Merrill Lynch International Investment Funds Audited Annual Report ...

World Gold 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$) %
FUNDS
Jersey
1,850,000 Lyxor Gold Bullion Securities – ETF
___________
116,365,000
______
1.98
Total Funds
___________
116,365,000
______
1.98
COMMON STOCKS (SHARES) & WARRANTS
Australia
60,000,000 Austindo Resources 1,374,516 0.02
22,811,000 Ballarat Goldfields 5,045,485 0.09
28,000,000 Bendigo Mining 17,252,548 0.29
3,000,000 Bolnisi Gold 7,251,758 0.12
12,000,000 Kimberley Diamond 8,768,465 0.15
10,000,000 Mintails 2,527,846 0.04
16,250,000 Newcrest Mining 338,247,492 5.75
87,500,000 Oxiana* 219,112,884 3.72
19,500,000 Perseverance* 5,699,502 0.10
6,000,000 Sino Gold*
___________
34,599,889
______
0.59
___________
639,880,385
______
10.87
Bermuda
490,000 Aquarius Platinum (UK Listing)
___________
10,667,648
______
0.18
Canada
2,400,000 Aber Diamond* 87,402,430 1.48
4,000,000 Agnico-Eagle Mines 164,659,257 2.80
1,750,000 Banro 22,615,663 0.38
15,750,000 Barrick Gold 482,737,500 8.20
10,000,000 Bema Gold 52,123,718 0.89
11,000,000 Centerra Gold 127,560,955 2.17
7,250,000 Eldorado Gold 39,476,178 0.67
850,000 First Quantum Minerals* 44,598,087 0.76
14,700,000 Goldcorp* 417,937,452 7.10
10,150,000 High River Gold Mines 18,276,471 0.31
3,150,000 Iamgold 27,844,404 0.47
1,850,000 Jaguar Mining 10,758,594 0.18
137,500 Jaguar Mining (Wts 31/12/2007) 355,389 0.01
18,000,000 Kinross Gold 214,318,946 3.64
400,000 Linear Gold 2,136,642 0.04
1,900,000 Meridian Gold 52,365,814 0.89
3,300,000 Orezone Resources 4,691,135 0.08
2,562,100 Teal Exploration & Mining
___________
8,829,499
______
0.15
1,778,688,134
___________ ______
30.22
China
6,150,000 Zhaojin Mining Industry 'H' 12,279,745 0.21
350,000,000 Zijin Mining Group
___________
244,506,484
______
4.15
___________
256,786,229
______
4.36
Jersey
3,000,000 Highland Gold Mining 9,422,850 0.16
6,000,000 Randgold Resources ADR
___________
139,040,000
______
2.36
___________
148,462,850
______
2.52
Mexico
12,821,600 Industrias Penoles SA de CV
___________
116,959,531
______
1.99
Papua New Guinea
92,500,000 Lihir Gold
___________
227,980,093
______
3.88
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
Peru
6,250,000 Cia de Minas Buenaventura ADR 173,625,000 2.95
740,658 Gold Fields La Cima 'I'
___________
5,213,196
______
0.09
___________
178,838,196
______
3.04
Russian Federation
2,085,425 Polyus Gold ADR
___________
101,143,113
______
1.72
South Africa
5,954,892 African Rainbow Minerals 86,052,121 1.46
500,000 Anglo Platinum 61,238,608 1.04
1,409,276 AngloGold Ashanti 66,536,990 1.13
2,415,000 AngloGold Ashanti ADR* 112,635,600 1.91
3,000,000 DRDGOLD ADR 2,730,000 0.05
11,500,000 Gold Fields 218,423,161 3.71
6,250,000 Gold Fields ADR 116,937,500 1.99
11,670,000 Harmony Gold Mining 185,670,096 3.15
4,580,000 Harmony Gold Mining ADR* 71,814,400 1.22
14,000,000 Impala Platinum Holdings 368,563,376 6.26
4,500,000 Mvelaphanda Resources
___________
25,109,811
______
0.43
1,315,711,663
___________ ______
22.35
United Kingdom
1,000,000 Anglo American 48,900,667 0.83
15,438,975 Hochschild Mining 122,444,953 2.08
2,000,000 Lonmin 118,178,249 2.01
3,777,500 Peter Hambro Mining
___________
74,971,584
______
1.27
___________
364,495,453
______
6.19
United States
3,200,000 Freeport-McMoRan Copper & Gold 'B' 177,984,000 3.02
5,000,000 Newmont Mining
___________
226,400,000
______
3.85
___________
404,384,000
______
6.87
Total Common Stocks (Shares) & Warrants 5,543,997,295
___________ ______
94.19
BONDS
United Kingdom
US$8,400,000 Peter Hambro Mining Group Finance
7.125% 11/8/2010
___________
13,939,800
______
0.23
Total Bonds
___________
13,939,800
______
0.23
Total Transferable Securities Admitted
to an Official Stock Exchange Listing or
Dealt in on Another Regulated Market 5,674,302,095
___________ ______
96.40
Unquoted Securities
COMMON STOCKS (SHARES) & WARRANTS
Canada
1,768,037 Silver Bear (Restricted) 1,142,438 0.02
2,250,000 Thistle Mining (Wts 9/1/2009)
___________
0
______
0.00
Total Unquoted Securities
___________
1,142,438
______
0.02
Total Portfolio 5,675,444,533 96.42
Other Net Assets
___________
210,462,845
______
3.58
Total Net Assets (US$) 5,885,907,378
___________ ______
100.00
( * ) Securities lent, see Note 13 for further details.
The notes on pages 213 to 219 form an integral part of these financial statements.
Audited Annual Report and Accounts 203