MERRILL LYNCH
GLOBAL
RESOURCES
TRUST
FUND LOGO
Quarterly Report
April 30, 1995
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, NY 10286
<PAGE>
Transfer Agent
Merrill Lynch Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
(800) 637-3863
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, NJ
08543-9011
MERRILL LYNCH GLOBAL RESOURCES TRUST
DEAR SHAREHOLDER
The environment for investments in the natural resource sector
turned positive during the April quarter. After a weak start,
investor sentiment toward natural resource-related shares improved
progressively during the period, encouraged by signs that US
economic growth might be slowing and that we may be at or near the
end of interest rate increases by the US Federal Reserve Board. The
broad stock market averages in the United States pushed ahead into
record territory, with many resource-related shares staging sharp
recoveries after being sold aggressively during the January quarter.
Foreign equities also recovered from weakness earlier in the year,
encouraged by more stable currency markets and the German
Bundesbank's unexpected interest rate cut near the end of March.
Share prices of gold mining companies and energy-related companies
were particularly strong during the period. For the three-month
period ended April 30, 1995, the total returns for the Trust's Class
A, B, C and D Shares were +9.57%, +9.29%, +9.25% and +9.50%,
respectively.
<PAGE>
Investment Activities
The Trust's primary investment focus remained in the energy sector
at about 36% of net assets. We maintained exposure in a cross
section of integrated, producing and oil service companies. Fund
returns during the April quarter were enhanced by this large
exposure to energy-related stocks. The integrated oil companies
posted solid share price gains, supported by their relatively high
dividend yields, improved chemical margins and ongoing cost-cutting
efforts, which allowed many companies to report better-than-expected
earnings for the first quarter of 1995. Our increased exposure to
natural gas-related exploration and production companies also
contributed positively to returns for the quarter. Share prices in
this group rose sharply in February and March as natural gas prices
stabilized and oil prices rose steadily. Portfolio activity in the
energy area during the quarter focused on reducing our holdings and
taking profits in several of our better-performing stocks, including
Occidental Petroleum Corp., Enron Oil & Gas Co. and Triton Energy
Corp., and redeploying the proceeds into some attractively valued
stocks which were lagging in performance, including Ampolex Ltd.,
Ranger Oil Ltd. and Total S.A. (Class B). We also established two
new positions in the energy sector through the purchase of Repsol,
S.A., a Spanish-based integrated oil company, and Norcen Energy
Resources Ltd., a Canadian-based company involved primarily in oil
and gas production and propane marketing.
We also continued to maintain a significant exposure to the
industrial side of our universe, including investments in the paper,
base metal and chemical industries, where a combination of firm
commodity prices, improved capacity utilization rates and reduced
cost structures were expected to lead to an improved earnings
outlook. In fact, earnings results reported during the April quarter
did generally meet or exceed expectations. However, these results
failed to inspire investors, as prospects of slower economic growth
heightened concerns about the sustainability of these earnings.
Investor psychology generally turned negative toward cyclical areas
of the economy, and stock price performance in these industries
generally lagged the strong returns of the broad stock market
averages. We used this relative stock price weakness as an
opportunity to selectively add to several of our existing holdings
and to initiate portfolio positions in two attractively valued
companies, International Paper and Magma Copper Co.
<PAGE>
In Conclusion
We remain optimistic about the outlook for investing in the natural
resource sector. Uncertainty about the ability of the US Federal
Reserve Board to achieve a soft landing in the US economy may keep
investors cautious toward the outlook for natural resource companies
in the near term. While the growth rate of the US economy may be
moderating, we believe that worldwide economic growth will remain
robust and will continue to support a rising consumption pattern for
most basic resources. This should strengthen fundamental
supply/demand prospects for most natural resource-related
industries, which in turn should have positive implications for the
earnings of many resource-related companies.
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 18, 1995
PERFORMANCE DATA
About Fund Performance
Since October 21, 1994, investors have been able to purchase shares
of the Fund 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.
<PAGE>
* 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 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% 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).
Performance data for the Trust's Class A and Class B Shares are
presented in the "Performance Summary" and "Average Annual Total
Return" tables on pages 3 and 4. Data for Class C and Class D Shares
are presented in the "Aggregate Total Return" table on page 3. Data
for all of the Fund's shares are presented in the "Recent
Performance Results" table on page 3.
The "Recent Performance Results" table 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 April 30, 1995 and
for Class C and Class D Shares for the since inception and 3-month
periods ended April 30, 1995. All data in this table assume
imposition of the actual total expenses incurred by each class of
shares during the relevant period.
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. 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.
PERFORMANCE DATA (continued)
<TABLE>
Recent Performance Results*
<CAPTION>
12 Month 3 Month
4/30/95 1/31/95 4/30/94++ % Change++ % Change
<S> <C> <C> <C> <C> <C>
ML Global Resources Trust Class A Shares $15.92 $14.53 $15.20 +4.74% +9.57%
ML Global Resources Trust Class B Shares 15.88 14.53 15.13 +4.96 +9.29
ML Global Resources Trust Class C Shares 15.82 14.48 15.93 -0.69 +9.25
ML Global Resources Trust Class D Shares 15.90 14.52 15.96 -0.38 +9.50
ML Global Resources Trust Class A Shares--Total Return +6.34(1) +9.57
ML Global Resources Trust Class B Shares--Total Return +5.19(2) +9.29
ML Global Resources Trust Class C Shares--Total Return -0.34(3) +9.25
ML Global Resources Trust Class D Shares--Total Return +0.08(4) +9.50
<PAGE>
<FN>
*Investment results shown do not reflect sales charges; results
shown would be lower if a sales charge was included.
++Investment results shown for Class C and Class D Shares are since
inception (10/21/94).
(1)Percent change includes reinvestment of $0.242 per share ordinary
income dividends.
(2)Percent change includes reinvestment of $0.035 per share ordinary
income dividends.
(3)Percent change includes reinvestment of $0.052 per share ordinary
income dividends.
(4)Percent change includes reinvestment of $0.068 per share ordinary
income dividends.
</TABLE>
Average Annual Total Return
% Return Without % Return With
Sales Charge Sales Charge**
Class A Shares*
Year Ended 3/31/95 +4.78% -0.72%
Five Years Ended 3/31/95 +3.85 +2.74
Inception (10/24/88)
through 3/31/95 +6.70 +5.81
[FN]
*Maximum sales charge is 5.25%.
**Assuming maximum sales charge.
% Return % Return
Without CDSC With CDSC**
Class B Shares*
Year Ended 3/31/95 +3.70% -0.30%
Five Years Ended 3/31/95 +2.79 +2.79
Inception (8/2/85)
through 3/31/95 +8.27 +8.27
[FN]
*Maximum contingent deferred sales charge is 4% and is reduced to 0%
after 4 years.
**Assuming payment of applicable contingent deferred sales charge.
<PAGE>
Aggregate Total Return
% Return % Return
Without CDSC With CDSC**
Class C Shares*
Inception (10/21/94)
through 3/31/95 -2.80% -3.77%
[FN]
*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*
Inception (10/21/94)
through 3/31/95 -2.44% -7.56%
[FN]
*Maximum sales charge is 5.25%.
**Assuming maximum sales charge.
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> <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
1994 15.19 15.14 -- 0.242 + 1.20
1/1/95--4/30/95 15.14 15.92 -- -- + 5.15
------ ------
Total $0.874 Total $2.021
Cumulative total return as of 4/30/95: +55.79%**
<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
1994 15.17 15.16 -- 0.035 + 0.15
1/1/95--4/30/95 15.16 15.88 -- -- + 4.75
------ ------
Total $3.423 Total $1.451
Cumulative total return as of 4/30/95: +120.95%**
<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>
<PAGE>
<TABLE>
SCHEDULE OF INVESTMENTS
<CAPTION>
Percent of
Industries Shares Held Common Stocks Cost Value Net Assets
<S> <C> <S> <C> <C> <C>
Chemicals 125,000 Air Products and Chemicals, Inc. $ 5,462,200 $ 6,296,875 2.0%
640,000 Asahi Chemical Industry Co., Ltd. 4,707,315 4,967,028 1.6
46,000 Dow Chemical Co. 3,229,632 3,197,000 1.0
49,300 du Pont (E.I.) de Nemours & Co. 2,750,124 3,247,638 1.1
157,500 Hanna (M.A.) Co. 3,130,050 3,917,813 1.3
------------ ------------ ------
19,279,321 21,626,354 7.0
Diversified Companies 209,500 Canadian Pacific, Ltd. 3,293,882 3,194,875 1.0
157,000 Coastal Corp. 4,019,253 4,670,750 1.5
264,000 Cyprus Amax Minerals Co. 7,303,526 7,359,000 2.4
90,000 Norcen Energy Resources Ltd. 1,158,729 1,183,165 0.4
334,000 Occidental Petroleum Corp. 6,451,590 7,682,000 2.5
407,500 Renison Goldfields Consolidated Ltd. 1,613,171 1,407,393 0.4
94,540 Renison Goldfields Consolidated Ltd.
(Rights)(a) 0 0 0.0
------------ ------------ ------
23,840,151 25,497,183 8.2
Gold 717,000 Delta Gold N.L. 1,512,241 1,464,939 0.5
1,620,100 Newcrest Mining Ltd. 7,369,782 6,926,491 2.2
180,622 Newmont Mining Corp. 7,351,052 7,563,546 2.4
335,000 Placer Dome Inc. 7,847,589 7,956,250 2.6
260,000 Sante Fe Pacific Gold Corp. 3,770,398 3,282,500 1.1
------------ ------------ ------
27,851,062 27,193,726 8.8
Integrated Oil 41,000 Amoco Corp. 2,293,335 2,690,625 0.9
Companies--Domestic 200,000 Unocal Corp. 5,792,080 5,750,000 1.8
------------ ------------ ------
8,085,415 8,440,625 2.7
Integrated Oil 1,230,000 British Petroleum Co. PLC 6,552,656 8,861,843 2.9
Companies-- 321,000 Petro-Canada 2,682,966 3,039,549 1.0
International 78,800 Repsol, S.A. 2,272,896 2,514,416 0.8
79,600 Societe Nationale Elf Aquitaine (ADR)* 2,832,173 3,164,100 1.0
101,600 Total S.A. (Class B) 6,049,223 6,363,205 2.0
192,000 Yacimientos Petroliferos Fiscales S.A.
(Sponsored) (ADR)* 4,770,799 3,888,000 1.2
------------ ------------ ------
25,160,713 27,831,113 8.9
<PAGE>
Metals & Mining 82,000 ASARCO Inc. 2,347,060 2,234,500 0.7
124,000 Alcan Aluminium Ltd. 3,251,955 3,518,500 1.1
192,000 CRA Ltd. 2,371,133 2,755,767 0.9
35,240 Eramet 2,307,157 2,452,790 0.8
277,000 Falconbridge Ltd. 3,843,568 4,278,150 1.4
140,000 Freeport-McMoRan Copper & Gold Inc. 3,000,786 2,922,500 0.9
2,470,000 M.I.M. Holdings Ltd. 5,396,407 3,609,833 1.2
86,000 Magma Copper Co. 1,531,382 1,440,500 0.5
348,500 Noranda Inc. 6,579,048 6,119,319 2.0
83,000 Phelps Dodge Corp. 4,377,873 4,699,875 1.5
475,000 The RTZ Corp. PLC 6,123,752 6,018,583 1.9
215,000 Trelleborg 'B' Fria 2,921,179 2,838,167 0.9
1,090,000 Western Mining Corp. Holdings Ltd. 6,380,544 6,165,953 2.0
------------ ------------ ------
50,431,844 49,054,437 15.8
</TABLE>
<TABLE>
SCHEDULE OF INVESTMENTS (continued)
<CAPTION>
Percent of
Industries Shares Held Common Stocks Cost Value Net Assets
<S> <C> <S> <C> <C> <C>
Oil & Gas Producers 1,099,500 Ampolex Ltd. $ 3,384,940 $ 3,173,802 1.0%
89,000 Anadarko Petroleum Corp. 4,350,002 3,660,125 1.2
165,000 Apache Corp. 4,421,593 4,455,000 1.4
114,000 Burlington Resources Inc. 4,463,360 4,460,250 1.5
403,000 Chauvco Resources Ltd. 4,669,606 4,556,980 1.5
125,900 Enron Oil & Gas Co. 2,695,396 2,879,963 0.9
730,000 Enterprise Oil PLC 4,693,559 4,830,483 1.6
68,600 The Louisiana Land and Exploration Co. 2,718,183 2,512,475 0.8
110,000 Mitchell Energy & Development Corp.
(Class A) 2,303,358 2,021,250 0.7
175,000 Mitchell Energy & Development Corp.
(Class B) 3,666,183 3,150,000 1.0
140,000 Oryx Energy Co. 2,332,787 1,925,000 0.6
7,500,000 Premier Consolidated Oilfields, PLC 3,091,256 3,064,031 1.0
675,000 Ranger Oil Ltd. 4,526,339 4,978,125 1.6
143,000 Sonat Inc. 4,554,347 4,343,625 1.4
60,100 Triton Energy Corp. 1,951,918 2,313,850 0.7
93,200 Vastar Resources, Inc. 2,555,113 2,493,100 0.8
------------ ------------ ------
56,377,940 54,818,059 17.7
<PAGE>
Oil Services 150,000 Baker Hughes Inc. 2,877,321 3,375,000 1.1
57,800 Coflexip Stena Offshore, Inc. 1,242,700 1,734,000 0.6
194,000 IHC Caland N.V. 4,286,119 5,310,950 1.7
100,000 Schlumberger Ltd. 5,788,007 6,287,500 2.0
------------ ------------ ------
14,194,147 16,707,450 5.4
Paper & Pulp 462,133 Aracruz Celulose S.A. (ADR)* 1,896,700 4,448,030 1.4
156,600 Avenor Inc. 3,174,319 3,023,277 1.0
90,000 Georgia-Pacific Corp. 5,778,780 7,143,750 2.3
10,700 International Paper 772,379 823,900 0.3
91,000 Metsa-Serla OY 3,935,508 3,972,307 1.3
80,400 Mo Och Domsjo AB Co. 3,434,828 4,477,538 1.4
150,000 Pope & Talbot, Inc. 3,477,225 2,475,000 0.8
406,496 Slocan Forest Products Ltd. 3,555,171 3,475,411 1.1
160,000 Weyerhaeuser Co. 6,750,976 6,720,000 2.2
57,000 Willamette Industries, Inc. 2,146,103 2,878,500 0.9
------------ ------------ ------
34,921,989 39,437,713 12.7
Petroleum Refining 250,000 Total Petroleum (North America), Ltd. 3,028,198 3,125,000 1.0
Plantations 717,000 Golden Hope Plantations BHD 1,325,785 1,219,437 0.4
480,000 Kuala Lumpur Kepong BHD 983,702 1,380,036 0.4
------------ ------------ ------
2,309,487 2,599,473 0.8
Steel 71,000 Koninklijke Nederlandsche Hoogovens en
Staalfabrieken N.V. 3,078,006 2,741,348 0.9
1,397,000 Sumitomo Metal Industries Ltd. 4,640,554 4,589,596 1.5
------------ ------------ ------
7,718,560 7,330,944 2.4
Wood Products 250,000 Louisiana-Pacific Corp. 8,516,861 6,375,000 2.0
325,000 Pacific Forest Products Ltd. 3,496,173 3,286,571 1.1
146,100 Riverside Forest Products Ltd. 2,401,223 1,772,928 0.6
------------ ------------ ------
14,414,257 11,434,499 3.7
Total Common Stocks 287,613,084 295,096,576 95.1
</TABLE>
<PAGE>
<TABLE>
SCHEDULE OF INVESTMENTS (concluded)
<CAPTION>
Percent of
Face Amount Short-Term Securities Cost Value Net Assets
<S> <C> <S> <C> <C> <C>
Repurchase $11,757,000 HSBC Holdings PLC, purchased on
Agreement** 4/28/1995 to yield 5.90% to 5/01/1995 $ 11,757,000 $ 11,757,000 3.8%
US Government 3,000,000 US Treasury Bills, 5.36% due 5/25/1995 2,987,940 2,987,940 0.9
Obligations***
Total Short-Term Securities 14,744,940 14,744,940 4.7
Total Investments $302,358,024 309,841,516 99.8
============
Other Assets Less Liabilities 520,616 0.2
------------ ------
Net Assets $310,362,132 100.0%
============ ======
Net Asset Class A--Based on net assets of $29,604,013 and 1,860,094
Value: shares of beneficial interest outstanding $ 15.92
============
Class B--Based on net assets of $183,997,873 and 11,586,626
shares of beneficial interest outstanding $ 15.88
============
Class C--Based on net assets of $4,344,573 and 274,627
shares of beneficial interest outstanding $ 15.82
============
Class D--Based on net assets of $92,415,673 and 5,812,666
shares of beneficial interest outstanding $ 15.90
============
<FN>
(a)The rights may be exercised until June 2, 1995.
*American Depositary Receipts (ADR).
**Repurchase Agreements are fully collateralized by US Government &
Agency Obligations.
***Certain US Government Obligations are traded on a discount basis;
the interest rate shown is the discount rate paid at the time of
purchase by the Trust.
</TABLE>
<PAGE>
PORTFOLIO INFORMATION
For the Quarter Ended April 30, 1995
Percent of
Ten Largest Equity Holdings Net Assets
British Petroleum Co. PLC 2.9%
Placer Dome Inc. 2.6
Occidental Petroleum Corp. 2.5
Newmont Mining Corp. 2.4
Cyprus Amax Minerals Co. 2.4
Georgia-Pacific Corp. 2.3
Newcrest Mining Ltd. 2.2
Weyerhaeuser Co. 2.2
Louisiana-Pacific Corp. 2.0
Total S.A. (Class B) 2.0
Additions
International Paper
Magma Copper Co.
Norcen Energy Resources Ltd.
Renison Goldfields Consolidated Ltd. (Rights)
Repsol, S.A.
