MERRILL LYNCH
GLOBAL
RESOURCES
TRUST
FUND LOGO
Quarterly Report
April 30, 1996
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.
Statements and other information herein are as dated and are subject
to change.
<PAGE>
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 quarter ended April 30, 1996 as investors
were encouraged by signs of accelerating global economic activity.
In the United States, the improvement in sentiment about the revival
of economic growth was triggered by the release of stronger-than-
expected employment figures for February and March and was
reinforced by a number of other positive statistics such as
accelerating auto sales, a rise in the purchasing managers' index,
an increase in consumer confidence and a larger-than-expected 2.8%
advance in real gross domestic product (GDP) for the first quarter.
In Japan, several indicators, including an upturn in industrial
production, strong machinery and construction orders and an
improvement in business and consumer confidence, suggest that a
moderate economic recovery is continuing. In the emerging markets,
growth in Asia continues to be strong while growth in Latin America
appears to be recovering. In contrast, the Continental European
economies generally remained weak. However, European central banks
responded to this by continuing to ease monetary policy in an
attempt to stimulate economic growth.
<PAGE>
Sentiment in the underlying commodity markets also improved
noticeably during the April quarter. Much of this improvement in
sentiment is being fueled by signs of better economic growth in both
the United States and Japan, and continued reductions in interest
rates in Europe, as mentioned above. Gold prices have broken out of
their trading range on the upside and, although they have retraced
some of these gains, seem well supported at current levels. Despite
the threat of crude oil from Iraq returning to the market, oil
prices are trading near the top of their recent trading range.
Natural gas prices have recovered sharply from their extreme
weakness last year. While natural gas prices may pull back somewhat
from their recent highs, strong demand to refill extremely low
inventory levels should support prices above those realized last
year. Industrial commodities prices are beginning to recover as
well. Base metal prices have begun to move higher as inventory
drawdowns continue on the major commodity exchanges. Some companies
recently announced price increases in both the steel and chemical
markets. While we are still seeing downward pressure on prices in
paper markets, there is some evidence that inventories are being
worked down and that order levels are increasing.
Portfolio Matters
For the three-month period ended April 30, 1996, total returns for
the Trust's Class A, Class B, Class C and Class D Shares were
+9.86%, +9.58%, +9.56% and +9.76%, respectively. (Trust results
shown do not reflect sales charges, and would be lower if sales
charges were included. For complete performance information,
including average annual total returns, see pages 3--5 of this
report to shareholders.) Returns from natural resource-related
stocks generally outperformed the returns of the broad stock market
averages during the April quarter. All sectors of our universe
posted strong share price gains during the quarter with the
exception of gold shares, which were essentially unchanged. Base
metal, chemical, and paper shares posted the strongest gains as
these economy-sensitive industries benefited from the prospects of
an extended economic cycle. The Trust's large exposure to companies
in these industries enhanced performance during the quarter. Trust
returns also benefited from our large exposure to the energy sector,
with particular emphasis on exploration and production companies.
Energy-related stocks posted solid share price gains during the
period, with the shares of exploration and production companies
leading the advance, as oil and natural gas prices continued to
strengthen. Natural gas prices rallied sharply as colder-than-normal
weather combined with low storage levels of natural gas. Oil prices
also rallied, despite increased concerns over the return of Iraqi
oil to the market. Oil prices were supported by strong demand and
low inventories of crude oil and oil products, particularly in the
United States. Trust returns also benefited from a number of
takeover/merger proposals announced during the April quarter. In the
energy area, Ampolex Ltd. received a takeover proposal from Mobil
Corp. In the gold mining industry, Hemlo Gold Mines Inc. received a
merger proposal from Battle Mountain Gold Co., and Golden Shamrock
Mines Ltd. received a merger proposal from Ashanti Goldfields Co.
Ltd.
<PAGE>
During the April quarter, there was little change in our investment
strategy. While the Trust's largest exposure continued to be to
energy-related companies at about 31% of net assets, we did use the
strength in the energy sector as an opportunity to take profits in
several of our exploration and production company holdings. This
included the elimination of positions in Triton Energy Corp. and
Anadarko Petroleum Corp. The proceeds were generally redeployed into
the industrial side of our investment universe, including the base
metal and paper sectors. Despite the risk of a near-term slowdown in
earnings momentum in these groups in response to sluggish industrial
commodity prices, we remain positive on the medium-term outlook for
these industries. In our opinion, the emerging trend of stronger
worldwide economic growth should keep the demand for these industrial
commodities on a strong upward trend and should provide support for
underlying commodity prices. Stronger industry fundamentals and
reduced corporate cost structures potentially could lead to a period
of sustained above-average profitability for many of these companies.
We initiated positions during the April quarter in a number of
attractively valued companies which should benefit from this
positive industrial outlook. These companies included Minsur S.A., a
tin mining company based in Peru; Industrias Penoles, S.A. de C.V.,
a silver, gold and zinc mining company based in Mexico; Empresa
Nacional de Celulosas, S.A. (ENCE), a Spanish-based pulp producer;
and Inco Ltd., a Canadian-based nickel company.
In Conclusion
There continues to be much debate over the sustainability of recent
advances in economic growth. However, we remain encouraged by these
positive economic trends and believe we may be moving toward a
period of synchronized growth in both the industrialized and
developing economies. In addition, the commodity cycle appears to be
getting stronger, investor psychology toward commodity cyclicals is
beginning to improve and valuations of the natural resource-related
stocks remain fairly attractive. We continue to be optimistic about
the medium-term outlook for the natural resource sector, and we
remain fully invested with cash reserves of about 1% of net assets.
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.
<PAGE>
Sincerely,
(Arthur Zeikel)
Arthur Zeikel
President
(Peter A. Lehman)
Peter A. Lehman
Vice President and Portfolio Manager
May 21, 1996
PERFORMANCE DATA
About Fund Performance
Investors are 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 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.
<PAGE>
* 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).
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.
Average Annual Total Return
% Return Without % Return With
Sales Charge Sales Charge**
Class A Shares*
Year Ended 3/31/96 +16.06% +9.97%
Five Years Ended 3/31/96 + 6.73 +5.59
Inception (10/24/88)
through 3/31/96 + 7.91 +7.13
[FN]
*Maximum sales charge is 5.25%.
**Assuming maximum sales charge.
% Return % Return
Without CDSC With CDSC**
Class B Shares*
Year Ended 3/31/96 +14.86% +10.86%
Five Years Ended 3/31/96 + 5.64 + 5.64
Ten Years Ended 3/31/96 + 8.82 + 8.82
[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>
% Return % Return
Without CDSC With CDSC**
Class C Shares*
Year Ended 3/31/96 +14.78% +13.78%
Inception (10/21/94)
through 3/31/96 + 7.87 + 7.87
[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*
Year Ended 3/31/96 +15.75% +9.67%
Inception (10/21/94)
through 3/31/96 + 8.78 +4.80
[FN]
*Maximum sales charge is 5.25%.
**Assuming maximum sales charge.
PERFORMANCE DATA (continued)
<TABLE>
Performance Summary--Class A Shares
<CAPTION>
Net Asset Value Capital Gains
Period Covered Beginning Ending Distributed Dividends Paid* % Change**
<S> <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
1995 15.14 16.51 -- 0.149 +10.03
1/1/96--4/30/96 16.51 18.60 -- -- +12.66
------ ------
Total $0.874 Total $2.170
<PAGE>
Cumulative total return as of 4/30/96: +83.66%**
<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**
<S> <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
1995 15.16 16.51 -- 0.002 + 8.92
1/1/96--4/30/96 16.51 18.53 -- -- +12.24
------ ------
Total $3.423 Total $1.453
Cumulative total return as of 4/30/96: +157.85%**
<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>
PERFORMANCE DATA (concluded)
<PAGE>
<TABLE>
Performance Summary--Class C Shares
<CAPTION>
Net Asset Value Capital Gains
Period Covered Beginning Ending Distributed Dividends Paid* % Change**
<S> <C> <C> <C> <C> <C>
10/21/94--12/31/94 $15.93 $15.10 -- $0.052 - 4.88%
1995 15.10 16.44 -- -- + 8.87
1/1/96--4/30/96 16.44 18.45 -- -- +12.23
------
Total $0.052
Cumulative total return as of 4/30/96: +16.23%**
<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>
<TABLE>
Performance Summary--Class D Shares
<CAPTION>
Net Asset Value Capital Gains
Period Covered Beginning Ending Distributed Dividends Paid* % Change**
<S> <C> <C> <C> <C> <C>
10/21/94--12/31/94 $15.96 $15.14 -- $0.068 - 4.71%
1995 15.14 16.49 -- 0.131 + 9.78
1/1/96--4/30/96 16.49 18.55 -- -- +12.49
------
Total $0.199
Cumulative total return as of 4/30/96: +17.68%**
<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>
Recent Performance Results*
<CAPTION>
12 Month 3 Month
4/30/96 1/31/96 4/30/95 % Change % Change
<S> <C> <C> <C> <C> <C>
ML Global Resources Trust Class A Shares $18.60 $16.93 $15.92 +16.83% +9.86%
ML Global Resources Trust Class B Shares 18.53 16.91 15.88 +16.69 +9.58
ML Global Resources Trust Class C Shares 18.45 16.84 15.82 +16.62 +9.56
ML Global Resources Trust Class D Shares 18.55 16.90 15.90 +16.67 +9.76
ML Global Resources Trust Class A Shares--Total Return +17.89(1) +9.86
ML Global Resources Trust Class B Shares--Total Return +16.70(2) +9.58
ML Global Resources Trust Class C Shares--Total Return +16.62 +9.56
ML Global Resources Trust Class D Shares--Total Return +17.59(3) +9.76
<FN>
*Investment results shown do not reflect sales charges; results
shown would be lower if a sales charge was included.
(1)Percent change includes reinvestment of $0.149 per share ordinary
income dividends.
(2)Percent change includes reinvestment of $0.002 per share ordinary
income dividends.
(3)Percent change includes reinvestment of $0.131 per share ordinary
income dividends.
</TABLE>
<TABLE>
SCHEDULE OF INVESTMENTS
<CAPTION>
Percent of
Industries Shares Held Common Stocks Cost Value Net Assets
<S> <C> <S> <C> <C> <C>
Aluminum 80,000 Alcan Aluminium, Ltd. $ 2,093,048 $ 2,550,000 1.0%
20,000 Aluminum Company of America 1,046,083 1,247,500 0.5
------------ ------------ ------
3,139,131 3,797,500 1.5
Chemicals 36,000 Air Products and Chemicals, Inc. 1,622,124 2,056,500 0.8
568,000 Asahi Chemical Industry Co., Ltd. 4,208,558 4,319,082 1.7
9,200 BASF AG 2,202,639 2,508,545 1.0
37,000 Dow Chemical Co. (The) 2,596,842 3,288,375 1.3
31,300 du Pont (E.I.) de Nemours & Co. 1,767,614 2,515,738 1.0
45,500 Hanna (M.A.) Co. 904,237 1,569,750 0.6
------------ ------------ ------
13,302,014 16,257,990 6.4
Diversified Companies 119,500 Canadian Pacific, Ltd. 1,859,732 2,434,813 1.0
53,100 Coastal Corp. 1,356,570 2,104,087 0.8
145,000 Cyprus Amax Minerals Co. 3,620,701 3,933,125 1.5
90,000 Norcen Energy Resources Ltd. 1,158,729 1,458,226 0.6
125,000 Occidental Petroleum Corp. 2,430,650 3,218,750 1.3
214,300 RGC Ltd. 845,375 1,132,879 0.4
------------ ------------ ------
11,271,757 14,281,880 5.6
<PAGE>
Gold 530,000 Acacia Resources Ltd. 949,993 1,332,208 0.5
100,000 Amax Gold, Inc. 629,530 662,500 0.3
94,500 Ashanti Goldfields Co. Ltd. (GDR)** 2,346,106 2,090,812 0.8
96,000 Cambior Inc. 1,207,154 1,347,344 0.5
1,026,900 Delta Gold N.L. 1,960,898 2,565,083 1.0
163,200 Driefontein Consolidated Ltd. 2,534,252 2,606,667 1.0
679,000 Golden Shamrock Mines Ltd. 497,787 645,359 0.3
76,000 Hemlo Gold Mines Inc. 893,648 985,671 0.4
251,100 Newcrest Mining Ltd. 1,086,013 1,209,075 0.5
120,622 Newmont Mining Corp. 4,749,193 6,980,998 2.7
225,000 Placer Dome Inc. 5,077,454 6,243,750 2.4
131,500 Prime Resources Group, Inc. 1,286,428 1,246,491 0.5
390,000 Sante Fe Pacific Gold Corp. 5,287,327 5,801,250 2.3
118,000 TVX Gold Inc. 960,815 929,250 0.4
------------ ------------ ------
29,466,598 34,646,458 13.6
Integrated Oil 36,000 Amoco Corp. 2,013,660 2,628,000 1.0
Companies-- 118,000 Unocal Corp. 3,417,327 3,790,750 1.5
Domestic ------------ ------------ ------
5,430,987 6,418,750 2.5
Integrated Oil 650,000 British Petroleum Co. PLC 2,715,033 5,847,258 2.3
Companies-- 11,000 Mobil Corp. 1,070,981 1,265,000 0.5
International 14,600 OMV AG 1,554,378 1,448,158 0.6
149,800 Petro-Canada (Installment
Receipts) (a) 706,427 1,048,600 0.4
78,800 Repsol S.A. 2,272,896 2,883,153 1.1
63,600 Societe Nationale Elf Aquitaine
(ADR)* 2,257,082 2,392,950 0.9
73,600 Total S.A. (Class B) 4,466,379 4,983,400 1.9
122,000 Yacimientos Petroliferos Fiscales
S.A. (Sponsored) (ADR)* 2,997,272 2,668,750 1.0
------------ ------------ ------
18,040,448 22,537,269 8.7
</TABLE>
<PAGE>
<TABLE>
SCHEDULE OF INVESTMENTS (continued)
<CAPTION>
Percent of
Industries Shares Held Common Stocks Cost Value Net Assets
<S> <C> <S> <C> <C> <C>
Metals & Mining 67,000 ASARCO Inc. $ 1,927,403 $ 2,219,375 0.9%
90,408 CRA Ltd. 1,035,447 1,465,760 0.6
155,600 Falconbridge Ltd. (Installment Receipts) (b) 1,257,456 1,554,971 0.6
40,400 Freeport-McMoRan Copper & Gold, Inc. 864,300 1,277,650 0.5
17,800 Inco Ltd. 600,334 598,525 0.2
145,000 Industrias Penoles, S.A. de C.V. 635,801 604,654 0.2
2,470,000 M.I.M. Holdings Ltd. 5,396,407 3,647,548 1.4
494,000 M.I.M. Holdings Ltd. (Rights) (c) 0 38,804 0.0
75,000 Minsur S.A. 597,621 607,851 0.2
446,000 Mitsubishi Materials Corp. 2,245,661 2,687,518 1.0
230,000 Nippon Light Metal Company Ltd. 1,366,622 1,495,935 0.6
182,900 Noranda Inc. 3,446,968 4,092,369 1.6
150,000 Outokumpu OY 2,732,694 2,626,580 1.0
53,100 P.T. Tambag Timah (GDR)** 661,263 916,240 0.4
490,000 Pasminco Ltd. 590,531 715,905 0.3
54,000 Phelps Dodge Corp. 3,014,044 3,969,000 1.6
615,000 QNI Ltd. 1,235,188 1,521,710 0.6
341,100 RTZ Corp. PLC (The) 4,399,590 5,342,913 2.1
25,000 Rio Algom Ltd. 479,560 500,588 0.2
2,220,000 Savage Resources Ltd. 1,713,878 1,953,067 0.8
275,000 Sumitomo Metal Mining Co. 2,291,588 2,788,140 1.1
215,000 Trelleborg 'B' Fria 2,921,179 2,896,422 1.1
854,400 WMC Ltd. (d) 5,101,474 6,228,098 2.4
------------ ------------ ------
44,515,009 49,749,623 19.4
Oil & Gas Producers 699,500 Ampolex Ltd. 2,162,132 2,390,139 0.9
115,000 Apache Corp. 3,073,528 3,335,000 1.3
30,700 Belco Oil & Gas Corp. 583,300 886,462 0.3
403,000 Chauvco Resources Ltd. 4,669,606 3,642,369 1.4
102,900 Enron Oil & Gas Co. 2,202,225 2,726,850 1.1
123,200 Enserch Exploration Partners Ltd. 1,228,418 1,339,800 0.5
477,100 Enterprise Oil PLC 3,121,750 3,206,377 1.3
230,000 Lasmo PLC 612,732 663,195 0.3
57,600 Louisiana Land and Exploration Co. (The) 2,310,687 3,117,600 1.2
175,000 Mitchell Energy & Development Corp.
(Class B) 3,666,183 2,865,625 1.1
140,000 Oryx Energy Co. 2,332,787 2,240,000 0.9
5,359,300 Premier Oil Co. PLC 2,176,843 2,535,308 1.0
580,000 Ranger Oil Ltd. 3,897,960 4,350,000 1.7
95,500 Saga Petroleum A.S. 1,174,643 1,393,673 0.5
57,500 Sonat Inc. 1,823,092 2,508,437 1.0
78,200 Vastar Resources, Inc. 2,135,113 2,844,525 1.1
------------ ------------ ------
37,170,999 40,045,360 15.6
Oil Services 57,800 Coflexip Stena Offshore, Inc. (ADR)* 1,242,700 1,112,650 0.4
65,700 IHC Caland N.V. 1,403,442 2,576,245 1.0
48,000 Schlumberger Ltd. 2,770,770 4,236,000 1.7
------------ ------------ ------
5,416,912 7,924,895 3.1
Paper & Pulp 192,133 Aracruz Celulose S.A. (ADR)* 769,965 1,729,197 0.7
168,700 Avenor Inc. 3,241,945 2,944,099 1.2
22,200 Empresa Nacional de Celulosas, S.A. (ENCE) 340,019 322,118 0.1
57,000 Georgia-Pacific Corp. 3,636,800 4,431,750 1.7
31,400 International Paper 1,181,729 1,252,075 0.5
36,000 Kymmene Corp. 895,347 967,870 0.4
</TABLE>
<PAGE>
<TABLE>
SCHEDULE OF INVESTMENTS (concluded)
<CAPTION>
Percent of
Industries Shares Held Common Stocks Cost Value Net Assets
<S> <C> <S> <C> <C> <C>
Paper & Pulp 455,000 Metsa-Serla OY $ 3,935,508 $ 3,316,573 1.3%
(concluded) 45,000 Mo Och Domsjo AB Co. 2,005,224 2,391,784 0.9
406,496 Slocan Forest Products Ltd. 3,555,171 4,181,750 1.6
97,000 Weyerhaeuser Co. 4,126,965 4,801,500 1.9
39,000 Willamette Industries, Inc. 1,467,138 2,398,500 0.9
------------ ------------ ------
25,155,811 28,737,216 11.2
Petroleum Refining 250,000 Total Petroleum (North America) Ltd. 3,028,198 3,062,500 1.2
Plantations 717,000 Golden Hope Plantations BHD 1,325,785 1,282,462 0.5
720,000 Kuala Lumpur Kepong BHD 983,702 1,848,005 0.7
------------ ------------ ------
2,309,487 3,130,467 1.2
Steel 472,000 British Steel PLC 1,240,738 1,410,611 0.6
600,000 Kobe Steel Ltd. 1,750,772 1,865,136 0.7
71,000 Koninklijke Nederlansche Hoogovens en
Staalfabrienken N.V. 3,078,006 2,668,240 1.0
1,438,000 Nippon Steel Corp. 4,907,419 5,199,082 2.0
1,580,000 Sumitomo Metal Industries, Ltd. 5,151,340 5,077,762 2.0
------------ ------------ ------
16,128,275 16,220,831 6.3
Wood Products 92,500 Louisiana-Pacific Corp. 2,943,595 2,324,062 0.9
115,000 Pacific Forest Products Ltd. 1,270,696 1,478,801 0.6
146,100 Riverside Forest Products Ltd. 2,401,223 1,959,237 0.8
------------ ------------ ------
6,615,514 5,762,100 2.3
Total Common Stocks 220,991,140 252,572,839 98.6
Face
Amount Short-Term Securities
Repurchase $1,986,000 UBS Securities Funding, Inc., purchased
Agreements*** on 4/30/1996 to yield 5.30% to 5/01/1996 1,986,000 1,986,000 0.8
Total Short-Term Securities 1,986,000 1,986,000 0.8
<PAGE>
Total Investments $222,977,140 254,558,839 99.4
============
Other Assets Less Liabilities 1,534,739 0.6
------------ ------
Net Assets $256,093,578 100.0%
============ ======
Net Asset Class A--Based on net assets of $25,361,400 and 1,363,706
Value: shares of beneficial interest outstanding $ 18.60
============
Class B--Based on net assets of $107,241,039 and 5,788,446
shares of beneficial interest outstanding $ 18.53
============
Class C--Based on net assets of $3,337,820 and 180,959
shares of beneficial interest outstanding $ 18.45
============
Class D--Based on net assets of $120,153,319 and 6,476,751
shares of beneficial interest outstanding $ 18.55
============
<FN>
*American Depositary Receipts (ADR).
**Global Depositary Receipts (GDR).
***Repurchase Agreements are fully collateralized by US Government &
Agency Obligations.
(a)Receipts evidence payment by the Trust of 42% of the purchase
price of common stock of Petro-Canada. The Trust is obligated to pay
the remaining 58%, approximately $936,000, over the next two years.
(b)Receipts evidence payment by the Trust of 34% of the purchase
price of common stock of Falconbridge Ltd. The Trust is obligated to
pay the remaining 66%, approximately $2,172,000, over the next two
years.
(c)The rights may be exercised until May 31, 1996.
(d)Formerly Western Mining Corp. Holdings Ltd.
</TABLE>
PORTFOLIO INFORMATION
For the Quarter Ended April 30, 1996
<PAGE>
Percent of
Ten Largest Equity Holdings Net Assets
Newmont Mining Corp. 2.7%
Placer Dome Inc. 2.4
WMC Ltd. 2.4
British Petroleum Co. PLC 2.3
Sante Fe Pacific Gold Corp. 2.3
RTZ Corp. PLC (The) 2.1
Nippon Steel Corp. 2.0
Sumitomo Metal Industries, Ltd. 2.0
Total S.A. (Class B) 1.9
Weyerhaeuser Co. 1.9
Additions
Ashanti Goldfields Co. Ltd. (GDR)
Belco Oil & Gas Corp.
Empresa Nacional de Celulosas, S.A. (ENCE)
Enserch Exploration Partners Ltd.
Golden Shamrock Mines Ltd.
Inco Ltd.
Industrias Penoles, S.A. de C.V.
Kobe Steel Ltd.
Lasmo PLC
M.I.M. Holdings Ltd. (Rights)
Minsur S.A.
Pasminco Ltd.
Prime Resources Group, Inc.
Rio Algom Ltd.
Saga Petroleum A.S.
Deletions
Anadarko Petroleum Corp.
Aurora Gold Ltd.
Comalco Ltd.
Triton Energy Corp.
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
<PAGE>
Custodian
The Bank of New York
90 Washington Street, 12th Floor
New York, New York 10286
Transfer Agent
Merrill Lynch Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, Florida 32246-6484
(800) 637-3863
