Exhibit 21

Subsidiaries of the Registrant

The following are subsidiaries of ML & Co. as of February 22, 2005 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 Commodities, Inc.
  Delaware
Merrill Lynch Commodities (Europe) Holdings Limited
  England
Merrill Lynch Commodities (Europe) Limited
  England
     Merrill Lynch Commodities (Europe) Trading Limited
  England
     Merrill Lynch Commodities GmbH
  Germany
Merrill Lynch Government Securities, Inc.
  Delaware
Merrill Lynch Money Markets Inc.
  Delaware
Merrill Lynch Group, Inc.
  Delaware
Investor Protection Insurance Company
  Vermont
Merrill Lynch Credit Reinsurance Limited
  Bermuda
FAM Distributors, Inc.
  Delaware
Merrill Lynch Investment Managers Group Limited4
  England
Merrill Lynch Investment Managers (Channel Island) Limited4
  England
Merrill Lynch Investment Managers (Dublin) Limited4
  Ireland
Merrill Lynch Investment Managers Limited (Australia)4
  Australia
Merrill Lynch Pensions Limited
  England
Merrill Lynch Investment Managers (Isle of Man) Holdings Limited4
  Isle of Man
     Merrill Lynch Fund Managers (Isle of Man) Limited
  Isle of Man
Merrill Lynch Investment Managers Holdings Limited
  England
Merrill Lynch Investment Managers Limited
  England
     Merrill Lynch Fund Managers Limited
  England
     Merrill Lynch Investment Managers Società di Gestione del Risparmio S.p.A.
  Italy
     Merrill Lynch Investment Managers International Limited
  England


1   Also conducts business under the name “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.

 


 

     
Princeton Services, Inc.
  Delaware
Fund Asset Management, L.P.5
  Delaware
     IQ Investment Advisors LLC
  Delaware
Merrill Lynch Investment Managers, L.P.5
  Delaware
     Merrill Lynch Investment Managers, LLC
  Delaware
     Merrill Lynch Alternative Investments LLC
  Delaware
Princeton Administrators, L.P.5
  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
     Majestic Acquisitions Limited
  England
          Mortgage Holdings Limited
  England
               Mortgages PLC
  England
               Genesis Home Loans PLC
  England
               Mortgages 1 Limited
  England
     Merrill Lynch Bank (Suisse) S.A.
  Switzerland
          MLBS Fund Management S.A.
  Switzerland
Merrill Lynch Group Holdings Limited
  Ireland
     Merrill Lynch Capital Markets Bank Limited
  Ireland
Merrill Lynch Diversified Investments, Inc.
  Delaware
Merrill Lynch Credit Products, L.L.C.
  Delaware
     Merrill Lynch Mortgage Capital Inc.
  Delaware
          Merrill Lynch Mortgage Lending, Inc.
  Delaware
          Wilshire Credit Corporation
  Delaware
Merrill Lynch Trust Company, FSB
  Federal
MLDP Holdings, Inc.
  Delaware
Merrill Lynch Derivatives Products AG
  Switzerland
ML IBK Positions, Inc.
  Delaware
Merrill Lynch PCG, Inc.
  Delaware
Merrill Lynch Capital Corporation
  Delaware
ML Leasing Equipment Corp.6
  Delaware
Merrill Lynch Canada Holdings Company
  Nova Scotia
Merrill Lynch Canada Finance Company
  Nova Scotia
Merrill Lynch & Co., Canada Ltd.
  Ontario
     Merrill Lynch Financial Assets Inc.
  Canada
     Merrill Lynch Canada Inc.
  Canada


 
5   Princeton Services, Inc. is the general partner and ML & Co. is the limited partner of these partnerships.
 
6   This corporation has 31 direct and indirect subsidiaries operating in the United States and serving as either general partners or associate general partners of limited partnerships

 


 

     
Merrill Lynch Bank USA
  Utah
MLBUSA Funding Corporation
  Delaware
Merrill Lynch Business Financial Services Inc.7
  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 Private Finance Inc.
  Delaware
Merrill Lynch International Incorporated
  Delaware
Merrill Lynch Futures (Hong Kong) Limited
  Hong Kong
Merrill Lynch Taiwan Limited
  Taiwan
Merrill Lynch International Bank
  Federal
Merrill Lynch Reinsurance Solutions LTD
  Bermuda
Merrill Lynch (Australasia) Pty Limited
  New South Wales, Australia
Merrill Lynch Finance (Australia) Pty Limited
  Victoria, Australia
Merrill Lynch Markets (Australia) Pty Limited
  New South Wales, Australia
     Merrill Lynch Private (Australia) Limited
  Victoria, Australia
     Merrill Lynch Equities (Australia) Limited
  Victoria, Australia
     Berndale Securities Limited
  Victoria, Australia
          Merrill Lynch (Australia) Nominees Pty Limited
  New South Wales, Australia
     Merrill Lynch International (Australia) Pty Limited
  New South Wales, Australia
          Merrill Lynch (Australia) Futures Limited
  New South Wales, Australia
          Merrill Lynch Private (Australia) Limited
  New South Wales, Australia
Merrill Lynch International Holdings Inc.
  Delaware
PT Merrill Lynch Indonesia
  Indonesia
Merrill Lynch Bank and Trust Company (Cayman) Limited
  Cayman Islands, British West Indies
     Institucion Financiera Externa Merrill Lynch Bank (Uruguay) S.A.
  Uruguay
     Merrill Lynch Española Agencia de Valores S.A.
  Spain
Merrill Lynch Capital Markets AG8
  Switzerland


7   Also conducts business under the name “Merrill Lynch Capital.”
 
8   Also conducts business under the names “Merrill Lynch Capital Markets S.A.” and “Merrill Lynch Capital Markets Ltd.”
 

 


 

     
Merrill Lynch Europe PLC
  England
     Merrill Lynch Asset Management U.K. Limited
  England
     Merrill Lynch Global Asset Management Limited
  England
     Merrill Lynch, Pierce, Fenner & Smith Limited
  England
     Merrill Lynch Administration Services (Luxembourg) S.à r.l.
  Luxembourg
     ML UK Capital Holdings9
  England
          Merrill Lynch International10
  England
     Merrill Lynch Capital Markets España 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. Corretora de Títulos e Valores Mobiliàrios
  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
Herzog, Heine, Geduld, LLC
  Delaware
Merrill Lynch Financial Markets Inc.
  Delaware


9   Held through intermediate subsidiaries.
 
10   Partially owned by another indirect subsidiary of ML & Co
 
11   Held through intermediate subsidiaries.
 
12   Held through intermediate subsidiaries.