Merrill Lynch Capital Trust I is a statutory trust established to issue capital securities, which represent undivided beneficial interests in Income Capital Obligation Notes (ICONs). These ICONs were issued by Merrill Lynch & Co., Inc., an entity that was subsequently acquired by Bank of America. The trust's primary operation involves holding these junior subordinated debt instruments and passing through the fixed interest payments from the ICONs, at a guaranteed annual rate of 6.45%, to the holders of its capital securities.