SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE,
SAVINGS AND SIMILAR PLANS PURSUANT TO
SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
/X/ ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT
For the fiscal year ended December 31, 1996.
OR
/ / TRANSACTION REPORT PURSUANT TO SECTION 1(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-7182
A. Full title of the plan and the address of the plan, if
different from the issuer named below:
Merrill Lynch & Co., Inc. 401(k) Savings & Investment Plan
B. Name of issuer of the securities held pursuant to the plan and
the address of its principal executive office:
Merrill Lynch & Co., Inc.
World Financial Center
North Tower
250 Vesey Street
New York, N.Y. 10281-1334
Financial Statements and Exhibits.
----------------------------------
(a) Financial Statements for the Years Ended December 31, 1996 and December 31,
1995 Supplemental Schedules for the Year ended December 31, 1996 and
Independent Auditors' Report.
The financial statements required to be filed hereunder appear commencing
at page 2 hereof.
(b) Exhibits
(23) Consent of Independent Public Accountants (following financial
statements).
SIGNATURES
THE PLAN. Pursuant to the requirements of the Securities Exchange
Act of 1934, the Administrative Committee (the persons who administer the
employee benefit plan) has duly caused this annual report to be signed on
its behalf by the undersigned hereunto duly authorized, in the City of
New York, State of New York.
Merrill Lynch & Co., Inc.
401(k) Savings & Investment Plan
Date: June 27, 1997 By: /s/ DANIEL C. ROWLAND
---------------------
Daniel C. Rowland
Chairman, Administrative Committee
THE MERRILL LYNCH & CO., INC.
401(k) SAVINGS &
INVESTMENT PLAN
Financial Statements for the
Years Ended December 31, 1996 and 1995
Supplemental Schedules for the
Year Ended December 31, 1996 and
Independent Auditors' Report
THE MERRILL LYNCH & CO., INC.
401(k) SAVINGS & INVESTMENT PLAN
TABLE OF CONTENTS
PAGE
----
INDEPENDENT AUDITORS' REPORT..................................... 1
FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED
DECEMBER 31, 1996 AND 1995:
Statements of Net Assets Available for Benefits.............. 2
Statements of Changes in Net Assets Available for Benefits... 3
Notes to Financial Statements................................ 4-12
SUPPLEMENTAL SCHEDULES AS OF AND FOR THE
YEAR ENDED DECEMBER 31, 1996:
Schedule of Assets Held for Investment Purposes.............. 13
Schedule of Reportable Transactions.......................... 14
INDEPENDENT AUDITORS' REPORT
To the Trustees of the Merrill Lynch & Co., Inc.
401(k) Savings & Investment Plan
We have audited the accompanying statements of net assets available for
benefits of the Merrill Lynch & Co., Inc. 401(k) Savings & Investment Plan
(the "Plan") as of December 31, 1996 and 1995 and the related statements of
changes in net assets available for benefits for the years then ended. These
financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. 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 net assets available for benefits of the Plan at December 31,
1996 and 1995 and the changes in net assets available for benefits for the
years then ended in conformity with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental schedules
listed in the Table of Contents are presented for the purpose of additional
analysis and are not a required part of the basic financial statements but
are supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. These schedules are the responsibility of the Plan's
management. Such schedules have been subjected to the auditing procedures
applied in our audits of the basic financial statements, and in our opinion,
are fairly stated in all material respects when considered in relation to the
basic financial statements taken as a whole.
/s/ Deloitte & Touche LLP
June 24, 1997
THE MERRILL LYNCH & CO., INC.
401(k) SAVINGS & INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1996 AND 1995
1996 1995
---------------- ----------------
ASSETS:
Investments, at market value:
Common stock.......................................... $ 301,273,051 $ 189,744,619
Funds and trusts...................................... 1,366,263,439 1,083,356,174
---------------- ----------------
Total investments.................................... 1,667,536,490 1,273,100,793
Cash................................................... 4,710,074 27,563,560
Employer contributions receivable...................... 1,154,434 1,013,423
Employee contributions receivable...................... 1,252,128 --
Receivable for securities sold......................... 3,710,384 --
---------------- ----------------
Total assets......................................... 1,678,363,510 1,301,677,776
LIABILITIES:
Payables to beneficiaries or employees.................. -- 5,458,348
Payable for securities purchased........................ 2,301,126 --
---------------- ----------------
NET ASSETS AVAILABLE FOR BENEFITS........................ $ 1,676,062,384 $ 1,296,219,428
---------------- ----------------
---------------- ----------------
See notes to financial statements.
-2-
THE MERRILL LYNCH & CO., INC.
401(k) SAVINGS & INVESTMENT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEARS ENDED DECEMBER 31, 1996 AND 1995
1996 1995
---------------- ----------------
ADDITIONS:
Investment income:
Net appreciation in fair value of investment........... $ 175,400,445 $ 185,084,242
Dividends and interest................................. 101,896,155 74,578,166
---------------- ----------------
Total investment income.............................. 277,296,600 259,662,408
Contribution to the Plan by the Company................. 27,477,361 24,839,564
Contribution to the Plan by the employees............... 161,369,639 141,711,160
Rollovers from other qualified plans.................... 1,316,518 1,637,303
Merger of Puerto Rico 401(k) Plan....................... -- 614,859
---------------- ----------------
Total additions...................................... 467,460,118 428,465,294
---------------- ----------------
DEDUCTIONS:
Disbursements of benefits to beneficiaries or
employees............................................. 86,965,176 74,064,849
Administrative expenses................................. 651,986 538,063
---------------- ----------------
Total deductions..................................... 87,617,162 74,602,912
---------------- ----------------
NET INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS........ 379,842,956 353,862,382
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year....................................... 1,296,219,428 942,357,046
---------------- ----------------
End of year............................................. $ 1,676,062,384 $ 1,296,219,428
---------------- ----------------
---------------- ----------------
See notes to financial statements.
-3-
THE MERRILL LYNCH & CO., INC.
401(K) SAVINGS & INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1996 AND 1995
- -------------------------------------------------------------------------------
1. DESCRIPTION OF THE PLAN
The following description of the Merrill Lynch & Co., Inc. 401(k) Savings
& Investment Plan (the "Plan") is provided for general information
purposes only. Participants should refer to the Plan document for more
complete information. Terms used in this description have the same
meaning as in the Plan.
The Plan was adopted on April 23, 1987 and commenced activities on October
1, 1987. The purpose of the Plan is to encourage employees to save for
retirement. The Plan is subject to the provisions of the Employee Retirement
Income Security Act of 1974 ("ERISA").
Subject to exclusions specified in the Plan, any Employee of Merrill Lynch &
Co., Inc. or of a participating subsidiary or affiliate (the "Company" or
"Employer") can elect to participate in the Plan providing such Employee has
worked for the Employer for 12 months. An Employee can elect to participate
in the Plan (if eligible) as of the first day of the calendar quarter
following 12 months of employment or the first day of any month thereafter.
Each Participant may elect to make contributions to the Plan on a pre-tax
basis through payroll deductions from 1% through 15% of such Participant's
Eligible Compensation for each pay period up to an annual maximum of $9,500
for 1996 (subject to certain exceptions described in the Plan and periodic
adjustments for cost-of-living increases for each calendar year). A
Participant can elect to change the rate at which his or her contribution is
determined.
The Company will make contributions, up to a maximum of $1,500, in an amount
equal to 50% of the first 4% of Eligible Compensation contributed by a
Participant during each calendar year. No Employer contributions will be
made for any calendar year for Employees who participate at any time during
such calendar year in the Company's Employee Stock Purchase Plan.
All Participants are always 100% vested in contributions to the Plan made
from their Eligible Compensation and in amounts rolled over from an
employer's qualified retirement plan. Participants are 100% vested in
Employer contributions when they attain age 65 or terminate employment
because of death.
Other Participants who terminate employment after October 31, 1993 will
become vested in Employer contributions and earnings based on complete Years
of Service after October 1, 1987: 1 Year of Service-- 20% vested; 2 Years of
Service--40% vested; 3 Years of Service--60% vested; 4 Years of Service--80%
vested; and 5 Years of Service--100% vested.
The Plan permits withdrawals relating to contributions and earnings under
certain conditions which are in accordance with the Internal Revenue Code
and the regulations thereunder.
As of December 1, 1995, the Puerto Rico 401(k) Plan was merged into the
Plan and its net assets available for benefits were accordingly transferred
into the Plan as of that date.
-4-
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Purchases and sales of investments are recorded on a trade date basis. All
other accounting records of the Plan are maintained on the accrual basis.
The accompanying financial statements do not include any investments in
VOCON and Deferred Profit Sharing Accounts, which are self-directed
Accounts, that were transferred into the Plan for administrative convenience
only.
The cost of security investments is based on the average cost method for
individual securities. Quoted market values of security investments are
based on the last sales price (if traded on December 31), the prevailing bid
price or the prevailing net asset value at the close of trading on
December 31.
3. INVESTMENTS
The Administrative Committee has the authority to designate Investment Funds
for the investment of accounts other than VOCON and Deferred Profit Sharing
Accounts, to determine which accounts can be self-directed and to establish
rules and procedures with respect to investment funds and self-directed
accounts.
All contributions to the Plan may be allocated by the Participant among
27 investment options designated by the Administrative Committee. In
February 1996, Select Ten Retirement Portfolio was added as an investment
option and the Balanced Fund was merged with the Global Allocation Fund.
During 1996 and 1995, the Plan's investments (including investments bought,
sold and held during each year) appreciated in value as follows:
Years Ended December 31,
1996 1995
Net change in fair value of investments:
Common stock................................................ $ 111,849,742 $ 53,356,927
Funds and trusts............................................ 63,550,703 131,727,315
-------------- --------------
$ 175,400,445 $ 185,084,242
-------------- --------------
-------------- --------------
The value of individual investments that represent 5% or more of the Plan's
net assets are as follows:
1996 1995
Merrill Lynch & Co., Inc................................ $ 300,575,194 $ 189,744,619
Merrill Lynch Basic Value Fund.......................... 313,997,550 263,094,477
Merrill Lynch Capital Fund.............................. 198,614,241 180,342,221
Merrill Lynch Global Allocation Fund.................... 182,963,445 137,406,762
Merrill Lynch Growth Fund............................... 139,167,338 80,126,691
Merrill Lynch Retirement Reserves....................... 134,987,517 121,521,811
-5-
4. ADMINISTRATIVE EXPENSES
Plan expenses, including expenses of the Administrative Committee and
Trustee, to the extent not paid by the Plan, are paid by the Company.
5. PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the right
under the Plan to terminate the Plan subject to the provisions of ERISA.
6. TAX STATUS
The Internal Revenue Service has determined and informed the Company by a
letter dated July 13, 1995, that the Plan and related trust are designed in
accordance with applicable sections of the Internal Revenue Code ("IRC").
The Plan administrator believes that the Plan is designed and is currently
being operated in compliance with the applicable requirements of the IRC.
Therefore, no provision for income taxes has been included in the Plan's
financial statements.
-6-
7. FUND INFORMATION:
The following represents the changes in the net assets available for benefit
of the individual funds for the years ended December 31, 1996 and 1995:
MERRILL LYNCH--1996
-------------------------------------------------------------
GSIF U.S. GOV.
MERRILL LYNCH ZERO COUPON BASIC VALUE CAPITAL
& CO., INC.* BOND SERIES 3 FUND FUND
-------------- -------------- -------------- --------------
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments............... $111,849,742 $ 1,994,876 $ 24,318,584 $ 2,866,902
Dividends and interest....................... 4,422,361 -- 21,152,905 19,431,574
------------ ----------- ------------ ------------
Total investment income.................. 116,272,103 1,994,876 45,471,489 22,298,476
Contributions and rollovers to the Plan...... 22,042,542 3,184,887 30,000,637 21,731,336
------------ ----------- ------------ ------------
Total additions.......................... 138,314,645 5,179,763 75,472,126 44,029,812
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees................................ 11,306,822 1,843,579 15,122,621 10,477,518
Administrative expenses...................... -- -- -- --
TRANSFERS AMONG FUNDS......................... (14,478,273) 15,043,856 (9,006,392) (14,846,829)
------------ ----------- ------------ ------------
NET INCREASE (DECREASE)....................... 112,529,550 18,380,040 51,343,113 18,705,465
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year............................ 189,744,619 37,611,016 263,094,477 180,342,221
------------ ----------- ------------ ------------
End of year.................................. $302,274,169 $55,991,056 $314,437,590 $199,047,686
------------ ----------- ------------ ------------
------------ ----------- ------------ ------------
----------------------------------------------------------------------
CORPORATE CORPORATE
CORPORATE BOND FUND - BOND FUND
BOND FUND - INTERMEDIATE INVESTMENT
HIGH INCOME TERM GRADE EQUITY EURO
PORTFOLIO PORTFOLIO PORTFOLIO INDEX TRUST FUND
------------- ------------ ----------- ------------- ------------
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments............... $ 773,064 $ (283,963) $(1,835,420) $ 8,442,594 $ 525,626
Dividends and interest....................... 2,983,401 516,193 2,912,313 -- 2,331,523
---------- ---------- ----------- ----------- -----------
Total investment income.................. 3,756,465 232,230 1,076,893 8,442,594 2,857,149
Contributions and rollovers to the Plan...... 1,833,317 166,622 5,231,999 6,897,190 1,500,411
---------- ---------- ----------- ----------- -----------
Total additions.......................... 5,589,782 398,852 6,308,892 15,339,784 4,357,560
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees................................ 1,423,949 461,146 2,846,773 2,481,868 558,028
Administrative expenses...................... -- -- -- -- --
TRANSFERS AMONG FUNDS......................... 5,268,386 (117,575) 163,686 1,872,727 (361,664)
----------- ---------- ----------- ----------- -----------
NET INCREASE (DECREASE)....................... 9,434,219 (179,869) 3,625,805 14,730,643 3,437,868
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year............................ 27,738,526 7,892,874 42,125,258 32,995,352 11,818,806
----------- ---------- ----------- ----------- -----------
End of year.................................. $37,172,745 $7,713,005 $45,751,063 $47,725,995 $15,256,674
----------- ---------- ----------- ----------- -----------
----------- ---------- ----------- ----------- -----------
-7-
MERRILL LYNCH--1996
-----------------------------------------------------------------------------
GLOBAL GLOBAL GLOBAL GLOBAL GLOBAL
FUND FOR ALLOCATION BOND CONVERTIBLE HOLDINGS RESOURCES
TOMORROW FUND FUND FUND FUND TRUST
---------- -------------- ---------- ----------- ---------- ------------
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments................ $(22,371) $ 6,619,104 $ 3,430 $ 16,948 $ 230,514 $ 416,577
Dividends and interest....................... 110,446 17,550,458 60,489 44,038 292,123 89,288
-------- ----------- ---------- -------- ---------- ----------
Total investment income................... 88,075 24,169,562 63,919 60,986 522,637 505,865
Contributions and rollovers to the Plan...... 184,690 24,512,696 156,434 100,821 735,215 356,371
-------- ----------- ---------- -------- ---------- ----------
Total additions........................... 272,765 48,682,258 220,353 161,807 1,257,852 862,236
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees................................. 18,042 7,560,812 235,041 8,046 147,973 84,636
Administrative expenses....................... -- -- -- -- -- --
TRANSFERS AMONG FUNDS.......................... 52,764 4,447,183 (189,206) 51,322 90,695 (465,765)
-------- ----------- ---------- -------- ---------- ----------
NET INCREASE (DECREASE)........................ 307,487 45,568,629 (203,894) 205,083 1,200,574 311,835
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year............................. 606,001 137,683,501 1,104,010 623,555 3,585,418 3,405,812
-------- ------------ ---------- -------- ---------- ----------
End of year................................... $913,488 $183,252,130 $ 900,116 $828,638 $4,785,992 $3,717,647
-------- ------------ ---------- -------- ---------- ----------
-------- ------------ ---------- -------- ---------- ----------
---------------------------------------------------------------------
GLOBAL
UTILITY GROWTH HEALTHCARE PACIFIC PHOENIX
FUND FUND FUND FUND FUND
------------ ------------ ------------- ------------ -----------
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments................ $ 154,293 $ 19,061,382 $ (94,843) $(1,571,134) $ 232,259
Dividends and interest....................... 166,133 10,283,368 796,358 4,091,428 1,270,404
---------- ------------ ---------- ----------- -----------
Total investment income................... 320,426 29,344,750 701,515 2,520,294 1,502,663
Contributions and rollovers to the Plan...... 360,181 21,901,444 1,183,900 7,701,810 2,317,239
---------- ------------ ---------- ----------- -----------
Total additions........................... 680,607 51,246,194 1,885,415 10,222,104 3,819,902
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees................................. 72,565 6,194,264 188,914 1,719,764 571,307
Administrative expenses....................... -- -- -- -- --
TRANSFERS AMONG FUNDS.......................... (275,752) 14,416,174 137,711 5,632,176 (1,739,781)
------------ ------------ ---------- ----------- -----------
NET INCREASE (DECREASE)........................ 332,290 59,468,104 1,834,212 14,134,516 1,508,814
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year............................. 2,329,270 80,126,691 5,253,280 35,308,179 9,530,940
---------- ------------ ---------- ----------- -----------
End of year................................... $2,661,560 $139,594,795 $7,087,492 $49,442,695 $11,039,754
---------- ------------ ---------- ----------- -----------
---------- ------------ ---------- ----------- -----------
(Continued)
-8-
MERRILL LYNCH--1996
---------------------------------------------------------------------------------------------------
CASH
RETIREMENT RETIREMENT SELECT-TEN SPECIAL STRATEGIC MANAGEMENT
PRESERVATION RESERVES RETIREMENT VALUE DIVIDEND TECHNOLOGY ACCOUNT
TRUST MONEY FUND PORTFOLIO FUND FUND FUND MONEY FUND CASH
------------- -------------- ------------- ------------ ---------- ------------- ------------ -------------
ADDITIONS:
Investment
income:
Net
appreciation
(depreciation)
in fair
value of
investments.. $ -- $ -- $ 1,991,087 $ 146,059 $ 17,362 $ (452,227) $ -- $ --
Dividends
and
interest.. 2,853,254 6,206,041 102,761 1,478,928 65,222 1,983,803 701,343 --
------------- -------------- ------------- ------------ ---------- ------------- ------------ -------------
Total
investment
income.... 2,853,254 6,206,041 2,093,848 1,624,987 82,584 1,531,576 701,343 --
Contributions
and
rollovers
to the
Plan...... 5,801,394 17,843,979 2,635,987 1,293,439 120,895 5,658,008 -- 4,710,074
------------- -------------- ------------- ------------ ---------- ------------- ------------ -------------
Total
additions.. 8,654,648 24,050,020 4,729,835 2,918,426 203,479 7,189,584 701,343 4,710,074
DEDUCTIONS:
Disbursements
of
benefits
to
beneficiaries
or
employees.. 5,485,707 16,315,158 239,342 166,127 31,774 1,403,400 -- --
Administrative
expenses.. -- -- -- -- -- -- 651,986 --
TRANSFERS
AMONG
FUNDS..... 8,243,193 6,142,097 11,272,204 60,419 17,010 (2,662,741) (190,642) (27,563,560)
------------- -------------- ------------- ------------ ---------- ------------- ------------ -------------
NET INCREASE
(DECREASE).. 11,412,134 13,876,959 15,762,697 2,812,718 188,715 3,123,443 (141,285) (22,853,486)
NET ASSETS
AVAILABLE
FOR
BENEFITS:
Beginning of
year...... 43,763,333 121,521,811 -- 6,834,199 397,132 21,144,376 1,061,788 27,563,560
------------- -------------- ------------- ------------ ---------- ------------- ------------ -------------
End of
year...... $ 55,175,467 $ 135,398,770 $ 15,762,697 $ 9,646,917 $ 585,847 $ 24,267,819 $ 920,503 $ 4,710,074
------------- -------------- ------------- ------------ ---------- ------------- ------------ -------------
------------- -------------- ------------- ------------ ---------- ------------- ------------ -------------
EMPLOYER
CONTRIBUTION 1996
RECEIVABLE TOTAL
------------ ----------------
ADDITIONS:
Investment
income:
Net
appreciation
(depreciation)
in fair
value of
investment $ -- $175,400,445
Dividends
and
interest.. -- 101,896,155
------------ ----------------
Total
investment
income.... -- 277,296,600
Contribution
and
rollovers
to the
Plan...... -- 190,163,518
------------ ----------------
Total
additions.. -- 467,460,118
DEDUCTIONS:
Disbursement
of
benefits
to
beneficiaries
or
employees.. -- 86,965,176
Administrative
expenses.. -- 651,986
TRANSFERS
AMONG
FUNDS..... (1,013,423) --
------------ ----------------
NET INCREASE
(DECREASE).. (1,013,423) 379,842,956
NET ASSETS
AVAILABLE
FOR
BENEFITS:
Beginning of
year...... 1,013,423 1,296,219,428
------------ ----------------
End of
year...... $ -- $1,676,062,384
------------ ----------------
------------ ----------------
(Continued)
9
MERRILL LYNCH--1995
------------------------------------------------------------------------------------------------------
CORPORATE CORPORATE
CORPORATE BOND FUND - BOND FUND -
GSIF U.S. GOV. BOND FUND - INTERMEDIATE INVESTMENT
MERRILL LYNCH ZERO COUPON BALANCED BASIC VALUE CAPITAL HIGH INCOME TERM GRADE
& CO., INC.* BOND SERIES 3 FUND FUND FUND PORTFOLIO PORTFOLIO PORTFOLIO
-------------- -------------- ---------- -------------- -------------- ------------- ------------ -------------
ADDITIONS:
Investment
income:
Net
appreciation
(depreciation)
in fair
value of
investments.. $ 52,730,993 $ 7,646,517 $ 29,620 $ 51,523,367 $ 24,942,374 $ 1,591,573 $ 736,947 $ 4,317,875
Dividends
and
interest.. 3,695,446 120,951 -- 12,032,278 18,718,110 2,533,480 521,629 2,761,742
-------------- -------------- ---------- -------------- -------------- ------------- ------------ -------------
Total
investment
income.... 56,426,439 7,767,468 29,620 63,555,645 43,660,484 4,125,053 1,258,576 7,079,617
Contributions
and
rollovers to
the Plan.... 18,520,279 3,325,362 120,221 27,831,754 21,059,945 1,522,916 129,091 5,717,484
Transfers
from
Puerto
Rico
401(k)
Plan...... 132,823 22,035 -- 70,276 46,642 -- -- 3,119
-------------- -------------- ---------- -------------- -------------- ------------- ------------ -------------
Total
additions.. 75,079,541 11,114,865 149,841 91,457,675 64,767,071 5,647,969 1,387,667 12,800,220
DEDUCTIONS:
Disbursements
of
benefits
to
beneficiaries
or
employees.. 10,117,119 1,263,329 21,252 12,327,116 9,265,416 1,429,453 549,571 2,810,131
Administrative
expenses.. -- -- -- -- -- -- -- --
TRANSFERS
AMONG
FUNDS..... (5,969,221) (1,169,560) (3,124) (2,377,058) (2,281,244) 3,582,303 (153,268) (2,293,440)
-------------- -------------- ---------- -------------- -------------- ------------- ------------ -------------
NET INCREASE
(DECREASE).. 58,993,201 8,681,976 125,465 76,753,501 53,220,411 7,800,819 684,828 7,696,649
NET ASSETS
AVAILABLE
FOR
BENEFITS:
Beginning of
year...... 130,751,418 28,929,040 151,274 186,340,976 127,121,810 19,937,707 7,208,046 34,428,609
-------------- -------------- ---------- -------------- -------------- ------------- ------------ -------------
End of
year...... $ 189,744,619 $ 37,611,016 $ 276,739 $ 263,094,477 $ 180,342,221 $ 27,738,526 $ 7,892,874 $ 42,125,258
-------------- -------------- ---------- -------------- -------------- ------------- ------------ -------------
-------------- -------------- ---------- -------------- -------------- ------------- ------------ -------------
EURO EQUITY
FUND INDEX TRUST
------------- -------------
ADDITIONS:
Investment
income:
Net
appreciation
(depreciation)
in fair
value of
investment $ 325,596 $ 8,607,283
Dividends
and
interest.. 819,149 --
------------- -------------
Total
investment
income..... 1,144,745 8,607,283
Contributions
and
rollovers to
the Plan..... 1,753,338 5,599,638
Transfers
from
Puerto
Rico
401(k)
Plan...... -- 503
------------- -------------
Total
additions.. 2,898,083 14,207,424
DEDUCTIONS:
Disbursements
of
benefits
to
beneficiaries
or
employees.. 348,513 1,957,178
Administrative
expenses.. -- --
TRANSFERS
AMONG
FUNDS..... (1,930,741) 19,621
------------- -------------
NET INCREASE
(DECREASE).. 618,829 12,269,867
NET ASSETS
AVAILABLE
FOR
BENEFITS:
Beginning of
year...... 11,199,977 20,725,485
------------- -------------
End of
year...... $ 11,818,806 $ 32,995,352
------------- -------------
------------- -------------
(Continued)
10
MERRILL LYNCH--1995
------------------------------------------------------------------------
GLOBAL GLOBAL GLOBAL GLOBAL GLOBAL
FUND FOR ALLOCATION BOND CONVERTIBLE HOLDINGS RESOURCES
TOMORROW FUND FUND FUND FUND TRUST
-------- ------------ ---------- ----------- ---------- ----------
ADDITIONS:
Investment income:
Net appreciation (depreciation) in fair value
of investments.............................. $37,037 $ 14,506,569 $ 67,675 $ (3,864) $ 263,427 $ 313,050
Dividends and interest........................ 51,024 11,106,695 88,503 69,269 192,391 31,938
-------- ------------ ---------- ----------- ---------- ----------
Total investment income .................. 88,061 25,613,264 156,178 65,405 455,818 344,988
Contributions and rollovers to the Plan......... 102,983 23,370,203 178,064 110,201 663,769 424,278
Transfers from Puerto Rico 401(k) Plan.......... -- 130,364 -- -- -- --
-------- ------------ ---------- ----------- ---------- ----------
Total additions........................... 191,044 49,113,831 334,242 175,606 1,119,587 769,266
DEDUCTIONS:
Disbursements of benefits to beneficiaries or
employees..................................... 30,396 5,957,854 34,129 30,848 119,146 161,493
Administrative expenses......................... -- -- -- -- -- --
TRANSFERS AMONG FUNDS............................. 146,814 (10,506,404) (447,808) (54,821) (667,179) (1,107,665)
-------- ------------ ---------- ----------- ---------- ----------
NET INCREASE (DECREASE)........................... 307,462 32,649,573 (147,695) 89,937 333,262 (499,892)
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year............................... 298,539 104,757,189 1,251,705 533,618 3,252,156 3,905,704
-------- ------------ ---------- ----------- ---------- ----------
End of year..................................... $606,001 $137,406,762 $1,104,010 $623,555 $3,585,418 $3,405,812
-------- ------------ ---------- ----------- ---------- ----------
-------- ------------ ---------- ----------- ---------- ----------
GLOBAL
UTILITY GROWTH HEALTHCARE PACIFIC PHOENIX
FUND FUND FUND FUND FUND
---------- ----------- ---------- ----------- ----------
ADDITIONS:
Investment income:
Net appreciation (depreciation) in fair value
of investments.............................. $ 353,932 $12,340,773 $1,326,987 $ 1,641,509 $1,017,680
Dividends and interest........................ 122,511 7,660,538 210,199 1,073,537 502,783
---------- ----------- ---------- ----------- ----------
Total investment income .................. 476,443 20,001,311 1,537,186 2,715,046 1,520,463
Contributions and rollovers to the Plan......... 413,243 15,786,547 618,425 5,233,809 2,375,733
Transfers from Puerto Rico 401(k) Plan.......... -- 135,185 -- 29,459 --
---------- ----------- ---------- ----------- ----------
Total additions........................... 889,686 35,923,043 2,155,611 7,978,314 3,896,196
DEDUCTIONS:
Disbursements of benefits to beneficiaries or
employees..................................... 74,905 3,820,297 204,389 1,189,536 357,327
Administrative expenses......................... -- -- -- -- --
TRANSFERS AMONG FUNDS............................. (521,414) 4,208,693 687,934 9,741,739 967,512
---------- ----------- ---------- ----------- ----------
NET INCREASE (DECREASE)........................... 293,367 36,311,439 2,639,156 16,530,517 4,506,381
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year............................... 2,035,903 43,815,252 2,614,124 18,777,662 5,024,559
---------- ----------- ---------- ----------- ----------
End of year..................................... $2,329,270 $80,126,691 $5,253,280 $35,308,179 $9,530,940
---------- ----------- ---------- ----------- ----------
---------- ----------- ---------- ----------- ----------
(Continued)
11
MERRILL LYNCH--1995
----------------------------------------------------------------------------
CASH
RETIREMENT RETIREMENT SPECIAL STRATEGIC MANAGEMENT
PRESERVATION RESERVES VALUE DIVIDEND TECHNOLOGY ACCOUNT
TRUST MONEY FUND FUND FUND FUND MONEY FUND
------------ ------------ ---------- --------- ----------- ----------
ADDITIONS:
Investment income:
Net appreciation (depreciation) in fair value
of investments.............................. $ -- $ -- $ 686,122 $ 43,005 $ 38,195 $ --
Dividends and interest........................ 3,902,438 5,839,312 276,035 43,219 1,285,158 919,831
------------ ------------ ---------- --------- ----------- ----------
Total investment income................... 3,902,438 5,839,312 962,157 86,224 1,323,353 919,831
Contributions and rollovers to the Plan......... 6,471,761 19,814,132 1,041,149 91,048 5,912,654 --
Transfers from Puerto Rico 401(k) Plan.......... 2,028 27,267 -- -- 7,204 --
------------ ------------ ---------- --------- ----------- ----------
Total additions........................... 10,376,227 25,680,711 2,003,306 177,272 7,243,211 919,831
DEDUCTIONS:
Disbursements of benefits to beneficiaries or
employees..................................... 4,690,406 16,267,718 140,021 4,436 892,870 --
Administrative expenses......................... -- -- -- -- -- 538,063
TRANSFERS AMONG FUNDS............................. 40,818 (5,521,599) 3,138,055 63,337 593,531 (2,372,720)
------------ ------------ ---------- --------- ----------- ----------
NET INCREASE (DECREASE)........................... 5,726,639 3,891,394 5,001,340 236,173 6,943,872 (1,990,952)
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year............................... 38,036,694 117,630,417 1,832,859 160,959 14,200,504 3,052,740
------------ ------------ ---------- --------- ----------- ----------
End of year..................................... $43,763,333 $121,521,811 $6,834,199 $397,132 $21,144,376 $1,061,788
------------ ------------ ---------- --------- ----------- ----------
------------ ------------ ---------- --------- ----------- ----------
EMPLOYER
CONTRIBUTIONS 1995
CASH RECEIVABLE TOTAL
----------- ------------- --------------
ADDITIONS:
Investment income:
Net appreciation (depreciation) in fair value
of investments.............................. $ -- $ -- $ 185,084,242
Dividends and interest........................ -- -- 74,578,166
----------- ------------- --------------
Total investment income................... -- -- 259,662,408
Contributions and rollovers to the Plan......... -- -- 168,188,027
Transfers from Puerto Rico 401(k) Plan.......... 7,954 -- 614,859
----------- ------------- --------------
Total additions........................... 7,954 -- 428,465,294
DEDUCTIONS:
Disbursements of benefits to beneficiaries or
employees..................................... -- -- 74,064,849
Administrative expenses......................... -- -- 538,063
TRANSFERS AMONG FUNDS............................. 14,040,801 146,108 --
----------- ------------- --------------
NET INCREASE (DECREASE)........................... 14,048,755 146,108 353,862,382
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year............................... 13,514,805 867,315 942,357,046
----------- ------------- --------------
End of year..................................... $27,563,560 $1,013,423 $1,296,219,428
----------- ------------- --------------
----------- ------------- --------------
*Party-in-interest as defined by ERISA
(Concluded)
12
THE MERRILL LYNCH & CO., INC.
401(k) SAVINGS & INVESTMENT PLAN
SUPPLEMENTAL SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1996
- -------------------------------------------------------------------------------
NUMBER OF MARKET
DESCRIPTION SHARES COST VALUE
- ------------------------------------------------------------ ---------------- ---------------- --------------
COMMON STOCK:
Merrill Lynch & Co., Inc.* 3,688,039 $ 149,761,478 $ 301,273,051
FUNDS AND TRUSTS:
GSIF U.S. Gov. Zero Coupon Bond Series 3--Various Trusts 1,028,477 47,856,049 56,010,756
Merrill Lynch:
Basic Value Fund 10,128,953 235,671,152 313,997,550
Capital Fund 6,396,594 177,572,791 198,614,241
Corporate Bond Fund--High Income Portfolio 4,633,608 35,683,388 37,115,198
Corporate Bond Fund--Intermediate Term Portfolio 677,666 7,649,436 7,718,619
Corporate Bond Fund--Investment Grade Portfolio 40,353,543 46,245,641 45,680,209
Equity Index Trust 954,579 31,780,822 47,537,096
Euro Fund 1,016,692 15,192,377 15,240,208
Fund for Tomorrow 56,658 932,207 899,732
Global Allocation Fund 12,574,807 168,368,658 182,963,445
Global Bond Fund 93,100 891,412 898,640
Global Convertible Fund 78,984 841,407 832,489
Global Holdings Fund 388,981 4,596,890 4,772,857
Global Resources Trust 200,385 3,328,988 3,713,133
Global Utility Fund 178,585 2,395,411 2,643,064
Growth Fund 5,325,960 111,834,311 139,167,339
Healthcare Fund 1,433,497 6,696,942 7,052,806
Pacific Fund 2,286,843 50,865,113 49,350,075
Phoenix Fund 834,495 10,821,624 11,006,983
Retirement Preservation Trust 54,862,463 54,862,463 54,862,463
Retirement Reserves Money Fund 134,987,516 134,987,516 134,987,516
Select Ten Retirement Portfolio 13,138,719 13,917,142 15,764,916
Special Value Fund 541,999 9,335,179 9,663,857
Strategic Dividend Fund 46,034 568,997 583,714
Technology Fund 4,872,697 25,382,534 24,266,029
Cash Management Account Money Fund 920,504 920,504 920,504
---------------- --------------
Total Funds and Trusts 1,199,198,954 1,366,263,439
---------------- --------------
TOTAL INVESTMENTS $ 1,348,960,432 $1,667,536,490
---------------- --------------
---------------- --------------
* Party-in-interest as defined by ERISA.
-13-
THE MERRILL LYNCH & CO., INC.
401(k) SAVINGS & INVESTMENT PLAN
SUPPLEMENTAL SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1996
- ------------------------------------------------------------------------------
COST OF
ASSETS
PURCHASES SALES SOLD GAIN
------------- ------------- ------------- --------------
COMMON STOCK:
Merrill Lynch & Co., Inc.* $ 64,631,123 (455) $ 60,814,993 (855) $ 35,802,969 $ 25,012,024
FUNDS:
Merrill Lynch Basic 64,328,986 (510) 31,609,943 (1,107) 23,715,116 7,894,827
Value Fund
Merrill Lynch Retirement 50,504,488 (323) 39,404,553 (300) 39,404,553 --
Preservation Trust
Merrill Lynch Retirement 88,211,362 (322) 74,744,619 (320) 74,744,619 --
Reserves Money Fund
Merrill Lynch Cash 196,910,072 (208) 202,509,705 (102) 202,509,705 --
Management Money Fund
NOTES:
Reportable transactions, required to be reported herein, are defined in
Section 2520.103-6, Chapter XXV Title 29 (Rules and Regulations for Reporting
and Disclosure under the Employee Retirement Income Security Act of 1974).
The figures in parentheses represent the number of purchases or sales included
in the reported dollar amounts.
*Party-in-interest as defined by ERISA.
14
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
Merrill Lynch & Co., Inc.
We hereby consent to the use in this Form 11-K annual Report of our opinion
dated June 24, 1997 (relating to the financial statements of the Merrill
Lynch & Co., Inc. 401(k) Savings & Investment Plan) appearing in Item (a) of
such Form 11-K.
/s/ Deloitte & Touche LLP
New York, New York
June 26, 1997