Merrill Lynch International Investment Funds Audited Annual Report ...

Global Dynamic Equity Fund (1)
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
Cayman Islands
441,600 Vietnam Enterprise Investments 'C'
___________
503,424
______
0.14
United States
39,000 Consumer Staples Select Sector
SPDR Fund – ETF 1,023,945 0.29
39,200 Health Care Select Sector
SPDR Fund – ETF 1,317,904 0.38
15,800 iShares Dow Jones US Telecommunications
Sector Index Fund – ETF 466,495 0.13
50,600 iShares MSCI Brazil Index Fund – ETF 2,365,550 0.68
83,500 iShares MSCI South Korea Index
Fund – ETF 4,126,570 1.19
4,700 Telecom HOLDRs Trust – ETF 165,487 0.05
53,300 Utilities Select Sector SPDR Fund – ETF
___________
1,959,841
______
0.56
___________
11,425,792
______
3.28
Total Funds
___________
11,929,216
______
3.42
COMMON & PREFERRED STOCKS (SHARES)
Australia
32,000 BHP Billiton 639,545 0.18
15,600 Coca-Cola Amatil 95,628 0.03
45,800 Great Southern Plantations 102,027 0.03
98,000 Macquarie Airports Management 278,695 0.08
15,700 Macquarie Bank 978,909 0.28
282,400 Macquarie Infrastructure Group 771,865 0.22
13,600 Newcrest Mining 283,087 0.08
10,700 Rio Tinto 628,020 0.18
231,600 Sydney Roads Group 241,498 0.07
62,000 Transurban Group 373,205 0.11
6,800 Woodside Petroleum 204,714 0.06
14,900 Zinifex
___________
221,164
______
0.06
___________
4,818,357
______
1.38
Austria
4,300 Telekom Austria
___________
115,067
______
0.03
Belgium
21,500 AGFA-Gevaert 546,994 0.16
124,500 RHJ International
___________
2,652,149
______
0.76
___________
3,199,143
______
0.92
Bermuda
500 Accenture 'A' 18,640 0.01
144,000 Cheung Kong Infrastructure Holdings 447,406 0.13
30,900 Endurance Specialty Holdings 1,140,210 0.33
2,700 Everest Re Group 266,760 0.08
37,500 Foster Wheeler 2,058,375 0.59
20,300 IPC Holdings 641,500 0.18
18,100 Platinum Underwriters Holdings 558,566 0.16
11,900 RenaissanceRe Holdings 716,856 0.20
33,900 Tyco International 1,042,764 0.30
6,300 Weatherford International
___________
263,025
______
0.08
___________
7,154,102
______
2.06
Brazil
39,000 All America Latina Logistica (Unit) 404,979 0.12
4,398,100 Cia Brasileira de Distribuicao Grupo
Pao de Acucar (Pref) 154,438 0.04
4,100 Cia Energetica de Minas Gerais ADR 201,064 0.06
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
13,000 Cia Vale do Rio Doce ADR 329,550 0.09
17,700 Companhia de Saneamento
de Minas Gerais 207,674 0.06
17,800 Cosan SA Industria e Comercio 372,674 0.11
30,900 Datasul 285,119 0.08
7,600 Localiza Rent A CAR 228,712 0.07
16,900 Obrascon Huarte Lain Brasil 272,300 0.08
14,600 Petroleo Brasileiro ADR 1,350,646 0.39
23,400 Petroleo Brasileiro ADR 2,355,444 0.68
400 Totvs 8,860 0.00
2,400 Unibanco – Uniao de Bancos
Brasileiros GDR 225,576 0.06
8,100 Usinas Siderurgicas de Minas Gerais
'A' (Pref) 305,410 0.09
69,100 Vivo Participacoes ADR
___________
284,692
______
0.08
___________
6,987,138
______
2.01
Canada
61,000 Alamos Gold 501,370 0.14
7,200 Barrick Gold 220,680 0.06
700 BCE 18,907 0.01
259,000 Bema Gold 1,350,004 0.39
19,100 Canadian Pacific Railway 1,015,740 0.29
37,000 Kinross Gold 440,229 0.13
26,100 Nortel Networks † 658,663 0.19
5,200 Petro-Canada 212,892 0.06
25,600 Rogers Communications 'B' 755,840 0.22
300 Sun Life Financial 12,786 0.00
5,800 Suncor Energy 454,689 0.13
3,900 Talisman Energy
___________
66,394
______
0.02
___________
5,708,194
______
1.64
Cayman Islands
22,000 ACE 1,337,600 0.38
367,400 Chaoda Modern Agriculture 236,810 0.07
13,900 GlobalSantaFe 823,019 0.24
1,550 Noble 118,932 0.03
3,950 Transocean 320,582 0.09
29,000 XL Capital 'A'
___________
2,096,990
______
0.60
___________
4,933,933
______
1.41
Chile
11,700 Banco Santander Chile ADR 567,333 0.17
9,200 Enersis (Chile) ADR
___________
146,648
______
0.04
___________
713,981
______
0.21
China
12,100 China Communications Services 'H' 6,912 0.00
2,999 China Life Insurance ADR 154,748 0.05
484,500 China Shenhua Energy 'H' 1,166,869 0.34
1,709,300 Guangshen Railway 'H' 1,165,512 0.34
80,700 Hainan Meilan International Airport 'H' 46,824 0.01
170,000 Jiangsu Express 'H' 106,950 0.03
25,200 Ping An Insurance Group Company
of China 'H' 139,571 0.04
366,200 Shanghai Electric Group 'H' 154,060 0.04
745,200 Xiamen International Port 'H' 187,911 0.05
1,277,500 Yanzhou Coal Mining 'H'
___________
1,032,151
______
0.30
___________
4,161,508
______
1.20
Denmark
25,094 Danske Bank
___________
1,111,689
______
0.32
(1) New Fund launched, see Note 1, for further details.
(†)
Security pledged, see Note 14 for further details.
The notes on pages 213 to 219 form an integral part of these financial statements.
Audited Annual Report and Accounts 121