MERRILL LYNCH
GLOBAL
RESOURCES
TRUST
FUND LOGO
Quarterly Report
October 31, 1994
This report is not authorized for use as an offer of sale
or a solicitation of an offer to buy shares of the Trust
unless accompanied or preceded by the Trust'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.
Merrill Lynch
Global Resources Trust
Box 9011
Princeton, New Jersey
08543-9011
<PAGE>
MERRILL LYNCH GLOBAL RESOURCES TRUST
DEAR SHAREHOLDER
The environment for investments in the natural
resource sector remained positive during the
October quarter. Accelerating worldwide economic
growth has continued to support the underlying
demand for basic resources. Commodity prices in
the industrial sectors such as base metals, chemi-
cals, steels and paper products continued their
strong upward trend during the period. Share
prices of natural resource-related companies
generally responded positively in this environ-
ment, but gains were constrained by rather
lackluster performance in worldwide equity
markets overall. For the three-month period ended
October 31, 1994, the total returns for the Trust's
Class A and Class B Shares were +2.89% and
+2.64%, respectively. (Complete performance
information, including average annual total returns,
can be found on pages 3 and 4 of this report
to shareholders.)
Investment Activities
During the October quarter, we continued to add
to our exposure in the base metals sector. This
sector is one of the prime beneficiaries of the
trend towards more synchronized worldwide
economic growth. Industrial production growth
worldwide is rising and demand for base metals is
on a strong upward path. This demand should
continue to strengthen as the European and
Japanese economies gather momentum and the
developing nations continue to expand. The
Asian developing nations account for a significant
and increasing share of base metals consumption
because of the relocation of the global manufac-
turing base and the huge infrastructure expansion
which is occurring in the region. This rising
consumption pattern along with expectations for
limited capacity expansions could result in a
prolonged upward cycle in base metals prices.
<PAGE>
One significant purchase in the base metals sector
during the October quarter was Western Mining
Corp. Holdings Ltd., an Australian-based diversi-
fied metals producer with exposure to nickel,
copper, aluminum and gold. The stock has an
attractive valuation and boasts a number of
projects which can provide significant growth
through the balance of the decade. Other purchases
in this sector included Trelleborg AB in Sweden,
Eramet in France and Renison Goldfields
Consolidated Ltd. in Australia.
The Trust also increased its exposure to the energy
sector during the October quarter through the
purchase of a package of natural gas-oriented
exploration and production companies in the
United States. Natural gas prices fell sharply
over the period as relatively mild weather, incre-
mental production from the Gulf of Mexico and an
increased level of imports from Canada created
an excess supply. In response, several major pro-
ducers have temporarily curtailed production to
help correct this imbalance. This trend, along
with expectations of stronger demand as we move
into the winter heating season, should allow gas
prices to improve. We used the weakness in natural
gas prices and natural gas-related shares as an
opportunity to purchase several attractively
valued exploration and production companies
with strong production growth prospects such as
Apache Corp., Enron Oil & Gas Co. and Sonat, Inc.
In Conclusion
Looking ahead, we remain optimistic about the
outlook for investing in the natural resource
sector. The long-awaited synchronized growth of
the key economic blocs is now beginning to
emerge. This has positive implications for the
underlying demand for basic resources. As
investors continue to search for sectors which
can show strong positive earnings growth, natural
resource-related stocks may continue to outper-
form the general equity market. Accordingly, we
will continue to focus on the industrial side of our
universe including the paper, base metals and
chemical sectors, where a combination of firm
commodity prices, improved capacity utilization
rates and reduced cost structures should lead to
an improving earnings outlook. This scenario of
increasingly better earnings is just beginning to
unfold and should accelerate over the next
few quarters, in our opinion.
<PAGE>
We thank you for your investment in Merrill Lynch
Global Resources Trust, and we look forward to
reviewing our outlook and strategy with you again
in our next report to shareholders.
Sincerely,
(Arthur Zeikel)
Arthur Zeikel
President
(Peter A. Lehman)
Peter A. Lehman
Vice President and Portfolio Manager
November 16, 1994
OFFICERS AND TRUSTEES
Arthur Zeikel, President and Trustee
Donald Cecil, Trustee
M. Colyer Crum, Trustee
Edward H. Meyer, Trustee
Jack B. Sunderland, Trustee
J. Thomas Touchton, Trustee
Terry K. Glenn, Executive Vice President
Norman R. Harvey, Senior Vice President
Donald C. Burke, Vice President
Edward P. Ix, Jr., Vice President
Peter A. Lehman, Vice President and Portfolio Manager
Gerald M. Richard, Treasurer
Mark B. Goldfus, Secretary
Custodian
The Bank of New York
90 Washington Street, 12th Floor
New York, New York 10286
Transfer Agent
Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, Florida 32246-6484
(800) 637-3863
<PAGE>
PERFORMANCE DATA
About Fund Performance
Since October 21, 1994, investors have been able
to purchase shares of the Trust through the Merrill
Lynch Select Pricing SM System, which offers four
pricing alternatives:
* Class A Shares incur a maximum initial sales
charge (front-end load) of 5.25% and bear no ongoing
distribution or account maintenance fees. Class A
Shares are available only to eligible investors.
* Class B Shares are subject to a maximum con-
tingent deferred sales charge of 4.00% if redeemed
during the first year, decreasing 1.00% each year
thereafter to 0.00% after the fourth year. In
addition, they are subject to a distribution fee
of 0.75% and an account maintenance fee of 0.25%.
These shares automatically convert to Class D
Shares after 8 years.
* 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 1.00%
contingent deferred sales charge if redeemed within
one year of purchase.
* Class D Shares incur a maximum initial sales
charge of 5.25% and an account maintenance fee of
0.25% (but no distribution fee).
The performance data for the Trust's Class A Shares
and Class B Shares are presented in the "Performance
Summary" and "Average Annual Total Return" tables
on page 4. Data for all of the Trust's shares, including
Class C Shares and Class D Shares, are presented in
the "Recent Performance Results" table.
The "Recent Performance Results" table below
shows investment results before the deduction of any
sales charges for Class A and Class B Shares for the
12-month and 3-month periods ended October 31,
1994 and for Class C and Class D Shares for the period
since inception through October 31, 1994. All data
in this table assume imposition of the actual total
expenses incurred by each class of shares during the
relevant period.
<PAGE>
None of the past results shown should be considered
a representation of future performance. Investment
return and principal value of shares will fluctuate so
that shares, when redeemed, may be worth more or
less than their original cost.
<TABLE>
Recent Performance Results
<CAPTION>
12 Month 3 Month
10/31/94 7/31/94++ 10/31/93 % Change % Change++
<S> <C> <C> <C> <C> <C>
ML Global Resources Trust Class A Shares* $16.13 $15.84 $14.48 +11.40% +1.83%
ML Global Resources Trust Class B Shares* 16.10 15.72 14.48 +11.19 +2.42
ML Global Resources Trust Class C Shares* 16.09 15.93 -- -- +1.00
ML Global Resources Trust Class D Shares* 16.13 15.96 -- -- +1.07
ML Global Resources Trust Class A Shares--Total Return* +12.56(1) +2.89(1)
ML Global Resources Trust Class B Shares--Total Return* +11.43(2) +2.64(2)
ML Global Resources Trust Class C Shares--Total Return* +1.00
ML Global Resources Trust Class D Shares--Total Return* +1.07
<FN>
*Investment results shown do not reflect sales charges;
results shown would be lower if a sales charge was included.
++Performance results shown for Class C and Class D Shares are since inception (10/21/94).
(1)Percent change includes reinvestment of $0.169 per share ordinary income dividends.
(2)Percent change includes reinvestment of $0.035 per share ordinary income dividends.
</TABLE>
PERFORMANCE DATA (concluded)
<TABLE>
Performance Summary--Class A Shares
<CAPTION>
Net Asset Value Capital Gains
Period Covered Beginning Ending Distributed Dividends Paid* % Change**
<C> <C> <C> <C> <C>
10/24/88--12/31/88 $12.50 $12.00 $0.049 $0.139 - 2.48%
1989 12.00 14.89 -- 0.378 +27.39
1990 14.89 14.36 0.039 0.415 - 0.68
1991 14.36 13.94 0.786 0.471 + 5.91
1992 13.94 12.89 -- 0.238 - 5.87
1993 12.89 15.19 -- 0.138 +19.01
1/1/94--10/31/94 15.19 16.13 -- 0.169 + 7.30
------ ------
Total $0.874 Total $1.948
Cumulative total return as of 10/31/94: +57.08%**
<FN>
*Figures may include short-term capital gains distributions.
**Figures assume reinvestment of all dividends and capital gains distributions
at net asset value on the ex-dividend date, and do not include sales charge;
results would be lower if sales charge was included.
</TABLE>
<PAGE>
<TABLE>
Performance Summary--Class B Shares
<CAPTION>
Net Asset Value Capital Gains
Period Covered Beginning Ending Distributed Dividends Paid* % Change**
<C> <C> <C> <C> <C>
8/2/85--12/31/85 $10.00 $9.99 -- -- - 0.10%
1986 9.99 12.75 $0.280 $0.110 +32.37
1987 12.75 13.61 1.978 0.181 +21.22
1988 13.61 12.00 0.340 0.206 - 7.86
1989 12.00 14.89 -- 0.230 +26.09
1990 14.89 14.37 0.039 0.245 - 1.70
1991 14.37 13.96 0.786 0.305 + 4.79
1992 13.96 12.92 -- 0.090 - 6.82
1993 12.92 15.17 -- 0.049 +17.83
1/1/94--10/31/94 15.17 16.10 -- 0.035 + 6.36
------ ------
Total $3.423 Total $1.451
Cumulative total return as of 10/31/94: +124.01%**
<FN>
*Figures may include short-term capital gains distributions.
**Figures assume reinvestment of all dividends and capital gains distributions
at net asset value on the ex-dividend date, and do not reflect deduction of any
sales charge; results would be lower if sales charge was deducted.
</TABLE>
Average Annual Total Return
% Return Without % Return With
Sales Charge Sale Charge**
Class A Shares*
Year Ended 9/30/94 +17.75% +11.57%
Five Years Ended 9/30/94 + 6.12 + 4.98
Inception (10/24/88)
through 9/30/94 + 7.84 + 6.86
[FN]
*Maximum sales charge is 5.25%.
**Assuming maximum sales charge.
<PAGE>
% Return % Return
Without CDSC With CDSC**
Class B Shares*
Year Ended 9/30/94 +16.56% +12.56%
Five Years Ended 9/30/94 + 5.02 + 5.02
Inception (8/2/85)
through 9/30/94 + 9.16 + 9.16
[FN]
*Maximum contingent deferred sales charge is 4% and is reduced to
0% after 4 years.
**Assuming payment of applicable contingent deferred sales charge.
<TABLE>
SCHEDULE OF INVESTMENTS
<CAPTION>
Shares Percent of
Industries Held Common Stocks Cost Value Net Assets
<S> <C> <S> <C> <C> <C>
Chemical 150,000 Air Products and Chemicals, Inc. $ 6,531,950 $ 7,162,500 2.2%
640,000 Asahi Chemical Industry Co., Ltd. 4,707,315 5,179,725 1.6
20,000 Dow Chemical Co. 1,437,990 1,470,000 0.5
42,000 du Pont (E.I.) de Nemours & Co. 2,292,524 2,504,250 0.8
157,500 Hanna (M.A.) Co. 3,130,050 4,035,938 1.3
------------ ------------ ------
18,099,829 20,352,413 6.4
Diversified 160,000 Canadian Pacific, Ltd. 2,549,600 2,560,000 0.8
Companies 157,000 Coastal Corp. 4,019,253 4,474,500 1.4
264,000 Cyprus Amax Minerals Co. 7,303,526 7,029,000 2.2
500,000 Occidental Petroleum Corp. 9,585,073 10,937,500 3.4
376,000 Renison Goldfields Consolidated Ltd. 1,501,336 1,464,313 0.5
------------ ------------ ------
24,958,788 26,465,313 8.3
Gold 1,475,100 Newcrest Mining Ltd. 6,802,662 7,331,336 2.3
135,622 Newmont Mining Corp. 5,740,681 5,611,360 1.7
302,000 Placer Dome Inc. 7,127,603 6,530,750 2.0
102,000 Santa Fe Pacific Gold Corp. 1,584,723 1,466,250 0.5
------------ ------------ ------
21,255,669 20,939,696 6.5
<PAGE>
Integrated Oil 41,000 Amoco Corp. 2,293,335 2,598,375 0.8
Companies-- 200,000 Unocal Corp. 5,792,080 5,850,000 1.8
Domestic ------------ ------------ ------
8,085,415 8,448,375 2.6
Integrated Oil 1,230,000 British Petroleum Co. PLC 6,552,656 8,744,195 2.7
Companies-- 321,000 Petro-Canada Inc. 2,682,966 2,967,167 0.9
International 132,000 Societe Nationale Elf Aquitaine (ADS)* 4,687,579 4,834,500 1.5
77,000 Total S.A. (Class B) 4,545,990 4,989,385 1.6
192,000 YPF S.A. (ADS)* 4,770,799 4,632,000 1.4
------------ ------------ ------
23,239,990 26,167,247 8.1
Metals & Mining 192,000 CRA Ltd. 2,371,133 2,728,875 0.8
5,875 Eramet 345,110 428,682 0.1
277,000 Falconbridge Ltd. 3,843,568 4,788,046 1.5
380,000 Freeport-McMoRan Copper & Gold Inc. 8,134,201 8,645,000 2.7
2,470,000 M.I.M. Holdings Ltd. 5,396,407 5,368,481 1.7
296,000 Noranda Inc. 5,623,302 5,800,488 1.8
41,000 Phelps Dodge Corp. 1,928,173 2,516,375 0.8
375,000 The RTZ Corp. PLC (Rio Tinto Zinc) 4,822,842 5,261,429 1.6
215,000 Trelleborg AB 2,921,179 3,318,086 1.0
740,000 Western Mining Corp. Holdings Ltd. 4,377,582 4,605,539 1.4
------------ ------------ ------
39,763,497 43,461,001 13.4
</TABLE>
<TABLE>
SCHEDULE OF INVESTMENTS (continued)
<CAPTION>
Shares Percent of
Industries Held Common Stocks Cost Value Net Assets
<S> <C> <S> <C> <C> <C>
Oil & Gas 957,000 Ampolex Ltd. $ 2,975,977 $ 2,896,403 0.9%
Producers 89,000 Anadarko Petroleum Corp. 4,350,002 4,349,875 1.4
165,000 Apache Corp. 4,421,593 4,640,625 1.4
114,000 Burlington Resources, Inc. 4,463,360 4,816,500 1.5
410,000 Chauvco Resources Ltd. 4,750,813 5,154,182 1.6
208,000 Enron Oil & Gas Co. 4,455,800 4,602,000 1.4
730,000 Enterprise Oil PLC 4,693,559 4,614,672 1.4
60,200 The Louisiana Land and Exploration Co. 2,435,806 2,731,575 0.9
110,000 Mitchell Energy & Development Corp. (Class A) 2,303,358 1,952,500 0.6
175,000 Mitchell Energy & Development Corp. (Class B) 3,666,183 3,150,000 1.0
140,000 Oryx Energy Co. 2,332,787 2,030,000 0.6
12,500,000 Premier Consolidated Oilfields PLC 6,793,854 5,509,350 1.7
530,000 Ranger Oil, Ltd. 3,514,384 3,445,000 1.1
143,000 Sonat, Inc. 4,554,346 4,647,500 1.4
75,000 Triton Energy Corp. 2,441,862 2,662,500 0.8
93,200 Vastar Resources, Inc. 2,555,113 2,691,150 0.8
------------ ------------ ------
60,708,797 59,893,832 18.5
<PAGE>
Oil Services 150,000 Baker Hughes, Inc. 2,877,321 3,075,000 1.0
194,000 IHC Caland 4,286,119 4,921,873 1.5
100,000 Schlumberger Ltd. 5,788,007 5,875,000 1.8
------------ ------------ ------
12,951,447 13,871,873 4.3
Paper & Pulp 346,600 Aracruz Celulose S.A. (ADS)* 1,896,700 4,419,150 1.4
90,000 Georgia-Pacific Corp. 5,778,780 6,648,750 2.1
59,000 Metsa-Serla OY 2,646,610 2,735,269 0.9
58,000 Mo Och Domsjo AB Co. 2,330,990 2,645,014 0.8
150,000 Pope & Talbot, Inc. 3,477,225 2,662,500 0.8
600,000 Slocan Forest Products Ltd. 5,136,011 5,989,795 1.9
250,000 Weyerhaeuser Co. 9,826,729 9,812,500 3.1
80,000 Willamette Industries, Inc. 3,013,670 3,720,000 1.2
------------ ------------ ------
34,106,715 38,632,978 12.2
Petroleum 250,000 Total Petroleum (North America), Ltd. 3,028,198 3,593,750 1.1
Refining
Plantations 531,000 Golden Hope Plantations BHD 982,477 976,791 0.3
480,000 Kuala Lumpur Kepong BHD 983,702 1,164,775 0.4
------------ ------------ ------
1,966,179 2,141,566 0.7
Steel 1,265,000 Sumitomo Metal Industries Ltd. 4,199,344 4,792,557 1.5
Wood Products 250,000 Louisiana-Pacific Corp. 8,516,861 7,656,250 2.4
325,000 Pacific Forest Products Ltd. 3,496,173 2,583,561 0.8
146,100 Riverside Forest Products Ltd. 2,401,222 2,430,859 0.8
------------ ------------ ------
14,414,256 12,670,670 4.0
Total Common Stocks 266,778,124 281,431,271 87.6
</TABLE>
<PAGE>
<TABLE>
SCHEDULE OF INVESTMENTS (concluded)
<CAPTION>
Face Percent of
Amount Short-Term Securities Cost Value Net Assets
<S> <C> <S> <C> <C> <C>
Repurchase $ 4,945,000 HSBC Holdings PLC, purchased on 10/31/1994
Agreements** to yield 7.375% to 11/01/1994 $ 4,945,000 $ 4,945,000 1.5%
11,330,000 HSBC Holdings PLC, purchased on 10/31/1994
to yield 8.50% to 11/01/1994 11,330,000 11,330,000 3.5
------------ ------------ ------
16,275,000 16,275,000 5.0
US Government US Treasury Bills:
Obligations*** 5,000,000 4.45% due 11/03/1994 4,998,164 4,996,882 1.6
10,000,000 4.56% due 11/17/1994 9,978,467 9,978,608 3.1
11,000,000 4.765% due 12/29/1994 10,914,098 10,914,098 3.4
------------ ------------ ------
25,890,729 25,889,588 8.1
Total Short-Term Securities 42,165,729 42,164,588 13.1
Total Investments $308,943,853 323,595,859 100.7
============
Liabilities in Excess of Other Assets (2,171,124) (0.7)
------------ ------
Net Assets $321,424,735 100.0%
============ ======
Net Asset Class A--Based on net assets of $32,583,167 and 2,020,102
Value: shares outstanding $ 16.13
============
Class B--Based on net assets of $287,931,007 and 17,885,863
shares outstanding $ 16.10
============
Class C--Based on net assets of $438,507 and 27,247
shares outstanding $ 16.09
============
Class D--Based on net assets of $472,054 and 29,271
shares outstanding $ 16.13
============
<FN>
*American Depositary Shares (ADS).
**Repurchase Agreements are fully collateralized by US Government & Agency Obligations.
***US Government Obligations are traded on a discount basis; the interest rates shown are
the discount rates paid at the time of purchase by the Trust.
</TABLE>
<PAGE>
PORTFOLIO INFORMATION
For the Quarter Ended October 31, 1994
Percent of
Ten Largest Equity Holdings Net Assets
Occidental Petroleum Corp. 3.4%
Weyerhaeuser Co. 3.1
British Petroleum Co. PLC 2.7
Freeport-McMoRan Copper & Gold Inc. 2.7
Louisiana-Pacific Corp. 2.4
Newcrest Mining Ltd. 2.3
Air Products and Chemicals, Inc. 2.2
Cyprus Amax Minerals Co. 2.2
Georgia-Pacific Corp. 2.1
Placer Dome Inc. 2.0
Additions
Anadarko Petroleum Corp.
Apache Corp.
Baker Hughes, Inc.
Burlington Resources, Inc.
Canadian Pacific, Ltd.
Dow Chemical Co.
Enron Oil & Gas Co.
Eramet
Golden Hope Plantations BHD
Petro-Canada Inc.
Renison Goldfields Consolidated Ltd.
Santa Fe Pacific Gold Corp.
Sonat, Inc.
Sumitomo Metal Industries Ltd.
Trelleborg AB
Triton Energy Corp.
Western Mining Corp. Holdings Ltd.
