EXHIBIT 21

Subsidiaries of the Registrant

The following are subsidiaries of ML & Co. as of February 24, 2004 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.

             
Name State or Jurisdiction of Entity
Merrill Lynch & Co., Inc.
  Delaware
 
Merrill Lynch, Pierce, Fenner & Smith Incorporated1
  Delaware
   
Merrill Lynch Life Agency Inc.2
  Washington
   
Merrill Lynch Professional Clearing Corp.3
  Delaware
 
Merrill Lynch Capital Services, Inc.
  Delaware
 
Merrill Lynch Government Securities, Inc.
  Delaware
   
Merrill Lynch Money Markets Inc.
  Delaware
 
Merrill Lynch Group, Inc.
  Delaware
   
Merrill Lynch Investment Managers Group Limited4
  England
     
Merrill Lynch Investment Managers Holdings Limited
  England
     
Merrill Lynch Investment Managers Limited
  England
   
Fund Asset Management, L.P.5
  Delaware
   
Merrill Lynch Investment Managers, L.P.5
  Delaware
     
Merrill Lynch Investment Managers, LLC
  Delaware
     
Merrill Lynch Alternative Investments LLC
  Delaware
   
Merrill Lynch Bank & Trust Co.
  New Jersey
     
Financial Data Services, Inc.
  Florida
       
ML Mortgage Holdings Inc.
  Delaware
   
Merrill Lynch Insurance Group, Inc.
  Delaware
     
Merrill Lynch Life Insurance Company
  Arkansas
     
ML Life Insurance Company of New York
  New York
     
Roszel Advisors, LLC
  Delaware
   
Merrill Lynch International Finance Corporation
  New York
     
Merrill Lynch International Bank Limited
  England
       
Merrill Lynch Bank (Suisse) S.A.
  Switzerland
     
Merrill Lynch Group Holdings Limited
  Ireland
       
Merrill Lynch Capital Markets Bank Limited
  Ireland
   
Merrill Lynch Mortgage Capital Inc.6
  Delaware
   
Merrill Lynch Trust Company, FSB
  Federal
   
Merrill Lynch Fiduciary Services, Inc.
  New York
   
MLDP Holdings, Inc.
  Delaware
     
Merrill Lynch Derivatives Products AG
  Switzerland

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

2 Similarly named affiliates and subsidiaries that engage in the sale of 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 Princeton Services, Inc. is general partner and ML & Co. is limited partner.
6 Held through several intermediate subsidiaries.

 

             
 
ML IBK Positions, Inc.
  Delaware
   
Merrill Lynch Capital Corporation
  Delaware
 
ML Leasing Equipment Corp.7
  Delaware
 
Merrill Lynch Canada Holdings Company
  Nova Scotia
   
Merrill Lynch Canada Finance Company
  Nova Scotia
   
Merrill Lynch & Co., Canada Ltd.
  Ontario
     
Merrill Lynch Canada Inc.
  Canada
Merrill Lynch Bank USA
  Utah
 
Merrill Lynch Bank USA Funding Corporation
  Delaware
 
Merrill Lynch Business Financial Services Inc.
  Delaware
 
Merrill Lynch Credit Corporation
  Delaware
   
Merrill Lynch NJ Investment Corporation
  New Jersey
 
Merrill Lynch Utah Investment Corporation
  Utah
 
Merrill Lynch Community Development Company, LLC
  New Jersey
 
Merrill Lynch Commercial Finance Corp.
  Delaware
Merrill Lynch International Incorporated
  Delaware
 
Merrill Lynch (Australasia) Pty Limited
  New South Wales, Australia
   
Merrill Lynch Finance (Australia) Pty Limited
  Victoria, Australia
   
Merrill Lynch International (Australia) Limited8
  New South Wales, Australia
 
Merrill Lynch International Holdings Inc.
  Delaware
   
Merrill Lynch Bank and Trust Company (Cayman) Limited
  Cayman Islands, British West Indies
   
Merrill Lynch Capital Markets AG
  Switzerland
   
Merrill Lynch Europe PLC
  England
     
Merrill Lynch Holdings Limited9
  England
       
Merrill Lynch International10
  England
     
Merrill Lynch Capital Markets Espana S.A. S.V.
  Spain
     
Merrill Lynch (Singapore) Pte. Ltd.11
  Singapore
   
Merrill Lynch South Africa (Pty) Ltd.12
  South Africa
   
Merrill Lynch Mexico, S.A. de C.V., Casa de Bolsa
  Mexico
   
Merrill Lynch Argentina S.A.
  Argentina
   
Merrill Lynch Pierce Fenner & Smith de Argentina S.A.F.M. y de M
  Argentina
   
Banco Merrill Lynch de Investimentos S.A.
  Brazil
   
Merrill Lynch S.A.
  Luxembourg
   
Merrill Lynch Europe Ltd.
  Cayman Islands, British West Indies
   
Merrill Lynch France S.A.S.
  France
     
Merrill Lynch Capital Markets (France) S.A.S.
  France
     
Merrill Lynch, Pierce, Fenner & Smith SAS
  France
   
Merrill Lynch (Asia Pacific) Limited
  Hong Kong
     
Merrill Lynch Far East Limited
  Hong Kong
 
Merrill Lynch Japan Securities Co., Ltd.
  Japan
   
Merrill Lynch Japan Finance Co., Ltd.
  Japan

7 This corporation has more than 32 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 Held through an intermediate subsidiary.
10 Partially owned by another indirect subsidiary of ML & Co.
11 Held through intermediate subsidiaries.
12 Partially owned by another indirect subsidiary of ML & Co.