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

                                    FORM 10-Q

(Mark One)
[X]     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
        EXCHANGE ACT OF 1934
        For the quarterly period ended September 30, 2005

[ ]     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.: 1-7182-01

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


          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

COMMISSION FILE NO.: 1-7182-02

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



      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

The Registrants meet the conditions set forth in General Instruction H (1)(a)
and (b) of Form 10-Q 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 filing requirements for the past 90 days. Yes |X| No |_|

Indicate by check mark whether the Registrants are accelerated filers (as
defined in Rule 12b-2 of the Exchange Act).  Yes [ ] No [X]

Indicate by check mark whether the Registrants are shell companies (as defined
in Rule 12b-2 of the Exchange Act).  Yes [   ]    No [X]

As of November 9, 2005 no voting stock was held by non-affiliates of the
Registrants.
================================================================================
<PAGE>

                         PART I - FINANCIAL INFORMATION
                         ------------------------------

ITEM 1.   FINANCIAL STATEMENTS (Unaudited)
          --------------------
<TABLE>
<CAPTION>

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



                                                                                          September 30, 2005 December 31, 2004
                                                                                          ------------------ -----------------
<S>                                                                                       <C>                <C>
ASSETS

Investment in affiliate partnership preferred securities                                  $  283,505         $  283,505
                                                                                          ----------         ----------
Total Assets                                                                              $  283,505         $  283,505
                                                                                          ==========         ==========

STOCKHOLDERS' EQUITY

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
                                                                                          ==========         ==========
</TABLE>

See Note to Condensed Financial Statements

                                        2
<PAGE>

<TABLE>
<CAPTION>

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

                                                                                  FOR THE THREE MONTHS ENDED
                                                                             ---------------------------------------

                                                                             September 30, 2005   September 24, 2004
                                                                             ------------------   ------------------
<S>                                                                          <C>                  <C>
EARNINGS

Interest on affiliate partnership preferred securities                       $   5,493            $   5,493
                                                                             =========            =========


                                                                                  FOR THE NINE MONTHS ENDED
                                                                             ---------------------------------------

                                                                             September 30, 2005   September 24, 2004
                                                                             ------------------   ------------------
EARNINGS

Interest on affiliate partnership preferred securities                       $  16,479            $  16,479
                                                                             =========            =========






</TABLE>

See Note to Condensed Financial Statements


                                        3
<PAGE>

<TABLE>
<CAPTION>

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

                                                                       FOR THE NINE MONTHS ENDED
                                                                  ---------------------------------------

                                                                  September 30, 2005   September 24, 2004
                                                                  ------------------   ------------------
<S>                                                               <C>                  <C>
PREFERRED SECURITIES

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

COMMON SECURITIES

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

UNDISTRIBUTED EARNINGS

Balance, beginning of period                                               -                    -
Earnings                                                              16,479               16,479
Distributions                                                        (16,479)             (10,986)
Distributions payable                                                      -               (5,493)
                                                                  ----------           ----------
Balance, end of period                                                     -                    -
                                                                  ----------           ----------


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

See Note to Condensed Financial Statements

                                        4
<PAGE>

<TABLE>
<CAPTION>

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

                                                                                            FOR THE NINE MONTHS ENDED
                                                                                     ---------------------------------------

                                                                                     September 30, 2005   September 24, 2004
                                                                                     ------------------   ------------------
<S>                                                                                  <C>                  <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Earnings                                                                          $  16,479            $  16,479
                                                                                     ---------            ---------
      Cash provided by operating activities                                             16,479               16,479
                                                                                     ---------            ---------

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

NET CHANGE IN CASH                                                                           -                    -

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



SUPPLEMENTAL DISCLOSURE OF CASH FLOWS:

No distributions were accrued at September 30, 2005 and preferred and common
distributions of $5,328 and $165, respectively, were accrued at September 24, 2004.

</TABLE>

See Note to Condensed Financial Statements

                                        5
<PAGE>



MERRILL LYNCH PREFERRED CAPITAL TRUST I
NOTE TO CONDENSED FINANCIAL STATEMENTS  (unaudited)
September 30, 2005
-------------------------------------------------------------------------------


BASIS OF PRESENTATION

These unaudited condensed financial statements should be read in conjunction
with the audited financial statements included in the Annual Report on Form 10-K
of Merrill Lynch Preferred Capital Trust I (the "Trust") for the year ended
December 31, 2004. The December 31, 2004 balance sheet information was derived
from the audited financial statements. The interim condensed financial
statements for the three- and nine- month periods are unaudited; however, in the
opinion of the Regular Trustee of the Trust, all adjustments, consisting only of
normal recurring accruals necessary for a fair statement of the results of
operations, have been included.

INVESTMENTS

The Trust's investment in Merrill Lynch Preferred Funding I, L.P. (the
"Partnership") Preferred Securities represents a limited partnership interest in
the Partnership and is recorded at cost. At quarter end, the fair value of the
investment approximates its carrying value. Income on the Partnership Preferred
Securities is accrued when earned.



                                        6
<PAGE>

<TABLE>
<CAPTION>

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



                                                                                September 30, 2005    December 31, 2004
                                                                                ------------------    -----------------
<S>                                                                             <C>                   <C>
ASSETS

Investments:
   Affiliate debentures                                                           $  330,055          $  330,055
   U.S. Government and agencies                                                        3,518               3,488
                                                                                  ----------          ----------
   Total investments                                                                 333,573             333,543
                                                                                  ----------          ----------
Total Assets                                                                      $  333,573          $  333,543
                                                                                  ==========          ==========

PARTNERS' CAPITAL

 Partners' capital:
   Limited partnership interest                                                   $  283,505          $  283,505
   General partnership interest                                                       50,068              50,038
                                                                                  ----------          ----------
Total Partners' Capital                                                           $  333,573          $  333,543
                                                                                  ==========          ==========
</TABLE>

See Note to Condensed Financial Statements

                                        7
<PAGE>

<TABLE>
<CAPTION>


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


                                                                     FOR THE THREE MONTHS ENDED
                                                                ---------------------------------------

                                                                September 30, 2005   September 24, 2004
                                                                ------------------   ------------------
<S>                                                             <C>                  <C>
EARNINGS

Interest income:
   Affiliate debentures                                         $    6,394           $    6,394
   U.S. Government and agencies                                         28                   12
                                                                ----------           ----------
Earnings                                                        $    6,422           $    6,406
                                                                ==========           ==========

                                                                     FOR THE NINE MONTHS ENDED
                                                                ---------------------------------------

                                                                September 30, 2005   September 24, 2004
                                                                ------------------   ------------------
EARNINGS

Interest income:
   Affiliate debentures                                         $   19,184           $   19,184
   U.S. Government and agencies                                         71                   33
                                                                ----------           ----------
Earnings                                                        $   19,255           $   19,217
                                                                ==========           ==========





</TABLE>

See Note to Condensed Financial Statements


                                        8
<PAGE>

<TABLE>
<CAPTION>

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


                                                                       FOR THE NINE MONTHS ENDED
                                                                 ---------------------------------------

                                                                 September 30, 2005   September 24, 2004
                                                                 ------------------   ------------------
<S>                                                              <C>                  <C>
LIMITED PARTNER'S CAPITAL

Balance, beginning of period                                     $  283,505           $  283,505
Net income allocated to limited partner                              16,479               16,479
Distributions                                                       (16,479)             (10,986)
Distributions payable                                                     -               (5,493)
                                                                 ----------           ----------
Balance, end of period                                              283,505              283,505
                                                                 ----------           ----------


GENERAL PARTNER'S CAPITAL

Balance, beginning of period                                         50,038               50,033
Net income allocated to general partner                               2,776                2,738
Distributions                                                        (2,746)              (1,825)
Distributions payable                                                     -                 (901)
                                                                 ----------           ----------
Balance, end of period                                               50,068               50,045
                                                                 ----------           ----------

TOTAL PARTNERS' CAPITAL                                          $  333,573           $  333,550
                                                                 ==========           ==========
</TABLE>

See Note to Condensed Financial Statements

                                        9
<PAGE>


<TABLE>
<CAPTION>

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


                                                                                          FOR THE NINE MONTHS ENDED
                                                                                     ---------------------------------------

                                                                                     September 30, 2005   September 24, 2004
                                                                                     ------------------   ------------------
<S>                                                                                  <C>                  <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Earnings                                                                          $  19,255            $  19,217
   Accretion of U.S. Government and agencies                                               (71)                 (33)
                                                                                     ---------            ---------
      Cash provided by operating activities                                             19,184               19,184
                                                                                     ---------            ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Purchase of Investment Securities Earnings                                        $  (3,479)           $  (3,479)
   Maturities of Investment Securities                                                   3,520                3,500
                                                                                     ---------            ---------
      Cash provided by investing activities                                                 41                   21
                                                                                     ---------            ---------


CASH FLOWS FROM FINANCING ACTIVITIES:
   Distributions to limited partner                                                    (16,479)             (16,479)
   Distributions to general partner                                                     (2,746)              (2,726)
                                                                                     ---------            ---------
      Cash used for financing activities                                               (19,225)             (19,205)
                                                                                     ---------            ---------

NET CHANGE IN CASH                                                                           -                    -

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




SUPPLEMENTAL DISCLOSURE OF CASH FLOWS:

No distributions were accrued at September 30, 2005 and distributions of $6,394 were
accrued at September 24, 2004.


</TABLE>

See Note to Condensed Financial Statements

                                       10
<PAGE>


MERRILL LYNCH PREFERRED FUNDING I, L.P.
NOTE TO CONDENSED FINANCIAL STATEMENTS  (unaudited)
September 30, 2005
--------------------------------------------------------------------------------

BASIS OF PRESENTATION

These unaudited condensed financial statements should be read in conjunction
with the audited financial statements included in the Annual Report on Form 10-K
of Merrill Lynch Preferred Funding I, L.P. (the "Partnership") for the year
ended December 31, 2004. The December 31, 2004 balance sheet information was
derived from the audited financial statements. The interim condensed financial
statements for the three- and nine- month periods are unaudited; however, in the
opinion of the General Partner of the Partnership, all adjustments, consisting
only of normal recurring accruals necessary for a fair statement of the results
of operations, have been included.

INVESTMENTS

The Partnership's investment in affiliate debentures, which is recorded at cost,
and its investment in U.S. Government and agencies, which is recorded at
accreted cost and which matures within one year, are classified as
available-for-sale, which both approximate fair value.

                                       11
<PAGE>

ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

No disclosure is required for this Item pursuant to General Instruction H of
Form 10-Q.  There are no material changes in the amount of revenue and expense
items between the most recent fiscal year-to-date period presented and the
corresponding year-to-date period in the preceding fiscal year.


ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

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


ITEM 4.  CONTROLS AND PROCEDURES

The persons who function as the equivalent of the chief executive officer and
chief financial officer of the Trust and the Partnership have evaluated the
effectiveness of the Trust's and the Partnership's disclosure controls and
procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of
1934) as of the end of the period covered by this Report. Based on that
evaluation, the persons who function as the equivalent of the chief executive
officer and chief financial officer of the Trust and the Partnership have
concluded that the Trust's and the Partnership's disclosure controls and
procedures were effective as of the end of the period covered by this Report.

In addition, no change in the Trust's and the Partnership's internal control
over financial reporting (as defined in Rule 13a-15(f) under the Securities
Exchange Act of 1934) occurred during the third fiscal quarter of 2005 that
has materially affected, or is reasonably likely to materially affect, the
Trust's or the Partnership's internal control over financial reporting.

                                       12
<PAGE>


                           PART II - OTHER INFORMATION

ITEM 6.  EXHIBITS


         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.


(





                                       13
<PAGE>



                                   SIGNATURES

Pursuant to the requirements 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.


                               MERRILL LYNCH PREFERRED CAPITAL TRUST I*

                               By: /s/ HAIG J. NARGESIAN
                                   ---------------------------------------------
                               Name:   Haig J. Nargesian
                               Title:  Regular Trustee


                               MERRILL LYNCH PREFERRED FUNDING I, L.P.*


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

                               By: /s/ KATHLEEN SKERO
                                   ---------------------------------------------
                               Name:   Kathleen Skero
                               Title:  Controller, Merrill Lynch & Co., Inc.



Date: November 9, 2005
----------------------

* 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
<PAGE>

                                INDEX TO EXHIBITS

EXHIBITS

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.

                                       15