Merrill Lynch International Investment Funds Audited Annual Report ...

European Opportunities Fund continued
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 (€) %
Sweden
364,878 Aangpanneforeningen 'B' 5,932,582 0.67
38,209 Acando 62,336 0.01
701,902 BE Group 5,434,421 0.61
880,481 rnb Retail and Brands
___________
6,378,815
______
0.72
___________
17,808,154
______
2.01
Switzerland
93,000 Arpida 1,717,617 0.19
936 Bank Sarasin & Compagnie 'B' 2,223,444 0.25
4,979 Banque Cantonale Vaudoise 1,806,633 0.20
98,295 Basler Kantonalbank 6,766,530 0.76
122,619 Compagnie Financiere Tradition
(Bearer) 14,022,532 1.59
20,085 Galenica Holding 4,209,095 0.48
17,399 Gurit Holding (Bearer) 11,403,859 1.29
129,321 Holcim 8,990,789 1.02
43,659 Implenia 697,740 0.08
71,074 Komax Holding 6,735,699 0.76
266,912 Schindler Holding 12,705,748 1.44
16,020 Schweiter Technologies (Bearer) 3,633,664 0.41
5,401 SGS 4,577,802 0.52
26,865 St Galler Kantonalbank 8,553,498 0.97
55,776 Zurich Financial Services
___________
11,359,144
______
1.28
___________
99,403,794
______
11.24
United Kingdom
264,310 Air Berlin 4,361,115 0.49
153,621 Anglo American 5,698,733 0.64
8,675,838 Anite Group 10,529,870 1.19
3,014,892 Blackstar Investors 4,632,127 0.52
2,485,507 BTG 5,478,109 0.62
690,105 Burren Energy 9,095,204 1.03
986,646 Carphone Warehouse Group 4,613,654 0.52
149,689 Dana Petroleum 2,793,154 0.32
6,479,752 Dart Group 11,965,588 1.35
680,159 Debt Free Direct Group 4,547,899 0.52
2,117,427 Dignity 20,669,745 2.34
1,443,086 Dyson Group 4,674,180 0.53
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (€) %
380,433 Gallaher Group 6,495,405 0.73
1,077,400 Global Energy Development 1,981,517 0.22
2,575,894 Group 4 Securicor 7,211,736 0.82
441,325 Ladbrokes 2,748,834 0.31
2,434,581 Man Group 18,952,751 2.14
8,288,350 Mecom Group 9,133,848 1.03
3,634,350 Microgen 2,949,696 0.33
940,676 Prostrakan Group 1,568,961 0.18
2,392,789 Punch Graphix 4,596,720 0.52
504,091 SDL 1,769,761 0.20
899,379 Surfcontrol 6,968,011 0.79
5,525,076 Umbro 11,004,898 1.25
913,477 Unibet Group – SDR 19,702,029 2.23
1,519,742 Vanco 9,844,941 1.11
533,007 Vedanta Resources 9,691,758 1.10
744,096 Venture Production
___________
9,784,613
______
1.11
___________
213,464,857
______
24.14
Total Common Stocks (Shares)
___________
820,987,136
______
92.87
Total Transferable Securities Admitted
to an Official Stock Exchange Listing or
Dealt in on Another Regulated Market
___________
831,272,857
______
94.03
Unquoted Securities
COMMON STOCKS (SHARES)
United Kingdom
1,667,134 BETonSPORTS
___________
0
______
0.00
United States
132,000 Capital Development & Investment
___________
0
______
0.00
Total Unquoted Securities
___________
0
______
0.00
Total Portfolio 831,272,857 94.03
Other Net Assets
___________
52,743,648
______
5.97
Total Net Assets (€)
___________
884,016,505
______
100.00
Sector Breakdown as at 31 December 2006
% of net
assets
Finance 18.6
Consumer discretionary 18.3
Industrials 18.0
Information technology 11.4
Materials 9.2
Consumer staples 5.7
Energy 4.6
Healthcare 3.3
Telecommunication services 2.6
Investment funds 1.2
Utilities 1.1
Other net assets
___________
6.0
___________
100.0
98 Merrill Lynch International Investment Funds