Merrill Lynch International Investment Funds Audited Annual Report ...

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World Mining 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$) % COMMON / PREFERRED STOCKS (SHARES) & WARRANTS Australia 45,000,000 Alumina 225,373,252 3.13 3,600,000 Aquila Resources 9,612,134 0.13 1,200,000 Energy Resources of Australia 19,717,197 0.27 21,500,000 Gindalbie Metals 12,653,053 0.18 8,000,000 Iluka Resources 42,025,436 0.58 2,000,000 Minara Resources 9,242,436 0.13 5,000,000 Murchison Metals 4,858,204 0.07 32,500,000 Oxiana* 81,384,785 1.13 1,500,000 Paladin Resources* 10,545,857 0.15 2,000,000 Perilya 8,657,872 0.12 5,275,605 Riversdale Mining 8,960,069 0.12 4,000,000 Straits Resources 11,154,120 0.15 16,000,000 Zinifex ___________ 237,491,113 ______ 3.30 ___________ 681,675,528 ______ 9.46 Bermuda 7,658,000 Griffin Mining ___________ 16,160,876 ______ 0.22 Brazil 1,000,000 Bradespar (Pref) 47,306,792 0.66 2,057,500 Cia Vale do Rio Doce (Pref) 52,136,183 0.72 22,700,000 Cia Vale do Rio Doce ADR ___________ 575,445,000 ______ 7.98 ___________ 674,887,975 ______ 9.36 Canada 1,500,000 Aber Diamond* 54,626,518 0.76 4,550,000 Alcan 220,720,500 3.06 4,800,000 Amerigo Resources 8,891,186 0.12 2,050,000 AUR Resources 41,770,053 0.58 2,850,000 Barrick Gold 87,352,500 1.21 2,270,000 Cameco 91,605,755 1.27 6,500,000 Chariot Resources* 3,304,041 0.05 1,560,000 First Quantum Minerals 81,850,607 1.14 250,000 FNX Mining 3,879,125 0.05 1,600,000 Goldcorp* 45,489,791 0.63 380,000 Ivanhoe Mines 3,758,422 0.05 2,600,000 Ivernia 3,225,640 0.05 1,000,000 Kinross Gold 11,906,608 0.17 2,500,000 LionOre Mining International* 28,280,348 0.39 1,098,310 Platmin 5,411,775 0.08 4,639,000 Spur Ventures 2,358,068 0.03 752,000 Spur Ventures (Wts 28/7/2007) 129,577 0.00 4,300,000 Teck Cominco 'B'* 320,675,454 4.45 1,725,000 Uranium Participation 16,548,341 0.23 275,000 Uranium Participation (Wts 14/9/2008) 971,397 0.01 1,500,000 UrAsia Energy ___________ 6,926,854 ______ 0.10 1,039,682,560 ___________ ______ 14.43 China 60,000,000 China Shenhua Energy 'H' 144,503,911 2.00 30,000,000 Jiangxi Copper 'H' 30,529,539 0.42 80,000,000 Zijin Mining Group ___________ 55,887,196 ______ 0.78 ___________ 230,920,646 ______ 3.20 France 480,675 Eramet ___________ 76,352,936 ______ 1.06 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (US$) % Isle of Man 800,000 Nikanor ___________ 9,579,898 ______ 0.13 Mexico 17,000,000 Grupo Mexico SAB de CV 'B' ___________ 62,484,336 ______ 0.87 Peru 2,750,000 Cia de Minas Buenaventura ADR 76,395,000 1.06 5,043,364 Minsur 10,586,359 0.15 1,300,000 Sociedad Minera Cerro Verde ___________ 18,525,000 ______ 0.26 ___________ 105,506,359 ______ 1.47 Russian Federation 1,850,000 MMC Norilsk Nickel ADR ___________ 292,300,000 ______ 4.06 South Africa 4,900,000 African Rainbow Minerals 70,808,235 0.98 1,850,000 Anglo Platinum* 226,582,848 3.14 250,000 AngloGold Ashanti 11,803,399 0.16 331,943 AngloGold Ashanti ADR* 15,481,821 0.22 6,850,905 Gold Fields 130,121,420 1.81 4,149,095 Gold Fields ADR* 77,629,567 1.08 4,812,162 Harmony Gold Mining 76,561,661 1.06 4,187,838 Harmony Gold Mining ADR* 65,665,300 0.91 16,000,000 Impala Platinum Holdings* 421,215,286 5.85 3,000,000 Kumba Iron Ore 47,751,563 0.66 2,400,000 Kumba Resources 19,229,394 0.27 8,050,000 Metorex 18,658,521 0.26 300,000 Palabora Mining ___________ 2,468,058 ______ 0.03 1,183,977,073 ___________ ______ 16.43 United Kingdom 9,000,000 Anglo American 440,106,007 6.11 6,000,000 Antofagasta 59,952,886 0.83 2,015,000 Aquarius Platinum (UK Listing) 43,867,982 0.61 18,000,000 Aricom 21,908,127 0.30 23,000,000 BHP Billiton 421,937,574 5.86 3,500,000 Kazakhmys 76,266,196 1.06 2,521,066 Merrill Lynch World Mining Trust (Wts 27/2/2009) 2,412,681 0.03 10,000,000 Rio Tinto 533,568,905 7.40 3,800,000 Vedanta Resources 91,083,628 1.26 8,000,000 Xstrata ___________ 400,471,142 ______ 5.56 2,091,575,128 ___________ ______ 29.02 United States 9,150,000 Alcoa 273,219,000 3.79 2,000,000 Freeport-McMoRan Copper & Gold 'B' 111,240,000 1.54 700,000 Newmont Mining 31,696,000 0.44 1,500,000 Peabody Energy 61,290,000 0.85 2,300,000 Southern Copper ___________ 123,395,000 ______ 1.71 ___________ 600,840,000 ______ 8.33 Total Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market 7,065,943,315 ___________ ______ 98.04 ( * ) Securities lent, see Note 13 for further details. 210 Merrill Lynch International Investment Funds
World Mining Fund continued Portfolio of Investments 31 December 2006 Unquoted Securities Holding Description Value (US$) % COMMON STOCKS (SHARES) Switzerland 1,500,000 Highland African Mining (Convertible 1/1/2009) ___________ 1,500,000 ______ 0.02 United States 1,206,346 GEM Diamond Mining 'B' 15,682,498 0.22 1,042,521 GEM Diamond Mining 'Tranche 1' ___________ 13,552,773 ______ 0.19 ___________ 29,235,271 ______ 0.41 Total Common Stocks (Shares) ___________ 30,735,271 ______ 0.43 Unquoted Securities Holding Description Value (US$) % BONDS Brazil BRL6,750 Cia Vale do Rio Doce 0% (Perpetual) ___________ 0 ______ 0.00 Total Unquoted Securities ___________ 30,735,271 ______ 0.43 Total Portfolio 7,096,678,586 98.47 Other Net Assets ___________ 109,991,224 ______ 1.53 Total Net Assets (US$) 7,206,669,810 ___________ ______ 100.00 Sector Breakdown as at 31 December 2006 % of net assets Diversified 41.6 Gold 11.7 Aluminium 10.0 Platinum 9.6 Copper 7.9 Nickel 5.6 Zinc 3.6 Coal 3.1 Uranium 2.0 Iron ore 1.3 Diamonds 1.2 Industrial minerals 0.9 Other net assets ___________ 1.5 ___________ 100.0 The notes on pages 213 to 219 form an integral part of these financial statements. Audited Annual Report and Accounts 211
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Chairman’s Letter Merrill Lynch I
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Statement of Net Assets as at 31 De
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Statement of Operations and Changes
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Conservative Allocation Fund (Euro)
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Global Capital Securities Absolute
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Global Capital Securities Absolute
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India Fund (1) Portfolio of Investm
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Latin American Fund Portfolio of In
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Sterling Reserve Fund Portfolio of
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