MERRILL LYNCH
GROWTH FUND
FUND LOGO
Quarterly Report
July 31, 1996
Officers and Trustees
Arthur Zeikel, President and Trustee
James H. Bodurtha, Trustee
Herbert I. London, Trustee
Robert R. Martin, Trustee
Joseph L. May, Trustee
Andre F. Perold, Trustee
Terry K. Glenn, Executive Vice President
Norman R. Harvey, Senior Vice President
Donald C. Burke, Vice President
Stephen C. Johnes, Vice President and
Portfolio Manager
Gerald M. Richard, Treasurer
Jerry Weiss, Secretary
<PAGE>
Custodian
State Street Bank and Trust Company
One Heritage Drive, P2N
North Quincy, MA 02171
Transfer Agent
Merrill Lynch Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
(800) 637-3863
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.
Statements and other information herein are as dated and are subject
to change.
Merrill Lynch
Growth Fund
Box 9011
Princeton, NJ
08543-9011
MERRILL LYNCH GROWTH FUND
<PAGE>
DEAR SHAREHOLDER
The US economy demonstrated surprising strength during the first
half of 1996. As a result, during the quarter ended July 31, 1996,
investors focused on prospects for an overheating economy,
increasing inflationary pressures, and the potential for monetary
policy tightening by the Federal Reserve Board. With more robust
economic growth, a sharp rise in prices for crude oil and
agricultural commodities, and expectations of escalating wage
pressures, long-term interest rates (as measured by the yield on the
30-year US Treasury bond) rose to in excess of 7%.
Inflationary concerns were heightened further by a stronger-than-
expected employment report for June. Unemployment fell to a six-year
low, and hourly wages rose sharply. This mounting evidence of a
tighter labor market and rising labor costs suggested to many
investors that the US central bank would be forced to raise short-
term interest rates in the coming months. However, shortly after the
close of the July quarter, more subdued job growth and decelerating
hourly wage gains were reported for the month of July. It remains to
be seen whether this employment report is the first sign that the
economy is slowing from its rapid rate of growth in the second
quarter.
In the weeks ahead, investors will continue to monitor economic data
releases to determine the potential for monetary policy tightening
by the Federal Reserve Board. Evidence of more moderate, but
sustained, economic activity would be a beneficial development for
the US stock and bond markets.
Portfolio Matters
During the quarter ended July 31, 1996, total returns for Merrill
Lynch Growth Fund's Class A, Class B, Class C and Class D Shares
were -5.41%, -5.65%, -5.64% and -5.49%, respectively, underperforming
the unmanaged broad stock market averages. For the same period, the
Standard & Poor's 500 Composite Index total return was -1.61%.
(Fund results do not reflect sales charges, and would be lower
if sales charges were included. Complete performance information,
including average annual total returns, can be found on pages 2--4
of this report to shareholders.)
The Fund's underperformance in the July quarter was attributable
primarily to price declines in some of our large technology
holdings. At the end of the July quarter, technology represented the
Fund's second-largest sector concentration, comprising 12.5% of net
assets.
<PAGE>
Our primary investment focus remains on energy in general and on
domestic natural gas equities in particular. The Fund's investments
in the energy sector, broadly defined, constituted 45.6% of the
portfolio's net assets at the end of the July quarter. During the
quarter, there was continued evidence of supply pressures in the
natural gas market. Following what was a statistically normal
1995/1996 winter heating season, natural gas inventories were
drained to historically low levels. Since the end of the heating
season, gas deliverability has been strained to satisfy current
demand and to refill domestic storage requirements. Consequently,
natural gas inventories remain significantly below year-ago and
historic seasonal levels, and gas prices have hovered well above the
summer month lows seen in previous years. We remain constructive on
the long-term prospects for natural gas as an alternative fuel
source. With current gas supplies tight, we believe that many of the
Fund's energy holdings are well-positioned to benefit from the need
to increase gas deliverability to meet the nation's energy
requirements.
Against the backdrop of a strong domestic gas market, during the
July quarter the Fund increased its positions in two key energy
holdings, Apache Corp. and Devon Energy Corp. Both companies have
grown by way of an oil and gas reserve acquisition and exploitation
strategy. While using different approaches to target prospective
acquisition candidates, over time each of these firms has
accumulated a portfolio of prospective acreage that should, in our
view, facilitate future reserve and production growth. Looking
ahead, we believe that both companies have meaningful opportunities
to grow, either through continued acquisition activity or by
exploiting their respective acreage positions.
The Fund increased its investment in Apache subsequent to its merger
with Phoenix Resources Companies, Inc., Apache's partner in the
Qarun concession in Egypt. Through this acquisition, Apache secured
a significantly larger interest in what has been a successful oil
exploration and development project. While Apache shares are
attractively valued based on current production and cash flow
expectations, we believe that the company's shares do not reflect
any value for the significant exploration potential of the Egyptian
concession.
Long-term investors will recall that Devon Energy Corp. has been a
core energy holding for the Fund. During the July quarter, the Fund
increased its exposure to Devon by participating in a Financing
Trust convertible preferred security offered by the company. These
securities are convertible into Devon common shares and offer an
attractive current yield. Over the past two years, Devon has
commingled some of its most prospective exploration acreage with
that of major oil company partners in adjacent areas, in order to
efficiently explore for new oil and gas reserves. The potential
reserve additions that might follow from exploration success in any
one of these ventures could materially add to Devon's growth. Again,
as with Apache, Devon is attractively valued on current expectations
for production and cashflow.
<PAGE>
Finally, the Fund continues to maintain a relatively high cash
position, currently 28.2% of net assets, since we are having
difficulty finding equities which we believe represent good long-
term values. With this in mind, we will remain selective, committing
incremental dollars when individual equity valuations afford
meaningful long-term appreciation potential.
In Conclusion
We thank you for your investment in Merrill Lynch Growth Fund, and
we look forward to reviewing our outlook and strategy with you again
in our next report to shareholders.
Sincerely,
(Arthur Zeikel)
Arthur Zeikel
President
(Stephen C. Johnes)
Stephen C. Johnes
Vice President and Portfolio Manager
August 27, 1996
Effective June 28, 1996, Merrill Lynch Growth Fund for
Investment and Retirement's name was changed to
Merrill Lynch Growth Fund.
PERFORMANCE DATA
About Fund Performance
Investors are 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.
<PAGE>
* 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. (There is no initial sales charge for
automatic share conversions.)
* 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).
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.
<TABLE>
PERFORMANCE DATA (continued)
<CAPTION>
Performance Summary--Class A Shares
Net Asset Value Capital Gains
Period Covered Beginning Ending Distributed Dividends Paid++ % Change*
<S> <C> <C> <C> <C> <C>
11/28/88--12/31/88 $ 9.61 $ 9.44 $0.257 $0.090 + 1.88%
1989 9.44 12.33 -- 0.211 +32.96
1990 12.33 12.20 0.130 -- + 0.03
1991 12.20 13.95 1.182 0.012 +25.20
1992 13.95 14.88 0.449 -- + 9.97
1993 14.88 17.48 2.122 -- +32.37
1994 17.48 17.49 0.295 -- + 1.77
1995 17.49 21.80 1.723 0.359 +36.82
1/1/96--7/31/96 21.80 23.06 -- 0.124 + 6.30
------ ------
Total $6.158 Total $0.796
<PAGE>
Cumulative total return as of 7/31/96: +265.49%*
</TABLE>
<TABLE>
Performance Summary--Class B Shares
<CAPTION>
Net Asset Value Capital Gains
Period Covered Beginning Ending Distributed Dividends Paid++ % Change**
<S> <C> <C> <C> <C> <C>
3/27/87--12/31/87 $10.00 $ 8.49 $0.060 $0.187 -12.72%
1988 8.49 9.45 0.257 0.140 +16.04
1989 9.45 12.35 -- 0.084 +31.62
1990 12.35 12.09 0.130 -- - 1.02
1991 12.09 13.65 1.182 0.012 +23.85
1992 13.65 14.39 0.449 -- + 8.79
1993 14.39 16.65 2.122 -- +31.11
1994 16.65 16.47 0.295 -- + 0.72
1995 16.47 20.40 1.723 0.143 +35.45
1/1/96--7/31/96 20.40 21.53 -- 0.021 + 5.64
------ ------
Total $6.218 Total $0.587
Cumulative total return as of 7/31/96: +235.94%**
</TABLE>
<TABLE>
Performance Summary--Class C Shares
<CAPTION>
Net Asset Value Capital Gains
Period Covered Beginning Ending Distributed Dividends Paid++ % Change**
<S> <C> <C> <C> <C> <C>
10/21/94--12/31/94 $17.45 $16.47 $0.295 -- - 3.90%
1995 16.47 20.30 1.723 $0.239 +35.44
1/1/96--7/31/96 20.30 21.42 -- 0.030 + 5.65
------ ------
Total $2.018 Total $0.269
Cumulative total return as of 7/31/96: +37.51%**
</TABLE>
<TABLE>
Performance Summary--Class D Shares
<CAPTION>
Net Asset Value Capital Gains
Period Covered Beginning Ending Distributed Dividends Paid++ % Change*
<S> <C> <C> <C> <C> <C>
10/21/94--12/31/94 $18.47 $17.47 $0.295 -- - 3.79%
1995 17.47 21.76 1.723 $0.321 +36.52
1/1/96--7/31/96 21.76 23.00 -- 0.097 + 6.11
------ ------
Total $2.018 Total $0.418
<PAGE>
Cumulative total return as of 7/31/96: +39.37%*
<FN>
++Figures may include short-term capital gains distributions.
*Figures assume reinvestment of all dividends and capital gains
distributions at net asset value on the ex-dividend date, and do not
include sales charge; results would be lower if sales charge was
included.
**Figures assume reinvestment of all dividends and capital gains
distributions at net asset value on the ex-dividend date, and do not
reflect deduction of any sales charge; results would be lower if
sales charge was deducted.
</TABLE>
PERFORMANCE DATA (concluded)
<TABLE>
Recent Performance Results
<CAPTION>
12 Month 3 Month
7/31/96 4/30/96 7/31/95 % Change % Change
<S> <C> <C> <C> <C> <C>
ML Growth Fund Class A Shares* $23.06 $24.50 $23.11 + 7.85%(1) -5.88%
ML Growth Fund Class B Shares* 21.53 22.84 21.64 + 8.09(1) -5.74
ML Growth Fund Class C Shares* 21.42 22.73 21.63 + 7.63(1) -5.76
ML Growth Fund Class D Shares* 23.00 24.43 23.06 + 7.82(1) -5.85
Standard & Poor's 500 Index** 639.95 654.17 562.06 +13.86 -2.17
ML Growth Fund Class A Shares--Total Return* +10.07(2) -5.41(3)
ML Growth Fund Class B Shares--Total Return* + 8.90(4) -5.65(5)
ML Growth Fund Class C Shares--Total Return* + 8.96(6) -5.64(7)
ML Growth Fund Class D Shares--Total Return* + 9.75(8) -5.49(9)
Standard & Poor's 500 Index--Total Return** +16.53 -1.61
<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.
(1)Percent change includes reinvestment of $1.723 per share capital
gains distributions.
(2)Percent change includes reinvestment of $0.482 per share ordinary
income dividends and $1.723 per share capital gains distributions.
(3)Percent change includes reinvestment of $0.124 per share ordinary
income dividends.
(4)Percent change includes reinvestment of $0.164 per share ordinary
income dividends and $1.723 per share capital gains distributions.
(5)Percent change includes reinvestment of $0.021 per share ordinary
income dividends.
(6)Percent change includes reinvestment of $0.268 per share ordinary
income dividends and $1.723 per share capital gains distributions.
(7)Percent change includes reinvestment of $0.030 per share ordinary
income dividends.
(8)Percent change includes reinvestment of $0.418 per share ordinary
income dividends and $1.723 per share capital gains distributions.
(9)Percent change includes reinvestment of $0.097 per share ordinary
income dividends.
</TABLE>
<PAGE>
Average Annual Total Return
% Return Without % Return With
Sales Charge Sales Charge**
Class A Shares*
Year Ended 6/30/96 +25.65% +19.05%
Five Years Ended 6/30/96 +19.45 +18.17
Inception (11/28/88)
through 6/30/96 +19.66 +18.82
[FN]
*Maximum sales charge is 5.25%.
**Assuming maximum sales charge.
% Return % Return
Without CDSC With CDSC**
Class B Shares*
Year Ended 6/30/96 +24.30% +20.30%
Five Years Ended 6/30/96 +18.22 +18.22
Inception (3/27/87) through 6/30/96 +14.81 +14.81
[FN]
*Maximum contingent deferred sales charge is 4% and is reduced to 0%
after 4 years.
**Assuming payment of applicable contingent deferred sales charge.
% Return % Return
Without CDSC With CDSC**
Class C Shares*
Year Ended 6/30/96 +24.30% +23.30%
Inception (10/21/94)
through 6/30/96 +25.56 +25.56
[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*
<PAGE>
Year Ended 6/30/96 +25.30% +18.72%
Inception (10/21/94)
through 6/30/96 +26.54 +22.58
[FN]
*Maximum sales charge is 5.25%.
**Assuming maximum sales charge.
<TABLE>
SCHEDULE OF INVESTMENTS
<CAPTION>
Shares Percent of
Industries Held Stocks Cost Value Net Assets
<S> <C> <S> <C> <C> <C>
Banking & 1,000,000 Republic New York Corp. $ 44,267,281 $ 63,375,000 1.5%
Financial Services 1,000,000 Safra Republic Holdings S.A. (ADR)* 69,529,500 117,000,000 2.8
-------------- -------------- ------
113,796,781 180,375,000 4.3
Biotechnology 1,000,000 Affymetrix, Inc. 16,662,627 11,875,000 0.3
2,296,000 CytoTherapeutics, Inc. 15,914,783 18,368,000 0.4
434,500 CytoTherapeutics, Inc. (Warrants) (a) 651,750 733,436 0.0
-------------- -------------- ------
33,229,160 30,976,436 0.7
Computer Software 2,500,000 Autodesk, Inc. 66,469,520 57,500,000 1.4
2,438,600 Mentor Graphics, Inc. 25,534,609 30,482,500 0.7
3,900,000 Platinum Technology, Inc. 65,023,771 38,025,000 0.9
-------------- -------------- ------
157,027,900 126,007,500 3.0
Diversified Resource 1,500,000 Freeport-McMoRan Copper & Gold, Inc.
Companies (Class A) 36,449,551 41,625,000 1.0
5,000,000 Freeport-McMoRan Copper & Gold, Inc.
(Class B) 107,984,584 148,125,000 3.6
3,750,000 Freeport-McMoRan, Inc. 114,789,644 134,531,250 3.2
1,050,000 IMC Global, Inc. 37,222,925 41,475,000 1.0
-------------- -------------- ------
296,446,704 365,756,250 8.8
Domestic 2,000,000 Anadarko Petroleum Corp. 83,727,914 102,250,000 2.4
Exploration & 300,000 McMoRan Oil & Gas Co. 1,691,662 590,625 0.0
Production 9,000,000 Santa Fe Energy Resources, Inc. 83,865,388 102,375,000 2.5
3,450,000 Seagull Energy Corp. 72,331,809 62,962,500 1.5
3,000,000 Vastar Resources, Inc. 89,836,252 103,500,000 2.5
-------------- -------------- ------
331,453,025 371,678,125 8.9
<PAGE>
Electronic 6,255,000 Cirrus Logic, Inc. 69,372,447 88,351,875 2.1
Components 650,000 Intel Corp. 33,466,875 48,750,000 1.2
3,200,000 Komag, Inc. 66,430,919 65,600,000 1.6
-------------- -------------- ------
169,270,241 202,701,875 4.9
Energy Acquisition 8,000,000 Apache Corp. 232,123,043 227,000,000 5.5
& Exploitation 2,200,000 Devon Energy Corp. 34,401,130 51,425,000 1.2
1,000,000 Devon Financing Trust (Preferred) 50,000,000 49,500,000 1.2
2,000,000 Newfield Exploration Co. 56,598,373 79,750,000 1.9
-------------- -------------- ------
373,122,546 407,675,000 9.8
International 8,000,000 Norcen Energy Resources Ltd. 120,353,892 138,573,508 3.3
Exploration &
Production
International 3,500,000 Yacimientos Petroliferos Fiscales S.A.
Integrated Oils (Sponsored) (ADR)* 83,800,841 73,500,000 1.8
Natural Gas 3,117,000 TransMontaigne Oil Co. 17,143,500 31,170,000 0.7
Gathering & 2,500,000 Western Gas Resources, Inc. 57,319,428 36,875,000 0.9
Transmission -------------- -------------- ------
74,462,928 68,045,000 1.6
Offshore Drilling 7,264,500 Ensco International, Inc. 104,647,659 196,141,500 4.7
Companies 16,300,000 Global Marine, Inc. 59,126,323 218,012,500 5.2
-------------- -------------- ------
163,773,982 414,154,000 9.9
</TABLE>
<TABLE>
SCHEDULE OF INVESTMENTS (continued)
<CAPTION>
Shares Percent of
Industries Held Stocks Cost Value Net Assets
<S> <C> <S> <C> <C> <C>
Oil Refining 4,000,000 Valero Energy Corp. $ 86,245,282 $ 82,500,000 2.0%
Oilfield Services 4,000,000 Nabors Industries, Inc. 41,952,180 57,500,000 1.4
1,100,000 Schlumberger Ltd. 75,504,657 88,000,000 2.1
2,534,000 Weatherford Enterra, Inc. 73,241,531 62,399,750 1.5
2,500,000 Western Atlas, Inc. 141,174,253 135,625,000 3.2
-------------- -------------- ------
331,872,621 343,524,750 8.2
Personal Computers 3,500,000 Dell Computer Corp. 75,249,509 193,812,500 4.7
Total Stocks 2,410,105,412 2,999,279,944 71.9
<PAGE>
Face Amount Short-Term Securities
Commercial $20,800,000 Apreco Inc., 5.42% due 9/11/1996 20,671,606 20,671,606 0.5
Paper** 50,000,000 Banc One Corp., 5.31% due 8/28/1996 49,800,875 49,800,875 1.2
CIT Group Holdings, Inc.:
50,000,000 5.35% due 8/12/1996 49,918,264 49,918,264 1.2
30,000,000 5.34% due 9/16/1996 29,795,300 29,795,300 0.7
50,000,000 Ciesco, L.P., 5.35% due 8/09/1996 49,940,556 49,940,556 1.2
35,000,000 Corporate Asset Funding Co., Inc.,
5.35% due 8/12/1996 34,942,785 34,942,785 0.8
Corporate Receivables Corp.:
15,200,000 5.45% due 9/06/1996 15,117,160 15,117,160 0.4
50,000,000 5.38% due 9/27/1996 49,574,083 49,574,083 1.2
50,000,000 du Pont (E.I.) de Nemours & Co.,
5.35% due 8/05/1996 49,970,278 49,970,278 1.2
ESC Securitization, Inc.:
25,000,000 5.42% due 8/06/1996 24,981,181 24,981,181 0.6
50,000,000 5.40% due 8/27/1996 49,805,000 49,805,000 1.2
Eureka Securitization Inc.:
50,000,000 5.40% due 9/09/1996 49,707,500 49,707,500 1.2
5,000,000 5.42% due 9/11/1996 4,969,136 4,969,136 0.1
40,000,000 5.42% due 9/13/1996 39,741,044 39,741,044 0.9
35,992,000 Ford Motor Credit Co., 5.72%
due 8/01/1996 35,992,000 35,992,000 0.9
Goldman Sachs Group, L.P.:
50,000,000 5.36% due 8/05/1996 49,970,222 49,970,222 1.2
50,000,000 5.34% due 8/09/1996 49,940,667 49,940,667 1.2
25,000,000 5.45% due 9/06/1996 24,863,750 24,863,750 0.6
75,000,000 5.30% due 9/20/1996 74,447,917 74,447,917 1.8
30,000,000 IBM Credit Corp., 5.30% due 8/02/1996 29,995,583 29,995,583 0.7
50,000,000 Lucent Technologies, Inc., 5.34% due
8/02/1996 49,992,583 49,992,583 1.2
McKenna Triangle National Corp.:
50,000,000 5.33% due 9/10/1996 49,703,889 49,703,889 1.2
45,000,000 5.36% due 9/20/1996 44,665,000 44,665,000 1.1
12,300,000 MetLife Funding, Inc., 5.38% due
8/06/1996 12,290,809 12,290,809 0.3
National Fleet Funding Corp.:
40,000,000 5.40% due 8/07/1996 39,964,000 39,964,000 1.0
35,000,000 5.37% due 9/18/1996 34,749,400 34,749,400 0.8
29,300,000 Preferred Receivables Funding Corp.,
5.40% due 9/13/1996 29,111,015 29,111,015 0.7
40,000,000 Sara Lee Corp., 5.30% due 8/12/1996 39,935,222 39,935,222 1.0
Xerox Credit Corp.:
20,000,000 5.35% due 8/06/1996 19,985,139 19,985,139 0.5
40,000,000 5.35% due 9/24/1996 39,679,000 39,679,000 0.9
-------------- -------------- ------
1,144,220,964 1,144,220,964 27.5
</TABLE>
<PAGE>
<TABLE>
SCHEDULE OF INVESTMENTS (concluded)
<CAPTION>
Face Percent of
Amount Short-Term Securities Cost Value Net Assets
<S> <C> <S> <C> <C> <C>
US Government & $30,000,000 Federal Home Loan Mortgage $ 29,814,500 $ 29,814,500 0.7%
Agency Association, 5.30% due 9/12/1996
Obligations**
Total Short-Term Securities 1,174,035,464 1,174,035,464 28.2
Total Investments $3,584,140,876 4,173,315,408 100.1
==============
Liabilities in Excess of Other Assets (4,307,343) (0.1)
-------------- ------
Net Assets $4,169,008,065 100.0%
============== ======
Net Asset Class A--Based on net assets of $870,921,641
Value: and 37,770,735 $ 23.06
==============
Class B--Based on net assets of $2,380,462,215
and 110,565,232 $ 21.53
==============
Class C--Based on net assets of $145,817,679
and 6,808,798 $ 21.42
==============
Class D--Based on net assets of $771,806,530
and 33,549,697 $ 23.00
==============
<FN>
*American Depositary Receipts (ADR).
**Commercial Paper and certain US Government & Agency Obligations
are traded on a discount basis; the interest rates shown are the
discount rates paid at the time of purchase by the Fund.
(a)Warrants entitle the Fund to purchase a predetermined number of shares of
common stock. The purchase price and number of shares are subject to
adjustment under certain conditions until the expiration date.
PORTFOLIO INFORMATION
For the Quarter Ended July 31, 1996
<PAGE>
Percent of
Ten Largest Equity Holdings Net Assets
Apache Corp. 5.5%
Global Marine, Inc. 5.2
Ensco International, Inc. 4.7
Dell Computer Corp. 4.7
Freeport-McMoRan Copper & Gold, Inc.* 4.6
Norcen Energy Resources Ltd. 3.3
Western Atlas, Inc. 3.2
Freeport-McMoRan, Inc. 3.2
Safra Republic Holdings S.A. (ADR) 2.8
Vastar Resources, Inc. 2.5
<FN>
*Includes Class A and Class B Shares.
Additions
Affymetrix, Inc.
Devon Financing Trust (Preferred)
Deletions
Landmark Graphics Corp.
*Pan Energy Corp.
Pool Energy Services Co.
United Meridian Corp.
<FN>
*Formerly Panhandle Eastern Corp.
</TABLE>
