MERRILL LYNCH
GLOBAL
RESOURCES
TRUST
FUND LOGO
Semi-Annual Report
January 31, 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
improved progressively during the quarter ended January 31, 1996.
Share prices were generally weak in early November with investors
concerned about declining industrial commodity prices and signs of
slowing global economic growth, led by weakness in the European
economies. European central banks responded to this weakness by
continuing to ease monetary policy. In addition, the US Federal
Reserve Board reinforced its slightly more accommodative stance by
lowering interest rates in January. These actions helped investors
to view the resource sector positively during the quarter ended
January 31, 1996. Investors shifted their attention away from the
negative implications of weakening worldwide economic growth and
focused instead on the prospects for lower interest rates worldwide
and the potential for an extended economic cycle.
Gold mining stocks posted the strongest gains in our investment
universe and the gold price moved above $400 per ounce. Base metal,
chemical and paper shares recovered from recent weakness as these
economically sensitive industries benefited from the prospects of an
extended economic cycle. Energy-related stocks also moved higher as
oil prices firmed and natural gas prices rose sharply. For the three-
month period ended January 31, 1996, total returns for the Trust's
Class A, Class B, Class C and Class D Shares were +9.72%, +9.45%,
+9.42% and +9.67%, 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.)
<PAGE>
Portfolio Matters
The Trust maintained a significant position in the energy sector
with investments in integrated, producing and oil service companies.
Within the energy group, the Trust's largest exposure was in oil and
gas exploration and production companies. These investments enhanced
the Trust's returns during the January quarter since share prices
posted solid gains as oil prices firmed and natural gas prices rose
sharply. Oil prices recovered sharply in late November and December
after the Organization of Petroleum Exporting Countries decided to
maintain its current production quotas for six months. Oil prices
gave back some of these gains because of investor concerns that Iraq
and the United Nations may be close to reaching an agreement on
limited oil sales by Iraq to fund humanitarian relief. Until this
issue is resolved, oil prices may remain volatile. Meanwhile,
industry fundamentals appear stable in the near term. Below-normal
inventories in the United States and steadily increasing worldwide
demand should keep underlying oil supply/demand reasonably balanced.
The US cold weather, combined with historically low storage levels
and a decline in natural gas drilling over the past year, pushed
natural gas prices sharply higher. Assuming normal weather-related
demand for the remainder of the winter, we expect natural gas prices
to remain well-supported as storage levels are refilled during the
spring and summer.
In the metals sector, we maintained a large exposure to base metals
where industry fundamentals remain positive. Base metal demand
remains strong, led by rapid growth in the developing and emerging
economies of the world. New supply sources developing over the next
several years are also expected to be limited. In addition, the
trend toward lower interest rates particularly in the industrialized
nations could result in a pick-up in economic growth. Base metal
shares could be among the prime beneficiaries of any increase in
global economic activity. In the precious metals sector, we
continued to add to our holdings in gold mining companies because
the fundamentals of the gold market are improving as fabrication
demand continues to exceed new mine supply. Gold mining company
shares soared as gold prices moved out of their two-year trading
range and held above $400 per ounce. The Trust's increased exposure
to this sector contributed positively to total returns during the
January quarter.
We also continued to increase the Trust's exposure to the Japanese
equity market during the quarter ended January 31, 1996. We expect a
moderate economic recovery to unfold in Japan during 1996 as a
result of an expansionary fiscal policy, low interest rates and a
weaker yen. In addition, the strength of the yen over the last
decade forced Japanese corporations to intensify their cost-cutting
efforts in an attempt to restore competitiveness. This combination
of stronger economic growth and corporate restructuring could set
the stage for a strong rebound in profitability. Our investment
focus in Japan is on sectors that are both sensitive to the global
economy and are prime beneficiaries of a weaker yen, including the
non-ferrous metals, steel and chemical sectors.
<PAGE>
In Conclusion
We continue to be positive on the outlook for investing in the
natural resource sector and remain fully invested with the Trust's
cash levels at 1.2% of net assets. We believe attractive investment
opportunities still exist in the natural resource sector, even in
the relatively low inflation environment which exists today. In
addition, the current environment of modest worldwide economic
growth and low inflation supports the recent shifts by central banks
toward easing, and reinforces the trend toward lower interest rates
in the industrialized nations. This could encourage investors to
focus on the prospects of an extended economic cycle; therefore, we
continue to position the Trust to take advantage of the
opportunities presented by this scenario. Despite the risk of a near-
term slowdown in earnings momentum, we maintained a large industrial
exposure, including the base metals, paper and chemical sectors. We
remain positive on the medium-term outlook for these industries, and
we believe that high capacity utilization rates, reduced cost
structures and firm commodity prices could lead to a period of
sustained above-average profitability for many of these 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
March 6, 1996
<PAGE>
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.
* 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.
<TABLE>
Recent Performance Results*
<CAPTION>
12 Month 3 Month
1/31/96 10/31/95 1/31/95 % Change % Change
<S> <C> <C> <C> <C> <C>
ML Global Resources Trust Class A Shares $16.93 $15.43 $14.53 +16.52% +9.72%
ML Global Resources Trust Class B Shares 16.91 15.45 14.53 +16.38 +9.45
ML Global Resources Trust Class C Shares 16.84 15.39 14.48 +16.30 +9.42
ML Global Resources Trust Class D Shares 16.90 15.41 14.52 +16.39 +9.67
ML Global Resources Trust Class A Shares--Total Return +17.57(1) +9.72
ML Global Resources Trust Class B Shares--Total Return +16.39(2) +9.45
ML Global Resources Trust Class C Shares--Total Return +16.30 +9.42
ML Global Resources Trust Class D Shares--Total Return +17.31(3) +9.67
<PAGE>
<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>
PERFORMANCE DATA (continued)
<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
1995 15.14 16.51 -- 0.149 +10.03
1/1/96--1/31/96 16.51 16.93 -- -- + 2.54
------ ------
Total $0.874 Total $2.170
Cumulative total return as of 1/31/96: +67.17%**
<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> <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--1/31/96 16.51 16.91 -- -- + 2.42
------ ------
Total $3.423 Total $1.453
Cumulative total return as of 1/31/96: +135.31%**
<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)
<TABLE>
Performance Summary--Class C Shares
<CAPTION>
Net Asset Value Capital Gains
Period Covered Beginning Ending Distributed Dividends Paid* % Change**
<C> <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--1/31/96 16.44 16.84 -- -- +2.43
------
Total $0.052
Cumulative total return as of 1/31/96: +6.08%**
<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
reflect deduction of any sales charge; results would be lower if
sales charge was deducted.
</TABLE>
<PAGE>
<TABLE>
Performance Summary--Class D Shares
<CAPTION>
Net Asset Value Capital Gains
Period Covered Beginning Ending Distributed Dividends Paid* % Change**
<C> <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--1/31/96 16.49 16.90 -- -- +2.49
------
Total $0.199
Cumulative total return as of 1/31/96: +7.22%**
<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>
Average Annual Total Return
% Return Without % Return With
Sales Charge Sales Charge**
Class A Shares*
Year Ended 12/31/95 +10.03% +4.25%
Five Years Ended 12/31/95 + 5.73 +4.59
Inception (10/24/88)
through 12/31/95 + 7.03 +6.23
[FN]
*Maximum sales charge is 5.25%.
**Assuming maximum sales charge.
<PAGE>
% Return % Return
Without CDSC With CDSC**
Class B Shares*
Year Ended 12/31/95 +8.92% +4.92%
Five Years Ended 12/31/95 +4.65 +4.65
Ten Years Ended 12/31/95 +8.68 +8.68
[FN]
*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*
Year Ended 12/31/95 +8.87% +7.87%
Inception (10/21/94)
through 12/31/95 +2.97 +2.97
[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 12/31/95 +9.78% +4.02%
Inception (10/21/94)
through 12/31/95 +3.85 -0.73
[FN]
*Maximum sales charge is 5.25%.
**Assuming maximum sales charge.
<PAGE>
<TABLE>
SCHEDULE OF INVESTMENTS
<CAPTION>
Value Percent of
Industries Shares Held Common Stocks Cost (Note 1a) Net Assets
<S> <C> <S> <C> <C> <C>
Aluminum 80,000 Alcan Aluminium, Ltd. $ 2,093,048 $ 2,550,000 1.0%
25,000 Aluminum Company of America 1,304,508 1,387,500 0.6
87,200 Comalco Ltd. 313,951 412,023 0.2
------------ ------------ ------
3,711,507 4,349,523 1.8
Chemicals 46,000 Air Products and Chemicals, Inc. 2,072,714 2,455,250 1.0
628,000 Asahi Chemical Industry Co., Ltd. 4,640,176 4,565,029 1.9
4,500 BASF AG 1,072,609 1,074,121 0.5
37,000 Dow Chemical Co. (The) 2,596,842 2,756,500 1.1
31,300 du Pont (E.I.) de Nemours & Co. 1,767,614 2,406,187 1.0
81,100 Hanna (M.A.) Co. 1,611,727 2,240,387 0.9
------------ ------------ ------
13,761,682 15,497,474 6.4
Diversified Companies 132,500 Canadian Pacific, Ltd. 2,066,887 2,583,750 1.1
66,100 Coastal Corp. 1,689,831 2,503,537 1.1
145,000 Cyprus Amax Minerals Co. 3,620,701 3,842,500 1.6
90,000 Norcen Energy Resources Ltd. 1,158,729 1,316,507 0.5
170,000 Occidental Petroleum Corp. 3,299,600 3,655,000 1.5
214,300 RGC Ltd. 845,375 1,044,467 0.4
------------ ------------ ------
12,681,123 14,945,761 6.2
Gold 644,000 ++Acacia Resources Ltd. 1,142,217 1,418,433 0.6
100,000 ++Amax Gold, Inc. 629,530 887,500 0.3
64,700 ++Aurora Gold Ltd. 86,967 94,361 0.0
96,000 Cambior Inc. 1,207,154 1,308,330 0.5
966,900 ++Delta Gold N.L. 1,821,890 2,626,067 1.1
94,000 Driefontein Consolidated Ltd. 1,435,063 1,378,073 0.6
102,000 Hemlo Gold Mines Inc. 1,198,951 1,232,556 0.5
297,100 Newcrest Mining Ltd. 1,277,352 1,339,697 0.6
120,622 Newmont Mining Corp. 4,749,193 6,754,832 2.8
250,000 Placer Dome Inc. 5,677,853 7,031,250 2.9
430,000 Sante Fe Pacific Gold Corp. 5,908,787 7,041,250 2.9
150,000 ++TVX Gold Inc. 1,221,375 1,425,000 0.6
------------ ------------ ------
26,356,332 32,537,349 13.4
Integrated Oil 36,000 Amoco Corp. 2,013,660 2,533,500 1.0
Companies-- 150,000 Unocal Corp. 4,344,060 4,481,250 1.9
Domestic ------------ ------------ ------
6,357,720 7,014,750 2.9
<PAGE>
Integrated Oil 700,000 British Petroleum Co. PLC 2,945,348 5,591,530 2.3
Companies-- 11,000 Mobil Corp. 1,070,981 1,218,250 0.5
International 14,600 OMV AG 1,554,378 1,381,175 0.6
149,800 Petro-Canada (Installment Receipts) (a) 706,427 880,075 0.4
78,800 Repsol S.A. 2,272,896 2,739,340 1.1
63,600 Societe Nationale Elf Aquitaine (ADR)* 2,257,082 2,377,050 1.0
73,600 Total S.A. (Class B) 4,466,379 5,038,155 2.1
122,000 Yacimientos Petroliferos Fiscales S.A.--
Sponsored (ADR)* 2,997,272 2,760,250 1.1
------------ ------------ ------
18,270,763 21,985,825 9.1
</TABLE>
<TABLE>
SCHEDULE OF INVESTMENTS (continued)
<CAPTION>
Value Percent of
Industries Shares Held Common Stocks Cost (Note 1a) Net Assets
<S> <C> <S> <C> <C> <C>
Metals & Mining 67,000 ASARCO Inc. $ 1,927,403 $ 2,127,250 0.9%
90,407 CRA Ltd. 1,035,447 1,283,547 0.5
155,600 Falconbridge Ltd. (Installment
Receipts) (b) 1,257,456 1,385,448 0.6
81,400 Freeport-McMoRan Copper & Gold, Inc. 1,738,010 2,360,600 1.0
2,470,000 M.I.M. Holdings Ltd. 5,396,407 3,050,959 1.2
546,000 Mitsubishi Materials Corp. 2,773,289 2,937,132 1.2
230,000 Nippon Light Metal Company Ltd. 1,366,622 1,402,938 0.6
182,900 Noranda Inc. 3,446,968 3,755,579 1.6
150,000 Outokumpu OY 2,732,694 2,273,077 0.9
53,100 ++P.T. Tambang Timah (GDR)**+++ 661,263 703,575 0.3
60,000 Phelps Dodge Corp. 3,296,215 3,780,000 1.6
615,000 QNI Ltd. 1,235,188 1,217,273 0.5
341,100 RTZ Corp. PLC (The) 4,399,590 4,728,260 2.0
1,800,000 Savage Resources Ltd. 1,368,175 1,232,230 0.5
275,000 ++Sumitomo Metal Mining Co. 2,291,588 2,598,466 1.1
215,000 Trelleborg 'B' Fria 2,921,179 2,322,383 1.0
944,400 WMC Ltd. (c) 5,640,328 5,804,534 2.4
------------ ------------ ------
43,487,822 42,963,251 17.9
Oil & Gas Producers 1,099,500 ++Ampolex Ltd. 3,384,940 2,650,767 1.1
68,100 Anadarko Petroleum Corp. 3,323,626 3,439,050 1.4
115,000 Apache Corp. 3,073,528 3,090,625 1.3
403,000 ++Chauvco Resources Ltd. 4,669,606 3,624,891 1.5
102,900 Enron Oil & Gas Co. 2,202,225 2,508,187 1.0
477,100 Enterprise Oil PLC 3,121,750 2,651,149 1.1
57,600 Louisiana Land and Exploration Co. (The) 2,310,687 2,476,800 1.0
175,000 Mitchell Energy & Development Corp.
(Class B) 3,666,183 3,150,000 1.3
140,000 ++Oryx Energy Co. 2,332,787 1,837,500 0.8
<PAGE> 7,500,000 ++Premier Oil Co. PLC 3,091,256 3,086,062 1.3
675,000 Ranger Oil Ltd. 4,526,339 4,218,750 1.7
103,000 Sonat Inc. 3,276,567 3,553,500 1.5
20,100 Triton Energy Corp. 672,425 1,105,500 0.5
78,200 Vastar Resources, Inc. 2,135,113 2,209,150 0.9
------------ ------------ ------
41,787,032 39,601,931 16.4
Oil Services 57,800 Coflexip Stena Offshore, Inc. (ADR)* 1,242,700 1,054,850 0.4
76,700 IHC Caland N.V. 1,650,920 2,730,570 1.1
60,000 Schlumberger Ltd. 3,467,055 4,207,500 1.8
------------ ------------ ------
6,360,675 7,992,920 3.3
Paper & Pulp 192,133 Aracruz Celulose S.A. (ADR)* 769,965 1,753,214 0.7
152,700 Avenor Inc. 3,012,824 2,830,244 1.2
57,000 Georgia-Pacific Corp. 3,636,800 4,182,375 1.7
21,400 International Paper 772,379 874,725 0.4
24,000 Kymmene OY 584,764 582,435 0.2
91,000 Metsa-Serla OY 3,935,508 2,498,188 1.0
60,400 Mo Och Domsjo AB Co. 2,613,099 2,609,710 1.1
406,496 Slocan Forest Products Ltd. 3,555,171 4,062,596 1.7
97,000 Weyerhaeuser Co. 4,126,965 4,474,125 1.9
39,000 Willamette Industries, Inc. 1,467,138 2,164,500 0.9
------------ ------------ ------
24,474,613 26,032,112 10.8
</TABLE>
<TABLE>
SCHEDULE OF INVESTMENTS (concluded)
<CAPTION>
Value Percent of
Industries Shares Held Common Stocks Cost (Note 1a) Net Assets
<S> <C> <S> <C> <C> <C>
Petroleum Refining 250,000 Total Petroleum (North America) Ltd. $ 3,028,198 $ 2,203,125 0.9%
Plantations 717,000 Golden Hope Plantations BHD 1,325,785 1,126,266 0.5
480,000 Kuala Lumpur Kepong BHD 983,702 1,359,800 0.5
------------ ------------ ------
2,309,487 2,486,066 1.0
Steel 472,000 British Steel PLC 1,240,738 1,225,878 0.5
71,000 Koninklijke Nederlansche Hoogovens en
Staalfabrienken N.V. 3,078,006 2,463,709 1.0
1,438,000 Nippon Steel Corp. 4,907,419 4,950,734 2.1
1,520,000 ++Sumitomo Metal Industries, Ltd. 4,964,502 4,962,859 2.1
------------ ------------ ------
14,190,665 13,603,180 5.7
<PAGE>
Wood Products 92,500 Louisiana-Pacific Corp. 2,943,595 2,358,750 1.0
211,000 ++Pacific Forest Products Ltd. 2,299,205 2,875,600 1.2
146,100 Riverside Forest Products Ltd. 2,401,223 1,738,906 0.7
------------ ------------ ------
7,644,023 6,973,256 2.9
Total Common Stocks 224,421,642 238,186,523 98.7
Face Amount Short-Term Securities
Repurchase $ 2,795,000 UBS Securities Funding, Inc., purchased on
Agreements*** 1/31/1996 to yield 5.90% to 2/01/1996 2,795,000 2,795,000 1.2
Total Short-Term Securities 2,795,000 2,795,000 1.2
Total Investments $227,216,642 240,981,523 99.9
============
Other Assets Less Liabilities 174,396 0.1
------------ ------
Net Assets $241,155,919 100.0%
============ ======
<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 $925,000, 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 $2,149,000, over the next two
years.
(c)Formerly Western Mining Corp. Holdings Ltd.
++Non-income producing security.
+++Restricted security as to resale. The value of the Trust's
investment in restricted securities was approximately $704,000,
representing 0.3% of net assets.
<PAGE> Value
Issue Acquisition Dates Cost (Note 1a)
P.T. Tambang Timah 10/06/1995-
(GDR) 11/22/1995 $661,263 $703,575
$661,263 $703,575
======== ========
See Notes to Financial Statements.
</TABLE>
FINANCIAL INFORMATION
<TABLE>
Statement of Assets and Liabilities as of January 31, 1996
<S> <S> <C> <C>
Assets: Investments, at value (identified cost--$227,216,642) (Note 1a) $ 240,981,523
Cash 11,515
Receivables:
Securities sold $ 3,459,312
Beneficial interest sold 871,950
Dividends 334,876 4,666,138
-------------
Prepaid registration fees and other assets (Note 1f) 39,040
-------------
Total assets 245,698,216
-------------
Liabilities: Payables:
Securities purchased 2,544,662
Beneficial interest redeemed 556,432
Investment adviser (Note 2) 129,216
Distributor (Note 2) 121,642 3,351,952
-------------
Accrued expenses and other liabilities 1,190,345
-------------
Total liabilities 4,542,297
-------------
Net Assets: Net assets $ 241,155,919
=============
<PAGE>
Net Assets Class A Shares of beneficial interest, $0.10 par value,
Consist of: unlimited number of shares authorized $ 132,181
Class B Shares of beneficial interest, $0.10 par value,
unlimited number of shares authorized 623,001
Class C Shares of beneficial interest, $0.10 par value,
unlimited number of shares authorized 14,209
Class D Shares of beneficial interest, $0.10 par value,
unlimited number of shares authorized 656,978
Paid-in capital in excess of par 237,472,054
Undistributed investment income--net 160,041
Accumulated realized capital losses on investments and foreign
currency transactions--net (Note 6) (11,632,446)
Unrealized appreciation on investments and foreign currency
transactions--net 13,729,901
-------------
Net assets $ 241,155,919
=============
Net Asset Value: Class A--Based on net assets of $22,380,581 and 1,321,814 shares
of beneficial interest outstanding $ 16.93
=============
Class B--Based on net assets of $105,352,289 and 6,230,013 shares
of beneficial interest outstanding $ 16.91
=============
Class C--Based on net assets of $2,392,364 and 142,087 shares
of beneficial interest outstanding $ 16.84
=============
Class D--Based on net assets of $111,030,685 and 6,569,775 shares
of beneficial interest outstanding $ 16.90
=============
See Notes to Financial Statements.
</TABLE>
FINANCIAL INFORMATION (continued)
<TABLE>
Statement of Operations for the Six Months Ended January 31, 1996
<S> <S> <C> <C>
Investment Dividends (net of $171,450 foreign withholding tax) $ 2,234,323
Income Interest and discount earned 142,937
(Notes 1d & 1e): -------------
Total income 2,377,260
-------------
<PAGE>
Expenses: Investment advisory fees (Note 2) $ 757,586
Account maintenance and distribution fees--Class B (Note 2) 586,923
Transfer agent fees--Class B (Note 2) 193,819
Transfer agent fees--Class D (Note 2) 156,322
Account maintenance fees--Class D (Note 2) 135,845
Custodian fees 84,595
Printing and shareholder reports 74,745
Accounting services (Note 2) 39,869
Professional fees 39,666
Registration fees (Note 1f) 38,452
Transfer agent fees--Class A (Note 2) 34,552
Trustees' fees and expenses 23,071
Account maintenance and distribution fees--Class C (Note 2) 11,938
Transfer agent fees--Class C (Note 2) 4,255
Pricing fees 1,687
Other 9,647
-------------
Total expenses 2,192,972
-------------
Investment income--net 184,288
-------------
Realized & Realized gain (loss) from:
Unrealized Gain Investments--net 5,908,234
(Loss) on Foreign currency transactions--net (33,126) 5,875,108
Investments & -------------
Foreign Currency Change in unrealized appreciation/depreciation on:
Transactions--Net Investments--net (2,128,829)
(Notes 1b, 1c, Foreign currency transactions--net (36,937) (2,165,766)
1e & 3): -------------
Net realized and unrealized gain on investments and
foreign currency transactions 3,709,342
-------------
Net Increase in Net Assets Resulting from Operations $ 3,893,630
=============
See Notes to Financial Statements.
</TABLE>
<PAGE>
FINANCIAL INFORMATION (continued)
<TABLE>
Statements of Changes in Net Assets
<CAPTION>
For the Six For the
Months Ended Year Ended
Increase (Decrease) in Net Assets: January 31, 1996 July 31, 1995
<S> <S> <C> <C>
Operations: Investment income--net $ 184,288 $ 1,652,075
Realized gain on investments and foreign currency
transactions--net 5,875,108 9,132,792
Change in unrealized appreciation/depreciation on investments
and foreign currency transactions--net (2,165,766) 6,766,722
------------- -------------
Net increase in net assets resulting from operations 3,893,630 17,551,589
------------- -------------
Dividends to Investment income--net:
Shareholders Class A (238,068) (426,768)
(Note 1g): Class B (15,912) (570,653)
Class C -- (7,419)
Class D (869,875) (245,460)
------------- -------------
Net decrease in net assets resulting from dividends to shareholders (1,123,855) (1,250,300)
------------- -------------
Beneficial Interest Net increase (decrease) in net assets derived from beneficial
Transactions interest transactions (42,410,070) 7,860,033
(Note 4): ------------- -------------
Net Assets: Total increase (decrease) in net assets (39,640,295) 24,161,322
Beginning of period 280,796,214 256,634,892
------------- -------------
End of period* $ 241,155,919 $ 280,796,214
============= =============
<FN>
*Undistributed investment income--net $ 160,041 $ 1,099,608
============= =============
See Notes to Financial Statements.
</TABLE>
FINANCIAL INFORMATION (continued)
<PAGE>
<TABLE>
Financial Highlights
<CAPTION>
Class A
For the
The following per share data and ratios have been derived Six Months
from information provided in the financial statements. Ended
January 31, For the Year Ended July 31,
Increase (Decrease) in Net Asset Value: 1996++ 1995 1994 1993 1992
<S> <S> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 16.70 $ 15.84 $ 14.07 $ 14.33 $ 15.38
Operating --------- --------- --------- --------- ---------
Performance: Investment income--net .06 .22 .22 .24 .34
Realized and unrealized gain (loss)
on investments and foreign currency
transactions--net .32 .88 1.69 (.26) (.13)
--------- --------- --------- --------- ---------
Total from investment operations .38 1.10 1.91 (.02) .21
--------- --------- --------- --------- ---------
Less dividends and distributions:
Investment income--net (.15) (.24) (.14) (.24) (.47)
Realized gain on investments--net -- -- -- -- (.79)
--------- --------- --------- --------- ---------
Total dividends and distributions (.15) (.24) (.14) (.24) (1.26)
--------- --------- --------- --------- ---------
Net asset value, end of period $ 16.93 $ 16.70 $ 15.84 $ 14.07 $ 14.33
========= ========= ========= ========= =========
Total Investment Based on net asset value per share 2.29%+++ 7.05% 13.69% (.05%) 1.66%
Return:** ========= ========= ========= ========= =========
Ratios to Average Expenses 1.13%* 1.06% .92% .95% .97%
Net Assets: ========= ========= ========= ========= =========
Investment income--net .76%* 1.34% 1.39% 1.62% 1.82%
========= ========= ========= ========= =========
Supplemental Net assets, end of period
Data: (in thousands) $ 22,381 $ 28,729 $ 20,054 $ 12,087 $ 11,265
========= ========= ========= ========= =========
Portfolio turnover 13.87% 31.64% 54.87% 66.78% 31.43%
========= ========= ========= ========= =========
<FN>
*Annualized.
**Total investment returns exclude the effect of sales loads.
++Based on average shares outstanding during the period.
+++Aggregate total investment return.
See Notes to Financial Statements.
</TABLE>
<PAGE>
FINANCIAL INFORMATION (continued)
<TABLE>
Financial Highlights (continued)
<CAPTION>
Class B
For the
The following per share data and ratios have been derived Six Months
from information provided in the financial statements. Ended
January 31, For the Year Ended July 31,
Increase (Decrease) in Net Asset Value: 1996++++ 1995 1994 1993 1992
<S> <S> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 16.62 $ 15.72 $ 14.02 $ 14.26 $ 15.30
Operating --------- --------- --------- --------- ---------
Performance: Investment income (loss)--net (.02) .10 .05 .09 .13
Realized and unrealized gain (loss)
on investments and foreign currency
transactions--net .31 .84 1.70 (.24) (.08)
--------- --------- --------- --------- ---------
Total from investment operations .29 .94 1.75 (.15) .05
--------- --------- --------- --------- ---------
Less dividends and distributions:
Investment income-- net --++ (.04) (.05) (.09) (.30)
Realized gain on investments--net -- -- -- -- (.79)
--------- --------- --------- --------- ---------
Total dividends and distributions -- (.04) (.05) (.09) (1.09)
--------- --------- --------- --------- ---------
Net asset value, end of period $ 16.91 $ 16.62 $ 15.72 $ 14.02 $ 14.26
========= ========= ========= ========= =========
Total Investment Based on net asset value per share 1.76%+++ 5.95% 12.52% (1.02%) .53%
Return:** ========= ========= ========= ========= =========
Ratios to Average Expenses 2.17%* 2.08% 1.95% 1.99% 2.00%
Net Assets: ========= ========= ========= ========= =========
Investment income (loss)--net (.27%)* .31% .35% .60% .94%
========= ========= ========= ========= =========
Supplemental Net assets, end of period
Data: (in thousands) $ 105,352 $ 141,800 $ 236,581 $ 208,113 $ 254,866
========= ========= ========= ========= =========
Portfolio turnover 13.87% 31.64% 54.87% 66.78% 31.43%
========= ========= ========= ========= =========
<PAGE>
<FN>
*Annualized.
**Total investment returns exclude the effect of sales loads.
++Amount is less than $.01 per share.
++++Based on average shares outstanding during the period.
+++Aggregate total investment return.
See Notes to Financial Statements.
</TABLE>
FINANCIAL INFORMATION (concluded)
<TABLE>
Financial Highlights (concluded)
<CAPTION>
Class C Class D
For the For the
For the Period For the Period
The following per share data and ratios have been derived Six Months Oct. 21, Six Months Oct. 21,
from information provided in the financial statements. Ended 1994++ to Ended 1994++ to
Jan. 31, July 31, Jan. 31, July 31,
Increase (Decrease) in Net Asset Value: 1996++++ 1995 1996++++ 1995
<S> <S> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 16.55 $ 15.93 $ 16.67 $ 15.96
Operating --------- --------- --------- ---------
Performance: Investment income (loss)--net (.02) .05 .04 .12
Realized and unrealized gain on investments
and foreign currency transactions--net .31 .62 .32 .66
--------- --------- --------- ---------
Total from investment operations .29 .67 .36 .78
--------- --------- --------- ---------
Less dividends from investment income--net -- (.05) (.13) (.07)
--------- --------- --------- ---------
Net asset value, end of period $ 16.84 $ 16.55 $ 16.90 $ 16.67
========= ========= ========= =========
Total Investment Based on net asset value per share 1.75%+++ 4.26%+++ 2.18%+++ 4.93%+++
Return:** ========= ========= ========= =========
Ratios to Average Expenses 2.20%* 2.20%* 1.38%* 1.39%*
Net Assets: ========= ========= ========= =========
Investment income (loss)--net (.29%)* .28%* .47%* 1.02%*
========= ========= ========= =========
Supplemental Net assets, end of period (in thousands) $ 2,392 $ 2,800 $ 111,031 $ 107,467
Data: ========= ========= ========= =========
Portfolio turnover 13.87% 31.64% 13.87% 31.64%
========= ========= ========= =========
<PAGE>
<FN>
*Annualized.
**Total investment returns exclude the effect of sales loads.
++Commencement of Operations.
++++Based on average shares outstanding during the period.
+++Aggregate total investment return.
See Notes to Financial Statements.
</TABLE>
NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies:
Merrill Lynch Global Resources Trust (the "Trust") is registered
under the Investment Company Act of 1940 as a non-diversified, open-
end management investment company. 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 Trust.
(a) Valuation of investments--Portfolio securities which 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 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 Trustees of the Trust as
the primary market. Securities which 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 are valued
at the last sale price in the case of exchange-traded options or, in
the case of options traded in the over-the-counter market, the last
asked price. Options purchased are valued at the last sale price in
the case of exchange-traded options or, in the case of options
traded in the over-the-counter market, the last bid price. Short-
term securities are valued at amortized cost, which approximates
market value. Other investments are stated at market value.
Securities and assets for which market value quotations are not
available are valued at their fair value as determined in good faith
by or under the direction of the Trustees of the Trust.
<PAGE>
(b) Derivative financial instruments-- The Trust may engage in
various portfolio strategies to seek to increase its return by
hedging its portfolio against adverse movements in the equity, debt
and currency markets. Losses may arise due to changes in the value
of the contract or if the counterparty does not perform under the
contract.
* 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 net
investment income is recorded from the date the Trust enters into
such contracts. Premium or discount is amortized over the life of
the contracts.
* Options-- The Trust can write covered call options and purchase
put 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 gain or loss to the extent the cost of the
closing transaction is less than or greater than the premiums paid
or received).
Written and purchased options are non-income producing investments.
(c) Foreign currency transactions-- Transactions denominated in
foreign currencies are recorded at the exchange rate prevailing when
recognized. Assets and liabilities denominated in foreign currencies
are valued at the exchange rate at the end of the period. Foreign
currency transactions are the result of settling (realized) or
valuing (unrealized) assets or liabilities expressed in foreign
currencies into US dollars. Realized and unrealized gains or losses
from investments include the effects of foreign exchange rates on
investments.
(d) Income taxes-- It is the Trust'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 its shareholders. Therefore, no Federal income tax
provision is required. Under the applicable foreign tax law, a
withholding tax may be imposed on interest, dividends, and capital
gains at various rates.
NOTES TO FINANCIAL STATEMENTS (continued)
<PAGE>
(e) 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 date, except that if the ex-dividend date has passed,
certain dividends from foreign securities are recorded as soon as
the Trust is informed of the ex-dividend date. Interest income is
recognized on the accrual basis. Realized gains and losses on
security transactions are determined on the identified cost basis.
(f) Prepaid registration fees-- Prepaid registration fees are
charged to expense as the related shares are issued.
(g) Dividends and distributions-- Dividends and distributions paid
by the Trust are recorded on the ex-dividend dates.
2. Investment Advisory Agreement and
Transactions with Affiliates:
The Trust has entered into an Investment Advisory Agreement with
Merrill Lynch Asset Management, L.P. ("MLAM"). The general partner
of MLAM is Princeton Services, Inc. ("PSI"), an indirect wholly-
owned subsidiary of Merrill Lynch & Co., Inc. ("ML & Co."), which is
the limited partner. The Trust has also entered into a Distribution
Agreement and Distribution Plans with Merrill Lynch Funds
Distributor, Inc. ("MLFD" or "Distributor"), a wholly-owned
subsidiary of Merrill Lynch Group, Inc.
MLAM 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 of 0.60%, on an annual basis,
of the average daily value of the Trust's net assets. The Investment
Advisory Agreement obligates MLAM to reimburse the Trust to the
extent the Trust's expenses (excluding interest, taxes, distribution
fees, brokerage fees and commissions, and extraordinary items)
exceed 2.5% of the Trust's first $30 million of average daily net
assets, 2.0% of the next $70 million of average daily net assets,
and 1.5% of the average daily net assets in excess thereof. No fee
payment will be made to MLAM during any fiscal year which will cause
such expenses to exceed the expense limitation at the time of such
payment.
Pursuant to the distribution plans (the "Distribution Plans")
adopted by the Trust in accordance with Rule 12b-1 under the
Investment Company Act of 1940, the Trust 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 as follows:
Account
Maintenance Distribution
Fee Fee
Class B 0.25% 0.75%
Class C 0.25% 0.75%
Class D 0.25% --
<PAGE>
Pursuant to a sub-agreement with the Distributor, Merrill Lynch,
Pierce, Fenner & Smith Inc. ("MLPF&S"), a subsidiary of ML & Co.,
also provides account maintenance and distribution services to the
Trust. 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 January 31, 1996, MLFD earned underwriting
discounts and MLPF&S earned dealer concessions on sales of the
Fund's Class A and Class D Shares as follows:
MLFD MLPF&S
Class A $ 155 $ 1,720
Class D $1,269 $15,741
For the six months ended January 31, 1996, MLPF&S received
contingent deferred sales charges of $173,490 and $1,235 relating to
transactions in Class B and C Shares, respectively.
In addition, MLPF&S received $17,844 in commissions on the execution
of portfolio security transactions for the Fund for the six months
ended January 31, 1996.
Merrill Lynch Financial Data Services, Inc. ("MLFDS"), a wholly-
owned subsidiary of ML & Co., is the Trust's transfer agent.
Accounting services are provided to the Trust by MLAM at cost.
Certain officers and/or trustees of the Trust are officers and/or
directors of MLAM, PSI, MLPF&S, MLFDS, MLFD, and/or ML & Co.
3. Investments:
Purchases and sales of investments, excluding short-term securities,
for the six months ended January 31, 1996 were $34,316,384 and
$74,394,635, respectively.
Net realized and unrealized gains (losses) as of Jan-
uary 31, 1996 were as follows:
Realized Unrealized
Gains Gains
(Losses) (Losses)
<PAGE>
Long-term investments $ 5,908,234 $ 13,764,881
Foreign currency transactions (33,126) (34,980)
------------ ------------
Total $ 5,875,108 $ 13,729,901
============ ============
As of January 31, 1996, net unrealized appreciation for Federal
income tax purposes aggregated $13,764,881, of which $26,154,726
related to appreciated securities and $12,389,845 related to
depreciated securities. At January 31, 1996, the aggregate cost of
investments for Federal income tax purposes was $227,216,642.
4. Shares of Beneficial Interest:
Net increase (decrease) in net assets derived from beneficial
interest transactions was $(42,410,070) and $7,860,033 for the six
months ended January 31, 1996 and for the year ended July 31, 1995,
respectively.
Transactions in shares of beneficial interest for each class were as
follows:
Class A Shares for the
Six Months Ended Dollar
January 31, 1996 Shares Amount
Shares sold 201,051 $ 3,298,359
Shares issued to share-
holders in reinvestment of
dividends 12,995 214,811
------------ ------------
Total issued 214,046 3,513,170
Shares redeemed (612,851) (9,988,059)
------------ ------------
Net decrease (398,805) $ (6,474,889)
============ ============
Class A Shares for the Year Dollar
Ended July 31, 1995 Shares Amount
Shares sold 2,372,442 $ 37,625,025
Shares issued to share-
holders in reinvestment of
dividends 24,490 385,380
------------ ------------
Total issued 2,396,932 38,010,405
Shares redeemed (1,942,431) (31,015,092)
------------ ------------
Net increase 454,501 $ 6,995,313
============ ============
<PAGE>
Class B Shares for the Six Months Dollar
Ended January 31, 1996 Shares Amount
Shares sold 956,414 $ 15,569,129
Shares issued to shareholders
in reinvestment of dividends 786 13,029
------------ ------------
Total issued 957,200 15,582,158
Automatic conversion of
shares (744,935) (12,144,985)
Shares redeemed (2,516,140) (40,941,894)
------------ ------------
Net decrease (2,303,875) $(37,504,721)
============ ============
Class B Shares for the Year Dollar
Ended July 31, 1995 Shares Amount
Shares sold 6,694,914 $ 105,112,417
Shares issued to shareholders
in reinvestment of dividends 28,028 454,893
------------ -------------
Total issued 6,722,942 105,567,310
Automatic conversion of
shares (6,950,286) (107,241,311)
Shares redeemed (6,287,107) (99,273,886)
------------ -------------
Net decrease (6,514,451) $(100,947,887)
============ =============
Class C Shares for the Six Months Dollar
Ended January 31, 1996 Shares Amount
Shares sold 173,155 $ 2,804,129
Shares redeemed (200,264) (3,261,890)
------------ ------------
Net decrease (27,109) $ (457,761)
============ ============
Class C Shares for the Period
October 21, 1994++ to Dollar
July 31, 1995 Shares Amount
<PAGE>
Shares sold 406,317 $ 6,241,943
Shares issued to shareholders
in reinvestment of dividends 456 6,782
------------ ------------
Total issued 406,773 6,248,725
Shares redeemed (237,577) (3,852,799)
------------ ------------
Net increase 169,196 $ 2,395,926
------------ ------------
[FN]
++Commencement of Operations.
Class D Shares for the Six Months Dollar
Ended January 31, 1996 Shares Amount
Shares sold 874,322 $ 14,390,452
Automatic conversion of
shares 745,003 12,144,985
Shares issued to shareholders
in reinvestment of dividends 39,259 648,555
------------ ------------
Total issued 1,658,584 27,183,992
Shares redeemed (1,535,769) (25,156,691)
------------ ------------
Net increase 122,815 $ 2,027,301
============ ============
NOTES TO FINANCIAL STATEMENTS (concluded)
Class D Shares for the Period Dollar
Oct. 21, 1994++ to January 31, 1995 Shares Amount
Shares sold 325,837 $ 5,011,879
Automatic conversion of
shares 6,938,622 107,241,311
Shares issued to shareholders
in reinvestment of dividends 12,214 181,873
------------ ------------
Total issued 7,276,673 112,435,063
Shares redeemed (829,713) (13,018,382)
------------ ------------
Net increase 6,446,960 $ 99,416,681
============ ============
<PAGE>
[FN]
++Commencement of Operations.
5. Commitments:
At January 31, 1996, the Trust had entered into foreign exchange
contracts under which it had agreed to purchase and sell various
foreign currencies with values of approximately $2,545,000 and
$122,000, respectively.
6. Capital Loss Carryforward:
At July 31, 1995, the Trust had a net capital loss carryforward of
approximately $17,508,000, all of which expires in 2002. This amount
will be available to offset like amounts of any future taxable
gains.
PORTFOLIO INFORMATION
For the Quarter Ended January 31, 1996
Percent of
Ten Largest Equity Holdings Net Assets
Sante Fe Pacific Gold Corp. 2.9%
Placer Dome Inc. 2.9
Newmont Mining Corp. 2.8
WMC Ltd. 2.4
British Petroleum Co. PLC 2.3
Total S.A. (Class B) 2.1
Sumitomo Metal Industries, Ltd. 2.1
Nippon Steel Corp. 2.1
RTZ Corp. PLC (The) 2.0
Asahi Chemical Industry Co., Ltd. 1.9
Additions
Acacia Resources Ltd.
Amax Gold, Inc.
Aurora Gold Ltd.
BASF AG
British Steel PLC
Cambior Inc.
Hemlo Gold Mines Inc.
Kymmene OY
TVX Gold Inc.
<PAGE>
Deletions
Abacan Resources Corp.
Magma Copper Co.
Parker & Parsley Petroleum Co.
Pope & Talbot, Inc.
Union Pacific Resources Group Inc.
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
Merrill Lynch Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, Florida 32246-6484
(800) 637-3863
