Merrill Lynch International Investment Funds Audited Annual Report ...

Global SmallCap Fund 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$) %
Luxembourg
104,600 Acergy ___________ 2,002,950 ______ 0.49
Malaysia
7,889,310 AirAsia ___________ 3,375,704 ______ 0.82
Mexico
740,000 Embotelladoras Arca SA de CV 2,973,555 0.72
684,100 Empresas ICA SAB de CV ___________ 2,569,913 ______ 0.62
___________ 5,543,468 ______ 1.34
Netherlands
126,500 Endemol 2,870,062 0.70
137,800 Koninklijke Wessanen – CVA 1,865,550 0.45
83,500 Qiagen 1,268,365 0.31
161,801 Tele Atlas ___________ 3,381,521 ______ 0.82
___________ 9,385,498 ______ 2.28
Norway
1,280,400 DET Norske Oljeselskap 2,354,542 0.57
388,700 Ocean RIG 2,865,355 0.70
219,000 Prosafe ___________ 3,071,190 ______ 0.75
___________ 8,291,087 ______ 2.02
Philippines
1,762,936 Bank of the Philippine Islands 2,284,155 0.55
26,800 Philippine Long Distance Telephone ___________ 1,394,409 ______ 0.34
___________ 3,678,564 ______ 0.89
Singapore
1,437,595 Parkway Holdings ___________ 2,945,161 ______ 0.72
South Africa
252,250 Massmart Holdings ___________ 2,533,580 ______ 0.62
South Korea
36,108 Dong-A Pharmaceutical 3,375,424 0.82
2,357 Honam Petrochemical 176,218 0.04
96,186 Kangwon Land ___________ 2,090,106 ______ 0.51
___________ 5,641,748 ______ 1.37
Spain
25,540 Grupo Ferrovial* ___________ 2,491,379 ______ 0.60
Sweden
129,500 Boliden 3,332,714 0.81
83,800 D Carnegie 1,771,722 0.43
45,300 Rezidor Hotel Group ___________ 388,052 ______ 0.10
___________ 5,492,488 ______ 1.34
Switzerland
138,900 Clariant 2,083,671 0.51
22,600 Dufry Group 1,889,663 0.46
15,936 Swiss Life Holding ___________ 3,990,858 ______ 0.97
___________ 7,964,192 ______ 1.94
Taiwan
69 Waffer Technology ___________ 60 ______ 0.00
Turkey
104,500 Anadolu Efes Biracilik ve Malt Sanayii ___________ 3,236,267 ______ 0.79
United Kingdom
762,103 Amlin 4,865,999 1.18
104,500 Dana Petroleum 2,570,446 0.63
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
2,011,200 Game Group 4,481,178 1.09
187,500 Great Portland Estates 2,552,635 0.62
25,000 Intertek Group 409,060 0.10
187,800 JJB Sports 867,294 0.21
769,500 Northern Foods 1,733,414 0.42
342,700 Premier Foods 2,030,030 0.49
735,300 QinetiQ 2,764,231 0.67
431,400 SSL International 3,131,334 0.76
188,100 Surfcontrol ___________ 1,921,065 ______ 0.47
___________ 27,326,686 ______ 6.64
United States
29,700 Abercrombie & Fitch 'A' 2,100,384 0.51
177,217 Activision 3,115,475 0.76
56,700 Alexion Pharmaceuticals 2,299,752 0.56
160,500 Ashford Hospitality Trust (Reit)* 1,996,620 0.49
42,400 Atwood Oceanics 2,079,296 0.51
270,800 BioMarin Pharmaceuticals 4,500,696 1.09
41,393 Brush Engineered Materials 1,394,116 0.34
87,800 Cadence Pharmaceuticals 1,104,524 0.27
94,100 Cambrex 2,150,185 0.52
121,500 Celanese 'A' 3,148,065 0.77
69,275 Cheesecake Factory 1,729,728 0.42
145,600 Cleco 3,704,064 0.90
42,400 Cleveland-Cliffs 2,067,848 0.50
116,200 Covanta Holding 2,544,780 0.62
163,500 DiamondRock Hospitality (Reit) 2,944,635 0.72
60,800 Digene 2,907,456 0.71
40,100 Digital River 2,263,244 0.55
43,100 Douglas Emmett (Reit) 1,124,479 0.27
48,100 DSP Group 1,044,251 0.25
452,400 Dynegy 'A' 3,307,044 0.80
87,400 Emulex 1,731,394 0.42
32,000 F5 Networks 2,398,400 0.58
110,300 FTI Consulting 3,160,095 0.77
22,700 GameStop 'A' 1,262,347 0.31
40,300 Guitar Center 1,817,127 0.44
173,600 Hanover Compressor 3,308,816 0.80
30,500 Hansen Natural 1,031,510 0.25
2,800 Heelys 91,689 0.02
145,600 Human Genome Sciences 1,825,824 0.44
58,800 Hyperion Solutions 2,145,024 0.52
33,100 Iconix Brand Group 631,356 0.15
203,150 Integrated Device Technology 3,185,392 0.77
138,350 Interline Brands 3,143,312 0.76
106,300 Inverness Medical Innovations 4,124,440 1.00
96,815 Irwin Financial 2,206,414 0.54
114,700 Knight Capital Group 'A' 2,244,679 0.55
90,700 LKQ 2,134,171 0.52
54,200 Lone Star Technologies 2,660,136 0.65
66,350 Marvel Entertainment 1,802,066 0.44
258,800 MoSys 2,468,952 0.60
39,450 NAVTEQ 1,388,640 0.34
146,200 Nektar Therapeutics 2,273,410 0.55
64,400 Northeast Utilities 1,807,064 0.44
427,200 Novell 2,704,176 0.66
85,400 OMI 1,825,852 0.44
117,600 Packaging of America 2,634,240 0.64
24,400 Panera Bread 'A' 1,382,016 0.34
31,250 Polo Ralph Lauren 2,457,813 0.60
111,700 Power Integrations 2,546,760 0.62
100,700 Regal Entertainment Group 'A' 2,171,092 0.53
87,400 SBA Communications 'A' 2,400,004 0.58
39,700 Scotts Miracle-Gro 'A' 2,074,722 0.50
105,900 Shaw Group 3,555,063 0.86
( * ) Securities lent, see Note 13 for further details.
146 Merrill Lynch International Investment Funds