Edgar Filing: PHELPS DODGE CORP

e11vk

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 11-K

(Mark One)


[x]		ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2003


[ ]		TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 1-82

PHELPS DODGE EMPLOYEE SAVINGS PLAN

PHELPS DODGE CORPORATION

One North Central Avenue
Phoenix, Arizona 85004

SIGNATURES

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Benefits Administration Committee has duly caused this Annual Report to be signed by the undersigned hereunto duly authorized.


	PHELPS DODGE EMPLOYEE SAVINGS PLAN

Date: June 25, 2004	By:	/s/David L. Pulatie

		David L. Pulatie, Chairman
		Benefits Administration Committee

Phelps Dodge Employee Savings Plan
Index
December 31, 2003 and 2002


	Page

Report of Independent Registered Public Accounting Firm		1
Statement of Net Assets Available for Benefits		2
Statement of Changes in Net Assets Available for Benefits		3
Notes to Financial Statements		4
Supplemental Information:*
I. Schedule of Assets (Held at End of Year)		10
EX-23

Other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under ERISA have been omitted because they are not applicable

Report of Independent Registered Public Accounting Firm

To the Benefits Administration Committee and Participants
of the Phelps Dodge Employee Savings Plan

In our opinion, the accompanying statement of net assets available for benefits and the related statement of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of the Phelps Dodge Employee Savings Plan at December 31, 2003 and 2002, and the changes in net assets available for benefits for the year ended December 31, 2003 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Benefits Administration Committee (the “Committee”); our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by the Committee, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets (held at end of year) is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedule is the responsibility of the Committee. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

/s/PricewaterhouseCoopers LLP
Phoenix, Arizona
June 18, 2004

Phelps Dodge Employee Savings Plan

Statement of Net Assets Available for Benefits
December 31, 2003 and 2002
(in thousands)


	2003		2002
Assets
Investments	$	541,806	$	409,858
Employee contributions receivable		268		243
Employer contributions receivable		490		499
Employer profit sharing contribution receivable		5,234		4,067
Interest receivable		—		361

Net assets available for benefits	$	547,798	$	415,028

The accompanying notes are an integral part of these financial statements.

- 2 -

Phelps Dodge Employee Savings Plan

Statement of Changes in Net Assets Available for Benefits
For the Year Ended December 31, 2003
(in thousands)


Additions to net assets attributed to:
Investment income:
Net appreciation in fair value of investments	$	126,505
Interest and dividends		11,012

		137,517

Contributions:
Participant contributions		24,911
Employer matching contributions		11,264
Employer profit sharing contribution		5,234

		41,409

Total additions, net		178,926

Deductions from net assets attributed to:
Distributions to participants and beneficiaries		45,703
Administrative expenses		453

Total deductions		46,156

Increase in net assets		132,770
Net assets available for benefits at December 31, 2002		415,028

Net assets available for benefits at December 31, 2003	$	547,798

The accompanying notes are an integral part of these financial statements.

- 3 -

Phelps Dodge Employee Savings Plan

Notes to Financial Statements

1.		Description of Plan

		General

		The Phelps Dodge Employee Savings Plan (the Plan) is a defined contribution plan established for the benefit of eligible employees (the Participants) of Phelps Dodge Corporation (the Corporation). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended. A brief description of the Plan is included in the following paragraphs. Participants should refer to the Plan document for a complete description of Plan provisions.

		Administration

		The Plan is sponsored by the Corporation and administered by the Benefits Administration Committee (the Committee) composed of seven employees of the Corporation who are appointed by the Corporation’s Board of Directors.

		Effective December 23, 2003, all plan assets are held by a trust (the Trust) administered by JPMorgan Chase Bank (the Trustee). Prior to that date, UMB Bank, N.A. served as the Trustee. JPMorgan Retirement Plan Services LLC serves as the Recordkeeper of the Plan.

		Brokerage commissions, taxes and other expenses in connection with the purchase and sale of securities or other property for a fund are paid by such fund. All other fees and expenses of Plan administration are paid by the Trust unless the Corporation elects, in its sole discretion, to pay those expenses directly. The Trust’s fees and expenses primarily relate to the administration of the Plan’s benefit-responsive guaranteed investment contracts (GICs).

		Contributions

		All Participants are eligible to make pretax deferral contributions (Pretax Contributions), subject to certain limitations, equal to 1 percent to 100 percent of their eligible pay. Participants 50 years or older may be eligible to make additional Pretax Contributions up to the annual catch-up limit, which may be eligible for a matching contribution from the Corporation (Company Matching Contribution). After-tax contributions are not permitted. The Company Matching Contribution is equal to 100 percent of the first 3 percent of eligible pay deferred and 50 percent of the next 2 percent of eligible pay deferred. Participants are eligible to make Pretax Contributions to the Plan immediately upon hire date, and those Pretax Contributions are eligible for the Company Matching Contribution. All contributions are invested in one or more of the investment vehicles available within the Plan as directed by Participants. Participants are always fully vested in their total account balances.

		A profit sharing contribution for eligible employees may be made by the Corporation (Company Profit Sharing Contribution). Eligible employees are those Participants employed in a salaried job classification, have a year of service (1,000 hours of work) and employed on the last day of the plan year. However, if Participants retired, died or became disabled during the year, those Participants are still eligible to receive this contribution. The Company Profit Sharing Contribution is limited to the lesser of total

- 4 -

Phelps Dodge Employee Savings Plan
Notes to Financial Statements

1.		Description of Plan (Continued)

		eligible pay of Participants multiplied by:

•		6 percent; or

•		8 percent of consolidated net income of the Corporation divided by aggregate eligible Participants pay; or

•		4 percent of consolidated net income divided by the aggregate eligible pay of exempt salaried Participants.

		Company Profit Sharing Contributions can be made only to the extent that they do not reduce the Corporation’s consolidated net income below $0.50 per common share for such year after provision for payment of preferred and preference share dividends. A profit sharing contribution of $5,234,000 was made for 2003 and paid in March 2004.

		Investments

		Participants may direct the investment of their Pretax Contributions, Company Matching Contributions and Company Profit Sharing Contributions in a variety of investment vehicles comprised of common stocks, mutual funds, common/collective funds and GICs. The Plan is intended to comply with Section 404(c) of ERISA.

		Distributions

		Participants’ interests in the Trust become distributable upon severance from employment with the Corporation, upon attaining age 59 1/2 or to their beneficiaries in the event of their death. The distribution may be made in a single lump sum or a series of substantially equal annual, quarterly or monthly cash installments beginning no earlier than age 55 and continuing over a period not to exceed 10 years, at the election of the Participant or beneficiary. Cash distributions are based upon the underlying closing price of the mutual funds, common/collective funds or GICs. Distributions of investments in Phelps Dodge Common Stock, Occidental Petroleum Stock or BP Amoco Stock are based upon the actual price at which the stock is liquidated in the market three days prior to distribution. Distributions of investments in Phelps Dodge Common Stock, Occidental Petroleum Common Stock and BP Amoco Common Stock may also be made in shares.

		After-tax contributions were permitted in certain plans that transferred assets into the Plan in prior years. Participants may withdraw such after-tax contributions and earnings thereon at any time. The Plan also provides, with certain limitations, for hardship withdrawals of Pretax Contributions, Company Pre-Safe Harbor Matching Contributions and Company Profit Sharing Contributions; however, earnings on any of these contributions are ineligible for hardship withdrawal. Hardship withdrawals are not granted unless other financial resources are not reasonably available, including after-tax savings or a loan from the Plan. All withdrawals and distributions are made in accordance with rules outlined in the Plan document.

		Loans

		Participants may borrow from their account balances as provided in the Plan. Loans are repayable over a maximum of 5 years with the exception of loans for the purchase of a primary residence that may extend to 15 years. The maximum loan amount is equal to $50,000 minus the Participant’s highest outstanding loan balance during the past 12

- 5 -

Phelps Dodge Employee Savings Plan
Notes to Financial Statements

1.		Description of Plan (Continued)

		months, limited to 50 percent of the Participant’s vested account balance. Loans bear interest at the prime rate as quoted by the Plan’s Trustee plus 2 percent. The prime rate at December 31, 2003, was 4.00 percent.

		Loans are repaid by payroll deductions and interest is credited to the Participant’s accounts. Loans are generally secured by the Participant’s account balance.

		Plan Termination

		The Plan may be amended or terminated at any time by the Corporation. No such action may cause any portion of the Trust to revert to the Corporation or to be used or diverted for any purpose other than for the exclusive benefit of Participants or their beneficiaries.

2.		Summary of Significant Accounting Policies

		Basis of Presentation

		The accompanying financial statements have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America.

		Use of Estimates

		The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of additions to and deductions from net assets available for benefits during the reporting period. Actual results could differ from those estimates.

		Investment Valuation and Income Recognition

		Plan investments, other than GICs, are presented at fair value. The fair values of common stock, mutual funds and common/collective fund shares are based upon the closing market price on the valuation date. GICs are recorded at contract value and are based upon the respective face values plus accrued interest on the valuation date. Participant loans are valued at cost, which approximates fair value.

		Security transactions are recorded on a trade date basis. Expenses paid by the Plan in connection with such transactions include brokerage commissions and taxes that are included in the cost of securities purchased and deducted from the proceeds of securities sold. Net appreciation (depreciation) in the fair value of the Plan’s investments consists of the realized gains (losses) and the unrealized appreciation (depreciation) on those investments. Dividend income is recognized on the ex-dividend date. Interest income is recognized as earned. Employer and Participant contributions are recognized on the accrual basis.

		Risks and Uncertainties

		Investments held by the Plan are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investments and the level of uncertainty related to changes in the value of such investments, it is at least

- 6 -

Phelps Dodge Employee Savings Plan
Notes to Financial Statements

2.		Summary of Significant Accounting Policies (Continued)

		reasonably possible that changes in risks in the near term would materially affect Participants’ account balances and the amounts reported in the Statement of Net Assets Available for Benefits and the Statement of Changes in Net Assets Available for Benefits.

		Payment of Benefits

		Benefits are recorded when paid.

3.		Investments

		The following table presents investments that represent 5 percent or more of the Plan’s net assets at December 31:


	2003			2002
	(in thousands)
Phelps Dodge Common Stock Fund	$	88,290		$	46,854
J.P. Morgan Interest Income Fund		86,281			79,969
American Century Equity Growth Fund		61,573			47,931
Moderate Investment Portfolio Fund		61,011			49,861
American Century Income and Growth Fund		50,685			38,773
Aggressive Investment Portfolio Fund		45,173			32,453
J.P. Morgan Enhanced Index Fund		36,325			26,782
T. Rowe Price Small Cap Stock Fund		30,008			19,086	*
Schwab Personal Choice Retirement Fund		27,651			20,645
Participant Loans		22,191	*		22,503

Amounts are less than 5 percent of the Plan’s net assets

Certain of the Plan’s investments include GICs that are carried at contract value. The GICs are credited with earnings on the underlying investments and charged for Participant withdrawals and administration expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value. The contract value of the GICs within the respective funds as of December 31 was as follows:


	2003		2002
	(in thousands)
J.P. Morgan Interest Income Fund	$	84,333	$	78,252
Moderate Investment Portfolio Fund		23,862		20,088
Aggressive Investment Portfolio Fund		8,771		6,553
Conservative Investment Portfolio Fund		8,500		7,741

	$	125,466	$	112,634

- 7 -

Phelps Dodge Employee Savings Plan
Notes to Financial Statements

3.		Investments (Continued)

		A reconciliation of the fair market value of investments in these contracts and the related contract value as reflected in the accompanying Statement of Net Assets Available for Benefits was as follows:


	December 31,
	2003			2002
	(in thousands)
Fair market value of investments	$	129,161		$	117,958
Synthetic wrapper value		(3,695	)		(5,324	)

Carrying value (contract value)	$	125,466		$	112,634

		There were no reserves against contract value for credit risk of the contract issuers or otherwise at December 31, 2003 or 2002. The average yield and crediting interest rates were approximately 5.46 percent and 6.43 percent for 2003 and 2002, respectively. The crediting interest rates are based on a formula agreed upon by the issuers. Such interest rates are reviewed on a quarterly basis for resetting.

		During 2003, the Plan’s investments (including gains and losses on investments bought and sold, as well as those held during the year) appreciated in value as follows (in thousands):


Common stocks	$	62,884
Mutual funds		48,394
Common/collective funds		15,227

	$	126,505

4.		Related Party Transactions

		The Trustee invests in the Corporation’s common stock in accordance with the provisions of the Plan. The following is a summary of transactions in the Corporation’s common stock during 2003 (in thousands):


Cost of shares purchased	$	12,108
Number of shares purchased		272
Proceeds from shares sold	$	29,570
Number of shares sold		579
Value of shares distributed	$	528
Number of shares distributed		11

Certain Plan investments are shares of mutual funds and common/collective trusts managed by American Century Investments and J.P. Morgan Investment Management while an affiliated company, JPMorgan Retirement Plan Services LLC, is the Recordkeeper as defined by the Plan. Therefore, these transactions qualify as party-in-interest.

- 8 -

Phelps Dodge Employee Savings Plan
Notes to Financial Statements

5.		Tax Status

		The Plan received a determination letter from the Internal Revenue Service (IRS) dated October 16, 2002, which states that the Plan met the requirements of Section 401(a) of the Internal Revenue Code and that the earnings of the Trust are exempt from taxation under Section 501(a) of the Code. The Plan has been amended since receiving the determination letter, however, the Committee believes that the Plan, as amended and as operated, continues to satisfy IRS requirements for tax exemption.

6.		Reconciliation of the Financial Statements to the Form 5500

		During 2002, the Corporation identified certain accounting matters related to its consolidated financial statements for years prior to 2002 that required restatement. The restated adjustments applicable to 2000 required the Corporation to make a profit sharing contribution of $4,067,000 to the Plan in 2003. The profit sharing contribution and related interest were reflected in the Plan’s financial statements as of December 31, 2002; however, were not recorded in the Form 5500 until 2003.

		The following table presents a reconciliation of the Plan’s Net Assets Available for Benefits from the financial statements at December 31, 2002, to the amount included in the 2003 Form 5500 as of that date:


	December 31,
	2002
	(in thousands)
Net assets available for benefits per the financial statements	$	415,028
Profit sharing contribution receivable		(4,067	)
Interest receivable on related employer profit sharing contribution		(361	)

Net assets available for benefits per the Form 5500	$	410,600

The following table presents a reconciliation of the Plan’s Changes in Net Assets Available for Benefits from the financial statements to the Form 5500 for the year ended December 31, 2003:


	Year Ended
	December 31,
	2003
	(in thousands)
Increase in net assets per the financial statements	$	132,770
Prior year profit sharing contribution receivable		4,428

Increase in net assets per the Form 5500	$	137,198

- 9 -

Phelps Dodge Employee Savings Plan

Schedule of Assets (Held at End of Year)
December 31, 2003

Supplemental Information
Schedule I


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)
		par or maturity value,			Cost	(e) Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	Value
	Cash and Short-Term Investments:
	Cash		—			$	67,626
	Bank of Oklahoma CD 1.20% Due 3/10/04		15,000				15,000
	Ford Motor Credit Co Notes 4.05% Due 5/20/05		10,000				10,111
	Ford Motor Credit Co Notes 4.70% Due 5/22/06		10,000				10,128
	General Motors Acceptance Corporation Smartnotes 5.0% Due 7/15/08		10,000				10,146
	Schwab Money Market Fund		91,454				91,456
	Schwab U.S. Treasury Money Fund		2,796,785				2,797,787
*	JPMorgan Chase Money Market Fund		50,624				50,624
	U.S. Treasury Note 1.50% Due 7/31/05		290,000				289,774
	U.S. Treasury Note 2.875% Due 6/30/04		300,000				302,742
	Federated S-T U.S. Government Securities		274				274

	Total Cash and Short-Term Investments						3,645,668

	Common/Collective Funds:
*	JPMorgan Liquidity Fund		2,484,889	shares			2,484,889
*	JPMorgan Corporate High Yield Opportunity Fund		274,042	shares			3,044,612
*	JPMorgan Mortgage Private Placement Fund		1,891,688	shares			38,628,269
*	JPMorgan Public Bonds Fund		4,292,147	shares			77,945,390
*	JPMorgan Public Mortgage Fund		358,893	shares			6,363,179
*	JPMorgan Emerging Market Opportunity Fund		137,720	shares			2,050,655
*	JPMorgan U.S. Smart Index Fund		3,292,776	shares			66,151,653

	Total Common/Collective Funds						196,668,647

	Common Stocks:
	1-800-Flowers.Com Inc		480	shares			5,309
	3Com Corporation		279	shares			2,279
	3M Company		224	shares			19,047
	3Wventures.Com Inc		700	shares			1
	4 Kids Entertainment Inc		500	shares			13,010
	8X8 Inc		2,014	shares			8,967
	ADC Telecommunications Inc		3,025	shares			8,984
	AM Communications Inc		2,000	shares			2
	AMF Bowling Inc		800	shares			2
	AMR Corporation		100	shares			1,295
	AO Tatneft Sponsored Adr		500	shares			11,400
	ASE Test Limited		207	shares			3,099
	AT&T Corporation		492	shares			9,994
	AT&T Wireless Services		1,341	shares			10,714
	Aastrom Biosciences Inc		200	shares			262
	Aberdeen Asia-Pacific Prime Income Fund Inc		3,235	shares			20,541

- 10 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2003


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)
		par or maturity value,			Cost	(e) Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	Value
	Ableauctions.Com Inc		800	shares			544
	Access Power Inc		250	shares			1
	Ace Communications Corporation		100	shares			248
	Administaff Inc		135	shares			2,346
	Adobe Systems Inc		251	shares			9,858
	Advanced Neuromodulation Systems Inc		200	shares			9,196
	Advanced Digital Information Corporation		100	shares			1,400
	Advanced Micro Devices		4,944	shares			73,666
	Advanced Viral Research		2,300	shares			294
	Aeroflex Inc		1,000	shares			11,690
	Aeropostale Inc		490	shares			13,436
	Affiliated Computer Services Inc Class A		20	shares			1,089
	Agere Systems Inc Class A		443	shares			1,351
	Agere Systems Inc Class B		5,233	shares			15,176
	Agnico-Eagle Mines Limited		100	shares			1,207
	Air Canada Inc Class A		15,500	shares			4,495
	Airlease Ltd Depository Units		165	shares			275
	Akamai Technologies Inc		846	shares			9,094
	Alcoa Inc		882	shares			33,534
	Align Technology Inc		300	shares			4,956
	Allegheny Technologies Incorporated		238	shares			3,146
	Allstream Inc Class B		54	shares			3,097
	Altria Group Inc		23	shares			1,241
	Aluminum Corp Of China Ltd Adr		56	shares			4,312
	Amazon.Com Inc		528	shares			27,794
	America Service Group Inc		86	shares			2,658
	America West Holdings Corporation Class B		4,800	shares			59,520
	American Aircarriers Support Incorporated		320	shares			1
	American Express Company		200	shares			9,646
	American Software Inc Class A		900	shares			6,443
	Americredit Corp		70	shares			1,115
	Amern Tower Corp Class A		1,390	shares			15,040
	Amersham Plc Adr		31	shares			2,117
	Amgen Incorporated		400	shares			24,720
	Amkor Technology Inc		69	shares			1,256
	Anadigics Inc		100	shares			596
	Angelciti Entertainment Inc		6,000	shares			300
	Anglo American Plc Adr		513	shares			11,347
	Anglo American Platinum Adr		150	shares			6,510
	Anheuser Busch Company Inc		321	shares			16,892
	Annaly Mortgage Management Inc		150	shares			2,760
	Anthem Inc		120	shares			9,007
	Antigenics Inc De		40	shares			453
	Applebee’s International, Inc		22	shares			870
	Applera Celera Genomics		100	shares			1,391
	Applied Digital Solution		400	shares			188

- 11 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2003


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)
		par or maturity value,			Cost	(e) Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	Value
	Applied Materials Inc		404	shares			9,070
	Applied Micro Circuits		10,422	shares			62,323
	Apria Healthcare Group Inc		200	shares			5,694
	Aquantive Inc		100	shares			1,025
	Aradigm Corporation		270	shares			462
	Arch Coal Inc		75	shares			2,338
	Ariba Inc		5,500	shares			16,500
	ASA Limited		440	shares			20,020
	Ascential Software Corporation		124	shares			3,215
	Aspect Communications Corp		100	shares			1,576
	Asta Funding Inc		87	shares			2,980
	Astralis Ltd		2,000	shares			1,480
	ASV Inc		100	shares			3,736
	Atmel Corporation		1,350	shares			8,113
	ATP Oil & Gas Corporation		1,000	shares			6,280
	Audiocodes Ltd		200	shares			2,088
	Audiovox Corporation Class A		150	shares			1,926
	Aurora Platinum Corporation		1,000	shares			2,310
	Autoimmune Inc		1,000	shares			1,580
	Avaya Inc		86	shares			1,113
	Avici System Inc		7	shares			56
	Avid Technology Inc		134	shares			6,432
	Avitar Inc De		400	shares			92
	Axia Group Inc		16	shares			2
	BGR Corp		9,400	shares			1,410
	BMC Software Inc		250	shares			4,662
	BP Plc Adr		560	shares			27,636
	BP Amoco Corporation		23,155	shares			1,134,090
	BTU International Inc		1,250	shares			4,400
	Bank Of New York Company Inc		100	shares			3,312
	Bed Bath & Beyond Inc		2	shares			87
	Bell Microproducts Inc		1,000	shares			9,060
	Bema Gold Corporation		1,000	shares			3,720
	Benguet Corporation Class B		1,000	shares			210
	Berkshire Hathaway Class B		10	shares			28,150
	Best Buy Inc		214	shares			11,165
	BHP Billiton Limited Adr		1,000	shares			18,260
	BICO Inc		9,000	shares			12
	Bindview Development Corporation		20	shares			754
	Biomerica Inc		100	shares			45
	Biomira Inc		50	shares			74
	Biopure Corporation Class A		25	shares			60
	Block H&R Incorporated		100	shares			5,537
	Blockbuster Inc Class A		1,000	shares			17,950
	Boeing Co		242	shares			10,181
	Bombardier Inc CV Class B		200	shares			836

- 12 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2003


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)
		par or maturity value,			Cost	(e) Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	Value
	Boston Life Sciences Inc		16,000	shares			19,840
	Boston Properties Inc		100	shares			4,819
	Boston Scientific Corporation		100	shares			3,676
	Bottomline Home Loan Inc		50	shares			1
	Bradley Pharmaceuticals Inc		500	shares			12,715
	Brigham Exploration Company		200	shares			1,606
	Brightpoint Inc		100	shares			1,725
	Bristol-Myers Squibb Co		406	shares			11,612
	Broadcom Corporation Class A		88	shares			3,000
	Broadvision Inc		15	shares			64
	Brocade Communications Systems Inc		200	shares			1,156
	CMGI Inc		175	shares			311
	CT Communications Inc		400	shares			5,400
	CTS Corporation		103	shares			1,189
	Caliper Technologies Corp		30	shares			197
	Calpine Corporation		5,500	shares			26,455
	Cambior Inc		1,500	shares			4,650
	Cardiac Science Inc		1,110	shares			4,429
	Cardstakes.Com		84	shares			1
	Caredecision Corp		10,000	shares			450
	Cascade Mountain Mining Co Inc		47,716	shares			530
	Caterpillar Inc		.06	share			6
	Cdex Inc		88	shares			1
	Cell Therapeutics Inc		1,500	shares			13,050
	Cendant Corporation		2,050	shares			45,653
	Central Wireless Inc		5,000	shares			50
	Charter Communications		120	shares			482
	Check Point Software Technologies		175	shares			2,943
	Checkfree Corporation		40	shares			1,106
	Chesapeake Corporation		200	shares			5,296
	Chesapeake Energy Corporation		300	shares			4,074
	Chevrontexaco Corp		1,120	shares			96,798
	China Life Insurance Co Limited Adr		61	shares			2,011
	China Wireless Communications Inc		200	shares			94
	China Yuchai International Limited Adr		131	shares			4,008
	Ciena Corporation		2,445	shares			16,235
	Circuit City Stores Inc		2,000	shares			20,260
	Cirrus Logic Inc		1,000	shares			7,670
	Cisco Systems Inc		18,247	shares			443,220
	Citigroup Capital Trust Ix 6%		200	shares			5,076
	Citigroup Inc		1,000	shares			48,553
	Citrix Systems Inc		800	shares			16,968
	Clarent Corporation		500	shares			6
	Coca Cola Company		11	shares			535
	Coherent Inc		50	shares			1,190
	Coinstar Inc		96	shares			1,734

- 13 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2003


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)
		par or maturity value,			Cost	(e) Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	Value
	Comcast Corporation Class A		790	shares			25,967
	Commerce One Inc Del		1	share			1
	Commercial Capital Bancorp Inc		142	shares			3,040
	Companhia Vale Do Rio Doce Adr		200	shares			11,700
	Comtech Telecommunications Corp		500	shares			14,435
	Conexant Systems Inc		213	shares			1,058
	Conocophillips		52	shares			3,431
	Constellation 3D Inc		200	shares			1
	Consumer Direct of America		1,800	shares			630
	Corbel Holdings Inc		2,552	shares			2
	Corgenix Medical Corporation		117	shares			117
	Corning Inc		1,006	shares			10,491
	Corvis Corporation		2,000	shares			3,400
	Costco Wholesale Corporation		250	shares			9,295
	Credit Acceptance Corporation		200	shares			3,060
	Cree Inc		500	shares			8,845
	Cross Media Marketing		27	shares			1
	Cryolife Inc		285	shares			1,647
	Cybercare Inc		50	shares			1
	Cyberoptics Corp		200	shares			2,160
	Cygnus Inc		8,300	shares			2,739
	Cytogenix Inc		2,000	shares			1,600
	DPL Inc		108	shares			2,249
	DR Horton Co		300	shares			12,989
	Decorize Inc		400	shares			400
	Dell Inc		850	shares			28,886
	Delta Airlines Inc		250	shares			2,952
	Deswell Industries Inc		75	shares			1,950
	Detour Media Group Inc		1,000	shares			1
	Diamondcluster International Inc		323	shares			3,294
	Dicut Inc		5,000	shares			550
	Digene Corp		3,736	shares			149,814
	Digi International Inc		334	shares			3,206
	Digital Generation System Inc		1,000	shares			2,240
	Digital Insight Corporation		185	shares			4,606
	Digital Lightwave Inc		20	shares			16
	Dillard’s Inc Class A		100	shares			1,646
	Dippy Foods Inc		2,000	shares			1
	Disney, Walt Holding Company		510	shares			11,898
	Ditech Communications Corporation		162	shares			3,094
	Divine Inc Class A		22,332	shares			201
	Dollar General Corporation		37	shares			776
	Dollar Tree Stores		230	shares			6,914
	Donaldson Company Inc		20	shares			1,183
	Donegal Group Inc Class A		138	shares			3,039
	Dow Chemical Company		302	shares			12,545

- 14 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2003


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)
		par or maturity value,			Cost	(e) Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	Value
	Drkoop.Com Inc		280	shares			1
	DRS Technologies Inc		20	shares			555
	Du Pont E I De Nemour & Company		42	shares			1,929
	Duke Energy Corporation		160	shares			3,271
	Dynasil Corporation America		2,000	shares			540
	Dynegy Inc Class A		1,101	shares			4,713
	E-Com Technologies Corporation		20,300	shares			406
	EMC Corporation Mass		3,535	shares			45,672
	ESS Technology Inc		100	shares			1,701
	E.Spire Communications Inc		19,500	shares			10
	Eagle Broadband Inc		500	shares			650
	Earthshell Corporation		2,583	shares			4,649
	Eastman Chemical Company		304	shares			12,016
	Ebay Inc		170	shares			10,980
	Echostar Communications Corporation Class A		150	shares			5,100
	Education Management Corporation		250	shares			7,760
	El Paso Corporation		249	shares			2,038
	Elan Corp Plc 05 Wts		27,200	shares			4,624
	Elan Corp Plc Sponsored Adr		200	shares			1,378
	Elcom International Inc		500	shares			100
	Electric City Corp		1,650	shares			3,960
	Electronic Data System Corp		2,021	shares			4,974
	Embarcadero Technologies Inc		191	shares			3,046
	Empire Energy Class B Vtg		500	shares			1
	Empire Exchangeco Service A		500	shares			1
	Emulex Corporation		50	shares			1,334
	Endocardial Solutions Inc		1,000	shares			7,200
	Endovasc Inc		2,125	shares			1
	Endovasc Inc		8,500	shares			2,635
	Endwave Corporation		25	shares			185
	Ennis Business Forms Inc		150	shares			2,295
	Enron Corporation		3,316	shares			93
	Enterra Energy Trust		425	shares			4,696
	Enviro-Energy Corporation		55,800	shares			390
	Environmental Technologies International Inc		5,000	shares			775
	Epicor Software Corporation		230	shares			2,935
	Equinix Inc		111	shares			3,130
	Ericsson Telefon Adr		115	shares			2,035
	E-Trade Financial Corporation		475	shares			6,009
	Eurotech Ltd		1,500	shares			42
	Evolve One Inc		78	shares			12
	Evolving Systems Inc		2,400	shares			31,920
	Exxon Mobil Corporation		2,409	shares			98,774
	Eyemakers Inc		1,500	shares			22
	Ezenia Inc		121,400	shares			30,350

- 15 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2003


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)
		par or maturity value,			Cost	(e) Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	Value
	F2 Broadcast Network New		62	shares			1
	Factset Research Systems Inc		180	shares			6,878
	Fargo Electronics Inc		400	shares			5,088
	Federal-Mogul Corporation		100	shares			23
	Fedex Corporation		40	shares			2,700
	Filenet Corporation		111	shares			3,006
	Findwhat.Com		100	shares			1,875
	Finova Group Inc		507	shares			329
	First American Corporation		100	shares			2,977
	First Financial Bancorp		200	shares			3,190
	First Mariner Bancorp		300	shares			5,619
	First Tennessee National Corporation		303	shares			13,351
	Flagstar Bancorp Inc		455	shares			9,746
	Fleetboston Financial Corporation		305	shares			13,316
	Flextronics International Ltd		187	shares			2,775
	Flight Safety Technologies Inc		6,591	shares			9,952
	Fly Networks Inc		230	shares			69
	Fonix Corporation		50	shares			22
	Ford Motor Company		1,425	shares			22,799
	Forest Laboratories Inc		204	shares			12,607
	Fortune Brands Inc		117	shares			8,399
	Foundry Networks Inc		231	shares			6,320
	Fpic Insurance Group Inc		127	shares			3,186
	Freddie Mac Voting Shares		202	shares			11,780
	Freemarkets Inc		540	shares			3,613
	Friedman, Billings, Ramsey Group Inc		150	shares			3,462
	Fuelcell Energy Inc		352	shares			4,576
	GSI Commerce Inc		94	shares			918
	GYK Ventures Inc		200	shares			10
	Gabelli Equity Trust Inc		1,341	shares			10,731
	Gap Inc		153	shares			3,552
	Gateway Inc		1,040	shares			4,784
	Gemstar-Tv Guide International Inc		375	shares			1,894
	General Chemical Group Inc		200	shares			8
	General Electric Company		6,452	shares			199,897
	General Motors Corp		433	shares			23,103
	Genome Therapeutics Corporation		900	shares			2,817
	Genta Inc		500	shares			5,205
	Genvec Inc		19,000	shares			62,700
	Geocom Resources Inc		1,500	shares			2,025
	Geron Corporation		1,000	shares			9,970
	Global Bancorp Inc		5	shares			1
	Global Escience Corporation		260	shares			8
	Globalstar Telecom Ord		1,489	shares			37
	Goamerica Inc		175	shares			65

- 16 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2003


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)
		par or maturity value,			Cost	(e) Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	Value
	Goldcorp Inc		100	shares			1,595
	Goldman Sachs Group Inc		103	shares			10,164
	Goodyear Tire & Rubber		500	shares			3,930
	Guidant Corporation		502	shares			30,244
	Guilford Pharmaceuticals Inc		300	shares			2,034
	HMS Holdings Corp		500	shares			2,000
	Hain Celestial Group Inc		142	shares			3,296
	Halliburton Company		570	shares			14,820
	Harley Davidson Inc		534	shares			25,372
	Harrah’s Entertainment Inc		20	shares			995
	Harvest Natural Resources Inc		500	shares			4,975
	Health Care Property Investors Inc		100	shares			5,080
	Healthcare Services Group Inc		30	shares			579
	Healthetech Inc		30	shares			21
	Hearusa Inc		2,000	shares			4,500
	Hecla Mining Company		1,000	shares			8,290
	Heilig-Meyers Company		100	shares			1
	Hewlett-Packard Company		3,637	shares			83,531
	Home Depot Inc		2,056	shares			72,968
	Honda Motor Co Ltd Adr		150	shares			3,375
	House2Home Inc		1,000	shares			1
	Huaneng Power International Adr		300	shares			20,823
	Humana Inc		660	shares			15,081
	Hurry Inc Class A		5,000	shares			275
	I2 Technologies Inc		112	shares			186
	ICU Medical Inc		100	shares			3,428
	iAsiaWorks Inc		35,000	shares			245
	iBeam Broadcasting		150	shares			1
	iGo Corporation		265	shares			1
	iJoin Systems Inc		10,000	shares			1
	Imax Corporation		1,000	shares			7,910
	IPET Holdings Inc		100	shares			1
	iShares MSCI EMU Index Fund		278	shares			17,014
	iShares Trust DJ US Energy		300	shares			14,817
	iShares Trust Dow Jones RE		196	shares			19,484
	iShares Trust S&P Smallcap		307	shares			41,138
	iShares Trust S&P 500		254	shares			28,250
	Imclone Systems Inc		40	shares			1,586
	Immucor Inc		210	shares			4,282
	Immunogen Inc		3,900	shares			19,695
	Impath Inc		500	shares			1,950
	INAMED Corporation		75	shares			3,604
	Inco Limited		1,240	shares			49,377
	Indo Pacific Energy		300	shares			426
	Infonet Services Corporation		152	shares			258

- 17 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2003


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)
		par or maturity value,			Cost	(e) Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	Value
	Infonow Corporation		17,311	shares			51,414
	Infospace Inc		125	shares			2,881
	Insmed Incorporated		1,000	shares			2,976
	Integrated Device Technology Inc		200	shares			3,434
	Intel Corporation		9,077	shares			292,218
	Interamerican Resources Inc		20	shares			1
	Interliant Inc		100	shares			1
	Internap Network Services Corporation		4,100	shares			10,036
	Internet Business		60	shares			1
	Interpharm Holdings Inc		1,500	shares			7,047
	Interpore International		1,000	shares			13,000
	International Business Machines		121	shares			11,177
	International Fibercom Inc		2,000	shares			1
	International Game Technology Inc		1,087	shares			38,792
	International Rectifier Corp		354	shares			17,491
	Introgen Therapeutics Inc		110	shares			930
	Intuit Inc		50	shares			2,645
	Island Critical Care Corp		19,500	shares			19
	Itronics Inc		1,000	shares			150
	ITXC Corp		500	shares			2,160
	Ivanhoe Energy Inc		250	shares			935
*	JPMorgan Chase & Company		641	shares			23,535
	Jabil Circuit Inc		124	shares			3,509
	Jawz Inc		150	shares			1
	JDS Uniphase Corporation		4,910	shares			17,921
	Johnson & Johnson		418	shares			21,593
	Juniper Networks Inc		1,121	shares			20,940
	KCS Energy Inc		30	shares			316
	Kaneb Pipe Line Partners Lp		661	shares			33,576
	Kemet Corporation		125	shares			1,711
	Kinder Morgan Energy Lp		585	shares			28,803
	Kinross Gold Corporation		200	shares			1,598
	Kirshner International Inc		840	shares			1
	Knight Trading Group		30	shares			439
	Koninklijke Philips Electronics Nv		500	shares			14,545
	Krispy Kreme Doughnut Corporation		85	shares			3,111
	Kronos Worldwide Inc		141	shares			3,130
	LTX Corporation		265	shares			3,983
	Lam Pharmaceutical Corporation		478	shares			93
	Lam Research Corporation		100	shares			3,230
	Liberty Media		28	shares			333
	Lifestream Technologies Inc		1,688	shares			203
	Liz Claiborne Inc		100	shares			3,546
	Loral Space & Communications Ltd		535	shares			169
	Lowes Companies Inc		1,220	shares			67,580
	LSI Logic Corporation		60	shares			532
	LTWC Corporation		474	shares			1

- 18 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2003


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)
		par or maturity value,			Cost	(e) Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	Value
	Lucent Technologies Inc		30,463	shares			86,515
	MBIA Inc		150	shares			8,884
	MDC Holdings Inc		200	shares			12,900
	MIV Therapeutics Inc		2,500	shares			1,000
	MRV Communications Inc		2,500	shares			9,400
	Macromedia Inc		206	shares			3,675
	Macrovision Corporation		500	shares			11,295
	Magellan Midstream Partners LP		400	shares			20,000
	Mannatech Inc		2,000	shares			21,720
	Manpower Inc		20	shares			941
	Manugistics Group Inc		800	shares			5,000
	Marchfirst Inc		400	shares			1
	Marex Inc		50	shares			1
	Martha Stewart Living Omni		100	shares			985
	Marvel Enterprises Inc		108	shares			3,144
	Marvell Technology Group Ltd		250	shares			13,275
	Massey Energy Company		79	shares			1,634
	Matritech Inc		2,000	shares			3,780
	Matrix Service Co		500	shares			9,075
	Matrixx Initiatives Inc		172	shares			3,051
	Maxworldwide Inc		1,000	shares			800
	Maytag Corporation		300	shares			8,355
	Mcdata Corporation Class A		11	shares			105
	Medco Health Solutions Inc		36	shares			1,224
	Medcom USA Inc		400	shares			260
	Mediax Corporation		5,000	shares			1
	Medifast Inc		500	shares			7,050
	Medimmune Inc		750	shares			19,050
	Medquist Inc		35	shares			562
	Medtronic Inc		1,014	shares			49,284
	Merck & Co Inc		517	shares			23,885
	Meritage Corporation		100	shares			6,631
	Metrologic Instruments Inc		146	shares			3,942
	Microsemi Corporation		139	shares			3,417
	Microsoft Corporation		7,160	shares			197,110
	Military Resale Group Inc		2,000	shares			240
	Millennium Pharmaceuticals Inc		300	shares			5,601
	Mills Corporation		200	shares			8,800
	Mills Corporation 9% Series C Preferred		200	shares			5,500
	Mindspeed Technology Inc		70	shares			480
	Miracle Entertainment		1,571	shares			1
	Mirant Corporation		75	shares			29
	Mooney Aerospace Group A		10,000	shares			201
	Motorola Incorporated		2,205	shares			31,023
	Multimedia Games Inc		100	shares			4,110
	Mylan Laboratories Inc		226	shares			5,706
	Myriad Genetics Inc		100	shares			1,286

- 19 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2003


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)
		par or maturity value,			Cost	(e) Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	Value
	Myturn.Com Inc		24,000	shares			2
	NL Industries Inc		584	shares			6,830
	NTL Incorporated		56	shares			3,906
	NVE Corporation		150	shares			7,695
	Nanobac Pharmaceuticals Inc		98	shares			67
	Nasdaq 100 Shares		2,089	shares			76,165
	Naspers Ltd Sponsored Adr		44	shares			2,712
	National Residential Pptys Inc		210,000	shares			42
	National Semiconductor Corporation		70	shares			2,759
	Navisite Inc		133	shares			874
	Nektar Therapeutics Inc		450	shares			6,124
	Net Perceptions Inc		1,580	shares			632
	Net2Phone Inc		1,000	shares			6,800
	Network Appliance Inc		813	shares			16,691
	Newell Rubbermaid Inc		380	shares			8,653
	Newport Corporation		100	shares			1,653
	Nexia Holdings Inc		13,000	shares			1
	Nextel Communications A		124	shares			3,479
	Niku Corporation		213	shares			1,810
	Nisource Inc Holding Company		32	shares			713
	Nokia Corporation Sponsored Adr		690	shares			11,730
	Noranda Inc		300	shares			4,758
	Nortel Networks Corporation		4,198	shares			17,757
	North Star Diamonds Inc		174,750	shares			7,689
	Northrop Grumman Corporation		24	shares			2,329
	Nova Communications Ltd		16,000	shares			432
	Novagold Resources Inc		2,070	shares			10,309
	Novatel Wireless Inc New		526	shares			3,151
	Novell Inc		311	shares			3,272
	Nuvelo Inc		5,000	shares			17,350
	Oakwood Homes Corporation		500	shares			60
	Ocean Power Corporation		3,400	shares			2
	On Semiconductor Corporation		470	shares			3,031
	Oneok Inc		60	shares			1,325
	Opentv Corp Class A		62	shares			208
	Oracle Corporation		9,860	shares			130,152
	Orasure Technologies Inc		420	shares			3,343
	Owens Corning		300	shares			126
	Oxy Corporation		5,215	shares			220,274
	P.F. Chang's China Bistro Inc		100	shares			5,088
	PMC-Sierra Inc		523	shares			10,538
	Paccar Inc		42	shares			3,575
	Palmone Inc		941	shares			11,057
	Palmsource Inc		30	shares			654
	Pan American Silver Corp		867	shares			12,398
	Paradigm Advanced Technologies Inc		1,200	shares			1

- 20 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2003


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)
		par or maturity value,			Cost	(e) Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	Value
	Paradigm Genetics Inc		2,000	shares			2,940
	Patina Oil & Gas Corp		100	shares			4,899
	PCCW Limited Ord		60	shares			39
	Pengrowth Energy Trust		1,000	shares			16,400
	Penton Media Inc		100	shares			136
	Pepsico Incorporated		80	shares			3,730
	Permian Basin Royalty Trust		81	shares			669
	Petro-Canada Var Vtg		17	shares			838
	Petrofund Energy Trust		1,000	shares			14,460
	Petroleum Development Corporation		196	shares			4,645
	Petroquest Energy Inc		2,000	shares			6,240
	Pfizer Incorporated		3,056	shares			107,972
	Pharmaceutical Product Development Inc		266	shares			7,174
	Pharmos Corporation		600	shares			2,100
	Phoenix Companies		103	shares			1,235
	Pinnacle Business Management Inc		257,142	shares			51
	Pipeline Technologies Inc		3,000	shares			30
	Pixelworks Inc		1,765	shares			19,486
	Playtex Products Inc		220	shares			1,701
	Plug Power Inc		146	shares			1,058
	Poore Brothers Inc		60	shares			204
	Possis Medical Inc		300	shares			5,925
	Powerwave Technologies Inc		1,000	shares			7,650
	Pozen Inc		132	shares			1,346
	Presstek Inc		400	shares			2,908
	Primelink Sys Inc		100	shares			1
	Primewest Energy Trust		1,000	shares			21,270
	Procter & Gamble Company		171	shares			17,101
	Proginet Corporation		625	shares			406
	Provident Energy Trust		400	shares			3,540
	Prudential Financial Inc		100	shares			4,177
	Psychiatric Solutions Inc		178	shares			3,720
	Qlogic Corporation		70	shares			3,612
	Qualcomm Incorporated		1,245	shares			67,162
	Quanta Services Inc		400	shares			2,920
	Quentra Networks Inc		700	shares			1
	Quest Communications International Inc		1,000	shares			4,320
	Quintus Corporation		400	shares			120
	Quokka Sports Inc		1	share			1
	Quovadx Inc		200	shares			980
	Qwest Communications International Inc		12,827	shares			55,412
	RF Micro Devices Inc		250	shares			2,512
	R.J. Reynolds Tobacco Holding Inc		123	shares			7,152
	Radyne Comstream Inc 05 Wts		18,546	shares			34,125
	Rambus Inc		5	shares			153
	Ramtron International Corp		60	shares			157

- 21 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2003


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)
		par or maturity value,			Cost	(e) Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	Value
	Rayonier Inc		166	shares			6,891
	Raytheon Company		4,388	shares			131,821
	Reality Wireless Networks Inc		204	shares			5
	Recordlab Corporation		450	shares			1
	Redhat Inc		323	shares			6,063
	Reed Holdings Corporation		94	shares			1
	Rite Aid Corporation		22,300	shares			134,692
	Rockford Corporation		20	shares			104
	Roxio Inc		450	shares			2,155
	Royal Gold Inc		200	shares			4,186
	Rudolph Technologies Inc		178	shares			4,368
	SBC Communications Inc		1	share			17
	SCO Group Inc		87	shares			1,479
	SFBC International Inc		444	shares			11,793
	Sify Limited Adr		100	shares			518
	SPDR Trust Unit Series 1		91	shares			10,131
	Safeway Inc		1,150	shares			25,196
	Sandisk Corporation		100	shares			6,114
	Sanmina-SCI Corporation		191	shares			2,408
	Sara Lee Corporation		127	shares			2,765
	Schering Plough Corp		50	shares			872
	Schlumberger Limited		32	shares			1,751
	Scient Inc		532	shares			1
	Scientific Atlanta Inc		226	shares			6,182
	Scientific Games Corporation Class A		181	shares			3,079
	Scores Holding Company Inc		20,000	shares			1,900
	Seattle Genetics Inc		1,000	shares			8,580
	Semotus Solutions Inc		1,000	shares			690
	Semtech Corporation		134	shares			3,046
	Serena Software Inc		250	shares			4,587
	Serono S.A. Adr		300	shares			5,265
	Service Corporation International		335	shares			1,806
	Shaman Pharmaceuticals Inc		100,001	shares			210
	Sicor Inc		100	shares			2,720
	Siebel Systems Inc		3,586	shares			49,808
	Silicon Graphics Inc		500	shares			685
	Silver Screen Studios Inc		10,000	shares			600
	Silverado Gold Mines Ltd		3,000	shares			405
	Simex Technologies Inc		3,000	shares			1,260
	Sina Corporation		73	shares			2,464
	Single Source Financial Services Corporation		80	shares			144
	Sirius Satellite Radio		30,595	shares			96,680
	Siskon Gold Corporation		3,000	shares			60
	Skyworks Solutions Inc		74	shares			644
	Sohu.Com Inc		127	shares			3,811
	Solectron Corporation		440	shares			2,600

- 22 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2003


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)
		par or maturity value,			Cost	(e) Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	Value
	Sonic Corp		150	shares			4,593
	Southwall Technologies Inc		3,162	shares			3,035
	Southwest Airlines Company		2,816	shares			45,456
	Southwest Energy Company		100	shares			2,390
	Southwestern Resources Corp		405	shares			12,486
	Spectralink Corp		100	shares			1,917
	Spiegel Inc Class A Non-Voting		7,000	shares			385
	Sports Authority Inc		200	shares			7,680
	Sportsline.Com Inc		470	shares			597
	Sprint FON Group		656	shares			10,768
	Sprint PCS Group		500	shares			2,810
	Stamford International Inc		1,800	shares			1
	Starbucks Corporation		500	shares			16,580
	Stillwater Mining Corporation		585	shares			5,598
	Stone & Webster Incorporated		37,500	shares			21,375
	Stonepath Group Inc		500	shares			1,130
	Storagenetworks Inc		220	shares			1
	Stratasys Inc		150	shares			4,089
	Styling Technology Corporation		130	shares			1
	Sun Microsystems Inc		4,037	shares			18,126
	SunGard Data Systems Inc		636	shares			17,623
	Sunrise Technologies International Inc		1,000	shares			4
	Superconductor Technologies Inc		1,890	shares			10,547
	Superior Telecom Inc		2,500	shares			1
	Surebeam Corporation		150	shares			36
	Sycamore Networks Inc		15	shares			78
	Synergie Holdings Ltd Inc		600,000	shares			360
	Synergy Brands Inc		820	shares			3,198
	Synopsys Inc		400	shares			13,504
	Synthetic Turf Corporation of America		2,000	shares			48
	T & G2 Inc		375	shares			50
	THC Communications Inc		19,600	shares			2
	THCG Inc		60	shares			1
	TVC Telecom Inc		52,000	shares			988
	Taiwan Semiconductor Manufacturing Co Ltd		400	shares			4,096
	Target Corporation		139	shares			5,351
	Tellabs Inc		500	shares			4,215
	Telular Corporation		1,500	shares			9,825
	Telynx Inc		500	shares			4
	Texas Instruments Inc		886	shares			26,038
	Thatlook.Com Inc		670	shares			1
	The Charles Schwab Corp		124	shares			1,472
	Theglobe.Com Inc		100	shares			132
	Thornburg Mortgage Inc		48	shares			1,308
	Tiger Telematics Inc		45,000	shares			4,500

- 23 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2003


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)
		par or maturity value,			Cost	(e) Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	Value
	Time Warner Inc		612	shares			11,010
	Time Warner Telecom Inc Class A		110	shares			1,114
	Timken Company		30	shares			610
	Titan Corporation		356	shares			7,764
	Titanium Metals Corporation		100	shares			5,251
	Tokheim Corporation Series C 06 Wts		300	shares			1
	Tommy Hilfiger Corporation		100	shares			1,481
	Trans Orient Pete Ltd		28	shares			9
	Travelers Property Casualty Class A		5	shares			84
	Travelers Property Casualty Class B		10	shares			170
	Trex Company Inc		150	shares			5,697
	Triquint Semiconductor Inc		200	shares			1,414
	True Health Inc		1,200	shares			1,044
	Tyco International Ltd		360	shares			9,544
	UAL Corporation		2,775	shares			4,501
	U.S. Bancorp		30	shares			893
	U.S. Microbics Inc		10,000	shares			520
	Ugomedia Interactive Corp		3,000	shares			360
	Uniprime Capital Acceptance Inc		11,975	shares			1
	Unisource Energy Corporation		681	shares			16,788
	United Online Inc		40	shares			671
	United Parcel Service Class B		100	shares			7,488
	United Sts Crude International Inc		999,999	shares			700
	United Technologies Corporation		20	shares			1,933
	Universal Express Inc		18,000	shares			1,134
	Unova Inc		500	shares			11,475
	VA Software Corporation		51	shares			199
	Vasomedical Inc		2,050	shares			2,296
	Vast Solutions Inc Class B1		46	shares			1
	Vast Solutions Inc Class B2		46	shares			1
	Vast Solutions Inc Class B3		46	shares			1
	Vault Financial Services Inc		1	share			1
	Vaxgen Inc		50	shares			396
	Ventas Inc		300	shares			6,600
	Verilink Corporation		250	shares			1,307
	Verisign Inc		85	shares			1,385
	Veritas Software Corporation		130	shares			4,831
	Viacom Inc Non-Voting Class B		120	shares			5,318
	Vialta Inc		2	shares			1
	Vignette Corporation		600	shares			1,362
	Vion Pharmaceuticals Inc		1,000	shares			1,580
	Viragen Inc		2,000	shares			480
	Vital Living Products Inc		300	shares			1
	Vitria Technology Inc		1,750	shares			12,425
	Vivendi Universal Adr		16	shares			388
	V-Net Beverage Inc		12,000	shares			50

- 24 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2003


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)
		par or maturity value,			Cost	(e) Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	Value
	Walgreen Company		123	shares			4,459
	Wal-Mart de CV Sponsored Adr		60	shares			1,695
	Wal-Mart Stores Inc		1,331	shares			70,609
	Warning Model Management LLC		400	shares			1
	Wasatch Pharmaceutical Inc		2	shares			1
	Washington Mutual Inc		307	shares			12,301
	Wave Systems Corporation Class A		2,150	shares			3,526
	WAVO Corporation		2,100	shares			10
	Webb Interactive Services Inc		1,100	shares			1,056
	Webex Communications Inc		400	shares			8,040
	Weingarten Realty Investors Sbi		27	shares			1,215
	Wellpoint Health Networks Inc		50	shares			4,849
	Wheaton River Minerals Ltd		5,120	shares			15,309
	Williams Clayton Energy Inc		100	shares			2,907
	Williams Coal Seam Gas Royalty Trust		563	shares			7,367
	World Gaming Plc Adr		30,000	shares			12,600
	World Wrestling Entertainment Inc		151	shares			1,980
	Worldcom Inc		68,245	shares			901
	Worldcom Inc - MCI Group		25	shares			1
	Worldwide Web Networx Corporation		300	shares			1
	Xm Satellite Radio Holdings Inc		700	shares			18,452
	Xerion Ecosolutions Group Inc		1	share			2
	Xerox Corporation		1,504	shares			20,755
	Xilinx Inc		79	shares			3,060
	Xybernaut Corporation		8,500	shares			13,345
	Yahoo! Inc		1,264	shares			57,095
	Yum Brands Inc		1,000	shares			34,400
	Zap.Com Corporation		2	shares			1
	Zoran Corporation		500	shares			8,695
	Zymetx Inc		750	shares			112

	Total Common Stocks						8,121,531

	Mutual Funds:
	ABN Amro Mid Cap Fund Class N		428	shares			9,079
	ABN Amro/Veredus Aggressive Growth Fund Class N		213	shares			3,307
	Acadian Emerging Markets Portfolio		657	shares			10,329
	Al Frank Fund		325	shares			7,992
*	American Century Equity Growth Fund		3,900,575	shares			76,455,989
*	American Century Equity Income Fund		3,694	shares			28,738
*	American Century Ginnie Mae		1,835	shares			19,474
*	American Century Global Gold Fund		10,093	shares			132,918
*	American Century Growth Fund		870	shares			15,615
*	American Century Income and Growth Fund		2,369,526	shares			65,625,277
*	American Century International Growth Fund - Investor Class		2,439	shares			19,363
*	American Century Real Estate Fund Investor Class		3,735	shares			77,693

- 25 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2003


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)
		par or maturity value,			Cost	(e) Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	Value
*	American Century Target 2005 Fund		22	shares			2,179
*	American Century Technology Fund		1,544	shares			29,485
	American Funds Europacific Growth Fund		951,838	shares			28,728,091
	Amerindo Technology Fund Class D		91	shares			667
	Ameristock Fund		339	shares			13,355
	Ariel Fund		258	shares			11,631
	Artisan International Fund		2,870	shares			54,263
	Artisan International Small Cap Fund Investor Shares		973	shares			15,193
	Artisan Midcap Fund		675	shares			17,394
	Baron Growth Fund		246	shares			8,732
	Bjurman Barry Micro Cap Growth Fund		3,753	shares			127,188
	Bridgeway Blue-Chip 35 Index Fund		763	shares			5,321
	Bridgeway Ultra-Small Company Market Fund		1,376	shares			20,554
	Buffalo High Yield Fund		2,289	shares			25,429
	Buffalo Small Cap Fund		850	shares			18,844
	Burnham Financial Services Fund Class A		452	shares			11,054
	Calamos Growth Fund Class A		438	shares			19,617
	CGM Realty Fund		208	shares			5,160
	Chesapeake Core Growth Fund		3,003	shares			45,980
	Clipper Fund		1,206	shares			106,060
	Columbia Small Cap Growth Fund Class Z		442	shares			10,389
	Columbia Strategic Investor Fund Class Z		270	shares			4,810
	Cooke & Bieler Mid-Cap Value Portfolio		114	shares			2,154
	Dodge & Cox Balanced Fund		104	shares			7,588
	Dodge & Cox International Stock Fund		70	shares			1,641
	Dodge & Cox Stock Fund		283	shares			32,230
	Dreyfus Intermediate Term Income Fund		352	shares			4,558
	Dreyfus Premier Technology Growth Fund Class A		224	shares			5,144
	Dreyfus Small Cap Stock Index Fund		1,963	shares			33,644
	Driehaus International Discovery Fund		416	shares			12,185
	Eclipse Small Cap Value Fund No Load		608	shares			10,211
	Excelsior Energy And Natural Resources Fund		522	shares			8,260
	Excelsior Value And Restructuring Fund		2,132	shares			76,459
	FBR Small Cap Financial Fund		194	shares			6,497
	FBR Small Cap Growth/Value Fund		296	shares			9,621
	Federated Capital Appreciation Fund Class A		107	shares			2,555
	Federated International Small Company Fund Class A		508	shares			11,587
	Federated Kaufmann Fund Class K		2,185	shares			10,837
	Fidelity Aggressive Growth Fund		111	shares			1,662
	Fidelity Discovery Fund		555	shares			5,739
	Fidelity Equity Income Fund		36,097	shares			1,795,810
	Fidelity Growth And Income Fund		119	shares			4,228
	Fidelity Growth Company Fund		22	shares			1,124
	Fidelity Magellan Fund		39,036	shares			3,815,339
	Fidelity Select Biotechnology Portfolio		20	shares			1,032

- 26 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2003


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)
		par or maturity value,			Cost	(e) Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	Value
	First American Small Cap Growth Opportunity Fund Class A		1,197	shares			30,014
	Firsthand Technology Innovators Fund		2,782	shares			32,156
	Firsthand Technology Leaders Fund		464	shares			7,995
	Firsthand Technology Value Fund		369	shares			11,649
	FMI Focus Fund		68	shares			2,329
	Gabelli Gold Fund		12,207	shares			221,930
	Gabelli Westwood Balanced Fund Retail Class		277	shares			3,102
	GE US Equity Fund Class A		1,629	shares			43,201
	Heartland Value Fund		974	shares			49,829
	Henlopen Fund		1,401	shares			36,555
	Hennessy Cornerstone Growth Fund		1,290	shares			24,968
	Hussman Strategic Growth		2,140	shares			32,779
	Icon Healthcare Fund Class A		497	shares			6,742
	Icon Information Technology Fund		1,460	shares			12,787
	Invesco Dynamics Fund Investor Class		1,103	shares			16,263
	Invesco Energy Fund Investor Class		266	shares			5,412
	Invesco Financial Services Fund Investor Class		262	shares			7,749
	Invesco Technology Fund Investor Class		529	shares			13,011
	IPS Millennium Fund Class A		24	shares			632
	Ivy Global Natural Resources Fund Class A		78	shares			1,295
	Janus Balanced Fund		3,033	shares			60,477
	Janus Enterprise Fund		405	shares			12,614
	Janus Fund		738	shares			17,312
	Janus Global Life Sciences Fund		612	shares			9,584
	Janus Global Technology Fund		3,867	shares			40,798
	Janus High Yield Fund		427	shares			4,145
	Janus Mercury Fund		5,605	shares			109,303
	Janus Mid Cap Value Investor Shares		935	shares			19,065
	Janus Olympus Fund		2,180	shares			57,404
	Janus Small Cap Value Investor Shares		1,242	shares			38,438
	Janus Special Equity Fund		5,272	shares			57,039
	Janus Twenty Fund		783	shares			28,319
	Janus Worldwide Fund		26	shares			1,042
	Jensen Portfolio Inc Class J		1,010	shares			23,362
*	J.P. Morgan Mid-Cap Growth Fund Class A		248	shares			1,217
	Julius Baer International Equity Fund		4,543	shares			120,398
	Longleaf Partners International Fund		581	shares			8,194
	Loomis Sayles Bond Fund Class I		451	shares			6,005
	Lord Abbett Affiliated Fund Class A		1,507	shares			20,425
	Lord Abbett Bond Debenture Fund Class A		1,443	shares			11,634
	Lord Abbett Mid Cap Value Fund Class A		442	shares			8,328
	Marshall Mid-Cap Value Fund Investor Class		1,155	shares			15,948
	Marsico Growth Fund		1,632	shares			25,203
	Matthews Pacific Tiger Fund		1,570	shares			20,645

- 27 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2003


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)
		par or maturity value,			Cost	(e) Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	Value
	Navellier Mid Cap Growth Fund		4,602	shares			104,796
	Neuberger Berman Focus Fund Investor Class		293	shares			10,535
	Neuberger Berman High Income Bond Fund		3,311	shares			31,053
	Neuberger Berman International Fund Investor Class		1,186	shares			16,664
	Nicholas II Fund		217	shares			4,636
	Northern Select Equity Fund		575	shares			10,350
	Northern Technology Fund		94	shares			1,083
	Oakmark Equity Income Fund		1,436	shares			31,615
	Oakmark Fund		349	shares			13,116
	Oakmark Global Fund Class I		2,192	shares			42,266
	Oakmark International Fund - Harris Oakmark International Fund		2,080	shares			37,491
	Oakmark Select Fund		3,125	shares			95,675
	Oberweis Emerging Growth Portfolio		353	shares			9,536
	Oberweis Micro-Capital Portfolio		658	shares			17,291
	PBHG Clipper Focus Fund PBHG Class		3,756	shares			61,967
	PBHG Large-Cap Growth Fund		61	shares			1,185
	PBHG Large-Cap Fund		256	shares			3,058
	PBHG Mid-Cap Fund		201	shares			3,460
	PBHG Select Growth Fund		234	shares			4,909
	PBHG Technology & Communications Fund		344	shares			3,718
	Pimco Commodity Real Return Strategy Fund Class D		724	shares			9,870
	Pimco Emerging Markets Bond Fund Class D		2,536	shares			26,648
	Pimco Rcm Global Healthcare Fund Class D		1,812	shares			35,190
	Pimco Rcm Global Technology Fund Class D		347	shares			10,527
	Pimco Real Return Fund Class D		2,230	shares			25,082
	Pimco Total Return Fund Class D		6,419	shares			68,748
	Pimco Total Return Mortgage Fund Class D		468	shares			5,027
	Pin Oak Aggressive Stock Fund		190	shares			3,744
	Pioneer High Yield Fund Class A		4,069	shares			48,582
	Prudent Global Income Fund		870	shares			11,551
	Prudent Bear Fund		427	shares			2,661
	Quaker Aggressive Growth Fund		717	shares			13,954
	Red Oak Technology Select Portfolio		939	shares			6,416
	Reynolds Blue Chip Growth Fund		21	shares			645
	Royce Low Priced Stock Fund		909	shares			12,702
	Royce Premier Fund		4,194	shares			54,104
	Royce Total Return Fund		1,729	shares			18,487
	RS Contrarian Value Fund		539	shares			9,177
	RS Diversified Growth Fund		455	shares			10,168
	RS Internet Age Fund		571	shares			3,758
	RS Partners Fund		592	shares			16,403
	Rydex Large-Cap Japan Fund		159	shares			4,739
	Rydex Tempest 500 Fund		928	shares			48,867
	Rydex Ursa Fund Investor Class		2,518	shares			23,593

- 28 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2003


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)
		par or maturity value,			Cost	(e) Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	Value
	Rydex Velocity 100 Fund		96	shares			1,894
	Rydex Venture 100 Fund		743	shares			19,765
	Safeco Growth Opportunities Fund		966	shares			23,908
	Schwab 1000 Fund		33	shares			1,032
	Schwab S&P 500 Investor Shares		7,912	shares			135,535
	Schwab Short-Term Bond Market Fund		987	shares			10,072
	Schwab Total Bond Market Fund		26,392	shares			264,980
	Schwab Total Stock Market-Inv		1,070	shares			19,643
	Schwab Total Stock Market-Sel		3,369	shares			61,928
	Schwab Value Advantage Money Fund		113,274	shares			113,274
	Scudder Balanced Fund Class S		532	shares			8,898
	Scudder Greater Europe Growth Fund Class S		622	shares			14,670
	Scudder Health Care Fund Class S		233	shares			4,888
	Selected American Shares Inc		348	shares			11,533
	SSgA Core Opportunities Fund		1,175	shares			21,321
	Strong Asia Pacific Fund		230	shares			2,066
	Strong Multi Cap Value Fund		159	shares			8,855
	Strong Opportunity Fund		694	shares			27,395
	T. Rowe Price Emerging Markets Stock Fund		456	shares			7,057
	T. Rowe Price Equity Income Fund		1,062	shares			25,649
	T. Rowe Price Health Sciences Fund		1,665	shares			33,221
	T. Rowe Price Latin America Fund		955	shares			11,159
	T. Rowe Price Mid Cap Growth Fund		939	shares			40,291
	T. Rowe Price New Asia Fund		1,007	shares			8,569
	T. Rowe Price New Horizon Fund		182,187	shares			4,518,232
	T. Rowe Price Real Estate Fund		449	shares			6,135
	T. Rowe Price Science & Technology Fund		154,729	shares			2,908,907
	T. Rowe Price Small Cap Stock Fund		42,312,308	shares			37,893,595
	T. Rowe Price Small Cap Value Fund		581	shares			17,067
	T. Rowe Price Spectrum Income Fund		1,695	shares			19,955
	TCW Galileo Select Equities Fund N Class		327	shares			5,578
	Third Avenue Real Estate Value Fund		297	shares			6,347
	Third Avenue Value Fund		304	shares			12,592
	Touchstone Large-Cap Growth Fund Class A		703	shares			11,612
	Turner Midcap Growth Fund Class I		47	shares			1,028
	Tweedy Browne Global Value Fund		1,653	shares			32,313
	UMB Scott Worldwide Fund		3,421	shares			70,414
	Vanguard 500 Index Fund Investor Shares		1,052	shares			108,058
	Vanguard Gnma Fund Investor Shares		1,007	shares			10,573
	Vanguard Primecap Fund		539	shares			28,565
	Vanguard Short-Term Bond Index Fund Investor Shares		827	shares			8,497
	Vanguard Short-Term Treasury Fund Investor Shares		1,307	shares			13,911
	Vanguard Total Bond Market Index Fund		393	shares			4,050
	Vanguard Total Stock Market Index Fund - Investor Shares		1,708	shares			44,403

- 29 -


Phelps Dodge Employee Savings Plan		Supplemental Information
Schedule of Assets (Held at End of Year)		Schedule I
December 31, 2003


		(c) Description of
		investment including
		maturity date, rate of
		interest, collateral,			(d)
		par or maturity value,			Cost	(e) Current
(a)	(b) Identity of issue, borrower, lessor or similar party	or number of shares			**	Value
	Vanguard U.S. Value Fund		879	shares			10,791
	Waddell & Reed Advisor Science and Technology Fund Class A		131	shares			1,175
	Wasatch Core Growth Fund		898	shares			33,155
	Weitz Value Fund		325	shares			11,623
	White Oak Growth Stock Fund		2,543	shares			89,489
	William Blair International Growth Fund-Class N		902	shares			16,820
	William Blair Small-Cap Growth Fund Class N		900	shares			19,643
	Winslow Green Growth Fund		68	shares			986

	Total Mutual Funds						226,582,736

	Employer Stock:
	Phelps Dodge		1,160,310	shares			88,289,623
	Phelps Dodge (Participant Directed - Schwab)		17	shares			1,294

	Total Employer Stock						88,290,917

	Participant Loans:
	Loans to Various Participants	6% - 11.5% Maturing through 2018					22,191,464

	Other Assets:
	USA 2 Year T-Notes (CBOT) March 2004		27	shares			—
	USA 10 Year T-Notes (CBOT) March 2004		1	share			—
	USA 5 Year T-Notes (CBOT) March 2004		46	shares			—
	USA T-Bonds (CBOT) March 2004		121	shares			—
	3-Month Eurodollar March 2005		7	shares			—
	3-Month Eurodollar June 2005		7	shares			—
	3-Month Eurodollar December 2004		7	shares			—
	Euro CD March 2004		5	shares			—
	Euro CD (CME) June 2004		3	shares			—
	Euro CD (CME) September 2004		7	shares			—
	Synthetic Wrapper Value	Synthetic guaranteed investment contract held with Monumental Life Insurance Company, CDC Financial Products, and State Street Bank and Trust Company					(3,695,162	)

	Total Other Assets						(3,695,162	)

	Total Assets Held For Investment					$	541,805,801

*		This is a related party to the Plan’s Recordkeeper, a party-in-interest for which a statutory exemption exists.

**		All investments are participant directed, therefore disclosure of cost is not required.

See Report of Independent Registered Public Accounting Firm.

- 30 -

Index to Exhibits

Consent of PricewaterhouseCoopers LLP.

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