MERRILL
LYNCH
GLOBAL
RESOURCES
TRUST
Quarterly Report April 30, 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 pro-
spectus. Past performance results shown in this report should
not be considered a representation of future performance.
Investment return and principal value of shares will fluc-
tuate 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
MERRILL LYNCH GLOBAL RESOURCES TRUST
<PAGE>
DEAR SHAREHOLDER
Action by the US Federal Reserve Board to raise short-term interest
rates to head off inflation pressures left most of the world's
stock and bond markets with losses for the April quarter. Shares
of many natural resource-related companies, which tend to be econom-
ically sensitive, bore the brunt of this selling as investors feared
rising interest rates would put a damper on economic growth world-
wide, thereby lowering the demand for basic resources. For the
three-month period ended April 30, 1994, the total returns for the
Trust's Class A and Class B Shares were -5.88% and -6.14%, respec-
tively. (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 April quarter, we significantly increased our weighting
in the energy-related sectors. Including diversified energy com-
panies, about 39% of the Trust's assets is invested in energy-related
companies. The decision in March by the Organization of Petroleum
Exporting Countries to maintain its production quotas at current
levels through the end of 1994 resulted in a sharp decline in oil
prices and energy-related stocks. Investors feared this agreement
would leave the oil markets oversupplied as we entered the spring,
traditionally a weak period of demand. We used this weakness as an
opportunity to purchase shares of select integrated, producing and
oil service companies. Improving fundamentals (including below-normal
inventories and steadily increasing demand) are expected to tighten
supply/demand conditions as we move toward the end of the year, which
should support a more positive pricing environment. In addition,
continuing corporate restructuring benefits as well as refining and
chemicals margin improvement should allow many of these energy com-
panies to maintain positive cash flow and earnings growth. Some
specific purchases in this sector included YPF S.A. in Argentina,
which has one of the fastest growing production profiles among the
major integrated companies; Societe Nationale Elf Aquitaine in
France, which has attractive restructuring/rationalization potential
and positive leverage to economic recovery in Europe; and IHC Caland
in the Netherlands, an oil service company with a niche position in
the design, manufacture and installation of floating production and
storage facilities which are becoming increasingly in demand as oil
companies develop properties in more remote locations worldwide.
<PAGE>
In the base metals area, we purchased shares of M.I.M. Holdings Ltd.
and CRA Ltd. in Australia and The RTZ Corp. PLC in the United King-
dom. We expect this sector to be among the prime beneficiaries of
increasing economic activity worldwide. Our emphasis within the area
continues to be on copper-related companies. The near-term outlook
for copper prices remains strongly supported by an environment of
declining inventories and improving demand. Including diversified
copper producers, approximately 15% of the Trust's net assets is in-
vested in copper-related companies.
In the precious metals area, we initiated positions in several qual-
ity, senior gold producers including Newmont Mining Corp. in the
United States, Placer Dome Inc. in Canada and Newcrest Mining Ltd.
in Australia. While inflation at the consumer level remains subdued,
pockets of inflationary pressures are building in the economy, par-
ticularly in industrial commodity prices. In addition, the supply/
demand fundamentals for gold are turning more positive as jewelry de-
mand is expected to increase at a faster rate than gold mine pro-
duction. These factors should support gold prices and allow them to
trend higher over the long term.
We maintained a significant exposure to paper/forest products com-
panies, with an emphasis on wood product-related companies. Both
share prices and commodity prices in this area came under pressure
during the April quarter as rising interest rates threatened to
undermine the demand for wood products in the housing market. In
addition, poor weather conditions in many parts of the United States
during this past winter restricted shipments and resulted in in-
creased levels of inventories and increased costs for the industry.
We expect a firmer pricing trend to resume as demand improves season-
ally and environmental pressure worldwide continues to restrict
timber supplies. Early evidence of strong rebounds in housing starts
and new home sales in March support this view. In addition, improv-
ing fundamentals and strengthening prices in other parts of the in-
dustry, including linerboard and market pulp, should benefit our
holdings of diversified paper companies such as Weyerhaeuser Co.,
Georgia-Pacific Corp. and Willamette Industries, Inc.
In Conclusion
While the trend toward higher interest rates may keep downward
pressure on the world's equity markets over the near term, we re-
main optimistic about the outlook for commodity pricing in general.
The reason for higher interest rates in the United States is a
strong economy which, combined with prospects of economic recovery
in Europe and Japan, should support the underlying demand for basic
resources. This should lead to an improving earnings outlook, par-
ticularly for many of the economically sensitive natural resource
companies. Accordingly, during the April quarter we used the weak-
ness of the stock and bond markets as an opportunity to reduce
the Trust's cash position to about 12% of net assets.
<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
May 19, 1994
PERFORMANCE DATA
None of the past results shown should be considered a representation
of future performance. Investment return and principal value of Class A
and Class B Shares will fluctuate so that shares, when redeemed, may be
worth more or less than their original cost.
<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> <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--4/30/94 15.19 15.20 -- -- + 0.07
------ ------
Total $0.874 Total $1.779
Cumulative total return as of 4/30/94: +46.50%**
<PAGE>
<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>
<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> <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--4/30/94 15.17 15.13 -- -- - 0.26
------ ------
Total $3.423 Total $1.416
Cumulative total return as of 4/30/94: +110.06%**
<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 Sales Charge**
Class A Shares*
Year Ended 3/31/94 +6.67% -0.27%
Five Years Ended 3/31/94 +6.73 +5.31
Inception (10/24/88)
through 3/31/94 +7.06 +5.74
<PAGE>
[FN]
* Maximum sales charge is 6.5%.
** Assuming maximum sales charge.
% Return % Return
Without CDSC With CDSC
Class B Shares*
Year Ended 3/31/94 +5.57% +1.57%
Five Years Ended 3/31/94 +5.63 +5.63
Inception (8/2/85)
through 3/31/94 +8.81 +8.81
[FN]
* Maximum contingent deferred sales charge is 4% and is reduced to
0% after 4 years.
** Assuming payment of applicable contingent deferred sales charge.
PERFORMANCE DATA (concluded)
<TABLE>
Recent Performance Results*
<CAPTION>
12 Month 3 Month
4/30/94 1/31/94 4/30/93 % Change % Change
<S> <C> <C> <C> <C> <C>
ML Global Resources Trust Class A Shares $15.20 $16.15 $14.31 +6.22% -5.88%
ML Global Resources Trust Class B Shares 15.13 16.12 14.30 +5.80 -6.14
ML Global Resources Trust Class A Shares--Total Return +7.27(1) -5.88
ML Global Resources Trust Class B Shares--Total Return +6.18(2) -6.14
<FN>
*Investment results shown for the 3-month and 12-month periods are
before the deduction of any sales charges.
(1)Percent change includes reinvestment of $0.138 per share ordinary
income dividends.
(2)Percent change includes reinvestment of $0.049 per share ordinary
income dividends.
</TABLE>
<PAGE>
PORTFOLIO INFORMATION
For the Quarter Ended April 30, 1994
Percent of
Ten Largest Equity Holdings Net Assets
Weyerhaeuser Co. 4.9%
British Petroleum Co. PLC 4.8
Cyprus Amax Minerals Co. 4.5
Louisiana-Pacific Corp. 4.5
Freeport-McMoRan Copper & Gold Inc. 4.1
Occidental Petroleum Corp. 3.8
Bridge Oil Ltd. 3.0
Air Products and Chemicals, Inc. 2.8
Coastal Corp. 2.7
Slocan Forest Products Ltd. 2.6
Additions
Amoco Corp.
Ampolex Ltd.
Asahi Chemical Industry Co., Ltd.
CRA Ltd.
du Pont (E.I.) de Nemours & Co.
Enterprise Oil PLC
IHC Caland
The Louisiana Land and Exploration Co.
M.I.M. Holdings Ltd.
Newcrest Mining Ltd.
Newmont Mining Corp.
Oryx Energy Co.
Placer Dome Inc.
The RTZ Corp. PLC (Rio Tinto Zinc)
Schlumberger Ltd.
Societe Nationale Elf Aquitaine (ADS)
Total S.A. (Class B)
YPF S.A. (ADS)
Deletion
British Petroleum Co. PLC (ADS)
<PAGE>
<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 $ 6,487,500 2.8%
245,000 Asahi Chemical Industry Co., Ltd. 1,762,284 1,817,579 0.8
42,000 du Pont (E.I.) de Nemours & Co. 2,292,524 2,399,250 1.0
105,000 Hanna (M.A.) Co. 3,130,050 3,898,125 1.7
------------ ------------ ------
13,716,808 14,602,454 6.3
Diversified 200,000 Coastal Corp. 5,117,978 6,325,000 2.7
Companies 375,000 Cyprus Amax Minerals Co. 10,963,751 10,546,875 4.5
110,000 Mitchell Energy & Development Corp.
(Class A) 2,303,358 2,145,000 0.9
175,000 Mitchell Energy & Development Corp.
(Class B) 3,666,183 3,412,500 1.5
500,000 Occidental Petroleum Corp. 9,585,073 8,875,000 3.8
------------ ------------ ------
31,636,343 31,304,375 13.4
Gold 545,000 Newcrest Mining Ltd. 2,505,601 2,308,842 1.0
83,622 Newmont Mining Corp. 3,620,209 3,449,408 1.5
190,000 Placer Dome Inc. 4,703,434 3,895,000 1.7
------------ ------------ ------
10,829,244 9,653,250 4.2
Integrated 41,000 Amoco Corp. 2,293,335 2,301,125 1.0
Oil Companies-- 200,000 Unocal Corp. 5,792,080 5,525,000 2.3
Domestic ------------ ------------ ------
8,085,415 7,826,125 3.3
Integrated Oil 1,920,000 British Petroleum Co. PLC 11,285,163 11,227,968 4.8
Companies-- 132,000 Societe Nationale Elf Aquitaine (ADS)* 4,687,579 4,801,500 2.0
International 42,000 Total S.A. (Class B) 2,380,137 2,434,247 1.0
192,000 YPF S.A. (ADS)* 4,770,800 4,752,000 2.0
------------ ------------ ------
23,123,679 23,215,715 9.8
<PAGE>
Metals & Mining 300,000 CRA Ltd. 3,704,244 3,547,457 1.5
400,000 Freeport-McMoRan Copper & Gold Inc. 8,558,839 9,500,000 4.1
1,350,000 M.I.M. Holdings Ltd. 2,939,741 2,782,550 1.2
250,000 Noranda Inc. 4,726,554 4,367,306 1.9
85,000 Phelps Dodge Corp. 3,997,431 4,706,875 2.0
286,000 The RTZ Corp. PLC (Rio Tinto Zinc) 3,643,958 3,639,636 1.6
------------ ------------ ------
27,570,767 28,543,824 12.3
Oil & Gas 652,300 Ampolex Ltd. 2,016,451 2,046,970 0.8
Producers 18,000,000 Bridge Oil Ltd. 8,202,781 6,932,304 3.0
410,000 Chauvco Resources Ltd. 4,750,813 5,603,729 2.4
730,000 Enterprise Oil PLC 4,693,559 4,622,871 2.0
17,900 The Louisiana Land and Exploration Co. 667,096 707,050 0.3
140,000 Oryx Energy Co. 2,332,787 2,362,500 1.0
12,500,000 Premier Consolidated Oilfields PLC 6,793,854 5,586,563 2.4
------------ ------------ ------
29,457,341 27,861,987 11.9
Oil Services 174,000 IHC Caland 3,869,573 3,653,813 1.6
80,000 Schlumberger Ltd. 4,642,939 4,400,000 1.8
------------ ------------ ------
8,512,512 8,053,813 3.4
</TABLE>
<TABLE>
SCHEDULE OF INVESTMENTS (concluded)
<CAPTION>
Shares Percent of
Industries Held Common Stocks Cost Value Net Assets
<S> <C> <S> <C> <C> <C>
Paper & Pulp 284,400 Aracruz Celulose S.A. (ADS)* $ 2,365,445 $ 3,874,950 1.7%
90,000 Georgia-Pacific Corp. 5,778,780 5,366,250 2.3
150,000 Pope & Talbot, Inc. 3,477,225 3,750,000 1.6
300,000 Slocan Forest Products Ltd. 5,136,011 6,001,086 2.6
270,000 Weyerhaeuser Co. 10,496,289 11,508,750 4.9
80,000 Willamette Industries, Inc. 3,013,670 3,620,000 1.5
------------ ------------ ------
30,267,420 34,121,036 14.6
Petroleum Refining 250,000 Total Petroleum (North America), Ltd. 3,028,198 4,312,500 1.8
<PAGE>
Wood Products 310,000 Louisiana-Pacific Corp. 10,634,960 10,423,750 4.5
325,000 Pacific Forest Products Ltd. 3,496,173 3,765,387 1.6
146,100 Riverside Forest Products Ltd. 2,401,223 2,671,271 1.1
------------ ------------ ------
16,532,356 16,860,408 7.2
Total Common Stocks 202,760,083 206,355,487 88.2
<CAPTION>
Face Amount Short-Term Securities
<S> <C> <S> <C> <C> <C>
Repurchase $ 1,034,000 Bankers Trust Co., purchased on
Agreements** 4/29/1994 to yield 3.55% to 5/02/1994 1,034,000 1,034,000 0.4
US Treasury Bills:
US Government 2,000,000 2.945% due 5/05/1994 1,999,018 1,998,883 0.8
Obligations*** 2,000,000 3.23% due 5/12/1994 1,997,667 1,997,530 0.9
2,000,000 3.24% due 5/12/1994 1,997,660 1,997,530 0.9
2,000,000 3.26% due 5/19/1994 1,996,378 1,995,975 0.9
20,000,000 3.46% due 6/02/1994 19,934,644 19,934,644 8.5
------------ ------------ ------
27,925,367 27,924,562 12.0
Total Short-Term Securities 28,959,367 28,958,562 12.4
Total Investments $231,719,450 235,314,049 100.6
============
Liabilities in Excess of Other Assets (1,472,803) (0.6)
------------ ------
Net Assets $233,841,246 100.0%
============ ======
Net Asset Value: Class A--Based on net assets of $16,978,228 and
1,116,954 shares outstanding $ 15.20
============
Class B--Based on net assets of $216,863,018 and
14,336,801 shares outstanding $ 15.13
============
<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>
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
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
New York, New York 10015
Transfer Agent
Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, Florida 32246-6484
(800) 637-3863
