MERRILL LYNCH
GLOBAL
RESOURCES
TRUST
[GRAPHIC OMITTED]
STRATEGIC
Performance
Quarterly Report
October 31, 1998
<PAGE>
MERRILL LYNCH GLOBAL RESOURCES TRUST
DEAR SHAREHOLDER
Merrill Lynch Global Resources Trust experienced improved relative performance
during the three-month period ended October 31, 1998. While our total returns
were slightly negative, the Trust's returns exceeded the Lipper Natural
Resources Funds' average total return for the year-to-date period ended October
31, 1998 and for the 12 months ended October 31, 1998. Factors driving the
improved relative performance included continued consolidation in the oil
industry, a recovery in the share prices of oil service and independent oil
companies and a sharp rebound in gold mining stocks. We also positioned the
Trust conservatively at the start of the October quarter, with cash reserves
having been raised to nearly 10% of net assets. This cushioned the Trust early
in the quarter, when virtually all commodity investments declined in value.
While subsequent to the close of the October quarter we lowered the Trust's cash
position to increase exposure to gas-leveraged independent energy and refining
and marketing stocks, we continue to be concerned about the outlook for resource
stocks over the coming year.
Stock markets, as well as resource-related stocks, have all rebounded following
three interest rates cuts by the US Federal Reserve Board and interest rate cuts
by central banks worldwide. In addition, there has been some progress with
banking system reform in Japan. It is our view that while easing of the credit
crunch is a necessary element in resolving the world's economic malaise, it does
not address the problem of surplus productive capacity that exists globally in
basic materials. A recent trip to five nations in Asia affirmed our view that
the process of economic recovery may be slower than the prevailing consensus
expects. An example of the severity of Asia's economic decline is represented by
the reduction in demand for diesel and middle distillate petroleum products.
These commodities are major components of energy demand in the region, and are
considered good proxies for economic activity. Industry data showed the annual
declines ranged between 13% and 20% in Thailand, South Korea and Malaysia for
the 12 months ended August 30, 1998. Prior to the economic stall, demand had
been growing in excess of 10%. This will have an extended adverse impact on the
refining industry in the region, as recent capacity additions that would have
been absorbed in 18 months at prior growth rates will linger for three to four
years under more modest demand growth scenarios. Other industries that are
particularly affected include the petrochemical and steel sectors. Additional
factors that will complicate the recovery are trade barriers and regulations
that are likely to delay rationalization of excess capacity. Therefore, we are
monitoring reforms in Asia, especially Japan, that will promote market
liberalization. It is our view that concrete fiscal and regulatory reform will
have to be enacted to avoid a protracted downturn in this region. Until these
actions are taken, there remains a risk that slowing economic conditions could
spread to Europe and the United States.
During the October quarter, we continued our efforts to refocus the Trust into
areas that we believe have more favorable capacity-utilization trends. We
increased portfolio exposure to North American natural gas with the purchase of
Cabot Oil & Gas Corporation. Cabot's production is based in four core producing
areas, and the company has a reserve life exceeding 12 years. We consider
Cabot's longer-life reserve base to be attractive in the current natural gas
environment, since it does not have to fight rapid decline rates typical of
shallow-water producers in the Gulf of Mexico. In addition, Cabot's balance
sheet is much-improved relative to past years. We believe Cabot's new management
has positively positioned the company to benefit from an improving North
American natural gas market. We also added Phillips Petroleum Company shares to
the Trust. While Phillips is not a pure natural gas producer, it does have a
growing hydrocarbon production profile in the near term. In addition, we believe
that Phillips' recent announcement of a joint venture with Ultramar Diamond
Shamrock will provide opportunities for significant cost savings in the
company's refining and marketing operations.
The Trust had nearly 54% of its net assets invested in energy-related companies
at the close of the October quarter. This was beneficial to portfolio
performance since the energy group rebounded despite persistently low oil
prices. Strong industry performance, despite poor
1
<PAGE>
Merrill Lynch Global Resources Trust October 31, 1998
commodity prices and profit margins, is partially explained by consolidation in
the industry. During the October quarter, the Trust's holdings in Amoco Corp.
and British Petroleum Co. PLC rose over 34% and 8%, respectively, after the
companies announced that they intended to merge. We expect that the
consolidation trend will continue during the low oil price environment, as
companies look to pare costs and overhead. However, there is no guarantee that
all mergers will translate into successful share price performance. Given our
concerns regarding energy supply and demand, it is possible that we may reduce
energy holdings if Organization of Petroleum Exporting Countries members'
resolve to control oil output appears to be waning or if normal winter energy
demand fails to materialize.
Gold stocks were strong performers during the October quarter. While the gold
price rallied only modestly from its lows earlier this year, the shares of gold
mining companies rose on average over 50% during the month of September.
Year-to-date, the sector is the best-performing natural resource group. Gold
holdings in the Trust comprised 12.4% of net assets at the end of the October
quarter, despite sales of several holdings this year. We concentrated sales in
companies that are exposed to exploration risk, or those that have leveraged
balance sheets. This has been successful, and our holdings in senior producers
have generally outperformed the smaller-capitalization issues. To the extent
that inflationary policies are needed to foster a recovery in world economies,
gold could continue to perform well. The World Gold Council estimated that gold
demand declined year-over-year in each of the first three quarters of 1998,
although the decline has progressively moderated. The traditionally strong Asian
and Indian markets were negatively affected by economic recessions. However,
this weakness has been offset by rising jewelry demand in Europe and the United
States. If economic slowdowns spread into the latter markets, the gold price
could be at risk of testing its lows of this past summer. While we are
monitoring this closely, we intend to continue to upgrade our portfolio's gold
holdings to financially strong companies with established production profiles.
We continued to reduce the Trust's exposure to stocks in the steel, chemical and
base metals industries during the October quarter. Demand and pricing patterns
continued to erode during the quarter, especially for the steel industry. The
International Iron and Steel Institute stated that October marked the fifth
consecutive month in which world steel output declined. Trade sanctions have
been proposed in both the United States and the European Union, which further
clouds the outlook for steel producers going into 1999. Proceeds from our sales
have gone into increasing the Trust's cash reserves. The Trust's cash position
mitigated some of the declines seen in commodity sectors this year, particularly
during the broad-based declines in July and August. We continue to believe that
higher-than-normal cash positions are warranted in this uncertain economic
environment. In addition, we believe that end of the year tax-loss selling may
provide us with an opportunity to purchase selected resource stocks at
attractive valuations.
In Conclusion
The investment environment continues to be highly volatile, and we share our
investors' frustration over the negative returns generated by resource
investments. However, the current environment is also setting the stage for
improved profitability for those companies that are restructuring their
operations and lowering operating costs. To the extent that inefficient
operations are rationalized, potential returns may be significant as world
economies emerge from recessionary conditions. We will continue to focus on
stock holdings in financially strong companies and in industries that we believe
have balanced or improving capacity utilization trends. We expect this strategy
to mitigate the downside risk in the currently weak natural resource
environment, as well as provide potential upside returns when global economic
growth resumes.
We appreciate your investment in Merrill Lynch Global Resources Trust, and we
look forward to sharing our investment outlook and strategies again with you in
our upcoming report to shareholders.
Sincerely,
/s/ Arthur Zeikel
Arthur Zeikel
President
/s/ Robert M. Shearer
Robert M. Shearer
Senior Vice President and Portfolio Manager
December 4, 1998
2
<PAGE>
Merrill Lynch Global Resources Trust October 31, 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 "Recent Performance Results" and
"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.
Average Annual Total Return
% Return Without % Return With
Sales Charge Sales Charge**
================================================================================
Class A Shares*
================================================================================
Year Ended 9/30/98 -31.83% -35.41%
- --------------------------------------------------------------------------------
Five Years Ended 9/30/98 + 1.24 + 0.16
- --------------------------------------------------------------------------------
Inception (10/24/88)
through 9/30/98 + 3.55 + 2.99
- --------------------------------------------------------------------------------
* Maximum sales charge is 5.25%.
** Assuming maximum sales charge.
% Return % Return
Without CDSC With CDSC**
================================================================================
Class B Shares*
================================================================================
Year Ended 9/30/98 -32.59% -35.21%
- --------------------------------------------------------------------------------
Five Years Ended 9/30/98 + 0.19 + 0.19
- --------------------------------------------------------------------------------
Ten Years Ended 9/30/98 + 2.71 + 2.71
- --------------------------------------------------------------------------------
* 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 9/30/98 -32.32% -32.97%
- --------------------------------------------------------------------------------
Inception (10/21/94)
through 9/30/98 - 3.32 - 3.32
- --------------------------------------------------------------------------------
* 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 9/30/98 -31.99% -35.56%
- --------------------------------------------------------------------------------
Inception (10/21/94)
through 9/30/98 - 2.61 - 3.94
- --------------------------------------------------------------------------------
* Maximum sales charge is 5.25%.
** Assuming maximum sales charge.
3
<PAGE>
Merrill Lynch Global Resources Trust October 31, 1998
PERFORMANCE DATA (concluded)
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 -21.44% -1.11% +46.50%
- -----------------------------------------------------------------------------------------
ML Global Resources Trust Class B Shares -22.28 -1.41 +32.07
- -----------------------------------------------------------------------------------------
ML Global Resources Trust Class C Shares -22.00 -0.98 -10.15
- -----------------------------------------------------------------------------------------
ML Global Resources Trust Class D Shares -21.67 -1.22 - 7.55
=========================================================================================
</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 periods are
Class A & Class B Shares, for the ten years ended 10/31/98 and Class C &
Class D Shares, from 10/21/94 to 10/31/98.
PORTFOLIO INFORMATION
As of October 31, 1998
Percent of
Ten Largest Equity Holdings Net Assets
Total S.A. (Class B) ................................................ 3.9%
Placer Dome Inc. .................................................... 3.6
British Petroleum Company PLC ....................................... 3.6
Ente Nazionale Idrocarburi S.p.A.
(ENI) (ADR) ....................................................... 2.8
Elf Aquitaine S.A. (ADR) ............................................ 2.7
WMC Limited ......................................................... 2.4
Vastar Resources, Inc. .............................................. 2.1
Amoco Corporation ................................................... 2.1
Texaco Inc. ......................................................... 1.8
Getchell Gold Corp. ................................................. 1.8
Percent of
Geographic Allocation Net Assets
United States ....................................................... 40.8%
Canada .............................................................. 14.2
Australia ........................................................... 9.3
France .............................................................. 9.0
United Kingdom ...................................................... 4.7
Italy ............................................................... 2.8
Japan ............................................................... 2.1
Argentina ........................................................... 1.5
Malaysia ............................................................ 1.1
South Africa ........................................................ 0.9
Norway .............................................................. 0.9
Finland ............................................................. 0.8
Sweden .............................................................. 0.6
Mexico .............................................................. 0.6
Brazil .............................................................. 0.4
Netherlands ......................................................... 0.4
Peru ................................................................ 0.3
Equity Portfolio Changes
For the Quarter Ended October 31, 1998
Additions
Cabot Oil & Gas Corporation
Imperial Chemical Industries PLC (ADR)
Phillips Petroleum Company
Valero Energy Corporation
Weatherford International, Inc.
Zimbabwe Platinum Mines Limited
Deletions
Alumax, Inc.
BASF AG
Baytex Energy Ltd. (Class A)
British Steel PLC
Dow Chemical Co.
EVI Weatherford, Inc.
Enterprise Oil PLC
Georgia-Pacific Corp. (Timber Group)
OMV AG
P.T. Tambag Timah (GDR)
Prime Resources Group, Inc.
Rio Tinto PLC (The)
Schlumberger Ltd.
Sumitomo Metal Industries, Ltd.
Sutton Resources Ltd.
4
<PAGE>
Merrill Lynch Global Resources Trust October 31, 1998
SCHEDULE OF INVESTMENTS
<TABLE>
<CAPTION>
Percent of
Industries Shares Held Common Stocks Cost Value Net Assets
====================================================================================================================================
<S> <C> <C> <C> <C> <C>
Aluminum 14,525 Aluminum Co. of America $ 782,659 $ 1,151,106 1.3%
19,400 Pechiney, S.A. (A Shares) 782,024 666,569 0.7
------------ ----------- ------
1,564,683 1,817,675 2.0
====================================================================================================================================
Chemicals 28,000 Air Products and Chemicals, Inc. 630,826 1,057,000 1.2
19,800 duPont (E.I.) de Nemours & Company 750,694 1,138,500 1.2
29,000 Imperial Chemical Industries PLC (ADR) (a) 1,418,032 1,051,250 1.2
------------ ----------- ------
2,799,552 3,246,750 3.6
====================================================================================================================================
Diversified Companies 102,000 Asahi Glass Company, Limited 1,223,974 569,294 0.6
27,000 Ashland Inc. 1,144,672 1,299,375 1.5
378,000 North Limited 1,419,525 728,153 0.8
------------ ----------- ------
3,788,171 2,596,822 2.9
====================================================================================================================================
Gold 797,100 Acacia Resources Limited 1,280,689 1,264,687 1.4
94,500 Ashanti Goldfields Company Limited (GDR) (b) 2,346,106 800,888 0.9
122,500 Cambior Inc. 1,625,848 605,691 0.7
599,200 Delta Gold N.L. 1,054,663 976,794 1.1
92,000 Getchell Gold Corp. 3,713,827 1,610,000 1.8
344,261 Great Central Mines Limited 856,806 259,181 0.3
373,800 Miramar Mining Corporation 1,900,432 328,573 0.3
19,222 Newmont Mining Corporation 707,254 408,467 0.4
920,000 Normandy Mining Limited 1,040,108 818,566 0.9
211,000 Placer Dome Inc. 4,483,800 3,323,250 3.6
1,097,000 Resolute Limited 2,284,526 941,924 1.0
------------ ----------- ------
21,294,059 11,338,021 12.4
====================================================================================================================================
Integrated Oil Companies 15,700 Amerada Hess Corporation 873,814 867,425 1.0
34,300 Amoco Corporation 959,285 1,925,088 2.1
222,000 British Petroleum Company PLC 898,695 3,259,956 3.6
19,600 Chevron Corporation 1,624,594 1,597,400 1.8
43,100 Elf Aquitaine S.A. (ADR) (a) 1,586,637 2,499,800 2.7
42,700 Ente Nazionale Idrocarburi S.p.A. (ENI) (ADR) (a) 1,996,225 2,594,025 2.8
19,700 Mobil Corporation 1,543,651 1,491,044 1.6
119,400 Petro-Canada 1,308,150 1,522,350 1.7
19,300 Phillips Petroleum Company 886,984 834,725 0.9
27,300 Texaco Inc. 1,606,400 1,619,231 1.8
31,200 Total S.A. (Class B) 1,914,184 3,599,568 3.9
47,000 YPF S.A. (ADR) (a) 1,152,205 1,360,063 1.5
------------ ----------- ------
16,350,824 23,170,675 25.4
====================================================================================================================================
Metals & Mining 1,803,712 Centaur Mining and Exploration Limited 2,469,435 409,628 0.4
172,200 Industrias Penoles, S.A. 757,856 525,892 0.6
939,009 M.I.M. Holdings Limited 2,089,671 455,716 0.5
237,457 Minsur S.A. 597,621 298,079 0.3
196,000 Mitsubishi Materials Corporation 973,251 350,060 0.4
73,400 Noranda, Inc. 1,355,782 1,081,644 1.2
79,300 Outokumpu OYJ 1,460,162 716,827 0.8
14,300 Phelps Dodge Corp. 834,065 824,037 0.9
747,400 Savage Resources Limited 592,601 427,830 0.5
110,000 Sumitomo Metal Mining Co. 917,508 367,422 0.4
62,000 Trelleborg AB (Class B) 842,932 567,199 0.6
</TABLE>
5
<PAGE>
Merrill Lynch Global Resources Trust October 31, 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 643,400 WMC Limited $ 3,807,237 $ 2,173,356 2.4%
(concluded) 119,840 Zimbabwe Platinum Mines Limited 66,324 29,080 0.0
------------ ------------ ------
16,764,445 8,226,770 9.0
====================================================================================================================================
Oil & Gas Producers 58,700 Alberta Energy Company Ltd. 1,276,545 1,365,822 1.5
41,000 Apache Corporation 1,085,270 1,160,813 1.3
21,197 Burlington Resources Inc. 526,291 873,051 1.0
57,000 Cabot Oil & Gas Corporation 894,801 969,000 1.1
54,900 Chieftain International, Inc. 1,232,560 1,077,413 1.2
36,500 Devon Energy Corporation 1,209,569 1,236,438 1.3
141,600 EEX Corporation 1,366,261 548,700 0.6
83,400 Enron Oil & Gas Company 1,712,551 1,391,738 1.5
180,900 Gulf Canada Resources Limited (Ordinary) 1,424,588 678,375 0.7
78,000 Northrock Resources Ltd. 639,975 811,660 0.9
75,400 Oryx Energy Company 1,295,814 1,055,600 1.2
90,100 Renaissance Energy Ltd. 1,534,512 1,208,360 1.3
64,300 Synder Oil Corporation 1,331,570 1,024,781 1.1
37,200 Unocal Corporation 1,316,944 1,262,475 1.4
34,000 Valero Energy Corporation 683,726 850,000 0.9
40,800 Vastar Resources, Inc. 1,720,948 1,950,750 2.1
------------ ------------ ------
19,251,925 17,464,976 19.1
====================================================================================================================================
Oil Services 29,200 Coflexip S.A. (ADR) (a) 610,458 1,401,600 1.5
51,800 McDermott International, Inc. 1,932,635 1,518,388 1.7
42,500 Noble Drilling Corporation 1,347,118 730,469 0.8
44,600 Stolt Comex Seaway, S.A. 1,101,028 557,500 0.6
22,300 Stolt Comex Seaway, S.A. (ADR) (a) 273,434 228,575 0.3
70,300 TransCoastal Marine Services, Inc. 1,289,935 316,350 0.3
32,200 Transocean Offshore Inc. 1,020,228 1,189,388 1.3
32,925 Weatherford International, Inc. 1,421,475 895,148 1.0
------------ ------------ ------
8,996,311 6,837,418 7.5
====================================================================================================================================
Paper & Pulp 45,666 Aracruz Celulose S.A. (ADR) (a) 365,755 382,453 0.4
23,900 Bowater Incorporated 1,094,682 975,419 1.1
23,000 Champion International Corporation 1,196,585 734,563 0.8
213,296 Slocan Forest Products Ltd. 1,926,964 386,006 0.4
63,500 Stone Container Corporation 785,423 607,219 0.7
------------ ------------ ------
5,369,409 3,085,660 3.4
====================================================================================================================================
Petroleum Refining 38,400 Sun Company, Inc. 1,067,529 1,317,600 1.4
29,300 Ultramar Diamond Shamrock Corporation 698,163 789,269 0.9
------------ ------------ ------
1,765,692 2,106,869 2.3
====================================================================================================================================
Plantations 717,000 Golden Hope Plantations BHD 1,325,785 393,736 0.4
578,000 Kuala Lumpur Kepong BHD 790,865 607,565 0.7
------------ ------------ ------
2,116,650 1,001,301 1.1
====================================================================================================================================
Steel 12,400 Koninklijke Hoogovens N.V. 545,807 375,858 0.4
341,000 Nippon Steel Corporation 1,163,723 594,393 0.7
------------ ------------ ------
1,709,530 970,251 1.1
====================================================================================================================================
Wood Products 146,100 Riverside Forest Products Limited 2,401,223 542,965 0.6
====================================================================================================================================
Total Common Stocks 104,172,474 82,406,153 90.4
====================================================================================================================================
</TABLE>
6
<PAGE>
Merrill Lynch Global Resources Trust October 31, 1998
SCHEDULE OF INVESTMENTS (concluded)
<TABLE>
<CAPTION>
Face Percent of
Amount Short-Term Securities Cost Value Net Assets
====================================================================================================================================
<S> <C> <C> <C> <C> <C>
Repurchase $ 3,179,000 HSBC Holdings, purchased on 10/30/1998 to
Agreement* yield 5.40% to 11/02/1998 $ 3,179,000 $ 3,179,000 3.5%
====================================================================================================================================
US Government 5,500,000 US Treasury Bill, 3.52% due 11/12/1998 5,493,009 5,493,009 6.0
Obligations**
====================================================================================================================================
Total Short-Term Securities 8,672,009 8,672,009 9.5
====================================================================================================================================
Total Investments $112,844,483 91,078,162 99.9
============
Other Assets Less Liabilities 134,421 0.1
------------ ------
Net Assets $ 91,212,583 100.0%
============ ======
====================================================================================================================================
Net Asset Value: Class A--Based on net assets of $8,370,454 and 668,261 shares
of beneficial interest outstanding $ 12.53
============
Class B--Based on net assets of $25,453,453 and 2,018,273 shares
of beneficial interest outstanding $ 12.61
============
Class C--Based on net assets of $1,434,272 and 114,765 shares
of beneficial interest outstanding $ 12.50
============
Class D--Based on net assets of $55,954,404 and 4,465,141 shares
of beneficial interest outstanding $ 12.53
============
====================================================================================================================================
</TABLE>
(a) American Depositary Receipts (ADR).
(b) Global Depositary Receipts (GDR).
* Repurchase Agreements are fully collateralized by US Government & Agency
Obligations.
** US Government Obligations are traded on a discount basis; the interest
rates shown reflect the discount rates paid at the time of purchase by the
Trust.
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
Robert M. Shearer, Senior Vice President
and Portfolio Manager
Donald C. Burke, Vice President
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
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--10/98
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