Merrill Lynch International Investment Funds Audited Annual Report ...

UK Focus 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 (£) %
COMMON STOCKS (SHARES)
Bermuda
4,300 Aquarius Platinum (UK Listing) 47,687 2.10
20,000 Griffin Mining
___________
21,500
______
0.95
___________
69,187
______
3.05
United Kingdom
9,000 3i Group 90,855 4.00
13,026 BAE Systems 55,458 2.44
14,381 Barclays 104,981 4.62
17,924 BG Group 124,212 5.46
24,300 BP 137,903 6.06
6,669 British American Tobacco 95,300 4.19
5,675 British Land 97,270 4.28
3,100 Cairn Energy 55,769 2.45
1,300 Carnival 33,644 1.48
9,500 Charter 85,975 3.78
7,607 Enterprise Inns 102,923 4.53
10,421 HBOS 117,966 5.19
10,000 Imprint 25,750 1.13
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (£) %
3,800 Kazakhmys 42,180 1.85
3,435 Land Securities Group 79,795 3.51
36,473 Man Group 190,663 8.38
10,400 Prudential 72,748 3.20
3,126 Reckitt Benckiser 72,961 3.21
4,250 Royal Bank of Scotland Group 84,702 3.72
5,210 Scottish & Southern Energy 80,964 3.56
19,800 St James's Place 85,090 3.74
5,210 Standard Chartered 77,733 3.42
8,000 Xstrata 204,000 8.97
13,547 Yell Group
___________
77,218
______
3.39
___________
2,196,060
______
96.56
Total Portfolio 2,265,247 99.61
Other Net Assets
___________
8,936
______
0.39
Total Net Assets (£)
___________
2,274,183
______
100.00
Sector Breakdown as at 31 December 2006
% of net
assets
Finance 44.1
Energy 14.0
Materials 13.9
Consumer discretionary 9.4
Consumer staples 7.4
Industrials 7.3
Utilities 3.5
Other net assets
___________
0.4
___________
100.0
166 Merrill Lynch International Investment Funds