Merrill Lynch International Investment Funds Audited Annual Report ...

Global SmallCap Fund
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$) %
FUNDS
Hong Kong
333,220 iShares Asia Trust – iShares
FTSE/Xinhua A50 China
Tracker – ETF ___________ 4,799,297 ______ 1.17
Total Funds ___________ 4,799,297 ______ 1.17
COMMON STOCKS (SHARES)
Australia
1,396,447 CFS Retail Property Trust (Unit) 2,570,283 0.63
48,300 Cochlear 2,212,971 0.54
449,700 Lion Nathan 2,898,769 0.70
784,800 PaperlinX ___________ 2,436,420 ______ 0.59
___________ 10,118,443 ______ 2.46
Belgium
109,500 AGFA-Gevaert ___________ 2,785,856 ______ 0.68
Bermuda
1,085,500 Clear Media 1,326,710 0.32
47,800 Lazard 'A' 2,270,978 0.55
251,640 Ports Design ___________ 550,365 ______ 0.14
___________ 4,148,053 ______ 1.01
Brazil
170,600 Cia de Concessoes Rodoviarias 2,305,297 0.56
280,400 Companhia de Saneamento
de Minas Gerais 3,289,939 0.80
142,400 Obrascon Huarte Lain Brasil ___________ 2,294,408 ______ 0.56
___________ 7,889,644 ______ 1.92
Canada
3,800 Agnico-Eagle Mines 156,426 0.04
68,100 Agnico-Eagle Mines 2,801,634 0.68
86,800 AUR Resources 1,768,605 0.43
103,800 Cinram International Income
Fund (Unit)* 2,052,391 0.50
2,800 Cognos 116,950 0.03
64,825 Cognos 2,704,499 0.66
813,400 Diagnocure 2,733,058 0.66
163,300 Domtar 1,370,330 0.33
310,700 Eldorado Gold 1,691,758 0.41
262,700 Labopharm 1,520,930 0.37
48,200 North American Energy Partners ___________ 784,023 ______ 0.19
___________ 17,700,604 ______ 4.30
Cayman Islands
105,600 Subsea 7 ___________ 1,941,890 ______ 0.47
China
5,582,500 Shenzhen Expressway 'H' 3,354,039 0.81
196,800 Zhuzhou CSR Times Electric 'H' ___________ 272,433 ______ 0.07
___________ 3,626,472 ______ 0.88
Denmark
42,700 TrygVesta 3,266,027 0.79
95,200 Vestas Wind Systems ___________ 4,023,839 ______ 0.98
___________ 7,289,866 ______ 1.77
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
Finland
531,600 M-real 'B' 3,356,662 0.82
48,475 Stockmann 'B' 2,324,065 0.56
114,800 YIT ___________ 3,165,853 ______ 0.77
___________ 8,846,580 ______ 2.15
France
29,925 Eurofins Scientific 2,165,677 0.53
1,205,500 SCOR 3,543,719 0.86
48,994 Trigano ___________ 2,533,660 ______ 0.61
___________ 8,243,056 ______ 2.00
Germany
67,100 Heidelberger Druckmaschinen 3,173,673 0.77
160,000 Paion 1,740,047 0.42
36,400 Petrotec ___________ 791,722 ______ 0.19
___________ 5,705,442 ______ 1.38
Hong Kong
326,500 Hong Kong Exchanges and Clearing 3,591,466 0.87
1,101,200 Industrial & Commercial Bank of China ___________ 2,125,103 ______ 0.52
___________ 5,716,569 ______ 1.39
India
229,300 Pantaloon Retail India 2,120,880 0.52
237,000 Satyam Computer Services (Demat) ___________ 2,590,226 ______ 0.63
___________ 4,711,106 ______ 1.15
Indonesia
14,652,100 Surya Citra Media ___________ 1,303,263 ______ 0.32
Ireland
403,700 Greencore Group 2,447,957 0.59
68,473 Ryanair Holdings ADR* ___________ 5,538,781 ______ 1.35
___________ 7,986,738 ______ 1.94
Israel
89,200 Aladdin Knowledge Systems 1,691,232 0.41
425,600 Frutarom ___________ 3,733,150 ______ 0.91
___________ 5,424,382 ______ 1.32
Italy
248,800 Astaldi 1,856,325 0.45
249,200 Milano Assicurazioni 2,026,844 0.50
166,470 Permasteelisa 3,094,156 0.75
88,900 Valentino Fashion Group ___________ 3,630,533 ______ 0.88
___________ 10,607,858 ______ 2.58
Japan
536,000 Aioi Insurance 3,788,862 0.92
254,700 Air Water 2,709,198 0.66
102,300 Alpine Electronics 1,528,915 0.37
218,500 Bank of Kyoto 2,040,982 0.50
91,900 Capcom* 1,658,852 0.40
2,875 Jupiter Telecommunications 2,322,597 0.56
1,600 KK DaVinci Advisors 1,588,791 0.39
122,800 Koito Manufacturing 1,852,864 0.45
135,600 Komori 2,538,952 0.62
85,600 Meitec* 2,600,433 0.63
19,700 Point 1,296,396 0.31
255,000 Taiyo Nippon Sanso 2,300,381 0.56
398,000 Takuma 2,331,079 0.57
294,500 Tokyu Land 2,780,628 0.68
22,950 Yamada Denki ___________ 1,950,603 ______ 0.47
___________ 33,289,533 ______ 8.09
(
* ) Securities lent, see Note 13 for further details.
The notes on pages 213 to 219 form an integral part of these financial statements.
Audited Annual Report and Accounts 145