Merrill Lynch International Investment Funds Audited Annual Report ...

Global 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$) %
FUNDS
Ireland
16,262 EETF – iShares DJ Euro STOXX 50 – ETF 887,700 0.21
38,009 Ishares – iShares FTSE 100 – ETF 462,801 0.11
32,611 iShares MSCI Japan Fund – ETF 462,693 0.11
138,855 iShares S&P 500 Index Fund – ETF
___________
1,976,244
______
0.46
Total Funds
___________
3,789,438
______
0.89
COMMON STOCKS (SHARES)
Belgium
178,569 InBev 11,743,748 2.76
52,549 KBC Groep
___________
6,404,106
______
1.50
___________
18,147,854
______
4.26
Bermuda
246,205 Weatherford International
___________
10,279,059
______
2.41
Brazil
382,300 Cia Vale do Rio Doce ADR
___________
9,691,305
______
2.28
Canada
19,700 Suncor Energy
___________
1,546,027
______
0.36
Cayman Islands
48,300 ACE
___________
2,936,640
______
0.69
France
404,260 AXA
___________
16,392,088
______
3.85
Germany
14,200 Fresenius Medical Care & Co
___________
1,890,026
______
0.45
Guernsey
317,000 Amdocs
___________
12,331,300
______
2.89
Ireland
596,300 Allied Irish Banks
___________
17,686,198
______
4.15
Italy
40,300 Fastweb 2,302,402 0.54
490,386 Parmalat
___________
2,099,299
______
0.49
___________
4,401,701
______
1.03
Japan
122,000 Canon 6,878,590 1.62
111,700 Credit Saison 3,853,912 0.90
52,000 Denso 2,065,428 0.49
1,287 KDDI 8,740,109 2.05
1,070 Sumitomo Mitsui Financial Group 10,985,210 2.58
126,000 Toyota Motor
___________
8,440,115
______
1.98
___________
40,963,364
______
9.62
Netherlands
118,400 ABN AMRO Holding 3,812,961 0.89
285,000 TNT
___________
12,209,992
______
2.87
___________
16,022,953
______
3.76
Norway
383,100 DnB NOR
___________
5,439,864
______
1.28
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
South Korea
23,000 Kookmin Bank
___________
1,853,168
______
0.44
Switzerland
188,243 Credit Suisse Group 13,070,073 3.07
8,900 Nestle 3,155,382 0.74
255,200 UBS
___________
15,480,613
______
3.63
___________
31,706,068
______
7.44
Taiwan
2,533,000 Taiwan Semiconductor Manufacturing
___________
5,246,350
______
1.23
United Kingdom
593,200 British American Tobacco 16,640,809 3.91
212,600 Cairn Energy 7,508,194 1.76
80,800 NDS Group ADR 3,862,240 0.91
89,400 Rio Tinto 4,770,106 1.12
194,800 Xstrata 9,751,472 2.29
1,068,014 Yell Group
___________
11,950,687
______
2.80
___________
54,483,508
______
12.79
United States
390,500 Abbott Laboratories 19,021,255 4.46
280,100 Activision 4,924,158 1.16
75,293 Capital One Financial 5,848,007 1.37
468,771 Cisco Systems 12,895,890 3.03
69,000 CIT Group 3,904,020 0.92
189,200 ConocoPhillips 13,735,920 3.22
102,200 Curtiss-Wright 3,865,204 0.91
138,300 DR Horton 3,716,121 0.87
112,700 DRS Technologies 5,915,623 1.39
73,700 Eli Lilly & Co 3,822,082 0.90
324,700 Hewlett-Packard 13,491,285 3.17
377,110 International Game Technology 17,448,880 4.10
74,300 Medco Health Solutions 3,968,363 0.93
124,300 Morgan Stanley 10,145,366 2.38
154,759 National Oilwell Varco 9,543,988 2.24
44,700 Praxair 2,662,779 0.62
574,899 Sprint Nextel 11,009,316 2.58
242,800 United Technologies 15,281,832 3.59
130,597 Wyeth
___________
6,673,507
______
1.57
___________
167,873,596
______
39.41
Total Common Stocks (Shares)
___________
418,891,069
______
98.34
Total Transferable Securities Admitted
to an Official Stock Exchange Listing or
Dealt in on Another Regulated Market
___________
422,680,507
______
99.23
Unquoted Securities
COMMON STOCKS (SHARES)
United States
24,000 World Access (Restricted)
___________
22
______
0.00
Total Unquoted Securities
___________
22
______
0.00
Total Portfolio 422,680,529 99.23
Other Net Assets
___________
3,296,740
______
0.77
Total Net Assets (US$)
___________
425,977,269
______
100.00
(1) Fund name changed, see Note 1, for further details.
134 Merrill Lynch International Investment Funds