EXHIBIT 21
----------
SUBSIDIARIES OF THE REGISTRANT
------------------------------
The following are subsidiaries of ML & Co. as of March 15, 1994 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(v) of Regulation S-X, under the
Securities Exchange Act of 1934.
STATE OR JURIS-
NAME DICTION OF ENTITY
- ---- -----------------
Merrill Lynch & Co., Inc. .................................... Delaware
Merrill Lynch, Pierce, Fenner & Smith Incorporated/1/...... Delaware
Broadcort Capital Corp. ................................ Delaware
Merrill Lynch & Co., Canada Ltd. ....................... Ontario
Merrill Lynch Canada Incorporated/Incorporee......... Nova Scotia
Merrill Lynch Life Agency Inc. ......................... Arizona
Merrill Lynch Life Agency Inc. ......................... Arkansas
Merrill Lynch Life Agency Inc. ......................... Idaho
Merrill Lynch Life Agency Inc. ......................... Illinois
Merrill Lynch Life Agency Inc. ......................... Massachusetts
Merrill Lynch Life Agency Inc. ......................... Montana
Merrill Lynch Life Agency Inc. ......................... New Mexico
Merrill Lynch Life Agency Inc. ......................... Ohio
Merrill Lynch Life Agency Inc. ......................... Oklahoma
Merrill Lynch Life Agency Inc. ......................... Puerto Rico
Merrill Lynch Life Agency Inc. ......................... South Dakota
Merrill Lynch Life Agency Inc. ......................... Virgin Islands
Merrill Lynch Life Agency Inc. ......................... Washington
Merrill Lynch Life Agency Inc. ...................... Alabama
Merrill Lynch Life Agency of Maine, Inc. ............ Maine
Merrill Lynch Life Agency Ltd. ......................... Mississippi
ML Life Agency Inc. .................................... Texas
Merrill Lynch Princeton Incorporated.................... Delaware
ROC Denver, Inc. ....................................... Delaware
R.O.C. Florida, Inc. ................................... Florida
ROC Texas, Inc. ........................................ Texas
Wagner Stott Clearing Corp./2/.......................... Delaware
Green Equity, Inc. ........................................ New Jersey
Merrill Lynch Bank & Trust Co. ............................ New Jersey
Merrill Lynch Capital Services, Inc. ...................... Delaware
Merrill Lynch Derivative Products, Inc./3/................. Delaware
Merrill Lynch Government Securities Inc. .................. Delaware
Merrill Lynch Government Securities of Puerto Rico S.A. Delaware
Merrill Lynch Money Markets Inc. ....................... Delaware
Merrill Lynch Mortgage Capital Inc. .................... Delaware
Merrill Lynch Group, Inc. ................................. Delaware
HQ North Company, Inc. ................................. New York
Investor Protection Insurance Company................... Vermont
Merrill Lynch Capital Partners, Inc. ................... Delaware
Merrill Lynch Fiduciary Services, Inc. ................. New York
- ----------
/1/ MLPF&S also conducts business as "Merrill Lynch & Co."
/2/ The preferred stock of the corporation is owned by an unaffiliated
group of investors.
/3/ ML & Co. owns 100% of this corporation's outstanding common voting stock.
100% of the outstanding preferred voting stock is held by outside parties.
The board of directors consist of 14 members, 12 of which are ML & Co.
employees and 2 of which represent outside parties.
STATE OR JURIS-
NAME DICTION OF ENTITY
- ---- -----------------
MERRILL LYNCH & CO., INC. (CONT'D)
MERRILL LYNCH GROUP, INC. (CONT'D)
Merrill Lynch Futures Inc. ............................................... Delaware
Merrill Lynch, Hubbard Inc. .............................................. Delaware
MLH Group Inc./4/...................................................... Delaware
Merrill Lynch Corporate Pass-Through Securities, Inc. ............... Delaware
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 Trust Company (Jersey) Limited........................ Jersey, Channel Islands
Merrill Lynch L.P. Holdings, Inc. ........................................ Delaware
Merrill Lynch MBP Inc. ................................................... Delaware
Merrill Lynch National Financial.......................................... Utah
Merrill Lynch Private Capital Inc./5/..................................... Delaware
Merrill Lynch Trust Company of America.................................... Illinois
Merrill Lynch Trust Company of California................................. California
Merrill Lynch Trust Company............................................... New Jersey
Merrill Lynch Trust Company............................................... Florida
Merrill Lynch Trust Company of Texas...................................... Texas
Merrill Lynch Business Financial Services Inc. ........................ Delaware
Merrill Lynch Credit Corporation....................................... Delaware
Merrill Lynch Home Equity Acceptance, Inc. ......................... Delaware
Merrill Lynch/WFC/L, Inc. ................................................ New York
ML Futures Investment Partners Inc. ...................................... Delaware
ML IBK Positions Inc. .................................................... Delaware
Merrill Lynch Interfunding Inc./6/..................................... Delaware
ML Leasing Equipment Corp./7/............................................. Delaware
Merlease Leasing Corp. ................................................ Delaware
Merrill Lynch Venture Capital Inc. .................................... Delaware
Princeton Services, Inc. /8/.............................................. Delaware
Merrill Lynch International Incorporated..................................... Delaware
Merrill Lynch GFX, Inc. .................................................. Delaware
Merrill Lynch International (Australia) Limited........................... New South Wales
Merrill Lynch International Bank.......................................... United States
Merrill Lynch International Holdings Inc. ................................ Delaware
Merrill Lynch Bank (Austria) Aktiengesellschaft A.G. .................. Austria
Merrill Lynch Bank and Trust Company (Cayman) Limited.................. Cayman Islands,
British West Indies
Merrill Lynch International & Co./9/................................ Netherlands Antilles
Merrill Lynch Capital Markets A.G. .................................... Switzerland
Merrill Lynch Europe Limited........................................... England
Merrill Lynch International Limited................................. England
- ----------
/4/ This corporation has over 30 direct or indirect subsidiaries operating in
the United States and serving as either general partners or associate
general partners of real estate limited partnerships.
/5/ This corporation has 16 subsidiaries which have engaged in direct
principal lending and investment management.
/6/ This company has 10 subsidiaries holding or having a direct or indirect
interest in specific investments on its behalf.
/7/ This corporation has 48 direct or indirect subsidiaries operating in the
United States and serving as either general partners or associate general
partners of limited partnerships.
/8/ This corporation is the general partner of Merrill Lynch Asset
Management, L.P. (whose co-limited partners are ML & Co. and an indirect
subsidiary of ML & Co.).
/9/ A partnership among subsidiaries of ML & Co.
STATE OR JURIS-
NAME DICTION OF ENTITY
- ---- -----------------
MERRILL LYNCH & CO., INC. (CONT'D)
MERRILL LYNCH INTERNATIONAL INCORPORATED (CONT'D)
MERRILL LYNCH INTERNATIONAL HOLDINGS INC. (CONT'D)
MERRILL LYNCH EUROPE LIMITED (CONT'D)
Merrill Lynch Limited.......................... England
Merrill Lynch, Pierce, Fenner & Smith
(Brokers & Dealers) Limited................. England
Merrill Lynch Europe Ltd. ........................ Cayman Islands,
British West Indies
Merrill Lynch Holding GmbH/10/.................... Fed. Rep. of Germany
Merrill Lynch Bank A.G. ....................... Fed. Rep. of Germany
Merrill Lynch GmbH............................. Fed. Rep. of Germany
Merrill Lynch Holding S.A.F. ..................... France
Merrill Lynch Capital Markets (France) S.A. ... France
Merrill Lynch Hong Kong Securities Limited........ Hong Kong
Merrill Lynch Japan Incorporated..................... Delaware
Merrill Lynch Specialists Inc. ......................... Delaware
- ----------
/10/ ML & Co. holds a 50% interest in this corporation, with the remaining
50% interest held by an outside party.