MERRILL LYNCH CORPORATE BOND INDEXES

Performance Comparisons for November 27, 1995

Aaa - Baa Rated Corporates

Index Avg. Pct. of Total Return %

Close Yield Market Prior Wk. Y-T-D

ML Corporate Master 800.92 6.83 100.00 0.28 18.76

Intermediate (1-10 years) 581.77 6.46 62.01 0.22 16.11

Industrials 202.97 6.52 17.50 0.21 16.29

Utilities 201.13 6.45 9.16 0.27 16.12

Finance 199.89 6.35 14.15 0.19 15.45

Banks 212.93 6.51 7.81 0.26 17.11

Canadians/Yankees 208.83 6.39 12.12 0.25 16.99

Long-term (10 years and over) 622.95 7.45 37.99 0.36 22.67

Industrials 238.06 7.47 13.71 0.43 23.43

Utilities 237.29 7.55 11.42 0.27 21.86

Finance 227.75 7.15 2.91 0.45 23.35

Banks 232.32 7.03 1.80 0.43 22.10

Canadians/Yankees 304.94 7.49 6.34 0.41 24.47

Index values reflect the compounded total return growth of each respective market, with values set at 100 at inception dates. Total return the sum of price change, interest income and reinvestment income. Source: Merrill Lynch Capital Markets ===