EXHIBIT 21

SUBSIDIARIES OF THE REGISTRANT

The following are subsidiaries of ML & Co. as of March 22, 1996 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 Incorporated1 ..... Delaware
Broadcort Capital Corp. .............................. Delaware
Merrill Lynch & Co., Canada Ltd. ..................... Ontario
Merrill Lynch Canada Incorporated/Incorporee ....... Nova Scotia
Merrill Lynch Life Agency Inc.2 ...................... Washington
Wagner Stott Clearing Corp.3 ......................... Delaware
Merrill Lynch Bank & Trust Co. .......................... New Jersey
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 Capital Partners, Inc................... Delaware
Merrill Lynch Derivative Products, Inc.4 ............. Delaware
Merrill Lynch Futures Inc. ........................... Delaware
Merrill Lynch Group Holdings Limited ................. Ireland
Merrill Lynch Capital Markets Bank Limited ........ Ireland

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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 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 11 members, 9 of which are ML & Co.
employees and 2 of which represents outside parties.


State or Juris-
Name diction of Entity
- ---- -----------------
Merrill Lynch & Co., Inc.
Merrill Lynch Group, Inc. (cont'd)

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 Mortgage Capital Inc. .................. Delaware
Merrill Lynch National Financial ..................... Utah
Merrill Lynch Trust Bank of Michigan.................. Michigan
Merrill Lynch Trust Company........................... New Jersey
Merrill Lynch Business Financial Services Inc. ..... Delaware
Merrill Lynch Credit Corporation.................... Delaware
Merrill Lynch Home Equity Acceptance, Inc. ....... Delaware
Merrill Lynch Trust Company........................... Florida
Merrill Lynch Financial Data Services, Inc. ........ Florida
Merrill Lynch Trust Company of America................ Illinois
Merrill Lynch Trust Company of California ............ California
Merrill Lynch Trust Company of Texas ................. Texas
Merrill Lynch Investment Partners Inc. ............... Delaware
ML IBK Positions Inc. ................................ Delaware
Merrill Lynch Capital Corporation5 ................. Delaware
ML Leasing Equipment Corp.6 .......................... Delaware
Princeton Services, Inc.7............................. Delaware
Merrill Lynch International Incorporated................. Delaware

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5 This company has 7 subsidiaries holding or having a direct or indirect
interest in specific investments on its behalf.

6 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.

7 This corporation is the general partner of Merrill Lynch Asset Management, LP
and Fund Asset Management, LP (whose limited partner in both cases is ML &
Co.).

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State or Juris-
Name diction of Entity
- ---- -----------------
Merrill Lynch & Co., Inc.
Merrill Lynch International Incorporated (cont'd)

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.8 ............... Netherlands Antilles
Merrill Lynch Capital Markets A.G. ................. Switzerland
Merrill Lynch Europe PLC ........................... England
Merrill Lynch International Limited............... England
Merrill Lynch Capital Markets PLC................. England
Merrill Lynch, Pierce, Fenner & Smith (Brokers &
Dealers) Limited ............................... England
Merrill Trust Company (Jersey) Limited ........... Jersey,
Channel Islands
Merrill Lynch Europe Ltd. .......................... Cayman Islands,
British West Indies
Merrill Lynch Holding GmbH9 ........................ Germany
Merrill Lynch Bank A.G. .......................... Germany
Merrill Lynch GmbH................................ Germany
Merrill Lynch Holding S.A.F. ....................... France
Merrill Lynch Capital Markets (France) S.A. ...... France
Merrill Lynch Far East Limited ..................... Hong Kong
Merrill Lynch Japan Incorporated ..................... Delaware

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8 A partnership among subsidiaries of ML & Co.

9 ML & Co. holds a 50% interest in this corporation, with the remaining 50%
interest held by an outside party.

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