Merrill Lynch International Investment Funds Audited Annual Report ...

Global Fundamental Value Fund
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$) %
COMMON STOCKS (SHARES)
Australia
79,072 Australia & New Zealand Banking Group 1,762,083 0.43
496,100 Australian Worldwide Exploration 1,195,280 0.29
205,446 Boral 1,238,291 0.30
580,482 CSR 1,719,573 0.42
186,149 Iluka Resources 977,874 0.24
413,858 Multiplex Group
___________
1,304,442
______
0.31
___________
8,197,543
______
1.99
Belgium
83,304 AGFA-Gevaert
___________
2,119,387
______
0.52
Bermuda
166,300 Tyco International
___________
5,115,388
______
1.24
Canada
9,300 Nortel Networks
___________
252,123
______
0.06
Cayman Islands
87,200 GlobalSantaFe 5,163,112 1.25
44,600 XL Capital 'A'
___________
3,225,026
______
0.78
___________
8,388,138
______
2.03
Denmark
52,536 Danske Bank
___________
2,327,397
______
0.56
Finland
118,638 Fortum
___________
3,371,784
______
0.82
France
13,527 Assurances Generales de France 2,104,121 0.51
38,098 BNP Paribas 4,170,892 1.01
66,045 Credit Agricole 2,780,750 0.68
33,536 Peugeot 2,225,860 0.54
24,425 Renault 2,938,019 0.71
67,429 Total 4,875,403 1.18
11,070 Vallourec
___________
3,223,521
______
0.78
___________
22,318,566
______
5.41
Germany
14,339 Allianz SE 2,925,262 0.71
28,499 BASF 2,774,389 0.67
50,214 Bayer 2,691,407 0.65
58,105 BMW – Bayerische Motoren Werke 3,332,650 0.81
133,173 Deutsche Post 4,009,585 0.97
30,057 E.ON 4,074,296 0.99
33,785 Hochtief 2,458,387 0.60
15,142 Muenchener Rueckversicherungs 2,603,242 0.63
24,717 RWE
___________
2,720,629
______
0.66
___________
27,589,847
______
6.69
Hungary
21,032 MOL Hungarian Oil & Gas
___________
2,381,074
______
0.58
Ireland
141,732 Allied Irish Banks
___________
4,203,757
______
1.02
Italy
423,011 Banca Intesa 3,161,709 0.77
204,005 Capitalia 1,925,489 0.47
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
149,022 ENI 5,017,166 1.22
822,558 Telecom Italia 2,493,914 0.60
1,011,831 Telecom Italia – RNC 2,566,257 0.62
410,797 UniCredito Italiano
___________
3,606,523
______
0.87
___________
18,771,058
______
4.55
Japan
214,600 Asahi Breweries 3,440,246 0.83
40,300 Canon 2,272,190 0.55
53,000 Honda Motor 2,096,228 0.51
144 KDDI 977,914 0.24
130 Mitsubishi UFJ Financial Group 1,608,146 0.39
121,000 Mitsubishi UFJ Securities 1,346,113 0.33
83,400 Namco Bandai Holdings 1,224,690 0.30
184,000 Nippon Mining Holdings 1,325,429 0.32
180,000 Nissan Motor 2,170,618 0.52
159,000 Sekisui House 2,318,785 0.56
331,000 Sojitz 1,008,327 0.24
181,000 Sompo Japan Insurance 2,216,187 0.54
372,000 Sumitomo Metal Industries 1,618,446 0.39
325 Sumitomo Mitsui Financial Group 3,336,629 0.81
23,500 Takeda Pharmaceutical 1,615,678 0.39
50,800 Takefuji 2,013,490 0.49
300,000 Tokyo Gas 1,598,048 0.39
51,200 Toyota Motor
___________
3,429,634
______
0.83
___________
35,616,798
______
8.63
Netherlands
96,869 ING Groep – CVA 4,308,410 1.04
80,891 Mittal Steel 3,416,488 0.83
161,400 Unilever (NY Shares)
___________
4,422,360
______
1.07
___________
12,147,258
______
2.94
Norway
105,935 Statoil
___________
2,799,264
______
0.68
Singapore
86,000 Keppel 987,538 0.24
104,000 United Overseas Bank
___________
1,316,370
______
0.32
___________
2,303,908
______
0.56
South Korea
4,029 POSCO
___________
1,339,248
______
0.32
Spain
139,836 BBVA – Banco Bilbao Vizcaya
Argentaria
___________
3,358,571
______
0.81
Sweden
154,573 Investor 'B' 3,730,054 0.90
288,926 TeliaSonera
___________
2,390,760
______
0.58
___________
6,120,814
______
1.48
Switzerland
58,623 Credit Suisse Group 4,070,308 0.98
30,913 Swiss Reinsurance 2,632,889 0.64
59,211 UBS
___________
3,591,781
______
0.87
___________
10,294,978
______
2.49
The notes on pages 213 to 219 form an integral part of these financial statements.
Audited Annual Report and Accounts 137