MERRILL LYNCH
GLOBAL BOND
FUND
For Investment and
Retirement
FUND LOGO
Quarterly Report
September 30, 1996
This report is not authorized for use as an offer of sale or a
solicitation of an offer to buy shares of the Fund unless
accompanied or preceded by the Fund'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 Bond Fund
For Investment
And Retirement
Box 9011
Princeton, NJ
08543-9011
Printed on post-consumer recycled paper
Merrill Lynch Global Bond Fund for Investment and Retirement
PORTFOLIO INFORMATION
Type of Issues*
As of September 30, 1996
Bar graph depicting Type of Issues* as a percentage of net assets as
of September 30, 1996
<PAGE>
US Government Obligations 3.40%
Financial Services 20.17%
Commercial Paper 5.43%
Soverereign Government Obligations 71.97%
Beverages 1.03%
Geographical Diversification*
As of September 30, 1996
Pie graph depicting Geographical Diversification* as a percentage of
net assets as of September 30, 1996
Germany 4.45%
France 8.20%
Japan 4.05%
Denmark 9.65%
United States 8.83%
Sweden 13.76%
Ireland 4.47%
Canada 9.61%
New Zealand 2.75%
European Currency Units 5.01%
Australia 4.83%
United Kingdom 5.18%
Spain 7.60%
Italy 13.61%
Maturity of Investments*
As of September 30, 1996
Bar graph depicting Maturity of Investments* as a percentage of
net assets as of September 30, 1996
5 yrs-10 yrs 53%
10 yrs + 25%
0-6 months 7%
6 months--5 yrs 17%
[FN]
*Percent of net assets may not equal 100%.
DEAR SHAREHOLDER
<PAGE>
Until the US economy slows, this year's principal trends will
continue--flat performance by US Treasury securities and stronger
performances by European bond markets. We expect that in Europe
convergence trends will remain intact and short-term interest rates
will still be subject to downward pressure. Currently, there are no
signs of a significant slowdown in US economic activity and the
greater risk is that inflationary pressures are building, in our
opinion. The greatest threat to the US Treasury market is the trend
in wage growth. In recent years, the relationship between falling
unemployment and rising wage growth appeared to be breaking down.
Now, with wage growth at 3.6%, well above its 1995 trough of 2%, low
unemployment appears to be having an impact. Although raw material
prices remain stable, oil prices are of some concern. The
combination of faster wage growth and strong demand is likely to
push consumer price inflation higher in the months ahead. Only
slower employment growth can reverse that trend and that is unlikely
to materialize until there is a tightening in monetary policy.
In contrast, inflationary pressures in Europe are almost totally non-
existent. Labor markets continue to be reformed, unemployment is
still trending higher, while a combination of austere fiscal policy
in preparation for European Monetary Union (EMU) and overvalued
currencies constrain economic activity. Bond yields are falling
relative to the United States but the principal prop to next year's
economic prospects is the hope that the US dollar will remain
robust. Bundesbank policy appears largely to be directed in this
direction. Germany's surprise cut of 30 basis points (0.30%) on the
repurchasing rate is only the first step in the move to much lower
short-term interest rates throughout Europe.
Getting the US dollar to rise has not been easy, given the combined
size of the current US account deficit and outflow of capital by US
investors. To attract a corresponding inflow requires a combination
of an inexpensive dollar and an attractive yield pick-up on US
assets. Therefore, both Bundesbank and Bank of Japan (BOJ) policies
are constrained to keeping short-term interest rates low enough to
allow long-term yields to remain well below US Treasury yields. This
means that any fall in US yields and any tendency for these yield
spreads to narrow will undermine the US dollar and prolong the
period of easy money elsewhere. Given the Bundesbank monetary policy
easing and a gradually rising US dollar, convergence will remain a
feature of European markets.
Although meeting Maastricht criteria is proving difficult for many
countries, the political will to move toward EMU is strong enough to
overcome this hurdle. However, successful progress toward EMU is
dependent on the European currency bloc not strengthening.
Therefore, the Spanish and Italian authorities remain hopeful that
they will be part of the first group of EMU participants. The
exception to this general rule is the UK gilt market. Not only is
the pound sterling's return to the Exchange Rate Mechanism unlikely,
but in sharp contrast to the rest of Europe, strong domestic demand
is causing a rise in inflation. One measure of retail prices, which
excludes both mortgage interest payments and seasonal food prices,
reached a 30-year high in September. Unlike the rest of Europe, the
UK yield curve is likely to steepen as the temptation to cut
interest rates remains.
<PAGE>
In Japan, the second-quarter gross domestic product report showed a
consolidation in growth after the overstatement seen in the first
quarter. The Ministry of Finance is likely to wait longer before
raising short-term interest rates. While a move by the US Federal
Reserve Board could permit the BOJ to follow suit, there are still
sufficient uncertainties about the strength of industrial
production and private investment over the next three months--six
months to suggest they will not move until late in the year, after
elections which were called earlier then planned. Post-election,
probably after the November Tankan report is released, we expect the
BOJ to start nudging short-term interest rates higher. The BOJ will
probably argue that since data indicated that the economic recovery
is on firmer ground, it is appropriate to tilt the monetary policy
lever from "loose" to "neutral."
Current Portfolio Composition
We continued to overweight Merrill Lynch Global Bond Fund for
Investment and Retirement in the European high-yield markets. This
positioning along with a significant underexposure to the Japanese
market contributed greatly to the outperformance of the Fund versus
the unmanaged JP Morgan Global Government Index both over the past
months, year-to-date and trailing 12 months. At September 30, 1996,
European high-yield markets reflected 36% of the portfolio while
Japan comprised only 4%.
In late September, we also pared back the Fund's significant
overexposure to the New Zealand and Australian bond markets. Spreads
had tightened against the United States to the narrowest point in
three years. There may be basis for us to reinvest in Australia as
the inflation rate remains stable and the central bank is biased
toward lower short-term interest rates. In New Zealand there are
also rising political concerns, with elections expected to produce a
coalition government. We believe the strong sense of fiscal
responsibility embraced by the New Zealand central bank is going to
be tested, therefore we became more defensive. Canada was the
beneficiary of the proceeds. A strengthening Canadian currency along
with a central bank policy of reducing short-term interest rates
gave us the confidence to begin building long-term positions.
Investment Outlook
With EMU expected to take place in some form by 1999, a further
narrowing of these spreads should take place in Europe. We believe
there will be periods when certain markets will outperform. For
example, the Italian government suggested tax changes which would
benefit offshore investors in the domestic Italian market. However,
we expect the convergence theme to continue. The Fund will maintain
its overweight exposure to the high-yielding markets. The United
Kingdom citizens will also vote in the fall. With its strong anti-
EMU position the gilt market is expected to underperform as long as
convergence takes place. If there were a perceptual change in
investors' belief that EMU would take place, the gilt market would
become the beneficiary of huge inflows compared to other European
markets. Currently, we do not believe this will happen. In Japan, as
outlined above, not until early 1997 will the market be attractive.
Within the dollar-bloc economies, Canada and Australia are favored
over the United States.
<PAGE>
In Conclusion
We thank you for your continued investment in Merrill Lynch Global
Bond Fund for Investment and Retirement, 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
(Sean J. Casey)
Sean J. Casey
Vice President and Portfolio Manager
October 22, 1996
PERFORMANCE DATA
About Fund Performance
Investors are able to purchase shares of the Fund 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 4% and bear no ongoing distribution or account maintenance
fees. Class A Shares are available only to eligible investors.
<PAGE>
* 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 0.50% and an account
maintenance fee of 0.25%. These shares automatically convert to
Class D Shares after 10 years. (There is no initial sales charge for
automatic share conversions.)
* Class C Shares are subject to a distribution fee of 0.55% 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 4% 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
9/30/96 6/30/96 9/30/95 % Change % Change
<S> <C> <C> <C> <C> <C>
Class A Shares* $9.35 $9.14 $9.19 +1.74% +2.30%
Class B Shares* 9.35 9.14 9.20 +1.63 +2.30
Class C Shares* 9.35 9.14 9.19 +1.74 +2.30
Class D Shares* 9.35 9.14 9.20 +1.63 +2.30
Class A Shares--Total Return* +8.19(1) +3.80(2)
Class B Shares--Total Return* +7.25(3) +3.60(4)
Class C Shares--Total Return* +7.27(5) +3.58(6)
Class D Shares--Total Return* +7.81(7) +3.74(8)
Class A Shares--Standardized 30-day Yield 5.35%
Class B Shares--Standardized 30-day Yield 4.79%
Class C Shares--Standardized 30-day Yield 4.71%
Class D Shares--Standardized 30-day Yield 5.27%
<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 $0.572 per share ordinary
income dividends.
(2)Percent change includes reinvestment of $0.132 per share ordinary
income dividends.
(3)Percent change includes reinvestment of $0.500 per share ordinary
income dividends.
(4)Percent change includes reinvestment of $0.114 per share ordinary
income dividends.
(5)Percent change includes reinvestment of $0.492 per share ordinary
income dividends.
(6)Percent change includes reinvestment of $0.112 per share ordinary
income dividends.
(7)Percent change includes reinvestment of $0.549 per share ordinary
income dividends.
(8)Percent change includes reinvestment of $0.126 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**
<S> <C> <C> <C> <C> <C>
10/25/88--12/31/88 $10.22 $10.24 -- $0.251 + 2.66%
1989 10.24 9.77 -- 1.131 + 7.27
1990 9.77 9.93 -- 1.266 +15.64
1991 9.93 10.38 -- 1.045 +16.00
1992 10.38 9.79 $0.096 1.276 + 7.83
1993 9.79 10.03 0.020 0.998 +13.21
1994 10.03 8.96 -- 0.546 - 5.29
1995 8.96 9.54 -- 0.585 +13.39
1/1/96--9/30/96 9.54 9.35 -- 0.403 + 2.54
------ ------
Total $0.116 Total $7.501
Cumulative total return as of 9/30/96: +98.59%**
<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 payable 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**
<S> <C> <C> <C> <C> <C>
8/29/86--12/31/86 $10.00 $10.16 -- $0.194 + 3.93%
1987 10.16 10.68 $0.382 1.303 +22.82
1988 10.68 10.24 -- 0.817 + 3.82
1989 10.24 9.77 -- 1.057 + 6.45
1990 9.77 9.93 -- 1.191 +14.76
1991 9.93 10.39 -- 0.969 +15.23
1992 10.39 9.79 0.096 1.197 + 6.91
1993 9.79 10.03 0.020 0.921 +12.36
1994 10.03 8.96 -- 0.475 - 6.01
1995 8.96 9.54 -- 0.514 +12.52
1/1/96--9/30/96 9.54 9.35 -- 0.351 + 1.95
------ ------
Total $0.498 Total $8.989
Cumulative total return as of 9/30/96: +141.60%**
<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 payable 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**
<S> <C> <C> <C> <C> <C>
10/21/94--12/31/94 $9.21 $8.96 -- $0.091 - 1.73%
1995 8.96 9.54 -- 0.507 +12.44
1/1/96--9/30/96 9.54 9.35 -- 0.345 + 1.89
------
Total $0.943
Cumulative total return as of 9/30/96: +12.58%**
<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 payable 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**
<S> <C> <C> <C> <C> <C>
10/21/94--12/31/94 $9.21 $8.96 -- $0.101 - 1.62%
1995 8.96 9.54 -- 0.562 +13.11
1/1/96--9/30/96 9.54 9.35 -- 0.386 + 2.35
------
Total $1.049
Cumulative total return as of 9/30/96: +13.89%**
<FN>
*Figures may include short-term capital gains distributions.
**Figures assume reinvestment of all dividends and capital gains
distributions at net asset value on the payable date, and do not
include sales charge; results would be lower if sales charge was
included.
</TABLE>
Average Annual Total Return
% Return Without % Return With
Sales Charge Sales Charge**
Class A Shares*
Year Ended 9/30/96 +8.19% +3.87%
Five Years Ended 9/30/96 +7.44 +6.57
Inception (10/25/88)
through 9/30/96 +9.03 +8.47
[FN]
*Maximum sales charge is 4%.
**Assuming maximum sales charge.
% Return % Return
Without CDSC With CDSC**
Class B Shares*
Year Ended 9/30/96 +7.25% +3.25%
Five Years Ended 9/30/96 +6.64 +6.64
Ten Years Ended 9/30/96 +9.22 +9.22
[FN]
*Maximum contingent deferred sales charge is 4% and is reduced to 0%
after 4 years.
**Assuming payment of applicable contingent deferred sales charge.
<PAGE>
% Return % Return
Without CDSC With CDSC**
Class C Shares*
Year Ended 9/30/96 +7.27% +6.27%
Inception (10/21/94)
through 9/30/96 +6.28 +6.28
[FN]
*Maximum contingent deferred sales charge is 1% and is reduced to 0%
after 1 year.
**Assuming payment of applicable contingent deferred sales charge.
% Return Without % Return With
Sales Charge Sales Charge**
Class D Shares*
Year Ended 9/30/96 +7.81% +3.50%
Inception (10/21/94)
through 9/30/96 +6.92 +4.70
[FN]
*Maximum sales charge is 4%.
**Assuming maximum sales charge.
<TABLE>
SCHEDULE OF INVESTMENTS
<CAPTION>
Face Interest Maturity Percent of
Amount Long-Term Obligations Rate Date Value Net Assets
Australia
<S> <S> <C> <S> <C> <C> <C> <C>
Sovereign A$ 14,600,000 New South Wales Treasury Corp. 7.00 % 2/01/2000 $ 11,471,225 2.27%
Government 16,000,000 Queensland Treasury Corp.
Obligations Domestic Issue 8.00 8/14/2001 12,931,774 2.56
Total Investments in Australia (Cost--$23,531,509) 24,402,999 4.83
Canada
<PAGE>
Financial C$ 12,400,000 Bayerische Landesbank 8.625 9/12/2005 9,818,943 1.94
Services
Sovereign 4,300,000 Canadian Government Bond 7.50 3/01/2001 3,316,556 0.66
Government 14,000,000 Canadian Government Bond 7.00 12/01/2006 10,173,128 2.01
Obligations 33,750,000 Province of Ontario 7.50 1/19/2006 25,262,941 5.00
Total Investments in Canada (Cost--$47,751,317) 48,571,568 9.61
Denmark
Financial Dkr 280,000,000 Nykredit 6.00 10/01/2026 40,568,834 8.02
Services
Sovereign 47,000,000 Denmark Government Bond 7.00 12/15/2004 8,203,496 1.63
Government
Obligations
Total Investments in Denmark (Cost--$48,384,209) 48,772,330 9.65
European Currency Units
Sovereign ECU 19,500,000 French Government BTAN 7.00 4/25/2006 25,337,840 5.01
Government
Obligations
Total Investments in European
Currency Units (Cost--$25,561,612) 25,337,840 5.01
France
Financial Frf 50,000,000 Credit Local de France 5.75 8/27/1998 9,951,463 1.97
Services 50,000,000 Interamerican Development
Bank (IADB) 7.00 9/13/2000 10,375,896 2.05
Sovereign 752,000,000 French Oat STRIPS** 7.54++ 4/25/2023 21,127,688 4.18
Government
Obligations
<PAGE>
Total Investments in France (Cost--$41,740,763) 41,455,047 8.20
Germany
Financial DM 8,000,000 KFW International Finance Inc. 6.25 10/15/2003 5,384,192 1.07
Services 8,000,000 KFW International Finance Inc. 6.75 6/20/2005 5,432,953 1.07
Sovereign 3,000,000 Bundes Obligations 5.25 2/21/2001 1,996,657 0.40
Government 8,000,000 Deutschland Republic 6.75 4/22/2003 5,557,216 1.10
Obligations 6,400,000 Land-Baden Wuerttemburg 6.00 1/25/2006 4,107,275 0.81
Total Investments in Germany (Cost--$22,843,130) 22,478,293 4.45
</TABLE>
<TABLE>
SCHEDULE OF INVESTMENTS (continued)
<CAPTION>
Face Interest Maturity Percent of
Amount Long-Term Obligations Rate Date Value Net Assets
Ireland
<S> <S> <C> <S> <C> <C> <C> <C>
Sovereign Iep 14,000,000 Irish Government Bond 6.50 % 10/18/2001 $ 22,626,024 4.47%
Government
Obligations
Total Investments in Ireland (Cost--$22,030,086) 22,626,024 4.47
Italy
Sovereign Lit 1,000,000,000 Buoni Poliennali Del Tesoro
Government (Italian Government Bond) 10.50 11/01/1998 691,666 0.14
Obligations 8,000,000,000 Buoni Poliennali Del Tesoro
(Italian Government Bond) 10.50 4/01/2005 5,978,704 1.18
50,000,000,000 Buoni Poliennali Del Tesoro
(Italian Government Bond) 9.50 2/01/2006 35,125,542 6.95
40,000,000,000 Buoni Poliennali Del Tesoro
(Italian Government Bond) 9.00 11/01/2023 27,014,592 5.34
Total Investments in Italy (Cost--$66,644,914) 68,810,504 13.61
<PAGE>
Japan
Financial YEN 1,200,000,000 Oesterreichische Kontrollbank AG 1.563 1/29/2001 11,152,467 2.21
Services 400,000,000 Republic of Italy 3.75 6/08/2005 3,804,484 0.75
550,000,000 World Bank 4.50 3/20/2003 5,536,502 1.09
Total Investments in Japan (Cost--$20,944,996) 20,493,453 4.05
New Zealand
Sovereign NZ$ 19,750,000 New Zealand Government Bond 10.00 7/15/1997 13,926,555 2.75
Government
Obligations
Total Investments in New Zealand (Cost--$13,896,652) 13,926,555 2.75
Spain
Sovereign Pta 1,825,000,000 Government of Spain 10.50 10/30/2003 16,337,554 3.23
Government 2,685,000,000 Government of Spain 8.80 4/30/2006 22,063,650 4.37
Obligations
Total Investments in Spain (Cost--$37,540,905) 38,401,204 7.60
Sweden
Sovereign Skr 300,000,000 Government of Sweden 6.00 2/09/2005 41,516,158 8.21
Government 180,000,000 Government of Sweden 8.00 8/15/2007 28,078,587 5.55
Obligations
Total Investments in Sweden (Cost--$67,668,522) 69,594,745 13.76
</TABLE>
<TABLE>
SCHEDULE OF INVESTMENTS (concluded)
<CAPTION>
Face Interest Maturity Percent of
Amount Long-Term Obligations Rate Date Value Net Assets
<PAGE>
United Kingdom
<S> <C> <S> <C> <C> <C> <C>
Beverages Pound 3,250,000 Cadbury Schweppes PLC 8.00% 12/29/2000 $ 5,197,222 1.03%
Sterling
Sovereign 12,000,000 United Kingdom Gilt 9.75 8/27/2002 20,974,912 4.15
Government
Obligations
Total Investments in the United Kingdom (Cost--$25,840,580) 26,172,134 5.18
United States
US Government US$ 7,000,000 United States Treasury Bond 7.00 7/15/2006 7,145,460 1.41
Obligations 400,000 United States Treasury Note 6.25 6/30/1998 401,124 0.08
2,600,000 United States Treasury Note 6.00 8/15/1999 2,581,722 0.51
Total Investments in the United States (Cost--$10,057,563) 10,128,306 2.00
Total Investments in Long-Term Obligations (Cost--$474,436,758) 481,171,002 95.17
Short-Term Obligations
Commercial US$ 27,477,000 General Electric Capital Corp. 5.80 10/01/1996 27,477,000 5.43
Paper*
Total Investments in Commercial Paper (Cost--$27,477,000) 27,477,000 5.43
US Government 7,250,000 United States Treasury Bill 5.27 3/13/1997 7,081,582 1.40
Obligations*
Total Investments in US Government
Obligations (Cost--$7,077,005) 7,081,582 1.40
Total Investments in Short-Term Obligations (Cost--$34,554,005) 34,558,582 6.83
<PAGE>
Total Investments (Cost--$508,990,763) 515,729,584 102.00
Unrealized Depreciation on Forward Foreign Exchange Contracts*** (150,321) (0.03)
Liabilities in Excess of Other Assets (9,968,546) (1.97)
------------ ------
Net Assets $505,610,717 100.00%
============ ======
Net Asset Value: Class A--Based on net assets of $74,474,954 and 7,965,608 shares outstanding $ 9.35
============
Class B--Based on net assets of $384,320,858 and 41,095,501 shares outstanding $ 9.35
============
Class C--Based on net assets of $9,483,981 and 1,014,339 shares outstanding $ 9.35
============
Class D--Based on net assets of $37,330,924 and 3,993,510 shares outstanding $ 9.35
============
<FN>
++Represents a zero coupon bond; the interest rate shown is the
effective yield at the time of purchase by the Fund.
*Commercial Paper and certain US Government Obligations are traded on
a discount basis; the interest rates shown are the discount rates
paid at the time of purchase by the Fund.
**STRIPS--Separate Trading of Registered Interest and Principal of
Securities.
***Forward foreign exchange contracts as of September 30, 1996 were
as follows:
Unrealized
Expiration Appreciation
Foreign Currency Sold Date (Depreciation)
A$ 32,000,000 October 1996 $ (6,400)
Dkr 160,000,000 October 1996 (44,021)
Lit 60,000,000,000 October 1996 (143,018)
Pta 2,800,000,000 October 1996 152,487
Skr 240,000,000 October 1996 (83,899)
YEN 2,000,000,000 October 1996 (25,470)
Total Unrealized Depreciation on
Forward Foreign Exchange Contracts
(US$ Commitment--$167,910,282) $ (150,321)
==========
</TABLE>
OFFICERS AND TRUSTEES
Arthur Zeikel, President and Trustee
Donald Cecil, Trustee
Edward H. Meyer, Trustee
Charles C. Reilly, Trustee
Richard R. West, Trustee
Edward D. Zinbarg, Trustee
Terry K. Glenn, Executive Vice President
N. John Hewitt, Senior Vice President
Donald C. Burke, Vice President
Sean J. Casey, Vice President
Gerald M. Richard, Treasurer
Mark B. Goldfus, Secretary
<PAGE>
Custodian
State Street Bank and Trust Company
P.O. Box 351
225 Franklin Street
Boston, Massachusetts 02101
Transfer Agent
Merrill Lynch Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, Florida 32246-6484
(800) 637-3863
