Merrill Lynch International Investment Funds Audited Annual Report ...

Latin American 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
United Kingdom
4,671,200 Merrill Lynch Latin American
Investment Trust
_____________
35,533,765
_____
0.93
Total Funds
_____________
35,533,765
_____
0.93
COMMON & PREFERRED STOCKS (SHARES)
Argentina
276,000 Banco Macro ADR 8,362,800 0.22
270,831 Endesa Costanera 'B'
_____________
326,263
_____
0.01
_____________
8,689,063
_____
0.23
Brazil
6,455,000 All America Latina Logistica (Unit) 67,029,204 1.76
7,370,000 Banco Bradesco ADR 297,084,700 7.79
2,330,000 Banco Itau Holding Financeira ADR 84,579,000 2.22
14,774,681 Brasil Telecom (Pref) 75,777 0.00
2,265,000,000 CESP – Cia Energetica de Sao Paulo
'B' (Pref) 26,522,248 0.70
2,673,000 Cia de Concessoes Rodoviarias 36,119,930 0.95
14,350,000 Cia Vale do Rio Doce ADR 363,772,500 9.54
140,000 Companhia de Bebidas
das Americas ADR 6,168,400 0.16
3,140,000 Companhia de Bebidas
das Americas ADR (Pref) 154,331,000 4.05
1,295,000 Companhia de Saneamento
de Minas Gerais 15,194,262 0.40
480,000 Cosan SA Industria e Comercio 10,049,649 0.26
483,000 CPFL Energia ADR 19,827,150 0.52
5,230,000 Cyrela Brazil Realty 49,948,337 1.31
1,580,000 Datasul 14,578,923 0.38
685,000 Diagnosticos da America 14,646,487 0.38
910,000 Duratex (Pref) 14,150,820 0.37
1,020,000 EDP – Energias do Brasil 15,765,808 0.41
13,077,643 Empresa Nacional de Comercio Redito
e Participacoes (Pref) 79,630 0.00
1,285,000 Equatorial Energia (Unit) 11,345,316 0.30
1,235,000 Gafisa 18,475,831 0.48
313,000 Guararapes Confeccoes 15,613,349 0.41
2,439,000 Klabin Segall 20,448,759 0.54
267,000 Localiza Rent A CAR 8,035,012 0.21
568,000,000 Lojas Americanas (Pref) 31,792,037 0.83
3,250,000 Lojas Renner 46,733,021 1.23
1,200,000 LPS Brasil Consultoria de Imoveis 13,208,431 0.35
1,300,000 Lupatech 19,484,778 0.51
1,540,000 M Dias Branco 18,032,787 0.47
5,020,000 Marcopolo (Pref) 13,990,164 0.37
2,600,000 Natura Cosmeticos 36,716,628 0.96
1,075,000 Obrascon Huarte Lain Brasil 17,320,843 0.45
370,000 Odontoprev 5,926,932 0.16
3,970,000 Petroleo Brasileiro ADR 367,264,700 9.63
1,066,000 Porto Seguro 33,442,941 0.88
1,111,000 Profarma Distribuidora de Produtos
Farmaceuticos 15,299,016 0.40
1,910,000 Suzano Papel e Celulose (Pref) 18,965,808 0.50
860,000 Tam ADR 26,221,400 0.69
1,560,000 Tele Norte Leste Participacoes 40,698,829 1.07
1,400,000 Terna Participacoes (Unit) 15,803,279 0.41
630,000 Totvs 13,954,426 0.37
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
1,165,000 Unibanco – Uniao de Bancos
Brasileiros GDR 109,498,350 2.87
2,680,000 Usinas Siderurgicas de Minas Gerais
'A' (Pref) 101,049,180 2.65
880,000 Vivax (Unit) 16,074,941 0.42
1,540,000 Votorantim Celulose e Papel ADR 30,507,400 0.80
2,760,000 Weg (Pref)
_____________
19,701,358
_____
0.52
_____________
2,275,529,341
_____
59.68
Chile
970,000 Banco Santander Chile ADR 47,035,300 1.23
11,500,000 CENCOSUD – Centros Comerciales
Sudamericanos 35,973,527 0.94
985,000 Empresa Nacional de Electricidad
(Chile) ADR 36,297,250 0.95
1,515,000 Enersis (Chile) ADR 24,149,100 0.63
4,290,000 Inversiones Aguas Metropolitanas 5,223,233 0.14
822,930 Inversiones Aguas Metropolitanas
ADR 20,005,774 0.52
2,800,000 La Polar 14,344,456 0.38
560,000 Lan Airlines ADR 30,895,200 0.81
1,350,000 Masisa ADR 13,567,500 0.36
9,740,000 Ripley
_____________
11,667,242
_____
0.31
_____________
239,158,582
_____
6.27
Colombia
580,000 BanColombia ADR
_____________
18,299,000
_____
0.48
Luxembourg
2,025,000 Tenaris ADR 100,986,750 2.65
635,000 Ternium ADR
_____________
18,726,150
_____
0.49
_____________
119,712,900
_____
3.14
Mexico
3,000,000 Alsea SAB de CV 16,170,942 0.42
8,300,000 America Movil SA de CV 'L' ADR 374,496,000 9.82
3,520,000 Cemex SAB de CV ADR 118,518,400 3.11
4,910,000 Controladora Comercial Mexicana SA
de CV 'UBC' (Unit) 12,314,813 0.32
15,533,500 Corp GEO SA de CV 'B' 77,618,836 2.04
950,000 Desarrolladora Homex SA de CV ADR 56,886,000 1.49
5,900,000 Empresas ICA SAB de CV 22,164,142 0.58
925,000 Fomento Economico Mexicano SA
de CV ADR 107,864,250 2.83
2,550,000 Grupo Famsa 'A' 11,677,632 0.31
5,020,000 Grupo Televisa ADR 136,393,400 3.58
3,035,000 Kimberly-Clark de Mexico SAB
de CV 'A' 13,714,101 0.36
29,156,374 Wal-Mart de Mexico SA de CV 'V'
_____________
126,374,376
_____
3.31
_____________
1,074,192,892
_____
28.17
Panama
477,000 Copa Holdings 'A'
_____________
22,089,870
_____
0.58
Venezuela
250,452 Sudamtex de Venezuela ADR
_____________
3
_____
0.00
Total Common & Preferred Stocks (Shares)
_____________
3,757,671,651
_____
98.55
Total Transferable Securities Admitted
to an Official Stock Exchange Listing or
Dealt in on Another Regulated Market
_____________
3,793,205,416
_____
99.48
152 Merrill Lynch International Investment Funds