EX-12
                       RATIO OF EARNINGS TO FIXED CHARGES


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<CAPTION>
                                                                                                          EXHIBIT 12


                     MERRILL LYNCH PREFERRED CAPITAL TRUST I
                     MERRILL LYNCH PREFERRED FUNDING I, L.P.
                      COMPUTATION OF RATIOS OF EARNINGS TO
          COMBINED FIXED CHARGES AND PREFERRED SECURITIES DISTRIBUTIONS
                             (dollars in thousands)



                              FOR THE THREE MONTHS ENDED          FOR THE THREE MONTHS ENDED
                                  SEPTEMBER 24, 2004                  SEPTEMBER 26, 2003
                           ---------------------------------    --------------------------------
                            MERRILL LYNCH     MERRILL LYNCH      MERRILL LYNCH    MERRILL LYNCH
                              PREFERRED         PREFERRED          PREFERRED        PREFERRED
                           CAPITAL TRUST I   FUNDING I, L.P.    CAPITAL TRUST I  FUNDING I, L.P.
                           ---------------   ---------------    ---------------  ---------------

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

Earnings                          $  5,493         $   6,406           $  5,493         $  6,405
                                  ========          ========           ========         ========


Fixed charges                     $      -          $      -           $      -         $      -

Preferred securities
 distribution requirements           5,328             5,493              5,328           5,493
                                  --------          --------           --------         --------

Total combined fixed charges
 and preferred securities
 distribution requirements        $  5,328          $  5,493           $  5,328         $  5,493
                                  ========          ========           ========         ========

Ratio of earnings to combined
 fixed charges and preferred
 securities distribution
 requirements                         1.03              1.17               1.03             1.17



                              FOR THE NINE MONTHS ENDED              FOR THE NINE MONTHS ENDED
                                  SEPTEMBER 24, 2004                   SEPTEMBER 26, 2003
                           ---------------------------------    --------------------------------
                            MERRILL LYNCH     MERRILL LYNCH      MERRILL LYNCH    MERRILL LYNCH
                              PREFERRED         PREFERRED          PREFERRED        PREFERRED
                           CAPITAL TRUST I   FUNDING I, L.P.    CAPITAL TRUST I  FUNDING I, L.P.
                           ---------------   ---------------    ---------------  ---------------
Earnings                          $ 16,479         $  19,217           $ 16,479         $ 19,218
                                  ========          ========           ========         ========


Fixed charges                     $      -          $      -           $      -         $      -

Preferred securities
 distribution requirements          15,984            16,479             15,984           16,479
                                  --------          --------           --------         --------

Total combined fixed charges
 and preferred securities
 distribution requirements        $ 15,984          $ 16,479           $ 15,984         $ 16,479
                                  ========          ========           ========         ========

Ratio of earnings to combined
 fixed charges and preferred
 securities distribution
 requirements                         1.03              1.17               1.03             1.17

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