EX-21

EXHIBIT 21

Subsidiaries of the Registrant

The following are subsidiaries of ML & Co. as of December 30, 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 Singapore Commodities Pte. Ltd.		Singapore
The Advest Group, Inc.		Delaware
Advest, Inc.		Delaware
Advest Insurance Agency, Inc.		Massachusetts
Balanced Capital Services, Inc.		Connecticut
Vercoe Insurance Agency, Inc.		Ohio
Merrill Lynch Capital Services, Inc.		Delaware
Merrill Lynch Commodities, Inc.		Delaware
Merrill Lynch Commodities (Europe) Holdings Limited⁴		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 Holdings (Mauritius) Limited⁵		Mauritius
Merrill Lynch (Mauritius) Investments Limited		Mauritius
ML Invest Holdings Limited⁶		England
Merrill Lynch Investment Managers Group Limited⁷		England
Mercury Carry Company Ltd. (Isle of Man)		Isle of Man
Merrill Lynch Pensions Limited		England
Merrill Lynch Investment Managers Holdings Limited⁸		England
Merrill Lynch Fund Managers 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.

⁵		Merrill Lynch Group, Inc. and Merrill Lynch International Incorporated each hold fifty percent of this entity.

⁶		Held through several intermediate holding companies.

⁷		Held through several intermediate holding companies.

⁸		Held through several intermediate holding companies.


Merrill Lynch Investment Managers Limited⁹		England
Merrill Lynch Investment Managers Società di Gestione del Risparmio S.p.A.		Italy
Merrill Lynch Investment Managers International Limited¹⁰		England
Merrill Lynch Investment Managers (Finance) Limited		England
Merrill Lynch Investment Managers Holdings B.V.¹¹		Netherlands
Merrill Lynch Investment Managers (Netherlands) B.V		Netherlands
Merrill Lynch Investment Managers (Channel Islands) Limited		England
Merrill Lynch Investment Managers (Dublin) Limited		Ireland
Merrill Lynch Investment Managers (Luxembourg) S.A.		Luxembourg
Merrill Lynch Investment Managers Limited (Australia)		Australia
Merrill Lynch Investment Managers (Isle of Man) Holdings Limited		Isle of Man
Merrill Lynch Fund Managers (Isle of Man) Limited		Isle of Man
Merrill Lynch Insurance PCC Limited		Isle of Man
Princeton Services, Inc.		Delaware
Fund Asset Management, L.P.¹²		Delaware
IQ Investment Advisors LLC		Delaware
Princeton Administrators, L.P.¹²		Delaware
Merrill Lynch Investment Managers, L.P.¹²		Delaware
Merrill Lynch Investment Managers Co., Ltd.		Japan
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 Group Holdings Limited		Ireland
Merrill Lynch Capital Markets Bank Limited		Ireland
Merrill Lynch International Bank Limited¹³		England
Mortgages 1 Limited		England
Majestic Acquisitions Limited		England
Mortgage Holdings Limited		England
Mortgages PLC		England
Merrill Lynch Bank (Suisse) S.A.		Switzerland
MLBS Fund Management S.A.		Switzerland
Merrill Lynch Diversified Investments, LLC		Delaware
Merrill Lynch Credit Products, LLC		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



⁹		Held through several intermediate holding companies.

¹⁰		Held through several intermediate holding companies.

¹¹		Held through several intermediate holding companies.

¹²		Princeton Services, Inc. is the general partner and ML & Co. is the limited partner of these partnerships.

¹³		Held through several intermediate holding companies.


ML Leasing Equipment Corp.¹⁴		Delaware
Merrill Lynch Canada Holdings Company		Nova Scotia
Merrill Lynch Canada Finance Company¹⁵		Nova Scotia
Merrill Lynch & Co., Canada Ltd.¹⁶		Ontario
Merrill Lynch Financial Assets Inc.		Canada
Merrill Lynch Canada Inc.¹⁷		Canada
Merrill Lynch Bank USA		Utah
MLBUSA Funding Corporation		Delaware
Merrill Lynch Business Financial Services Inc.¹⁸		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 Asia Limited		Taiwan
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
Equity Margins Ltd.		Victoria, Australia
Merrill Lynch (Australia) Pty. Ltd.		New South Wales, Australia
Merrill Lynch Equities (Australia) Limited		Victoria, Australia
Merrill Lynch Private (Australia) Limited		New South Wales, Australia
Berndale Securities Limited		Victoria, Australia
Merrill Lynch (Australia) Nominees Pty Limited		New South Wales, Australia
Merrill Lynch International (Australia) Limited		New South Wales, Australia
Merrill Lynch (Australia) Futures Limited		New South Wales, Australia
Merrill Lynch Japan Securities Co., Ltd.		Japan
Merrill Lynch Japan Finance Co., Ltd.		Japan
Merrill Lynch International Holdings Inc.		Delaware
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 Mexico, S.A. de C.V., Casa de Bolsa		Mexico



¹⁴		This corporation has 26 direct or indirect subsidiaries operating in the United States and serving as either general partners or associate general partners of limited partnerships.

¹⁵		Held through several intermediate holding companies.

¹⁶		Held through several intermediate holding companies.

¹⁷		Held through several intermediate holding companies.

¹⁸		Also conducts business under the name “Merrill Lynch Capital.”


PT Merrill Lynch Indonesia¹⁹		Indonesia
Merrill Lynch (Asia Pacific) Limited		Hong Kong
Merrill Lynch Far East Limited		Hong Kong
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 AG²⁰		Switzerland
Merrill Lynch Europe PLC²¹		England
Merrill Lynch Administration Services (Luxembourg) S.à r.l.		Luxembourg
Merrill Lynch Asset Management U.K. Limited		England
Merrill Lynch Global Asset Management Limited		England
Merrill Lynch, Pierce, Fenner & Smith Limited		England
ML UK Capital Holdings²²		England
Merrill Lynch International²³		England
Merrill Lynch Europe Intermediate Holdings		England
Merrill Lynch Capital Markets España S.A., S.V.		Spain
Merrill Lynch (Singapore) Pte. Ltd.²⁴		Singapore
Merrill Lynch South Africa (Pty) Ltd.²⁵		South Africa
Merrill Lynch Argentina S.A.		Argentina
Merrill Lynch Pierce Fenner & Smith de Argentina S.A.F.M. y de M²⁶		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
Herzog, Heine, Geduld, LLC		Delaware
Merrill Lynch Financial Markets Inc.		Delaware
The Princeton Retirement Group, Inc.		Delaware
GPC Securities, Inc.		Georgia


¹⁹		Merrill Lynch International Holdings Inc. has an 80% stake in this entity through a joint venture.

²⁰		Also conducts business under the names “Merrill Lynch Capital Markets S.A.” and “Merrill Lynch Capital Markets Ltd.”

²¹		Held through several intermediate holding companies.

²²		Held through several intermediate holding companies.

²³		Partially owned by another indirect subsidiary of ML & Co.

²⁴		Held through intermediate subsidiaries.

²⁵		Held through intermediate subsidiaries.

²⁶		Partially owned by another direct subsidiary of ML & Co.