<PAGE> PAGE 1
000 B000000 08/31/1999
000 C000000 0000923270
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 MERRILL LYNCH ASSET GROWTH FUND, INC.
001 B000000 811-7183
001 C000000 6092822800
002 A000000 P.O. BOX 9011
002 B000000 PRINCETON
002 C000000 NJ
002 D010000 08543
002 D020000 9011
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 MERRILL LYNCH ASSET MANAGEMENT, L.P.
008 B000001 A
008 C000001 801-11583
008 D010001 PRINCETON
008 D020001 NJ
008 D030001 08543
008 D040001 9011
008 A000002 MERRILL LYNCH ASSET MANAGEMENT U.K., LTD.
008 B000002 S
008 C000002 801-31780
008 D010002 LONDON
008 D050002 ENGLAND
008 D060002 EC24 9LY
011 A000001 MERRILL LYNCH FUNDS DISTRIBUTOR, INC.
011 B000001 8-14663
011 C010001 PRINCETON
011 C020001 NJ
011 C030001 08543
<PAGE> PAGE 2
011 C040001 9011
012 A000001 FINANCIAL DATA SERVICES, INC.
012 B000001 84-01339
012 C010001 JACKSONVILLE
012 C020001 FL
012 C030001 32246
012 C040001 6484
013 A000001 DELOITTE & TOUCHE LLP
013 B010001 PRINCETON
013 B020001 NJ
013 B030001 08540
014 A000001 MLPF&S AND OTHER ML BROKER/DEALER AFFILIATES
014 B000001 8-7221
015 A000001 THE CHASE MANHATTAN BANK
015 B000001 C
015 C010001 BROOKLYN
015 C020001 NY
015 C030001 11245
015 E010001 X
015 A000002 THE BANK OF NEW YORK
015 B000002 S
015 C010002 NEW YORK
015 C020002 NY
015 C030002 10286
015 E010002 X
015 A000003 BANKERS TRUST COMPANY
015 B000003 S
015 C010003 NEW YORK
015 C020003 NY
015 C030003 10006
015 E010003 X
015 A000004 BANK AUSTRIA AG
015 B000004 S
015 C010004 AUSTRIA
015 D010004 AUSTRIA
015 E040004 X
015 A000005 CUSTODIAL TRUST CO.
015 B000005 S
015 C010005 NEW YORK
015 C020005 NY
015 C030005 10167
015 E010005 X
015 A000006 MORGAN GUARANTY TRUST CO. OF NEW YORK
015 B000006 S
015 C010006 NEW YORK
015 C020006 NY
015 C030006 10260
015 E010006 X
015 A000007 CHASE MANHATTAN BANK AUSTRALIA LTD.
015 B000007 S
015 C010007 SYDNEY
<PAGE> PAGE 3
015 D010007 AUSTRALIA
015 E010007 X
015 A000008 AUSTRACLEAR LIMITED
015 B000008 S
015 C010008 AUSTRALIA
015 D010008 AUSTRALIA
015 E040008 X
015 A000009 OEKB
015 B000009 S
015 C010009 AUSTRIA
015 D010009 AUSTRIA
015 E040009 X
015 A000010 DRESDNER BANK AG
015 B000010 S
015 C010010 GERMANY
015 D010010 GERMANY
015 E040010 X
015 A000011 CSR
015 B000011 S
015 C010011 FINLAND
015 D010011 FINLAND
015 E040011 X
015 A000012 SKANDINAVISKA ENSKILDA BANKEN
015 B000012 S
015 C010012 STOCKHOLM
015 D010012 SWEDEN
015 E040012 X
015 A000013 UBS AG
015 B000013 S
015 C010013 SWITZERLAND
015 D010013 SWITZERLAND
015 E040013 X
015 A000014 DEN DANSKE BANK
015 B000014 S
015 C010014 COPENHAGEN
015 D010014 DENMARK
015 E040014 X
015 A000015 CHESS
015 B000015 S
015 C010015 AUSTRALIA
015 D010015 AUSTRALIA
015 E040015 X
015 A000016 SICOVAM
015 B000016 S
015 C010016 FRANCE
015 D010016 FRANCE
015 E040016 X
015 A000017 KV
015 B000017 S
015 C010017 GERMANY
015 D010017 GERMANY
<PAGE> PAGE 4
015 E040017 X
015 A000018 VP CENTER
015 B000018 S
015 C010018 DENMARK
015 D010018 DENMARK
015 E040018 X
015 A000019 MONTE TITOLI
015 B000019 S
015 C010019 ITALY
015 D010019 ITALY
015 E040019 X
015 A000020 JASDEC
015 B000020 S
015 C010020 JAPAN
015 D010020 JAPAN
015 E040020 X
015 A000021 BANK OF ITALI
015 B000021 S
015 C010021 ITALY
015 D010021 ITALY
015 E040021 X
015 A000022 BANQUE PARIBAS
015 B000022 S
015 C010022 MILAN
015 D010022 ITALY
015 E040022 X
015 A000023 MERITA BANK, LTD.
015 B000023 S
015 C010023 FINLAND
015 D010023 FINLAND
015 E040023 X
015 A000024 VPC
015 B000024 S
015 C010024 SWEDEN
015 D010024 SWEDEN
015 E040024 X
015 A000025 SEGA
015 B000025 S
015 C010025 SWITZERLAND
015 D010025 SWITZERLAND
015 E040025 X
015 A000026 BANQUE DE FRANCE -SATURNE
015 B000026 S
015 C010026 FRANCE
015 D010026 FRANCE
015 E040026 X
015 A000027 HELSINKI MONEY MARKET CENTER LTD.
015 B000027 S
015 C010027 FINLAND
015 D010027 FINLAND
015 E040027 X
<PAGE> PAGE 5
015 A000028 VPS
015 B000028 S
015 C010028 NORWAY
015 D010028 NORWAY
015 E040028 X
015 A000029 FUJI BANK, LTD.
015 B000029 S
015 C010029 TOKYO
015 D010029 JAPAN
015 E040029 X
015 A000030 CREST
015 B000030 S
015 C010030 UNITED KINGDOM
015 D010030 UNITED KINGDOM
015 E040030 X
015 A000031 DEN NORSKE BANK
015 B000031 S
015 C010031 OSLO
015 D010031 NORWAY
015 E040031 X
015 A000032 CGO
015 B000032 S
015 C010032 UNITED KINGDOM
015 D010032 UNITED KINGDOM
015 E040032 X
015 A000033 CMO
015 B000033 S
015 C010033 UNITED KINGDOM
015 D010033 UNITED KINGDOM
015 E040033 X
015 A000034 KSD
015 B000034 S
015 C010034 SOUTH KOREA
015 D010034 SOUTH KOREA
015 E040034 X
015 A000035 DE NEDERLANDSCHE BANK N.V.
015 B000035 S
015 C010035 NETHERLANDS
015 D010035 NETHERLANDS
015 E040035 X
015 A000036 NIEC
015 B000036 S
015 C010036 NETHERLANDS
015 D010036 NETHERLANDS
015 E040036 X
015 A000037 NECIGEF/KAS ASSOCIATIE NV
015 B000037 S
015 C010037 NETHERLANDS
015 D010037 NETHERLANDS
015 E040037 X
015 A000038 ABN-AMRO BANK NV
<PAGE> PAGE 6
015 B000038 S
015 C010038 AMSTERDAM
015 D010038 NETHERLANDS
015 E040038 X
015 A000039 HSBC
015 B000039 S
015 C010039 SEOUL
015 D010039 SOUTH KOREA
015 E040039 X
015 A000040 THE CHASE MANHATTAN BANK,C.M.B.,S.A.
015 B000040 S
015 C010040 SPAIN
015 D010040 SPAIN
015 E010040 X
015 A000041 SCLV
015 B000041 S
015 C010041 SPAIN
015 D010041 SPAIN
015 E040041 X
015 A000042 CBEO
015 B000042 S
015 C010042 SPAIN
015 D010042 SPAIN
015 E040042 X
015 A000043 THE CHASE MANHATTAN BANK
015 B000043 S
015 C010043 LONDON
015 D010043 UNITED KINGDOM
015 E010043 X
015 A000044 RITS
015 B000044 S
015 C010044 AUSTRALIA
015 D010044 AUSTRALIA
015 E040044 X
015 A000045 BOLVESPA
015 B000045 S
015 C010045 BRAZIL
015 D010045 BRAZIL
015 E040045 X
015 A000046 CITIBANK, NA
015 B000046 S
015 C010046 BRAZIL
015 D010046 BRAZIL
015 E010046 X
015 A000047 CHASE
015 B000047 S
015 C010047 HONG KONG
015 D010047 HONG KONG
015 E040047 X
015 A000048 CCASS
015 B000048 S
<PAGE> PAGE 7
015 C010048 HONG KONG
015 D010048 HONG KONG
015 E040048 X
015 A000049 BANQUE PARIBAS
015 B000049 S
015 C010049 PARIS
015 D010049 FRANCE
015 E040049 X
018 000000 Y
019 A000000 Y
019 B000000 226
019 C000000 MERRILLLYN
020 A000001 MORGAN (J.P.) SECURITIES INC.
020 B000001 13-3224016
020 C000001 4
020 A000002 BRIDGE TRADING COMPANY
020 B000002 43-1450530
020 C000002 2
020 A000003 CREDIT SUISSE FIRST BOSTON CORPORATION
020 B000003 13-5659485
020 C000003 2
020 A000004 WARBURG DILLON READ LLC
020 B000004 13-3340045
020 C000004 2
020 A000005 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000005 13-5674085
020 C000005 1
020 A000006 MORGAN STANLEY DEAN WITTER & CO.
020 B000006 13-2655998
020 C000006 1
020 A000007 GOLDMAN, SACHS & CO.
020 B000007 13-5108880
020 C000007 1
020 A000008 SALOMON SMITH BARNEY INC.
020 B000008 11-2418191
020 C000008 1
020 A000009 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000009 13-2741729
020 C000009 1
020 A000010 SCHRODER & CO. INC.
020 B000010 13-2697272
020 C000010 1
021 000000 24
022 A000001 HSBC SECURITIES (U.S.A.) INC.
022 B000001 13-2650272
022 C000001 55908
022 D000001 0
022 A000002 GENERAL MOTORS ACCEPTANCE CORP.
022 C000002 8164
022 D000002 0
022 A000003 GOLDMAN, SACHS & CO.
<PAGE> PAGE 8
022 B000003 13-5108880
022 C000003 1209
022 D000003 2193
022 A000004 DRESDNER KLEINWORT BENSON NORTH AMERICA LLC
022 B000004 13-3894311
022 C000004 1541
022 D000004 1090
022 A000005 CREDIT SUISSE FIRST BOSTON CORPORATION
022 B000005 13-5659485
022 C000005 147
022 D000005 1700
022 A000006 FORD MOTOR CREDIT CO.
022 C000006 1753
022 D000006 0
022 A000007 GENERAL ELECTRIC CAPITAL CORP.
022 C000007 1629
022 D000007 0
022 A000008 CIT GROUP/CAPTIAL INVESTMENTS INC.(THE)
022 C000008 685
022 D000008 0
022 A000009 LEHMAN BROTHERS INC.
022 B000009 13-2518466
022 C000009 60
022 D000009 609
022 A000010 BEAR, STEARNS & CO. INC.
022 B000010 13-3299429
022 C000010 658
022 D000010 0
023 C000000 73353
023 D000000 6672
024 000000 N
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 221
028 A020000 0
028 A030000 0
028 A040000 563
028 B010000 82
028 B020000 0
028 B030000 0
028 B040000 290
028 C010000 74
028 C020000 0
<PAGE> PAGE 9
028 C030000 0
028 C040000 252
028 D010000 77
028 D020000 0
028 D030000 0
028 D040000 139
028 E010000 80
028 E020000 0
028 E030000 0
028 E040000 171
028 F010000 68
028 F020000 0
028 F030000 0
028 F040000 277
028 G010000 602
028 G020000 0
028 G030000 0
028 G040000 1692
028 H000000 14
029 000000 Y
030 A000000 4
030 B000000 5.25
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 4
034 000000 Y
035 000000 10
036 A000000 N
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 61
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.750
048 A010000 0
<PAGE> PAGE 10
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
055 A000000 Y
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 0
<PAGE> PAGE 11
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 Y
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
<PAGE> PAGE 12
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 10234
071 B000000 14253
071 C000000 7208
071 D000000 142
072 A000000 12
072 B000000 70
072 C000000 78
072 D000000 0
072 E000000 0
072 F000000 56
072 G000000 61
072 H000000 0
072 I000000 36
072 J000000 30
072 K000000 0
072 L000000 77
072 M000000 13
072 N000000 31
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 32
072 S000000 55
072 T000000 61
072 U000000 22
072 V000000 0
072 W000000 19
072 X000000 493
072 Y000000 56
072 Z000000 -289
072AA000000 1637
072BB000000 930
072CC010000 837
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 44
<PAGE> PAGE 13
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 33
074 B000000 0
074 C000000 0
074 D000000 851
074 E000000 55
074 F000000 5214
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 143
074 K000000 0
074 L000000 29
074 M000000 49
074 N000000 6374
074 O000000 36
074 P000000 5
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 145
074 S000000 0
074 T000000 6188
074 U010000 66
074 U020000 498
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 1132
074 Y000000 0
075 A000000 0
075 B000000 7441
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 O000000 Y
078 000000 N
080 A000000 ICI MUTUAL INSURANCE CO.
080 C000000 2500
081 A000000 Y
081 B000000 146
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
<PAGE> PAGE 14
085 A000000 Y
085 B000000 N
SIGNATURE DONALD C. BURKE
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923270
<NAME> MERRILL LYNCH ASSET GROWTH FUND, INC.
<SERIES>
<NUMBER> 001
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-01-1998
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 5397044
<INVESTMENTS-AT-VALUE> 6119857
<RECEIVABLES> 172549
<ASSETS-OTHER> 81943
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6374349
<PAYABLE-FOR-SECURITIES> 36283
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 150263
<TOTAL-LIABILITIES> 186546
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5097045
<SHARES-COMMON-STOCK> 45225
<SHARES-COMMON-PRIOR> 214523
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 368085
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 722673
<NET-ASSETS> 501901
<DIVIDEND-INCOME> 78226
<INTEREST-INCOME> 69587
<OTHER-INCOME> 0
<EXPENSES-NET> (436748)
<NET-INVESTMENT-INCOME> (288935)
<REALIZED-GAINS-CURRENT> 707019
<APPREC-INCREASE-CURRENT> 837402
<NET-CHANGE-FROM-OPS> 1255486
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (14379)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12744
<NUMBER-OF-SHARES-REDEEMED> (183352)
<SHARES-REINVESTED> 1310
<NET-CHANGE-IN-ASSETS> (2579125)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (5955)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 55808
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 436748
<AVERAGE-NET-ASSETS> 1104650
<PER-SHARE-NAV-BEGIN> 9.57
<PER-SHARE-NII> (.23)
<PER-SHARE-GAIN-APPREC> 1.83
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.07)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.10
<EXPENSE-RATIO> 5.22
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923270
<NAME> MERRILL LYNCH ASSET GROWTH FUND, INC.
<SERIES>
<NUMBER> 002
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-01-1998
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 5397044
<INVESTMENTS-AT-VALUE> 6119857
<RECEIVABLES> 172549
<ASSETS-OTHER> 81943
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6374349
<PAYABLE-FOR-SECURITIES> 36283
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 150263
<TOTAL-LIABILITIES> 186546
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5097045
<SHARES-COMMON-STOCK> 464097
<SHARES-COMMON-PRIOR> 625293
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 368085
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 722673
<NET-ASSETS> 5080164
<DIVIDEND-INCOME> 78226
<INTEREST-INCOME> 69587
<OTHER-INCOME> 0
<EXPENSES-NET> (436748)
<NET-INVESTMENT-INCOME> (288935)
<REALIZED-GAINS-CURRENT> 707019
<APPREC-INCREASE-CURRENT> 837402
<NET-CHANGE-FROM-OPS> 1255486
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (26308)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 122879
<NUMBER-OF-SHARES-REDEEMED> (286264)
<SHARES-REINVESTED> 2189
<NET-CHANGE-IN-ASSETS> (2579125)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (5955)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 55808
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 436748
<AVERAGE-NET-ASSETS> 5631642
<PER-SHARE-NAV-BEGIN> 9.51
<PER-SHARE-NII> (.44)
<PER-SHARE-GAIN-APPREC> 1.93
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.05)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.95
<EXPENSE-RATIO> 6.89
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923270
<NAME> MERRILL LYNCH ASSET GROWTH FUND, INC.
<SERIES>
<NUMBER> 003
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-01-1998
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 5397044
<INVESTMENTS-AT-VALUE> 6119857
<RECEIVABLES> 172549
<ASSETS-OTHER> 81943
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6374349
<PAYABLE-FOR-SECURITIES> 36283
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 150263
<TOTAL-LIABILITIES> 186546
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5097045
<SHARES-COMMON-STOCK> 34243
<SHARES-COMMON-PRIOR> 48555
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 368085
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 722673
<NET-ASSETS> 372550
<DIVIDEND-INCOME> 78226
<INTEREST-INCOME> 69587
<OTHER-INCOME> 0
<EXPENSES-NET> (436748)
<NET-INVESTMENT-INCOME> (288935)
<REALIZED-GAINS-CURRENT> 707019
<APPREC-INCREASE-CURRENT> 837402
<NET-CHANGE-FROM-OPS> 1255486
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (2164)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9731
<NUMBER-OF-SHARES-REDEEMED> (24212)
<SHARES-REINVESTED> 169
<NET-CHANGE-IN-ASSETS> (2579125)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (5955)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 55808
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 436748
<AVERAGE-NET-ASSETS> 443062
<PER-SHARE-NAV-BEGIN> 9.45
<PER-SHARE-NII> (.44)
<PER-SHARE-GAIN-APPREC> 1.92
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.05)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.88
<EXPENSE-RATIO> 6.91
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923270
<NAME> MERRILL LYNCH ASSET GROWTH FUND, INC.
<SERIES>
<NUMBER> 004
<NAME> CLASS D
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-01-1998
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 5397044
<INVESTMENTS-AT-VALUE> 6119857
<RECEIVABLES> 172549
<ASSETS-OTHER> 81943
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6374349
<PAYABLE-FOR-SECURITIES> 36283
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 150263
<TOTAL-LIABILITIES> 186546
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5097045
<SHARES-COMMON-STOCK> 20924
<SHARES-COMMON-PRIOR> 32187
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 368085
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 722673
<NET-ASSETS> 233188
<DIVIDEND-INCOME> 78226
<INTEREST-INCOME> 69587
<OTHER-INCOME> 0
<EXPENSES-NET> (436748)
<NET-INVESTMENT-INCOME> (288935)
<REALIZED-GAINS-CURRENT> 707019
<APPREC-INCREASE-CURRENT> 837402
<NET-CHANGE-FROM-OPS> 1255486
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1193)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18232
<NUMBER-OF-SHARES-REDEEMED> (29586)
<SHARES-REINVESTED> 91
<NET-CHANGE-IN-ASSETS> (2579125)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (5955)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 55808
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 436748
<AVERAGE-NET-ASSETS> 261679
<PER-SHARE-NAV-BEGIN> 9.61
<PER-SHARE-NII> (.36)
<PER-SHARE-GAIN-APPREC> 1.94
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.05)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.14
<EXPENSE-RATIO> 6.14
</TABLE>