Merrill Lynch International Investment Funds Audited Annual Report ...

United Kingdom 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)
Canada
2,831,158 Bankers Petroleum 849,347 0.22
1,330,178 Oilexco 4,190,061 1.06
2,356,484 Sterling Resources
___________
1,985,714
______
0.50
___________
7,025,122
______
1.78
Cayman Islands
3,436,579 Charlemagne Capital
___________
2,809,403
______
0.71
Isle of Man
6,787,595 Dawnay Day Treveria
___________
5,652,151
______
1.43
Jersey
659,285 Experian Group
___________
3,952,414
______
1.00
United Kingdom
1,065,807 3i Group 10,759,322 2.73
282,118 AstraZeneca 7,741,318 1.96
1,586,235 Augean 2,149,348 0.55
2,357,900 BAE Systems 10,038,759 2.54
560,000 Barclays 4,088,000 1.04
1,711,000 BG Group 11,857,230 3.00
3,825,850 BP 21,711,699 5.50
448,650 British American Tobacco 6,411,209 1.62
680,245 Cairn Energy 12,237,608 3.10
287,200 Carnival 7,432,736 1.88
212,101 Charter 1,919,514 0.49
2,062,070 Chrysalis Group 2,495,105 0.63
1,942,353 Concateno 2,185,147 0.55
450,000 CSR 2,925,000 0.74
1,858,585 Debenhams 3,526,665 0.89
531,474 Enterprise Inns 7,190,843 1.82
1,652,840 Evolution Group 2,123,899 0.54
867,200 GlaxoSmithKline 11,655,168 2.95
1,188,432 Group NBT 2,465,996 0.63
1,924,062 HBOS 21,780,382 5.52
2,681,550 Hogg Robinson Group 2,788,812 0.71
610,000 Home Retail Group 2,501,000 0.63
1,604,792 HSBC Holdings 14,940,614 3.78
9,485,840 Innovation Group 2,964,325 0.75
1,766,455 IP Group 2,543,695 0.65
933,330 Kazakhmys 10,359,963 2.63
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (£) %
217,186 Land Securities Group 5,045,231 1.28
1,734,581 M&C Saatchi 2,411,068 0.61
2,745,170 Man Group 14,350,376 3.64
2,004,833 Melrose 3,598,675 0.91
1,150,000 Morgan Crucible 2,932,500 0.74
1,665,000 Prudential 11,646,675 2.95
4,444,745 PuriCore 2,577,952 0.65
1,688,644 QinetiQ 3,233,753 0.82
1,239,805 Regal Petroleum 2,101,469 0.53
6,481,134 Regus Group 8,069,012 2.05
634,893 Resolution 4,072,839 1.03
1,473,280 Reuters Group 6,559,779 1.66
987,501 Royal Bank of Scotland Group 19,680,895 4.99
721,695 Royal Dutch Shell 'B' 12,918,340 3.27
1,760,734 Songbird Estates 'B' 6,153,765 1.56
8,703,338 Spirent Communications 4,939,144 1.25
2,703,118 St James's Place 11,616,650 2.94
300,538 Standard Chartered 4,484,027 1.14
1,409,712 Tullow Oil 5,610,654 1.42
6,466,701 Vodafone Group 9,150,382 2.32
900,223 Wolseley 11,099,750 2.81
902,977 Xstrata 23,025,913 5.83
1,793,600 Yell Group
___________
10,223,520
______
2.59
___________
374,295,726
______
94.82
Total Transferable Securities Admitted
to an Official Stock Exchange Listing or
Dealt in on Another Regulated Market
___________
393,734,816
______
99.74
Unquoted Securities
COMMON STOCKS (SHARES)
United Kingdom
747,203 Epic Brand Investments
___________
0
______
0.00
Total Unquoted Securities
___________
0
______
0.00
Total Portfolio 393,734,816 99.74
Other Net Assets
___________
1,015,289
______
0.26
Total Net Assets (£)
___________
394,750,105
______
100.00
Sector Breakdown as at 31 December 2006
% of net
assets
Finance 36.5
Energy 18.6
Industrials 12.6
Consumer discretionary 10.7
Materials 8.5
Healthcare 5.6
Information technology 3.4
Telecommunication services 2.3
Consumer staples 1.5
Other net assets
___________
0.3
___________
100.0
The notes on pages 213 to 219 form an integral part of these financial statements.
Audited Annual Report and Accounts 167