PRICING SUPPLEMENT                                           File No. 333-122639
 (To Prospectus Supplement and Prospectus                         Rule 424(b)(3)
dated February 25, 2005)
Pricing Supplement Number: 2501


                           Merrill Lynch & Co., Inc.



                         Medium-Term Notes, Series C
                  Due Nine Months or More from Date of Issue


                               Fixed Rate Notes


Principal Amount:           $29,000,000

Issue Price:                The Notes will be offered at varying prices
                            related to prevailing market prices.

Denominations:              $1,000 and integral multiples thereof

Purchase Price
to Underwriter:             98.750%

CUSIP Number:               59018YWQ0

Interest Rate:              6.23%, calculated on the basis of a 360 day year
                            of twelve 30 day months (unadjusted).

Original Issue Date:        February 3, 2006

Stated Maturity Date:       February 4, 2036

Interest Payment Dates:     February 4th and August 4th of each year,
                            commencing on August 4, 2006 subject to the
                            following Business Day convention.

Repayment at the Option
of the Holder:              The Notes cannot be repaid at the option of the
                            holder prior to the Stated Maturity Date.

Redemption at the Option
of the Company:             On and after February 4, 2008, the Notes will be
                            subject to redemption at the option of Merrill
                            Lynch & Co., Inc. (the "Company") in whole or in
                            part on each Interest Payment Date upon 30 days'
                            notice at a price equal to 100% of the principal
                            amount per Note plus accrued and unpaid interest.

Form:                       The Notes will be issued in fully registered
                            book-entry form. As described in the accompanying
                            prospectus supplement, upon issuance, all of the
                            Notes will be represented by one or more fully
                            registered global Notes. Each global Note will be
                            deposited with, or on behalf of, The Depository
                            Trust Company, otherwise known as DTC, or any
                            successor to it (the "depository"), as depositary,
                            and registered in the name of Cede & Co., DTC's
                            partnership nominee.

                            Investors may elect to hold interests in the
                            global Notes through either the depository, in the
                            United States, or Clearstream Banking, societe
                            anonyme ("Clearstream, Luxembourg"), or Euroclear
                            Bank S.A./N.V., as operator of the Euroclear
                            System ("Euroclear"), if they are participants in
                            these systems, or indirectly through organizations
                            which are participants in these systems.

                            Clearstream, Luxembourg and Euroclear will hold
                            interests on behalf of their participants through
                            customers' securities accounts in Clearstream,
                            Luxembourg's and Euroclear's names on the books of
                            their respective depositaries, which in turn will
                            hold interests in customers' securities accounts
                            in the depositaries' names on the books of the
                            depository. At the present time, Citibank, N.A.
                            acts as U.S. depositary for Clearstream,
                            Luxembourg and JPMorgan Chase Bank, N.A. acts as
                            U.S. depositary for Euroclear (the "U.S.
                            Depositaries"). Beneficial interests in the global
                            securities will be held in denominations of $1,000
                            and integral multiples thereof. Except as set
                            forth below or in the accompanying prospectus
                            supplement, the global securities may be
                            transferred, in whole but not in part, only to
                            another nominee of the depositary or to a
                            successor of the depository or its nominee.

Trustee:                    JPMorgan Chase Bank, N.A.

Underwriter:                Merrill Lynch, Pierce, Fenner & Smith Incorporated
                            ("MLPF&S")

Risk Factor:                The Company may redeem the Notes on any Interest
                            Payment Date on or after February 4, 2008 upon 30
                            days' notice. In the event that the Company
                            redeems the Notes prior to the Stated Maturity
                            Date, investors will receive only the principal
                            amount of the Notes plus accrued and unpaid
                            interest to but excluding the early redemption
                            date, and investors will not receive the benefit
                            of any future interest payments. The Notes are
                            less likely to become subject to early redemption
                            during periods when interest is accruing on the
                            Notes at a rate below prevailing interest rates,
                            and more likely to become subject to early
                            redemption during periods when interest is
                            accruing on the Notes at a rate above prevailing
                            interest rates.

Business Day:               Any day other than a Saturday or Sunday that is
                            neither a legal holiday nor a day on which banking
                            institutions in The City of New York are
                            authorized or required by law, regulation or
                            executive order to close.

Dated:                      February 1, 2006