Merrill Lynch International Investment Funds Audited Annual Report ...

Global Allocation Fund continued
Portfolio of Investments 31 December 2006
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
Denmark
250,677 Danske Bank
___________
11,105,242
______
0.16
Finland
479,457 Fortum 13,626,540 0.20
83,700 Nokia ADR
___________
1,717,524
______
0.02
___________
15,344,064
______
0.22
France
9,780 Alcatel ADR 140,245 0.00
46,901 Assurances Generales de France 7,295,436 0.10
180,580 BNP Paribas 19,769,535 0.29
397,156 Credit Agricole 16,721,807 0.24
172,862 EDF – Electricite de France 12,578,411 0.18
405,000 France Telecom* 11,227,458 0.16
153,436 Peugeot 10,183,895 0.15
131,920 Renault 15,868,310 0.23
325,505 Total 23,535,393 0.34
37,362 Vallourec 10,879,602 0.16
102,970 Vinci*
___________
13,132,543
______
0.19
___________
141,332,635
______
2.04
Germany
87,294 Allianz SE 17,808,620 0.26
162,029 BASF 15,773,585 0.23
226,612 Bayer 12,146,116 0.18
183,716 BMW – Bayerische Motoren Werke 10,537,152 0.15
402,408 Deutsche Post 12,115,738 0.18
134,003 E.ON 18,164,419 0.26
145,954 Hochtief 10,620,433 0.15
58,113 Muenchener Rueckversicherungs 9,990,901 0.14
117,912 RWE
___________
12,978,713
______
0.19
___________
120,135,677
______
1.74
Hong Kong
7,433,100 Beijing Enterprises Holdings 15,893,645 0.23
635,000 Cheung Kong Holdings 7,822,310 0.11
2,653,000 Denway Motors 1,075,153 0.02
1,336,000 Hutchison Whampoa 13,587,227 0.20
3,010,000 Lenovo Group 1,223,703 0.02
1,008,700 Shanghai Industrial Holdings 2,149,042 0.03
757,000 Sun Hung Kai Properties 8,701,877 0.13
5,247,500 Tianjin Development Holdings 3,726,611 0.05
1,567,000 Wharf Holdings
___________
5,796,013
______
0.08
___________
59,975,581
______
0.87
Hungary
75,343 MOL Hungarian Oil & Gas
___________
8,529,727
______
0.12
India
73,000 Bajaj Auto 4,322,807 0.06
172,000 Container Corporation of India 8,264,975 0.12
2,420,520 Gujarat Ambuja Cements 7,719,060 0.11
109,600 Hindustan Petroleum 690,110 0.01
303,000 Housing Development Finance 11,145,155 0.16
218,000 Infosys Technologies 11,049,331 0.16
407,000 Karnataka Bank 1,388,105 0.02
85,750 Reliance Capital 1,176,904 0.02
1,600,000 Reliance Communications 17,061,706 0.25
115,762 Reliance Energy 1,361,112 0.02
1,850,000 Reliance Industries 53,126,275 0.77
1,815,900 Reliance Natural Resources 911,439 0.01
218,000 State Bank of India 6,139,284 0.09
312,955 Tata Motors 6,372,304 0.09
81,700 Wockhardt
___________
646,691
______
0.01
___________
131,375,258
______
1.90
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
Ireland
533,917 Allied Irish Banks
___________
15,920,383
______
0.23
Israel
951,400 ECI Telecom 8,267,666 0.12
69,090 Ectel 334,396 0.00
79,413 Teva Pharmaceutical Industries ADR
___________
2,472,127
______
0.04
___________
11,074,189
______
0.16
Italy
2,014,737 Banca Intesa 15,058,738 0.22
1,012,087 Capitalia 9,552,522 0.14
771,197 ENI 25,964,107 0.37
2,812,872 Telecom Italia 8,528,349 0.12
4,664,135 Telecom Italia – RNC 11,829,417 0.17
1,881,488 UniCredito Italiano
___________
16,518,205
______
0.24
___________
87,451,338
______
1.26
Japan
2,900,200 Aioi Insurance 20,500,856 0.30
534,600 Ajinomoto 7,076,564 0.10
428,700 Asahi Glass 5,158,866 0.07
1,020,000 Bank of Fukuoka* 7,450,487 0.11
762,400 Bank of Yokohama 5,979,482 0.09
285,000 Canon 16,068,836 0.23
510 Coca-Cola Central Japan 3,974,165 0.06
601,856 Coca-Cola West Holdings 13,953,365 0.20
190,000 Credit Saison 6,555,446 0.09
1,245 East Japan Railway 8,329,161 0.12
26,500 Fanuc 2,613,595 0.04
276,000 Hokkaido Coca-Cola Bottling 1,667,625 0.02
110,000 Honda Motor 4,350,662 0.06
76,700 House Foods 1,266,366 0.02
2,070 Japan Tobacco 10,016,199 0.15
508,000 JGC 8,742,221 0.13
436,000 Kinden 3,533,276 0.05
1,135,000 Kubota 10,525,488 0.15
496,300 Mikuni Coca-Cola Bottling 4,807,113 0.07
1,015,000 Millea Holdings 35,874,024 0.52
61,400 Ministop 1,051,472 0.02
687,000 Mitsubishi 12,949,993 0.19
715 Mitsubishi UFJ Financial Group 8,844,803 0.13
2,703,008 Mitsui Sumitomo Insurance 29,615,774 0.43
155,000 Murata Manufacturing 10,500,074 0.15
2,480,000 Nipponkoa Insurance 20,139,272 0.29
405,000 Nomura Holdings 7,651,316 0.11
11,050 NTT DoCoMo 17,481,750 0.25
3,850 NTT Urban Development 7,451,665 0.11
255 Okinawa Cellular Telephone 693,118 0.01
1,445,000 Okumura 7,162,224 0.10
89,000 Rinnai* 2,666,274 0.04
215,950 Rohto Pharmaceutical 2,298,839 0.03
385,000 Seven & I Holdings 11,987,461 0.17
183,400 Shin-Etsu Chemical 12,300,490 0.18
842,200 Shinsei Bank 4,961,101 0.07
1,363,000 Sumitomo Chemical 10,586,742 0.15
1,380 Sumitomo Mitsui Financial Group 14,167,841 0.21
750,000 Suzuki Motor 21,206,320 0.31
325,000 Takeda Pharmaceutical 22,344,476 0.32
303,800 Tanabe Seiyaku 3,975,419 0.06
471,300 Toho (Tokyo) 8,527,086 0.12
2,560,000 Tokyo Gas 13,636,673 0.20
200,000 Toyota Industries
___________
9,206,236
______
0.13
___________
439,850,216
______
6.36
( * ) Securities lent, see Note 13 for further details.
The notes on pages 213 to 219 form an integral part of these financial statements.
Audited Annual Report and Accounts 101