<PAGE> PAGE 1
000 A000000 01/31/98
000 C000000 0000701960
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 PHOENIX FUND, INC.
001 B000000 811-3450
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 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 FUND ASSET MANAGEMENT, L.P.
008 B000001 A
008 C000001 801-12485
008 D010001 PRINCETON
008 D020001 NJ
008 D030001 08543
008 D040001 9011
008 A000002 MERRILL LYNCH ASSET MANAGEMENT U.K., LTD.
008 B000002 S
008 C000002 801-31780
008 D010002 LONDON
008 D050002 ENGLAND
008 D060002 EC24 9LY
011 A000001 MERRILL LYNCH FUNDS DISTRIBUTOR, INC.
011 B000001 8-14663
011 C010001 PRINCETON
011 C020001 NJ
011 C030001 08543
<PAGE> PAGE 2
011 C040001 9011
012 A000001 MERRILL LYNCH FINANCIAL DATA SERVICES, INC.
012 B000001 84-01339
012 C010001 JACKSONVILLE
012 C020001 FL
012 C030001 32246
012 C040001 6484
013 A000001 DELOITTE & TOUCHE LLP
013 B010001 PRINCETON
013 B020001 NJ
013 B030001 08540
014 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
014 B000001 8-7221
015 A000001 THE CHASE MANHATTAN BANK
015 B000001 C
015 C010001 BROOKLYN
015 C020001 NY
015 C030001 11245
015 E010001 X
015 A000002 RITS
015 B000002 S
015 C010002 SYDNEY
015 D010002 AUSTRALIA
015 E040002 X
015 A000003 BANK LEUMI LE-ISRAEL B.M.
015 B000003 S
015 C010003 TEL AVIV
015 D010003 ISRAEL
015 E040003 X
015 A000004 CHASE MANHATTAN BANK AUSTRALIA LIMITED
015 B000004 S
015 C010004 SYDNEY
015 D010004 AUSTRALIA
015 E040004 X
015 A000005 CITIBANK, N.A.
015 B000005 S
015 C010005 NEW YORK
015 C020005 NY
015 C030005 10007
015 E010005 X
015 A000006 AUSTRACLEAR LIMITED
015 B000006 S
015 C010006 AUSTRALIA
015 D010006 AUSTRALIA
015 E040006 X
015 A000007 CDS
015 B000007 S
015 C010007 CANADA
015 D010007 CANADA
015 E040007 X
015 A000008 VAERDIPAPIRCENTRALEN
<PAGE> PAGE 3
015 B000008 S
015 C010008 DENMARK
015 D010008 DENMARK
015 E040008 X
015 A000009 KANSALLIS - OSAKE - PANKKI
015 B000009 S
015 C010009 HELSINKI
015 D010009 FINLAND
015 E040009 X
015 A000010 ABN AMRO BANK N.V.
015 B000010 S
015 C010010 AMSTERDAM
015 D010010 NETHERLANDS
015 E040010 X
015 A000011 ROYAL BANK OF CANADA
015 B000011 S
015 C010011 TORONTO
015 D010011 CANADA
015 E040011 X
015 A000012 CANADA TRUST COMPANY
015 B000012 S
015 C010012 TORONTO
015 D010012 CANADA
015 E040012 X
015 A000013 DEN DANSKE BANK
015 B000013 S
015 C010013 COPENHAGEN
015 D010013 DENMARK
015 E040013 X
015 A000014 BANQUE PARIBAS
015 B000014 S
015 C010014 PARIS
015 D010014 FRANCE
015 E040014 X
015 A000015 CHASE BANK A.G.
015 B000015 S
015 C010015 FRANKFURT
015 D010015 GERMANY
015 E040015 X
015 A000016 PANKKITARKASTUS VIRASTO
015 B000016 S
015 C010016 FINLAND
015 D010016 FINLAND
015 E040016 X
015 A000017 SICOVAM
015 B000017 S
015 C010017 FRANCE
015 D010017 FRANCE
015 E040017 X
015 A000018 BANK OF IRELAND
015 B000018 S
<PAGE> PAGE 4
015 C010018 DUBLIN
015 D010018 IRELAND
015 E040018 X
015 A000019 KV
015 B000019 S
015 C010019 GERMANY
015 D010019 GERMANY
015 E040019 X
015 A000020 NATIONAL NOMINEES LIMITED
015 B000020 S
015 C010020 AUCKLAND
015 D010020 NEW ZEALAND
015 E040020 X
015 A000021 DEN NORSKE BANK
015 B000021 S
015 C010021 OSLO
015 D010021 NORWAY
015 E040021 X
015 A000022 HONG KONG AND SHANGHAI BANKING CORP. LIMIT
015 B000022 S
015 C010022 HONG KONG
015 D010022 HONG KONG
015 E040022 X
015 A000023 BANCO ESPIRITO SANTO E COMMERCIAL DE LISBOA
015 B000023 S
015 C010023 LISBON
015 D010023 PORTUGAL
015 E040023 X
015 A000024 SKANDINAVISKA ENSKILDA BANKEN
015 B000024 S
015 C010024 STOCKHOLM
015 D010024 SWEDEN
015 E040024 X
015 A000025 UNION BANK OF SWITZERLAND
015 B000025 S
015 C010025 ZURICH
015 D010025 SWITZERLAND
015 E040025 X
015 A000026 CEDEL S.A.
015 B000026 S
015 C010026 LUXEMBOURG
015 D010026 LUXEMBOURG
015 E040026 X
015 A000027 FIRST NATIONAL BANK OF CHICAGO
015 B000027 S
015 C010027 CHICAGO
015 C020027 IL
015 C030027 10019
015 E010027 X
015 A000028 CCASS
015 B000028 S
<PAGE> PAGE 5
015 C010028 HONG KONG
015 D010028 HONG KONG
015 E040028 X
015 A000029 MONTE TITOLI
015 B000029 S
015 C010029 ITALY
015 D010029 ITALY
015 E040029 X
015 A000030 INDEVAL
015 B000030 S
015 C010030 MEXICO
015 D010030 MEXICO
015 E040030 X
015 A000031 BANQUE BRUXELLES LAMBERT
015 B000031 S
015 C010031 MADRID
015 D010031 SPAIN
015 E040031 X
015 A000032 VPS
015 B000032 S
015 C010032 NORWAY
015 D010032 NORWAY
015 E040032 X
015 A000033 CENTRAL DE VALORES MOBILAROS
015 B000033 S
015 C010033 PORTUGAL
015 D010033 PORTUGAL
015 E040033 X
015 A000034 CDP
015 B000034 S
015 C010034 SINGAPORE
015 D010034 SINGAPORE
015 E040034 X
015 A000035 SCL
015 B000035 S
015 C010035 SPAIN
015 D010035 SPAIN
015 E040035 X
015 A000036 VPC
015 B000036 S
015 C010036 SWEDEN
015 D010036 SWEDEN
015 E040036 X
015 A000037 SEGA
015 B000037 S
015 C010037 SWITZERLAND
015 D010037 SWITZERLAND
015 E040037 X
015 A000038 SDC
015 B000038 S
015 C010038 THAILAND
<PAGE> PAGE 6
015 D010038 THAILAND
015 E040038 X
015 A000039 CMO
015 B000039 S
015 C010039 UNITED KINGDOM
015 D010039 UNITED KINGDOM
015 E040039 X
015 A000040 THE BANK OF NEW YORK
015 B000040 S
015 C010040 NEW YORK
015 C020040 NY
015 C030040 10015
015 E010040 X
015 A000041 BANKERS TRUST COMPANY
015 B000041 S
015 C010041 NEW YORK
015 C020041 NY
015 C030041 10006
015 E010041 X
015 A000042 DELETE
015 A000043 CUSTODIAL TRUST CO.
015 B000043 S
015 C010043 NEW YORK
015 C020043 NY
015 C030043 10167
015 E010043 X
015 A000044 MORGAN GUARANTEE TRUST CO.
015 B000044 S
015 C010044 NEW YORK
015 C020044 NY
015 C030044 10260
015 E010044 X
015 A000045 CGO
015 B000045 S
015 C010045 UNITED KINGDOM
015 D010045 UNITED KINGDOM
015 E040045 X
015 A000046 NECIGEF
015 B000046 S
015 C010046 NETHERLANDS
015 D010046 NETHERLANDS
015 E040046 X
015 A000047 THE BANK OF ENGLAND
015 B000047 S
015 C010047 ENGLAND
015 D010047 ENGLAND
015 E040047 X
015 A000048 TASE
015 B000048 S
015 C010048 ISRAEL
015 D010048 ISRAEL
<PAGE> PAGE 7
015 E040048 X
015 A000049 CHASE MANHATTAN BANK MEXICO, S.A.
015 B000049 S
015 C010049 MEXICO
015 D010049 MEXICO
015 E040049 X
015 A000050 MULTIPLE BANCO NACIONAL DE MEXICO S.A.
015 B000050 S
015 C010050 MEXICO
015 D010050 MEXICO
015 E040050 X
015 A000051 AUSTRACLEAR NZ
015 B000051 S
015 C010051 NEW ZEALAND
015 D010051 NEW ZEALAND
015 E040051 X
015 A000052 FUJI BANK LTD
015 B000052 S
015 C010052 JAPAN
015 D010052 JAPAN
015 E040052 X
015 A000053 JASDEC
015 B000053 S
015 C010053 JAPAN
015 D010053 JAPAN
015 E040053 X
018 000000 Y
019 A000000 Y
019 B000000 201
019 C000000 MERRILLLYN
020 A000001 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000001 13-2741729
020 C000001 151
020 A000002 BUCKINGHAM RESEARCH GROUP INCORPORATED (THE)
020 B000002 13-3134008
020 C000002 89
020 A000003 CREDIT SUISSE FIRST BOSTON CORPORATION
020 B000003 13-5659485
020 C000003 67
020 A000004 LEHMAN BROTHERS INC.
020 B000004 13-2518466
020 C000004 45
020 A000005 INSTINET CORPORATION
020 B000005 13-3443395
020 C000005 43
020 A000006 JOHNSON RICE & COMPANY L.L.C.
020 B000006 72-1091384
020 C000006 42
020 A000007 BRIDGE TRADING COMPANY
020 B000007 43-1450530
020 C000007 40
<PAGE> PAGE 8
020 A000008 MORGAN (J.P.) SECURITIES INC.
020 B000008 13-3224016
020 C000008 39
020 A000009 CANTOR FITZGERALD SECURITIES
020 B000009 13-3680187
020 C000009 39
020 A000010 RAYMOND JAMES & ASSOCIATES, INC.
020 B000010 59-1237041
020 C000010 33
021 000000 929
022 A000001 GENERAL MOTORS ACCEPTANCE CORP.
022 C000001 2361261
022 D000001 0
022 A000002 MORGAN STANLEY & CO. INCORPORATED
022 B000002 13-2655998
022 C000002 116457
022 D000002 8976
022 A000003 PRUDENTIAL SECURITIES INCORPORATED
022 B000003 22-2347336
022 C000003 47881
022 D000003 0
022 A000004 GOLDMAN, SACHS & CO.
022 B000004 13-5108880
022 C000004 39802
022 D000004 0
022 A000005 LEHMAN BROTHERS COMMERCIAL PAPER
022 C000005 39232
022 D000005 0
022 A000006 CREDIT SUISSE FIRST BOSTON CORPORATION
022 B000006 13-5659485
022 C000006 19209
022 D000006 12167
022 A000007 SMITH BARNEY INC.
022 B000007 13-1912900
022 C000007 13387
022 D000007 9426
022 A000008 FIRST CHICAGO CAPITAL MARKETS, INC.
022 B000008 36-3595942
022 C000008 19865
022 D000008 0
022 A000009 SALOMON BROTHERS INC
022 B000009 13-3082694
022 C000009 2892
022 D000009 13581
022 A000010 BT SECURITIES CORPORATION
022 C000010 4735
022 D000010 8285
023 C000000 2695607
023 D000000 120792
024 000000 N
026 A000000 N
<PAGE> PAGE 9
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
028 A010000 8696
028 A020000 0
028 A030000 0
028 A040000 21754
028 B010000 8327
028 B020000 101003
028 B030000 0
028 B040000 17279
028 C010000 10023
028 C020000 0
028 C030000 0
028 C040000 21295
028 D010000 5430
028 D020000 0
028 D030000 0
028 D040000 12752
028 E010000 5894
028 E020000 39672
028 E030000 0
028 E040000 17714
028 F010000 10970
028 F020000 0
028 F030000 0
028 F040000 33435
028 G010000 49340
028 G020000 140675
028 G030000 0
028 G040000 124229
028 H000000 19970
029 000000 Y
030 A000000 28
030 B000000 5.25
030 C000000 0.00
031 A000000 2
031 B000000 0
032 000000 0
033 000000 26
034 000000 Y
035 000000 170
036 A000000 N
036 B000000 0
037 000000 N
<PAGE> PAGE 10
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 1792
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 500000
048 A020000 1.000
048 B010000 500000
048 B020000 0.950
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 1000000
048 K020000 0.900
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
<PAGE> PAGE 11
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
055 A000000 Y
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 Y
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 N
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 N
<PAGE> PAGE 12
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 Y
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 221605
071 B000000 327643
071 C000000 656873
071 D000000 34
072 A000000 6
072 B000000 5358
072 C000000 1689
072 D000000 0
072 E000000 0
072 F000000 3554
072 G000000 54
072 H000000 0
072 I000000 725
072 J000000 26
072 K000000 0
072 L000000 58
072 M000000 40
072 N000000 48
072 O000000 0
072 P000000 0
<PAGE> PAGE 13
072 Q000000 0
072 R000000 22
072 S000000 17
072 T000000 1792
072 U000000 0
072 V000000 0
072 W000000 12
072 X000000 6348
072 Y000000 0
072 Z000000 699
072AA000000 89018
072BB000000 17335
072CC010000 0
072CC020000 31912
072DD010000 2560
072DD020000 346
072EE000000 156036
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 31779
074 D000000 50726
074 E000000 0
074 F000000 555229
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 52083
074 K000000 0
074 L000000 3545
074 M000000 76
074 N000000 693438
074 O000000 4452
074 P000000 820
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 2039
074 S000000 0
074 T000000 686127
074 U010000 28749
074 U020000 25444
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 59392
074 Y000000 0
<PAGE> PAGE 14
075 A000000 0
075 B000000 719826
076 000000 0.00
077 A000000 N
078 000000 N
SIGNATURE GERALD M. RICHARD
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000701960
<NAME> MERRILL LYNCH PHOENIX FUND, INC.
<SERIES>
<NUMBER> 001
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 615896197
<INVESTMENTS-AT-VALUE> 637734434
<RECEIVABLES> 55627577
<ASSETS-OTHER> 75863
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 693437874
<PAYABLE-FOR-SECURITIES> 4451913
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2858561
<TOTAL-LIABILITIES> 7310474
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 638506910
<SHARES-COMMON-STOCK> 21987781
<SHARES-COMMON-PRIOR> 19714408
<ACCUMULATED-NII-CURRENT> (542948)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26325284
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 21838154
<NET-ASSETS> 283326499
<DIVIDEND-INCOME> 1689647
<INTEREST-INCOME> 5357725
<OTHER-INCOME> 0
<EXPENSES-NET> (6348056)
<NET-INVESTMENT-INCOME> 699316
<REALIZED-GAINS-CURRENT> 71682629
<APPREC-INCREASE-CURRENT> (31912458)
<NET-CHANGE-FROM-OPS> 40469487
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2071936)
<DISTRIBUTIONS-OF-GAINS> (63710745)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1580193
<NUMBER-OF-SHARES-REDEEMED> (3588516)
<SHARES-REINVESTED> 4281696
<NET-CHANGE-IN-ASSETS> (52687308)
<ACCUMULATED-NII-PRIOR> 1664384
<ACCUMULATED-GAINS-PRIOR> 110678845
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3553883
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6348056
<AVERAGE-NET-ASSETS> 297167893
<PER-SHARE-NAV-BEGIN> 15.32
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> .80
<PER-SHARE-DIVIDEND> (.11)
<PER-SHARE-DISTRIBUTIONS> (3.17)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.89
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000701960
<NAME> MERRILL LYNCH PHOENIX FUND, INC.
<SERIES>
<NUMBER> 002
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 615896197
<INVESTMENTS-AT-VALUE> 637734434
<RECEIVABLES> 55627577
<ASSETS-OTHER> 75863
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 693437874
<PAYABLE-FOR-SECURITIES> 4451913
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2858561
<TOTAL-LIABILITIES> 7310474
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 638506910
<SHARES-COMMON-STOCK> 24424420
<SHARES-COMMON-PRIOR> 22748088
<ACCUMULATED-NII-CURRENT> (542948)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26325284
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 21838154
<NET-ASSETS> 303240673
<DIVIDEND-INCOME> 1689647
<INTEREST-INCOME> 5357725
<OTHER-INCOME> 0
<EXPENSES-NET> (6348056)
<NET-INVESTMENT-INCOME> 699316
<REALIZED-GAINS-CURRENT> 71682629
<APPREC-INCREASE-CURRENT> (31912458)
<NET-CHANGE-FROM-OPS> 40469487
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (331618)
<DISTRIBUTIONS-OF-GAINS> (70993494)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1334474
<NUMBER-OF-SHARES-REDEEMED> (4744041)
<SHARES-REINVESTED> 5085899
<NET-CHANGE-IN-ASSETS> (52687308)
<ACCUMULATED-NII-PRIOR> 1664384
<ACCUMULATED-GAINS-PRIOR> 110678845
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3553883
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6348056
<AVERAGE-NET-ASSETS> 322260091
<PER-SHARE-NAV-BEGIN> 14.82
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> .76
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> (3.13)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.42
<EXPENSE-RATIO> 2.27
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000701960
<NAME> MERRILL LYNCH PHOENIX FUND, INC.
<SERIES>
<NUMBER> 003
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 615896197
<INVESTMENTS-AT-VALUE> 637734434
<RECEIVABLES> 55627577
<ASSETS-OTHER> 75863
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 693437874
<PAYABLE-FOR-SECURITIES> 4451913
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2858561
<TOTAL-LIABILITIES> 7310474
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 638506910
<SHARES-COMMON-STOCK> 1019305
<SHARES-COMMON-PRIOR> 981218
<ACCUMULATED-NII-CURRENT> (542948)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26325284
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 21838154
<NET-ASSETS> 12557734
<DIVIDEND-INCOME> 1689647
<INTEREST-INCOME> 5357725
<OTHER-INCOME> 0
<EXPENSES-NET> (6348056)
<NET-INVESTMENT-INCOME> 699316
<REALIZED-GAINS-CURRENT> 71682629
<APPREC-INCREASE-CURRENT> (31912458)
<NET-CHANGE-FROM-OPS> 40469487
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14684)
<DISTRIBUTIONS-OF-GAINS> (2997794)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 214106
<NUMBER-OF-SHARES-REDEEMED> (386639)
<SHARES-REINVESTED> 210620
<NET-CHANGE-IN-ASSETS> (52687308)
<ACCUMULATED-NII-PRIOR> 1664384
<ACCUMULATED-GAINS-PRIOR> 110678845
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3553883
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6348056
<AVERAGE-NET-ASSETS> 13420725
<PER-SHARE-NAV-BEGIN> 14.72
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> .77
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> (3.13)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.32
<EXPENSE-RATIO> 2.29
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000701960
<NAME> MERRILL LYNCH PHOENIX FUND, INC.
<SERIES>
<NUMBER> 004
<NAME> CLASS D
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 615896197
<INVESTMENTS-AT-VALUE> 637734434
<RECEIVABLES> 55627577
<ASSETS-OTHER> 75863
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 693437874
<PAYABLE-FOR-SECURITIES> 4451913
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2858561
<TOTAL-LIABILITIES> 7310474
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 638506910
<SHARES-COMMON-STOCK> 6761325
<SHARES-COMMON-PRIOR> 5586132
<ACCUMULATED-NII-CURRENT> (542948)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26325284
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 21838154
<NET-ASSETS> 87002494
<DIVIDEND-INCOME> 1689647
<INTEREST-INCOME> 5357725
<OTHER-INCOME> 0
<EXPENSES-NET> (6348056)
<NET-INVESTMENT-INCOME> 699316
<REALIZED-GAINS-CURRENT> 71682629
<APPREC-INCREASE-CURRENT> (31912458)
<NET-CHANGE-FROM-OPS> 40469487
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (488410)
<DISTRIBUTIONS-OF-GAINS> (18334157)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1178351
<NUMBER-OF-SHARES-REDEEMED> (1284535)
<SHARES-REINVESTED> 1281377
<NET-CHANGE-IN-ASSETS> (52687308)
<ACCUMULATED-NII-PRIOR> 1664384
<ACCUMULATED-GAINS-PRIOR> 110678845
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3553883
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6348056
<AVERAGE-NET-ASSETS> 86977169
<PER-SHARE-NAV-BEGIN> 15.29
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> .80
<PER-SHARE-DIVIDEND> (.09)
<PER-SHARE-DISTRIBUTIONS> (3.16)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.87
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
