<PAGE> PAGE 1
000 A000000 03/31/97
000 C000000 0000276463
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 MERRILL LYNCH CORPORATE BOND FUND, INC.
001 B000000 811-2857
001 C000000 6092822800
002 A000000 P.O. BOX 9011
002 B000000 PRINCETON
002 C000000 NJ
002 D010000 08543
002 D020000 9011
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 HIGH INCOME PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 INVESTMENT GRADE PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 INTERMEDIATE TERM PORTFOLIO
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 FUND ASSET MANAGEMENT, L.P.
008 B00AA01 A
008 C00AA01 801-12485
008 D01AA01 PRINCETON
008 D02AA01 NJ
008 D03AA01 08543
008 D04AA01 9011
011 A00AA01 MERRILL LYNCH FUNDS DISTRIBUTOR, INC.
011 B00AA01 8-14663
011 C01AA01 PRINCETON
011 C02AA01 NJ
011 C03AA01 08543
<PAGE> PAGE 2
011 C04AA01 9011
012 A00AA01 MERRILL LYNCH FINANCIAL DATA SERVICES, INC.
012 B00AA01 84-01339
012 C01AA01 JACKSONVILLE
012 C02AA01 FL
012 C03AA01 32246
012 C04AA01 6484
013 A00AA01 DELOITTE & TOUCHE LLP
013 B01AA01 PRINCETON
013 B02AA01 NJ
013 B03AA01 08540
014 A00AA01 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
014 B00AA01 8-7221
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02101
015 E01AA01 X
015 A00AA02 ANZ BANKING GROUP LTD.
015 B00AA02 S
015 C01AA02 NEW ZEALAND
015 D01AA02 NEW ZEALAND
015 D02AA02 3000
015 E04AA02 X
015 A00AA03 WESTPAC BANKING CORPORATION
015 B00AA03 S
015 C01AA03 AUSTRALIA
015 D01AA03 AUSTRALIA
015 E04AA03 X
015 A00AA04 AUSTRACLEAR LIMITED
015 B00AA04 S
015 C01AA04 AUSTRALIA
015 D01AA04 AUSTRALIA
015 E04AA04 X
015 A00AA05 CEDEL, S.A.
015 B00AA05 S
015 C01AA05 LUXEMBOURG
015 D01AA05 LUXEMBOURG
015 E04AA05 X
015 A00AA06 THE BANK OF NEW YORK
015 B00AA06 S
015 C01AA06 NEW YORK
015 C02AA06 NY
015 C03AA06 10015
015 E01AA06 X
015 A00AA07 BANKERS TRUST COMPANY
015 B00AA07 S
015 C01AA07 NEW YORK
015 C02AA07 NY
015 C03AA07 10006
<PAGE> PAGE 3
015 E01AA07 X
015 A00AA08 CHEMICAL BANK
015 B00AA08 S
015 C01AA08 NEW YORK
015 C02AA08 NY
015 C03AA08 10017
015 E01AA08 X
015 A00AA09 CUSTODIAL TRUST CO.
015 B00AA09 S
015 C01AA09 NEW YORK
015 C02AA09 NY
015 C03AA09 10167
015 E01AA09 X
015 A00AA10 MORGAN GUARANTEE TRUST CO.
015 B00AA10 S
015 C01AA10 NEW YORK
015 C02AA10 NY
015 C03AA10 10260
015 E01AA10 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 193
019 C00AA00 MERRILLLYN
020 A000001 LEHMAN BROTHERS INC.
020 B000001 13-2518466
020 C000001 4
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 4
022 A000001 LEHMAN BROTHERS INC.
022 B000001 13-2518466
022 C000001 4012123
022 D000001 88161
022 A000002 GENERAL MOTORS ACCEPTANCE CORP.
022 C000002 3224192
022 D000002 0
022 A000003 GENERAL ELECTRIC CAPITAL CORP.
022 C000003 2819986
022 D000003 0
022 A000004 UBS SECURITIES LLC
022 B000004 13-3873456
022 C000004 1908930
022 D000004 127383
022 A000005 GOLDMAN, SACHS & CO.
<PAGE> PAGE 4
022 B000005 13-5108880
022 C000005 1061709
022 D000005 122646
022 A000006 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000006 13-2741729
022 C000006 476051
022 D000006 354726
022 A000007 MORGAN (J.P.) SECURITIES INC.
022 B000007 13-3224016
022 C000007 580175
022 D000007 194036
022 A000008 MORGAN STANLEY & CO. INCORPORATED
022 B000008 13-2655998
022 C000008 357183
022 D000008 260526
022 A000009 BANCAMERICA SECURITIES INC.
022 B000009 95-4035346
022 C000009 597171
022 D000009 0
022 A000010 SALOMON BROTHERS INC
022 B000010 13-3082694
022 C000010 226746
022 D000010 205752
023 C000000 17498520
023 D000000 2182409
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
<PAGE> PAGE 5
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 0
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
077 A000000 Y
077 O000000 Y
078 000000 N
024 000100 N
028 A010100 166985
028 A020100 18862
028 A030100 0
028 A040100 72307
028 B010100 172548
028 B020100 24229
028 B030100 0
028 B040100 70577
028 C010100 210916
028 C020100 0
028 C030100 0
028 C040100 82716
028 D010100 250726
028 D020100 43915
028 D030100 0
028 D040100 105684
028 E010100 245224
028 E020100 19995
028 E030100 0
028 E040100 95099
028 F010100 212264
028 F020100 21464
028 F030100 0
028 F040100 136405
028 G010100 1258663
028 G020100 128465
028 G030100 0
028 G040100 562788
028 H000100 197705
<PAGE> PAGE 6
029 000100 Y
030 A000100 1081
030 B000100 4.00
030 C000100 0.00
031 A000100 100
031 B000100 0
032 000100 0
033 000100 981
034 000100 Y
035 000100 3471
036 A000100 N
036 B000100 0
042 A000100 0
042 B000100 0
042 C000100 100
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 19069
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 250000
048 A020100 0.550
048 B010100 250000
048 B020100 0.500
048 C010100 250000
048 C020100 0.450
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 750000
048 K020100 0.400
055 A000100 N
055 B000100 N
056 000100 Y
<PAGE> PAGE 7
057 000100 N
062 A000100 Y
062 B000100 0.0
062 C000100 0.1
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 8.4
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 1.8
062 N000100 0.0
062 O000100 0.0
062 P000100 67.8
062 Q000100 15.0
062 R000100 5.4
063 A000100 0
063 B000100 6.9
064 A000100 N
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 N
<PAGE> PAGE 8
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 1654070
071 B000100 1033513
071 C000100 5656168
071 D000100 18
072 A000100 6
072 B000100 296885
072 C000100 8801
072 D000100 0
072 E000100 3958
072 F000100 12786
072 G000100 157
072 H000100 0
072 I000100 2157
072 J000100 75
072 K000100 0
072 L000100 210
072 M000100 18
072 N000100 347
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 30
072 S000100 40
072 T000100 19069
072 U000100 0
072 V000100 0
072 W000100 38
072 X000100 34927
072 Y000100 0
072 Z000100 274717
072AA000100 536
072BB000100 3177
072CC010100 0
072CC020100 48267
072DD010100 60906
072DD020100 213815
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 4648
074 B000100 0
074 C000100 563476
<PAGE> PAGE 9
074 D000100 5586618
074 E000100 305755
074 F000100 44233
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 13804
074 K000100 0
074 L000100 150838
074 M000100 114
074 N000100 6669486
074 O000100 22793
074 P000100 5407
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 39635
074 S000100 0
074 T000100 6601651
074 U010100 174129
074 U020100 663491
074 V010100 0.00
074 V020100 0.00
074 W000100 0.0000
074 X000100 297840
074 Y000100 0
075 A000100 0
075 B000100 6267384
076 000100 0.00
024 000200 Y
025 A000201 UBS SECURITIES FUNDING, INC.
025 C000201 D
025 D000201 46618
025 A000202 SALOMON INC.
025 C000202 D
025 D000202 33439
025 A000203 MORGAN STANLEY GROUP INC.
025 C000203 D
025 D000203 8782
025 A000204 LEHMAN BROTHERS INC.
025 B000204 13-2548466
025 C000204 D
025 D000204 5025
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 34892
028 A020200 4291
028 A030200 0
<PAGE> PAGE 10
028 A040200 31136
028 B010200 29872
028 B020200 5391
028 B030200 0
028 B040200 41726
028 C010200 53999
028 C020200 0
028 C030200 0
028 C040200 77059
028 D010200 66979
028 D020200 8958
028 D030200 0
028 D040200 84781
028 E010200 65457
028 E020200 3811
028 E030200 0
028 E040200 75406
028 F010200 56051
028 F020200 3832
028 F030200 0
028 F040200 69203
028 G010200 307250
028 G020200 26283
028 G030200 0
028 G040200 379311
028 H000200 152214
029 000200 Y
030 A000200 89
030 B000200 4.00
030 C000200 0.00
031 A000200 8
031 B000200 0
032 000200 0
033 000200 81
034 000200 Y
035 000200 1523
036 A000200 N
036 B000200 0
042 A000200 0
042 B000200 0
042 C000200 100
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 2993
044 000200 0
045 000200 Y
046 000200 N
047 000200 Y
<PAGE> PAGE 11
048 000200 0.000
048 A010200 250000
048 A020200 0.500
048 B010200 250000
048 B020200 0.450
048 C010200 250000
048 C020200 0.400
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 750000
048 K020200 0.350
055 A000200 Y
055 B000200 N
056 000200 Y
057 000200 N
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 3.3
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 4.8
062 N000200 1.2
062 O000200 0.0
062 P000200 73.0
062 Q000200 16.6
062 R000200 0.0
063 A000200 0
063 B000200 4.6
064 A000200 N
070 A010200 Y
070 A020200 Y
070 B010200 N
<PAGE> PAGE 12
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 Y
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 N
070 N010200 Y
070 N020200 Y
070 O010200 N
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 1008680
071 B000200 1048277
071 C000200 1408782
071 D000200 72
072 A000200 6
072 B000200 53736
072 C000200 0
072 D000200 0
072 E000200 13
072 F000200 2623
072 G000200 55
072 H000200 0
072 I000200 1169
072 J000200 40
072 K000200 0
072 L000200 58
072 M000200 4
072 N000200 132
<PAGE> PAGE 13
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 9
072 S000200 5
072 T000200 2993
072 U000200 0
072 V000200 0
072 W000200 13
072 X000200 7101
072 Y000200 0
072 Z000200 46648
072AA000200 13296
072BB000200 8076
072CC010200 0
072CC020200 15659
072DD010200 23377
072DD020200 23271
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 46618
074 C000200 0
074 D000200 1343026
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 34102
074 M000200 66
074 N000200 1423812
074 O000200 0
074 P000200 855
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 17430
074 S000200 0
074 T000200 1405527
074 U010200 62877
074 U020200 64001
074 V010200 0.00
074 V020200 0.00
074 W000200 0.0000
<PAGE> PAGE 14
074 X000200 114425
074 Y000200 0
075 A000200 0
075 B000200 1464665
076 000200 0.00
024 000300 Y
025 A000301 UBS SECURITIES FUNDING, INC.
025 C000301 D
025 D000301 19054
025 A000302 SALOMON INC.
025 C000302 D
025 D000302 13770
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 10348
028 A020300 1414
028 A030300 0
028 A040300 10687
028 B010300 16178
028 B020300 1794
028 B030300 0
028 B040300 11741
028 C010300 20649
028 C020300 0
028 C030300 0
028 C040300 30113
028 D010300 35350
028 D020300 3078
028 D030300 0
028 D040300 30923
028 E010300 21928
028 E020300 1330
028 E030300 0
028 E040300 30206
028 F010300 20669
028 F020300 1318
028 F030300 0
028 F040300 27151
028 G010300 125122
028 G020300 8934
028 G030300 0
028 G040300 140821
028 H000300 73941
029 000300 Y
030 A000300 10
030 B000300 1.00
030 C000300 0.00
<PAGE> PAGE 15
031 A000300 1
031 B000300 0
032 000300 0
033 000300 9
034 000300 Y
035 000300 297
036 A000300 N
036 B000300 0
042 A000300 0
042 B000300 0
042 C000300 100
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 573
044 000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.000
048 A010300 250000
048 A020300 0.500
048 B010300 250000
048 B020300 0.450
048 C010300 250000
048 C020300 0.400
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 750000
048 K020300 0.350
055 A000300 Y
055 B000300 N
056 000300 Y
057 000300 N
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
<PAGE> PAGE 16
062 D000300 4.1
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 11.6
062 N000300 0.5
062 O000300 0.0
062 P000300 70.6
062 Q000300 12.3
062 R000300 0.0
063 A000300 0
063 B000300 4.0
064 A000300 N
070 A010300 Y
070 A020300 Y
070 B010300 N
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 Y
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 Y
070 M020300 N
070 N010300 Y
070 N020300 Y
070 O010300 N
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
<PAGE> PAGE 17
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 187676
071 B000300 202859
071 C000300 462446
071 D000300 41
072 A000300 6
072 B000300 17109
072 C000300 0
072 D000300 0
072 E000300 9
072 F000300 868
072 G000300 31
072 H000300 0
072 I000300 526
072 J000300 19
072 K000300 0
072 L000300 20
072 M000300 2
072 N000300 42
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 5
072 S000300 1
072 T000300 573
072 U000300 0
072 V000300 0
072 W000300 6
072 X000300 2093
072 Y000300 0
072 Z000300 15025
072AA000300 2503
072BB000300 1793
072CC010300 0
072CC020300 4872
072DD010300 8463
072DD020300 6562
072EE000300 0
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 1
074 B000300 19054
074 C000300 0
074 D000300 442322
074 E000300 0
074 F000300 0
074 G000300 0
<PAGE> PAGE 18
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 9365
074 M000300 46
074 N000300 470788
074 O000300 0
074 P000300 221
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 4895
074 S000300 0
074 T000300 465672
074 U010300 23905
074 U020300 17751
074 V010300 0.00
074 V020300 0.00
074 W000300 0.0000
074 X000300 53641
074 Y000300 0
075 A000300 0
075 B000300 484668
076 000300 0.00
SIGNATURE GERALD M. RICHARD
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000276463
<NAME> MERRILL LYNCH CORPORATE BOND FUND, INC.
<SERIES>
<NUMBER> 011
<NAME> HIGH INCOME PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 6531940362
<INVESTMENTS-AT-VALUE> 6500081507
<RECEIVABLES> 164642289
<ASSETS-OTHER> 4762259
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6669486055
<PAYABLE-FOR-SECURITIES> 22792438
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 45042177
<TOTAL-LIABILITIES> 67834615
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6643962769
<SHARES-COMMON-STOCK> 125477999
<SHARES-COMMON-PRIOR> 119457213
<ACCUMULATED-NII-CURRENT> (4308)
<OVERDISTRIBUTION-NII> (2665658)
<ACCUMULATED-NET-GAINS> (7782508)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (31858855)
<NET-ASSETS> 988631862
<DIVIDEND-INCOME> 8801348
<INTEREST-INCOME> 296884453
<OTHER-INCOME> 3958029
<EXPENSES-NET> (34926915)
<NET-INVESTMENT-INCOME> 274716915
<REALIZED-GAINS-CURRENT> (2641246)
<APPREC-INCREASE-CURRENT> (48266500)
<NET-CHANGE-FROM-OPS> 223809169
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (45824762)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16620753
<NUMBER-OF-SHARES-REDEEMED> (13343528)
<SHARES-REINVESTED> 2743561
<NET-CHANGE-IN-ASSETS> 773428234
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (5141262)
<OVERDISTRIB-NII-PRIOR> (2665658)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12785554
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 34926915
<AVERAGE-NET-ASSETS> 976452803
<PER-SHARE-NAV-BEGIN> 7.93
<PER-SHARE-NII> .38
<PER-SHARE-GAIN-APPREC> (.05)
<PER-SHARE-DIVIDEND> (.38)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.88
<EXPENSE-RATIO> .50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000276463
<NAME> MERRILL LYNCH CORPORATE BOND FUND, INC.
<SERIES>
<NUMBER> 012
<NAME> HIGH INCOME PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 6531940362
<INVESTMENTS-AT-VALUE> 6500081507
<RECEIVABLES> 164642289
<ASSETS-OTHER> 4762259
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6669486055
<PAYABLE-FOR-SECURITIES> 22792438
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 45042177
<TOTAL-LIABILITIES> 67834615
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6643962769
<SHARES-COMMON-STOCK> 601649311
<SHARES-COMMON-PRIOR> 535749707
<ACCUMULATED-NII-CURRENT> (4308)
<OVERDISTRIBUTION-NII> (2665658)
<ACCUMULATED-NET-GAINS> (7782508)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (31858855)
<NET-ASSETS> 4741723376
<DIVIDEND-INCOME> 8801348
<INTEREST-INCOME> 296884453
<OTHER-INCOME> 3958029
<EXPENSES-NET> (34926915)
<NET-INVESTMENT-INCOME> 274716915
<REALIZED-GAINS-CURRENT> (2641246)
<APPREC-INCREASE-CURRENT> (48266500)
<NET-CHANGE-FROM-OPS> 223809169
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (195563110)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 99818917
<NUMBER-OF-SHARES-REDEEMED> (45025969)
<SHARES-REINVESTED> 11106656
<NET-CHANGE-IN-ASSETS> 773428234
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (5141262)
<OVERDISTRIB-NII-PRIOR> (2665658)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12785554
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 34926915
<AVERAGE-NET-ASSETS> 4534630185
<PER-SHARE-NAV-BEGIN> 7.93
<PER-SHARE-NII> .34
<PER-SHARE-GAIN-APPREC> (.05)
<PER-SHARE-DIVIDEND> (.34)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.88
<EXPENSE-RATIO> 1.26
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000276463
<NAME> MERRILL LYNCH CORPORATE BOND FUND, INC.
<SERIES>
<NUMBER> 013
<NAME> HIGH INCOME PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 6531940362
<INVESTMENTS-AT-VALUE> 6500081507
<RECEIVABLES> 164642289
<ASSETS-OTHER> 4762259
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6669486055
<PAYABLE-FOR-SECURITIES> 22792438
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 45042177
<TOTAL-LIABILITIES> 67834615
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6643962769
<SHARES-COMMON-STOCK> 61841195
<SHARES-COMMON-PRIOR> 45662400
<ACCUMULATED-NII-CURRENT> (4308)
<OVERDISTRIBUTION-NII> (2665658)
<ACCUMULATED-NET-GAINS> (7782508)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (31858855)
<NET-ASSETS> 487713101
<DIVIDEND-INCOME> 8801348
<INTEREST-INCOME> 296884453
<OTHER-INCOME> 3958029
<EXPENSES-NET> (34926915)
<NET-INVESTMENT-INCOME> 274716915
<REALIZED-GAINS-CURRENT> (2641246)
<APPREC-INCREASE-CURRENT> (48266500)
<NET-CHANGE-FROM-OPS> 223809169
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (18251648)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22106720
<NUMBER-OF-SHARES-REDEEMED> (7194926)
<SHARES-REINVESTED> 1267001
<NET-CHANGE-IN-ASSETS> 773428234
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (5141262)
<OVERDISTRIB-NII-PRIOR> (2665658)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12785554
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 34926915
<AVERAGE-NET-ASSETS> 426005625
<PER-SHARE-NAV-BEGIN> 7.94
<PER-SHARE-NII> .34
<PER-SHARE-GAIN-APPREC> (.05)
<PER-SHARE-DIVIDEND> (.34)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.89
<EXPENSE-RATIO> 1.31
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000276463
<NAME> MERRILL LYNCH CORPORATE BOND FUND, INC.
<SERIES>
<NUMBER> 014
<NAME> HIGH INCOME PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 6531940362
<INVESTMENTS-AT-VALUE> 6500081507
<RECEIVABLES> 164642289
<ASSETS-OTHER> 4762259
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6669486055
<PAYABLE-FOR-SECURITIES> 22792438
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 45042177
<TOTAL-LIABILITIES> 67834615
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6643962769
<SHARES-COMMON-STOCK> 48650993
<SHARES-COMMON-PRIOR> 33727435
<ACCUMULATED-NII-CURRENT> (4308)
<OVERDISTRIBUTION-NII> (2665658)
<ACCUMULATED-NET-GAINS> (7782508)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (31858855)
<NET-ASSETS> 383583101
<DIVIDEND-INCOME> 8801348
<INTEREST-INCOME> 296884453
<OTHER-INCOME> 3958029
<EXPENSES-NET> (34926915)
<NET-INVESTMENT-INCOME> 274716915
<REALIZED-GAINS-CURRENT> (2641246)
<APPREC-INCREASE-CURRENT> (48266500)
<NET-CHANGE-FROM-OPS> 223809169
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (15081703)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 20158096
<NUMBER-OF-SHARES-REDEEMED> (6167755)
<SHARES-REINVESTED> 933217
<NET-CHANGE-IN-ASSETS> 773428234
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (5141262)
<OVERDISTRIB-NII-PRIOR> (2665658)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12785554
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 34926915
<AVERAGE-NET-ASSETS> 330295203
<PER-SHARE-NAV-BEGIN> 7.94
<PER-SHARE-NII> .37
<PER-SHARE-GAIN-APPREC> (.06)
<PER-SHARE-DIVIDEND> (.37)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.88
<EXPENSE-RATIO> .75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000276463
<NAME> MERRILL LYNCH CORPORATE BOND FUND, INC.
<SERIES>
<NUMBER> 031
<NAME> INTERMEDIATE TERM PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 470930891
<INVESTMENTS-AT-VALUE> 461376182
<RECEIVABLES> 9364393
<ASSETS-OTHER> 47321
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 470787896
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5115947
<TOTAL-LIABILITIES> 5115947
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 485400641
<SHARES-COMMON-STOCK> 19010354
<SHARES-COMMON-PRIOR> 19197959
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4653344)
<OVERDISTRIBUTION-GAINS> (5520639)
<ACCUM-APPREC-OR-DEPREC> (9554709)
<NET-ASSETS> 212513579
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 17108719
<OTHER-INCOME> 9234
<EXPENSES-NET> (2093020)
<NET-INVESTMENT-INCOME> 15024933
<REALIZED-GAINS-CURRENT> 709579
<APPREC-INCREASE-CURRENT> (4872427)
<NET-CHANGE-FROM-OPS> 10862085
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7118756)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6385422
<NUMBER-OF-SHARES-REDEEMED> (6889764)
<SHARES-REINVESTED> 316737
<NET-CHANGE-IN-ASSETS> (10927983)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (5362923)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (5520639)
<GROSS-ADVISORY-FEES> 867824
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2093020
<AVERAGE-NET-ASSETS> 220783613
<PER-SHARE-NAV-BEGIN> 11.28
<PER-SHARE-NII> .37
<PER-SHARE-GAIN-APPREC> (.10)
<PER-SHARE-DIVIDEND> (.37)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.18
<EXPENSE-RATIO> .62
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000276463
<NAME> MERRILL LYNCH CORPORATE BOND FUND, INC.
<SERIES>
<NUMBER> 032
<NAME> INTERMEDIATE TERM PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 470930891
<INVESTMENTS-AT-VALUE> 461376182
<RECEIVABLES> 9364393
<ASSETS-OTHER> 47321
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 470787896
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5115947
<TOTAL-LIABILITIES> 5115947
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 485400641
<SHARES-COMMON-STOCK> 17050859
<SHARES-COMMON-PRIOR> 19205835
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4653344)
<OVERDISTRIBUTION-GAINS> (5520639)
<ACCUM-APPREC-OR-DEPREC> (9554709)
<NET-ASSETS> 190614851
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 17108719
<OTHER-INCOME> 9234
<EXPENSES-NET> (2093020)
<NET-INVESTMENT-INCOME> 15024933
<REALIZED-GAINS-CURRENT> 709579
<APPREC-INCREASE-CURRENT> (4872427)
<NET-CHANGE-FROM-OPS> 10862085
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6279597)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2128934
<NUMBER-OF-SHARES-REDEEMED> (4655436)
<SHARES-REINVESTED> 371526
<NET-CHANGE-IN-ASSETS> (10927983)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (5362923)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (5520639)
<GROSS-ADVISORY-FEES> 867824
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2093020
<AVERAGE-NET-ASSETS> 211953169
<PER-SHARE-NAV-BEGIN> 11.28
<PER-SHARE-NII> .34
<PER-SHARE-GAIN-APPREC> (.10)
<PER-SHARE-DIVIDEND> (.34)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.18
<EXPENSE-RATIO> 1.14
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000276463
<NAME> MERRILL LYNCH CORPORATE BOND FUND, INC.
<SERIES>
<NUMBER> 033
<NAME> INTERMEDIATE TERM PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 470930891
<INVESTMENTS-AT-VALUE> 461376182
<RECEIVABLES> 9364393
<ASSETS-OTHER> 47321
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 470787896
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5115947
<TOTAL-LIABILITIES> 5115947
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 485400641
<SHARES-COMMON-STOCK> 699774
<SHARES-COMMON-PRIOR> 899296
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4653344)
<OVERDISTRIBUTION-GAINS> (5520639)
<ACCUM-APPREC-OR-DEPREC> (9554709)
<NET-ASSETS> 7823069
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 17108719
<OTHER-INCOME> 9234
<EXPENSES-NET> (2093020)
<NET-INVESTMENT-INCOME> 15024933
<REALIZED-GAINS-CURRENT> 709579
<APPREC-INCREASE-CURRENT> (4872427)
<NET-CHANGE-FROM-OPS> 10862085
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (282039)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 138977
<NUMBER-OF-SHARES-REDEEMED> (357430)
<SHARES-REINVESTED> 18931
<NET-CHANGE-IN-ASSETS> (10927983)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (5362923)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (5520639)
<GROSS-ADVISORY-FEES> 867824
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2093020
<AVERAGE-NET-ASSETS> 9577035
<PER-SHARE-NAV-BEGIN> 11.28
<PER-SHARE-NII> .34
<PER-SHARE-GAIN-APPREC> (.10)
<PER-SHARE-DIVIDEND> (.34)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.18
<EXPENSE-RATIO> 1.18
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000276463
<NAME> MERRILL LYNCH CORPORATE BOND FUND, INC.
<SERIES>
<NUMBER> 034
<NAME> INTERMEDIATE TERM PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 470930891
<INVESTMENTS-AT-VALUE> 461376182
<RECEIVABLES> 9364393
<ASSETS-OTHER> 47321
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 470787896
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5115947
<TOTAL-LIABILITIES> 5115947
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 485400641
<SHARES-COMMON-STOCK> 4894644
<SHARES-COMMON-PRIOR> 2949249
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4653344)
<OVERDISTRIBUTION-GAINS> (5520639)
<ACCUM-APPREC-OR-DEPREC> (9554709)
<NET-ASSETS> 54720450
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 17108719
<OTHER-INCOME> 9234
<EXPENSES-NET> (2093020)
<NET-INVESTMENT-INCOME> 15024933
<REALIZED-GAINS-CURRENT> 709579
<APPREC-INCREASE-CURRENT> (4872427)
<NET-CHANGE-FROM-OPS> 10862085
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1344541)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2404457
<NUMBER-OF-SHARES-REDEEMED> (535805)
<SHARES-REINVESTED> 76743
<NET-CHANGE-IN-ASSETS> (10927983)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (5362923)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (5520639)
<GROSS-ADVISORY-FEES> 867824
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2093020
<AVERAGE-NET-ASSETS> 42353949
<PER-SHARE-NAV-BEGIN> 11.28
<PER-SHARE-NII> .36
<PER-SHARE-GAIN-APPREC> (.10)
<PER-SHARE-DIVIDEND> (.36)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.18
<EXPENSE-RATIO> .72
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000276463
<NAME> MERRILL LYNCH CORPORATE BOND FUND, INC.
<SERIES>
<NUMBER> 021
<NAME> INVESTMENT GRADE PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 1416484732
<INVESTMENTS-AT-VALUE> 1389644261
<RECEIVABLES> 34102130
<ASSETS-OTHER> 65728
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1423812119
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18285585
<TOTAL-LIABILITIES> 18285585
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1465591439
<SHARES-COMMON-STOCK> 56615677
<SHARES-COMMON-PRIOR> 54539733
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1459727)
<OVERDISTRIBUTION-GAINS> (31764707)
<ACCUM-APPREC-OR-DEPREC> (26840471)
<NET-ASSETS> 627158339
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 53735825
<OTHER-INCOME> 13605
<EXPENSES-NET> (7101070)
<NET-INVESTMENT-INCOME> 46648360
<REALIZED-GAINS-CURRENT> 5220391
<APPREC-INCREASE-CURRENT> (15659006)
<NET-CHANGE-FROM-OPS> 36209745
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (21153925)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17744846
<NUMBER-OF-SHARES-REDEEMED> (16524091)
<SHARES-REINVESTED> 855189
<NET-CHANGE-IN-ASSETS> (56216351)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (6680118)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (31764707)
<GROSS-ADVISORY-FEES> 2622901
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7101070
<AVERAGE-NET-ASSETS> 623262087
<PER-SHARE-NAV-BEGIN> 11.16
<PER-SHARE-NII> .38
<PER-SHARE-GAIN-APPREC> (.08)
<PER-SHARE-DIVIDEND> (.38)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.08
<EXPENSE-RATIO> .55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000276463
<NAME> MERRILL LYNCH CORPORATE BOND FUND, INC.
<SERIES>
<NUMBER> 022
<NAME> INVESTMENT GRADE PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 1416484732
<INVESTMENTS-AT-VALUE> 1389644261
<RECEIVABLES> 34102130
<ASSETS-OTHER> 65728
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1423812119
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18285585
<TOTAL-LIABILITIES> 18285585
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1465591439
<SHARES-COMMON-STOCK> 58701653
<SHARES-COMMON-PRIOR> 64858598
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1459727)
<OVERDISTRIBUTION-GAINS> (31764707)
<ACCUM-APPREC-OR-DEPREC> (26840471)
<NET-ASSETS> 650246403
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 53735825
<OTHER-INCOME> 13605
<EXPENSES-NET> (7101070)
<NET-INVESTMENT-INCOME> 46648360
<REALIZED-GAINS-CURRENT> 5220391
<APPREC-INCREASE-CURRENT> (15659006)
<NET-CHANGE-FROM-OPS> 36209745
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (21331389)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6705338
<NUMBER-OF-SHARES-REDEEMED> (14084459)
<SHARES-REINVESTED> 1222176
<NET-CHANGE-IN-ASSETS> (56216351)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (6680118)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (31764707)
<GROSS-ADVISORY-FEES> 2622901
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7101070
<AVERAGE-NET-ASSETS> 708405828
<PER-SHARE-NAV-BEGIN> 11.16
<PER-SHARE-NII> .34
<PER-SHARE-GAIN-APPREC> (.08)
<PER-SHARE-DIVIDEND> (.34)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.08
<EXPENSE-RATIO> 1.32
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000276463
<NAME> MERRILL LYNCH CORPORATE BOND FUND, INC.
<SERIES>
<NUMBER> 023
<NAME> INVESTMENT GRADE PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 1416484732
<INVESTMENTS-AT-VALUE> 1389644261
<RECEIVABLES> 34102130
<ASSETS-OTHER> 65728
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1423812119
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18285585
<TOTAL-LIABILITIES> 18285585
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1465591439
<SHARES-COMMON-STOCK> 5298903
<SHARES-COMMON-PRIOR> 5813886
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1459727)
<OVERDISTRIBUTION-GAINS> (31764707)
<ACCUM-APPREC-OR-DEPREC> (26840471)
<NET-ASSETS> 58719185
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 53735825
<OTHER-INCOME> 13605
<EXPENSES-NET> (7101070)
<NET-INVESTMENT-INCOME> 46648360
<REALIZED-GAINS-CURRENT> 5220391
<APPREC-INCREASE-CURRENT> (15659006)
<NET-CHANGE-FROM-OPS> 36209745
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1940011)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1119321
<NUMBER-OF-SHARES-REDEEMED> (1756532)
<SHARES-REINVESTED> 122228
<NET-CHANGE-IN-ASSETS> (56216351)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (6680118)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (31764707)
<GROSS-ADVISORY-FEES> 2622901
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7101070
<AVERAGE-NET-ASSETS> 65009167
<PER-SHARE-NAV-BEGIN> 11.17
<PER-SHARE-NII> .34
<PER-SHARE-GAIN-APPREC> (.09)
<PER-SHARE-DIVIDEND> (.34)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.08
<EXPENSE-RATIO> 1.38
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000276463
<NAME> MERRILL LYNCH CORPORATE BOND FUND, INC.
<SERIES>
<NUMBER> 024
<NAME> INVESTMENT GRADE PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 1416484732
<INVESTMENTS-AT-VALUE> 1389644261
<RECEIVABLES> 34102130
<ASSETS-OTHER> 65728
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1423812119
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18285585
<TOTAL-LIABILITIES> 18285585
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1465591439
<SHARES-COMMON-STOCK> 6261541
<SHARES-COMMON-PRIOR> 5713177
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1459727)
<OVERDISTRIBUTION-GAINS> (31764707)
<ACCUM-APPREC-OR-DEPREC> (26840471)
<NET-ASSETS> 69402607
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 53735825
<OTHER-INCOME> 13605
<EXPENSES-NET> (7101070)
<NET-INVESTMENT-INCOME> 46648360
<REALIZED-GAINS-CURRENT> 5220391
<APPREC-INCREASE-CURRENT> (15659006)
<NET-CHANGE-FROM-OPS> 36209745
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2223035)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1769518
<NUMBER-OF-SHARES-REDEEMED> (1345153)
<SHARES-REINVESTED> 123999
<NET-CHANGE-IN-ASSETS> (56216351)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (6680118)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (31764707)
<GROSS-ADVISORY-FEES> 2622901
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7101070
<AVERAGE-NET-ASSETS> 67988009
<PER-SHARE-NAV-BEGIN> 11.17
<PER-SHARE-NII> .37
<PER-SHARE-GAIN-APPREC> (.09)
<PER-SHARE-DIVIDEND> (.37)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.08
<EXPENSE-RATIO> .80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>