EXHIBIT 21

Subsidiaries of the Registrant

The following are subsidiaries of ML & Co. as of February 27, 2003 and the states or jurisdictions in which they are organized. Indentation indicates the principal parent of each subsidiary. Except as otherwise specified, in each case ML & Co. owns, directly or indirectly, at least 99% of the voting securities of each subsidiary. The names of particular subsidiaries have been omitted because, considered in the aggregate as a single subsidiary, they would not constitute, as of the end of the year covered by this report, a “significant subsidiary” as that term is defined in Rule 1.02(w) of Regulation S-X under the Securities Exchange Act of 1934.

¹ MLPF&S also conducts business as “Merrill Lynch & Co.”

² Similarly named affiliates and subsidiaries that engage in the sale of life insurance and annuity products are incorporated in various other jurisdictions.

³ The preferred stock of the corporation is owned by an unaffiliated group of investors.

⁴ Held through several intermediate holding companies.

⁵ Merrill Lynch Investment Managers, L.P. is a limited partnership whose general partner is Princeton Services, Inc. and whose limited partner is ML & Co.

⁶ Held through an intermediate subsidiary.

⁷ This corporation has more than 40 direct or indirect subsidiaries operating in the United States and serving as either general partners or associate general partners of limited partnerships.

⁸ Held through an intermediate subsidiary.

⁹ Partially owned by another indirect subsidiary of ML & Co.

¹⁰ Held through intermediate subsidiaries.

¹¹Partially owned by another indirect subsidiary of ML & Co.