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$) %
United Kingdom
118,680 Aviva 1,915,095 0.55
173,771 BAE Systems 1,452,356 0.42
183,000 Barclays 2,622,497 0.75
27,200 Cadbury Schweppes ADR 1,169,872 0.34
11,400 Diageo ADR 909,834 0.26
82,589 GlaxoSmithKline 2,179,027 0.63
660 Guinness Peat Group 1,088 0.00
53,130 Guinness Peat Group
(New Zealand Listing) 91,140 0.03
132,921 HBOS 2,953,800 0.85
33,500 HSBC Holdings 614,174 0.18
126,541 Kesa Electricals 842,737 0.24
97,652 Prudential 1,340,942 0.39
35,000 RHM 259,889 0.07
79,688 Royal Dutch Shell 'B' 2,800,187 0.80
1,067,700 Vodafone Group † 2,965,833 0.85
117 Vodafone Group ADR † ___________
3,277
______
0.00
___________
22,121,748
______
6.36
United States
187,800 3Com † 779,520 0.22
10,800 Abbott Laboratories 526,068 0.15
14,600 AES 321,200 0.09
9,300 Aetna 404,736 0.12
3,000 Agere Systems 59,040 0.02
35,800 Alcoa 1,068,988 0.31
7,500 Alliance One International 52,200 0.02
10,300 Allstate 676,092 0.19
13,200 Alltel 799,392 0.23
10,300 Altria Group 885,800 0.25
600 American Eagle Outfitters 18,792 0.01
55,700 American International Group 3,993,133 1.15
400 Ameriprise Financial 21,796 0.01
3,600 AmerisourceBergen 162,036 0.05
1,400 Amgen 95,928 0.03
400 AMR 12,264 0.00
6,500 Assurant 360,815 0.10
26,800 AT&T 963,728 0.28
1,300 Avaya 18,369 0.01
8,600 Avon Products 286,122 0.08
2,350 Baker Hughes 176,556 0.05
19,300 Bank of America 1,036,217 0.30
18,400 Bank of New York 731,952 0.21
6,900 Bausch & Lomb † 365,010 0.10
6,200 Baxter International 288,176 0.08
100 Bear Stearns 16,389 0.00
8,800 BellSouth 417,648 0.12
800 Big Lots 18,712 0.01
200 Boeing 17,818 0.01
3,000 Borland Software 15,480 0.00
7,850 Boston Scientific 134,392 0.04
4,000 Bristol West Holdings 64,240 0.02
12,475 Bristol-Myers Squibb 326,596 0.09
68,300 CA 1,565,436 0.45
14,000 Career Education † 351,400 0.10
6,250 Caremark Rx 356,500 0.10
19,800 Chevron 1,463,616 0.42
300 Chubb 15,978 0.00
1,950 Cigna 257,985 0.07
9,500 Cincinnati Bell 44,175 0.01
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
7,300 Cirrus Logic 51,246 0.01
107,500 Cisco Systems 2,957,325 0.85
200 CIT Group 11,316 0.00
38,500 Citigroup 2,151,765 0.62
15,900 CMS Energy 266,325 0.08
15,600 Coca-Cola 758,628 0.22
22,400 Comcast 'A' 959,838 0.28
85,600 Comverse Technology † 1,810,012 0.52
13,600 ConAgra Foods 368,424 0.11
16,250 ConocoPhillips 1,179,750 0.34
4,600 Consol Energy 148,902 0.04
12,100 Constellation Brands 'A' 350,658 0.10
400 Continental Airlines 'B' 16,760 0.00
400 Countrywide Financial 17,220 0.00
14,600 Crown Holdings 308,060 0.09
29,100 CSX 1,019,955 0.29
100 Cummins 11,921 0.00
9,500 CVS 296,685 0.09
3,600 Darwin Professional Underwriters 83,664 0.02
3,950 Devon Energy 264,808 0.08
1,600 Discovery Holding 'A' 25,888 0.01
29,400 Dynegy 'A' 214,914 0.06
300 Eaton 22,629 0.01
15,900 eBay † 479,067 0.14
7,100 EI Du Pont de Nemours & Co 346,693 0.10
181,200 El Paso † 2,746,992 0.79
7,500 Eli Lilly & Co 388,950 0.11
1,985 Embarq 104,967 0.03
8,100 ENSCO International 412,128 0.12
13,900 Extreme Networks 58,658 0.02
47,600 Exxon Mobil 3,669,484 1.05
600 Family Dollar Stores 17,838 0.01
9,500 Fannie Mae 569,620 0.16
1,500 FedEx 162,705 0.05
7,600 Fifth Third Bancorp 311,600 0.09
9,500 Foundation Coal Holdings 300,105 0.09
9,000 Freeport-McMoRan Copper & Gold 'B' 500,580 0.14
17,500 General Communication 'A' 279,650 0.08
2,200 General Dynamics 164,978 0.05
149,300 General Electric 5,589,792 1.61
400 General Mills 23,092 0.01
23,100 Genesis Microchip † 240,471 0.07
400 Genworth Financial 'A' 13,792 0.00
100 Goldman Sachs Group 20,180 0.01
10,700 Halliburton 332,770 0.10
1,487 Hanesbrands 35,703 0.01
5,600 Hartford Financial Services Group 523,040 0.15
2,400 Health Management Associates 'A' 50,904 0.01
6,780 Healthsouth 153,567 0.04
7,150 Hess 359,860 0.10
14,600 Hewlett-Packard 606,630 0.17
3,100 Humana 171,461 0.05
500 IAC/InterActiveCorp 18,755 0.01
15,500 IBM – International Business Machines 1,510,940 0.43
2,316 Idearc 65,798 0.02
22,500 Intel 460,350 0.13
14,200 International Paper 484,220 0.14
200 JC Penney 15,650 0.00
7,550 JDS Uniphase 127,218 0.04
35,200 Johnson & Johnson 2,329,888 0.67
4,800 JPMorgan Chase & Co 234,048 0.07
(†) Securities pledged, see Note 14 for further details.
124 Merrill Lynch International Investment Funds