485BPOS 1 d485bpos.htm MERRILL LYNCH GLOBAL VALUE FUND Merrill Lynch Global Value Fund
As filed with the Securities and Exchange Commission on December 20, 2002
 
Securities Act File No. 333-1663
Investment Company Act File No. 811-7561
 
 
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C.    20549
 
 
FORM N-1A
 
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
   
x
 
Pre-Effective Amendment No.
   
¨
 
Post-Effective Amendment No. 8
   
x
 
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
   
x
 
Amendment No. 9
   
x
 
(Check appropriate box or boxes)
 
 
Merrill Lynch Global Value Fund, Inc.
(Exact Name of Registrant as Specified in Charter)
 
800 Scudders Mill Road, Plainsboro, New Jersey 08536
(Address of Principal Executive Offices)
 
Registrant’s telephone number, including Area Code (609) 282-2800
 
Terry K. Glenn
Merrill Lynch Global Value Fund, Inc.
800 Scudders Mill Road
Plainsboro, New Jersey
Mailing Address: P.O. Box 9011, Princeton, New Jersey 08543-9011
(Name and Address of Agent for Service)
 
 
Copies to:
 
Counsel for the Fund
SIDLEY AUSTIN
BROWN & WOOD LLP
787 Seventh Avenue
New York, New York 10019-6018
Attention: John A. MacKinnon, Esq.
  
Philip L. Kirstein, Esq.
MERRILL LYNCH
INVESTMENT MANAGERS, L.P.
P.O. Box 9011
Princeton, New Jersey 08543-9011
 
 
It is proposed that this filing will become effective (check appropriate box)
 
¨   immediately upon filing pursuant to paragraph (b)
x  on December 31, 2002 pursuant to paragraph (b)
¨  60 days after filing pursuant to paragraph (a)(1)
¨  on (date) pursuant to paragraph (a)(1)
¨  75 days after filing pursuant to paragraph (a)(2)
¨  on (date) pursuant to paragraph (a)(2) of Rule 485.
 
If appropriate, check the following box:
 
¨  This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
 
 
Title of Securities Being Registered: Common Stock, par value $.10 per share.
 

 
This Post-Effective Amendment No. 8 to the Registrant’s Registration Statement on Form N-1A (File No. 333-1663) (the “Registration Statement”) consists of the following: (1) the facing sheet of the Registration Statement, (2) Amendment, dated January 1, 2003, to the Registrant’s current Prospectus and Statement of Additional Information, and (3) Part C to the Registration Statement (including signature page). Parts A and B to the Registration Statement, each dated April 9, 2002, were previously filed in connection with Post-Effective Amendment No. 7 to the Registration Statement.
 
This Post-Effective Amendment No. 8 to the Registration Statement is being filed to: (1) describe the features of the Registrant’s Class R shares, (2) provide certain additional information with respect to the Registrant’s Class C shares, (3) provide updated performance information for the Registrant, (4) file certain exhibits to the Registration Statement, and (5) incorporate certain exhibits by reference into the Registration Statement.

 
Merrill Lynch Global Value Fund, Inc.
 
AMENDMENT DATED JANUARY 1, 2003
TO PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION,
EACH DATED APRIL 9, 2002
 
Effective January 1, 2003, Merrill Lynch Global Value Fund, Inc. began offering Class R shares to certain qualified investors. This amendment to the Fund’s Prospectus and Statement of Additional Information, which should be read in conjunction with such documents, describes the features of the Fund’s Class R shares, provides certain additional information with respect to the Fund’s Class C shares, and provides updated performance information for the Fund.

 
 

PERFORMANCE INFORMATION
 
The year-to-date return as of September 30, 2002 for the Fund’s Class B shares was -29.76%. The Fund’s Class B shares are not subject to an initial sales charge but are subject to a contingent deferred sales charge. The Fund’s Class B shares are also subject to a distribution fee of 0.75% and an account maintenance fee of 0.25%. The Fund’s Class R shares are not subject to an initial sales charge or a contingent deferred sales charge but are subject to a distribution fee of 0.25% and an account maintenance fee of 0.25%. See “Merrill Lynch Select Pricingsm System” in this Amendment for more information about the Fund’s Class R shares.
 
The contingent deferred sales charge for the Fund’s Class B shares is not reflected in the Fund’s year-to-date returns. If these amounts were reflected, returns for the Fund would be less than those shown above. How the Fund performed in the past is not necessarily an indication of how the Fund will perform in the future.

 
    
MERRILL LYNCH GLOBAL VALUE FUND, INC.
     

 
FEES AND EXPENSES
 

UNDERSTANDING EXPENSES
Fund investors pay various fees and expenses, either directly or indirectly. Listed below are some of the main types of expenses that the Fund may charge:
 
Expenses paid directly by the shareholder:
Shareholder Fees — these include sales charges that you may pay when you buy or sell shares of the Fund.
 
Expenses paid indirectly by the shareholder:
Annual Fund Operating  Expenses — expenses that cover the costs of operating the Fund.
 
Management Fee — a fee paid to the Manager for managing the Fund.
 
Distribution Fees — fees used to support the Fund’s marketing and distribution efforts, such as compensating financial advisers and other financial intermediaries, advertising and promotion.
 
Service (Account Maintenance) Fees — fees used to compensate securities dealers and other financial intermediaries for account maintenance activities.
The Fund offers five different classes of shares. This table describes the fees and expenses that you may pay if you buy and hold Class R shares of the Fund. Future expenses may be greater or less than those indicated below.
 
Shareholder Fees (fees paid directly from your investment)(a):
   
Class R
Maximum Sales Charge (Load) imposed on purchases (as a percentage of offering price)
   
None
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, whichever is lower)
   
None
Maximum Sales Charge (Load) imposed on Dividend Reinvestments
   
None
Redemption Fee
   
None
Exchange Fee
   
None
Annual Fund Operating Expenses (expenses that are deducted from Fund assets)
     
Management Fee
   
0.75%
Distribution and/or Service (12b-1) Fees (b)
   
0.50%
Other Expenses (including transfer agency fees)(c)
   
0.27%
Total Annual Fund Operating Expenses
   
1.52%
(a)
In addition, Merrill Lynch may charge clients a processing fee (currently $5.35) when a client buys or sells Class R shares. See “Your Account — How to Buy, Sell, Transfer and Exchange Shares” in the Fund’s Prospectus.
(b)
The Fund calls the “Service Fee” an “Account Maintenance Fee.” Account Maintenance Fee is the term used in the Fund’s Prospectus and in all other Fund materials. If you hold Class R shares over time, it may cost you more in distribution (12b-1) fees than the maximum sales charge that you would have paid if you were a shareholder of one of the other share classes.
(c)
Based on estimated amounts for the Fund’s most recent fiscal period. Financial Data Services, Inc., an affiliate of the Manager, provides transfer agency services to the Fund. The Fund pays a fee for these services. The Manager or its affiliates also provide certain accounting services to the Fund. The Fund reimburses the Manager or its affiliates for such services.

 
2
  
MERRILL LYNCH GLOBAL VALUE FUND, INC.
     

 
 

Examples:
 
These examples are intended to help you compare the cost of investing in Class R shares of the Fund with the cost of investing in other mutual funds.
 
These examples assume that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year, that you pay the sales charges, if any, that apply to the particular class and that the Fund’s operating expenses remain the same. This assumption is not meant to indicate you will receive a 5% annual rate of return. Your annual return may be more or less than the 5% used in this example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
 
EXPENSES IF YOU DID REDEEM YOUR SHARES:
 
      
1 Year
     
3 Years
     
5 Years
     
10 Years
Class R
     
$155
     
$480
     
$829
     
$1,813
 
EXPENSES IF YOU DID NOT REDEEM YOUR SHARES:
 
      
1 Year
     
3 Years
     
5 Years
     
10 Years
Class R
     
$155
     
$480
     
$829
     
$1,813

 
    
MERRILL LYNCH GLOBAL VALUE FUND, INC.
   
3

 
MERRILL LYNCH SELECT PRICINGsm SYSTEM
 

With the addition of the Class R shares, the Fund offers five classes of shares. Investors in the Fund may choose from among Class A shares, Class B shares, Class C shares, Class D shares and Class R shares, subject to eligibility requirements.
 
Class R shares are available only to certain retirement plans. Your financial adviser can help you determine whether you are eligible to buy Class R shares.
 
Class R shares are not subject to an initial sales charge or a contingent deferred sales charge. However, Class R shares are subject to a distribution fee of 0.25% and an account maintenance fee of 0.25%.
 
To better understand the pricing of the Fund’s Class R shares, we have summarized the information below.
 
    
Class R
Availability
   
Available only to certain retirement plans.
Initial Sales Charge?
   
No. Entire purchase price is invested in the Fund’s Class R shares.
Deferred Sales Charge?
   
No.
Account Maintenance and Distribution Fees?
   
0.25% Account Maintenance Fee.
0.25% Distribution Fee.
 
Please see “Your Account — How to Buy, Sell, Transfer and Exchange Shares” in the Fund’s current Prospectus and/or contact your financial adviser, selected securities dealer or other financial intermediary for more information about the purchase, sale, transfer or exchange of the Fund’s Class R shares.
 
CLASS C CONTINGENT DEFERRED SALES CHARGE WAIVER
 
The contingent deferred sales charge on Class C shares of the Fund may be reduced or waived for certain retirement plans in connection with redemptions of Class C shares.
 
code: JV-PR/SAI-1202SUP

 
4
  
MERRILL LYNCH GLOBAL VALUE FUND, INC.
     

 
FINANCIAL STATEMENTS
 
 

The financial statements of the Fund are incorporated into the Fund’s Statement of Additional Information by reference to the Fund’s 2002 Semi-Annual Report. You may request a copy of the Fund’s Semi-Annual Report at no charge by calling (800) 637-3863 between 8:30 a.m. and 5:30 p.m. Eastern time on any business day.

 
    
MERRILL LYNCH GLOBAL VALUE FUND, INC.
   
5

LOGO

FINANCIAL HIGHLIGHTS
 

The Financial Highlights table is intended to help you understand the Fund’s financial performance for the periods shown. Certain information reflects the financial results for a single Fund share. The total returns in the table represent the rate an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends). This information, other than the information for the six-month period ended June 30, 2002, has been audited by Deloitte & Touche LLP, whose report, along with the Fund’s financial statements, is included in the Fund’s Annual Report to shareholders, which is available upon request. The Fund’s financial statements for the six-month period ended June 30, 2002 are unaudited and included in the Fund’s Semi-Annual Report to shareholders, which is available upon request.
 
      
Class A
 
      
For the
Six Months
Ended
June 30,
2002 (unaudited)
     
For the Year Ended Dec. 31,
       
For the Period Nov. 1, 1997 to Dec. 31, 1997†
       
For the Year Ended Oct. 31, 1997†
  
Increase (Decrease) in
Net Asset Value:
        
2001
     
2000
     
1999
     
1998
            
Per Share Operating Performance:
                                                       
Net asset value, beginning of period
     
$10.87
 
   
 
$12.98
 
   
$14.72
 
   
$13.67
 
   
$12.01
 
     
$11.83
 
     
$10.00
 
Investment income — net††
     
.05
 
   
 
.06
 
   
.06
 
   
.07
 
   
.18
 
     
.01
 
     
.17
 
Realized and unrealized gain (loss) on investments and foreign currency transactions — net
     
(1.56
)
   
 
(1.82
)
   
.02
 
   
1.32
 
   
3.00
 
     
.72
 
     
1.71
 
Total from investment operations
     
(1.51
)
   
 
(1.76
)
   
.08
 
   
1.39
 
   
3.18
 
     
.73
 
     
1.88
 
Less dividends and distributions:
                                                         
Investment income — net
     
(.18
)
   
 
—
 
   
—
 
   
(.04
)
   
(.14
)
     
(.11
)
     
(.05
)
In excess of investment income — net
     
—
 
   
 
—
 
   
(.40
)
   
—
 
   
(.20
)
     
—
 
     
—
 
Realized gain on investments — net
     
—
 
   
 
(.35
)
   
(1.42
)
   
(.30
)
   
(1.18
)
     
(.44
)
     
—
 
Total dividends and distributions
     
(.18
)
   
 
(.35
)
   
(1.82
)
   
(.34
)
   
(1.52
)
     
(.55
)
     
(.05
)
Net asset value, end of period
     
$9.18
 
   
 
$10.87
 
   
$12.98
 
   
$14.72
 
   
$13.67
 
     
$12.01
 
     
$11.83
 
Total Investment Return:**
                                
Based on net asset value per share
     
(14.11
%)#
   
 
(13.74
%)
   
.69
%
   
10.44
%
   
27.10
%
     
6.19
%#
     
18.91
%
Ratios to Average Net Assets:
                                       
Expenses
     
1.02
%*
   
 
.95
%
   
.91
%
   
.91
%
   
.90
%
     
.96
%*
     
.97
%
Investment income — net
     
1.08
%*
   
 
.51
%
   
.42
%
   
.51
%
   
1.32
%
     
.54
%*
     
1.88
%
Supplemental Data:
                                                         
Net assets, end of period (in thousands)
     
$86,029
 
   
$
117,724
 
   
$194,765
 
   
$195,511
 
   
$202,980
 
     
$63,075
 
     
$53,776
 
Portfolio turnover
     
33.84
%
   
 
37.06
%
   
52.81
%
   
70.93
%
   
44.94
%
     
24.49
%
     
77.65
%
  *
Annualized.
**
Total investment returns exclude the effects of sales charges.
  †
The Fund commenced operations on November 1, 1996 and changed its fiscal year end from October 31 to December 31 in 1997.
††
Based on average shares outstanding.
  #
Aggregate total investment return.

 
   
MERRILL LYNCH GLOBAL VALUE FUND, INC.
  
1

 
FINANCIAL HIGHLIGHTS (continued)
 
      
Class B
  
      
For the Six Months
Ended
June 30, 2002
(unaudited)
     
For the Year Ended Dec. 31,
       
For the Period Nov. 1, 1997 to Dec. 31, 1997†
     
For the Year Ended Oct. 31, 1997†
  
Increase (Decrease) in
Net Asset Value:
        
2001
     
2000
     
1999
     
1998
          
Per Share Operating Performance:
                                                     
Net asset value, beginning of period
     
$10.64
 
   
$12.84
 
   
$14.50
 
   
$13.61
 
   
$11.97
 
     
$11.72
 
   
$10.00
 
Investment income (loss) — net††
     
—
##
   
(.06
)
   
(.08
)
   
(.07
)
   
.06
 
     
(.01
)
   
.09
 
Realized and unrealized gain (loss) on investments and foreign currency transactions — net
     
(1.54
)
   
(1.79
)
   
.02
 
   
1.30
 
   
2.96
 
     
.73
 
   
1.67
 
Total from investment operations
     
(1.54
)
   
(1.85
)
   
(.06
)
   
1.23
 
   
3.02
 
     
.72
 
   
1.76
 
Less dividends and distributions:
                                                     
Investment income — net
     
(.02
)
   
—
 
   
—
 
   
(.04
)
   
(.08
)
     
(.03
)
   
(.04
)
In excess of investment income — net
     
—
 
   
—
 
   
(.18
)
   
—
 
   
(.12
)
     
—
 
   
—
 
Realized gain on investments — net
     
—
 
   
(.35
)
   
(1.42
)
   
(.30
)
   
(1.18
)
     
(.44
)
   
—
 
Total dividends and distributions
     
(.02
)
   
(.35
)
   
(1.60
)
   
(.34
)
   
(1.38
)
     
(.47
)
   
(.04
)
Net asset value, end of period
     
$9.08
 
   
$10.64
 
   
$12.84
 
   
$14.50
 
   
$13.61
 
     
$11.97
 
   
$11.72
 
Total Investment Return:**
                              
Based on net asset value per share
     
(14.51
%)#
   
(14.60
%)
   
(.29
%)
   
9.29
%
   
25.76
%
     
6.14
%#
   
17.62
%
Ratios to Average Net Assets:
                                     
Expenses
     
2.05
%*
  
1.97
%
   
1.92
%
   
1.93
%
   
1.92
%
     
1.98
%*
   
1.99
%
Investment income (loss) — net
     
.04
%*
   
(.50
%)
   
(.59
%)
   
(.51
%)
   
.44
%
     
(.49
%)*
   
.84
%
Supplemental Data:
                                                     
Net assets, end of period (in thousands)
     
$609,590
 
   
$902,441
 
   
$1,437,628
 
   
$1,818,746
 
   
$1,988,580
 
     
$1,251,956
 
   
$1,179,125
 
Portfolio turnover
     
33.84
%
   
37.06
%
   
52.81
%
   
70.93
%
   
44.94
%
     
24.49
%
   
77.65
%
*
Annualized.
**
Total investment returns exclude the effects of sales charges.
†
The Fund commenced operations on November 1, 1996 and changed its fiscal year end from October 31 to December 31 in 1997.
††
Based on average shares outstanding.
#
Aggregate total investment return.
##
Amount is less than $.01 per share.

 
2
   
MERRILL LYNCH GLOBAL VALUE FUND, INC.
     

FINANCIAL HIGHLIGHTS (continued)
 
      
Class C
 
      
For the Six Months
Ended
June 30, 2002
(unaudited)
     
For the Year Ended Dec. 31
       
For the Period Nov. 1, 1997 to Dec. 31,
1997†
     
For the Year Ended Oct. 31,
1997†
  
Increase (Decrease) in
Net Asset Value:
        
2001
     
2000
     
1999
     
1998
          
Per Share Operating Performance:
                                       
Net asset value, beginning of period
     
$10.64
 
   
$12.83
 
   
$14.50
 
   
$13.61
 
   
$11.97
 
     
$11.72
 
   
$10.00
 
Investment income (loss) — net††
     
—
##
   
(.06
)
   
(.08
)
   
(.07
)
   
.06
 
     
(.01
)
   
.09
 
Realized and unrealized gain (loss) on investments  and foreign currency transactions — net
     
(1.55
)
   
(1.78
)
   
.01
 
   
1.30
 
   
2.96
 
     
.73
 
   
1.67
 
Total from investment operations
     
(1.55
)
   
(1.84
)
   
(.07
)
   
1.23
 
   
3.02
 
     
.72
 
   
1.76
 
Less dividends and distributions:
                                                     
Investment income — net
     
(.03
)
   
—
 
   
—
 
   
(.04
)
   
(.08
)
     
(.03
)
   
(.04
)
In excess of investment income — net
     
—
 
   
—
 
   
(.18
)
   
—
 
   
(.12
)
     
—
 
   
—  
 
Realized gain on investments — net
     
—
 
   
(.35
)
   
(1.42
)
   
(.30
)
   
(1.18
)
     
(.44
)
   
—  
 
Total dividends and distributions
     
(.03
)
   
(.35
)
   
(1.60
)
   
(.34
)
   
(1.38
)
     
(.47
)
   
(.04
)
Net asset value, end of period
     
$9.06
 
   
$10.64
 
   
$12.83
 
   
$14.50
 
   
$13.61
 
     
$11.97
 
   
$11.72
 
Total Investment Return:**
                                            
Based on net asset value per share
     
(14.61
%)#
   
(14.53
%)
   
(.33
%)
   
9.29
%
   
25.73
%
     
6.14
%#
   
17.62
%
Ratios to Average Net Assets:
                                     
Expenses
     
2.05
%*
   
1.97
%
   
1.93
%
   
1.94
%
   
1.92
%
     
1.98
%*
   
1.99
%
Investment income (loss) — net
     
.05
%*
   
(.52
%)
   
(.59
%)
   
(.52
%)
   
.43
%
     
(.49
%)*
   
.83
%
Supplemental Data:
                                                     
Net assets, end of period (in thousands)
     
$132,970
 
   
$201,621
 
   
$280,018
 
   
$324,169
 
   
$363,134
 
     
$229,601
 
   
$217,341
 
Portfolio turnover
     
33.84
%
   
37.06
%
   
52.81
%
   
70.93
%
   
44.94
%
     
24.49
%
   
77.65
%
*
Annualized.
**
Total investment returns exclude the effects of sales charges.
†
The Fund commenced operations on November 1, 1996 and changed its fiscal year end from October 31 to December 31 in 1997.
††
Based on average shares outstanding.
#
Aggregate total investment return.
##
Amount is less than $.01 per share.

 
   
MERRILL LYNCH GLOBAL VALUE FUND, INC.
  
3

FINANCIAL HIGHLIGHTS (concluded)
 
    
Class D
 
    
For the Six Months
Ended
June 30, 2002
(unaudited)
     
For the Year Ended Dec. 31,
       
For the Period Nov. 1, 1997 to Dec. 31,
1997†
     
For the Year Ended Oct. 31, 1997†
  
Increase (Decrease) in
Net Asset Value:
      
2001
     
2000
     
1999
     
1998
          
Per Share Operating Performance:
                                                   
Net asset value, beginning of period
   
$10.83
 
   
$12.96
 
   
$14.67
 
   
$13.65
 
   
$12.00
 
     
$11.80
 
   
$10.00
 
Investment income — net††
   
.04
 
   
.03
 
   
.02
 
   
.03
 
   
.16
 
     
.01
 
   
.18
 
Realized and unrealized gain (loss) on investments  and foreign currency transactions — net
   
(1.56
)
   
(1.81
)
   
.01
 
   
1.33
 
   
2.98
 
     
.72
 
   
1.67
 
Total from investment operations
   
(1.52
)
   
(1.78
)
   
.03
 
   
1.36
 
   
3.14
 
     
.73
 
   
1.85
 
Less dividends and distributions:
                                                   
Investment income — net
   
(.14
)
   
—
 
   
—
 
   
(.04
)
   
(.12
)
     
(.09
)
   
(.05
)
In excess of investment income — net
   
—  
 
   
—
 
   
(.32
)
   
—
 
   
(.19
)
     
—
 
   
—  
 
Realized gain on investments — net
   
—  
 
   
(.35
)
   
(1.42
)
   
(.30
)
   
(1.18
)
     
(.44
)
   
—  
 
Total dividends and distributions
   
(.14
)
   
(.35
)
   
(1.74
)
   
(.34
)
   
(1.49
)
     
(.53
)
   
(.05
)
Net asset value, end of period
   
$9.17
 
   
$10.83
 
   
$12.96
 
   
$14.67
 
   
$13.65
 
     
$12.00
 
   
$11.80
 
Total Investment Return:**
                                            
Based on net asset value per share
   
(14.15
%)#
   
(13.92
%)
   
.39
%
   
10.23
%
   
26.72
%
     
6.20
%#
   
18.56
%
Ratios to Average Net Assets:
                                     
Expenses
   
1.27
%*
   
1.20
%
   
1.16
%
   
1.16
%
   
1.15
%
     
1.21
%*
   
1.22
%
Investment income — net
   
.84
%*
   
.26
%
   
.17
%
   
.25
%
   
1.19
%
     
.28
%*
   
1.62
%
Supplemental Data:
                                                   
Net assets, end of period (in thousands)
   
$223,578
 
   
$301,579
 
   
$398,260
 
   
$418,499
 
   
$427,113
 
     
$258,868
 
   
$237,791
 
Portfolio turnover
   
33.84
%
   
37.06
%
   
52.81
%
   
70.93
%
   
44.94
%
     
24.49
%
   
77.65
%
  *
Annualized.
**
Total investment returns exclude the effects of sales charges.
  †
The Fund commenced operations on November 1, 1996 and changed its fiscal year end from October 31 to December 31 in 1997.
††
Based on average shares outstanding.
  #
Aggregate total investment return.

 
4
  
MERRILL LYNCH GLOBAL VALUE FUND, INC.
     

PART C.    OTHER INFORMATION
 
Item 23.    Exhibits.
 
Exhibit
Number
     
  1(a)
   
—Articles of Incorporation of the Registrant, dated March 7, 1996.(a)
    (b)
   
—Articles Supplementary to the Articles of Incorporation of the Registrant, dated February 19, 1997.(b)
    (c)
   
—Articles Supplementary Increasing the Authorized Capital Stock of the Corporation and Creating an Additional Class of Common Stock, dated December 9, 2002.
  2
   
—Amended and Restated By-Laws of the Registrant.(c)
  3
   
—Portions of the Articles of Incorporation and the By-Laws of the Registrant defining the rights of holders of shares of the Registrant.(d)
  4(a)
   
—Form of Management Agreement between the Registrant and Merrill Lynch Investment Managers, L.P. (the “Manager”).(e)
    (b)
   
—Sub-Advisory Agreement between the Manager and Merrill Lynch Asset Management U.K. Limited.(b)
  5
   
—Form of Distribution Agreement between the Registrant and FAM Distributors, Inc. (the “Distributor”).(i)
  6
   
—None.
  7
   
—Form of Custody Agreement between the Registrant and Brown Brothers Harriman & Co.(l)
  8(a)(1)
   
—Form of Transfer Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement between the Registrant and Financial Data Services, Inc. (the “Transfer Agent”).(e)
    (a)(2)
   
—Form of Amendment to the Transfer Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement.(m)
    (a)(3)
   
—Form of Amendment to the Transfer Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement.(f)
    (b)
   
—Agreement relating to use of name between the Registrant and Merrill Lynch & Co., Inc. (“ML & Co”).(e)
    (c)(1)
   
—Amended and Restated Credit Agreement between the Registrant and a syndicate of banks.(g)
    (c)(2)
   
—Form of Second Amended and Restated Credit Agreement between the Fund, a syndicate of banks and certain other parties.(n)
    (d)
   
—Form of Administrative Services Agreement between the Registrant and State Street Bank and Trust Company.(k)
  9
   
—Opinion of Brown & Wood LLP, counsel for the registrant.(e)
10
   
—Consent of Deloitte & Touche LLP, independent auditors for the Registrant.
11
   
—None.
12
   
—Certificate of the Manager.(e)
13(a)
   
—Form of Amended and Restated Class B Distribution Plan.(j)
    (b)
   
—Form of Amended and Restated Class C Distribution Plan.(j)
    (c)
   
—Form of Amended and Restated Class D Distribution Plan.(j)
    (d)
   
—Form of Class R Distribution Plan.(o)
14
   
—Revised Merrill Lynch Select PricingSM System Plan Pursuant to Rule 18f-3.(p)
15
   
—Code of Ethics.(h)
(a)
 
Filed on March 12, 1996 as an Exhibit to the Registrant’s Registration Statement on Form N-1A (File No. 333-1663) under the Securities Act of 1933, as amended (the “Registration Statement”).
(b)
 
Filed on February 28, 1997 as an Exhibit to Post-Effective Amendment No. 1 to the Registration Statement.
(c)
 
Filed on February 27, 1998 as an Exhibit to Post-Effective Amendment No. 2 to the Registration Statement.
(d)
 
Reference is made to Articles IV, V (Sections 3, 5, 6 and 7), VI, VII and IX of the Registrant’s Articles of Incorporation, as supplemented, filed as Exhibit 1(a) and Exhibit 1(b) to the Registration Statement and to Articles II, III (Sections 1, 3, 5 and 6), VI, VII, XIII and XIV of the Registrant’s Amended and Restated By-Laws, filed as Exhibit 2 to the Registration Statement.
(e)
 
Filed on September 3, 1996 as an Exhibit to Pre-Effective Amendment No. 1 to the Registration Statement.

C-1

(f)
 
Incorporated by reference to Exhibit 8(a)(3) to Post-Effective Amendment No. 32 to the Registration Statement on Form N-1A of Merrill Lynch Basic Value Fund, Inc. (File No. 2-58521), filed on December 20, 2002.
(g)
 
Incorporated by reference to Exhibit (b) to the Tender Offer Statement on Schedule TO of Merrill Lynch Senior Floating Rate Fund, Inc. (File No. 333-15973), filed on December 14, 2000.
(h)
 
Incorporated by reference to Exhibit 15 to Post-Effective Amendment No. 9 to the Registration Statement on Form N-1A of Merrill Lynch Multi-State Limited Maturity Municipal Series Trust (File No. 33-50417), filed on November 22, 2000.
(i)
 
Incorporated by reference to Exhibit 5 to the Registration Statement on Form N-1A of Merrill Lynch Americas Income Fund, Inc. (File No. 33-64398), filed on June 21, 2000.
(j)
 
Incorporated by reference to Exhibit 13 to Post-Effective Amendment No. 10 to the Registration Statement on Form N-1A of Merrill Lynch Americas Income Fund, Inc. (File No. 33-64398), filed on June 21, 2000.
(k)
 
Incorporated by reference to Exhibit 8(d) to Post-Effective Amendment No. 1 to the Registration Statement on Form N-1A of Merrill Lynch Focus Twenty Fund, Inc. (File No. 333-89775) filed on March 20, 2001.
(l)
 
Incorporated by reference to Exhibit 7 to Amendment No. 2 to the Registration Statement on Form N-1A of Master Large Cap Series Trust (File No. 811-09739) filed on January 30, 2002.
(m)
 
Incorporated by reference to Exhibit 8(a)(2) to Post-Effective Amendment No. 11 to the Registration Statement on Form N-1A of Merrill Lynch International Equity Fund (File No. 33-44917) filed on September 28, 2001.
(n)
 
Incorporated by reference to Exhibit (b)(2) of the Issuer Tender Offer Statement on Schedule TO of Merrill Lynch Senior Floating Rate Fund, Inc. (File No. 811-5870) filed on December 14, 2001.
(o)
 
Incorporated by reference to Exhibit 13(d) to Post-Effective Amendment No. 32 to the Registration Statement on Form N-1A of Merrill Lynch Basic Value Fund, Inc. (File No. 2-58521), filed on December 20, 2002.
(p)
 
Incorporated by reference to Exhibit 14 to Post-Effective Amendment No. 32 to the Registration Statement on Form N-1A of Merrill Lynch Basic Value Fund, Inc. (File No. 2-58521), filed on December 20, 2002.
 
Item 24.    Persons Controlled by or under Common Control with Registrant.
 
The Registrant does not control and is not under common control with any other person.
 
Item 25.    Indemnification.
 
Reference is made to Article VI of Registrant’s Articles of Incorporation, Article VI of Registrant’s By-Laws, Section 2-418 of the Maryland General Corporation Law and Section 9 of the Distribution Agreement.
 
Article VI of the By-Laws provides that each officer and director of the Registrant shall be indemnified by the Registrant to the full extent permitted under the General Laws of the State of Maryland, except that such indemnity shall not protect any such person against any liability to the Registrant or any stockholder thereof to which such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office. Absent a court determination that an officer or director seeking indemnification was not liable on the merits or guilty of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office, the decision by the Registrant to indemnify such person must be based upon the reasonable determination of independent counsel or non-party independent directors, after review of the facts, that such officer or director is not guilty of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office.
 
Each officer and director of the Registrant claiming indemnification within the scope of Article VI of the By-Laws shall be entitled to advances from the Registrant for payment of the reasonable expenses incurred by him in connection with proceedings to which he is a party in the manner and to the full extent permitted under the General Laws of the State of Maryland; provided, however, that the person seeking indemnification shall provide to the Registrant a written affirmation of his good faith belief that the standard of conduct necessary for indemnification by the Registrant has been met and a written undertaking to repay any such advance, if it should ultimately be

C-2

determined that the standard of conduct has not been met, and provided further that at least one of the following additional conditions is met: (a) the person seeking indemnification shall provide a security in form and amount acceptable to the Registrant for his undertaking; (b) the Registrant is insured against losses arising by reason of the advance; (c) a majority of a quorum of non-party independent directors, or independent legal counsel in a written opinion, shall determine, based on a review of facts readily available to the Registrant at the time the advance is proposed to be made, that there is reason to believe that the person seeking indemnification will ultimately be found to be entitled to indemnification.
 
The Registrant may purchase insurance on behalf of an officer or director protecting such person to the full extent permitted under the General Laws of the State of Maryland from liability arising from his activities as officer or director of the Registrant. The Registrant, however, may not purchase insurance on behalf of any officer or director of the Registrant that protects or purports to protect such person from liability to the Registrant or to its stockholders to which such officer or director would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his office.
 
The Registrant may indemnify, make advances or purchase insurance to the extent provided in Article VI of the By-Laws on behalf of an employee or agent who is not an officer or director of the Registrant.
 
In Section 9 of the Distribution Agreement relating to the securities being offered hereby, the Registrant agrees to indemnify the Distributor and each person, if any, who controls the Distributor within the meaning of the Securities Act of 1933 (the “Securities Act”), against certain types of civil liabilities arising in connection with the Registration Statement or Prospectus and Statement of Additional Information.
 
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to Directors, officers and controlling persons of the Registrant and the principal underwriter pursuant to the foregoing provisions or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a Director, officer, or controlling person of the Registrant and the principal underwriter in connection with the successful defense of any action, suit or proceeding) is asserted by such Director, officer or controlling person or the principal underwriter in connection with the shares being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
 
Item 26.    Business and Other Connections of Investment Adviser.
 
Merrill Lynch Investment Managers, L.P. (the “Manager” or “MLIM”), acts as the investment adviser for a number of affiliated open-end and closed-end registered investment companies, and also acts as sub-adviser to Merrill Lynch World Strategy Portfolio and Merrill Lynch Basic Value Equity Portfolio, two investment portfolios of EQ Advisors Trust.
 
Fund Asset Management, L.P. (“FAM”), an affiliate of the Manager, acts as the investment adviser for a number of affiliated open-end and closed-end registered investment companies.
 
The address of each of these registered investment companies is P.O. Box 9011, Princeton, New Jersey 08543-9011, except that the address of Merrill Lynch Funds for Institutions Series is One Financial Center, 23rd Floor, Boston, Massachusetts 02111-2665. The address of the Manager, FAM, Princeton Services, Inc. (“Princeton Services”) and Princeton Administrators, L.P. (“Princeton Administrators”) is also P.O. Box 9011, Princeton, New Jersey 08543-9011. The address of FAM Distributors, Inc., (“FAMD”) is P.O. Box 9081, Princeton, New Jersey 08543-9081. The address of Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”) and ML & Co. is World Financial Center, North Tower, 250 Vesey Street, New York, New York 10080. The address of the Fund’s transfer agent, Financial Data Services, Inc. (“FDS”), is 4800 Deer Lake Drive East, Jacksonville, Florida 32246-6484.

C-3

 
Set forth below is a list of each executive officer and partner of the Manager indicating each business, profession, vocation or employment of a substantial nature in which each such person or entity has been engaged since January 1, 2000 for his, her or its own account or in the capacity of director, officer, partner or trustee. In addition, Mr. Glenn is President and Mr. Burke is First Vice President and Treasurer of all or substantially all of the investment companies described in the first two paragraphs of this Item 26, and Mr. Doll is an officer of one or more of such companies.
 
Name
   
Position(s) with the Manager
   
Other Substantial Business,
Profession, Vocation or Employment
ML & Co.
   
Limited Partner
   
Financial Services Holding Company;
Limited Partner of FAM
Princeton Services
   
General Partner
   
General Partner of FAM
Robert C. Doll, Jr. 
   
President
   
President of FAM; Co-Head (Americas Region) of the Manager from 2000 to 2001 and Senior Vice President thereof from 1999 to 2001; Director of Princeton Services; Chief Investment Officer of OppenheimerFunds, Inc. in 1999 and Executive Vice President thereof from 1991 to 1999
Terry K. Glenn
   
Chairman (Americas Region) and
Executive Vice President
   
President of Merrill Lynch Mutual Funds; Executive Vice President of FAM; Executive Vice President and Director of Princeton Services; President and Director of FAMD; President of Princeton Administrators; Director of FDS
Donald C. Burke
   
First Vice President,
Treasurer and Director
of Taxation
   
First Vice President and Treasurer of FAM; Senior Vice President and Treasurer of Princeton Services; Vice President of FAMD
Philip L. Kirstein
   
General Counsel
(Americas Region)
   
General Counsel (Americas Region) of FAM; Senior Vice President, Secretary, General Counsel and Director of Princeton Services
Debra W. Landsman-Yaros
   
Managing Director
   
Senior Vice President of FAM; Senior Vice President of Princeton Services; Vice President of FAMD
Stephen M. M. Miller
   
Senior Vice President
   
Executive Vice President of Princeton Administrators; Senior Vice President of Princeton Services
Mary E. Taylor
   
Head (Americas Region)
   
Senior Vice President of ML & Co.; President and Chief Operating Officer of Merrill Lynch Canada, Inc.
 
Merrill Lynch Asset Management U.K. Limited (“MLAM U.K.”) acts as sub-adviser for a number of registered investment companies advised by FAM or MLIM. The address of each of these registered investment companies is P.O. Box 9011, Princeton, New Jersey 08543-9011. The address of MLAM U.K. is 33 King William Street, London EC4R 9AS, England.

C-4

 
Set forth below is a list of each executive officer and director of MLAM U.K. indicating each business, profession, vocation or employment of a substantial nature in which each such person has been engaged since January 1, 2000, for his or her own account or in the capacity of director, officer, partner or trustee. In addition, Messrs. Glenn and Burke are officers of one or more of the registered investment companies listed in the first two paragraphs of this Item 26.
 
Name
   
Position with
MLAM U.K.
   
Other Substantial Business,
Profession, Vocation or Employment
Terry K. Glenn
   
Director and Chairman
   
President of Merrill Lynch Mutual Funds; Chairman (Americas Region) of the Manager; Executive Vice President of the Manager and FAM; Executive Vice President and Director of Princeton Services; President and Director of FAMD; President of Princeton Administrators; Director of FDS
Nicholas C.D. Hall
   
Director
   
Director of Mercury Asset Management Ltd. and the Institutional Liquidity Fund PLC; First Vice President and General Counsel for Merrill Lynch Mercury Asset Management
James T. Stratford
   
Alternate Director
   
Director of Mercury Asset Management Group Ltd.; Head of Compliance, Merrill Lynch Mercury Asset Management
Donald C. Burke
   
Treasurer
   
First Vice President and Treasurer of the Manager and FAM; Director of Taxation of the Manager; Senior Vice President and Treasurer of Princeton Services; Vice President of FAMD
Carol Ann Langham
   
Company Secretary
   
None
Debra Anne Searle
   
Assistant Company Secretary
   
None
 
Item 27.    Principal Underwriters.
 
(a)  FAMD acts as the principal underwriter for the Registrant and for each of the following open-end registered investment companies: Financial Institutions Series Trust, Mercury Basic Value Fund, Inc., Mercury Global Holdings, Inc., Mercury Funds II, Mercury Large Cap Series Funds, Inc., Mercury Small Cap Value Fund, Inc., Mercury U.S. High Yield Fund, Inc., Merrill Lynch Balanced Capital Fund, Inc., Merrill Lynch Basic Value Fund, Inc., Merrill Lynch Bond Fund, Inc., Merrill Lynch California Municipal Series Trust, Merrill Lynch Developing Capital Markets Fund, Inc., Merrill Lynch Disciplined Equity Fund, Inc., Merrill Lynch Dragon Fund, Inc., Merrill Lynch Emerging Markets Debt Fund, Inc., Merrill Lynch Equity Income Fund, Merrill Lynch EuroFund, Merrill Lynch Focus Twenty Fund, Inc., Merrill Lynch Focus Value Fund, Inc., Merrill Lynch Fundamental Growth Fund, Inc., Merrill Lynch Funds for Institutions Series, Merrill Lynch Global Allocation Fund, Inc., Merrill Lynch Global Balanced Fund of Mercury Funds, Inc., Merrill Lynch Global Financial Services Fund, Inc., Merrill Lynch Global Bond Fund for Investment and Retirement, Merrill Lynch Global Growth Fund, Inc., Merrill Lynch Global SmallCap Fund, Inc., Merrill Lynch Global Technology Fund, Inc., Merrill Lynch Global Value Fund, Inc., Merrill Lynch Healthcare Fund, Inc., Merrill Lynch Index Funds, Inc., Merrill Lynch International Equity Fund, Merrill Lynch International Fund of Mercury Funds, Inc., Merrill Lynch Latin

C-5

America Fund, Inc., Merrill Lynch Large Cap Growth V.I. Fund of Mercury V.I. Funds, Inc., Merrill Lynch Large Cap Series Funds, Inc., Merrill Lynch Multi-State Municipal Series Trust, Merrill Lynch Municipal Bond Fund, Inc., Merrill Lynch Municipal Series Trust, Merrill Lynch Natural Resources Trust, Merrill Lynch Pacific Fund, Inc., Merrill Lynch Pan-European Growth Fund of Mercury Funds, Inc., Merrill Lynch Ready Assets Trust, Merrill Lynch Retirement Series Trust, Merrill Lynch Series Fund, Inc., Merrill Lynch Short Term U.S. Government Fund, Inc., Merrill Lynch Small Cap Value Fund, Inc., Merrill Lynch U.S. Government Mortgage Fund, Merrill Lynch U.S. High Yield Fund, Inc., Merrill Lynch U.S. Treasury Money Fund, Merrill Lynch U.S.A. Government Reserves, Merrill Lynch Utilities and Telecommunications Fund, Inc., Merrill Lynch Variable Series Funds, Inc., Merrill Lynch World Income Fund, Inc. and The Asset Program, Inc. FAMD also acts as the principal underwriter for the following closed-end registered investment companies: Merrill Lynch Senior Floating Rate Fund, Inc. and Merrill Lynch Senior Floating Rate Fund II, Inc.
 
(b)  Set forth below is information concerning each director and officer of FAMD. The principal business address of each such person is P.O. Box 9081, Princeton, New Jersey 08543-9081, except that the address of Messrs. Breen and Wasel is One Financial Center, 23rd Floor, Boston, Massachusetts 02111-2665.
 
Name
   
Position(s) and Office(s)
with FAMD
   
Position(s) and Office(s) with Registrant
Terry K. Glenn
   
President and Director
   
President and Director
Michael G. Clark
   
Treasurer and Director
   
None
Thomas J. Verage
   
Director
   
None
Michael J. Brady
   
Vice President
   
None
William M. Breen
   
Vice President
   
None
Donald C. Burke
   
Vice President
   
Vice President and Treasurer
Debra W. Landsman-Yaros
   
Vice President
   
None
William Wasel
   
Vice President
   
None
Robert Harris
   
Secretary
   
None
 
(c)  Not applicable.
 
Item 28.    Location of Accounts and Records.
 
All accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder are maintained at the offices of the Registrant (800 Scudders Mill Road, Plainsboro, New Jersey 08536), and its transfer agent, Financial Data Services, Inc. (4800 Deer Lake Drive East, Jacksonville, Florida 32246-6484).
 
Item 29.    Management Services.
 
Other than as set forth under the caption “Management of the Fund — Merrill Lynch Investment Managers” in the Prospectus constituting Part A of the Registration Statement and under “Management of the Fund — Management and Advisory Arrangements” in the Statement of Additional Information constituting Part B of the Registration Statement, the Registrant is not a party to any management-related service contract.
 
Item 30.    Undertakings.
 
Not applicable.

C-6

SIGNATURES
 
Pursuant to the requirements of the Securities Act and the Investment Company Act, the Registrant certifies that it meets all the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the Township of Plainsboro, and State of New Jersey, on the 20th day of December, 2002.
 
MERRILL LYNCH GLOBAL VALUE FUND, INC.
   
                    (Registrant)
   
/s/    DONALD C. BURKE
   
By:                                                                            
   
(Donald C. Burke, Vice President and Treasurer)
 
Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated.
 
Signature
   
Title
  
Date
TERRY K. GLENN*
(Terry K. Glenn)
   
President and Director (Principal Executive Officer )
    
DONALD C. BURKE*
(Donald C. Burke)
   
Vice President and Treasurer
(Principal Financial
and Accounting Officer)
    
RONALD W. FORBES*
(Ronald W. Forbes)
   
Director
    
CYNTHIA MONTGOMERY*
(Cynthia Montgomery)
   
Director
    
CHARLES C. REILLY*
(Charles C. Reilly)
   
Director
    
KEVIN A. RYAN*
(Kevin A. Ryan)
   
Director
    
ROSCOE S. SUDDARTH*
(Roscoe S. Suddarth)
   
Director
    
RICHARD R. WEST*
(Richard R. West)
   
Director
    
EDWARD D. ZINBARG*
(Edward D. Zinbarg)
   
Director
    
/s/    DONALD C. BURKE
*By:                                                                  
(Donald C. Burke, Attorney-in-Fact)
       
December 20, 2002

C-7

EXHIBIT INDEX
 
Exhibit
Number
   
Description
  1(c)
   
Articles Supplementary Increasing the Authorized Capital Stock of the Corporation and
Creating an Additional Class of Common Stock, dated December 9, 2002.
10
   
Consent of Deloitte & Touche LLP, independent auditors for the Registrant.