MERRILL LYNCH PREFERRED FUNDING IV LP
10-Q, 1999-08-09
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<PAGE>

================================================================================

                      SECURITIES AND EXCHANGE COMMISSION

                            WASHINGTON, D.C. 20549
                            ----------------------

                                   FORM 10-Q
                    QUARTERLY REPORT PURSUANT TO SECTION 13
                OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

                 For the quarterly period ended June 25, 1999

                   MERRILL LYNCH PREFERRED CAPITAL TRUST IV

      (Exact name of Registrant as specified in its certificate of trust)

                        COMMISSION FILE NO.: 1-7182-08

<TABLE>
<S>                                                             <C>
                           Delaware                                           13-7139562
(State or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification No.)

                    World Financial Center
                          North Tower
                      New York, New York                                         10281
           (Address of principal executive offices)                           (Zip Code)

      Registrant's telephone number, including area code:                   (212) 449-1000
</TABLE>
          SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

                                              Name of each exchange
Title of each class                           on which registered
- -------------------                           -------------------
7.12% Trust Originated Preferred              New York Stock Exchange
Securities ("TOPrS")
(and the related guarantee)

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

                   MERRILL LYNCH PREFERRED FUNDING IV, L.P.

         (Exact name of Registrant as specified in its certificate of
                             limited partnership)

                        COMMISSION FILE NO.: 1-7182-07
<TABLE>
<S>                                                             <C>
                           Delaware                                           13-3982446
(State or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification No.)

                    World Financial Center
                          North Tower
                      New York, New York                                         10281
           (Address of principal executive offices)                           (Zip Code)

      Registrant's telephone number, including area code:                   (212) 449-1000
</TABLE>
          SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

                                                 Name of each exchange
Title of each class                              on which registered
- -------------------                              -------------------
7.12% Partnership Preferred                      New York Stock Exchange
Securities (and the related guarantee)

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

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 |_|

As of June 25, 1999, no voting stock was held by non-affiliates of the
Registrants.

================================================================================
<PAGE>

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

Item 1. FINANCIAL STATEMENTS
        --------------------

MERRILL LYNCH PREFERRED CAPITAL TRUST IV
BALANCE SHEETS (UNAUDITED)
(dollars in thousands, except per security amounts)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------



                                                                     JUNE 25, 1999             DECEMBER 25, 1998
                                                                     -------------             -----------------
ASSETS
<S>                                                              <C>                           <C>
Investment in partnership preferred securities                       $     412,372                 $     412,372

Income receivable                                                            7,340                         7,340
                                                                     -------------                 -------------

Total Assets                                                         $     419,712                 $     419,712
                                                                     =============                 =============


LIABILITY AND STOCKHOLDERS' EQUITY

Distributions payable                                                $       7,340                 $       7,340
                                                                     -------------                 -------------

Stockholders' equity:

   Preferred securities (7.12% Trust Originated Preferred
      Securities; 16,000,000 authorized, issued, and
      outstanding; $25 liquidation amount per security)                    400,000                       400,000

   Common securities (7.12% Trust Common Securities;
      494,880 authorized, issued, and outstanding;
      $25 liquidation amount per security)                                  12,372                        12,372
                                                                     -------------                 -------------
   Total stockholders' equity                                              412,372                       412,372
                                                                     -------------                 -------------

   Total Liability and Stockholders' Equity                          $     419,712                 $     419,712
                                                                     =============                 =============
</TABLE>


See Note to Financial Statements

                                       2
<PAGE>

MERRILL LYNCH PREFERRED CAPITAL TRUST IV
STATEMENTS OF EARNINGS (UNAUDITED)
(dollars in thousands)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------


                                                                     FOR THE THREE
                                                                     MONTHS ENDED
                                                                     JUNE 25, 1999
                                                                     -------------
EARNINGS
<S>                                                            <C>
Income on partnership preferred securities                           $       7,340
                                                                     =============

<CAPTION>


                                                                      FOR THE SIX                FOR THE PERIOD
                                                                     MONTHS ENDED                JUNE 19, 1998
                                                                     JUNE 25, 1999              TO JUNE 26, 1998
                                                                     -------------              ----------------
EARNINGS
<S>                                                             <C>                             <C>
Income on partnership preferred securities                           $      14,680                $        -
                                                                     =============                ==============
</TABLE>



See Note to Financial Statements

                                       3
<PAGE>

MERRILL LYNCH PREFERRED CAPITAL TRUST IV
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY  (UNAUDITED)
(dollars in thousands)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------


                                                                    FOR THE SIX                  FOR THE PERIOD
                                                                   MONTHS ENDED                   JUNE 19, 1998
                                                                   JUNE 25, 1999                TO JUNE 26, 1998
                                                                   -------------                ----------------

PREFERRED SECURITIES
<S>                                                           <C>                              <C>
Balance, beginning of period                                       $     400,000                   $        -

Issuance of preferred securities                                            -                            400,000
                                                                   -------------                   -------------

Balance, end of period                                                   400,000                         400,000
                                                                   -------------                   -------------


COMMON SECURITIES

Balance, beginning of period                                              12,372                            -

Issuance of preferred securities                                            -                             12,372
                                                                   -------------                   -------------

Balance, end of period                                                    12,372                          12,372
                                                                   -------------                   -------------

UNDISTRIBUTED EARNINGS

Balance, beginning of period                                                -                               -

Earnings                                                                  14,680                            -

Distributions                                                             (7,340)                           -

Distributions payable                                                     (7,340)                           -
                                                                   -------------                   -------------

Balance, end of period                                                      -                               -
                                                                   -------------                   -------------

Total Stockholders' Equity                                         $     412,372                   $     412,372
                                                                   =============                   =============
</TABLE>


See Note to Financial Statements

                                       4
<PAGE>

MERRILL LYNCH PREFERRED CAPITAL TRUST IV
STATEMENTS OF CASH FLOWS  (UNAUDITED)
(dollars in thousands)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------


                                                                    FOR THE SIX                  FOR THE PERIOD
                                                                   MONTHS ENDED                   JUNE 19, 1998
                                                                   JUNE 25, 1999                TO JUNE 26, 1998
                                                                   -------------                ----------------

CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                         <C>                                <C>
    Earnings                                                       $      14,680                   $       -
                                                                   -------------                   -------------

      Cash provided by operating activities                               14,680                           -
                                                                   -------------                   -------------

CASH FLOWS FROM INVESTING ACTIVITIES:

    Purchase of partnership preferred securities                            -                           (412,372)
                                                                   -------------                   -------------

      Cash used for investing activities                                    -                           (412,372)
                                                                   -------------                   -------------

CASH FLOWS FROM FINANCING ACTIVITIES:

    Distributions                                                        (14,680)                           -

    Proceeds from issuance of preferred securities                          -                            400,000

    Proceeds from issuance of common securities                             -                             12,372
                                                                   -------------                   -------------

      Cash (used for) provided by financing activities                   (14,680)                        412,372
                                                                   -------------                   -------------

NET CHANGE IN CASH                                                          -                               -

CASH, BEGINNING OF PERIOD                                                   -                               -
                                                                   -------------                   -------------

CASH, END OF PERIOD                                                $        -                      $        -
                                                                   =============                   =============
</TABLE>


SUPPLEMENTAL DISCLOSURE OF CASH FLOWS:
Preferred and common distributions of $7,120 and $220, respectively, were
accrued at June 25, 1999.



See Note to Financial Statements

                                       5
<PAGE>

MERRILL LYNCH PREFERRED CAPITAL TRUST IV
NOTE TO FINANCIAL STATEMENTS  (UNAUDITED)
JUNE 25, 1999
- --------------------------------------------------------------------------------


BASIS OF PRESENTATION

These unaudited 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 IV (the "Trust") for the year ended
December 25, 1998. The December 25, 1998 balance sheet was derived from the
audited financial statements. The interim financial statements for the three-
and six-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.

                                       6
<PAGE>

MERRILL LYNCH PREFERRED FUNDING IV, L.P.
BALANCE SHEETS (UNAUDITED)
(dollars in thousands)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------


                                                                     JUNE 25, 1999             DECEMBER 25, 1998
                                                                     -------------             -----------------

ASSETS
<S>                                                               <C>                           <C>
Cash                                                                 $           1                 $        -

Investments:
   Affiliate debentures                                                    480,292                       480,292
   U.S. Treasury bills                                                       4,886                         4,983
                                                                     -------------                 -------------
   Total investments                                                       485,178                       485,275

Interest receivable                                                          8,549                         8,549
                                                                     -------------                 -------------

Total Assets                                                         $     493,728                 $     493,824
                                                                     =============                 =============



LIABILITY AND PARTNERS' CAPITAL

Distributions payable                                                $       8,549                 $       8,549
                                                                     -------------                 -------------

Partners' capital:
   Limited partnership interest                                            412,372                       412,372
   General partnership interest                                             72,807                        72,903
                                                                     -------------                 -------------

   Total partners' capital                                                 485,179                       485,275
                                                                     -------------                 -------------


Total Liability and Partners' Capital                                $     493,728                 $     493,824
                                                                     =============                 =============
</TABLE>



See Note to Financial Statements

                                       7
<PAGE>

MERRILL LYNCH PREFERRED FUNDING IV, L.P.
STATEMENTS OF EARNINGS  (UNAUDITED)
(dollars in thousands)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------



                                                                   FOR THE THREE
                                                                    MONTHS ENDED
                                                                   JUNE 25, 1999
                                                                   -------------
EARNINGS

Interest income:
<S>                                                           <C>
   Affiliate debentures                                            $       8,549
   U.S. Treasury bills                                                        62
                                                                   -------------

Earnings                                                           $       8,611
                                                                   =============


<CAPTION>
                                                                    FOR THE SIX                  FOR THE PERIOD
                                                                    MONTHS ENDED                 JUNE 19, 1998
                                                                   JUNE 25, 1999                TO JUNE 26, 1998
                                                                   -------------                ----------------
EARNINGS

Interest income:
<S>                                                            <C>                             <C>
   Affiliate debentures                                            $      17,098                   $       1,045
   U.S. Treasury bills                                                       110                            -
                                                                   -------------                   -------------

Earnings                                                           $      17,208                   $       1,045
                                                                   =============                   =============
</TABLE>



See Note to Financial Statements

                                       8
<PAGE>

MERRILL LYNCH PREFERRED FUNDING IV, L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL  (UNAUDITED)
(dollars in thousands)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------


                                                                    FOR THE SIX                  FOR THE PERIOD
                                                                    MONTHS ENDED                 JUNE 19, 1998
                                                                   JUNE 25, 1999                TO JUNE 26, 1998
                                                                   -------------                ----------------

LIMITED PARTNER'S CAPITAL
<S>                                                          <C>                            <C>
Balance, beginning of period                                       $     412,372                   $        -

Issuance of preferred securities                                            -                            412,372

Net income allocated to limited partner                                   14,680                             897

Distributions                                                             (7,340)                           -

Distributions payable                                                     (7,340)                           -
                                                                   -------------                   -------------

Balance, end of period                                                   412,372                         413,269
                                                                   -------------                   -------------


GENERAL PARTNER'S CAPITAL

Balance, beginning of period                                              72,903                            -

Capital contribution                                                        -                             72,772

Net income allocated to general partner                                    2,528                             148

Distributions                                                             (1,415)                           -

Distributions payable                                                     (1,209)                           -
                                                                   -------------                   -------------

Balance, end of period                                                    72,807                          72,920
                                                                   -------------                   -------------

TOTAL PARTNERS' CAPITAL                                            $     485,179                   $     486,189
                                                                   =============                   =============
</TABLE>


See Note to Financial Statements

                                       9
<PAGE>

MERRILL LYNCH PREFERRED FUNDING IV, L.P.
STATEMENTS OF CASH FLOWS  (UNAUDITED)
(dollars in thousands)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------


                                                                    FOR THE SIX                  FOR THE PERIOD
                                                                    MONTHS ENDED                  JUNE 19, 1998
                                                                   JUNE 25, 1999                TO JUNE 26, 1998
                                                                   -------------                ----------------

CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                         <C>                              <C>
   Earnings                                                        $      17,208                   $       1,045

   Accretion of U.S. Treasury bills                                         (110)                           -

   Increase in interest receivable                                          -                             (1,045)
                                                                   -------------                   -------------

      Cash provided by operating activities                               17,098                            -
                                                                   -------------                   -------------


CASH FLOWS FROM INVESTING ACTIVITIES:

   Purchase of affiliate debentures                                         -                           (480,292)

   Purchases of investment securities                                     (9,703)                         (4,852)

   Maturities of investment securities                                     9,909                            -
                                                                   -------------                   -------------

      Cash provided by (used for) investing activities                       206                        (485,144)
                                                                   -------------                   -------------


CASH FLOWS FROM FINANCING ACTIVITIES:

   Distributions to limited partner                                      (14,680)                           -

   Distributions to general partner                                       (2,623)                           -

   Proceeds from the issuance of preferred securities                       -                            412,372

   Capital contribution - general partner                                   -                             72,772
                                                                   -------------                   -------------

      Cash (used for) provided by financing activities                   (17,303)                        485,144
                                                                   -------------                   -------------

NET CHANGE IN CASH                                                             1                            -

CASH, BEGINNING OF PERIOD                                                   -                               -
                                                                   -------------                   -------------

CASH, END OF PERIOD                                                $           1                   $        -
                                                                   =============                   =============
</TABLE>

SUPPLEMENTAL DISCLOSURE OF CASH FLOWS:
Distributions of $8,549 were accrued at June 25, 1999.


See Note to Financial Statements


                                       10
<PAGE>

MERRILL LYNCH PREFERRED FUNDING IV, L.P.
NOTE TO FINANCIAL STATEMENTS  (UNAUDITED)
JUNE 25, 1999
- --------------------------------------------------------------------------------

BASIS OF PRESENTATION

These unaudited 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 IV, L.P. (the "Partnership") for the year ended
December 25, 1998. The December 25, 1998 balance sheet was derived from the
audited financial statements. The interim financial statements for the three-
and six-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.




                                       11
<PAGE>

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

         Merrill Lynch Preferred Capital Trust IV (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 December 19, 1997, which was subsequently amended by
an amended and restated declaration of trust dated as of June 16, 1998. The
Trust exists for the exclusive purposes of (i) issuing trust securities,
consisting of 7.12% 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 7.12% Partnership Preferred Securities
(the "Partnership Preferred Securities") issued by Merrill Lynch Preferred
Funding IV, L.P. (the "Partnership"), and (iii) engaging in only those other
activities necessary or incidental thereto.

         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 December 19, 1997, which was subsequently amended by
an amended and restated agreement of limited partnership dated June 19, 1998.
Merrill Lynch & Co., Inc. (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 Registrants' activities are limited to issuing securities and
investing the proceeds as described above. Since the Trust was organized on
December 19, 1997, its activities, as specified in its declaration of trust,
have been limited to the issuance of the TOPrS and the Trust Common Securities,
the investing of the proceeds in the Partnership Preferred Securities, and the
payment of distributions on the TOPrS and the Trust Common Securities in
accordance with their terms. Since the Partnership was organized on December 19,
1997, its activities, as specified in its agreement of limited partnership, have
been limited to the issuance of the Partnership Preferred Securities, the
receipt of a capital contribution from the Company, as general partner, the
investment of the proceeds in Affiliate Investment Instruments and certain
eligible debt securities, and the payment of distributions on the Partnership
Preferred Securities.

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

         On June 19, 1998, 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 the Company 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.



                                      12
<PAGE>

                          PART II - OTHER INFORMATION

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

(a)      Exhibits

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

         27   Financial Data Schedules*

 (b)     Reports on Form 8-K

         None.


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

         *The Financial Data Schedules to be contained in Exhibit 27 are
         required to be submitted only in the Registrants' electronic filing of
         this Form 10-Q by means of the EDGAR system.




                                      13
<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 6th day of August,
1999.


                               MERRILL LYNCH PREFERRED CAPITAL TRUST IV*


                               By: /s/ STANLEY SCHAEFER
                                   --------------------------------------------
                                   Name:   Stanley Schaefer
                                   Title:  Regular Trustee


                               MERRILL LYNCH PREFERRED FUNDING IV, 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


- ------------
*   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.



                                      14
<PAGE>

                               INDEX TO EXHIBITS

Exhibits

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

27   Financial Data Schedules




                                      15


<PAGE>

<TABLE>
<CAPTION>

                                                                                                                          EXHIBIT 12


                                                     MERRILL LYNCH PREFERRED CAPITAL TRUST IV
                                                      MERRILL LYNCH PREFERRED FUNDING IV, 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 SIX MONTHS ENDED
                                            JUNE 25, 1999                              JUNE 25, 1999
                                   ----------------------------------        ------------------------------------
                                    Merrill Lynch     Merrill Lynch           Merrill Lynch      Merrill Lynch
                                      Preferred         Preferred                Preferred         Preferred
                                   Capital Trust IV  Funding IV, L.P.        Capital Trust IV    Funding IV, L.P.
                                   ----------------  ----------------        ----------------    ----------------
<S>                                <C>                <C>                      <C>               <C>
Earnings                             $     7,340       $     8,611              $   14,680        $    17,208
                                     ===========       ===========              ==========        ===========

Fixed charges                        $      -          $      -                 $    -            $      -

Preferred securities distribution
  requirements                             7,120             7,340                  14,240             14,680
                                     -----------       -----------              ----------        -----------

Total combined fixed charges and
  preferred securities distributions $     7,120       $     7,340              $   14,240        $    14,680
                                     ===========       ===========              ==========        ===========

Ratio of earnings to combined
  fixed charges and preferred
  securities distributions                 1.03                1.17                   1.03               1.17
<CAPTION>

                                      FOR THE PERIOD JUNE 19, 1998
                                            TO JUNE 26, 1998
                                   ----------------------------------
                                    Merrill Lynch     Merrill Lynch
                                      Preferred         Preferred
                                   Capital Trust IV  Funding IV, L.P.
                                   ----------------  ----------------
<S>                                <C>               <C>
Earnings                             $      -          $     1,045
                                     ===========       ===========

Fixed charges                        $      -          $      -

Preferred securities distribution
  requirements                              -                 -
                                     ------------      -----------

Total combined fixed charges and
  preferred securities distributions $      -          $      -
                                     ============      ===========

Ratio of earnings to combined
  fixed charges and preferred
  securities distributions                    N/A              N/A
</TABLE>


<TABLE> <S> <C>

<PAGE>

<ARTICLE> 5
<CIK>    0001051830
<NAME>   MERRILL LYNCH PREFERRED CAPITAL TRUST IV
<MULTIPLIER> 1,000

<S>                             <C>
<PERIOD-TYPE>                   OTHER
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-START>                             DEC-26-1998
<PERIOD-END>                               JUN-25-1999
<CASH>                                               0
<SECURITIES>                                   412,372
<RECEIVABLES>                                    7,340
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               419,712
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                 419,712
<CURRENT-LIABILITIES>                            7,340
<BONDS>                                              0
                                0
                                    400,000
<COMMON>                                        12,372
<OTHER-SE>                                           0
<TOTAL-LIABILITY-AND-EQUITY>                   419,712
<SALES>                                              0
<TOTAL-REVENUES>                                14,680
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                 14,680
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                             14,680
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    14,680
<EPS-BASIC>                                          0
<EPS-DILUTED>                                        0


</TABLE>

<TABLE> <S> <C>

<PAGE>

<ARTICLE>                                            5
<CIK>          0001051828
<NAME>         MERRILL LYNCH PREFERRED FUNDING IV, L.P.
<MULTIPLIER>   1,000

<S>                             <C>
<PERIOD-TYPE>                   OTHER
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-START>                             DEC-26-1998
<PERIOD-END>                               JUN-25-1999
<CASH>                                               0
<SECURITIES>                                   485,178
<RECEIVABLES>                                    8,549
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               493,728
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                 493,728
<CURRENT-LIABILITIES>                            8,549
<BONDS>                                              0
                                0
                                    412,372
<COMMON>                                        72,807
<OTHER-SE>                                           0
<TOTAL-LIABILITY-AND-EQUITY>                   493,728
<SALES>                                              0
<TOTAL-REVENUES>                                17,208
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                 17,208
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                             17,208
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    17,208
<EPS-BASIC>                                          0
<EPS-DILUTED>                                        0


</TABLE>


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