MERRILL LYNCH
BASIC VALUE
FUND, INC.
FUND LOGO
Quarterly Report
March 31, 1995
Officers and Directors
Arthur Zeikel, President and Director
Donald Cecil, Director
M. Colyer Crum, Director
Edward H. Meyer, Director
Jack B. Sunderland, Director
J. Thomas Touchton, Director
Terry K. Glenn, Executive Vice President
Norman R. Harvey, Senior Vice President
Donald C. Burke, Vice President
Paul M. Hoffmann, Vice President and
Portfolio Manager
Gerald M. Richard, Treasurer
Mark B. Goldfus, Secretary
Custodian
The Bank of New York
90 Washington Street
New York, NY 10286
Transfer Agent
Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
(800) 637-3863
<PAGE>
This report is not authorized for use as an offer of sale or a
solicitation of an offer to buy shares of the Fund unless
accompanied or preceded by the Fund's current prospectus. Past
performance results shown in this report should not be considered a
representation of future performance. Investment return and
principal value of shares will fluctuate so that shares, when
redeemed, may be worth more or less than their original cost.
Merrill Lynch
Basic Value Fund, Inc.
Box 9011
Princeton, NJ
08543-9011
MERRILL LYNCH BASIC VALUE FUND, INC.
TO OUR SHAREHOLDERS
Increasing signs of slowing economic growth led to higher US stock
and bond prices during the March quarter. Although gross domestic
product (GDP) was reported to have increased at a revised 5.1% rate
during the final quarter of 1994, declines in other indicators such
as new home sales and durable goods orders registered thus far in
1995 have led investors to anticipate that the economy is losing
enough momentum to keep inflation under control and preclude further
significant monetary policy tightening by the Federal Reserve Board.
However, as US stock and bond markets have risen, the value of the
US dollar reached new lows relative to the yen and the Deutschemark.
Persistent trade deficits and exports of capital from the United
States have kept the US currency in a decade-long decline relative
to the Japanese and German currencies. Over the longer term, since
the United States has the highest productivity among industrialized
nations and among the lowest labor costs, demand for US dollar
denominated assets may improve. However, a reduction of the still-
widening US trade deficit may be necessary before the US dollar
appreciates substantially relative to the yen and the Deutschemark.
<PAGE>
The first three months of 1995 were very positive for the US stock
and bond markets. Continued signs of a moderating expansion and well-
contained inflationary pressures would provide further assurance
that the peak in interest rates is behind us, creating a stronger
foundation for higher stock and bond prices. On the other hand,
indications of reaccelerating growth and further significant
monetary policy tightening by the Federal Reserve Board would be a
decided negative for the US financial markets.
Portfolio Matters
Security purchases during the first quarter of 1995 amounted to $367
million, while equity sales totaled $141 million. The $226 million
disparity between purchases and sales was unusual for Merrill Lynch
Basic Value Fund, Inc. during a period of generally rising stock
prices. Normally, we would take advantage of market strength to sell
on balance, while during weak market periods we are most frequently
buyers of stocks. We entered the year with a high cash position,
17.3% of net assets, and attracted a significant amount of new money
into the Fund during the March quarter, $263 million. Thus, we
essentially spent most of the new money coming in and ended the
quarter with a cash position of 16.5%.
We added three new securities during the March quarter: Eaton
Corporation, The Limited, Inc. and Student Loan Marketing
Association, which accounted for one-third of our purchases. Two-
thirds of the money spent was dedicated to increasing positions in
28 existing holdings.
Our largest purchase during the March quarter was The Limited, Inc.,
one of the major retailers in the women's apparel field. The stock
has been a dismal market performer in recent years, reflecting
chaotic conditions in women's apparel in general. The company's "non-
core" operations, such as Victoria's Secret and Bath & Body Works,
have exhibited strong growth. We believed the stock had little risk
and good recovery possibilities. Following our purchase, the company
announced its intention to explore a restructuring for purposes of
enhancing shareholder value.
Eaton Corporation is a major global manufacturer of vehicle
components and electrical and electronic controls. Earnings have
progressed well in recent years as the company was a prime
beneficiary of strong demand for their truck transmissions and
engine components. The stock sold off about 20% from its early 1994
high, reflecting concern over the possibility that truck sales were
peaking. However, backlogs are at record levels, and the 1994
acquisition of the Westinghouse Distribution and Control operations
provides solid diversification. We expect strong earnings gains and
believe the stock provided good value at our entry price.
<PAGE>
The third new addition to the portfolio during the first quarter of
1995 was Student Loan Marketing Association (Sallie Mae), a
Federally chartered corporation created to purchase student loans
under Federally sponsored programs and to make secure loans to
providers of education credit. The stock price has been more than
cut in half based on the Congressional passage of legislation that
restricts Sallie Mae's activities. There are, however, pending
Treasury Department recommendations that would free the company from
its status as a Government-sponsored entity. Earnings will be lower
in 1995, but we believe this is already reflected in the stock's
valuations. Selling at under ten times projected 1995 earnings and
with an above-average yield, this out-of-favor issue has appeal.
The major additions to existing positions were, in order, Bell
Atlantic Corp., International Paper Co., Exxon Corp., Ford Motor
Co., and U.S. West, Inc. The addition to International Paper Co.
elevated the stock to the ten largest holdings list. (See page 7 of
this report to shareholders for a complete listing of the Fund's ten
largest stock holdings.)
On the sell side, we eliminated 4 positions and made reductions in
11 holdings. The largest sale was the elimination of CIGNA Corp., at
a substantial profit. We considered this property and casualty
insurer vulnerable following downgrades from rating agencies.
In Conclusion
The stock market's strong first-quarter performance surprised most
observers and has led to valuation levels seldom experienced. We
have been preaching caution for a considerable period of time, but
have still managed to keep pace with the stock market's advance. We
prefer to err on the side of caution and will continue to follow a
conservative path. Your Fund's portfolio provides an above-average
yield, a below-average price/earnings ratio and sells at half the
market's ratio to book value.
Thank you for your investment in Merrill Lynch Basic Value Fund,
Inc., and we look forward to reviewing our outlook and strategy
again in our upcoming annual report to shareholders.
Sincerely,
(Arthur Zeikel)
Arthur Zeikel
President
(Paul M. Hoffmann)
Paul M. Hoffmann
Vice President and Portfolio Manager
April 5, 1995
<PAGE>
PERFORMANCE DATA
About Fund Performance
Since October 21, 1994, investors have been able to purchase shares
of the Fund through the Merrill Lynch Select Pricing SM System,
which offers four pricing alternatives:
* Class A Shares incur a maximum initial sales charge (front-end load)
of 5.25% and bear no ongoing distribution or account maintenance
fees. Class A Shares are available only to eligible investors.
* Class B Shares are subject to a maximum contingent deferred sales
charge of 4% if redeemed during the first year, decreasing 1% each
year thereafter to 0% after the fourth year. In addition, Class B
Shares are subject to a distribution fee of 0.75% and an account
maintenance fee of 0.25%. These shares automatically convert to
Class D Shares after 8 years.
* Class C Shares are subject to a distribution fee of 0.75% and an
account maintenance fee of 0.25%. In addition, Class C Shares are
subject to a 1% contingent deferred sales charge if redeemed within
one year of purchase.
* Class D Shares incur a maximum initial sales charge of 5.25% and an
account maintenance fee of 0.25% (but no distribution fee).
Performance data for the Fund's Class A and Class B Shares are
presented in the "Average Annual Total Return" tables below. The
"Results of a $1,000 Investment Since Inception--Class A Shares"
table on page 4 illustrates the performance of a $1,000 investment
in Class A Shares made at the Fund's inception (assuming the maximum
initial sales charge of 5.25%) through March 31, 1995. "Aggregate
Total Return" tables for Class C and Class D Shares are also
presented below. Data for all of the Fund's Shares, including Class
C and Class D Shares, are presented in the "Recent Performance
Results" table on page 4.
The "Recent Performance Results" table shows investment results
before the deduction of any sales charges for Class A and Class B
Shares for the 12-month and 3-month periods ended March 31, 1995 and
for Class C and Class D Shares for the since inception and 3-month
periods ended March 31, 1995. All data in this table assume
imposition of the actual total expenses incurred by each class of
shares during the relevant period.
<PAGE>
None of the past results shown should be considered a representation
of future performance. Investment return and principal value of
shares will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost. Dividends paid to each class
of shares will vary because of the different levels of account
maintenance, distribution and transfer agency fees applicable to
each class, which are deducted from the income available to be paid
to shareholders.
Average Annual Total Return
% Return Without % Return With
Sales Charge Sales Charge**
Class A Shares*
Year Ended 3/31/95 +12.85% + 6.93%
Five Years Ended 3/31/95 +11.25 +10.05
Ten Years Ended 3/31/95 +13.31 +12.70
[FN]
*Maximum sales charge is 5.25%.
**Assuming maximum sales charge.
% Return % Return
Without CDSC With CDSC**
Class B Shares*
Year Ended 3/31/95 +11.67% + 7.67%
Five Years Ended 3/31/95 +10.11 +10.11
Inception (10/21/88) through 3/31/95 + 9.58 + 9.58
[FN]
*Maximum contingent deferred sales charge is 4% and is reduced to 0%
after 4 years.
**Assuming payment of applicable contingent deferred sales charge.
<PAGE>
Aggregate Total Return
% Return % Return
Without CDSC With CDSC**
Class C Shares*
Inception (10/21/94)
through 3/31/95 +6.38% +5.38%
[FN]
*Maximum contingent deferred sales charge is 1% and is reduced to 0%
after 1 year.
**Assuming payment of applicable contingent deferred sales charge.
% Return Without % Return With
Sales Charge Sales Charge**
Class D Shares*
Inception (10/21/94)
through 3/31/95 +6.77% +1.16%
[FN]
*Maximum sales charge is 5.25%.
**Assuming maximum sales charge.
PERFORMANCE DATA (concluded)
Results of a $1,000 Investment Since Inception--Class A Shares
(5.25% current sales charge--$947.50 net amount invested; assuming
reinvestment of all dividends and capital gains distributions)
A mountain chart depicting the growth of an investment in the
Fund's Class A Shares from $947.50 on July 1, 1977 to $11,682.11
on March 31, 1995.
<PAGE>
<TABLE>
Recent Performance Results
<CAPTION>
12 Month 3 Month
3/31/95 12/31/94 3/31/94++ % Change++ % Change
<S> <C> <C> <C> <C> <C>
ML Basic Value Fund Class A Shares* $24.27 $22.35 $22.93 + 9.50%(1) +8.59%
ML Basic Value Fund Class B Shares* 24.00 22.15 22.70 + 9.41(1) +8.35
ML Basic Value Fund Class C Shares* 23.91 22.07 22.92 + 4.79(2) +8.34
ML Basic Value Fund Class D Shares* 24.26 22.35 23.19 + 5.09(2) +8.55
Dow Jones Industrial Average** 4,157.69 3,834.44 3,635.96 +14.35 +8.43
Standard & Poor's 500 Index** 500.71 459.27 445.77 +12.32 +9.02
ML Basic Value Fund Class A Shares--Total Return* +12.85(3) +8.59
ML Basic Value Fund Class B Shares--Total Return* +11.67(4) +8.35
ML Basic Value Fund Class C Shares--Total Return* + 6.38(5) +8.34
ML Basic Value Fund Class D Shares--Total Return* + 6.77(6) +8.55
Dow Jones Industrial Average--Total Return** +17.58 +9.17
Standard & Poor's 500 Index--Total Return** +15.59 +9.78
<FN>
*Investment results shown do not reflect sales charges; results
shown would be lower if a sales charge was included.
**An unmanaged broad-based index comprised of common stocks. Total
investment returns for unmanaged indexes are based on estimates.
++Investment results shown for Class C and Class D Shares are since
inception (10/21/94).
(1)Percent change includes reinvestment of $0.784 per share capital
gains distributions.
(2)Percent change includes reinvestment of $0.099 per share capital
gains distributions.
(3)Percent change includes reinvestment of $0.692 per share ordinary
income dividends and $0.784 per share capital gains distributions.
(4)Percent change includes reinvestment of $0.464 per share ordinary
income dividends and $0.784 per share capital gains distributions.
(5)Percent change includes reinvestment of $0.329 per share ordinary
income dividends and $0.099 per share capital gains distributions.
(6)Percent change includes reinvestment of $0.353 per share ordinary
income dividends and $0.099 per share capital gains distributions.
</TABLE>
<PAGE>
<TABLE>
SCHEDULE OF INVESTMENTS
<CAPTION>
Shares Percent of
Industry Held Stocks Cost Value Net Assets
<S> <C> <S> <C> <C> <C>
Discount from Book Value
Metals/Non-Ferrous 1,600,000 ASARCO Inc. $ 40,877,630 $ 42,200,000 0.9%
Savings & Loans 1,850,000 Ahmanson (H.F.) & Co. 32,200,305 33,300,000 0.7
Insurance 260,000 American National
Insurance Co. 9,749,442 14,170,000 0.3
Banking 1,000,000 The Chase Manhattan Corp. 21,319,212 35,625,000 0.7
Information Processing 1,570,000 Data General Corp. 21,268,247 11,578,750 0.2
Utilities--Electric 1,800,000 Entergy Corp. 38,211,274 37,575,000 0.8
Telecommunications 1,400,000 Telefonica de Espana,
S.A. (ADR)* 42,507,830 52,500,000 1.1
-------------- -------------- ------
206,133,940 226,948,750 4.7
Below-Average Price/Earnings Ratio
Insurance 600,000 The Allstate Corp. 16,316,532 17,250,000 0.3
Insurance 1,950,000 American General Corp. 33,859,756 62,887,500 1.3
Steel 1,800,000 Bethlehem Steel Corp. 26,336,861 29,025,000 0.6
Banking 2,700,000 Citicorp 73,819,202 114,750,000 2.4
Financial Services 700,000 Dean Witter, Discover & Co. 18,012,707 28,525,000 0.6
Farm & Construction
Equipment 1,950,000 Deere & Co. 109,406,448 158,437,500 3.3
Capital Goods 860,000 Eaton Corp. 42,941,450 46,655,000 1.0
Banking 1,150,000 First Interstate Bancorp 53,035,168 90,850,000 1.9
Automotive 2,850,000 Ford Motor Co. 62,804,137 76,950,000 1.6
Automotive 2,300,000 General Motors Corp. 99,174,713 101,775,000 2.1
Conglomerates 1,000,000 ITT Corp. 46,914,030 102,625,000 2.1
Information Processing 1,450,000 International Business
Machines Corp. 91,919,847 118,718,750 2.4
Paper & Forest Products 1,280,000 International Paper Co. 76,554,562 96,160,000 2.0
Semiconductors 1,800,000 National Semiconductor Corp. 22,731,974 31,500,000 0.6
Banking 1,750,000 NationsBank Corp. 73,228,142 88,812,500 1.8
Banking 2,300,000 Norwest Corp. 33,155,522 58,362,500 1.2
Insurance 1,400,000 PartnerRe Holdings Ltd. 29,498,937 29,400,000 0.6
Electrical Equipment 2,400,000 Philips Electronics N.V. 42,421,261 81,900,000 1.7
Retail 3,100,000 Sears, Roebuck & Co. 114,099,842 165,462,500 3.4
Financial Services 800,000 Student Loan Marketing
Association 29,398,674 27,900,000 0.6
Information Processing 2,000,000 Tandem Computers Inc. 24,459,269 31,000,000 0.6
Insurance 1,800,000 Travelers Inc. 70,038,244 69,525,000 1.4
Steel 1,250,000 USX--US Steel Group 36,562,411 42,187,500 0.9
Chemicals 1,500,000 Union Carbide Corp. 28,962,216 45,937,500 0.9
Information Processing 4,600,000 Unisys Corp. 52,165,118 42,550,000 0.9
Aerospace & Defense 450,000 United Technologies Corp. 22,695,049 31,106,250 0.6
Savings & Loans 1,400,000 Washington Mutual Savings
Bank 23,454,491 28,000,000 0.6
-------------- -------------- ------
1,353,966,563 1,818,252,500 37.4
<PAGE>
Above-Average Yield
Insurance 800,000 Aetna Life & Casualty Co. 35,195,218 45,600,000 0.9
Oil/ Domestic 600,000 Atlantic Richfield Co. 59,961,351 69,000,000 1.4
Real Estate Investment
Trust 700,000 Avalon Properties, Inc. 14,548,710 13,737,500 0.3
Telecommunications 1,200,000 Bell Atlantic Corp. 54,244,105 63,300,000 1.3
Pharmaceutical 1,150,000 Bristol-Myers Squibb Co. 65,372,906 72,450,000 1.5
Oil--International 1,500,000 Chevron Corp. 47,205,854 72,000,000 1.5
Utilities--Electric 850,000 CINergy Corp. 20,263,340 21,143,750 0.4
Banking 700,000 Citicorp (Pfd. P) 10,325,000 13,562,500 0.3
Utilities--Electric 1,200,000 Consolidated Edison Co.
of New York, Inc. 27,027,340 32,700,000 0.7
Utilities--Electric 637,500 DPL Inc. 6,204,369 13,307,812 0.3
</TABLE>
<TABLE>
SCHEDULE OF INVESTMENTS (continued)
<CAPTION>
Shares Percent of
Industry Held Stocks Cost Value Net Assets
<S> <C> <S> <C> <C> <C>
Above-Average Yield (concluded)
Oil--International 1,250,000 Exxon Corp. $ 66,924,505 $ 83,437,500 1.7%
Telecommunications 2,726,000 GTE Corp. 84,985,375 90,639,500 1.9
Chemicals 400,000 Imperial Chemical
Industries PLC (ADR)* 25,771,805 18,800,000 0.4
Real Estate Investment
Trust 440,000 Irvine Apartment
Communities, Inc. 7,758,147 6,875,000 0.1
Real Estate Investment
Trust 820,000 Liberty Property Trust 16,510,230 15,887,500 0.3
Real Estate Investment
Trust 500,000 The Mills Corp. 11,734,125 8,437,500 0.2
Oil--International 1,500,000 Mobil Corp. 78,457,147 138,937,500 2.9
Utilities--Electric 1,000,000 NIPSCO Industries, Inc. 20,293,522 31,125,000 0.6
Oil--Domestic 2,300,000 Occidental Petroleum Corp. 47,572,194 50,312,500 1.0
Utilities--Electric 1,200,000 PECO Energy Co. 28,784,191 30,150,000 0.6
Tobacco 1,620,000 Philip Morris Cos. Inc. 89,036,004 105,705,000 2.2
Utilities--Electric 1,000,000 Public Service Enterprise
Group Inc. 26,399,945 27,375,000 0.5
Oil--International 1,150,000 Royal Dutch Petroleum
Co. (ADR)* 70,562,758 138,000,000 2.8
Real Estate Investment
Trust 1,360,000 Simon Property Group, Inc. 30,238,660 33,150,000 0.7
Real Estate Investment
Trust 500,000 Summit Properties Inc. 9,602,500 8,250,000 0.2
Oil--International 1,150,000 Texaco Inc. 63,234,511 76,475,000 1.6
Utilities--Electric 900,000 Texas Utilities Co. 30,240,705 28,575,000 0.6
Telecommunications 1,200,000 U.S. West, Inc. 37,723,437 48,000,000 1.0
Pharmaceuticals 440,000 Zeneca Group PLC (ADR)* 12,980,000 18,645,000 0.4
-------------- -------------- ------
1,099,157,954 1,375,578,562 28.3
<PAGE>
Special Situations
Oil--International 715,870 The British Petroleum Co.
PLC (ADR)* 34,175,375 60,043,596 1.2
Information Processing 1,000,000 Ceridian Corp. 16,072,735 33,375,000 0.7
Insurance 600,000 The Continental Corp. 12,064,862 11,775,000 0.2
Information Processing 2,000,000 Digital Equipment Corp. 70,940,910 75,750,000 1.6
Oil Services & Equipment 2,500,000 Dresser Industries, Inc. 50,259,610 53,125,000 1.1
Retail 2,000,000 Federated Department Stores,
Inc. 35,458,358 44,250,000 0.9
Foods/Food Processing 1,100,000 General Mills, Inc. 60,039,860 65,587,500 1.4
Chemicals 1,500,000 Hercules Inc. 19,235,727 69,937,500 1.4
Machinery 850,000 Ingersoll-Rand Co. 19,212,954 27,943,750 0.6
Retail 1,900,000 Kmart Corp. 39,427,243 26,125,000 0.5
Retail Apparel 2,808,000 The Limited, Inc. 50,982,268 64,935,000 1.3
Pharmaceutical 2,000,000 Merck & Co., Inc. 63,465,898 85,250,000 1.8
Hospital Management 800,000 Tenet Healthcare Corp. (a) 7,788,410 12,700,000 0.3
-------------- -------------- ------
479,124,210 630,797,346 13.0
Total Stocks 3,138,382,667 4,051,577,158 83.4
Short-Term Securities
Face
Amount Issue
Commercial Paper** ANZ (Delaware) Inc.:
$50,000,000 5.95% due 5/02/1995 49,735,556 49,735,556 1.0
50,000,000 5.95% due 5/23/1995 49,562,014 49,562,014 1.0
Ciesco L.P.:
50,000,000 5.95% due 4/13/1995 49,892,569 49,892,569 1.0
34,000,000 5.98% due 4/13/1995 33,926,579 33,926,579 0.7
50,000,000 5.95% due 5/12/1995 49,652,917 49,652,917 1.0
</TABLE>
<PAGE>
<TABLE>
SCHEDULE OF INVESTMENTS (concluded)
<CAPTION>
Face Percent of
Amount Issue Cost Value Net Assets
<S> <C> <S> <C> <C> <C>
Short-Term Securities (concluded)
Commercial Paper** $50,000,000 Compagnie Financiere
(concluded) de Paribas, 5.96%
due 4/03/1995 $ 49,975,167 $ 49,975,167 1.1%
50,000,000 Daimler-Benz AG, 5.90%
due 4/03/1995 49,975,417 49,975,417 1.1
du Pont (E.I.) de Nemours
& Co.:
50,000,000 5.92% due 4/12/1995 49,901,333 49,901,333 1.0
50,000,000 5.97% due 5/05/1995 49,709,792 49,709,792 1.0
69,607,000 General Electric Capital
Corp., 6.25% due 4/03/1995 69,570,746 69,570,746 1.5
40,000,000 Goldman Sachs & Co., 6%
due 5/22/1995 39,653,333 39,653,333 0.8
50,000,000 IBM Credit Corp., 5.95%
due 5/26/1995 49,537,222 49,537,222 1.0
Matterhorn Capital Corp.:
49,956,000 5.94% due 4/04/1995 49,923,029 49,923,029 1.0
15,000,000 5.95% due 4/17/1995 14,957,854 14,957,854 0.3
50,000,000 National Australia Funding
(Delaware), Inc., 5.95%
due 5/22/1995 49,570,278 49,570,278 1.0
50,000,000 Penney (J.C.) & Co., 5.95%
due 5/15/1995 49,628,125 49,628,125 1.0
45,000,000 USL Capital Corp., 6% due
5/12/1995 44,685,000 44,685,000 1.0
Total Short-Term Securities 799,856,931 799,856,931 16.5
Total Investments $3,938,239,598 4,851,434,089 99.9
==============
Other Assets Less Liabilities 4,378,491 0.1
-------------- ------
Net Assets $4,855,812,580 100.0%
============== ======
<PAGE>
Net Asset Value: Class A--Based on net assets of $2,555,259,386 and 105,278,625
shares outstanding $ 24.27
==============
Class B--Based on net assets of $2,136,205,028 and 89,006,720
shares outstanding $ 24.00
==============
Class C--Based on net assets of $38,343,739 and 1,603,597
shares outstanding $ 23.91
==============
Class D--Based on net assets of $126,004,427 and 5,194,750
shares outstanding $ 24.26
==============
<FN>
*American Depositary Receipt (ADR).
**Commercial Paper is traded on a discount basis; the interest rates
shown are the discount rates paid at the time of purchase by the
Fund.
(a)Formerly known as National Medical Enterprises, Inc.
</TABLE>
PORTFOLIO INFORMATION
For the Quarter Ended March 31, 1995
Percent of
Ten Largest Stock Holdings Net Assets
Sears, Roebuck & Co. 3.4%
Deere & Co. 3.3
Mobil Corp. 2.9
Royal Dutch Petroleum Co. (ADR) 2.8
International Business Machines Corp. 2.4
Citicorp 2.4
Philip Morris Cos. Inc. 2.2
ITT Corp. 2.1
General Motors Corp. 2.1
International Paper Co. 2.0
<PAGE>
Additions
Eaton Corp.
The Limited, Inc.
Student Loan Marketing Association
Deletions
CIGNA Corp.
Foodmaker, Inc.
Lockheed Corp.
Reynolds Metals Co. (Pfd. P)
