<ARTICLE> 6
<SERIES>
   <NUMBER> 02
   <NAME> MERRILL LYNCH SMALL CAP INDEX SERIES
       
                             
<PERIOD-TYPE>                   OTHER
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             APR-09-1997
<PERIOD-END>                               DEC-31-1997
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<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      87980250
<SHARES-COMMON-STOCK>                                0
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<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 (83593)
<NET-INVESTMENT-INCOME>                         809135
<REALIZED-GAINS-CURRENT>                       1553214
<APPREC-INCREASE-CURRENT>                      7764859
<NET-CHANGE-FROM-OPS>                         10127208
<EQUALIZATION>                                       0
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