1,000,000 6.25% due 4/15/1999 996,913 990,280
A+ A1 2,000,000 6.625% due 3/15/2003 2,010,384 1,932,680
AA+ Aa2 1,000,000 Wachovia Bank, 6.55% due 6/09/1997 999,768 1,004,610
----------- -----------
10,550,272 10,499,700
Financial General Motors Acceptance Corp.:
Services-- A- A3 1,000,000 6.625% due 10/01/2002 998,388 976,410
Captive-- A- A3 500,000 7.40% due 9/01/2025 496,077 473,900
1.8% ----------- -----------
1,494,465 1,450,310
Financial American General Finance Corp.:
Services-- A+ A1 1,000,000 7.70% due 11/15/1997 994,787 1,016,040
Consumer-- A+ A1 1,000,000 5.875% due 7/01/2000 963,214 963,780
7.9% AA- Aa3 1,000,000 Associates Corp. of North America, 5.25% due
9/01/1998 978,529 974,320
A+ Aa3 2,000,000 CIT Group Holdings, Inc., 5.592% due 2/28/1997 1,999,663 1,999,380
A A2 500,000 Equitable Life Assurance Society of the US,
6.95% due 12/01/2005 472,038 480,065
A+ A2 1,000,000 Transamerica Finance Corp., 6.80% due 3/15/1999 999,852 1,004,040
----------- -----------
6,408,083 6,437,625
Financial Bear Stearns Companies, Inc.:
Services-- A A2 1,000,000 6.75% due 5/01/2001 996,949 989,630
Other--9.2% A A2 500,000 6.70% due 8/01/2003 459,402 483,205
Dean Witter, Discover & Co.:
A A2 2,000,000 6.75% due 8/15/2000 1,993,769 1,991,960
A A2 1,000,000 6.30% due 1/15/2006 995,798 923,936
AAA Aaa 1,000,000 General Electric Capital Corp., 14% due
7/01/1996 1,000,596 1,000,000
BBB+ Baa1 1,000,000 PaineWebber Group Inc., 8.875% due 3/15/2005 996,455 1,075,420
A+ A1 1,000,000 Travelers Corp. (The), 7.875% due 5/15/2025 999,442 1,000,740
----------- -----------
7,442,411 7,464,891
</TABLE>
<PAGE>
<TABLE>
The Corporate Fund Accumulation Program, Inc.
Schedule of Investments (continued) June 30, 1996
<CAPTION>
S&P Moody's Face Value
Industry Rating Rating Amount Issue Cost (Note 1a)
<S> <S> <S> <C> <S> <C> <C>
Corporate Bonds & Notes (continued)
Foreign*-- BBB+ A3 $1,000,000 Bangkok Bank Public Company Ltd., 7.25% due
13.9% 9/15/2005 (b)++ $ 991,617 $ 963,060
AA- A2 1,500,000 CRA Finance Ltd., 6.50% due 12/01/2003 (c) 1,363,518 1,421,910
A A3 1,000,000 China Light & Power Company, Ltd., 7.50% due
4/15/2006 (b) 993,735 985,110
AA- A1 1,000,000 Korea Development Bank, 7.25% due
5/15/2006 (a) 978,626 978,620
NR* NR* 1,000,000 People's Republic of China, 7.375% due
7/03/2001 (a) 995,650 995,650
A+ A2 1,000,000 Pohang Iron & Steel Industries, 7.375% due
5/15/2005 (d) 1,016,753 982,520
Province of Quebec (a):
A+ A2 2,000,000 7.50% due 7/15/2002 2,037,819 2,047,160
A+ A2 500,000 8.80% due 4/15/2003 560,696 545,650
AA A1 1,000,000 Republic of Italy, 6.875% due 9/27/2023 (a) 974,337 901,720
A A2 1,500,000 Western Mining, 7.25% due 11/15/2013 (c) 1,519,231 1,437,510
----------- -----------
11,431,982 11,258,910
Industrial-- A+ A1 2,000,000 Bass America, Inc., 6.625% due 3/01/2003 1,915,010 1,938,180
Consumer A+ A2 1,000,000 Grand Metropolitan Investment Corp., 8.625%
Goods-- due 8/15/2001 1,018,921 1,075,210
10.0% AAA Aaa 2,000,000 Johnson & Johnson Co., 8.72% due 11/01/2024 2,018,907 2,166,060
A A2 1,125,000 May Department Stores Company (The),
10.625% due 11/01/2010 1,347,834 1,402,796
A A2 1,000,000 Philip Morris Companies, Inc., 9% due 1/01/2001 1,016,441 1,074,450
A A1 500,000 Disney Enterprises Inc., 6.375% due
3/30/2001*** 500,000 491,080
----------- -----------
7,817,113 8,147,776
Industrial-- A+ A1 1,000,000 Petroliam Nasional Berhad, 6.875% due
Energy--1.2% 7/01/2003++ 990,145 984,800
<PAGE>
Industrial-- AA- Aa2 1,000,000 Archer-Daniels-Midland Co., 8.125% due 6/01/2012 1,116,074 1,063,440
Other--8.2% Ford Capital B.V.:
A+ A1 1,000,000 7.75% due 3/15/2005 999,204 1,020,840
A+ A1 1,000,000 9.50% due 6/01/2010 1,102,166 1,150,040
BBB+ A3 500,000 Harris Corporation, 7% due 1/15/2026 497,552 451,625
Lockheed Martin Corp.:
BBB+ A3 1,000,000 6.625% due 6/15/1998 999,871 1,003,590
BBB+ A3 1,000,000 6.55% due 5/15/1999 999,539 997,660
BBB+ A3 1,000,000 Phillips Electronics N.V., 7.75% due 5/15/2025 996,737 986,840
----------- -----------
6,711,143 6,674,035
Supranational AAA Aaa 2,000,000 International Bank for Reconstruction &
- --3.1% Development, 12.375% due 10/15/2002 2,014,833 2,554,560
Transportation Southwest Airlines Co.:
- --3.3% A- Baa1 1,500,000 9.40% due 7/01/2001 1,714,492 1,624,380
A- Baa1 1,000,000 7.875% due 9/01/2007 994,478 1,011,610
----------- -----------
2,708,970 2,635,990
</TABLE>
<TABLE>
The Corporate Fund Accumulation Program, Inc.
Schedule of Investments (concluded) June 30, 1996
<CAPTION>
S&P Moody's Face Value
Industry Rating Rating Amount Issue Cost (Note 1a)
<S> <S> <S> <C> <S> <C> <C>
Corporate Bonds & Notes (concluded)
Utilities-- GTE Corporation:
Communica- BBB+ Baa1 $ 500,000 9.10% due 6/01/2003 $ 552,399 $ 552,435
tions--4.5% BBB+ A3 1,000,000 10.30% due 11/15/2017 1,092,286 1,095,500
AA A1 2,000,000 Southwestern Bell Telecommunications, Inc.,
6.125% due 3/01/2000 2,005,768 1,962,420
----------- -----------
3,650,453 3,610,355
Utilities-- A+ A1 3,000,000 Georgia Power Co., 6.125% due 9/01/1999 2,981,639 2,950,080
Electric-- AA- A1 1,000,000 Northern States Power Co., 7.125% due 7/01/2025 1,060,894 954,539
7.4% A- A3 1,000,000 Public Service Electric & Gas Co, 7.125% due
11/01/1997 1,008,282 1,007,500
A A2 1,000,000 Virginia Electric & Power Co., 8.625% due
10/01/2024 981,808 1,067,626
----------- -----------
6,032,623 5,979,745
<PAGE>
Utilities-- AA- A1 2,000,000 Consolidated Natural Gas Co., 8.75% due
Gas--2.6% 6/01/1999 2,078,718 2,100,880
Total Corporate Bonds & Notes--86.0% 69,331,211 69,799,577
Short-Term Securities
Repurchase 3,651,000 UBS Securities Funding, Inc., purchased on
Agreements** 6/28/1996 to yield 5.45% to 7/01/1996 3,651,000 3,651,000
- --4.5%
Total Short-Term Securities--4.5% 3,651,000 3,651,000
Total Investments--99.7% $80,536,255 80,938,297
===========
Other Assets Less Liabilities--0.3% 208,291
-----------
Net Assets--100.0% $81,146,588
===========
<FN>
*Corresponding industry groups for foreign bonds which are
denominated in US dollars:
(a)Government entity.
(b)Financial institution.
(c)Industrial; mining.
(d)Industrial; steel.
**Repurchase Agreements are fully collateralized by US Government
& Agency Obligations.
***Formerly The Walt Disney Company.
++Restricted securities. The value of the Program's investment in
restricted securities was approximately $1,948,000, representing
2.4% of net assets.
Acquisition Value
Issue Date Cost (Note 1a)
Bangkok Bank Public Company Ltd., 7.25% due 9/15/2005 9/27/1995 $ 991,617 $ 963,060
Petroliam Nasional Berhad, 6.875% due 7/01/2003 7/28/1995 990,145 984,800
Total $1,981,762 $1,947,860
========== ==========
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
The Corporate Fund Accumulation Program, Inc.
Statement of Assets and Liabilities as of June 30, 1996
<S> <C> <C>
Assets:
Investments, at value (identified cost--$80,536,255) (Note 1a) $ 80,938,297
Cash 945
Receivables:
Securities sold $ 2,000,574
Interest 1,408,148
Capital shares sold 554 3,409,276
------------
Prepaid registration fees and other assets (Note 1d) 57,127
------------
Total assets 84,405,645
------------
Liabilities:
Payables:
Securities purchased 2,976,366
Capital shares redeemed 100,043
Investment adviser (Note 2) 30,944 3,107,353
------------
Accrued expenses and other liabilities 151,704
------------
Total liabilities 3,259,057
------------
Net Assets $ 81,146,588
============
Net Assets Consist of:
Common Stock, $.01 par value, 50,000,000 shares authorized $ 39,748
Paid-in capital in excess of par 82,991,442
Undistributed investment income--net 143,039
Accumulated realized capital losses on investments--net (Note 5) (2,429,683)
Unrealized appreciation on investments--net 402,042
Net Assets--Equivalent to $20.42 per share based on 3,974,758 shares outstanding $ 81,146,588
============
See Notes to Financial Statements.
</TABLE>
<TABLE>
The Corporate Fund Accumulation Program, Inc.
Statement of Operations for the Six Months Ended June 30, 1996
<S> <C> <C>
Investment Income (Note 1c):
Interest and premium and discount earned $ 2,847,390
<PAGE>
Expenses:
Investment advisory fees (Note 2) $ 204,783
Transfer agent fees 127,246
Printing and shareholder reports 31,672
Registration fees (Note 1d) 31,065
Professional fees 22,116
Accounting services (Note 2) 10,188
Custodian fees 9,764
Directors' fees and expenses 7,743
Pricing fees 2,283
Other 2,260
------------
Total expenses 449,120
------------
Investment income--net 2,398,270
------------
Realized & Unrealized Gain (Loss) on Investments--Net (Notes 1c & 3):
Realized gain on investments--net 548,923
Change in unrealized appreciation on investments--net (5,333,747)
------------
Net Decrease in Net Assets Resulting from Operations $ (2,386,554)
============
See Notes to Financial Statements.
</TABLE>
<TABLE>
The Corporate Fund Accumulation Program, Inc.
Statements of Changes in Net Assets
<CAPTION>
For the Six For the
Months Ended Year Ended
June 30, December 31,
Increase (Decrease) in Net Assets: 1996 1995
<S> <C> <C>
Operations:
Investment income--net $ 2,398,270 $ 5,184,782
Realized gain on investments--net 548,923 1,240,812
Change in unrealized appreciation/depreciation on investments--net (5,333,747) 8,819,279
------------ ------------
Net increase (decrease) in net assets resulting from operations (2,386,554) 15,244,873
------------ ------------
Dividends to Shareholders (Note 1e):
Investment income--net (2,255,331) (5,184,682)
------------ ------------
Net decrease in net assets resulting from dividends to shareholders (2,255,331) (5,184,682)
------------ ------------
Capital Share Transactions (Note 4):
Net increase (decrease) in net assets resulting from capital share transactions 386,323 (7,545,314)
------------ ------------
Net Assets:
Total increase (decrease) in net assets (4,255,562) 2,514,877
Beginning of period 85,402,150 82,887,273
------------ ------------
End of period* $ 81,146,588 $ 85,402,150
============ ============
<FN>
*Undistributed investment income--net $ 143,039 $ 100
============ ============
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
The Corporate Fund Accumulation Program, Inc.
Financial Highlights
<CAPTION>
For the Six
The following per share data and ratios have been derived Months
from information provided in the financial statements. Ended
June 30, For the Year Ended December 31,
Increase (Decrease) in Net Asset Value: 1996 1995 1994 1993 1992
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period $ 21.59 $ 19.14 $ 21.55 $ 21.22 $ 21.76
-------- -------- -------- -------- --------
Investment income--net .61 1.28 1.18 1.31 1.46
Realized and unrealized gain (loss) on investments--net (1.21) 2.45 (2.41) 1.24 (.03)
-------- -------- -------- -------- --------
Total from investment operations (.60) 3.73 (1.23) 2.55 1.43
-------- -------- -------- -------- --------
Less dividends and distributions:
Investment income--net (.57) (1.28) (1.18) (1.29) (1.47)
Realized gain on investments--net -- -- -- (.93) (.50)
-------- -------- -------- -------- --------
Total dividends and distributions (.57) (1.28) (1.18) (2.22) (1.97)
-------- -------- -------- -------- --------
Net asset value, end of period $ 20.42 $ 21.59 $ 19.14 $ 21.55 $ 21.22
======== ======== ======== ======== ========
Total Investment Return:
Based on net asset value per share (2.77%)+++ 20.05% (5.78%) 12.20% 6.86%
======== ======== ======== ======== ========
Ratios to Average Net Assets:
Expenses 1.09%* 1.01% 1.10% 1.08% 1.12%
======== ======== ======== ======== ========
Investment income--net 5.84%* 6.23% 5.80% 5.74% 6.72%
======== ======== ======== ======== ========
Supplemental Data:
Net assets, end of period (in thousands) $ 81,147 $ 85,402 $ 82,887 $115,367 $ 90,892
======== ======== ======== ======== ========
Portfolio turnover 54% 104% 122% 132% 65%
======== ======== ======== ======== ========
<PAGE>
<FN>
*Annualized.
+++Aggregate total investment return.
See Notes to Financial Statements.
</TABLE>
The Corporate Fund Accumulation Program, Inc.
Notes to Financial Statements
1. Significant Accounting Policies:
The Corporate Fund Accumulation Program, Inc. (the "Program") is
registered under the Investment Company Act of 1940 as a diver-
sified, open-end management investment company. These unaudited
financial statements reflect all adjustments which are, in the
opinion of management, necessary to a fair statement of the results
for the interim period presented. All such adjustments are of a
normal recurring nature. The following is a summary of significant
accounting policies followed by the Program.
(a) Valuation of securities--Portfolio securities are valued on the
basis of prices furnished by one or more pricing services which
determine prices for normal, institutional-size trading units.
Obligations with remaining maturities of sixty days or less are
valued at amortized cost, which approximates market value, unless
this method no longer produces fair valuations. Securities for which
there exists no price quotations or valuations and all other assets
are valued at fair value as determined in good faith by or on behalf
of the Board of Directors of the Program.
(b) Income taxes--It is the Program's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute substantially all of its
taxable income to its shareholders. Therefore, no Federal income tax
provision is required.
(c) Security transactions and investment income--Security
transactions are recorded on the dates the transactions are entered
into (the trade dates). Interest income (including amortization of
premium and discount) is recognized on the accrual basis. Realized
gains and losses on security transactions are determined on the
identified cost basis.
<PAGE>
(d) Prepaid registration fees--Prepaid registration fees are charged
to expense as the related shares are issued.
(e) Dividends to shareholders--Dividends from net investment income
are declared and paid monthly. Distributions of capital gains are
recorded on the ex-dividend dates.
2. Investment Advisory Agreement and
Transactions with Affiliates:
The Program has entered into an Investment Advisory Agreement with
Fund Asset Management, L.P. ("FAM"). The general partner of FAM is
Princeton Services, Inc. ("PSI"), an indirect wholly-owned
subsidiary of Merrill Lynch & Co., Inc. ("ML & Co."), which is the
limited partner.
FAM is responsible for the management of the Program's portfolio and
provides the necessary personnel, facilities, equipment and
certain other services necessary to the operations of the Program.
For such services, the Program pays a monthly fee of 0.50%, on an
annual basis, of the value of the Program's average daily net
assets. The Investment Advisory Agreement obligates FAM to reimburse
the Program to the extent the Program's expenses (excluding
interest, taxes, brokerage fees and extraordinary items) exceed 2.5%
of the Program's first $30 million of average daily net assets, 2.0%
in excess of $30 million but not exceeding $100 million of average
daily net assets, and 1.5% of the average daily net assets in excess
of $100 million. No fee payment will be made to FAM during any
fiscal year which would cause such expenses to exceed the foregoing
expense limitations applicable at the time of such payment.
FAM has entered into an Administrative Agreement with Merrill Lynch,
Pierce, Fenner & Smith Inc. ("MLPF&S"), Prudential Securities, Inc.,
Dean Witter Reynolds Inc., and Shearson Lehman Brothers Inc. (the
"Administrators"), whereby the Administrators perform certain
administrative duties on behalf of FAM.
The Corporate Fund Accumulation Program, Inc.
Notes to Financial Statements (concluded)
The Administrators receive a monthly fee from FAM equal to 0.20%, on
an annual basis, of the Program's average daily net assets and have
agreed to reimburse FAM for a portion of the reimbursement of
expenses to the Program as described above, required to be made by
FAM.
During the six months ended June 30, 1996, the Program paid Merrill
Lynch Security Pricing Service, an affiliate of MLPF&S, $1,040 for
security price quotations to compute the net assets value of the
Program.
<PAGE>
Accounting services are provided to the Program by FAM at cost.
Certain officers and/or directors of the Program are officers and/or
directors of FAM, PSI, MLPF&S, and/or ML & Co.
3. Investments:
Purchases and sales of investments, excluding short-term securities,
for the six months ended June 30, 1996 were $42,180,966 and
$41,724,653, respectively.
Net realized and unrealized gains as of June 30, 1996 were as
follows:
Realized Unrealized
Gains Gains
Long-term investments $ 548,923 $ 402,042
---------- ----------
Total $ 548,923 $ 402,042
========== ==========
As of June 30, 1996, net unrealized appreciation for Federal income
tax purposes aggregated $402,042, of which $1,338,212 related to
appreciated securities and $936,170 related to depreciated
securities. The aggregate cost of investments at June 30, 1996 for
Federal income tax purposes was $80,536,255.
4. Capital Share Transactions:
Transactions in capital shares were as
follows:
For the Six Months Ended Dollar
June 30, 1996 Shares Amount
Shares sold 656,618 $ 13,628,433
Shares issued to
shareholders in
reinvestment of dividends 107,355 2,226,686
------------ ------------
Total issued 763,973 15,855,119
Shares redeemed (744,574) (15,468,796)
------------ ------------
Net increase 19,399 $ 386,323
============ ============
<PAGE>
For the Year Ended Dollar
December 31, 1995 Shares Amount
Shares sold 691,078 $ 14,241,386
Shares issued to
shareholders in
reinvestment of dividends 236,055 4,837,718
------------ ------------
Total issued 927,133 19,079,104
Shares redeemed (1,302,627) (26,624,418)
------------ ------------
Net decrease (375,494) $ (7,545,314)
============ ============
5. Capital Loss Carryforward:
At December 31, 1995, the Program had a net capital loss
carryforward of approximately $2,978,000, all of which expires in
2002. This amount will be available to offset like amounts of any
future taxable gains.
The Corporate Fund Accumulation Program, Inc.
Officers and Directors
Arthur Zeikel--President and Director
Ronald W. Forbes--Director
Cynthia A. Montgomery--Director
Charles C. Reilly--Director
Kevin A. Ryan--Director
Richard R. West--Director
Terry K. Glenn--Executive Vice President
N. John Hewitt--Senior Vice President
Donald C. Burke--Vice President
Jay C. Harbeck--Vice President
Gerald M. Richard--Treasurer
Susan B. Baker--Secretary
Custodian and Transfer Agent
The Bank of New York
90 Washington Street
New York, New York 10286
