ITEM 77M: Mergers
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Natural Resource Development Securities Inc.
On December 21, 1999, at a Special Meeting of
Shareholders of Xxxxxx Xxxxxxx Xxxx Xxxxxx Xxxxxxxx Metals
and Minerals Trust ("Precious Metals"), Shareholders of
Precious Metals approved an Agreement and Plan of
Reorganization (the "Reorganization Agreement") between
Precious Metals and Xxxxxx Xxxxxxx Xxxx Xxxxxx Natural
Resource Development Securities Inc. ("Natural Resource"),
pursuant to which substantially all of the assets of
Precious Metals would be combined with those of Natural
Resource and shareholders of Precious Metals would become
shareholders of Natural Resource receiving shares of Natural
Resource with a value equal to the value of their holdings
in Precious Metals (the "Reorganization"). The
Reorganization Agreement was unanimously approved by the
Board of Trustees on July 29, 1999.
On January 31, 2000, the Reorganization Plan
between Precious Metals and Natural Resource was completed
according to the terms set forth in the Reorganization
Agreement. An application with the Commission on Form N8-F
for an Order declaring that Precious Metals has ceased to be
an investment company, is expected to be filed on or about
April 28, 2000.
