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$) %
United Kingdom
1,191,583 Aviva 19,228,136 0.28
1,736,068 BAE Systems 14,509,834 0.21
1,830,191 Barclays 26,227,708 0.38
312,400 Cadbury Schweppes ADR 13,436,324 0.19
137,000 Diageo ADR 10,933,970 0.16
905,535 GlaxoSmithKline 23,891,618 0.35
13,530 Guinness Peat Group 22,311 0.00
2,530,882 Guinness Peat Group
(New Zealand Listing) 4,341,502 0.06
1,302,540 HBOS 28,945,333 0.42
415,931 HSBC Holdings 7,630,404 0.11
1,265,810 Kesa Electricals 8,430,036 0.12
975,253 Prudential 13,392,020 0.19
415,000 RHM 3,081,542 0.05
39,200 Royal Dutch Shell ADR 2,760,464 0.04
796,392 Royal Dutch Shell 'B' 27,984,721 0.40
13,843,581 Vodafone Group 38,454,392 0.56
267,048 Vodafone Group ADR † ___________
7,480,014
______
0.11
___________
250,750,329
______
3.63
United States
2,135,300 3Com † 8,863,203 0.13
112,305 Abbott Laboratories 5,470,377 0.08
1,290 AboveNet (Call Wts 8/9/2008) 49,020 0.00
1,519 AboveNet (Wts 8/9/2010) 39,494 0.00
148,100 AES 3,258,200 0.05
115,500 Aetna 5,026,560 0.07
36,924 Agere Systems 726,664 0.01
498,000 Alcoa 14,870,280 0.22
95,144 Alliance One International 662,202 0.01
128,050 Allstate 8,405,202 0.12
164,700 Alltel 9,974,232 0.15
120,090 Altria Group 10,327,740 0.15
6,750 American Eagle Outfitters 211,410 0.00
710,110 American International Group 50,907,786 0.74
3,500 Ameriprise Financial 190,715 0.00
42,700 AmerisourceBergen 1,921,927 0.03
11,700 Amgen 801,684 0.01
5,600 AMR 171,696 0.00
80,400 Assurant 4,463,004 0.07
333,900 AT&T 12,007,044 0.17
16,300 Avaya 230,319 0.00
106,400 Avon Products 3,539,928 0.05
30,000 Baker Hughes 2,253,900 0.03
261,952 Bank of America 14,064,203 0.20
238,170 Bank of New York 9,474,403 0.14
85,800 Bausch & Lomb † 4,538,820 0.07
59,400 Baxter International 2,760,912 0.04
1,100 Bear Stearns 180,279 0.00
109,800 BellSouth 5,211,108 0.08
10,000 Big Lots 233,900 0.00
2,000 Boeing 178,180 0.00
17,600 Borland Software 90,814 0.00
97,400 Boston Scientific 1,667,488 0.03
46,500 Bristol West Holdings 746,790 0.01
154,000 Bristol-Myers Squibb 4,031,720 0.06
937,350 CA † 21,484,062 0.31
233,700 Career Education † 5,865,870 0.09
79,600 Caremark Rx 4,540,384 0.07
42,700 CBS 'B' † 1,348,466 0.02
250,000 Chevron 18,480,000 0.27
3,300 Chubb 175,758 0.00
25,400 Cigna 3,360,420 0.05
120,600 Cincinnati Bell 560,790 0.01
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
113,700 Cirrus Logic † 798,174 0.01
1,359,650 Cisco Systems † 37,403,972 0.54
2,900 CIT Group 164,082 0.00
478,842 Citigroup 26,762,479 0.39
177,000 CMS Energy 2,964,750 0.04
207,600 Coca-Cola 10,095,588 0.15
308,740 Comcast 'A' 13,229,478 0.19
978,400 Comverse Technology † 20,688,268 0.30
178,500 ConAgra Foods 4,835,565 0.07
205,900 ConocoPhillips 14,948,340 0.22
58,000 Consol Energy 1,877,460 0.03
144,300 Constellation Brands 'A' 4,181,814 0.06
5,100 Continental Airlines 'B' 213,690 0.00
5,500 Countrywide Financial 236,775 0.00
87,000 Crown Holdings 1,835,700 0.03
468,500 CSX 16,420,925 0.24
1,500 Cummins 178,815 0.00
71,300 CVS 2,226,699 0.03
44,400 Darwin Professional Underwriters 1,031,856 0.02
49,200 Devon Energy 3,298,368 0.05
15,200 Discovery Holding 'A' 245,936 0.00
339,600 Dynegy 'A' 2,482,476 0.04
2,900 Eaton 218,747 0.00
188,300 eBay † 5,673,479 0.08
70,600 EI Du Pont de Nemours & Co 3,447,398 0.05
2,051,600 El Paso † 31,102,256 0.45
3,150 El Paso (Pref) 4,185,562 0.06
86,100 Eli Lilly & Co 4,465,146 0.07
24,332 Embarq 1,286,676 0.02
102,100 ENSCO International 5,194,848 0.08
227,900 Extreme Networks † 961,738 0.01
601,070 Exxon Mobil 46,336,486 0.67
7,600 Family Dollar Stores 225,948 0.00
120,200 Fannie Mae † 7,207,192 0.11
20,400 FedEx 2,212,788 0.03
97,300 Fifth Third Bancorp* 3,989,300 0.06
120,100 Foundation Coal Holdings 3,793,959 0.06
106,900 Freeport-McMoRan Copper & Gold 'B' 5,945,778 0.09
153,100 General Communication 'A' 2,446,538 0.04
15,000 General Dynamics 1,124,850 0.02
1,769,300 General Electric 66,242,592 0.96
3,900 General Mills 225,147 0.00
275,900 Genesis Microchip † 2,872,119 0.04
6,300 Genworth Financial 'A' 217,224 0.00
1,000 Goldman Sachs Group 201,800 0.00
136,400 Halliburton 4,242,040 0.06
18,037 Hanesbrands 433,068 0.01
68,700 Hartford Financial Services Group 6,416,580 0.09
24,000 Health Management Associates 'A' 509,040 0.01
93,330 Healthsouth 2,113,924 0.03
90,800 Hess 4,569,964 0.07
178,334 Hewlett-Packard 7,409,778 0.11
39,700 Humana 2,195,807 0.03
6,100 IAC/InterActiveCorp 228,811 0.00
188,440 IBM – International Business Machines 18,369,131 0.27
30,518 Idearc 867,016 0.01
294,000 Intel 6,015,240 0.09
184,300 International Paper 6,284,630 0.09
2,600 JC Penney 203,450 0.00
90,125 JDS Uniphase 1,518,606 0.02
409,030 Johnson & Johnson 27,073,696 0.39
56,800 JPMorgan Chase & Co 2,769,568 0.04
280,000 Key Energy Services 4,410,000 0.06
17,200 King Pharmaceuticals 275,544 0.01
305,500 Knight Capital Group 'A' † 5,978,635 0.09
( * ) Securities lent, see Note 13 for further details.
(†)
Securities pledged, see Note 14 for further details.
The notes on pages 213 to 219 form an integral part of these financial statements.
Audited Annual Report and Accounts 103