<PAGE> PAGE 1
000 A000000 11/30/97
000 C000000 0000874619
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 ML ADJUSTABLE RATE SECURITIES FUND, INC.
001 B000000 811-6304
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 MERRILL LYNCH ASSET MANAGEMENT, L.P.
008 B000001 A
008 C000001 801-11583
008 D010001 PRINCETON
008 D020001 NJ
008 D030001 08543
008 D040001 9011
011 A000001 MERRILL LYNCH FUNDS DISTRIBUTOR, INC.
011 B000001 8-14663
011 C010001 PRINCETON
011 C020001 NJ
011 C030001 08543
011 C040001 9011
012 A000001 MERRILL LYNCH FINANCIAL DATA SERVICES, INC.
012 B000001 84-01339
012 C010001 JACKSONVILLE
012 C020001 FL
012 C030001 32246
<PAGE> PAGE 2
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 BANK OF NEW YORK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10286
015 E010001 X
015 A000002 BANKERS TRUST COMPANY
015 B000002 S
015 C010002 NEW YORK
015 C020002 NY
015 C030002 10006
015 E010002 X
015 A000003 DELETE
015 A000004 CUSTODIAL TRUST CO.
015 B000004 S
015 C010004 NEW YORK
015 C020004 NY
015 C030004 10167
015 E010004 X
015 A000005 MORGAN GUARANTEE TRUST CO.
015 B000005 S
015 C010005 NEW YORK
015 C020005 NY
015 C030005 10260
015 E010005 X
018 000000 Y
019 A000000 Y
019 B000000 200
019 C000000 MERRILLLYN
020 C000001 0
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 0
022 A000001 NIKKO SECURITIES CO. INTERNATIONAL, INC.(THE)
022 B000001 94-1302123
022 C000001 531266
022 D000001 0
<PAGE> PAGE 3
022 A000002 ABN AMRO CHICAGO CORPORATION
022 B000002 13-3227945
022 C000002 30951
022 D000002 0
022 A000003 PAINEWEBBER INCORPORATED
022 B000003 13-2638166
022 C000003 11322
022 D000003 7009
022 A000004 FEDERAL HOME LOAN MORTGAGE CORP.
022 C000004 6971
022 D000004 0
022 A000005 FUJI SECURITIES INC.
022 B000005 36-2880742
022 C000005 4134
022 D000005 0
022 A000006 DAIN BOSWORTH INCORPORATED
022 B000006 41-0212020
022 C000006 0
022 D000006 2909
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 584645
023 D000000 9918
024 000000 Y
025 A000001 NIKKO SECURITIES INTERNATIONAL, INC.
025 C000001 D
025 D000001 5726
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
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
028 A010000 14018
<PAGE> PAGE 4
028 A020000 313
028 A030000 0
028 A040000 10951
028 B010000 4137
028 B020000 309
028 B030000 0
028 B040000 10043
028 C010000 7590
028 C020000 381
028 C030000 0
028 C040000 5557
028 D010000 8483
028 D020000 317
028 D030000 0
028 D040000 11880
028 E010000 3438
028 E020000 396
028 E030000 0
028 E040000 5261
028 F010000 5451
028 F020000 312
028 F030000 0
028 F040000 7652
028 G010000 43117
028 G020000 2028
028 G030000 0
028 G040000 51344
028 H000000 10147
029 000000 Y
030 A000000 7
030 B000000 4.00
030 C000000 0.00
031 A000000 1
031 B000000 0
032 000000 0
033 000000 6
034 000000 Y
035 000000 54
036 A000000 N
036 B000000 0
037 000000 N
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
<PAGE> PAGE 5
042 G000000 0
042 H000000 0
043 000000 413
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.500
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
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 0
048 K020000 0.000
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
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 N
055 B000000 N
<PAGE> PAGE 6
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 0
062 A000000 Y
062 B000000 4.2
062 C000000 0.0
062 D000000 4.8
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 90.5
062 R000000 0.0
063 A000000 0
063 B000000 3.7
064 A000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
<PAGE> PAGE 7
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 18294
071 B000000 28010
071 C000000 117061
071 D000000 16
072 A000000 6
072 B000000 4304
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 308
072 G000000 53
072 H000000 0
072 I000000 69
072 J000000 13
072 K000000 0
072 L000000 36
072 M000000 17
072 N000000 51
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 18
072 S000000 16
072 T000000 413
072 U000000 0
072 V000000 0
072 W000000 10
072 X000000 1004
072 Y000000 0
072 Z000000 3300
072AA000000 75
072BB000000 61
072CC010000 0
<PAGE> PAGE 8
072CC020000 268
072DD010000 566
072DD020000 2734
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 114
074 B000000 5726
074 C000000 5014
074 D000000 107134
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 1418
074 M000000 91
074 N000000 119497
074 O000000 0
074 P000000 107
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 935
074 S000000 0
074 T000000 118455
074 U010000 2162
074 U020000 10176
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 7565
074 Y000000 0
075 A000000 0
075 B000000 123447
076 000000 0.00
077 A000000 N
078 000000 N
SIGNATURE GERALD M. RICHARD
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000874619
<NAME> MERRILL LYNCH ADJUSTABLE RATE SECURITIES FUND, INC.
<SERIES>
<NUMBER> 001
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUN-01-1997
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 118056633
<INVESTMENTS-AT-VALUE> 117874277
<RECEIVABLES> 1417251
<ASSETS-OTHER> 205096
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 119496624
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1041800
<TOTAL-LIABILITIES> 1041800
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 153336065
<SHARES-COMMON-STOCK> 96275
<SHARES-COMMON-PRIOR> 27491
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (34698885)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (182356)
<NET-ASSETS> 927432
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4303774
<OTHER-INCOME> 0
<EXPENSES-NET> (1004039)
<NET-INVESTMENT-INCOME> 3299735
<REALIZED-GAINS-CURRENT> 14249
<APPREC-INCREASE-CURRENT> (268000)
<NET-CHANGE-FROM-OPS> 3045984
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (20618)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 437223
<NUMBER-OF-SHARES-REDEEMED> (369774)
<SHARES-REINVESTED> 1335
<NET-CHANGE-IN-ASSETS> (6452962)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (34713134)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 307773
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1004039
<AVERAGE-NET-ASSETS> 685187
<PER-SHARE-NAV-BEGIN> 9.65
<PER-SHARE-NII> .29
<PER-SHARE-GAIN-APPREC> (.02)
<PER-SHARE-DIVIDEND> (.29)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.63
<EXPENSE-RATIO> .94
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000874619
<NAME> MERRILL LYNCH ADJUSTABLE RATE SECURITIES FUND, INC.
<SERIES>
<NUMBER> 002
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUN-01-1997
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 118056633
<INVESTMENTS-AT-VALUE> 117874277
<RECEIVABLES> 1417251
<ASSETS-OTHER> 205096
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 119496624
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1041800
<TOTAL-LIABILITIES> 1041800
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 153336065
<SHARES-COMMON-STOCK> 9575484
<SHARES-COMMON-PRIOR> 11022844
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (34698885)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (182356)
<NET-ASSETS> 91935634
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4303774
<OTHER-INCOME> 0
<EXPENSES-NET> (1004039)
<NET-INVESTMENT-INCOME> 3299735
<REALIZED-GAINS-CURRENT> 14249
<APPREC-INCREASE-CURRENT> (268000)
<NET-CHANGE-FROM-OPS> 3045984
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2590796)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2308386
<NUMBER-OF-SHARES-REDEEMED> (3912901)
<SHARES-REINVESTED> 157155
<NET-CHANGE-IN-ASSETS> (6452962)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (34713134)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 307773
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1004039
<AVERAGE-NET-ASSETS> 98416980
<PER-SHARE-NAV-BEGIN> 9.62
<PER-SHARE-NII> .25
<PER-SHARE-GAIN-APPREC> (.02)
<PER-SHARE-DIVIDEND> (.25)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.60
<EXPENSE-RATIO> 1.71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000874619
<NAME> MERRILL LYNCH ADJUSTABLE RATE SECURITIES FUND, INC.
<SERIES>
<NUMBER> 003
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUN-01-1997
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 118056633
<INVESTMENTS-AT-VALUE> 117874277
<RECEIVABLES> 1417251
<ASSETS-OTHER> 205096
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 119496624
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1041800
<TOTAL-LIABILITIES> 1041800
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 153336065
<SHARES-COMMON-STOCK> 600739
<SHARES-COMMON-PRIOR> 552141
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (34698885)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (182356)
<NET-ASSETS> 5769723
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4303774
<OTHER-INCOME> 0
<EXPENSES-NET> (1004039)
<NET-INVESTMENT-INCOME> 3299735
<REALIZED-GAINS-CURRENT> 14249
<APPREC-INCREASE-CURRENT> (268000)
<NET-CHANGE-FROM-OPS> 3045984
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (142754)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 711343
<NUMBER-OF-SHARES-REDEEMED> (674311)
<SHARES-REINVESTED> 11566
<NET-CHANGE-IN-ASSETS> (6452962)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (34713134)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 307773
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1004039
<AVERAGE-NET-ASSETS> 5454903
<PER-SHARE-NAV-BEGIN> 9.63
<PER-SHARE-NII> .25
<PER-SHARE-GAIN-APPREC> (.03)
<PER-SHARE-DIVIDEND> (.25)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.60
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000874619
<NAME> MERRILL LYNCH ADJUSTABLE RATE SECURITIES FUND, INC.
<SERIES>
<NUMBER> 004
<NAME> CLASS D
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUN-01-1997
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 118056633
<INVESTMENTS-AT-VALUE> 117874277
<RECEIVABLES> 1417251
<ASSETS-OTHER> 205096
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 119496624
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1041800
<TOTAL-LIABILITIES> 1041800
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 153336065
<SHARES-COMMON-STOCK> 2065487
<SHARES-COMMON-PRIOR> 1379496
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (34698885)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (182356)
<NET-ASSETS> 19822035
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4303774
<OTHER-INCOME> 0
<EXPENSES-NET> (1004039)
<NET-INVESTMENT-INCOME> 3299735
<REALIZED-GAINS-CURRENT> 14249
<APPREC-INCREASE-CURRENT> (268000)
<NET-CHANGE-FROM-OPS> 3045984
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (545567)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1021095
<NUMBER-OF-SHARES-REDEEMED> (375613)
<SHARES-REINVESTED> 40509
<NET-CHANGE-IN-ASSETS> (6452962)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (34713134)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 307773
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1004039
<AVERAGE-NET-ASSETS> 18890243
<PER-SHARE-NAV-BEGIN> 9.62
<PER-SHARE-NII> .28
<PER-SHARE-GAIN-APPREC> (.02)
<PER-SHARE-DIVIDEND> (.28)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.60
<EXPENSE-RATIO> 1.19
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
