Merrill Lynch International Investment Funds Audited Annual Report ...

New Energy 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$) %
COMMON STOCKS (SHARES) & WARRANTS
Australia
7,744,118 Ceramic Fuel Cells 3,462,407 0.11
1,500,749 Novera Energy
___________
1,481,899
______
0.05
___________
4,944,306
______
0.16
Belgium
376,522 Umicore
___________
63,977,967
______
2.12
Bermuda
800,000 Clean Air Power
___________
1,107,185
______
0.04
Brazil
2,190,000 Cosan SA Industria e Comercio
___________
45,851,522
______
1.52
Canada
825,000 Algonquin Power Income Fund (Unit)* 7,001,163 0.23
930,000 ATS Automation Tooling Systems 8,933,833 0.30
16,395,706 Azure Dynamics 11,637,727 0.38
1,940,000 Ballard Power Systems 11,081,416 0.37
5,365,600 Canadian Hydro Developers 27,505,230 0.91
2,684,400 Carmanah Technologies 6,868,845 0.23
968,000 Dynetek Industries 1,384,406 0.05
912,500 Polaris Geothermal 'A' 974,843 0.03
1,931,500 Questair Technologies 2,163,307 0.07
3,480,800 Railpower Technologies 4,888,174 0.16
1,017,200 Western Geopower 148,983 0.00
1,040,250 Xantrex Technology
___________
7,438,679
______
0.25
___________
90,026,606
______
2.98
Cayman Islands
1,275,000 Suntech Power Holdings ADR
___________
43,860,000
______
1.45
Denmark
710,000 Novozymes 'B' 61,149,527 2.03
6,018,058 Vestas Wind Systems*
___________
254,366,586
______
8.43
___________
315,516,113
______
10.46
Finland
1,702,000 Neste Oil*
___________
51,804,877
______
1.72
France
371,776 EDF Energies Nouvelles 19,843,409 0.66
90,320 Sechilienne-Sidec 3,333,720 0.11
137,356 Theolia
___________
2,225,290
______
0.07
___________
25,402,419
______
0.84
Germany
400,500 Conergy* 25,447,008 0.84
1,300,000 GEA Group 29,252,571 0.97
212,500 Norddeutsche Affinerie* 5,952,577 0.20
1,228,306 Q-Cells* 55,165,285 1.83
403,223 REpower Systems 41,592,670 1.38
2,689,668 Solarworld*
___________
168,769,044
______
5.59
___________
326,179,155
______
10.81
India
3,921,811 Suzlon Energy
___________
115,694,639
______
3.83
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
Isle of Man
1,993,000 Trading Emissions
___________
5,183,991
______
0.17
Jersey
2,938,046 Camco International
___________
3,056,860
______
0.10
Norway
1,744,365 Renewable Energy*
___________
32,077,326
______
1.06
South Africa
3,150,000 Sasol
___________
116,633,783
______
3.86
Spain
878,000 Abengoa 32,395,492 1.07
126,471 Acciona 23,365,292 0.78
6,150,890 Gamesa Corporacion Tecnologica
___________
169,380,559
______
5.61
___________
225,141,343
______
7.46
United Kingdom
777,753 Ceres Power Holdings 3,358,965 0.11
2,680,330 Climate Exchange 27,229,501 0.90
11,946,930 Clipper Windpower 139,193,227 4.61
410,000 CMR Fuel Cells 1,324,009 0.04
4,715,768 D1 Oils 15,691,454 0.52
2,267,307 Freeplay Energy 1,357,536 0.05
2,866,667 Infinity Bio-Energy 15,279,335 0.51
5,733,334 Infinity Bio-Energy (Wts 23/5/2010) 2,752,000 0.09
525,000 ITM Power 1,288,280 0.04
2,552,000 Johnson Matthey 70,588,300 2.34
90,000 Ocean Power Delivery 1,766,785 0.06
530,000 Porvair 1,284,943 0.04
2,178,500 Renova Energy
___________
8,510,434
______
0.28
___________
289,624,769
______
9.59
United States
1,780,954 Active Power 4,719,528 0.16
3,850,700 American Superconductor 37,736,860 1.25
3,524,000 Archer-Daniels-Midland 113,895,680 3.77
1,156,000 Cheniere Energy* 33,073,160 1.09
2,317,100 Distributed Energy Systems* 8,480,586 0.28
965,000 DTE Energy 46,889,350 1.55
1,609,000 Energy Conversion Devices 55,253,060 1.83
200,111 Enova Systems 838,706 0.03
712,000 ESCO Technologies 32,410,240 1.07
3,012,600 Evergreen Energy* 29,463,228 0.98
4,183,400 Evergreen Solar* 31,752,006 1.05
1,227,057 First Solar 36,774,898 1.22
1,575,000 FPL Group 86,231,250 2.86
10,162 Fuel Systems Solutions 226,511 0.01
3,265,300 FuelCell Energy* 21,394,246 0.71
775,000 Headwaters 18,724,000 0.62
2,209,400 Itron 115,905,124 3.84
2,586,597 Medis Technologies 45,601,705 1.51
1,380,000 MEMC Electronic Materials 54,799,800 1.82
1,070,400 Ocean Power Technologies 1,775,595 0.06
1,518,433 Ormat Technologies 55,741,675 1.85
6,489,900 Plug Power 25,051,014 0.83
5,810,659 Polyfuel 5,532,331 0.18
15,842,000 Rentech 60,358,020 2.00
( * ) Securities lent, see Note 13 for further details.
154 Merrill Lynch International Investment Funds