Merrill Lynch International Investment Funds Audited Annual Report ...

Japan Opportunities Fund (1)
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 (¥) %
COMMON STOCKS (SHARES)
Japan
2,104,200 ADEKA 2,621,833,200 2.04
430,600 Agrex 652,359,000 0.51
932,800 Aica Kogyo 1,555,910,400 1.21
269,600 Alpha (Japan)* 645,692,000 0.50
809,500 Alps Logistics 1,708,045,000 1.33
37,000 Azuma Shipping 15,429,000 0.01
1,253,600 Belc 1,439,132,800 1.12
114,600 Central Sports 344,946,000 0.27
85,500 Dai-ichi Seiko 350,550,000 0.27
2,712,300 Daiichikosho 3,927,410,400 3.05
2,772,400 DCM Japan Holdings* 3,396,190,000 2.64
908,700 ESPEC 1,377,589,200 1.07
6,400 Fast Retailing 72,704,000 0.06
112,000 Ferrotec 100,128,000 0.08
625,300 Fuji Electronics 1,193,697,700 0.93
191 GCA 170,754,000 0.13
895,400 Goldcrest* 5,497,756,000 4.27
1,001,900 HS Securities 912,730,900 0.71
776,500 Idec (Japan)* 1,434,972,000 1.11
273,700 Iriso Electronics 1,228,913,000 0.95
2,312,000 Japan Aviation Electronics Industry 3,900,344,000 3.03
17,900 Kitagawa Industries 42,333,500 0.03
2,747,000 Laox 725,208,000 0.56
537,300 Macnica 1,993,383,000 1.55
2,263,900 MISUMI Group 5,161,692,000 4.01
705,900 Mitsui High-Tec 1,046,849,700 0.81
558,000 N E Chemcat 2,075,760,000 1.61
7,084,000 Nachi-Fujikoshi* 4,689,608,000 3.64
179,000 Nagano Keiki 297,140,000 0.23
335,800 NBC 670,928,400 0.52
4,845,000 Nice 2,093,040,000 1.63
4,500,500 OMC Card 4,189,965,500 3.25
1,400,300 OSG* 2,730,585,000 2.12
45,700 Otsuka* 552,970,000 0.43
1,165,000 Paltek 563,860,000 0.44
932,800 Pigeon 1,944,888,000 1.51
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (¥) %
1,225,400 Pocket Card 776,903,600 0.60
77,400 Renaissance 116,254,800 0.09
159,960 Resorttrust 502,274,400 0.39
250,600 Riso Kagaku 587,657,000 0.46
1,422,300 Roland 3,811,764,000 2.96
267,000 Royal Holdings 418,389,000 0.33
1,542,200 Saizeriya* 2,350,312,800 1.83
4,198,000 Sanken Electric* 6,166,862,000 4.79
4,679 Sanko Marketing Foods 856,257,000 0.67
1,236,500 Sato* 2,615,197,500 2.03
819,200 Sazaby League 2,457,600,000 1.91
1,234,300 Seiren* 1,762,580,400 1.37
616,000 SK Kaken 2,156,000,000 1.67
80,720 SKY Perfect Communications* 5,876,416,000 4.56
2,226,400 Sodick 2,426,776,000 1.89
228,200 Sogo Medical 597,884,000 0.46
8,214 SRI Sports 1,338,882,000 1.04
560,000 Studio Alice 777,840,000 0.60
631,900 Sumida 1,510,241,000 1.17
1,452,000 Sumitomo Wiring Systems 3,484,800,000 2.71
3,831,000 Suruga Bank 5,646,894,000 4.39
2,724,000 T RAD 1,569,024,000 1.22
11,854,000 Taiheiyo Cement 5,523,964,000 4.29
240,300 Taiyo Kagaku 269,136,000 0.21
1,802,000 Toda Kogyo 955,060,000 0.74
389,000 Torishima Pump Manufacturing 385,888,000 0.30
600,500 Toyo/Chuo-ku* 886,938,500 0.69
1,583,300 Tsubaki Nakashima* 2,929,105,000 2.28
3,013,000 Tsugami* 2,262,763,000 1.76
92,700 VSN 340,209,000 0.26
1,533,000 Yamato International 1,536,066,000 1.19
787,800 Yokowo 1,090,315,200 0.85
1,478,800 Zensho*
_____________
1,938,706,800
_____
1.51
Total Portfolio 127,250,258,700 98.85
Other Net Assets
_____________
1,476,881,796
_____
1.15
Total Net Assets (¥) 128,727,140,496
_____________
100.00
_____
(1) Base currency changed, see Note 1, for further details.
( * ) Securities lent, see Note 13 for further details.
Sector Breakdown as at 31 December 2006
% of net
assets
Consumer discretionary 33.1
Industrials 24.6
Information technology 18.2
Materials 10.6
Finance 9.1
Consumer staples 3.1
Technology 0.1
Other net assets
___________
1.2
___________
100.0
EUR Hedged Share Class
Open Forward Foreign Exchange Transactions
as at 31 December 2006
Purchases
Sales Value date
Unrealised
profit
€
€41,000 ¥6,219,056 15/3/2007
_______
1,083
Net unrealised profit
_______
1,083
Note: The Yen equivalent – ¥169,655 of the net unrealised profit attributed to this transaction is
included in the Statement of Net Assets (see Note 2c). As at the 29 December 2006, the
exchange rate used to convert from € is the year-end exchange rate of: 1 ¥ = 0.00638 €
(see Note 2e).
150 Merrill Lynch International Investment Funds