NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies:
Merrill Lynch Global Utility Fund, Inc. (the "Fund") is registered under the Investment Company Act of 1940 as
a diversified, open-end management investment company. The Fund offers four classes of shares under the
Merrill Lynch Select PricingSM System. Shares of Class A and Class D are sold with a front-end sales charge.
Shares of Class B and Class C may be subject to a contingent deferred sales charge. All classes of shares have
identical voting, dividend, liquidation and other rights and the same terms and conditions, except that Class B,
Class C and Class D Shares bear certain expenses related to the account maintenance of such shares, and Class
B and Class C Shares also bear certain expenses related to the distribution of such shares. Each class has
exclusive voting rights with respect to matters relating to its account maintenance and distribution expenditures.
The following is a summary of significant accounting policies followed by the Fund.
(a) Valuation of securities -- Portfolio securities which are traded on stock exchanges are valued at the last sale
price on the exchange on which such securities are traded, as of the close of business on the day the securities are
being valued or, lacking any sales, at the last available bid price. Securities traded in the over-the-counter market
are valued at the last available bid price prior to the time of valuation. In cases where securities are traded on
more than one exchange, the securities are valued on the exchange designated by or under the authority of the
Board of Directors as the primary market. Securities which are traded both in the over-the-counter market and
on a stock exchange are valued according to the broadest and most representative market. Options written are
valued at the last sale price in the case of exchange-traded options or, in the case of options traded in the over-
the-counter market, the last asked price. Options purchased are valued at the last sal