SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                             ----------------------

                                    FORM 10-K
                      ANNUAL REPORT PURSUANT TO SECTION 13
                 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
                 -----------------------------------------------
                   For the fiscal year ended December 27, 2002

                     MERRILL LYNCH PREFERRED CAPITAL TRUST I
       (Exact name of Registrant as specified in its certificate of trust)

                         COMMISSION FILE NO.: 1-7182-01

          Delaware                                          13-7102991
(State or other jurisdiction               (I.R.S. Employer Identification No.)
of incorporation or organization)

  4 World Financial Center
    New York, New York                                        10080
(Address of principal executive offices)                    (Zip Code)

Registrant's telephone number, including area code:     (212) 449-1000

           SECURITIES REGISTERED PURSUANT TO SECTION12(b) OF THE ACT:

Title of each class                Name of each  exchange  on which  registered
-------------------                --------------------------------------------
7-3/4%  Trust Originated                 New York Stock  Exchange
Preferred Securities ("TOPrS")
(and the related guarantee)

        SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: NONE

                     MERRILL LYNCH PREFERRED FUNDING I, L.P.
                 (Exact name of Registrant as specified in its
                      certificate of limited partnership)

                         COMMISSION FILE NO.: 1-7182-02

      Delaware                                          13-3917686
(State or other jurisdiction                (I.R.S. Employer Identification No.)
of incorporation or organization)

     4 World Financial Center
       New York, New York                                           10080
(Address of principal executive offices)                          (Zip Code)

Registrant's telephone number, including area code:             (212) 449-1000

       SECURITIES  REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Title of each class                  Name of each exchange on which registered
-------------------                  -----------------------------------------
7-3/4% Partnership Preferred            New York Stock Exchange
Securities (and the related
guarantee)

        SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: NONE

The Registrants meet the conditions set forth in General Instruction I 1 (a) and
(b) of Form 10-K and are therefore filing this form with the reduced disclosure
format.

Indicate by check mark whether the Registrants: (1) have filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrants were required to file such reports), and (2) have been subject to
such requirements for the past 90 days. Yes |X| No |_|

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of the Registrants' knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. |X|

Indicate by check mark whether the Registrant is an accelerated filer
(as defined in Exchange Act Rule 12b-2).  Yes [] No [x]

As of the close of business on June 28, 2002, no voting stock of the Registrants
was held by non-affiliates of the Registrants.

As of  March  26,  2003,  no  voting  stock  of  the  Registrants  was  held  by
non-affiliates of the Registrants.

<PAGE>
                      Documents Incorporated By Reference:

Prospectus, dated December 11, 1996, filed pursuant to Rule 424(b) in connection
with Registration Statement on Form S-3 (No. 333-16603) filed by the Registrants
and Merrill Lynch & Co., Inc.-- Incorporated by reference in Part I
================================================================================



                                     PART I
                                     ------

ITEM 1.  BUSINESS
         --------

         Merrill Lynch Preferred Capital Trust I
         ---------------------------------------

         Merrill Lynch Preferred Capital Trust I (the "Trust") is a statutory
     business  trust formed under the Delaware  Business  Trust Act, as amended,
pursuant to a declaration of trust and the filing of a certificate of trust with
the Secretary of State on November 20, 1996, which was  subsequently  amended by
an amended and  restated  declaration  of trust dated as of December  11,  1996.
Merrill Lynch & Co., Inc. (the  "Company") is the sole owner of the Trust common
securities.  The Trust exists for the  exclusive  purposes of (i) issuing  trust
securities,  consisting of 7-3/4% Trust  Originated  Preferred  Securities  (the
"TOPrS")  and  trust  common   securities   (the  "Trust  Common   Securities"),
representing  undivided  beneficial  ownership  interests  in the  assets of the
Trust,  (ii)  investing  the gross  proceeds of the trust  securities  in 7-3/4%
Partnership Preferred Securities (the "Partnership Preferred Securities") issued
by Merrill  Lynch  Preferred  Funding  I, L.P.  (the  "Partnership"),  and (iii)
engaging in only those other activities necessary or incidental thereto.

         Merrill Lynch Preferred Funding I, L.P.
         ---------------------------------------

     The Partnership is a limited  partnership formed under the Delaware Revised
Uniform Limited Partnership Act, as amended, pursuant to an agreement of limited
partnership  and the filing of a  certificate  of limited  partnership  with the
Secretary of State on November 20, 1996,  which was  subsequently  amended by an
amended and restated  agreement of limited  partnership dated December 17, 1996.
The Company is the sole general partner of the  Partnership.  The Partnership is
managed by the  general  partner  and exists for the  exclusive  purposes of (i)
issuing its partnership  interests,  consisting of the Company's general partner
interest and the Partnership Preferred  Securities,  (ii) investing the proceeds
thereof  in  certain  eligible  securities  of  the  Company  and  wholly  owned
subsidiaries of the Company (the "Affiliate Investment Instruments") and certain
eligible  debt  securities,  and (iii)  engaging in only those other  activities
necessary or incidental thereto.

         The information set forth under the headings "Merrill Lynch Preferred
Capital Trust I", "Merrill Lynch Preferred Funding I, L.P.", "Description of the
Trust Preferred Securities", "Description of the Trust Guarantee", "Description
of the Partnership Preferred Securities", "Description of the Partnership
Guarantee", and "Use of Proceeds" in the Prospectus dated December 11, 1996, of
the Trust and the Partnership is incorporated by reference herein.

ITEM 2.  PROPERTIES
         ----------

         Not Applicable.

ITEM 3.  LEGAL PROCEEDINGS
         -----------------

         The Registrants know of no material legal proceedings involving the
Trust, the Partnership or the assets of either of them.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
         ---------------------------------------------------

        No disclosure is required for this Item pursuant to General Instruction
I of Form 10-K.
<PAGE>


                                     PART II
                                     -------

ITEM 5.  MARKET FOR REGISTRANTS' COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
         ---------------------------------------------------------------------

         (a) There is no established public market for the Trust Common
Securities or the general partnership interest in the Partnership.

         (b) All of the Trust Common Securities and the entire general
partnership interest in the Partnership are owned of record and beneficially by
the Company.

         (c) The Company, as holder of the Trust Common Securities, is entitled
to receive cumulative cash distributions accumulating from December 17, 1996 and
payable quarterly in arrears on each March 30, June 30, September 30 and
December 30, commencing December 30, 1996, at an annual rate of 7-3/4% of the
liquidation amount per annum. Distributions not paid on the scheduled payment
date will accumulate and compound quarterly at a rate per annum equal to 7-3/4%.
The certificate of limited partnership of the Partnership does not require any
regular periodic distributions to be made to the general partner; however, to
the extent that aggregate payments to the Partnership on the Affiliate
Investment Instruments and on certain eligible debt securities exceed
distributions accumulated or payable with respect to the Partnership Preferred
Securities, the Partnership may at times have excess funds which shall be
allocated to and may, in the general partner's sole discretion, be distributed
to the general partner.

ITEM 6.  SELECTED FINANCIAL DATA
         -----------------------

         No disclosure is required for this Item pursuant to General Instruction
I of Form 10-K.

ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         -----------------------------------------------------------------------
         OF OPERATIONS
         -------------

       No  disclosure  is required for this Item  pursuant to General
Instruction  I of Form  10-K.  There are no  material  changes  in the amount of
revenue and expense items between the most recent fiscal year  presented and the
fiscal year immediately preceding it.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
         ---------------------------------------------------------

         On December 17, 1996, the Trust invested the gross proceeds from the
sale of the Trust Common Securities and the TOPrS in the Partnership Preferred
Securities (the "Trust Assets"). The Partnership, in turn, invested the proceeds
from the sale of the Partnership Preferred Securities and a capital contribution
from ML & Co. in certain Affiliate Investment Instruments and eligible
securities (the "Partnership Assets"). To the extent the Partnership has funds
available from the Partnership Assets, the general partner of the Partnership
may declare distributions to the Trust, as holder of the Partnership Preferred
Securities. The Trust's ability to pay distributions to the holders of the TOPrS
is dependent on its receipt of distributions on the Trust Assets from the
Partnership. Therefore, upon the receipt by the Partnership of payments from the
Partnership Assets and the distribution thereof to the Trust, the Trust will
pass through such payments to the holders of the TOPrS.

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
         -------------------------------------------

         In response to this ITEM 8, the financial statements and notes thereto
and the independent auditors' reports set forth on pages F-1 through F-17 are
incorporated by reference herein.

<PAGE>


ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
         ---------------------------------------------------------------
         FINANCIAL DISCLOSURES
         ----------------------

         None.





                                    PART III
                                    --------

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
         --------------------------------------------------

         No disclosure is required for this Item pursuant to General Instruction
I of Form 10-K.

ITEM 11. EXECUTIVE COMPENSATION
         ----------------------

        No disclosure is required for this Item pursuant to General Instruction
I of Form 10-K.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
         RELATED STOCKHOLDER MATTERS
         ------------------------------------------------------------------

         No disclosure is required for this Item pursuant to General Instruction
I of Form 10-K.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
         ----------------------------------------------

         No disclosure is required for this Item pursuant to General Instruction
I of Form 10-K.

ITEM 14.  CONTROLS AND PROCEDURES
          -----------------------

          The officer who functions as the equivalent of the chief executive
officer and chief financial officer of the Trust and the Partnership has
evaluated the effectiveness of the Trust's and the Partnership's disclosure
controls and procedures as of a date within ninety days prior to the filing
date of this Form 10-K. Based on this evaluation, the officer who functions
as the equivalent of the chief executive officer and chief financial
officer of the Trust and the Partnership has concluded that the Trust's and
the Partnership's disclosure controls and procedures (as defined in Rules
13a-14 and 15d-14 under the Securities Exchange Act of 1934) are effective
and that there have been no significant changes in internal controls or in
other factors that could significantly affect these controls subsequent to
the date of their evaluation, including any corrective actions with regard
to significant deficiencies and material weaknesses.
<PAGE>

                                     PART IV
                                     -------

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
         ---------------------------------------------------------------

(a)      Documents filed as part of this Report:


         1.       Financial Statements

                  The contents of the financial statements are listed on page
         F-1 hereof, and the financial statements and accompanying independent
         auditors' reports appear on pages F-2 through F-17.



         2.       Financial Statement Schedules

         None.

         3.       Exhibits

                  Certain of the following exhibits were previously filed as
         exhibits to other reports or registration statements filed by the
         Registrants and are incorporated herein by reference to such reports or
         registration statements as indicated parenthetically below by the
         appropriate report reference date or registration statement number.

         4.1      Certificate of Trust dated November 20, 1996, of the Trust
                  (incorporated by reference to Exhibit 4.1 to Registration
                  Statement on Form S-3 (No. 333-16603) (the "Registration
                  Statement"))

         4.2      Amended and Restated Declaration of Trust of the Trust, dated
                  as of December 11, 1996 (incorporated by reference to Exhibit
                  4.2 to the Trust's Annual Report on Form 10-K for the fiscal
                  year ended December 27, 1996 (File No.
                  1-7182-01))

         4.3      Certificate of Limited Partnership,  dated as of November 20,
                  1996, of the Partnership  (incorporated by reference to
                  Exhibit 4.3 to Registration Statement)

         4.4      Amended and Restated Agreement of Limited Partnership of the
                  Partnership (incorporated by reference to Exhibit 4.4 to the
                  Partnership's Annual Report on Form 10-K for the fiscal year
                  ended December 27, 1996 (File No. 1-7182-02))

         4.5      Form of Trust Preferred Securities Guarantee Agreement between
                  the Company and The Chase Manhattan Bank, as guarantee trustee
                  (incorporated by reference to Exhibit 4.5 to the Registration
                  Statement)

         4.6      Form of Partnership Preferred Securities Guarantee Agreement
                  between the Company and The Chase Manhattan Bank, as guarantee
                  trustee (incorporated by reference to Exhibit 4.6 to the
                  Registration Statement)

         4.7      Form of Subordinated Debenture Indenture between the Company
                  and The Chase Manhattan Bank, as trustee (incorporated by
                  reference to Exhibit 4.7 to the Registration Statement)

         4.8      Form of Affiliate Debenture Guarantee Agreement between the
                  Company and The Chase Manhattan Bank, as guarantee trustee
                  (incorporated by reference to Exhibit 4.8 to the Registration
                  Statement)

         4.9      Form of Trust Preferred Security (included in Exhibit 4.2
                  above)

         4.10     Form of Partnership Preferred Security (included in Exhibit
                  4.4 above)

         4.11     Form of Subordinated Debenture (incorporated by reference to
                  Exhibit 4.11 to the Registration Statement)

         12*      Computation of Ratios of Earnings to Combined Fixed Charges
                  and Preferred Securities Distributions

         23*      Consent of Deloitte & Touche LLP

         99*      Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
                  Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

(b)      Reports on Form 8-K

         None.

---------------

* Filed herewith



<PAGE>


                          INDEX TO FINANCIAL STATEMENTS
                          -----------------------------

                                  ITEM 15(a)(1)

FINANCIAL STATEMENTS                                                      PAGE
--------------------                                                      ----

MERRILL LYNCH PREFERRED CAPITAL TRUST I

     Balance Sheets, December 27, 2002 and December 28, 2001               F-2

     Statements of Earnings, Years Ended December 27, 2002,
           December 28, 2001, and December 29, 2000                        F-3

     Statements of Changes in  Stockholders' Equity,  Years
           Ended  December 27, 2002, December 28, 2001,
           and December 29, 2000                                           F-4

     Statements of Cash Flows, Years Ended December 27, 2002, December 28, 2001,
           and December 29, 2000                                           F-5

     Notes to Financial Statements                                         F-6

     Independent Auditors' Report                                          F-8

     Supplemental Financial Information (Unaudited)                        F-9


MERRILL LYNCH PREFERRED FUNDING I, L.P.

     Balance Sheets, December 27, 2002 and December 28, 2001               F-10

     Statements of Earnings, Years Ended December 27, 2002,
           December 28, 2001, and December 29, 2000                        F-11

     Statements of Changes in Partners' Capital, Years Ended
           December 27, 2002, December 28, 2001,
           and December 29, 2000                                           F-12

     Statements of Cash Flows, Years Ended December 27, 2002, December 28, 2001,
           and December 29, 2000                                           F-13

     Notes to Financial Statements                                         F-14

     Independent Auditors' Report                                          F-16

     Supplemental Financial Information (Unaudited)                        F-17



                                       F-1

<PAGE>

<TABLE>
<CAPTION>

MERRILL LYNCH PREFERRED CAPITAL TRUST I
BALANCE SHEETS
(dollars in thousands, except per security amounts)
-----------------------------------------------------------------------------------------------------------------------



                                                                                   DECEMBER 27, 2002  DECEMBER 28, 2001
                                                                                   -----------------  -----------------
<S>                                                                                      <C>                <C>
ASSETS

Investment in partnership preferred securities                                            $  283,505         $  283,505

Income receivable                                                                              5,493              5,493
                                                                                          ----------         ----------
Total Assets                                                                              $  288,998         $  288,998
                                                                                          ==========         ==========

LIABILITY AND STOCKHOLDERS' EQUITY

Distributions payable                                                                     $    5,493         $    5,493
                                                                                          ----------         ----------


Stockholders' equity:

   Preferred  securities (7 3/4% Trust Originated Preferred Securities;
      11,000,000 authorized, issued, and outstanding; $25 liquidation
      amount per security)                                                                   275,000            275,000

   Common securities (7 3/4% Trust Common Securities;
      340,208 authorized, issued, and outstanding;
      $25 liquidation amount per security)                                                     8,505              8,505
                                                                                          ----------         ----------
   Total Stockholders' equity                                                                283,505            283,505
                                                                                          ----------         ----------

Total Liability and Stockholders' Equity                                                  $  288,998         $  288,998
                                                                                          ==========         ==========
</TABLE>

See Notes to Financial Statements

                                       F-2
<PAGE>

<TABLE>
<CAPTION>

MERRILL LYNCH PREFERRED CAPITAL TRUST I
STATEMENTS OF EARNINGS
(dollars in thousands)
-------------------------------------------------------------------------------------------------------------------------------



                                                                                          FOR THE YEAR ENDED
                                                                     ----------------------------------------------------------

                                                                      DECEMBER 27, 2002   DECEMBER 28, 2001   DECEMBER 29, 2000
                                                                      -----------------   -----------------   -----------------
<S>                                                                    <C>                <C>                <C>

EARNINGS

Income on partnership preferred securities                                     $ 21,972            $ 21,972            $ 21,972
                                                                               ========            ========            ========


</TABLE>

See Notes to Financial Statements


                                       F-3
<PAGE>

<TABLE>
<CAPTION>

MERRILL LYNCH PREFERRED CAPITAL TRUST I
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(dollars in thousands)
-----------------------------------------------------------------------------------------------------------------------

                                                                                 FOR THE YEAR ENDED
                                                           ------------------------------------------------------------

                                                           DECEMBER 27, 2002    DECEMBER 28, 2001     DECEMBER 29, 2000
                                                           -----------------    -----------------     -----------------
<S>                                                              <C>                 <C>                    <C>
PREFERRED SECURITIES

Balance, beginning and end of period                              $  275,000           $  275,000            $  275,000
                                                                  ----------           ----------            ----------

COMMON SECURITIES

Balance, beginning and end of period                                   8,505                8,505                 8,505
                                                                  ----------           ----------            ----------



UNDISTRIBUTED EARNINGS

Balance, beginning of period                                               -                    -                     -
Earnings                                                              21,972               21,972                21,972
Distributions                                                        (16,479)             (16,479)              (16,479)
Distributions payable                                                 (5,493)              (5,493)               (5,493)
                                                                  ----------           ----------            ----------
Balance, end of period                                                     -                    -                     -
                                                                  ----------           ----------            ----------


Total Stockholders' Equity                                        $  283,505           $  283,505            $  283,505
                                                                  ==========           ==========            ==========
</TABLE>

See Notes to Financial Statements

                                       F-4
<PAGE>

<TABLE>
<CAPTION>

MERRILL LYNCH PREFERRED CAPITAL TRUST I
STATEMENTS OF CASH FLOWS
(dollars in thousands)
----------------------------------------------------------------------------------------------------------------------------------

                                                                                         FOR THE YEAR ENDED
                                                                    --------------------------------------------------------------

                                                                     DECEMBER 27, 2002    DECEMBER 28, 2001      DECEMBER 29, 2000
                                                                    ------------------    -----------------      -----------------
<S>                                                                  <C>                 <C>                    <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Earnings                                                                  $  21,972            $  21,972              $  21,972
   (Increase) decrease  in income receivable                                         -                    -                 (5,493)
                                                                             ---------            ---------              ---------
      Cash provided by operating activities                                     21,972               21,972                 16,479
                                                                             ---------            ---------              ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Distributions                                                               (21,972)             (21,972)               (16,479)
                                                                             ---------            ---------              ---------
      Cash used for financing activities                                       (21,972)             (21,972)               (16,479)
                                                                             ---------            ---------              ---------

NET CHANGE IN CASH                                                                   -                    -                      -

CASH, BEGINNING OF PERIOD                                                            -                    -                      -
                                                                             ---------            ---------              ---------
CASH, END OF PERIOD                                                          $       -            $       -              $       -
                                                                             =========            =========              =========



SUPPLEMENTAL DISCLOSURE OF CASH FLOWS:

Preferred and common distributions of $5,328 and $165, respectively, were
accrued at December 27, 2002 and December 28, 2001 and distributed in the
following fiscal years.

</TABLE>

See Notes to Financial Statements

                                       F-5
<PAGE>



MERRILL LYNCH PREFERRED CAPITAL TRUST I
NOTES TO FINANCIAL STATEMENTS
DECEMBER 27, 2002
-------------------------------------------------------------------------------

1. ORGANIZATION AND PURPOSE

Merrill Lynch Preferred Capital Trust I (the "Trust") is a statutory business
trust formed under the laws of the State of Delaware on November 20, 1996 for
the exclusive purposes of (i) issuing its preferred and common securities (the
"Trust Preferred Securities" and the "Trust Common Securities", respectively),
(ii) purchasing partnership preferred securities (the "Partnership Preferred
Securities"), representing the limited partnership interest of Merrill Lynch
Preferred Funding I, L.P. (the "Partnership"), with the proceeds from the sale
of Trust Preferred and Common Securities, and (iii) engaging in only those other
activities necessary or incidental thereto.

Merrill Lynch & Co., Inc. (the "Company") has paid compensation to the
underwriters of the offering of the Trust Preferred Securities. The Company also
has agreed to (i) pay all fees and expenses related to the organization and
operations of the Trust (including taxes, duties, assessments, or government
charges of whatever nature (other than withholding taxes) imposed by the United
States or any other domestic taxing authority upon the Trust) and the offering
of the Trust Preferred Securities and (ii) be responsible for all debts and
other obligations of the Trust (other than with respect to the Trust Preferred
and Common Securities). The Company has agreed to indemnify the trustees and
certain other persons.


2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

The financial statements are presented in accordance with accounting principles
generally accepted in the United States of America, which require management to
make estimates that affect reported amounts and disclosure of contingencies in
the financial statements. As such, actual results could differ from those
estimates.

INVESTMENT

The investment in Partnership Preferred Securities represents a limited
partnership interest in the Partnership and is recorded at cost. At year end,
the fair value of the investment approximates its carrying value. Income on the
Partnership Preferred Securities is accrued when earned.

INCOME TAXES

The Trust does not incur any income tax liabilities. Such liabilities are
incurred directly by the security holders.

                                       F-6

<PAGE>

MERRILL LYNCH PREFERRED CAPITAL TRUST I
NOTES TO FINANCIAL STATEMENTS
December 27, 2002
--------------------------------------------------------------------------------


3. INVESTMENT IN PARTNERSHIP PREFERRED SECURITIES

The Trust holds 11,340,208 7 3/4% Partnership Preferred Securities, $25
liquidation preference per security. The interest payment dates and redemption
provisions of the Partnership Preferred Securities, which are redeemable after
December 30, 2006 at the option of the Partnership, correspond to the
distribution payment dates and redemption provisions of the Trust Preferred
Securities. Upon any redemption of the Partnership Preferred Securities, the
Trust Preferred Securities will be redeemed. The Company has guaranteed, on a
subordinated basis, the payment of distributions by the Partnership on the
Partnership Preferred Securities if, as, and when declared out of funds legally
available and payments upon liquidation of the Partnership or the redemption of
the Partnership Preferred Securities to the extent of funds legally available.


4.  STOCKHOLDERS' EQUITY

TRUST PREFERRED SECURITIES

The Trust issued 11,000,000 7 3/4% Trust Preferred Securities, $25 liquidation
amount per security in a public offering on December 17, 1996. The Trust
Preferred Securities are redeemable on or after December 30, 2006 at the option
of the Trust, in whole or in part, at a redemption price equal to $25 per
security. Distributions on the Trust Preferred Securities are cumulative from
the date of original issue and are payable quarterly if, as, and when the Trust
has funds available for payment. Holders of the Trust Preferred Securities have
limited voting rights and are not entitled to vote to appoint, remove, or
replace, or to increase or decrease the number of, trustees, which voting rights
are vested exclusively in the holder of the Trust Common Securities. Under
certain circumstances, the Trust Preferred Securities have preferential rights
to payment relative to the Trust Common Securities.

The Company has guaranteed, on a subordinated basis, the payment in full of all
distributions and other payments on the Trust Preferred Securities to the extent
that the Trust has funds legally available. This guarantee and the partnership
distribution guarantee are subordinated to all other liabilities of the Company
and rank equally with the most senior preferred stock of the Company.

TRUST COMMON SECURITIES

The Trust issued 340,208 7 3/4% Trust Common Securities, $25 liquidation amount
per security, to the Company on December 17, 1996. The Trust Common Securities
are redeemable on or after December 30, 2006 at the option of the Trust, in
whole or in part, at a redemption price equal to $25 per security.

                                       F-7

<PAGE>


INDEPENDENT AUDITORS' REPORT

To the Trustees of
  Merrill Lynch Preferred Capital Trust I

We have audited the accompanying balance sheets of Merrill Lynch Preferred
Capital Trust I (the "Trust") as of December 27, 2002 and December 28, 2001, and
the related statements of earnings, changes in stockholders' equity, and cash
flows for each of the three years in the period ended December 27, 2002. These
financial statements are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material
respects, the financial position of the Trust at December 27, 2002 and December
28, 2001, and the results of its operations and its cash flows for each of the
three years in the period ended December 27, 2002 in conformity with accounting
principles generally accepted in the United States of America.


/s/ Deloitte & Touche LLP

New York, New York
March 26, 2003

                                F-8

<PAGE>
SUPPLEMENTAL FINANCIAL INFORMATION (UNAUDITED)
----------------------------------------------
Quarterly Information
---------------------
The unaudited quarterly results of operations of Merrill Lynch Preferred Capital
Trust I for 2002 and 2001 are prepared in conformity with U.S. generally
accepted accounting principles, which include industry practices, and reflect
all adjustments that are, in the opinion of management, necessary for a fair
presentation of the results of operations for the periods presented. Results of
any interim period are not necessarily indicative of results for a full year.
<TABLE>
<CAPTION>
(dollars in thousands)
------------------------------------------------------------------------------------------------------------
                                                          For the Quarter Ended
                        ------------------------------------------------------------------------------------
                        Dec. 27,   Sept. 27,   June 28,   Mar.29,   Dec. 28,   Sept. 28,   June 29,   Mar.30,
                           2002        2002       2002      2002       2001        2001       2001      2001
                        ------------------------------------------------------------------------------------
<S>                         <C>         <C>        <C>       <C>        <C>         <C>        <C>       <C>
Total Revenues            5,493       5,493      5,493     5,493      5,493       5,493      5,493     5,493

Net Earnings              5,493       5,493      5,493     5,493      5,493       5,493      5,493     5,493


</TABLE>


                                       F-9
<PAGE>

<TABLE>
<CAPTION>

MERRILL LYNCH PREFERRED FUNDING I, L.P.
BALANCE SHEETS
(dollars in thousands)
----------------------------------------------------------------------------------------------------------------



                                                                           DECEMBER 27, 2002   DECEMBER 28, 2001
                                                                           -----------------   -----------------
<S>                                                                              <C>                 <C>
ASSETS

Cash                                                                                $      -            $      1

Investments:
   Affiliate debentures                                                              330,055             330,055
   U.S. Treasury bills                                                                 3,499               3,580
                                                                                    --------            --------
   Total investments                                                                 333,554             333,635

Interest receivable                                                                    6,395               6,395
                                                                                    --------            --------
Total Assets                                                                        $339,949            $340,031
                                                                                    ========            ========

LIABILITY AND PARTNERS' CAPITAL

Distributions payable                                                               $  6,395            $  6,395
                                                                                    --------            --------

Partners' capital:
   Limited partnership interest                                                      283,505             283,505
   General partnership interest                                                       50,049              50,131
                                                                                    --------            --------
   Total partners' capital                                                           333,554             333,636
                                                                                    --------            --------

Total Liability and Partners' Capital                                               $339,949            $340,031
                                                                                    ========            ========
</TABLE>

See Notes to Financial Statements

                                       F-10
<PAGE>

<TABLE>
<CAPTION>


MERRILL LYNCH PREFERRED FUNDING I, L.P.
STATEMENTS OF EARNINGS
(dollars in thousands)
------------------------------------------------------------------------------------------------------------------


                                                                       FOR THE YEAR ENDED
                                            ----------------------------------------------------------------------

                                            DECEMBER 27, 2002           DECEMBER 28, 2001        DECEMBER 29, 2000
                                            -----------------           -----------------        -----------------
<S>                                         <C>                         <C>                      <C>


EARNINGS

Interest income:
     Affiliate debentures                             $25,579                     $25,579                  $25,579
     U.S. Treasury bills                                   75                         166                      202
                                                      -------                     -------                  -------
Earnings                                              $25,654                     $25,745                  $25,781
                                                      =======                     =======                  =======


</TABLE>

See Notes to Financial Statements

                                      F-11

<PAGE>

<TABLE>
<CAPTION>

MERRILL LYNCH PREFERRED FUNDING I, L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
(dollars in thousands)
------------------------------------------------------------------------------------------------------------------


                                                                        FOR THE YEAR ENDED
                                                 -----------------------------------------------------------------

                                                 DECEMBER 27, 2002       DECEMBER 28, 2001       DECEMBER 29, 2000
                                                 -----------------       -----------------       -----------------
<S>                                              <C>                     <C>                     <C>

LIMITED PARTNER'S CAPITAL
Balance, beginning of period                             $ 283,505               $ 283,505               $ 283,505
Net income allocated to limited partner                     21,972                  21,972                  21,972
Distributions                                              (16,479)                (16,479)                (16,479)
Distributions payable                                       (5,493)                 (5,493)                 (5,493)
                                                         ---------               ---------               ---------
Balance, end of period                                     283,505                 283,505                 283,505
                                                         ---------               ---------               ---------

GENERAL PARTNER'S CAPITAL
Balance, beginning of period                                50,131                  50,073                  50,063
Net income allocated to general partner                      3,683                   3,773                   3,809
Distributions                                               (2,863)                 (2,813)                 (2,897)
Distributions payable                                         (902)                   (902)                   (902)
                                                         ---------               ---------               ---------
Balance, end of period                                      50,049                  50,131                  50,073
                                                         ---------               ---------               ---------
TOTAL PARTNERS' CAPITAL                                  $ 333,554               $ 333,636               $ 333,578
                                                         =========               =========               =========


</TABLE>

See Notes to Financial Statements

                                      F-12

<PAGE>

<TABLE>
<CAPTION>

MERRILL LYNCH PREFERRED FUNDING I, L.P.
STATEMENTS OF CASH FLOWS
(dollars in thousands)
-----------------------------------------------------------------------------------------------------------------------


                                                                                 FOR THE YEAR ENDED
                                                        ---------------------------------------------------------------

                                                        DECEMBER 27, 2002        DECEMBER 28, 2001    DECEMBER 29, 2000
                                                        -----------------        -----------------    -----------------

<S>                                                     <C>                      <C>                  <C>

CASH FLOWS FROM OPERATING ACTIVITIES:
     Earnings                                                    $ 25,654                 $ 25,745             $ 25,781
     Accretion of U.S. Treasury bills                                 (75)                    (166)                (202)
     (Increase) decrease  in interest receivable                        -                        -               (6,395)
                                                                 --------                 --------             --------
        Cash provided by operating activities                      25,579                   25,579               19,184
                                                                 --------                 --------             --------

CASH FLOWS FROM INVESTING ACTIVITIES:
     Purchases of investment securities                            (6,960)                  (3,479)              (6,959)
     Maturities of investment securities                            7,117                    3,587                7,150
                                                                 --------                 --------             --------
        Cash provided by investing activities                         157                      108                  191
                                                                 --------                 --------             --------

CASH FLOWS FROM FINANCING ACTIVITIES:
     Distributions to limited partner                             (21,972)                 (21,972)             (16,479)
     Distributions to general partner                              (3,765)                  (3,714)              (2,897)
                                                                 --------                 --------             --------
        Cash used for financing activities                        (25,737)                 (25,686)             (19,376)
                                                                 --------                 --------             --------

NET CHANGE IN CASH                                                     (1)                       1                   (1)

CASH, BEGINNING OF PERIOD                                               1                        -                    1
                                                                 --------                 --------             --------
CASH, END OF PERIOD                                              $      -                 $      1             $      -
                                                                 ========                 ========             ========




SUPPLEMENTAL DISCLOSURE OF CASH FLOWS:

Distributions of $6,395 were accrued at December 27, 2002 and December 28, 2001
and distributed in the following fiscal years.

</TABLE>

See Notes to Financial Statements

                                      F-13

<PAGE>


MERRILL LYNCH PREFERRED FUNDING I, L.P.
NOTES TO FINANCIAL STATEMENTS
December 27, 2002
--------------------------------------------------------------------------------


1. ORGANIZATION AND PURPOSE

Merrill Lynch Preferred Funding I, L.P. (the "Partnership") is a limited
partnership that was formed under the Delaware Revised Uniform Limited
Partnership Act on November 20, 1996 for the exclusive purpose of purchasing
certain eligible debt instruments of Merrill Lynch & Co., Inc. (the "Company")
and wholly owned subsidiaries of the Company with (i) the proceeds from the sale
of its preferred securities (the "Partnership Preferred Securities"),
representing a limited partner interest, to Merrill Lynch Preferred Capital
Trust I (the "Trust") and (ii) a capital contribution from the Company in
exchange for the general partnership interest in the Partnership.

The Company, in its capacity as sole general partner of the Partnership, has
agreed to (i) pay all fees and expenses related to the organization and
operations of the Partnership (including taxes, duties, assessments, or
government charges (other than withholding taxes) imposed by the United States
or any other domestic taxing authority upon the Partnership) and (ii) be
responsible for all debts and other obligations of the Partnership (other than
with respect to the Partnership Preferred Securities). The Company has also
agreed to indemnify certain officers and agents of the Partnership.


2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

The financial statements are presented in accordance with accounting principles
generally accepted in the United States of America, which require management to
make estimates that affect reported amounts and disclosure of contingencies in
the financial statements. As such, actual results could differ from those
estimates.

INVESTMENTS

The Partnership's investment in affiliate debentures is recorded at cost, and
its investment in U.S. Treasury bills is classified as available-for-sale and
recorded at accreted cost, which approximates fair value.

INCOME TAXES

The Partnership does not incur any income tax liabilities. Such liabilities are
incurred directly by the partners.

                                      F-14

<PAGE>

MERRILL LYNCH PREFERRED FUNDING I, L.P.
NOTES TO FINANCIAL STATEMENTS
December 27, 2002
--------------------------------------------------------------------------------


3. INVESTMENT IN AFFILIATE DEBENTURES

The Partnership holds debentures of the Company and a wholly owned subsidiary of
the Company. The debentures have a term of approximately 20 years and bear
interest at 7 3/4% per annum. The interest payment dates and redemption
provisions of the debentures, which are redeemable at the option of the Company
and its subsidiary on or after December 30, 2006, correspond to the distribution
payment dates and redemption provisions of the Partnership Preferred Securities.
Interest and redemption payments on the subsidiary debenture are guaranteed by
the Company on a subordinated basis.


4. PARTNERS' CAPITAL

The Partnership issued 11,340,208 7 3/4% Partnership Preferred Securities, $25
liquidation preference per security, to the Trust on December 17, 1996.
Distributions on the Partnership Preferred Securities are cumulative from the
date of original issue and are payable quarterly if, as, and when declared by
the general partner. The Partnership Preferred Securities are redeemable on or
after December 30, 2006 at the option of the Partnership, at a redemption price
equal to $25 per security. Except as provided in the Limited Partnership
Agreement and Partnership Preferred Securities Guarantee Agreement, and as
otherwise provided by law, the holders of the Partnership Preferred Securities
have no voting rights.

The Company has guaranteed the payment of distributions by the Partnership on
the Partnership Preferred Securities if, as, and when declared out of funds
legally available and payments upon liquidation of the Partnership or the
redemption of the Partnership Preferred Securities to the extent of funds
legally available. This guarantee is subordinated to all other liabilities of
the Company and ranks equally with the most senior preferred stock of the
Company.

Contemporaneously with the issuance of the Partnership Preferred Securities,
the Company as general partner contributed capital to the Partnership in the
amount of approximately $50 million.  The Partnership may at times have
excess funds which are allocated to the Company and may, in the Company's sole
discretion, be distributed to the Company to the extent that aggregate payments
by the Company to the Partnership exceed distributions accumulated or payable
with respect to the Partnership Preferred Securities.

                                      F-15

<PAGE>

INDEPENDENT AUDITORS' REPORT

To the General Partner and Limited Partner of Merrill Lynch Preferred Funding I,
  L.P.

We have audited the accompanying balance sheets of Merrill Lynch Preferred
Funding I, L.P. (the "Partnership") as of December 27, 2002 and December 28,
2001, and the related statements of earnings, changes in partners' capital, and
cash flows for each of the three years in the period ended December 27, 2002.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material
respects, the financial position of the Partnership at December 27, 2002 and
December 28, 2001, and the results of its operations and its cash flows for each
of the three years in the period ended December 27, 2002 in conformity with
accounting principles generally accepted in the United States of America.


/s/ Deloitte & Touche LLP

New York, New York
March 26, 2003

                                F-16

<PAGE>
SUPPLEMENTAL FINANCIAL INFORMATION (UNAUDITED)
----------------------------------------------
Quarterly Information
---------------------
The unaudited quarterly results of operations of Merrill Lynch Preferred
Funding I, L.P., for 2002 and 2001 are prepared in conformity with U.S.
generally accepted accounting principles, which include industry practices,
and reflect all adjustments that are, in the opinion of management,
necessary for a fair presentation of the results of operations for the
periods presented. Results of any interim period are not necessarily
indicative of results for a full year.
<TABLE>
<CAPTION>
(dollars in thousands)
-------------------------------------------------------------------------------------------------------------
                                                          For the Quarter Ended
                        -------------------------------------------------------------------------------------
                        Dec. 27,   Sept. 27,   June 28,   Mar.29,   Dec. 28,   Sept. 28,   June 29,    Mar.30,
                           2002        2002       2002      2002       2001        2001       2001       2001
                        -------------------------------------------------------------------------------------
<S>                         <C>         <C>        <C>       <C>        <C>         <C>        <C>       <C>
Total Revenues            6,407       6,411      6,411     6,425      6,430       6,432      6,434     6,449

Net Earnings              6,407       6,411      6,411     6,425      6,430       6,432      6,434     6,449
</TABLE>


                                F-17
<PAGE>





                                   SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrants have duly caused this report to be signed on their
behalf by the undersigned, thereunto duly authorized on the 26th day of March,
2003.


                             MERRILL LYNCH PREFERRED CAPITAL TRUST I*

                             By:    /s/ John C. Stomber
                             --------------------------------------
                             Name:      John C. Stomber
                             Title: Regular Trustee


  ------------
  *   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
      Trustee, the Property Trustee and the Delaware Trustee) together exercise
      all powers and perform all functions with respect to the Trust.




<PAGE>

Signatures


Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant, by Merrill Lynch & Co., Inc. as General Partner,
has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized on the 26th day of March, 2003.

By:  Merrill Lynch & Co., Inc. as General Partner


        SIGNATURE                                  TITLE
        ---------                                  -----


    /s/ JUDITH A. WITTERSCHEIN                   Secretary
-----------------------------------------
       (Judith A. Witterschein)




Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following directors and officers of Merrill Lynch
& Co., Inc., General Partner of the Registrant, in the capacities indicated
on the 26th day of March, 2003.



        SIGNATURE                                  TITLE
        ---------                                  -----



    /s/ DAVID H. KOMANSKY                   Director and Chairman of the Board
-----------------------------------------
       (David H. Komansky)


   /s/  E. STANLEY O'NEAL                   Director and Chief Executive Officer
-----------------------------------------   (Principal Executive Officer)
       (E. Stanley O'Neal)


    /s/ AHMASS L. FAKAHANY                  Executive Vice President and Chief
-----------------------------------------   Financial Officer (Principal
       (Ahmass L. Fakahany)                 Financial Officer)



    /s/ JOHN J. FOSINA                      Controller
-----------------------------------------   (Principal Accounting Officer)
       (John J. Fosina)


    /s/ W. H. CLARK                         Director
-----------------------------------------
       (W. H. Clark)


    /s/ JILL K. CONWAY                      Director
-----------------------------------------
       (Jill K. Conway)


    /s/ GEORGE B. HARVEY                    Director
-----------------------------------------
       (George B. Harvey)


    /s/ ROBERT P. LUCIANO                   Director
-----------------------------------------
       (Robert P. Luciano)

                         ..
   /s/ HEINZ-JOACHIM NEUBURGER              Director
-----------------------------------------
                          ..
       (Heinz-Joachim Neuburger)


    /s/ DAVID K. NEWBIGGING                 Director
-----------------------------------------
       (David K. Newbigging)


    /s/ AULANA L. PETERS                    Director
-----------------------------------------
       (Aulana L. Peters)


    /s/ JOHN J. PHELAN, JR.                 Director
-----------------------------------------
       (John J. Phelan, Jr.)


    /s/ JOSEPH W. PRUEHER                   Director
-----------------------------------------
       (Joseph W. Prueher)


<PAGE>

                                  Certification
                                  -------------

I, John C. Stomber, certify that:

1. I have reviewed this annual report on Form 10-K of Merrill Lynch Preferred
Capital Trust I and Merrill Lynch Preferred Funding I, L.P.;

2. Based on my  knowledge,  this  annual  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this annual
report;

3.  Based  on my knowledge,  the  financial  statements,  and  other  financial
information  included in this annual  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this annual report;

4.  The  registrant's  other  certifying  officers*  and I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a) designed  such  disclosure  controls and  procedures  to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others  within those  entities,  particularly  during the
period in which this annual report is being prepared;

b) evaluated  the  effectiveness  of the  registrant's  disclosure  controls and
procedures  as of a date  within  90  days  prior  to the  filing  date  of this
annual report (the "Evaluation Date"); and

c) presented in this annual report our conclusions about the effectiveness of
the  disclosure  controls  and  procedures  based  on our  evaluation  as of the
Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):

a) all significant  deficiencies in the design or operation of internal controls
which  could  adversely  affect the  registrant's  ability  to record,  process,
summarize and report  financial data and have  identified  for the  registrant's
auditors any material weaknesses in internal controls; and

b) any  fraud,  whether  or not  material,  that  involves  management  or other
employees who have a significant role in the registrant's internal controls; and

6. The  registrant's  other  certifying  officers  and I have  indicated in this
annual report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.


                               MERRILL LYNCH PREFERRED CAPITAL TRUST I


                               By: /s/ JOHN C. STOMBER
                                   ---------------------------------------------
                               Name:   John C. Stomber *
                               Title:  Regular Trustee


                               MERRILL LYNCH PREFERRED FUNDING I, L.P.

                               By: MERRILL LYNCH & CO., INC., as General Partner


                               By: /s/ JOHN C. STOMBER
                                   ---------------------------------------------
                               Name:   John C. Stomber *
                               Title:  Senior Vice President and Treasurer


Dated:  March 26, 2003

_______________
* John C. Stomber functions as the equivalent of the Chief Executive Officer and
Chief Financial Officer of each of the Trust and the Partnership for purposes of
Section 302 of the Sarbanes-Oxley Act of 2002.
<PAGE>


                                  EXHIBIT INDEX

4.1      Certificate of Trust dated November 20, 1996, of the Trust
         (incorporated  by reference to Exhibit 4.1 to Registration
         Statement on Form S-3 (No. 333-16603) (the "Registration Statement"))

4.2      Amended and Restated Declaration of Trust of the Trust, dated as of
         December 11, 1996 (incorporated by reference to Exhibit 4.2 to the
         Trust's Annual Report on Form 10-K for the fiscal year ended December
         27, 1996 (File No.
         1-7182-01))

4.3      Certificate of Limited  Partnership,  dated as of November 20, 1996, of
         the Partnership  (incorporated by reference to Exhibit 4.3 to
         Registration Statement)

4.4      Amended and Restated Agreement of Limited Partnership of the
         Partnership (incorporated by reference to Exhibit 4.4 to the
         Partnership's Annual Report on Form 10-K for the fiscal year ended
         December 27, 1996 (File No. 1-7182-02))

4.5      Form of Trust Preferred Securities Guarantee Agreement between the
         Company and The Chase Manhattan Bank, as guarantee trustee
         (incorporated by reference to Exhibit 4.5 to the Registration
         Statement)

4.6      Form of Partnership Preferred Securities Guarantee Agreement between
         the Company and The Chase Manhattan Bank, as guarantee trustee
         (incorporated by reference to Exhibit 4.6 to the Registration
         Statement)

4.7      Form of Subordinated Debenture Indenture between the Company and The
         Chase Manhattan Bank, as trustee (incorporated by reference to Exhibit
         4.7 to the Registration Statement)

4.8      Form of Affiliate Debenture Guarantee Agreement between the Company and
         The Chase Manhattan Bank, as guarantee trustee (incorporated by
         reference to Exhibit 4.8 to the Registration Statement)

4.9      Form of Trust Preferred Security (included in Exhibit 4.2 above)

4.10     Form of Partnership Preferred Security (included in Exhibit 4.4 above)

4.11     Form of Subordinated Debenture (incorporated by reference to Exhibit
         4.11 to the Registration Statement)

12*      Computation of Ratios of Earnings to Combined Fixed Charges and
         Preferred Securities Distributions

23*      Consent of Deloitte & Touche LLP

99*      Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
         Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

------------------

* Filed herewith