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This study summarizes the neutronic and fuel cycle analysis performed at Argonne National Laboratory for an oxide and a metal fueled 3500 MWth LMR. These reactor designs formed the basis for a joint US/European study of LMR ATWS events. The oxide and metal core designs were developed to meet reactor performance specifications that are constrained by requirements for core loading interchangeability and for a small burnup reactivity swing. Differences in the computed performance parameters of the oxide and metal cores, arising from basic differences in their neutronic characteristics, are identified and discussed. It is shown that metal and oxide cores designed to the same ground rules exhibit many similar performance characteristics; however, they differ substantially in reactivity coefficients, control strategies, and fuel cycle options. 12 refs., 2 figs., 12 tabs.