Merrill Lynch International Investment Funds Audited Annual Report ...

Global Dynamic Equity Fund (1) continued
Sector Breakdown as at 31 December 2006
% of net
assets
Finance 25.0
Industrials 12.8
Energy 10.8
Fixed interest 8.7
Information technology 7.4
Telecommunication services 6.7
Materials 5.9
Healthcare 5.0
Consumer discretionary 4.9
Consumer staples 4.8
Utilities 3.8
Investment funds 3.4
Other net assets
___________
0.8
___________
100.0
Open Futures Contracts as at 31 December 2006
Number
Expiration Value
of Contracts
Contract/Description
date US$
3 Hang Seng January 2007 386,309
20 SGX Singapore January 2007 958,309
39 SGX TAIWAN January 2007 1,248,390
8 DAX (EURO) March 2007 1,753,889
34 DJ Euro STOXX 50 March 2007 1,863,591
8 FTSE 100 March 2007 976,207
41 S&P 500 IDX March 2007 14,712,850
24 S&P/TSX 60 March 2007 3,086,275
10 SPI 200 March 2007 1,115,017
48 TSE TOPIX March 2007
_________
6,796,121
Total commitment 32,896,958
_________
Note: The net unrealised profit of US$510,322 attributed to these transactions is included in the
Statement of Net Assets (see Note 2c).
Open Forward Foreign Exchange Transactions
as at 31 December 2006
Purchases
Sales Value date
Unrealised
profit/(loss)
US$
€2,330,566 US$3,080,841 12/1/2007 (7,339)
US$3,821,854 ¥440,800,000 31/1/2007 101,234
¥1,830,100,000 US$15,726,335 31/1/2007 (279,180)
_______
Net unrealised loss (185,285)
_______
Note: The net unrealised loss attributed to these transactions is included in the Statement of
Net Assets (see Note 2c).
128 Merrill Lynch International Investment Funds