MERRILL LYNCH
GLOBAL
RESOURCES
TRUST
[GRAPHIC OMITTED]
STRATEGIC
Performance
Quarterly Report
April 30, 1999
<PAGE>
MERRIL LYNCH GLOBAL RESOURCES TRUST
DEAR SHAREHOLDER
During the three-month period ended April 30, 1999, the performance of Merrill
Lynch Global Resources Trust rose sharply. Resource stocks enjoyed strong
recoveries from the lows reached following the recessions in Asian as well as
other emerging markets. Virtually all commodity groups recorded double-digit
gains during the three-month period, with only the gold sector significantly
lagging the strong rebound in other resource groups.
For the April quarter, Merrill Lynch Global Resources Trust's Class A, Class B,
Class C and Class D Shares had total returns of +29.23%, +28.92%, +28.95% and
+29.12%, respectively. For the three months ended April 30, 1999, the Trust's
Class B Shares performed in line with the return of the unmanaged Morgan Stanley
Capital International Natural Resources Index, and on a trailing 12-month basis
ended May 31, 1999, Class B Shares exceeded Lipper Analytical Services' Natural
Resources Fund average by 6.2 percentage points. (Fund results do not reflect
sales charges, and would be lower if sales charges were included. Complete
performance infor mation can be found on pages 3 and 4 of this report to
shareholders.)
The recovery in resource stocks confirmed our belief that stock prices had
discounted the problems facing the sector. We continue to believe that resource
investments offer the potential for good returns over the coming year. This is
particularly true in select energy and paper/forest product investments where
our focus on favorable capacity utilization trends supports our outlook for
positive pricing conditions.
Energy Investment Rebound
Our increased exposure to energy investments, particularly North American
natural gas producers and oil service stocks, helped drive Trust performance.
During the April quarter, eight of our top ten performing holdings were energy
stocks that recorded gains ranging between *1 46% and 91%. However, some of our
energy sector gains were offset by our relatively modest exposure to refining
stocks, which declined in response to poor refining margins. In addition, our
investments in Mobil Corporation, ENI SpA, Petro-Canada and Amerada Hess
Corporation all delivered below-average results compared to the group. We expect
that Mobil Corporation and Exxon Corporation shares may continue to tread water
as Federal Trade Commission issues regarding their proposed merger are
addressed. Continuing reviews by the Federal Trade Commission have resulted in a
delay in the merger timetable, deferring the commencement of cost cutting
efforts.
Given the appreciation of many of our large-capitalization holdings, we are
taking profits and reinvesting the proceeds in smaller-capitalization companies,
which we believe offer greater upside potential. In addition, we continue to add
to our holdings in independent oil companies with exposure to natural gas. We
believe that the combination of declining domestic gas pro duction rates and a
dramatic decline in the drilling of gas wells could result in substantially
higher gas prices over the coming six months-nine months. The gas storage
surplus has declined, with gas in storage now only 71 billion cubic feet above
year-ago levels, as compared to 329 billion cubic feet at the end of March 1999.
The declines in gas production from the Gulf of Mexico and other regions could
result in shortages in the upcoming heating season if more normal winter weather
were to prevail in North America.
Continued Opportunities in Paper/Forest Products
We have dramatically increased the Fund's holdings of paper and forest product
stocks. We are emphasizing companies with manufacturing exposure to
containerboard. These manufacturers have been at the forefront of capacity
rationalization, and several major participants have consolidated over the past
year. Several price increases have been announced as global inventories have
declined. Relative valuations in the paper industry remain attractive;
therefore, we intend to continue to focus on opportunities in this area.
Metals/Mining Outlook Dim
We are less optimistic about the near-term outlook for gains in the metals and
mining sector. New production from long lead-time projects continues to offset
marginal mine closures. In addition, we have received mixed reports from company
management regarding the underlying tone of business conditions. For this reason
we have scaled back our metals holdings or
1
<PAGE>
Merril Lynch Global Resources Trust April 30, 1999
have replaced old holdings with companies that we believe offer better
valuations. Examples of such additions to the portfolio include LTV Corp. and
Freeport-McMoRan Copper & Gold, Inc.
Gold stocks have continued to hurt the Trust's performance, with many of our
gold stocks declining during the three months ended April 30, 1999. We have cut
our gold holdings by more than half over the past year, but maintained a
representation in the gold sector, since we believed that rapid money supply
growth in 1998 could spark inflation should emerging markets recover. Comments
by Federal Reserve Board Chairman Alan Greenspan regarding potential
inflationary pressures sent gold stocks soaring in a two-day rally in early May.
This recovery collapsed on the news that Great Britain would embark on a plan to
sell 50% of its gold reserves. Despite nearly two years of economic and
political turbulence, the price of gold has not appreciated. Subsequent to the
close of the April quarter, we continued to sell selected gold holdings since
there appeared to be no catalyst for the metal's recovery.
In Conclusion
Over the past three months the strong appreciation in the resource sector,
particularly our energy holdings, has helped to recoup some of the losses
suffered by the Trust since the start of the emerging markets financial crisis.
While the recovery has been strong, we expect results to be volatile during the
remainder of *2 1999. Therefore, we have taken advantage of the recent commodity
price gains to reduce our exposure to cyclically exposed companies in Japan,
where we remain concerned that adequate steps have been taken to restructure the
economy. In addition, we remain concerned about lackluster recoveries in Europe.
We had reduced our exposure to cyclical industries in this area; however, we
maintained significant investments in European integrated oil and gas companies
where we expect cost cutting and consolidation to continue to deliver positive
operating results.
We continue to believe that resource-related investments have the potential to
generate positive absolute and relative returns, particularly if emerging
markets in Asia and Latin America maintain their recent recoveries. However, we
are increasingly confident in the investment outlook for our holdings in natural
gas and select paper stocks, where our focus on positive capacity utilization
trends appears intact. The investments we have made in companies subject to
improving supply and demand conditions have generated both strong relative and
absolute returns. With the process of restructuring the Trust nearly complete,
we expect to continue to deliver positive and competitive returns from our
investments in the resources sector.
We appreciate your investment in Merrill Lynch Global Resources Trust, and we
look forward to sharing our investment outlook strategies with you in our
upcoming annual report to shareholders.
Sincerely,
/s/ Terry K. Glenn
Terry K. Glenn
President and Trustee
/s/ Robert M. Shearer
Robert M. Shearer
Senior Vice President and Portfolio Manager
June 10, 1999
================================================================================
After more than 20 years of service, Arthur Zeikel recently retired as Chairman
of Merrill Lynch Asset Management, L.P. (MLAM). Mr. Zeikel served as President
of MLAM from 1977 to 1997 and as Chairman since December 1997. Mr. Zeikel is one
of the country's most respected leaders in asset management and presided over
the growth of Merrill Lynch's asset management business. During his tenure,
client assets under management grew from $300 million to over $500 billion. Mr.
Zeikel will remain on Merrill Lynch Global Resources Trust's Board of Trustees.
We are pleased to announce that Terry K. Glenn has been elected President and
Trustee of the Fund. Mr. Glenn has held the position of Executive Vice President
of MLAM since 1983.
Mr. Zeikel's colleagues at MLAM join the Fund's Board of Trustees in wishing him
well in his retirement from Merrill Lynch and are pleased that he will continue
as a member of the Fund's Board of Trustees.
================================================================================
2
<PAGE>
Merrill Lynch Global Resources Trust April 30, 1999
PERFORMANCE DATA
About Fund Performance
Investors are able to purchase shares of the Trust through the Merrill
Lynch Select PricingSM 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 distri-bution 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 automati cally convert to Class D Shares after
approximately 8 years. (There is no initial sales charge for automatic *3
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 distri bu tions 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 appli cable to each class,
which are deducted from the income available to be paid to shareholders.
Average Annual Total Return
% Return Without % Return With
Sales Charge Sales Charge**
==============================================================================
Class A Shares*
==============================================================================
Year Ended 3/31/99 -15.99% -20.40%
------------------------------------------------------------------------------
Five Years Ended 3/31/99 + 0.39 - 0.69
------------------------------------------------------------------------------
Ten Years Ended 3/31/99 + 3.51 + 2.95
------------------------------------------------------------------------------
* Maximum sales charge is 5.25%.
**Assuming maximum sales charge.
% Return % Return
Without CDSC With CDSC**
==============================================================================
Class B Shares*
==============================================================================
Year Ended 3/31/99 -16.85% -20.18%
------------------------------------------------------------------------------
Five Years Ended 3/31/99 - 0.65 - 0.65
------------------------------------------------------------------------------
Ten Years Ended 3/31/99 + 2.44 + 2.44
------------------------------------------------------------------------------
* 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 3/31/99 -16.83% -17.66%
------------------------------------------------------------------------------
Inception (10/21/94)
through 3/31/99 - 2.17 - 2.17
------------------------------------------------------------------------------
* 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 3/31/99 -16.21% -20.61%
------------------------------------------------------------------------------
Inception (10/21/94)
through 3/31/99 - 1.38 - 2.58
------------------------------------------------------------------------------
* Maximum sales charge is 5.25%.
**Assuming maximum sales charge.
3
<PAGE>
Merrill Lynch Global Resources Trust April 30, 1999
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 -4.29% +29.23% +62.43%
- ----------------------------------------------------------------------------------------------
ML Global Resources Trust Class B Shares -5.27 +28.92 +46.51
- ----------------------------------------------------------------------------------------------
ML Global Resources Trust Class C Shares -5.22 +28.95 + 7.24
- ----------------------------------------------------------------------------------------------
ML Global Resources Trust Class D Shares -4.50 +29.12 +11.15
==============================================================================================
</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/since inception periods are Class A & Class B Shares, for the
ten years ended 4/30/99 and Class C & Class D Shares, from 10/21/94 to 4/30/99.
PORTFOLIO INFORMATION
As of April 30, 1999
Percent of
Ten Largest Equity Holdings Net Assets
Placer Dome Inc. ...................................... 3.3%
Total SA `B' .......................................... 3.2
Chevron Corporation ................................... 3.1
Elf Aquitaine SA (ADR) ................................ 2.8
Texaco Inc. ........................................... 2.6
ENI SpA (ADR) ......................................... 2.4
Smurfit-Stone Container Corporation ................... 2.4
Canadian Hunter Exploration Ltd. ...................... 2.3
Vastar Resources, Inc. ................................ 2.2
Devon Energy Corporation .............................. 2.0
Percent of
Geographic Allocation Net Assets
United States ......................................... 50.8%
Canada ................................................ 21.1
France ................................................ 7.3
Australia ............................................. 6.5
Italy ................................................. 2.4
United Kingdom ........................................ 2.4
Japan ................................................. 2.0
Malaysia .............................................. 1.6
Argentina ............................................. 1.3
Ireland ............................................... 1.0
Brazil ................................................ 1.0
Finland ............................................... 1.0
Ghana ................................................. 0.9
Norway ................................................ 0.9
Peru .................................................. 0.5
Mexico ................................................ 0.3
Equity Portfolio Changes for the Quarter
Ended April 30, 1999
Additions
Abitibi-Consolidated Inc.
Barrett Resources Corporation
CONSOL Energy Inc.
* Consolidated Papers Inc.
Freeport-McMoRan Copper & Gold, Inc. (Class B)
Jefferson Smurfit Group PLC
Kerr-McGee Corporation
LTV Corp.
Meridian Resource Corporation
St. Laurent Paperboard Inc.
Tembec Inc. `A'
Union Pacific Resources Group Inc.
Westvaco Corporation
Deletions
* Consolidated Papers Inc.
du Pont (E.I.) de Nemours and Company
Gulf Canada Resources Limited (Ordinary)
Koninklijke Hoogovens N.V. `A'
Miramar Mining Corporation
Nippon Steel Corporation
Oryx Energy Company
Pechiney, S.A. `A'
Snyder Oil Corporation
TransCoastal Marine Services, Inc.
Trelleborg AB `B'
* Added and deleted in the same quarter.
4
<PAGE>
Merrill Lynch Global Resources Trust April 30, 1999
SCHEDULE OF INVESTMENTS
<TABLE>
<CAPTION>
Shares Percent of
Industries Held Common Stocks Cost Value Net Assets
==================================================================================================================
<S> <C> <C> <C> <C> <C>
Aluminum 16,450 Alcoa Inc. $ 448,811 $ 1,024,012 1.1%
==================================================================================================================
Canadian 58,700 Alberta Energy Company Ltd. 1,276,545 1,733,585 1.9
Independents 187,550 Canadian Hunter Exploration Ltd. 1,303,460 2,067,430 2.3
78,000 Northrock Resources Ltd. 639,975 776,786 0.9
63,100 Rio Alto Exploration Ltd. 595,909 953,434 1.1
---------- --------- ---
3,815,889 5,531,235 6.2
==================================================================================================================
Chemicals 28,000 Air Products and Chemicals, Inc. 630,826 1,316,000 1.4
40,000 IMC Global Inc. 754,833 1,000,000 1.1
29,000 Imperial Chemical Industries PLC
(ADR) (a) 1,418,032 1,248,813 1.4
---------- --------- ---
2,803,691 3,564,813 3.9
==================================================================================================================
Coal 46,300 CONSOL Energy Inc. 678,522 659,775 0.7
==================================================================================================================
Diversified 102,000 Asahi Glass Company, Limited 1,223,974 781,786 0.9
Companies 27,000 Ashland Inc. 1,144,672 1,140,750 1.2
56,700 Freeport-McMoRan Copper & Gold, Inc.
(Class B) 831,439 868,219 1.0
---------- --------- ---
3,200,085 2,790,755 3.1
==================================================================================================================
Gold 797,100 Acacia Resources Limited 1,280,689 1,108,798 1.2
94,500 Ashanti Goldfields Company Ltd.
(GDR) (b) 2,346,106 852,863 0.9
122,500 Cambior Inc. 1,625,848 496,394 0.5
599,200 Delta Gold NL 1,054,663 932,739 1.0
19,222 Newmont Mining Corporation 707,254 462,529 0.5
920,000 Normandy Mining Limited 1,040,108 798,324 0.9
211,000 Placer Dome Inc. 4,483,800 2,980,375 3.3
432,600 Resolute Limited 883,191 326,672 0.4
---------- --------- ---
13,421,659 7,958,694 8.7
==================================================================================================================
Integrated Oil 18,200 Amerada Hess Corporation 993,871 1,037,400 1.1
Companies 37,000 BP Amoco PLC 149,783 702,330 0.8
1,520 BP Amoco PLC (ADR) (a) 64,250 172,045 0.2
28,200 Chevron Corporation 2,389,017 2,812,950 3.1
34,000 ENI SpA (ADR) (a) 1,589,500 2,222,750 2.4
32,600 Elf Aquitaine SA (ADR) (a) 1,203,340 2,546,875 2.8
10,500 Exxon Corporation 749,268 872,156 0.9
14,500 Mobil Corporation 1,143,282 1,518,875 1.7
68,700 Petro-Canada 760,965 944,625 1.0
28,300 Phillips Petroleum Company 1,271,149 1,432,687 1.6
38,300 Texaco Inc. 2,177,183 2,403,325 2.6
20,900 Total SA `B' 1,277,137 2,866,825 3.2
46,900 USX-Marathon Group 1,395,976 1,465,625 1.6
27,200 YPF, SA (ADR) (a) 666,808 1,142,400 1.3
---------- --------- ---
15,831,529 22,140,86 24.3
==================================================================================================================
Metals & Mining 1,803,712 Centaur Mining and Exploration Limited 2,469,435 388,303 0.4
77,400 Industrias Penoles SA 329,257 261,911 0.3
1,174,009 M.I.M. Holdings Limited 2,221,742 692,121 0.8
237,457 Minsur SA 597,621 470,642 0.5
196,000 Mitsubishi Materials Corporation 973,251 471,715 0.5
82,000 Noranda, Inc. 1,052,756 1,098,214 1.2
79,300 Outokumpu Oyj 1,460,162 910,653 1.0
7,300 Phelps Dodge Corporation 425,781 461,725 0.5
450 Stillwater Mining Company 10,105 12,741 0.0
</TABLE>
5
<PAGE>
Merrill Lynch Global Resources Trust April 30, 1999
SCHEDULE OF INVESTMENTS (continued)
<TABLE>
<CAPTION>
Shares Percent of
Industries Held Common Stocks Cost Value Net Assets
==================================================================================================================
<S> <C> <C> <C> <C> <C>
Metals & Mining 110,000 Sumitomo Metal Mining Co. $ 917,508 $ 499,958 0.6%
(concluded) 382,000 WMC Limited 2,282,151 1,652,330 1.8
119,840 Zimbabwe Platinum Mines Limited 66,324 28,578 0.0
---------- ---------- ----
12,806,093 6,948,891 7.6
==================================================================================================================
Oil & Gas Producers 31,500 Anadarko Petroleum Corporation 843,498 195,031 1.3
45,600 Apache Corporation 1,229,112 1,399,350 1.5
23,600 Barrett Resources Corporation 378,289 716,850 0.8
31,797 Burlington Resources Inc. 937,202 1,464,649 1.6
80,300 Cabot Oil & Gas Corporation (Class A) 1,246,175 1,405,250 1.5
54,900 Chieftain International, Inc. 1,232,560 991,631 1.1
55,900 Devon Energy Corporation 1,695,233 1,858,675 2.0
83,400 Enron Oil & Gas Company 1,712,551 1,584,600 1.7
39,722 Kerr-McGee Corporation 1,756,139 1,683,220 1.9
61,000 Meridian Resource Corporation 370,508 354,563 0.4
76,400 Union Pacific Resources Group Inc. 820,414 1,069,600 1.2
42,700 Unocal Corporation 1,489,462 1,774,719 2.0
36,500 Vastar Resources, Inc. 1,540,627 2,002,938 2.2
---------- ---------- ----
15,251,770 17,501,076 19.2
==================================================================================================================
Oil Services 25,400 Coflexip SA (ADR) (a) 528,758 1,123,950 1.3
26,100 McDermott International, Inc. 912,733 756,900 0.8
31,900 Noble Drilling Corporation 1,004,686 626,037 0.7
44,600 Stolt Comex Seaway, SA 1,101,028 557,500 0.6
22,300 Stolt Comex Seaway, SA (ADR) (a) 273,434 242,513 0.3
18,200 Transocean Offshore Inc. 585,579 540,313 0.6
32,925 Weatherford International, Inc. 1,421,475 1,115,334 1.2
---------- ---------- ----
5,827,693 4,962,547 5.5
==================================================================================================================
Paper & Pulp 111,000 Abitibi-Consolidated Inc. 1,166,655 1,307,452 1.4
45,666 Aracruz Celulose SA(ADR) (a) 365,755 913,320 1.0
23,900 Bowater Incorporated 1,094,682 1,281,637 1.4
23,000 Champion International Corporation 1,196,585 1,257,812 1.4
349,600 Jefferson Smurfit Group PLC 918,005 948,412 1.0
204,502 Nexfor Inc. 909,484 1,046,387 1.2
213,296 Slocan Forest Products Ltd. 1,926,964 1,025,462 1.1
130,200 St. Laurent Paperboard Inc. 1,068,014 1,408,413 1.6
93,865 Smurfit-Stone Container Corporation 1,180,672 2,182,361 2.4
136,400 Tembec Inc. `A' 882,330 993,022 1.1
29,900 Westvaco Corporation 823,332 893,263 1.0
---------- ---------- ----
11,532,478 13,257,541 14.6
==================================================================================================================
Plantations 717,000 Golden Hope Plantations BHD 1,325,785 615,111 0.7
578,000 Kuala Lumpur Kepong BHD 790,865 806,158 0.9
---------- ---------- ----
2,116,650 1,421,269 1.6
==================================================================================================================
Refining 35,300 Sunoco, Inc. 984,729 1,261,975 1.4
29,300 Ultramar Diamond Shamrock Corporation 698,163 675,731 0.7
---------- ---------- ----
1,682,892 1,937,706 2.1
==================================================================================================================
Steel 140,700 LTV Corp. 808,838 896,962 1.0
==================================================================================================================
Wood Products 146,100 Riverside Forest Products Limited 2,401,223 1,254,293 1.4
==================================================================================================================
Total Common Stocks 92,627,823 91,850,437 101.0
==================================================================================================================
</TABLE>
6
<PAGE>
Merrill Lynch Global Resources Trust April 30, 1999
SCHEDULE OF INVESTMENTS (concluded)
<TABLE>
<CAPTION>
Face Percent of
Amount Short-Term Securities Cost Value Net Assets
===================================================================================================================
<S> <C> <C> <C> <C> <C>
Repurchase $ 709,000 Warburg Dillon Read LLC, purchased on
Agreements* 4/30/1999 to yield 4.88% to 5/03/1999 $ 709,000 $ 709,000 0.8%
===================================================================================================================
Total Short-Term Securities 709,000 709,000 0.8
===================================================================================================================
Total Investments $ 93,336,823 92,559,437 101.8
============
Liabilities in Excess of Other Assets (1,663,715) (1.8)
------------ -----
Net Assets $ 90,895,722 100.0%
============ =====
===================================================================================================================
Net Asset Value: Class A--Based on net assets of $8,820,550 and 586,898 shares
of beneficial interest outstanding $ 15.03
============
Class B--Based on net assets of $22,655,351 and 1,499,662 shares
of beneficial interest outstanding $ 15.11
============
Class C--Based on net assets of $2,108,316 and 141,327 shares
of beneficial interest outstanding $ 14.92
============
Class D--Based on net assets of $57,311,505 and 3,812,167 shares
of beneficial interest outstanding $ 15.03
============
==================================================================================================================
</TABLE>
(a) American Depositary Receipts (ADR).
(b) Global Depositary Receipts (GDR).
* Repurchase Agreements are fully collateralized by US Government & Agency
Obligations.
7
<PAGE>
Officers and Trustees
Terry K. Glenn, 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
Arthur Zeikel, Trustee
Robert M. Shearer, Senior Vice President and
Portfolio Manager
Donald C. Burke, Vice President and
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--4/99
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