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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 
 FORM 10-Q
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended June 30, 2010
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 COMMISSION FILE NO.: 1-7182-10
 MERRILL LYNCH PREFERRED CAPITAL TRUST V
  Delaware
(State or other jurisdiction of 
incorporation or organization)
    
    13-7140866
(I.R.S. Employer Identification No.)4 World Financial CenterNew York, New York
(Address of principal executive offices)
    
    10080
(Zip Code)
  COMMISSION FILE NO.: 1-7182-09
 MERRILL LYNCH PREFERRED FUNDING V, L.P.
 
 Delaware
(State or other jurisdiction of 
incorporation or organization)
    
    13-3983474
(I.R.S. Employer Identification No.)4 World Financial CenterNew York, New York
(Address of principal executive offices)
    
    10080
(Zip Code)
  þ o
 o o
 Rule 12b-2
 Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer þ
    
    Smaller reporting company o
 Yes o No þ




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TABLE OF CONTENTS  PART I  FINANCIAL INFORMATIONITEM 1. FINANCIAL STATEMENTS (Unaudited)CONDENSED BALANCE SHEETS (unaudited)CONDENSED STATEMENTS OF EARNINGS (unaudited)CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (unaudited)CONDENSED STATEMENTS OF CASH FLOWS (unaudited)NOTE TO CONDENSED FINANCIAL STATEMENTS (unaudited)CONDENSED BALANCE SHEETS (unaudited)CONDENSED STATEMENTS OF EARNINGS (unaudited)CONDENSED STATEMENTS OF CHANGES IN PARTNERS CAPITAL (unaudited)CONDENSED STATEMENTS OF CASH FLOWS (unaudited)NOTE TO CONDENSED FINANCIAL STATEMENTS (unaudited)ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKITEM 4. CONTROLS AND PROCEDURESPART II  OTHER INFORMATIONItem 1A. Risk FactorsITEM 6. EXHIBITSSIGNATURESINDEX TO EXHIBITSExhibit 12Exhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2Exhibit 99.1    Table of Contents  
 
  
 
   
 
   June 30, 2010
    
    
    December 31, 2009ASSETSInvestment in affiliate partnership preferred securities
    
    $
    876,300
    
    
    $
    876,300Total Assets
    
    $
    876,300
    
    
    $
    876,300STOCKHOLDERS EQUITYPreferred securities (7.28% Trust Originated Preferred
Securities; 34,000,000 authorized, issued, and
outstanding; $25 liquidation amount per security)
    
    $
    850,000
    
    
    $
    850,000Common securities (7.28% Trust Common Securities;
1,052,000 authorized, issued, and outstanding; $25
liquidation amount per security)
    
    
    26,300
    
    
    
    26,300Total Stockholders Equity
    
    $
    876,300
    
    
    $
    876,300
   2




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FOR THE THREE MONTHS ENDEDJune 30, 2010
    
    
    June 30, 2009EARNINGSInterest on affiliate partnership preferred securities
    
    $
    15,948
    
    
    $
    15,948FOR THE SIX MONTHS ENDEDJune 30, 2010
    
    
    June 30, 2009EARNINGSInterest on affiliate partnership preferred securities
    
    $
    31,897
    
    
    $
    31,897
   3




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FOR THE SIX MONTHS ENDEDJune 30, 2010
    
    
    June 30, 2009PREFERRED SECURITIESBalance, beginning and end of period
    
    $
    850,000
    
    
    $
    850,000COMMON SECURITIESBalance, beginning and end of period
    
    
    26,300
    
    
    
    26,300UNDISTRIBUTED EARNINGSBalance, beginning of period
    
    
    
    
    
    
    Earnings
    
    
    31,897
    
    
    
    31,897Distributions
    
    
    (31,897
    )
    
    
    (31,897
    )Balance, end of period
    
    
    
    
    
    
    Total Stockholders Equity
    
    $
    876,300
    
    
    $
    876,300
   4




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FOR THE SIX MONTHS ENDEDJune 30, 2010
    
    
    June 30, 2009CASH FLOWS FROM OPERATING ACTIVITIES:Earnings
    
    $
    31,897
    
    
    $
    31,897Cash provided by operating activities
    
    
    31,897
    
    
    
    31,897CASH FLOWS FROM FINANCING ACTIVITIES:Distributions
    
    
    (31,897
    )
    
    
    (31,897
    )Cash used for financing activities
    
    
    (31,897
    )
    
    
    (31,897
    )NET CHANGE IN CASH
    
    
    
    
    
    
    CASH, BEGINNING OF PERIOD
    
    
    
    
    
    
    CASH, END OF PERIOD
    
    $
    
    
    
    $
    
   5




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June 30, 2010
    
    
    December 31, 2009ASSETSInvestments:Affiliate debentures
    
    $
    1,020,640
    
    
    $
    1,020,640U.S. Government and agencies
    
    
    10,315
    
    
    
    10,318Total investments
    
    
    1,030,955
    
    
    
    1,030,958Total Assets
    
    $
    1,030,955
    
    
    $
    1,030,958PARTNERS CAPITALLimited partnership interest
    
    $
    876,300
    
    
    $
    876,300General partnership interest
    
    
    154,655
    
    
    
    154,658Total Partners Capital
    
    $
    1,030,955
    
    
    $
    1,030,958
   7




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FOR THE THREE MONTHS ENDEDJune 30, 2010
    
    
    June 30, 2009EARNINGSInterest income:Affiliate debentures
    
    $
    18,575
    
    
    $
    18,575U.S. Government and agencies
    
    
    4
    
    
    
    9Earnings
    
    $
    18,579
    
    
    $
    18,584FOR THE SIX MONTHS ENDEDJune 30, 2010
    
    
    June 30, 2009EARNINGSInterest income:Affiliate debentures
    
    $
    37,151
    
    
    $
    37,151U.S. Government and agencies
    
    
    10
    
    
    
    22Earnings
    
    $
    37,161
    
    
    $
    37,173
   8




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FOR THE SIX MONTHS ENDEDJune 30, 2010
    
    
    June 30, 2009LIMITED PARTNERS CAPITALBalance, beginning of period
    
    $
    876,300
    
    
    $
    876,300Net income allocated to limited partner
    
    
    31,897
    
    
    
    31,897Distributions
    
    
    (31,897
    )
    
    
    (31,897
    )Balance, end of period
    
    
    876,300
    
    
    
    876,300GENERAL PARTNERS CAPITALBalance, beginning of period
    
    
    154,658
    
    
    
    154,654Net income allocated to general partner
    
    
    5,264
    
    
    
    5,276Distributions
    
    
    (5,267
    )
    
    
    (5,279
    )Balance, end of period
    
    
    154,655
    
    
    
    154,651TOTAL PARTNERS CAPITAL
    
    $
    1,030,955
    
    
    $
    1,030,951
   9




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FOR THE SIX MONTHS ENDEDJune 30, 2010
    
    
    June 30, 2009CASH FLOWS FROM OPERATING ACTIVITIES:Earnings
    
    $
    37,161
    
    
    $
    37,173Accretion of interest on securities
issued by U.S. Government and agencies
    
    
    (10
    )
    
    
    (22
    )Cash provided by operating activities
    
    
    37,151
    
    
    
    37,151CASH FLOWS FROM INVESTING ACTIVITIES:Purchase of investment securities
    
    
    (10,310
    )
    
    
    (10,310
    )Maturities of investment securities
    
    
    10,323
    
    
    
    10,335Cash provided by investing activities
    
    
    13
    
    
    
    25CASH FLOWS FROM FINANCING ACTIVITIES:Distributions to limited partner
    
    
    (31,897
    )
    
    
    (31,897
    )Distributions to general partner
    
    
    (5,267
    )
    
    
    (5,279
    )Cash used for financing activities
    
    
    (37,164
    )
    
    
    (37,176
    )NET CHANGE IN CASH
    
    
    
    
    
    
    CASH, BEGINNING OF PERIOD
    
    
    
    
    
    
    CASH, END OF PERIOD
    
    $
    
    
    
    $
    
   10




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11




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12




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12
    
    
    Computation of Ratios of Earnings to Combined Fixed Charges and
Preferred Securities Distributions.31.1
    
    
    Rule 13a  14(a) Certification.31.2
    
    
    Rule 13a  14(a) Certification.32.1
    
    
    Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.32.2
    
    
    Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.99.1
    
    
    Excerpt of Merrill Lynch & Co., Inc. Quarterly Report on Form 10-Q
for the period ended June 30, 2010.
  13




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MERRILL LYNCH PREFERRED CAPITAL TRUST V*By:
    /s/ MARLENE DEBELName:
    Marlene DebelTitle:
    Regular TrusteeMERRILL LYNCH PREFERRED FUNDING V, L.P.*By:
    MERRILL LYNCH & CO., INC., as General PartnerBy:
    /s/ THOMAS W. PERRYName:
    Thomas W. PerryTitle:
    Chief Accounting Officer and Controller,

Merrill Lynch & Co., Inc.  
 *
    
    There is no principal executive officer(s), principal financial officer, controller, principal
accounting officer or board of directors of the Registrants. The Trustees of the Trust (which
include the Regular Trustees, the Property Trustee and the Delaware Trustee) together exercise all
powers and perform all functions with respect to the Trust.  14




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EXHIBITS12
    *
    
    Computation of Ratios of Earnings to Combined Fixed Charges and
Preferred Securities Distributions.31.1
    *
    
    Rule 13a  14(a) Certification.31.2
    *
    
    Rule 13a  14(a) Certification.32.1
    *
    
    Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.32.2
    *
    
    Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.99.1
    *
    
    Excerpt of Merrill Lynch & Co., Inc. Quarterly Report on Form 10-Q
for the period ended June 30, 2010.
 
 *
    
    Included herewith  15