EXHIBIT 21
Subsidiaries of the Registrant
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The following are subsidiaries of ML & Co. as of February 26, 2002 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
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Merrill Lynch & Co., Inc. Delaware
Merrill Lynch, Pierce, Fenner & Smith Incorporated/1/ Delaware
Broadcort Capital Corp. 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 Limited/4/ England
Merrill Lynch Investment Managers Holdings Limited England
Merrill Lynch Investment Managers Limited England
Merrill Lynch Investment Managers, L.P./5/ Delaware
MLIM Alternative Strategies LLC Delaware
Merrill Lynch Capital Partners, Inc. Delaware
Merrill Lynch Bank & Trust Co. New Jersey
Merrill Lynch Insurance Group, Inc. Delaware
Merrill Lynch Life Insurance Company Arkansas
ML Life Insurance Company of New York New York
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. Delaware
Merrill Lynch Trust Company FSB New Jersey
MLDP Holdings, Inc./6/ Delaware
Merrill Lynch Derivative Products AG Switzerland
ML IBK Positions, Inc. Delaware
Merrill Lynch Capital Corporation Delaware
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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 Merrill Lynch Group, Inc. owns 100% of this corporation's outstanding common
voting stock. 100% of the outstanding preferred voting stock is held by outside
parties.
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 Business Financial Services Inc. Delaware
Merrill Lynch Credit Corporation Delaware
Merrill Lynch New Jersey Investment Corporation New Jersey
Merrill Lynch Utah Investment Corporation Utah
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) Limited/8/ 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 Limited England
Merrill Lynch International/9/ England
Merrill Lynch Capital Markets Espana S.A. S.V.B. Spain
Merrill Lynch (Singapore) Pte. Ltd./10/ Singapore
Merrill Lynch South Africa (Pty) Ltd./11/ South Africa
Merrill Lynch Mexico, S.A. de C.V., Casa de Bolsa Mexico
Merrill Lynch S.A. Sociedad de Bolsa Argentina
Banco Merrill Lynch S.A. Brazil
Merrill Lynch S.A. Luxembourg
Merrill Lynch Europe Ltd. Cayman Islands, British West Indies
Merrill Lynch France S.A. France
Merrill Lynch Finance S.A. France
Merrill Lynch Capital Markets (France) S.A. France
Merrill Lynch, Pierce, Fenner & Smith SAF 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
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7 This corporation has more than 45 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.
11 Partially owned by another indirect subsidiary of ML & Co.