MERRILL LYNCH
GLOBAL
RESOURCES
TRUST
[GRAPHIC OMITTED]
STRATEGIC
Performance
Quarterly Report
April 30, 1998
<PAGE>
MERRILL LYNCH GLOBAL RESOURCES TRUST
DEAR SHAREHOLDER
The environment for natural resource investments continued to be highly volatile
during the three-month period ended April 30, 1998, as investors struggled to
sort out the ramifications of the financial contraction in Asia. Nearly all
commodity groups in our investment universe were affected by lower commodity
demand and pricing. However, oil prices rebounded from the $13 per barrel level
during the quarter after oil-exporting nations joined with members of the
Organization of Petroleum Exporting Countries (OPEC) to curtail production.
Despite the weak environment, Merrill Lynch Global Resources Trust showed
improved performance relative to its peer group of natural resource funds. The
Trust's Class A, Class B, Class C and Class D Shares had total returns of
+11.90%, +11.54%, +11.58% and +11.71%, respectively, for the quarter ended April
30, 1998. (Fund results shown do not reflect sales charges, and would be lower
if sales charges were included. Complete performance information, including
average annual total returns, can be found on pages 3 and 4 of this report to
shareholders.) The Trust's relatively low exposure to the energy sector helped
performance early in the period as the business outlook and earnings estimates
for energy companies declined. Additionally, the Trust initiated new positions
and boosted other holdings as the valuations of selected energy-related
companies reached compelling levels. While oil prices have recovered from their
low levels, we expect the remainder of 1998 to be volatile, since strict quota
compliance will be necessary to deplete the high level of world oil inventories.
The Trust continues to shift its holdings in order to focus on the shares of
North American natural gas producers. Gas prices in the continental United
States have remained surprisingly strong despite one of the mildest winters of
the century. While natural gas storage inventories have been undergoing a
stronger-than-normal seasonal build, gas prices have the potential to rally if
natural gas is used to fire peak-load electricity generation units for air
conditioning needs this summer. We believe that the cool summer and warm winter
of the prior year should provide reasonable comparisons for gas consumption over
the next several months. More important, declining gas production from natural
gas basins in the shallow waters of the Gulf of Mexico imply that there may be
an extended cycle for gas producers. We have been concentrating our investments
in companies with successful exploration and development programs and
longer-life reserves. In addition, we added to gas-leveraged production
companies in western Canada, which should enjoy higher prices and production
volumes as soon as two export pipeline expansions are completed in late 1998 and
early 1999.
The Trust also benefited from a recovery in the share prices of its gold
holdings, which remain significantly overweighted in the portfolio despite the
sale of nearly one-quarter of the Trust's gold company stocks. While our gold
company exposure had hurt Trust performance in previous years, gold shares
recovered after falling sharply in 1997 from the combined effects of the
continued absence of inflation and fears of ongoing central bank sales. After
reaching an 18-year low in December 1997, the gold price has exhibited high
volatility within a broad band between $290 and $315 per ounce. The resolution
to establish gold as a reserve asset backing the European Monetary Union (EMU)
will be decided in 1998, and uncertainty concerning its eventual weight as a
reserve continues to be a major risk to the gold sector. However, the announced
closure of several mines has created the potential for supply and demand
fundamentals to improve should central banks curtail sales. If gold is awarded a
significant position as a reserve asset backing the EMU, the gold price could
rally above its recent trading range. However, given the failure of gold to act
as a safe haven in recent economic turbulence, we continue to be concerned about
the longer-term potential returns from holding gold shares.
The paper and forest products sector was a strong contributor to Trust
performance during the period ended April 30, 1998. The economic turbulence in
Asia masked signs that prior capacity additions had been absorbed, and several
announced price increases in selected paper grades were deferred. However, the
unabated economic momentum in the United States and the acceleration in European
economies served to reinstate
1
<PAGE>
Merrill Lynch Global Resources Trust April 30, 1998
some of the price increases. In addition, a number of new projects were deferred
or cancelled given financial constraints in the region, providing a better
long-term capacity utilization scenario. The paper industry has also entered a
period of consolidation with the announcement of a number of mergers. The Trust
participated in this move with strong gains in its shares of Georgia-Pacific
Corp., Weyerhaeuser Co., Willamette Industries, Inc. and Metsa Serla OY'B'. In
addition, we sold shares in Avenor Inc. after the company received a takeover
bid from Abitibi Consolidated Inc. The Trust continues to carry an overweighted
position in the paper and forest products group, although we anticipate
consolidating holdings in companies whose products are concentrated in grades
where capacity utilization trends are positive. Further consolidation within
this sector is expected.
The Trust continues to maintain a heavy exposure to base metals. This area
provided mixed performance during the quarter ended April 30, 1998 and April
year-to-date 1998. Alumax, Inc. rose on the announcement of an acquisition bid
by Aluminum Company of America. We sold a portion of our position to realize
profits and tendered the remainder for $50 per share and shares in Aluminum
Company of America stock. We continued to reduce exposure to other base metals,
especially copper and nickel-related companies. The economic slowdown in Asia
and Japan has resulted in sharply reduced consumption of these metals, at a time
when additional new supplies will soon be arriving from mine developments.
Demand for many base metals has increased because of continued strength in the
economies of the United States and Europe, but we are concerned that demand may
diminish with worsening Asian economic activity and as the mining industry
enters its traditionally soft summer period. We plan to further reduce exposure
to this sector as we allocate assets to other resource sectors.
Chemicals have been underweighted in the Trust. The low weight has hindered
Trust performance since the chemical group has performed well. Declining
energy-based feedstock costs, combined with robust demand from the United States
and Europe, has resulted in positive earnings surprises over the past several
quarters. These factors have offset fears of declining chemical margins, which
would result from significant new capacity additions scheduled for 1998 and
1999. Given the advanced stage of the economic cycle and fears that Asian
problems are not behind us, we do not anticipate a significant increase in
commodity-exposed chemical companies at this time. We continue to be pleased
with our position in E.I. duPont de Nemours & Co., which has had positive
pricing trends in its titanium dioxide pigment business. In addition, duPont is
continuing to undergo significant restructuring steps, with increasing emphasis
on its life sciences division.
Investment Activity
During the most recent period, we made significant progress in repositioning the
Trust's portfolio with over 25 stock holdings sold since last December. We
believe that the Trust's recent performance has been enhanced by concentrating
our positions in stocks where we maintain a high degree of confidence in
operating fundamentals and management. Currently, we are somewhat behind in this
process since the recent weakness in the energy area has resulted in the
addition of several new positions in companies with compelling valuations and
operating fundamentals. As a result, the number of stocks in the portfolio has
remained virtually unchanged. We anticipate further progress in consolidating
Trust positions in the Trust's fourth fiscal quarter.
We increased the Trust's energy holdings to 45% of net assets by April 30, 1998,
up from 38% at the end of the year. Segments that were de-emphasized included
gold, diamonds, non-ferrous metals and steel. We also took profits in the paper
and forest products group. New purchases among major international oil companies
included holdings in Chevron Corp. and Mobil Corp. Alberta Energy Co., Ltd.,
Vastar Resources, Inc. and Snyder Oil Corp. were purchased in the gas-leveraged
oil exploration and development group. Finally, we added Weatherford Enterra,
Inc. to the oil services sector. The purchases of these companies were
sufficient to more than offset the sale of several energy-related holdings that
we believed had less attractive outlooks.
In Conclusion
We are pleased to report that the Trust has enjoyed a significant increase in
performance during the quarter ended April 30, 1998. The rebound in depressed
equities in several groups has allowed us to reposition the Trust's holdings,
emphasizing sectors that we believe could provide strong returns relative to
other natural resource groups. While this initial success suggests a positive
trend, restructuring the portfolio in a volatile environment for natural
resource investments, as many economies are exhibiting slowing growth, will be
challenging.
2
<PAGE>
Merrill Lynch Global Resources Trust April 30, 1998
We thank you for your investment in Merrill Lynch Global Resources Trust, and we
look forward to reviewing our progress with you in our next report to
shareholders.
Sincerely,
/s/ Arthur Zeikel
Arthur Zeikel
President
/s/ Robert M. Shearer
Robert M. Shearer
Vice President and Portfolio Manager
June 3, 1998
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:
o 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.
o 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
approximately 8 years. (There is no initial sales charge for automatic
share conversions.)
o 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.
o 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. Figures shown in the "Average Annual Total Return"
tables assume reinvestment of all dividends and capital gains
distributions at net asset value on the ex-dividend date. 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.
Recent Performance Results*
<TABLE>
<CAPTION>
Ten Years/
12 Month 3 Month Since Inception
Total Return Total Return Total Return
==============================================================================================
<S> <C> <C> <C>
ML Global Resources Trust Class A Shares -0.62% +11.90% +82.61%
- ----------------------------------------------------------------------------------------------
ML Global Resources Trust Class B Shares -1.67 +11.54 +55.94
- ----------------------------------------------------------------------------------------------
ML Global Resources Trust Class C Shares -1.63 +11.58 +13.15
- ----------------------------------------------------------------------------------------------
ML Global Resources Trust Class D Shares -0.96 +11.71 +16.39
==============================================================================================
</TABLE>
* Investment results shown do not reflect sales charges; results would be
lower if a sales charge was included. Total investment returns are based on
changes in net asset values for the periods shown, and assume reinvestment
of all dividends and capital gains distributions at net asset value on the
ex-dividend date. The Fund's ten-year/inception dates are: Class A Shares,
10/24/88; Class B Shares, ten years ended 4/30/98; and Class C and Class D
Shares, 10/21/94.
3
<PAGE>
Merrill Lynch Global Resources Trust April 30, 1998
PERFORMANCE DATA (concluded)
Average Annual Total Return
% Return Without % Return With
Sales Charge Sales Charge**
================================================================================
Class A Shares*
================================================================================
Year Ended 3/31/98 -5.42% -10.39%
- --------------------------------------------------------------------------------
Five Years Ended 3/31/98 +5.30 +4.17
- --------------------------------------------------------------------------------
Inception (10/24/88)
through 3/31/98 +6.16 +5.56
- --------------------------------------------------------------------------------
* Maximum sales charge is 5.25%.
** Assuming maximum sales charge.
% Return % Return
Without CDSC With CDSC**
================================================================================
Class B Shares*
================================================================================
Year Ended 3/31/98 -6.38% -9.68%
- --------------------------------------------------------------------------------
Five Years Ended 3/31/98 +4.21 +4.21
- --------------------------------------------------------------------------------
Ten Years Ended 3/31/98 +4.32 +4.32
- --------------------------------------------------------------------------------
* 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 3/31/98 -6.32% -7.15%
- --------------------------------------------------------------------------------
Inception (10/21/94)
through 3/31/98 +2.55 +2.55
- --------------------------------------------------------------------------------
* 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 3/31/98 -5.63% -10.59%
- --------------------------------------------------------------------------------
Inception (10/21/94)
through 3/31/98 +3.40 +1.79
- --------------------------------------------------------------------------------
* Maximum sales charge is 5.25%.
** Assuming maximum sales charge.
PORTFOLIO INFORMATION
For the Quarter Ended April 30, 1998
Percent of
Ten Largest Equity Holdings Net Assets
British Petroleum Co., PLC .............. 4.4%
Total, S.A. (Class B) ................... 2.7
Coflexip Stena Offshore, Inc. (ADR) ..... 2.5
Placer Dome Inc. ........................ 2.3
Ente Nazionale Idrocarburi S.p.A.
(ENI) (ADR) ........................... 2.0
Societe Nationale Elf Aquitaine (ADR) ... 2.0
Rio Tinto PLC (The) ..................... 1.9
Transocean Offshore Inc. ................ 1.9
duPont (E.I.) de Nemours & Co. .......... 1.8
Petro-Canada ............................ 1.8
Additions
Alberta Energy Co. Ltd.
Chevron Corp.
Mobil Corp.
Synder Oil Corp.
Vastar Resources, Inc.
Weatherford Enterra, Inc.
Deletions
ASARCO Inc.
Aber Resources Ltd.
Amax Gold, Inc.
Avenor Inc.
Benton Oil & Gas Co.
Chauvco Resources, Ltd.
Driefontein Consolidated Ltd.
Houston Exploration Co. (The)
Inco Ltd.
Norcen Energy Resources Ltd.
Pancanadian Petroleum Ltd.
Pioneer Natural Resources Co.
RGC Ltd.
Ranger Oil Ltd.
Rio Algom Ltd.
QNI Ltd.
Sonat, Inc.
SouthernEra Resources Ltd.
TVX Gold Inc.
4
<PAGE>
Merrill Lynch Global Resources Trust April 30, 1998
SCHEDULE OF INVESTMENTS
<TABLE>
<CAPTION>
Percent of
Industries Shares Held Common Stocks Cost Value Net Assets
============================================================================================================================
<S> <C> <C> <C> <C> <C>
Aluminum 31,400 Alumax, Inc. $ 1,106,785 $ 1,550,375 1.1%
15,000 Aluminum Company of America 787,658 1,162,500 0.9
29,000 Pechiney, S.A. (A Shares) 1,154,457 1,297,377 0.9
------------ ------------ ------
3,048,900 4,010,252 2.9
============================================================================================================================
Chemicals 14,000 Air Products and Chemicals, Inc. 630,826 1,217,125 0.9
26,400 BASF AG 633,146 1,175,786 0.8
8,000 Dow Chemical Co. 551,274 773,500 0.6
35,200 duPont (E.I.) de Nemours & Co. 1,209,065 2,563,000 1.8
------------ ------------ ------
3,024,311 5,729,411 4.1
============================================================================================================================
Diversified Companies 102,000 Asahi Glass Co., Ltd. 1,223,974 552,333 0.4
27,000 Ashland Inc. 1,144,672 1,427,625 1.0
8,400 Coastal Corp. 213,186 600,075 0.5
378,000 North Ltd. 1,419,525 1,105,739 0.8
------------ ------------ ------
4,001,357 3,685,772 2.7
============================================================================================================================
Gold 797,100 Acacia Resources Ltd. 1,280,689 1,251,539 0.9
94,500 Ashanti Goldfields Co. Ltd. (GDR)** 2,346,106 992,250 0.7
122,500 Cambior Inc. 1,625,848 963,589 0.7
599,200 Delta Gold N.L. 1,054,663 882,256 0.6
92,000 Getchell Gold Corp. 3,713,827 2,265,500 1.6
905,000 Great Central Mines N.L. 2,600,570 1,303,033 1.0
373,800 Miramar Mining Corp. 1,900,432 585,451 0.4
74,222 Newmont Mining Corp. 2,736,348 2,389,021 1.7
920,000 Normandy Mining Ltd. 1,040,108 1,024,940 0.8
211,000 Placer Dome Inc. 4,483,800 3,112,250 2.3
131,500 Prime Resources Group, Inc. 1,286,428 997,605 0.7
1,097,000 Resolute Ltd. 2,284,526 1,029,162 0.7
122,000 Sutton Resources Ltd. 1,097,904 946,861 0.7
------------ ------------ ------
27,451,249 17,743,457 12.8
============================================================================================================================
Integrated Oil 39,000 Amerada Hess Corp. 2,102,507 2,242,500 1.6
Companies--Domestic 40,000 Amoco Corp. 1,118,700 1,770,000 1.3
17,900 Chevron Corp. 1,490,829 1,480,106 1.1
18,000 Mobil Corp. 1,420,830 1,422,000 1.0
------------ ------------ ------
6,132,866 6,914,606 5.0
============================================================================================================================
Integrated Oil 384,000 British Petroleum Co., PLC 1,554,500 6,059,791 4.4
Companies--International 42,700 Ente Nazionale Idrocarburi S.p.A.
(ENI) (ADR)* 1,996,225 2,823,538 2.0
8,800 OMV AG 933,582 1,306,130 1.0
149,800 Petro-Canada 1,635,043 2,527,875 1.8
43,100 Societe Nationale Elf Aquitaine (ADR)* 1,586,637 2,798,806 2.0
31,200 Total, S.A. (Class B) 1,914,184 3,710,023 2.7
47,000 Yacimientos Petroliferos Fiscales S.A.
(YPF) (ADR)* 1,152,205 1,639,125 1.2
------------ ------------ ------
10,772,376 20,865,288 15.1
============================================================================================================================
</TABLE>
5
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Merrill Lynch Global Resources Trust April 30, 1998
SCHEDULE OF INVESTMENTS (continued)
<TABLE>
<CAPTION>
Percent of
Industries Shares Held Common Stocks Cost Value Net Assets
============================================================================================================================
<S> <C> <C> <C> <C> <C>
Metals & Mining 1,664,800 Centaur Mining & Exploration Ltd. $ 2,399,627 $ 932,771 0.7%
82,100 Falconbridge Ltd. 1,822,697 1,262,900 0.9
316,800 Industrias Penoles, S.A. de C.V. 1,391,890 1,306,623 0.9
1,235,000 M.I.M. Holdings Ltd. 2,706,761 772,418 0.6
227,829 Minsur S.A. 597,621 514,453 0.4
196,000 Mitsubishi Materials Corp. 973,251 378,522 0.3
73,400 Noranda Inc. 1,355,782 1,513,984 1.1
79,300 Outokumpu OYJ 1,460,162 1,114,132 0.8
53,100 P.T. Tambag Timah (GDR)** 661,263 431,438 0.3
14,300 Phelps Dodge Corp. 834,065 959,888 0.7
186,100 Rio Tinto PLC (The) 2,441,443 2,669,385 1.9
1,717,000 Savage Resources Ltd. 1,306,929 783,038 0.6
110,000 Sumitomo Metal Mining Co. Ltd. 917,508 456,528 0.3
62,000 Trelleborg 'B' Fria 842,932 833,473 0.6
------------ ------------ ------
643,400 WMC Ltd. 3,807,237 2,288,696 1.6
------------ ------------ ------
23,519,168 16,218,249 11.7
============================================================================================================================
Oil & Gas Producers 54,200 Alberta Energy Co., Ltd. 1,182,890 1,301,755 0.9
41,000 Apache Corp. 1,085,270 1,450,375 1.1
84,600 Baytex Energy Ltd. (Class A) 1,110,828 999,678 0.7
21,197 Burlington Resources, Inc. 526,291 996,259 0.7
54,900 Chieftain International Inc. 1,232,560 1,228,388 0.9
183,200 EEX Corporation 1,779,675 1,774,750 1.3
180,400 Enterprise Oil PLC 1,216,220 1,660,782 1.2
180,900 Gulf Canada Resources Ltd. 1,424,588 961,031 0.7
124,500 Northrock Resources Ltd. 1,001,587 1,958,642 1.4
78,500 Oryx Energy Co. 1,315,405 2,050,813 1.5
32,000 Snyder Oil Corp. 706,240 682,000 0.5
46,200 Vastar Resources, Inc. 1,947,397 2,197,387 1.6
------------ ------------ ------
14,528,951 17,261,860 12.5
============================================================================================================================
Oil Services 49,200 Coflexip Stena Offshore, Inc. (ADR)* 1,040,458 3,456,300 2.5
51,800 McDermott International, Inc. 1,932,635 2,143,225 1.6
19,000 Schlumberger Ltd. 543,907 1,574,625 1.1
28,000 Stolt Comex Seaway, S.A. 847,000 906,500 0.7
70,300 TransCoastal Marine Services, Inc. 1,289,935 799,662 0.6
46,800 Transocean Offshore Inc. 1,458,113 2,614,950 1.9
31,500 Weatherford Enterra, Inc. 1,364,807 1,576,969 1.1
------------ ------------ ------
8,476,855 13,072,231 9.5
============================================================================================================================
Paper & Pulp 45,666 Aracruz Celulose S.A. (ADR)* 365,755 719,239 0.5
23,000 Champion International Corp. 1,196,585 1,237,687 0.9
15,900 Georgia-Pacific Corp. 689,297 1,227,281 0.9
32,800 Georgia-Pacific Corp. (Timber Group) 720,971 840,500 0.6
24,400 International Paper Co. 929,082 1,273,375 0.9
126,300 Metsa Serla OY 'B' 1,028,189 1,310,551 1.0
37,500 Mo Och Domsjo AB Co. 923,972 1,163,347 0.8
213,296 Slocan Forest Products Ltd. 1,926,964 1,304,950 0.9
63,500 Stone Container Corp. 785,423 1,039,812 0.8
31,000 Weyerhaeuser Co. 1,303,550 1,786,375 1.3
22,000 Willamette Industries, Inc. 412,024 853,875 0.6
------------ ------------ ------
10,281,812 12,756,992 9.2
============================================================================================================================
</TABLE>
6
<PAGE>
Merrill Lynch Global Resources Trust April 30, 1998
SCHEDULE OF INVESTMENTS (concluded)
<TABLE>
<CAPTION>
Percent of
Industries Shares Held Common Stocks Cost Value Net Assets
============================================================================================================================
<S> <C> <C> <C> <C> <C>
Petroleum Refining 57,000 Sun Company, Inc. $ 1,557,896 $ 2,304,937 1.7%
29,300 Ultramar Diamond Shamrock Corp. 698,163 946,756 0.7
------------ ------------ ------
2,256,059 3,251,693 2.4
============================================================================================================================
Plantations 717,000 Golden Hope Plantations BHD 1,325,785 886,892 0.6
578,000 Kuala Lumpur Kepong BHD 790,865 1,338,608 1.0
------------ ------------ ------
2,116,650 2,225,500 1.6
============================================================================================================================
Steel 566,000 British Steel PLC 1,492,794 1,503,620 1.1
20,200 Koninklijke Nederlandsche Hoogovens en
Staalfabrienken N.V. 888,472 910,000 0.7
341,000 Nippon Steel Corp. 1,163,723 550,083 0.4
433,000 Sumitomo Metal Industries, Ltd. 1,341,418 718,169 0.5
------------ ------------ ------
4,886,407 3,681,872 2.7
============================================================================================================================
Wood Products 61,500 Louisiana-Pacific Corp. 1,956,796 1,345,312 1.0
146,100 Riverside Forest Products Ltd. 2,401,223 1,200,304 0.8
------------ ------------ ------
4,358,019 2,545,616 1.8
============================================================================================================================
Total Common Stocks 124,854,980 129,962,799 94.0
============================================================================================================================
<CAPTION>
Face
Amount Short-Term Securities
============================================================================================================================
<S> <C> <C> <C> <C> <C>
Repurchase $3,000,000 HSBC Holdings PLC, purchased on 4/30/98
Agreements*** to yield to 5.52% to 5/01/1998 3,000,000 3,000,000 2.2
4,559,000 Morgan (J.P.) & Company, Inc., purchased
on 4/30/98 to yield to 5.52% to 5/01/1998 4,559,000 4,559,000 3.3
============================================================================================================================
Total Short-Term Securities 7,559,000 7,559,000 5.5
============================================================================================================================
Total Investments $132,413,980 137,521,799 99.5
============
Other Assets Less Liabilities 746,531 0.5
------------ ------
Net Assets $138,268,330 100.0%
============ ======
============================================================================================================================
<S> <C> <C>
Net Asset Value: Class A--Based on net assets of $12,668,020 and 788,038 shares
of beneficial interest outstanding $ 16.08
============
Class B--Based on net assets of $43,514,184 and 2,728,742 shares
of beneficial interest outstanding $ 15.95
============
Class C--Based on net assets of $1,808,108 and 114,437 shares
of beneficial interest outstanding $ 15.80
============
Class D--Based on net assets of $80,278,018 and 5,006,731 shares
of beneficial interest outstanding $ 16.03
============
============================================================================================================================
</TABLE>
* American Depositary Receipts (ADR).
** Global Depositary Receipts (GDR).
*** Repurchase Agreements are fully collateralized by US Government & Agency
Obligations.
7
<PAGE>
Officers and Trustees
Arthur Zeikel, President and Trustee
Donald Cecil, Trustee
M. Colyer Crum, Trustee
Edward H. Meyer, Trustee
Jack B. Sunderland, Trustee
J. Thomas Touchton, Trustee
Fred G. Weiss, Trustee
Terry K. Glenn, Executive Vice President
Norman R. Harvey, Senior Vice President
Donald C. Burke, Vice President
Robert M. Shearer, Vice President and
Portfolio Manager
Gerald M. Richard, Treasurer
Thomas D. Jones, III, Secretary
Custodian
The Bank of New York
90 Washington Street, 12th Floor
New York, NY 10286
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. Statements and other information
herein are as dated and are subject to change.
Merrill Lynch
Global Resources Trust
Box 9011
Princeton, NJ
08543-9011 #10303--4/98
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