Latin American Fund Portfolio of <strong>Investment</strong>s 31 December 2006 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (US$) % FUNDS United Kingdom 4,671,200 <strong>Merrill</strong> <strong>Lynch</strong> Latin American <strong>Investment</strong> Trust _____________ 35,533,765 _____ 0.93 Total <strong>Funds</strong> _____________ 35,533,765 _____ 0.93 COMMON & PREFERRED STOCKS (SHARES) Argentina 276,000 Banco Macro ADR 8,362,800 0.22 270,831 Endesa Costanera 'B' _____________ 326,263 _____ 0.01 _____________ 8,689,063 _____ 0.23 Brazil 6,455,000 All America Latina Logistica (Unit) 67,029,204 1.76 7,370,000 Banco Bradesco ADR 297,084,700 7.79 2,330,000 Banco Itau Holding Financeira ADR 84,579,000 2.22 14,774,681 Brasil Telecom (Pref) 75,777 0.00 2,265,000,000 CESP – Cia Energetica de Sao Paulo 'B' (Pref) 26,522,248 0.70 2,673,000 Cia de Concessoes Rodoviarias 36,119,930 0.95 14,350,000 Cia Vale do Rio Doce ADR 363,772,500 9.54 140,000 Companhia de Bebidas das Americas ADR 6,168,400 0.16 3,140,000 Companhia de Bebidas das Americas ADR (Pref) 154,331,000 4.05 1,295,000 Companhia de Saneamento de Minas Gerais 15,194,262 0.40 480,000 Cosan SA Industria e Comercio 10,049,649 0.26 483,000 CPFL Energia ADR 19,827,150 0.52 5,230,000 Cyrela Brazil Realty 49,948,337 1.31 1,580,000 Datasul 14,578,923 0.38 685,000 Diagnosticos da America 14,646,487 0.38 910,000 Duratex (Pref) 14,150,820 0.37 1,020,000 EDP – Energias do Brasil 15,765,808 0.41 13,077,643 Empresa Nacional de Comercio Redito e Participacoes (Pref) 79,630 0.00 1,285,000 Equatorial Energia (Unit) 11,345,316 0.30 1,235,000 Gafisa 18,475,831 0.48 313,000 Guararapes Confeccoes 15,613,349 0.41 2,439,000 Klabin Segall 20,448,759 0.54 267,000 Localiza Rent A CAR 8,035,012 0.21 568,000,000 Lojas Americanas (Pref) 31,792,037 0.83 3,250,000 Lojas Renner 46,733,021 1.23 1,200,000 LPS Brasil Consultoria de Imoveis 13,208,431 0.35 1,300,000 Lupatech 19,484,778 0.51 1,540,000 M Dias Branco 18,032,787 0.47 5,020,000 Marcopolo (Pref) 13,990,164 0.37 2,600,000 Natura Cosmeticos 36,716,628 0.96 1,075,000 Obrascon Huarte Lain Brasil 17,320,843 0.45 370,000 Odontoprev 5,926,932 0.16 3,970,000 Petroleo Brasileiro ADR 367,264,700 9.63 1,066,000 Porto Seguro 33,442,941 0.88 1,111,000 Profarma Distribuidora de Produtos Farmaceuticos 15,299,016 0.40 1,910,000 Suzano Papel e Celulose (Pref) 18,965,808 0.50 860,000 Tam ADR 26,221,400 0.69 1,560,000 Tele Norte Leste Participacoes 40,698,829 1.07 1,400,000 Terna Participacoes (Unit) 15,803,279 0.41 630,000 Totvs 13,954,426 0.37 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (US$) % 1,165,000 Unibanco – Uniao de Bancos Brasileiros GDR 109,498,350 2.87 2,680,000 Usinas Siderurgicas de Minas Gerais 'A' (Pref) 101,049,180 2.65 880,000 Vivax (Unit) 16,074,941 0.42 1,540,000 Votorantim Celulose e Papel ADR 30,507,400 0.80 2,760,000 Weg (Pref) _____________ 19,701,358 _____ 0.52 _____________ 2,275,529,341 _____ 59.68 Chile 970,000 Banco Santander Chile ADR 47,035,300 1.23 11,500,000 CENCOSUD – Centros Comerciales Sudamericanos 35,973,527 0.94 985,000 Empresa Nacional de Electricidad (Chile) ADR 36,297,250 0.95 1,515,000 Enersis (Chile) ADR 24,149,100 0.63 4,290,000 Inversiones Aguas Metropolitanas 5,223,233 0.14 822,930 Inversiones Aguas Metropolitanas ADR 20,005,774 0.52 2,800,000 La Polar 14,344,456 0.38 560,000 Lan Airlines ADR 30,895,200 0.81 1,350,000 Masisa ADR 13,567,500 0.36 9,740,000 Ripley _____________ 11,667,242 _____ 0.31 _____________ 239,158,582 _____ 6.27 Colombia 580,000 BanColombia ADR _____________ 18,299,000 _____ 0.48 Luxembourg 2,025,000 Tenaris ADR 100,986,750 2.65 635,000 Ternium ADR _____________ 18,726,150 _____ 0.49 _____________ 119,712,900 _____ 3.14 Mexico 3,000,000 Alsea SAB de CV 16,170,942 0.42 8,300,000 America Movil SA de CV 'L' ADR 374,496,000 9.82 3,520,000 Cemex SAB de CV ADR 118,518,400 3.11 4,910,000 Controladora Comercial Mexicana SA de CV 'UBC' (Unit) 12,314,813 0.32 15,533,500 Corp GEO SA de CV 'B' 77,618,836 2.04 950,000 Desarrolladora Homex SA de CV ADR 56,886,000 1.49 5,900,000 Empresas ICA SAB de CV 22,164,142 0.58 925,000 Fomento Economico Mexicano SA de CV ADR 107,864,250 2.83 2,550,000 Grupo Famsa 'A' 11,677,632 0.31 5,020,000 Grupo Televisa ADR 136,393,400 3.58 3,035,000 Kimberly-Clark de Mexico SAB de CV 'A' 13,714,101 0.36 29,156,374 Wal-Mart de Mexico SA de CV 'V' _____________ 126,374,376 _____ 3.31 _____________ 1,074,192,892 _____ 28.17 Panama 477,000 Copa Holdings 'A' _____________ 22,089,870 _____ 0.58 Venezuela 250,452 Sudamtex de Venezuela ADR _____________ 3 _____ 0.00 Total Common & Preferred Stocks (Shares) _____________ 3,757,671,651 _____ 98.55 Total Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market _____________ 3,793,205,416 _____ 99.48 152 <strong>Merrill</strong> <strong>Lynch</strong> <strong>International</strong> <strong>Investment</strong> <strong>Funds</strong>
Latin American Fund continued Portfolio of <strong>Investment</strong>s 31 December 2006 Unquoted Securities Holding Description Value (US$) % COMMON STOCKS (SHARES) Cayman Islands 29,318 <strong>International</strong> Briquettes Holding _____________ 0 _____ 0.00 Total Unquoted Securities _____________ 0 _____ 0.00 Total Portfolio 3,793,205,416 99.48 Other Net Assets _____________ 19,968,755 _____ 0.52 Total Net Assets (US$) _____________ 3,813,174,171 100.00 _____ Sector Breakdown as at 31 December 2006 % of net assets Materials 17.4 Finance 16.6 Consumer staples 14.6 Consumer discretionary 12.8 Energy 12.3 Telecommunication services 10.9 Utilities 6.8 Industrials 6.0 <strong>Investment</strong> funds 0.9 Information technology 0.8 Healthcare 0.4 Other net assets ___________ 0.5 ___________ 100.0 The notes on pages 213 to 219 form an integral part of these financial statements. <strong>Audited</strong> <strong>Annual</strong> <strong>Report</strong> and Accounts 153
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