As filed with the Securities and Exchange Commission on December 12, 2002
                 PROXY STATEMENT PURSUANT TO SECTION 14(A) OF
                      THE SECURITIES EXCHANGE ACT OF 1934

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                 MERRILL LYNCH INVESTMENT MANAGERS FUNDS, INC.
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(LOGO OMITTED) Merrill Lynch Investment Managers


December 10, 2002


Re:    Merrill Lynch Global Bond for Investment and Retirement
       Mercury Total Return Bond Fund
       Merrill Lynch Total Return Bond Fund
       The Corporate Fund Accumulation Program, Inc.


Dear Shareholder:

As a shareholder of Merrill Lynch Global Bond Fund for Investment and
Retirement ("Global Bond"), Mercury Total Return Bond Fund ("Mercury Total
Return"), Merrill Lynch Total Return Bond Fund ("ML Total Return"), and/or The
Corporate Fund Accumulation Program, Inc. ("Corporate Fund"), you are being
asked to vote on the proposed reorganization of the Funds. Your vote is very
important, so Merrill Lynch Investment Managers would like to take this
opportunity to explain the proposed changes and encourage you to vote.

What is the proposed reorganization?
The Board of Directors/Trustees for each of the Funds has approved a proposal
under which Global Bond, Mercury Total Return, ML Total Return, and the
Corporate Fund would be acquired by the Core Bond Portfolio ("Core Bond"), a
series of Merrill Lynch Bond Fund, Inc. If the shareholders of Global Bond,
Mercury Total Return, ML Total Return, and the Corporate Fund approve this
reorganization, you will become a shareholder of Core Bond. If not all of the
Funds have received shareholder approval for the reorganization, the
reorganization will proceed as to only that Fund or Funds that did obtain
approval. The shares of Core Bond that you receive in the reorganization will
be of the same or equivalent class and will have the same aggregate net asset
value as the shares that you held immediately prior to the acquisition
(Corporate Fund shareholders will receive Class A shares of Core Bond.) As a
result, the value of your shares will not change in connection with the
reorganization.

Why are the Boards proposing this reorganization?
The Boards of Global Bond, Mercury Total Return, ML Total Return, and the
Corporate Fund have determined that the shareholders of the Funds are likely
to benefit from the reorganization and believe that the reorganization is in
the best interests of the Funds and their shareholders. After the
reorganization, it is expected that shareholders will remain invested in an
open-end fund with a substantially larger combined asset base. This is
expected to provide greater flexibility in portfolio management and a lower
combined investment advisory fee/administration fee rate and reduced operating
expenses. Assuming the reorganization had taken place on September 30, 2002,
the pro forma annualized operating expense ratio for the Class A shares of the
combined fund was estimated to be 0.80%, 0.61%, 0.58%, and 0.49% lower than
the annualized operating expense ratio of Global Bond, Mercury Total Return,
ML Total Return, and the Corporate Fund, respectively.

Why is your vote important?
Your vote is important in order to reduce the need for additional costly
solicitation efforts or meeting adjournments. Please take the time to vote
your shares prior to the January 17th shareholder meeting!

How do you vote?
There are several options available to vote your shares:

     o    Phone: The automated number 1-800-690-6903 is available to accept
          your vote. Please have your proxy card available at the time of the
          call.

     o    Internet: The website WWW.PROXYVOTE.COM can be accessed using the
          12-digit control number printed on your proxy card.

     o    Mail: The proxy card can be completed and returned in the enclosed
          postage paid envelope.


For more information regarding the meeting agenda please contact our proxy
solicitor, Georgeson Shareholder, at 1-866-636-4612.


Merrill Lynch Investment Managers




(LOGO OMITTED) Merrill Lynch Investment Managers

Question and Answer Sheet
- -------------------------

Q.   Why am I receiving this proxy statement?

A.   We have sent you the proxy statement because you are a shareholder of
     Merrill Lynch Global Bond Fund for Investment and Retirement ("Global
     Bond"), Mercury Total Return Bond Fund ("Mercury Total Return"), Merrill
     Lynch Total Return Bond Fund ("ML Total Return") and/or The Corporate
     Fund Accumulation Program, Inc. ("Corporate Fund") all of which are, the
     "Target Funds". All shareholders of each Target Fund are being asked to
     consider a series of transactions that would result in the acquisition of
     assets and assumption of liabilities of your Target Fund by Core Bond
     Portfolio ("Core Bond"), a series of Merrill Lynch Bond Fund, Inc., and
     the issuance of shares of common stock of Core Bond for distribution to
     the shareholders of such Target Fund. These transactions are collectively
     referred to as the "Reorganization."

     If not all of the Target Funds approve this Reorganization, it will
     proceed as to only that Target Fund or Target Funds that did obtain
     approval. If the Reorganization is approved by a Target Fund,
     shareholders of that Target Fund will become shareholders of Core Bond
     upon completion of the Reorganization.

Q.   Will the Reorganization change my privileges as a shareholder?

A.   Your rights as a shareholder will not change in any substantial way as a
     result of the Reorganization. In addition, the shareholder services
     available to you after the Reorganization will be substantially the same
     as the shareholder services currently available to you.

Q.   Will I own the same class of shares of Core Bond after the Reorganization
     as the class of the Target Fund I currently own?

A.   Yes. The shares of Core Bond you receive in the Reorganization will be
     the same as the shares you currently own of your Target Fund. (Corporate
     Fund shareholders will receive Class A shares of Core Bond.) However,
     Mercury Total Return shareholders will follow the schedule below:

            ----------------------------------------------------
                   If you hold:         You will receive:
            ----------------------------------------------------
               Mercury Total Return         Core Bond

                         I                      A

                         A                      D

                         B                      B

                         C                      C
            ----------------------------------------------------


Q.   How will the Reorganization benefit shareholders?

A.   Shareholders should consider the following:

     o    After the Reorganization, shareholders of each Target Fund will be
          invested in an open-end fund with a substantially larger combined
          asset base.



     o    After the Reorganization, shareholders are expected to experience:

     |_|  lower operating expenses per share, improved economies of scale and
          flexibility in portfolio management

     |_|  a lower investment advisory fee/administration fee rate

Q.   Will the Reorganization affect the value of my investment?

A.   The value of your investment will not change as a result of the
     Reorganization.

Q.   As an owner of shares of my Target Fund, will I own the same number of
     shares of common stock of Core Bond after the Reorganization as I
     currently own?

A.   No. You will receive shares of common stock of Core Bond with the same
     aggregate net asset value as the shares of the Target Fund owned by you
     at the close of business on the business day prior to the closing date of
     the Reorganization (the "Valuation Time"). The number of shares you
     receive will depend on the relative net asset values of the shares of
     your Target Fund and Core Bond at the Valuation Time. For example, assume
     that you own 10 Class A shares of Global Bond. If the net asset value of
     that Fund's Class A shares at the Valuation Time is $6 per share, and the
     net asset value of the Class A shares of Core Bond at the Valuation Time
     is $12 per share, you will receive 5 Class A shares of Core Bond in the
     Reorganization. The aggregate net asset value of your investment will not
     change. (10 Global Bond Class A shares x $6 = $60; 5 Core Bond Class A
     shares x $12 = $60).

     Thus, if at the Valuation Time the net asset value of the common stock of
     Core Bond is higher than the net asset value of the shares of your Target
     Fund, you will receive fewer shares of Core Bond in the Reorganization
     than you held in your Target Fund prior to the Reorganization. On the
     other hand, if the net asset value of the common stock of Core Bond is
     lower than the net asset value of the shares of your Target Fund, you
     will receive a greater number of shares of Core Bond in the
     Reorganization than you held in your Target Fund prior to the
     Reorganization. Either way, the aggregate net asset value of your shares
     after the Reorganization will be the same as before the Reorganization.

Q.   What are the tax consequences for shareholders?

A.   The Reorganization is structured as a tax-free transaction so that the
     completion of the Reorganization itself will not result in Federal income
     tax liability for shareholders of the Target Funds. Each Fund will
     receive an opinion of counsel with respect to the tax-free treatment of
     the Reorganization.

     The tax consequences associated with an investment in shares of each
     Target Fund are similar to the tax consequences associated with an
     investment in shares of Core Bond.

Q.   Who will manage the Surviving Fund after the Reorganization?

A.   Fund Asset Management, L.P., the current investment adviser for Core
     Bond, will be the investment adviser after the Reorganization. The
     current co-portfolio managers of Core Bond are James Pagano and Patrick
     Maldari, and it is expected that they will continue as co-portfolio
     managers for Core Bond.

Q.   Why is my vote important?

A.   Approval of the Reorganization requires: (i) the affirmative vote of the
     shareholders of Global Bond, voting together as a single class,
     representing two-thirds of the outstanding shares entitled to vote, (ii)
     the affirmative vote of the holders of a majority of Mercury Total Return
     Bond's outstanding shares, voting together as a single class, (which for
     this purpose and under the Investment Company Act of 1940, as amended,
     means the lesser of (a) 67% of the shares



     represented at a meeting at which more than 50% of the outstanding shares
     are represented or (b) more than 50% of the outstanding shares), (iii)
     the affirmative vote of shareholders of ML Total Return Bond, voting
     together as a single class, representing a majority of the outstanding
     shares entitled to vote, and (iv) the affirmative vote of shareholders of
     Corporate Fund representing a majority of the outstanding shares entitled
     to vote. The Board of Directors/Trustees of each Target Fund urges every
     shareholder to vote. Please read all proxy materials thoroughly before
     casting your vote.

Q.   How can I vote?

A.   You may vote by signing, dating and returning your proxy card in the
     enclosed postage-paid envelope. If you have been provided with the
     opportunity on your proxy card or voting instruction form to provide
     voting instructions via telephone or the Internet, please take advantage
     of these voting options. You may also vote in person at the applicable
     Shareholders' Meeting. If you submitted a proxy by mail, by telephone or
     on the Internet, you may withdraw it at that Meeting and then vote in
     person at that Meeting or you may submit a superseding proxy by mail, by
     telephone or on the Internet.

Q.   Have the Funds retained a proxy solicitation firm?

A.   Yes, the Target Funds have retained Georgeson Shareholder to assist in
     the solicitation of proxies for the Meetings. While the Target Funds
     expect most proxies to be returned by mail, the Target Funds may also
     solicit proxies by telephone, fax, telegraph or personal interview.

Q.   What if there are not enough votes to approve or disapprove the Agreement
     and Plan of Reorganization by the scheduled meeting date?

A.   In order to ensure that we receive enough votes, we may need to take
     further action. We or our proxy solicitation firm may contact you by mail
     or telephone. Therefore, we encourage shareholders to vote as soon as
     they review the enclosed proxy materials to avoid additional mailings or
     telephone calls. If, by the time scheduled for the Meetings, the
     sufficient votes to approve or disapprove the Agreement and Plan of
     Reorganization are not received, the persons named as proxies may propose
     one or more adjournments of that Meeting to permit further solicitation
     of proxies from shareholders.

Q.   What are the Boards' recommendation?

A.   The Board of each Target Fund has determined that its shareholders are
     likely to benefit from the Reorganization and believe that it is in the
     best interests of that Target Fund and its shareholders. The Boards
     encourage shareholders to vote FOR the Reorganization.