MERRILL LYNCH
SMALL CAP VALUE
FUND, INC.
[GRAPHIC OMITTED]
STRATEGIC
Performance
Semi-Annual Report
September 30, 2000
<PAGE>
MERRILL LYNCH SMALL CAP VALUE FUND, INC.
Officers and Directors/Trustees
Terry K. Glenn, President and Director/Trustee
M. Colyer Crum, Director/Trustee
Laurie Simon Hodrick, Director/Trustee
Jack B. Sunderland, Director/Trustee
Stephen B. Swensrud, Director/Trustee
J. Thomas Touchton, Director/Trustee
Fred G. Weiss, Director/Trustee
Arthur Zeikel, Director/Trustee
Robert E. Doll, Jr., Senior Vice President
Daniel V. Szemis, Senior Vice President and
Portfolio Manager
Donald C. Burke, Vice President and Treasurer
Thomas D. Jones, III, Secretary
Custodian
The Bank of New York
90 Washington Street, 12th Floor
New York, NY 10286
Transfer Agent
Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
(800) 637-3863
<PAGE>
Merrill Lynch Small Cap Value Fund, Inc., September 30, 2000
DEAR SHAREHOLDER
On July 1, 2000, Merrill Lynch Special Value Fund, Inc. changed its name to
Merrill Lynch Small Cap Value Fund, Inc. The Fund's management believes that the
new name better reflects the Fund's main investment strategies. The change in
the Fund's name does not connote a change in its investment objective, which
remains the same: to seek long-term growth of capital by investing in a
diversified portfolio of securities, primarily common stock, of relatively small
companies that Fund management believes have special investment value and
emerging growth companies regardless of size.
During the six months ended September 30, 2000, Merrill Lynch Small Cap Value
Fund, Inc. outperformed the unmanaged Russell 2000 Index. Total returns for the
Fund's Class A, Class B, Class C and Class D Shares were +9.20%, +8.56%, +8.63%
and +9.02%, respectively, compared to the total return of -2.72% for the
unmanaged Russell 2000 Index. (Investment results do not reflect sales charges,
and would be lower if sales charges were included. Complete performance
information can be found on pages 5 and 6 of this report to shareholders.)
Portfolio Matters
The positive performance run of small-capitalization stocks ended with the
growth stock collapse that began in March. This led to the 2.72% loss during the
six-month period ended September 30, 2000 for the Russell 2000 Index, a widely
followed measure of small-capitalization stock performance. Large-capitalization
stocks performed about the same as small caps, as the Dow Jones Industrial
Average and the unmanaged Standard & Poor's 500 (S&P 500) Index posted returns
of -1.73% and -3.60%, respectively, for the six-month period ended September 30,
2000. As we speculated in our March 31, 2000 annual report to shareholders, the
divergence in performance between value and growth stocks has continued in favor
of value stocks following the mid-March technology stock sell-off. This
divergence is evident in the style-specific Russell small-capitalization
indexes. Value small cap stocks in the Russell 2000 Index gained 9.44% for the
six-month period ended September 30, 2000, while growth small cap stocks in the
Russell 2000 Index declined 11.05%. Some of these growth small cap stocks
declined to levels that meet our out-of-favor valuation screen criteria and are
under consideration as potential investments for the Fund. However, there are
still quite a few growth stocks that have not yet declined to what we believe to
be reasonable valuation levels, and it is possible that the overall market may
fall further as the revaluation process continues.
During the six months ended September 30, 2000, the Fund's performance benefited
from strong stock selection in the consumer discretionary, technology, and
financial services sectors. Our underweighted position in the healthcare sector
negatively influenced performance for the period, as healthcare stocks were the
strongest performing group in the Russell 2000. The Fund was a net seller of
consumer discretionary, consumer staples, and financial services stocks during
the period, as several stocks met our price objectives or were the subject of
takeover activity. Purchases were made in the technology, materials and
processing, and producer durables sectors, based on attractive valuations and
favorable company-specific fundamentals.
Individual stocks that most benefited the Fund's results included WMS
Industries, Inc., Orthodontic Centers of America, Inc., and Panera Bread
Company. The stock price of WMS Industries, a leading slot machine developer,
appreciated significantly as a result of new product announcements and strong
results driven by favorable market conditions and market share gains. The share
price of Orthodontic Centers of America, Inc. rose throughout the period because
of continuing strong earnings growth and favorable published financial analyst
reports commenting on the company's excellent fundamental outlook. Panera Bread
Company, a fast-growing restaurant franchise concept, enjoyed a dramatic upward
move in its stock price because of strong earnings growth and the introduction
of research coverage and buy recommendations by several financial analysts.
Fund performance was hindered by investments in Sykes Enterprises, Incorporated,
and InterVoice-Bright, Inc. Sykes Enterprises, a provider of information
technology outsourcing services, saw its stock drop after the company announced
a weak sales outlook and disappointing earnings expectations. We are continuing
to hold our shares in Sykes Enterprises, which was a recent purchase, with the
expectation that the company's problems are temporary. InterVoice-Bright, Inc.,
a telecommunications solutions provider, also suffered a stock decline because
of downward revised expectations. We sold half of our InterVoice-Bright holdings
at a significant profit prior to the collapse of the stock, and reduced our
position further after the stock doubled from its lowest level following the
profit warning.
At September 30, 2000, the Fund was underweighted in the financial services and
healthcare sectors, and overweighted in the consumer discretionary and materials
& processing sectors, compared to the Russell 2000 Index sector weights. The
Fund's sector weights are consistent with our investment philosophy of investing
in the stocks of small companies that are out of favor with investors.
Healthcare and financial services stocks have performed well during the past six
months. Consequently, relatively few stocks in those sectors are trading at the
low end of their historical valuation ranges. Consumer discretionary and
producer durables stocks have performed poorly for some time and a significant
number of stocks in those sectors meet our valuation criteria. At September 30,
2000, the Fund had a higher-than-usual 13.9% of assets in cash, as a result of
the sale of several strong performing stocks. We held off deploying the cash
position because of a lack of compelling new investment ideas and to prepare for
the seasonal weakness that often occurs in out-of-favor small cap stocks prior
to the end of October from institutional tax loss selling.
In Conclusion
We are pleased that our investment style and process has continued to produce
favorable returns for the Fund during the past six months. Throughout the
period, sentiment alternated between optimism and pessimism, and investor favor
vacillated between growth and value stocks. The recent decline in the market has
brought a number of new investment opportunities to our attention. Valuations
for many small-capitalization stocks appear attractive to us, though the
decelerating economic backdrop presents risk for stocks that have not yet
declined sufficiently to reflect the economic slowdown. Although the investment
environment is likely to continue to be volatile, we have a positive long-term
outlook for the Fund's current holdings.
We thank you for your continued investment in Merrill Lynch Small Cap Value
Fund, Inc., and we look forward to reviewing our outlook and strategy with you
again in our next report to shareholders.
Sincerely,
/s/ Terry K. Glenn
Terry K. Glenn
President and Director/Trustee
/s/ Daniel V. Szemis
Daniel V. Szemis
Senior Vice President and
Portfolio Manager
November 6, 2000
2 & 3
<PAGE>
Merrill Lynch Small Cap Value Fund, Inc., September 30, 2000
PROXY RESULTS
During the six-month period ended September 30, 2000, Merrill Lynch Small Cap
Value Fund, Inc.'s shareholders voted on the following proposals. The proposals
were approved at a shareholders' meeting on July 17, 2000. The description of
each proposal and number of shares voted are as follows:
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
Shares Voted
For
---------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
1. To elect the Fund's Board of Directors: Terry K. Glenn 43,131,921
M. Colyer Crum 43,122,278
Laurie S. Hodrick 43,135,785
Jack S. Sunderland 43,119,099
Stephen B. Swensrud 43,131,528
J. Thomas Touchton 43,134,503
Fred G. Weiss 43,140,329
Arthur Zeikel 43,107,767
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
Shares Voted Shares Voted Shares Voted
For Against Abstain
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
2. To ratify the selection of Deloitte & Touche LLP as the Fund's
independent auditors for the current fiscal year. 42,266,185 649,462 2,404,282
---------------------------------------------------------------------------------------------------------------------------
3. To convert the Fund to "master/feeder" structure. 39,189,462 2,458,330 3,672,137
---------------------------------------------------------------------------------------------------------------------------
4. To clarify the Investment Advisory and Administrative Agreement. 39,739,504 2,141,837 3,438,588
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
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:
o 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.
o 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
approximately 8 years. (There is no initial sales charge for automatic
share conversions.)
o 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.
o 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. Figures shown in the "Recent Performance Results" and "Average
Annual Total Return" tables assume reinvestment of all dividends and capital
gains distributions at net asset value on the ex-dividend date. 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.
Recent Performance Results*
<TABLE>
<CAPTION>
Ten Years/
6 Month 12 Month Since Inception
As of September 30, 2000 Total Return Total Return Total Return
============================================================================================================================
<S> <C> <C> <C>
ML Small Cap Value Fund, Inc. Class A Shares* +9.20% +44.44% +494.29%
----------------------------------------------------------------------------------------------------------------------------
ML Small Cap Value Fund, Inc. Class B Shares* +8.56 +42.91 +436.36
----------------------------------------------------------------------------------------------------------------------------
ML Small Cap Value Fund, Inc. Class C Shares* +8.63 +42.94 +166.46
----------------------------------------------------------------------------------------------------------------------------
ML Small Cap Value Fund, Inc. Class D Shares* +9.02 +44.03 +179.20
----------------------------------------------------------------------------------------------------------------------------
Russell 2000 Index** -2.72 +28.39 +377.97/+124.04
============================================================================================================================
</TABLE>
* Investment results shown do not reflect sales charges; results shown would
be lower if a sales charge was included. Total investment returns are
based on changes in net asset values for the periods shown, and assume
reinvestment of all dividends and capital gains distributions at net asset
value on the ex-dividend date. The Fund's ten-year/since inception periods
are ten years for Class A & Class B Shares and from 10/21/94 for Class C &
Class D Shares, respectively.
** An unmanaged broad-based Index comprised of small-capitalization common
stocks. Ten years/since inception total return periods are ten years and
from 10/21/94, respectively.
4 & 5
<PAGE>
Merrill Lynch Small Cap Value Fund, Inc., September 30, 2000
PERFORMANCE DATA (concluded)
Average Annual Total Return
% Return Without % Return With
Sales Charge Sales Charge**
================================================================================
Class A Shares*
================================================================================
One Year Ended 9/30/00 +44.44% +36.86%
--------------------------------------------------------------------------------
Five Years Ended 9/30/00 +18.92 +17.64
--------------------------------------------------------------------------------
Ten Years Ended 9/30/00 +19.51 +18.87
--------------------------------------------------------------------------------
* Maximum sales charge is 5.25%. (Prior to October 21, 1994, Class A Shares
were offered at a higher sales charge. Thus, actual returns would have
been lower than shown for the ten-year period.)
** Assuming maximum sales charge.
% Return % Return
Without CDSC With CDSC**
================================================================================
Class B Shares*
================================================================================
One Year Ended 9/30/00 +42.91% +38.91%
--------------------------------------------------------------------------------
Five Years Ended 9/30/00 +17.69 +17.69
--------------------------------------------------------------------------------
Ten Years Ended 9/30/00 +18.29 +18.29
--------------------------------------------------------------------------------
* 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*
================================================================================
One Year Ended 9/30/00 +42.94% +41.94%
--------------------------------------------------------------------------------
Five Years Ended 9/30/00 +17.69 +17.69
--------------------------------------------------------------------------------
Inception (10/21/94)
through 9/30/00 +17.92 +17.92
--------------------------------------------------------------------------------
* 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*
================================================================================
One Year Ended 9/30/00 +44.03% +36.47%
--------------------------------------------------------------------------------
Five Years Ended 9/30/00 +18.63 +17.36
--------------------------------------------------------------------------------
Inception (10/21/94)
through 9/30/00 +18.85 +17.78
--------------------------------------------------------------------------------
* Maximum sales charge is 5.25%.
** Assuming maximum sales charge.
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
MERRILL LYNCH
SMALL CAP VALUE
FUND, INC. As of September 30, 2000
===================================================================================================================================
<C> <S> <C> <C>
Assets: Investment in a Master Small Cap Value Trust, at value (identified
cost--$1,336,573,463) ......................................................... $1,421,450,413
Prepaid registration fees and other assets ...................................... 60,606
--------------
Total assets .................................................................... 1,421,511,019
--------------
===================================================================================================================================
Liabilities: Payables:
Distributor ................................................................... $ 546,407
Administrator ................................................................. 282,327 828,734
--------------
Accrued expenses and other liabilities .......................................... 1,244,821
--------------
Total liabilities ............................................................... 2,073,555
--------------
===================================================================================================================================
Net Assets: Net assets ...................................................................... $1,419,437,464
==============
===================================================================================================================================
Net Assets Class A Shares of Common Stock, $.10 par value, 100,000,000 shares authorized ... $ 2,751,403
Consist of: Class B Shares of Common Stock, $.10 par value, 100,000,000 shares authorized ... 2,663,851
Class C Shares of Common Stock, $.10 par value, 100,000,000 shares authorized ... 483,834
Class D Shares of Common Stock, $.10 par value, 100,000,000 shares authorized ... 770,110
Paid-in capital in excess of par ................................................ 1,229,469,973
Undistributed investment income--net ............................................ 7,712,678
Undistributed realized capital gains on investments from the Trust--net ......... 90,708,665
Unrealized appreciation on investments from the Trust--net ...................... 84,876,950
--------------
Net assets ...................................................................... $1,419,437,464
==============
===================================================================================================================================
Net Asset Class A--Based on net assets of $605,485,096 and 27,514,028 shares outstanding .. $ 22.01
Value: ==============
Class B--Based on net assets of $547,283,625 and 26,638,513 shares outstanding .. $ 20.54
==============
Class C--Based on net assets of $97,966,603 and 4,838,337 shares outstanding .... $ 20.25
==============
Class D--Based on net assets of $168,702,140 and 7,701,100 shares outstanding ... $ 21.91
==============
===================================================================================================================================
</TABLE>
See Notes to Financial Statements.
6 & 7
<PAGE>
Merrill Lynch Small Cap Value Fund, Inc., September 30, 2000
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
MERRILL LYNCH
SMALL CAP VALUE
FUND, INC. For the Six Months Ended September 30, 2000+
===================================================================================================================================
<C> <S> <C> <C>
Investment Dividends ....................................................................... $ 4,386,892
Income: Interest and discount earned .................................................... 1,831,883
Investment income allocated from the Trust ...................................... 1,422,933
Expenses allocated from the Trust ............................................... (621,148)
--------------
Total income and net investment income from the Trust ........................... 7,020,560
--------------
===================================================================================================================================
Expenses: Investment advisory fees ........................................................ $ 3,918,636
Account maintenance and distribution fees--Class B .............................. 2,552,374
Transfer agent fees--Class A .................................................... 570,981
Transfer agent fees--Class B .................................................... 549,762
Account maintenance and distribution fees--Class C .............................. 391,171
Administration fee .............................................................. 282,327
Account maintenance fees--Class D ............................................... 195,504
Transfer agent fees--Class D .................................................... 168,264
Transfer agent fees--Class C .................................................... 83,192
Registration fees ............................................................... 76,842
Printing and shareholder reports ................................................ 69,480
Professional fees ............................................................... 45,665
Custodian fees .................................................................. 28,124
Accounting services ............................................................. 27,910
Directors' fees and expenses .................................................... 15,417
Other ........................................................................... 7,995
--------------
Total expenses .................................................................. 8,983,644
--------------
Investment loss--net ............................................................ (1,963,084)
--------------
===================================================================================================================================
Realized & Realized gain from:
Unrealized Gain Investments--net .............................................................. 81,050,347
(Loss) from The Trust--net ................................................................ 20,593,272 101,643,619
Investments and --------------
The Trust--Net: Change in unrealized appreciation/depreciation from:
Investments--net .............................................................. (72,715,130)
The Trust--net ................................................................ 84,876,950 12,161,820
-------------- --------------
Net Increase in Net Assets Resulting from Operations ............................ $ 111,842,355
==============
===================================================================================================================================
</TABLE>
+ On September 1, 2000, the Fund converted from a stand-alone investment
company to a "feeder" fund that seeks to achieve its investment objective
by investing all of its assets in Master Small Cap Value Trust, a mutual
fund that has the same investment objective as the Fund. All investments
will be made at the Trust level. This structure is sometimes called a
"master/feeder" structure.
See Notes to Financial Statements.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MERRILL LYNCH For the Six For the
SMALL CAP VALUE Months Ended Year Ended
FUND, INC. Increase (Decrease) in Net Assets: Sept. 30, 2000+ March 31, 2000
===================================================================================================================================
<C> <S> <C> <C>
Operations: Investment loss--net ............................................................ $ (1,963,084) $ (6,373,731)
Realized gain from investments and the Trust--net ............................... 101,643,619 185,241,778
Change in unrealized appreciation/depreciation on investments and
the Trust--net ................................................................ 12,161,820 242,691,398
-------------- --------------
Net increase in net assets resulting from operations ............................ 111,842,355 421,559,445
-------------- --------------
===================================================================================================================================
Distributions Realized gain on investments--net:
to Shareholders: Class A ....................................................................... (63,914,109) (40,545,567)
Class B ....................................................................... (63,513,284) (43,612,826)
Class C ....................................................................... (9,870,661) (4,788,746)
Class D ....................................................................... (18,187,830) (11,320,549)
-------------- --------------
Net decrease in net assets resulting from distributions to shareholders ......... (155,485,884) (100,267,688)
-------------- --------------
===================================================================================================================================
Capital Share Net increase in net assets derived from capital share transactions .............. 240,406,121 125,287,960
Transactions: -------------- --------------
===================================================================================================================================
Net Assets: Total increase in net assets .................................................... 196,762,592 446,579,717
Beginning of period ............................................................. 1,222,674,872 776,095,155
-------------- --------------
End of period* .................................................................. $1,419,437,464 $1,222,674,872
============== ==============
===================================================================================================================================
* Undistributed investment income--net .......................................... $ 7,712,678 $ 9,675,762
============== ==============
===================================================================================================================================
</TABLE>
+ On September 1, 2000, the Fund converted from a stand-alone investment
company to a "feeder" fund that seeks to achieve its investment objective
by investing all of its assets in Master Small Cap Value Trust, a mutual
fund that has the same investment objective as the Fund. All investments
will be made at the Trust level. This structure is sometimes called a
"master/feeder" structure.
See Notes to Financial Statements.
8 & 9
<PAGE>
Merrill Lynch Small Cap Value Fund, Inc., September 30, 2000
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Class A+
-----------------------------------------------------------
For the
The following per share data and ratios have Six
been derived from information provided Months
MERRILL LYNCH in the financial statements. Ended For the Year Ended March 31,
SMALL CAP VALUE Sept. 30, --------------------------------------------
FUND, INC. Increase (Decrease) in Net Asset Value: 2000++++ 2000 1999 1998 1997
==============================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period ............ $ 22.87 $ 16.27 $ 22.03 $ 17.59 $ 17.77
Operating ---------- -------- -------- -------- --------
Performance: Investment income (loss)--net ................... .02 (.02) (.02) (.03) .06
Realized and unrealized gain (loss) from
investments and the Trust--net ................ 1.92 8.84 (4.66) 7.20 3.01
---------- -------- -------- -------- --------
Total from investment operations ................ 1.94 8.82 (4.68) 7.17 3.07
---------- -------- -------- -------- --------
Less dividends and distributions:
Investment income--net ........................ -- -- -- -- (.06)
Realized gain on investments--net ............. (2.80) (2.22) (1.08) (2.73) (3.19)
---------- -------- -------- -------- --------
Total dividends and distributions ............... (2.80) (2.22) (1.08) (2.73) (3.25)
---------- -------- -------- -------- --------
Net asset value, end of period .................. $ 22.01 $ 22.87 $ 16.27 $ 22.03 $ 17.59
========== ======== ======== ======== ========
==============================================================================================================================
Total Based on net asset value per share .............. 9.20%++ 57.29% (22.17%) 43.18% 17.62%
Investment ========== ======== ======== ======== ========
Return:**
==============================================================================================================================
Ratios to Expenses++ ...................................... .94%* 1.08% 1.08% 1.02% 1.10%
Average ========== ======== ======== ======== ========
Net Assets: Investment income (loss)--net ................... .19%* (.12%) (.10%) (.13%) .34%
========== ======== ======== ======== ========
==============================================================================================================================
Supplemental Net assets, end of period (in thousands) ........ $ 605,485 $491,855 $276,957 $396,198 $223,492
Data: ========== ======== ======== ======== ========
Portfolio turnover .............................. -- 89.18% 57.82% 67.02% 97.87%
========== ======== ======== ======== ========
==============================================================================================================================
<CAPTION>
Class B+
-----------------------------------------------------------
For the
The following per share data and ratios have Six
been derived from information provided Months
MERRILL LYNCH in the financial statements. Ended For the Year Ended March 31,
SMALL CAP VALUE Sept. 30, --------------------------------------------
FUND, INC. Increase (Decrease) in Net Asset Value: 2000++++ 2000 1999 1998 1997
==============================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period ............ $ 21.59 $ 15.37 $ 21.03 $ 16.91 $ 17.21
Operating ---------- -------- -------- -------- --------
Performance: Investment loss--net ............................ (.08) (.21) (.20) (.23) (.12)
Realized and unrealized gain (loss) from
investments and the Trust--net ................. 1.77 8.35 (4.43) 6.90 2.90
---------- -------- -------- -------- --------
Total from investment operations ................ 1.69 8.14 (4.63) 6.67 2.78
---------- -------- -------- -------- --------
Less dividends and distributions:
Investment income--net ........................ -- -- -- -- --
Realized gain on investments--net ............. (2.74) (1.92) (1.03) (2.55) (3.08)
---------- -------- -------- -------- --------
Total dividends and distributions ............... (2.74) (1.92) (1.03) (2.55) (3.08)
---------- -------- -------- -------- --------
Net asset value, end of period .................. $ 20.54 $ 21.59 $ 15.37 $ 21.03 $ 16.91
========== ======== ======== ======== ========
==============================================================================================================================
Total Based on net asset value per share .............. 8.56%+++ 55.72% (22.96%) 41.72% 16.44%
Investment ========== ======== ======== ======== ========
Return:**
==============================================================================================================================
Ratios to Expenses++ ...................................... 1.95%* 2.11% 2.10% 2.05% 2.13%
Average ========== ======== ======== ======== ========
Net Assets: Investment loss--net ............................ (.82%)* (1.14%) (1.12%) (1.16%) (.68%)
========== ======== ======== ======== ========
==============================================================================================================================
Supplemental Net assets, end of period (in thousands) ........ $ 547,284 $511,780 $378,610 $611,364 $337,716
Data: ========== ======== ======== ======== ========
Portfolio turnover .............................. -- 89.18% 57.82% 67.02% 97.87%
========== ======== ======== ======== ========
==============================================================================================================================
<CAPTION>
Class C+
-----------------------------------------------------------
For the
The following per share data and ratios have Six
been derived from information provided Months
MERRILL LYNCH in the financial statements. Ended For the Year Ended March 31,
SMALL CAP VALUE Sept. 30, --------------------------------------------
FUND, INC. Increase (Decrease) in Net Asset Value: 2000++++ 2000 1999 1998 1997
==============================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period ............ $ 21.32 $ 15.21 $ 20.83 $ 16.77 $ 17.10
Operating ---------- -------- -------- -------- --------
Performance: Investment loss--net ............................ (.09) (.21) (.20) (.23) (.13)
Realized and unrealized gain (loss) from
investments and the Trust--net ................ 1.77 8.25 (4.38) 6.84 2.89
---------- -------- -------- -------- --------
Total from investment operations ................ 1.68 8.04 (4.58) 6.61 2.76
---------- -------- -------- -------- --------
Less dividends and distributions:
Investment income--net -- -- -- -- --
Realized gain on investments--net ............. (2.75) (1.93) (1.04) (2.55) (3.09)
---------- -------- -------- -------- --------
Total dividends and distributions ............... (2.75) (1.93) (1.04) (2.55) (3.09)
---------- -------- -------- -------- --------
Net asset value, end of period .................. $ 20.25 $ 21.32 $ 15.21 $ 20.83 $ 16.77
========== ======== ======== ======== ========
==============================================================================================================================
Total Based on net asset value per share .............. 8.63%+++ 56.98% (22.99%) 41.74% 16.39%
Investment ========== ======== ======== ======== ========
Return:**
==============================================================================================================================
Ratios to Expenses++ ...................................... 1.95%* 2.12% 2.12% 2.06% 2.14%
Average ========== ======== ======== ======== ========
Net Assets: Investment loss--net ............................ (.83%)* (1.16%) (1.14%) (1.17%) (.70%)
========== ======== ======== ======== ========
==============================================================================================================================
Supplemental Net assets, end of period (in thousands) ........ $ 97,966 $ 67,390 $ 38,249 $ 70,159 $ 31,182
Data: ========== ======== ======== ======== ========
Portfolio turnover .............................. -- 89.18% 57.82% 67.02% 97.87%
========== ======== ======== ======== ========
==============================================================================================================================
</TABLE>
* Annualized.
** Total investment returns exclude the effects of sales charges.
+ Based on average shares outstanding.
++ Includes the Fund's share of the Trust's allocated expenses.
+++ Aggregate total investment return.
++++ On September 1, 2000, the Fund converted from a stand-alone investment
company to a "feeder" fund that seeks to achieve its investment objective
by investing all of its assets in Master Small Cap Value Trust, a mutual
fund that has the same investment objective as the Fund. All investments
will be made at the Trust level. This structure is sometimes called a
"master/feeder" structure.
See Notes to Financial Statements.
10 & 11
<PAGE>
Merrill Lynch Small Cap Value Fund, Inc., September 30, 2000
FINANCIAL HIGHLIGHTS (concluded)
<TABLE>
<CAPTION>
Class D+
-----------------------------------------------------------
For the
The following per share data and ratios have Six
been derived from information provided Months
MERRILL LYNCH in the financial statements. Ended For the Year Ended March 31,
SMALL CAP VALUE Sept. 30, --------------------------------------------
FUND, INC. Increase (Decrease) in Net Asset Value: 2000++++ 2000 1999 1998 1997
==============================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period ............ $ 22.80 $ 16.19 $ 21.97 $ 17.56 $ 17.74
Operating ---------- -------- -------- -------- --------
Performance: Investment income (loss)--net ................... (.01) (.07) (.06) (.08) .01
Realized and unrealized gain (loss) from
investments and the Trust--net ................. 1.90 8.82 (4.65) 7.18 3.02
---------- -------- -------- -------- --------
Total from investment operations ................ 1.89 8.75 (4.71) 7.10 3.03
---------- -------- -------- -------- --------
Less dividends and distributions:
Investment income--net ........................ -- -- -- -- (.04)
Realized gain on investments--net ............. (2.78) (2.14) (1.07) (2.69) (3.17)
---------- -------- -------- -------- --------
Total dividends and distributions ............... (2.78) (2.14) (1.07) (2.69) (3.21)
---------- -------- -------- -------- --------
Net asset value, end of period .................. $ 21.91 $ 22.80 $ 16.19 $ 21.97 $ 17.56
========== ======== ======== ======== ========
==============================================================================================================================
Total Based on net asset value per share .............. 9.02%+++ 56.98% (22.37%) 42.80% 17.38%
Investment ========== ======== ======== ======== ========
Return:**
==============================================================================================================================
Ratios to Expenses++ ...................................... 1.19%* 1.33% 1.33% 1.27% 1.35%
Average ========== ======== ======== ======== ========
Net Assets: Investment income (loss)--net ................... (.06%)* (.37%) (.35%) (.39%) .07%
========== ======== ======== ======== ========
==============================================================================================================================
Supplemental Net assets, end of period (in thousands) ........ $ 168,702 $151,650 $ 82,279 $114,183 $ 40,173
Data: ========== ======== ======== ======== ========
Portfolio turnover .............................. -- 89.18% 57.82% 67.02% 97.87%
========== ======== ======== ======== ========
==============================================================================================================================
</TABLE>
* Annualized.
** Total investment returns exclude the effects of sales charges.
+ Based on average shares outstanding.
++ Includes the Fund's share of the Trust's allocated expenses.
+++ Aggregate total investment return.
++++ On September 1, 2000, the Fund converted from a stand-alone investment
company to a "feeder" fund that seeks to achieve its investment objective
by investing all of its assets in Master Small Cap Value Trust, a mutual
fund that has the same investment objective as the Fund. All investments
will be made at the Trust level. This structure is sometimes called a
"master/feeder" structure.
See Notes to Financial Statements.
NOTES TO FINANCIAL STATEMENTS
MERRILL LYNCH
SMALL CAP VALUE
FUND, INC.
1. Significant Accounting Policies:
Merrill Lynch Small Cap Value Fund (the "Fund")(formerly Merrill Lynch Special
Value Fund, Inc.) is registered under the Investment Company Act of 1940 as a
diversified, open-end investment company. On September 1, 2000, the Fund
converted from a stand-alone investment company to a "feeder" fund that seeks to
achieve its investment objective by investing all of its assets in the Master
Small Cap Value Trust (the "Trust"), a mutual fund that has the same investment
objective as the Fund. All investments will be made at the Trust level. This
structure is sometimes called a "master/feeder" structure. The value of the
Fund's investment in the Trust reflects the Fund's proportionate interest in the
net assets of the Trust. The performance of the Fund is directly affected by the
performance of the Trust. The financial statements of the Trust, including the
Schedule of Investments, are included elsewhere in this report and should be
read in conjunction with the Fund's financial statements. The Fund's financial
statements are prepared in conformity with accounting principles generally
accepted in the United States of America, which may require the use of
management accruals and estimates. These unaudited financial statements reflect
all adjustments, which are, in the opinion of management, necessary to a fair
statement of the results for the interim period presented. All such adjustments
are of a normal, recurring nature. The Fund offers four classes of shares under
the Merrill Lynch Select Pricing(SM) System. Shares of Class A and Class D are
sold with a front-end sales charge. Shares of Class B and Class C may be subject
to a contingent deferred sales charge. All classes of shares have identical
voting, dividend, liquidation and other rights and the same terms and
conditions, except that Class B, Class C and Class D Shares bear certain
expenses related to the account maintenance of such shares, and Class B and
Class C Shares also bear certain expenses related to the distribution of such
shares. Each class has exclusive voting rights with respect to matters relating
to its account maintenance and distribution expenditures. The following is a
summary of significant accounting policies followed by the Fund.
(a) Valuation of investments--Valuation of securities is discussed in Note 1a of
the Trust's Notes to Financial Statements, which are included elsewhere in this
report.
(b) Income--The Fund's net investment income consists of the Fund's pro rata
share of the net investment income of the Trust, less all actual and accrued
expenses of the Fund determined in conformity with accounting principles
generally accepted in the United States of America.
(c) Income taxes--It is the Fund's policy to comply with the requirements of the
Internal Revenue Code applicable to regulated investment companies and to
distribute substantially all of its taxable income to shareholders. Therefore,
no Federal income tax provision is required.
(d) Prepaid registration fees--Prepaid registration fees are charged to expense
as the related shares are issued.
(e) Dividends and distributions--Dividends and distributions paid by the Fund
are recorded on the ex-dividend dates.
(f) Investment transactions--Investment transactions are accounted for on a
trade date basis.
2. Transactions with Affiliates:
The Fund has entered into an Administrative Services Agreement with Fund Asset
Management, L.P. ("FAM"). The general partner of FAM is Princeton Services, Inc.
("PSI"), a wholly-owned subsidiary of Merrill Lynch & Co., Inc. ("ML & Co."),
which is the limited partner. The Fund pays a monthly fee at an annual rate of
.25% of the Fund's average daily net assets for the performance of
administrative services (other than investment advice and related portfolio
activities) necessary for the operation of the Fund.
12 & 13
<PAGE>
Merrill Lynch Small Cap Value Fund, Inc., September 30, 2000
NOTES TO FINANCIAL STATEMENTS (concluded)
MERRILL LYNCH
SMALL CAP VALUE
FUND, INC.
The Fund has also entered into a Distribution Agreement and Distribution Plans
with FAM Distributors, Inc. ("FAMD" or the "Distributor"), a wholly-owned
subsidiary of Merrill Lynch Group, Inc. Pursuant to the Distribution Plans
adopted by the Fund in accordance with Rule 12b-1 under the Investment Company
Act of 1940, the Fund pays the Distributor ongoing account maintenance and
distribution fees. The fees are accrued daily and paid monthly at annual rates
based upon the average daily net assets of the shares of the Fund as follows:
--------------------------------------------------------------------------------
Account Distribution
Maintenance Fee Fee
--------------------------------------------------------------------------------
Class B ........................ .25% .75%
Class C ........................ .25% .75%
Class D ........................ .25% --
--------------------------------------------------------------------------------
Pursuant to a sub-agreement with the Distributor, Merrill Lynch, Pierce, Fenner
& Smith Incorporated ("MLPF&S"), a subsidiary of ML & Co., also provides account
maintenance and distribution services to the Fund. The ongoing account
maintenance fee compensates the Distributor and MLPF&S for providing account
maintenance services to Class B, Class C and Class D shareholders. The ongoing
distribution fee compensates the Distributor and MLPF&S for providing
shareholder and distribution-related services to Class B and Class C
shareholders.
For the six months ended September 30, 2000, FAMD earned underwriting discounts
and MLPF&S earned dealer concessions on sales of the Fund's Class A and Class D
Shares as follows:
--------------------------------------------------------------------------------
FAMD MLPF&S
--------------------------------------------------------------------------------
Class A .......................... $ 293 $ 4,573
Class D .......................... $6,974 $93,189
--------------------------------------------------------------------------------
For the six months ended September 30, 2000, MLPF&S received contingent deferred
sales charges of $198,181 and $8,527 relating to transactions in Class B and
Class C Shares of the Fund, respectively. Furthermore, MLPF&S received
contingent deferred sales charges of $5,601 relating to transactions subject to
front-end sales charge waivers in Class D Shares.
Financial Data Services, Inc. ("FDS"), an indirect wholly-owned subsidiary of ML
& Co., is the Fund's transfer agent.
Accounting services are provided to the Fund by FAM at cost.
Certain officers and/or directors of the Fund are officers and/or directors of
FAM, PSI, FAMD, FDS, and/or ML & Co.
3. Investments:
Increases and decreases in the Fund's investment in the Trust for the period
September 1, 2000 to September 30, 2000 were $1,316,624,430 and $1,446,024,
respectively.
4. Capital Share Transactions:
Net increase in net assets derived from capital share transactions was
$240,406,121 and $125,287,960 for the six months ended September 30, 2000 and
for the year ended March 31, 2000, respectively.
Transactions in capital shares for each class were as follows:
--------------------------------------------------------------------------------
Class A Shares for the Six Months Dollar
Ended September 30, 2000 Shares Amount
--------------------------------------------------------------------------------
Shares sold .......................... 5,546,495 $122,019,690
Shares issued to shareholders
in reinvestment of distributions ..... 2,956,309 61,372,964
---------- ------------
Total issued ......................... 8,502,804 183,392,654
Shares redeemed ...................... (2,490,658) (54,774,783)
---------- ------------
Net increase ......................... 6,012,146 $128,617,871
========== ============
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class A Shares for the Year Dollar
Ended March 31, 2000 Shares Amount
--------------------------------------------------------------------------------
Shares sold .......................... 10,103,371 $203,331,023
Shares issued to shareholders
in reinvestment of distributions ..... 2,039,531 38,805,868
---------- ------------
Total issued ......................... 12,142,902 242,136,891
Shares redeemed ...................... (7,661,205) (144,838,770)
---------- ------------
Net increase ......................... 4,481,697 $ 97,298,121
========== ============
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class B Shares for the Six Months Dollar
Ended September 30, 2000 Shares Amount
--------------------------------------------------------------------------------
Shares sold .......................... 3,897,392 $80,273,946
Shares issued to shareholders
in reinvestment of distributions ..... 2,997,546 58,242,314
---------- -----------
Total issued ......................... 6,894,938 138,516,260
Automatic conversion of shares ....... (551,094) (11,475,515)
Shares redeemed ...................... (3,415,275) (70,455,572)
---------- -----------
Net increase ......................... 2,928,569 $56,585,173
========== ===========
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class B Shares for the Year Dollar
Ended March 31, 2000 Shares Amount
--------------------------------------------------------------------------------
Shares sold .......................... 9,098,702 $ 167,159,527
Shares issued to shareholders
in reinvestment of distributions ..... 2,221,372 39,948,523
----------- -------------
Total issued ......................... 11,320,074 207,108,050
Automatic conversion of shares ....... (1,227,324) (22,600,580)
Shares redeemed ...................... (11,018,809) (200,063,962)
----------- -------------
Net decrease ......................... (926,059) $ (15,556,492)
=========== =============
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class C Shares for the Six Months Dollar
Ended September 30, 2000 Shares Amount
--------------------------------------------------------------------------------
Shares sold .......................... 1,522,965 $30,971,997
Shares issued to shareholders
in reinvestment of distributions ..... 464,400 8,893,268
--------- -----------
Total issued ......................... 1,987,365 39,865,265
Shares redeemed ...................... (309,299) (6,306,951)
--------- -----------
Net increase ......................... 1,678,066 $33,558,314
========= ===========
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class C Shares for the Year Dollar
Ended March 31, 2000 Shares Amount
--------------------------------------------------------------------------------
Shares sold .......................... 1,934,589 $35,243,945
Shares issued to shareholders
in reinvestment of distributions ..... 240,541 4,275,572
---------- -----------
Total issued ......................... 2,175,130 39,519,517
Shares redeemed ...................... (1,529,593) (26,990,092)
---------- -----------
Net increase ......................... 645,537 $12,529,425
========== ===========
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class D Shares for the Six Months Dollar
Ended September 30, 2000 Shares Amount
--------------------------------------------------------------------------------
Shares sold .......................... 1,172,322 $25,609,133
Automatic conversion of shares ....... 520,002 11,475,515
Shares issued to shareholders
in reinvestment of distributions ..... 811,297 16,777,627
---------- -----------
Total issued ......................... 2,503,621 53,862,275
Shares redeemed ...................... (1,454,633) (32,217,512)
---------- -----------
Net increase ......................... 1,048,988 $21,644,763
========== ===========
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class D Shares for the Year Dollar
Ended March 31, 2000 Shares Amount
--------------------------------------------------------------------------------
Shares sold .......................... 2,260,570 $44,449,029
Automatic conversion of shares ....... 1,162,848 22,600,580
Shares issued to shareholders
in reinvestment of distributions ..... 555,550 10,538,920
---------- -----------
Total issued ......................... 3,978,968 77,588,529
Shares redeemed ...................... (2,407,493) (46,571,623)
---------- -----------
Net increase ......................... 1,571,475 $31,016,906
========== ===========
--------------------------------------------------------------------------------
14 & 15
<PAGE>
Merrill Lynch Small Cap Value Fund, Inc., September 30, 2000
SCHEDULE OF INVESTMENTS (in US dollars)
Master Small Cap Value Trust
<TABLE>
<CAPTION>
Shares Percent of
Sector* Held Stocks Cost Value Net Assets
=========================================================================================================================
<S> <C> <C> <C> <C>
Auto & Transportation 204,750 ArvinMeritor, Inc. $ 5,064,323 $ 3,007,266 0.2%
498,400 CNF Transportation, Inc. 14,913,560 11,089,400 0.8
469,900 Circle International Group, Inc. 9,422,544 14,214,475 1.0
803,000 +Fritz Companies, Inc. 7,882,253 9,636,000 0.7
185,200 +Gentex Corporation 3,000,336 4,630,000 0.3
1,019,700 +Keystone Automotive Industries, Inc. (c) 9,864,743 4,907,306 0.4
1,744,400 +Miller Industries, Inc. 11,515,625 1,635,375 0.1
188,000 +Tower Automotive, Inc. 3,064,058 1,762,500 0.1
----------- ----------- ----
64,727,442 50,882,322 3.6
-------------------------------------------------------------------------------------------------------------------------
Consumer Discretionary 308,100 +ACNielsen Corporation 5,843,350 7,336,631 0.5
2,266,800 +APAC Customer Services, Inc. 11,387,622 12,042,375 0.9
1,317 Adrienne Arpel, Inc. (Preferred) 0 28,157 0.0
560,900 +Ambassadors International, Inc. 7,100,702 10,481,819 0.7
606,200 +BI, Incorporated (c) 5,500,558 4,982,206 0.4
556,900 +Boron, LePore & Associates, Inc. 7,575,025 5,708,225 0.4
1,293,500 +Buffets, Inc. 12,552,401 17,785,625 1.3
511,900 Dover Downs Entertainment, Inc. 6,283,444 6,878,656 0.5
77,000 Ethan Allen Interiors, Inc. 1,856,299 2,180,062 0.2
218,600 G & K Services, Inc. (Class A) 4,799,192 6,134,463 0.4
1,742,250 +HA-LO Industries, Inc. 12,895,180 6,969,000 0.5
25,000 Harte Hanks, Inc. 617,770 681,250 0.1
412,600 IKON Office Solutions, Inc. 2,900,873 1,624,613 0.1
147,992 +Interlogix, Inc. 3,186,277 1,963,206 0.1
234,600 +Jack in the Box, Inc. 4,860,809 5,029,238 0.4
331,600 +Linens 'n Things, Inc. 7,946,966 8,455,800 0.6
205,000 Liz Claiborne, Inc. 8,496,503 7,892,500 0.6
119,600 +MSC Industrial Direct Co., Inc. (Class A) 1,678,022 1,823,900 0.1
747,200 +McNaughton Apparel Group, Inc. (c) 10,131,919 12,235,400 0.9
812,400 +The Men's Warehouse, Inc. 17,023,378 23,001,075 1.6
1,258,350 +Metromedia International Group, Inc. 12,398,347 4,706,229 0.3
254,440 +Midway Games, Inc. 2,304,374 1,781,080 0.1
282,300 +Mohawk Industries, Inc. 6,258,726 6,157,669 0.4
582,000 +Outback Steakhouse, Inc. 13,902,102 15,786,750 1.1
1,121,700 +Panera Bread Company (Class A) (c) 7,525,064 23,415,488 1.6
1,264,300 +Paxson Communications Corporation 13,010,660 14,539,450 1.0
1,036,600 Pier 1 Imports, Inc. 6,780,942 14,058,888 1.0
108,600 +QRS Corporation 2,064,598 1,635,787 0.1
1,394,000 +SITEL Corporation 9,744,698 4,094,875 0.3
275,000 +Sinclair Broadcast Group, Inc. (Class A) 3,059,375 3,007,813 0.2
509,200 Strayer Education, Inc. 11,121,155 11,138,750 0.8
452,100 +THQ, Inc. 4,144,876 10,511,325 0.7
23,400 +Take-Two Interactive Software, Inc. 248,625 293,963 0.0
687,000 +Tech Data Corporation 16,614,337 29,369,250 2.1
2,113,600 +WMS Industries, Inc. (c) 17,117,233 47,556,000 3.3
140,400 +West TeleServices Corporation 1,668,883 3,088,800 0.2
----------- ----------- ----
260,600,285 334,376,318 23.5
-------------------------------------------------------------------------------------------------------------------------
Consumer Staples 259,000 Dean Foods Company 6,375,784 8,611,750 0.6
191,300 Longs Drug Stores Corporation 4,383,379 3,658,612 0.3
256,300 +Suiza Foods Corporation 8,679,734 12,991,206 0.9
----------- ----------- ----
19,438,897 25,261,568 1.8
-------------------------------------------------------------------------------------------------------------------------
Energy 94,200 +Barrett Resources Corporation 2,127,520 3,561,937 0.2
563,300 +Basin Exploration, Inc. 7,948,646 10,984,350 0.8
191,300 Diamond Offshore Drilling, Inc. 5,617,791 7,843,300 0.6
150,600 +Evergreen Resources, Inc. 3,326,488 5,233,350 0.4
259,722 +Louis Dreyfus Natural Gas Corp. 3,817,826 10,291,484 0.7
152,600 +Nuevo Energy Company 3,043,950 2,804,025 0.2
158,800 +Plains Resources Inc. 1,826,931 2,997,350 0.2
308,391 Plains Resources Inc. (b) 1,806,983 5,820,880 0.4
309,250 +Tom Brown, Inc. 3,017,615 7,576,625 0.5
----------- ----------- ----
32,533,750 57,113,301 4.0
-------------------------------------------------------------------------------------------------------------------------
Financial Services 65,050 American National Insurance Company 4,792,822 4,155,069 0.3
1,152,700 Banknorth Group, Inc. 18,986,273 20,604,512 1.5
1,394,000 +Billing Concepts Corp. 8,731,709 4,443,375 0.3
515,400 Brandywine Realty Trust 9,019,808 10,436,850 0.7
278,000 Camden Property Trust 7,307,121 8,618,000 0.6
658,100 Capitol Federal Financial 6,559,765 9,624,712 0.7
1,228,968 Charter One Financial, Inc. 21,301,599 29,956,102 2.1
51,900 +Investment Technology Group, Inc. 1,182,616 2,072,756 0.1
1,683,800 Meditrust Companies 12,184,520 4,946,163 0.4
560,200 National Data Corporation 15,585,838 18,381,563 1.3
391,000 PXRE Group Limited 8,096,612 6,158,250 0.4
351,400 +The Profit Recovery Group International,
Inc. 5,900,645 3,470,075 0.2
202,100 Roslyn Bancorp, Inc. 3,478,444 4,521,988 0.3
329,200 Scottish Annuity & Life Holdings, Ltd. 4,515,650 3,045,100 0.2
1,384,000 +United Rentals, Inc. 24,729,057 33,389,000 2.4
----------- ----------- ----
152,372,479 163,823,515 11.5
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
16 & 17
<PAGE>
Merrill Lynch Small Cap Value Fund, Inc., September 30, 2000
SCHEDULE OF INVESTMENTS (continued) (in US dollars)
Master Small Cap Value Trust (continued)
<TABLE>
<CAPTION>
Shares Percent of
Sector* Held Stocks Cost Value Net Assets
=========================================================================================================================
<S> <C> <C> <C> <C> <C>
Healthcare 1,429,500 +Caremark Rx, Inc. $ 7,097,897 $ 16,081,875 1.1%
328,000 +Closure Medical Corporation 5,814,280 8,261,500 0.6
573,600 +Covance, Inc. 8,603,854 4,696,350 0.3
296,600 +INAMED Corporation 9,305,937 8,341,875 0.6
314,000 +Isis Pharmaceuticals, Inc. 3,708,791 3,611,000 0.3
516,200 Mentor Corporation 9,025,173 8,130,150 0.6
610,200 +Nabi 3,937,002 4,271,400 0.3
202,300 +Novoste Corporation 6,602,643 8,597,750 0.6
518,100 +Orthodontic Centers of America, Inc. 5,913,097 17,259,206 1.2
148,000 Owens & Minor, Inc. 2,599,454 2,331,000 0.2
456,000 +Patterson Dental Company 9,023,154 10,260,000 0.7
154,800 +Pharmaceutical Product Development, Inc. 2,004,400 4,111,875 0.3
98,900 +Quintiles Transnational Corp. 1,343,229 1,576,219 0.1
177,200 +Vical, Incorporated 4,001,951 4,585,050 0.3
----------- ----------- ----
78,980,862 102,115,250 7.2
-------------------------------------------------------------------------------------------------------------------------
Materials & Processing 1,046,400 AK Steel Holding Corporation 14,336,343 9,810,000 0.7
506,800 A.M. Castle & Company 8,676,896 4,877,950 0.3
278,900 +Airgas, Inc. 2,103,759 1,900,006 0.1
519,400 Boise Cascade Corporation 14,730,143 13,796,562 1.0
62,700 Carpenter Technology Corporation 1,504,931 1,826,137 0.1
359,300 Commonwealth Industries, Inc. 5,075,131 1,998,606 0.1
900,500 Corn Products International, Inc. 21,502,128 20,486,375 1.4
456,500 Gibraltar Steel Corporation 8,343,793 7,532,250 0.5
848,500 Intermet Corporation 11,221,789 6,151,625 0.4
121,000 Kaydon Corp. 3,249,434 2,783,000 0.2
251,500 +Novamerican Steel, Inc. 2,912,596 2,137,750 0.2
642,100 +Paxar Corporation 8,073,661 5,738,769 0.4
641,700 Quanex Corporation 13,574,406 12,232,406 0.9
522,800 Rock-Tenn Company (Class A) 6,192,610 5,195,325 0.4
1,569,081 Ryerson Tull, Inc. (c) 26,496,832 14,808,202 1.0
714,900 +Shiloh Industries, Inc. 9,909,349 5,183,025 0.4
1,060,100 +Unifi, Inc. 12,367,232 10,799,769 0.8
2,391,200 Watsco, Inc. (c) 27,129,836 24,605,448 1.7
669,400 +Wolverine Tube, Inc. (c) 11,260,517 9,957,325 0.7
863,610 +Zemex Corporation (c) 7,282,851 6,369,124 0.5
----------- ----------- ----
215,944,237 168,189,654 11.8
-------------------------------------------------------------------------------------------------------------------------
Miscellaneous 1,331,500 +Mercer International, Inc. (c) 15,768,762 10,069,469 0.7
-------------------------------------------------------------------------------------------------------------------------
Producer Durables 529,500 +ANTEC Corporation 17,075,727 15,620,250 1.1
633,100 Applied Industrial Technologies, Inc. 10,981,741 10,960,544 0.8
442,000 +BE Aerospace, Inc. 3,169,273 7,127,250 0.5
638,277 BHA Group Holdings, Inc. (c) 7,083,102 9,095,447 0.6
846,900 +Brown & Sharpe Manufacturing Company
(Class A) (c) 10,624,240 3,493,462 0.3
468,100 +Com21, Inc. 7,720,797 6,319,350 0.4
808,800 +Comdial Corporation (c) 4,965,675 1,642,875 0.1
166,800 +DONCASTERS PLC (ADR) (a) 1,203,203 3,377,700 0.2
2,350,800 +Danka Business Systems PLC (ADR) (a) 15,370,687 3,599,663 0.3
598,500 Oakwood Homes Corporation 11,219,065 897,750 0.1
218,000 The Ryland Group, Inc. 3,345,065 6,758,000 0.5
179,630 +Toll Brothers, Inc. 3,456,533 6,174,781 0.4
180,400 +Triumph Group, Inc. 4,514,694 6,471,850 0.5
----------- ----------- ----
100,729,802 81,538,922 5.8
-------------------------------------------------------------------------------------------------------------------------
Technology 257,400 +ANADIGICS, Inc. 6,897,591 5,694,975 0.4
285,400 +American Management Systems, Incorporated 6,595,511 4,905,313 0.3
543,700 +Anixter International, Inc. 7,483,122 15,835,262 1.1
535,450 +C.P. Clare Corporation (c) 4,490,184 2,309,128 0.2
683,800 +ESCO Technologies Inc. 11,672,171 11,966,500 0.8
454,900 +Electronics for Imaging, Inc. 10,727,861 11,486,225 0.8
1,162,600 +FileNET Corporation 23,431,908 21,144,788 1.5
253,600 +Harmonic, Inc. 6,786,081 6,086,400 0.4
369,000 +II-VI, Incorporated 6,148,696 6,889,922 0.5
358,753 +InterVoice-Bright, Inc. 3,560,329 3,766,907 0.3
815,000 +JDA Software Group, Inc. 13,155,349 10,391,250 0.7
577,800 +Mentor Graphics Corporation 5,580,857 13,614,413 1.0
1,361,000 +NetManage, Inc. 3,267,125 2,892,125 0.2
112,400 +Network Associates, Inc. 2,506,488 2,543,050 0.2
235,940 +Nu Horizons Electronics Corp. 1,910,534 6,562,081 0.5
474,970 +PeopleSoft, Inc. 4,852,979 13,269,474 0.9
588,600 +Planar Systems, Inc. (c) 5,681,645 10,962,675 0.8
1,223,000 +Sensormatic Electronics Corporation 15,872,000 18,345,000 1.3
1,964,500 +Structural Dynamics Research
Corporation (c) 24,949,646 32,168,688 2.3
364,650 +Sybase, Inc. 3,168,199 8,386,950 0.6
1,477,200 +Sykes Enterprises, Incorporated 22,977,841 7,939,950 0.5
443,575 TALX Corporation (c) 3,308,463 11,422,056 0.8
552,700 +Transaction Systems Architects, Inc.
(Class A) 12,028,841 8,981,375 0.6
----------- ----------- ----
207,053,421 237,564,507 16.7
-------------------------------------------------------------------------------------------------------------------------
Utilities 310,000 +Boston Communications Group, Inc. 3,878,897 5,967,500 0.4
-------------------------------------------------------------------------------------------------------------------------
Total Stocks 1,152,028,834 1,236,902,326 87.0
=========================================================================================================================
<CAPTION>
Face
Amount Short-Term Securities
=========================================================================================================================
<S> <C> <C> <C> <C> <C>
Commercial Paper** $20,240,000 AEP Inc., 6.50% due 10/16/2000 20,181,529 20,181,529 1.4
2,958,000 CSW Credit, Inc., 6.50% due 10/16/2000 2,949,455 2,949,455 0.2
</TABLE>
18 & 19
<PAGE>
Merrill Lynch Small Cap Value Fund, Inc., September 30, 2000
SCHEDULE OF INVESTMENTS (concluded) (in US dollars)
Master Small Cap Value Trust (concluded)
<TABLE>
<CAPTION>
Face Percent of
Amount Short-Term Securities Cost Value Net Assets
=========================================================================================================================
<S> <C> <C> <C> <C> <C>
Commercial Paper** $10,000,000 Gannett Company, 6.49% due 10/05/2000 $ 9,990,986 $ 9,990,986 0.7%
(concluded) 64,075,000 General Motors Acceptance Corp.,
6.75% due 10/02/2000 64,050,972 64,050,972 4.5
20,000,000 Target Corporation, 6.48% due 10/11/2000 19,960,400 19,960,400 1.4
20,000,000 Transamerica Finance Corporation,
6.51% due 10/27/2000 19,902,350 19,902,350 1.4
-------------------------------------------------------------------------------------------------------------------------
US Government 20,119,000 Federal Home Loan Banks, 6.40% due
Agency Obligations** 10/06/2000 20,097,540 20,097,540 1.4
Freddie Mac Participation Certificates:
15,000,000 6.44% due 10/03/2000 14,991,950 14,991,950 1.1
25,000,000 6.40% due 10/17/2000 24,924,444 24,924,444 1.8
-------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities 197,049,626 197,049,626 13.9
=========================================================================================================================
Total Investments $1,349,078,460 1,433,951,952 100.9
==============
Liabilities in Excess
of Other Assets (12,378,258) (0.9)
-------------- -----
Net Assets $1,421,573,694 100.0%
============== =====
=========================================================================================================================
</TABLE>
+ Non-income producing security.
* Holdings are classified into the economic sectors found in the Russell
2000 Index.
** Commercial Paper and certain US Government Agency Obligations are traded
on a discount basis; the interest rates shown reflect the discount rates
paid at the time of purchase by the Trust.
(a) American Depositary Receipts (ADR).
(b) The security may be offered and sold to "qualified institutional buyers"
under Rule 144A of the Securities Act of 1933.
(c) Investments in companies 5% or more of whose outstanding securities are
held by the Trust (such companies are defined as "Affiliated Companies" in
Section 2(a)(3) of the Investment Company Act of 1940) are as follows:
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
Net Share Net Dividend
Sector Affiliate Activity Cost Income
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Auto & Transportation Keystone Automotive Industries,
Inc. -- -- +
-------------------------------------------------------------------------------------------------------------------------
Consumer BI, Incorporated -- -- +
Discretionary McNaughton Apparel Group, Inc. -- -- +
Panera Bread Company (Class A) -- -- +
WMS Industries, Inc. 411,100 $3,545,278 +
-------------------------------------------------------------------------------------------------------------------------
Materials & Processing Ryerson Tull, Inc. -- -- +
Watsco, Inc. -- -- +
Wolverine Tube, Inc. 500,300 7,606,262 +
Zemex Corporation -- -- +
-------------------------------------------------------------------------------------------------------------------------
Miscellaneous Mercer International, Inc. -- -- +
-------------------------------------------------------------------------------------------------------------------------
Producer Durables BHA Group Holdings, Inc. -- -- +
Brown & Sharpe Manufacturing
Company (Class A) -- -- +
Comdial Corporation -- -- +
-------------------------------------------------------------------------------------------------------------------------
Technology C.P. Clare Corporation (60,000) (534,768) +
II-VI, Incorporated 369,000 6,148,696 +
Planar Systems, Inc. 300,000 3,134,677 +
Structural Dynamics
Research Corporation 300,100 3,852,817 +
TALX Corporation 25,325 7,976,804 $12,098
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
+ Non-income producing security.
See Notes to Financial Statements.
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
MASTER SMALL CAP
VALUE TRUST As of September 30, 2000
=========================================================================================================================
<S> <C> <C> <C>
Assets: Investments, at value (identified cost--$1,349,078,460) ........ $1,433,951,952
Receivables:
Securities sold .............................................. $ 5,218,317
Contributions ................................................ 4,019,744
Dividends .................................................... 401,525 9,639,586
------------
Prepaid expenses and other assets .............................. 409,645
-------------
Total assets ................................................... 1,444,001,183
-------------
=========================================================================================================================
Liabilities: Payables:
Securities purchased ......................................... 18,992,489
Withdrawals .................................................. 1,803,401
Custodian bank ............................................... 1,067,104
Investment adviser ........................................... 556,046 22,419,040
------------
Accrued expenses and other liabilities ......................... 8,449
-------------
Total liabilities .............................................. 22,427,489
-------------
=========================================================================================================================
Net Assets: Net assets ..................................................... $1,421,573,694
=============
=========================================================================================================================
Net Assets Partners' capital .............................................. $1,336,700,202
Consist of: Unrealized appreciation on investments--net .................... 84,873,492
-------------
Net assets ..................................................... $1,421,573,694
=============
=========================================================================================================================
</TABLE>
See Notes to Financial Statements.
20 & 21
<PAGE>
Merrill Lynch Small Cap Value Fund, Inc., September 30, 2000
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
MASTER SMALL CAP
VALUE TRUST For the Period September 1, 2000+ to September 30, 2000
=========================================================================================================================
<S> <C> <C> <C>
Investment Interest and discount earned ................................... $ 890,800
Income: Dividends ...................................................... 532,240
------------
Total income ................................................... 1,423,040
------------
=========================================================================================================================
Expenses: Investment advisory fees ....................................... $ 584,943
Accounting services ............................................ 17,864
Custodian fees ................................................. 10,581
Professional fees .............................................. 3,379
Offering costs ................................................. 1,602
Trustees' fees and expenses .................................... 859
Pricing fees ................................................... 134
Other .......................................................... 1,831
------------
Total expenses ................................................. 621,193
------------
Investment income--net ......................................... 801,847
------------
=========================================================================================================================
Realized & Realized gain from investments--net ............................ 20,594,529
Unrealized Unrealized appreciation on investments--net .................... 84,873,492
Gain on ------------
Investments Net Increase in Net Assets Resulting from Operations ........... $106,269,868
--Net: ============
=========================================================================================================================
</TABLE>
+ Commencement of operations.
See Notes to Financial Statements.
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the Period
MASTER SMALL CAP Sept. 1, 2000+ to
VALUE TRUST Increase (Decrease) in Net Assets: Sept. 30, 2000
=========================================================================================================================
<S> <C> <C>
Operations: Investment income--net ......................................... $ 801,847
Realized gain on investments--net .............................. 20,594,529
Unrealized appreciation on investments--net .................... 84,873,492
--------------
Net increase in net assets resulting from operations ........... 106,269,868
--------------
=========================================================================================================================
Net Capital Increase in net assets derived from net capital contributions .. 1,315,203,726
Contributions: --------------
=========================================================================================================================
Net Assets: Total increase in net assets ................................... 1,421,473,594
Beginning of period ............................................ 100,100
--------------
End of period .................................................. $1,421,573,694
==============
=========================================================================================================================
</TABLE>
+ Commencement of operations.
See Notes to Financial Statements.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
For the Period
MASTER SMALL The following ratios have been derived from Sept. 1, 2000+ to
CAP VALUE TRUST information provided in the financial statements. Sept. 30, 2000
=========================================================================================================================
<S> <C> <C>
Ratios to Expenses ....................................................... .55%*
Average =============
Net Assets: Investment income--net ......................................... .71%*
=============
=========================================================================================================================
Supplemental Net assets, end of period (in thousands) ....................... $ 1,421,574
Data: =============
Portfolio turnover ............................................. 7.32%
=============
=========================================================================================================================
</TABLE>
+ Commencement of operations.
* Annualized.
See Notes to Financial Statements.
22 & 23
<PAGE>
Merrill Lynch Small Cap Value Fund, Inc., September 30, 2000
NOTES TO FINANCIAL STATEMENTS
MASTER SMALL CAP
VALUE TRUST
1. Significant Accounting Policies:
Master Small Cap Value Trust (the "Trust") is registered under the Investment
Company Act of 1940 and is organized as a Delaware business trust. The Trust's
financial statements are prepared in conformity with accounting principles
generally accepted in the United States of America, which may require the use of
management accruals and estimates. These unaudited financial statements reflect
all adjustments, which are, in the opinion of management, necessary to a fair
statement of the results for the interim period presented. All such adjustments
are of a normal, recurring nature. The following is a summary of significant
accounting policies followed by the Trust.
(a) Valuation of investments--Portfolio securities that are traded on stock
exchanges are valued at the last sale price on the exchange on which such
securities are traded, as of the close of business on the day the securities are
being valued or, lacking any sales, at the last available bid price. Securities
that are traded in the over-the-counter market are valued at the last available
bid price prior to the time of valuation. In cases where securities are traded
on more than one exchange, the securities are valued on the exchange designated
by or under the authority of the Board of Trustees as the primary market.
Securities that are traded both in the over-the-counter market and on a stock
exchange are valued according to the broadest and most representative market.
Options written or purchased are valued at the last sale price in the case of
exchange-traded options. In the case of options traded in the over-the-counter
market, valuation is the last asked price (options written) or the last bid
price (options purchased). Short-term securities are valued at amortized cost,
which approximates market value. Other investments, including futures contracts
and related options, are stated at market value. Securities and assets for which
market quotations are not readily available are valued at fair value as
determined in good faith by or under the direction of the Board of Trustees of
the Trust, including valuations furnished by a pricing service retained by the
Trust which may use a matrix system for valuations.
(b) Derivative financial instruments--The Trust may engage in various portfolio
investment strategies to increase or decrease the level of risk to which the
Trust is exposed more quickly and efficiently than transactions in other types
of instruments. Losses may arise due to changes in the value of the contract or
if the counterparty does not perform under the contract.
o Financial futures contracts--The Trust may purchase or sell financial futures
contracts and options on such futures contracts for the purpose of hedging the
market risk on existing securities or the intended purchase of securities.
Futures contracts are contracts for delayed delivery of securities at a specific
future date and at a specific price or yield. Upon entering into a contract, the
Trust deposits and maintains as collateral such initial margin as required by
the exchange on which the transaction is effected. Pursuant to the contract, the
Trust agrees to receive from or pay to the broker an amount of cash equal to the
daily fluctuation in value of the contract. Such receipts or payments are known
as variation margin and are recorded by the Trust as unrealized gains or losses.
When the contract is closed, the Trust records a realized gain or loss equal to
the difference between the value of the contract at the time it was opened and
the value at the time it was closed.
o Options--The Trust is authorized to write put and covered call options and
purchase put and call options. When the Trust writes an option, an amount equal
to the premium received by the Trust is reflected as an asset and an equivalent
liability. The amount of the liability is subsequently marked to market to
reflect the current market value of the option written.
When a security is purchased or sold through an exercise of an option, the
related premium paid (or received) is added to (or deducted from) the basis of
the security acquired or deducted from (or added to) the proceeds of the
security sold. When an option expires (or the Trust enters into a closing
transaction), the Trust realizes a gain or loss on the option to the extent of
the premiums received or paid (or loss or gain to the extent the cost of the
closing transaction exceeds the premium paid or received).
Written and purchased options are non-income producing investments.
o Forward foreign exchange contracts--The Trust is authorized to enter into
forward foreign exchange contracts as a hedge against either specific
transactions or portfolio positions. Such contracts are not entered on the
Trust's records. However, the effect on operations is recorded from the date the
Trust enters such contracts.
o Foreign currency options and futures--The Trust may purchase or sell listed or
over-the-counter foreign currency options, foreign currency futures and related
options on foreign currency futures as a short or long hedge against possible
variations in foreign exchange rates. Such transactions may be effected with
respect to hedges on non-US dollar-denominated securities owned by the Trust,
sold by the Trust but not yet delivered, or committed or anticipated to be
purchased by the Trust.
(c) Income taxes--The Trust is classified as a partnership for Federal income
tax purposes. As a partnership for Federal income tax purposes, the Trust will
not incur Federal income tax liability. Items of partnership income, gain, loss
and deduction will pass through to investors as partners in the Trust.
Therefore, no Federal income tax provision is required.
(d) Security transactions and investment income--Security transactions are
recorded on the dates the transactions are entered into (the trade dates).
Dividend income is recorded on the ex-dividend dates. Interest income (including
amortization of discount) is recognized on the accrual basis. Realized gains and
losses on security transactions are determined on the identified cost basis.
(e) Custodian bank--The Trust recorded an amount payable to the Custodian Bank
reflecting an overnight overdraft which resulted from management estimates of
available cash.
2. Investment Advisory Agreement and Transactions with Affiliates:
The Trust has entered into an Investment Advisory Agreement with Fund Asset
Management, L.P. ("FAM"). The general partner of FAM is Princeton Services, Inc.
("PSI"), an indirect wholly-owned subsidiary of Merrill Lynch & Co., Inc. ("ML &
Co."), which is the limited partner.
FAM is responsible for the management of the Trust's portfolio and provides the
necessary personnel, facilities, equipment and certain other services necessary
to the operations of the Trust. For such services, the Trust pays a monthly fee
upon the average daily value of the Fund's net assets at the following annual
rates: .50% of the Fund's average net assets not exceeding $1 billion, .475% of
average daily net assets in excess of $1 billion but not exceeding $1.5 billion;
and .45% of average daily net assets in excess of $1.5 billion.
In addition, MLPF&S received $10,618 in commissions on the execution of
portfolio security transactions for the Trust for the period September 1, 2000
to September 30, 2000.
Accounting services are provided to the Trust by FAM at cost.
Certain officers and/or trustees of the Trust are officers and/or directors of
FAM, PSI, and/or ML & Co.
3. Investments: Purchases and sales of investments, excluding short-term
securities, for the period September 1, 2000 to September 30, 2000 were
$87,032,829 and $89,999,011, respectively.
Net realized gains for the period September 1, 2000 to September 30, 2000 and
net unrealized gains as of September 30, 2000 were as follows:
--------------------------------------------------------------------------------
Realized Unrealized
Gains Gains
--------------------------------------------------------------------------------
Long-term investments ........ $20,594,529 $ 84,873,492
----------- ------------
Total ........................ $20,594,529 $ 84,873,492
=========== ============
--------------------------------------------------------------------------------
As of September 30, 2000, net unrealized appreciation for Federal income tax
purposes aggregated $84,873,492, of which $285,872,752 related to appreciated
securities and $200,999,260 related to depreciated securities. At September 30,
2000, the aggregate cost of investments for Federal income tax purposes was
$1,349,078,460.
4. Short-Term Borrowings:
On September 1, 2000, the Trust became party to a $1,000,000,000 credit
agreement dated December 3, 1999
24 & 25
<PAGE>
Merrill Lynch Small Cap Value Fund, Inc., September 30, 2000
NOTES TO FINANCIAL STATEMENTS (concluded)
MASTER SMALL CAP
VALUE TRUST
among certain other funds managed by FAM and its affiliates, Bank of America,
N.A. and certain other lenders. The Trust may borrow under the credit agreement
to fund withdrawals and for other lawful purposes other than for leverage. The
Trust may borrow up to the maximum amount allowable under the Trust's current
prospectus and statement of additional information, subject to various other
legal, regulatory or contractual limits. The Trust pays a commitment fee of .09%
per annum based on the Trust's pro rata share of the unused portion of the
facility. Amounts borrowed under the facility bear interest at a rate equal to,
at each fund's election, the Federal Funds rate plus .50% or a base rate as
determined by Bank of America, N.A. The Trust did not borrow under the facility
during the period September 1, 2000 to September 30, 2000.
PORTFOLIO INFORMATION
As of September 30, 2000
Percent of
Top Ten Equity Holdings Net Assets
WMS Industries, Inc. ............................ 3.3%
United Rentals, Inc. ............................ 2.4
Structural Dynamics Research Corporation ........ 2.3
Charter One Financial, Inc. ..................... 2.1
Tech Data Corporation ........................... 2.1
Watsco, Inc. .................................... 1.7
Panera Bread Company (Class A) .................. 1.6
The Men's Warehouse, Inc. ....................... 1.6
FileNET Corporation ............................. 1.5
Banknorth Group, Inc. ........................... 1.5
Percent of
Sectors Represented in the Portfolio Net Assets
Consumer Discretionary .......................... 23.5%
Technology ...................................... 16.7
Materials & Processing .......................... 11.8
Financial Services .............................. 11.5
Healthcare ...................................... 7.2
Producer Durables ............................... 5.8
Energy .......................................... 4.0
Auto & Transportation ........................... 3.6
Consumer Staples ................................ 1.8
Miscellaneous ................................... 0.7
Utilities ....................................... 0.4
26 & 27
<PAGE>
This report is not authorized for use as an offer of sale or a solicitation of
an offer to buy shares of the Fund unless accompanied or preceded by the Fund's
current prospectus. Past performance results shown in this report should not be
considered a representation of future performance. Investment return and
principal value of shares will fluctuate so that shares, when redeemed, may be
worth more or less than their original cost. Statements and other information
herein are as dated and are subject to change.
Merrill Lynch
Small Cap Value Fund, Inc.
Box 9011
Princeton, NJ
08543-9011 #10253--9/00
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