Merrill Lynch International Investment Funds Audited Annual Report ...

Global Dynamic Equity Fund (1) 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 (US$) %
Finland
47,526 Fortum
___________
1,350,726
______
0.39
France
6,131 Assurances Generales de France 953,675 0.27
18,003 BNP Paribas 1,970,932 0.57
40,610 Credit Agricole 1,709,838 0.49
17,295 EDF – Electricite de France 1,258,481 0.36
35,500 France Telecom 984,135 0.28
15,659 Peugeot 1,039,323 0.30
13,464 Renault 1,619,549 0.47
32,541 Total 2,352,852 0.68
3,722 Vallourec 1,083,825 0.31
10,365 Vinci
___________
1,321,927
______
0.38
___________
14,294,537
______
4.11
Germany
8,843 Allianz SE 1,804,037 0.52
16,211 BASF 1,578,147 0.46
22,066 Bayer 1,182,710 0.34
18,364 BMW – Bayerische Motoren Werke 1,053,279 0.30
40,304 Deutsche Post 1,213,477 0.35
13,379 E.ON 1,813,555 0.52
14,894 Hochtief 1,083,771 0.31
5,819 Muenchener Rueckversicherungs 1,000,414 0.29
11,788 RWE
___________
1,297,519
______
0.37
___________
12,026,909
______
3.46
Hong Kong
732,200 Beijing Enterprises Holdings 1,565,609 0.45
52,300 Cheung Kong Holdings 644,263 0.19
147,500 Denway Motors 59,776 0.02
110,700 Hutchison Whampoa 1,125,828 0.32
2,570,000 Lenovo Group 1,044,823 0.30
82,200 Shanghai Industrial Holdings 175,128 0.05
63,600 Sun Hung Kai Properties 731,096 0.21
4,513,200 Tianjin Development Holdings 3,205,134 0.92
140,000 Wharf Holdings
___________
517,831
______
0.15
___________
9,069,488
______
2.61
Hungary
7,678 MOL Hungarian Oil & Gas
___________
869,241
______
0.25
India
6,300 Bajaj Auto 373,064 0.11
14,600 Container Corporation of India 701,562 0.20
127,100 Gujarat Ambuja Cements 405,323 0.11
8,900 Hindustan Petroleum 56,040 0.02
23,600 Housing Development Finance 868,071 0.25
17,800 Infosys Technologies 902,193 0.26
30,700 Karnataka Bank 104,705 0.03
50 Reliance Capital 686 0.00
143,500 Reliance Communications 1,530,222 0.44
75 Reliance Energy 882 0.00
127,000 Reliance Industries 3,647,047 1.05
1,000 Reliance Natural Resources 502 0.00
16,900 State Bank of India 475,935 0.14
44,200 Tata Motors 899,988 0.26
6,550 Wockhardt
___________
51,846
______
0.01
___________
10,018,066
______
2.88
Ireland
53,419 Allied Irish Banks
___________
1,592,852
______
0.45
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
Israel
53,500 ECI Telecom 464,915 0.13
3,856 Ectel 18,663 0.01
6,975 Teva Pharmaceutical Industries ADR
___________
217,132
______
0.06
___________
700,710
______
0.20
Italy
201,788 Banca Intesa 1,508,223 0.43
103,282 Capitalia 974,821 0.28
76,998 ENI 2,592,313 0.75
280,853 Telecom Italia 851,518 0.25
476,836 Telecom Italia – RNC 1,209,376 0.35
188,083 UniCredito Italiano
___________
1,651,243
______
0.47
___________
8,787,494
______
2.53
Japan
254,200 Aioi Insurance 1,796,882 0.52
43,300 Ajinomoto 573,167 0.16
30,200 Asahi Glass 363,419 0.10
81,000 Bank of Fukuoka 591,656 0.17
50,000 Bank of Kyoto 467,044 0.13
55,300 Bank of Yokohama 433,716 0.12
25,000 Canon 1,409,547 0.41
42 Coca-Cola Central Japan 327,284 0.09
54,077 Coca-Cola West Holdings 1,253,715 0.36
16,000 Credit Saison 552,038 0.16
100 East Japan Railway 669,009 0.19
2,400 Fanuc 236,703 0.07
16,000 Hokkaido Coca-Cola Bottling 96,674 0.03
3,800 Hokuriku Electric Power 86,500 0.02
7,600 Honda Motor 300,591 0.09
5,500 House Foods 90,808 0.03
165 Japan Tobacco 798,393 0.23
48,123 JGC 828,153 0.24
31,000 Kinden 251,219 0.07
99,000 Kubota 918,082 0.26
41,500 Mikuni Coca-Cola Bottling 401,965 0.12
88,500 Millea Holdings 3,127,932 0.90
4,200 Ministop 71,925 0.02
55,200 Mitsubishi 1,040,523 0.30
40 Mitsubishi UFJ Financial Group 494,814 0.14
236,962 Mitsui Sumitomo Insurance 2,596,298 0.75
10,600 Murata Manufacturing 718,070 0.21
214,600 Nipponkoa Insurance 1,742,697 0.50
33,100 Nomura Holdings 625,330 0.18
880 NTT DoCoMo 1,392,212 0.40
230 NTT Urban Development 445,164 0.13
16 Okinawa Cellular Telephone 43,490 0.01
126,000 Okumura 624,526 0.18
7,200 Rinnai 215,699 0.06
15,100 Rohto Pharmaceutical 160,743 0.05
33,000 Seven & I Holdings 1,027,497 0.30
14,500 Shin-Etsu Chemical 972,503 0.28
60,400 Shinsei Bank 355,795 0.10
118,500 Sumitomo Chemical 920,417 0.26
120 Sumitomo Mitsui Financial Group 1,231,986 0.35
65,300 Suzuki Motor 1,846,364 0.53
28,200 Takeda Pharmaceutical 1,938,813 0.56
20,100 Tanabe Seiyaku 263,021 0.08
39,000 Toho (Tokyo) 705,615 0.20
212,000 Tokyo Gas 1,129,287 0.32
17,200 Toyota Industries
___________
791,736
______
0.23
___________
36,929,022
______
10.61
122 Merrill Lynch International Investment Funds