Merrill Lynch International Investment Funds Audited Annual Report ...

US Flexible Equity 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)
United States
1,230,000 Abercrombie & Fitch 'A' 86,985,600 1.02
2,260,000 Aetna 98,355,200 1.15
2,460,000 Agilent Technologies 87,034,800 1.03
1,000,000 Allstate 65,640,000 0.77
3,960,000 Altera 78,685,200 0.93
260,000 Altria Group 22,360,000 0.26
120,000 AMBAC Financial Group 10,762,800 0.13
2,870,000 American Eagle Outfitters 89,888,400 1.06
150,000 American International Group 10,753,500 0.13
840,000 AmerisourceBergen 37,808,400 0.45
2,900,000 AMR 88,914,000 1.05
1,100,000 Anadarko Petroleum 48,235,000 0.57
5,520,000 Applied Materials 102,782,400 1.21
560,000 Automatic Data Processing 27,630,400 0.33
630,000 Autozone 73,691,100 0.87
2,650,000 Avaya 37,444,500 0.44
140,000 Avnet 3,652,600 0.04
1,140,000 Bank of America 61,206,600 0.72
940,000 Baxter International 43,691,200 0.51
4,590,000 BEA Systems 57,788,100 0.68
600,000 Bear Stearns 98,334,000 1.16
130,000 Becton Dickinson & Co 9,154,600 0.11
950,000 Biogen Idec 46,958,500 0.55
870,000 BMC Software 28,275,000 0.33
540,000 Brinker International 16,507,800 0.19
770,000 Cadence Design Systems 13,890,800 0.16
1,060,000 Campbell Soup* 41,446,000 0.49
870,000 Cardinal Health* 56,175,900 0.66
1,660,000 Caremark Rx* 94,686,400 1.12
120,000 Carpenter Technology 12,325,200 0.14
320,000 CenturyTel 14,080,000 0.17
2,470,000 Chevron 182,582,400 2.15
330,000 Chubb 17,575,800 0.21
6,600,000 Cisco Systems 181,566,000 2.14
4,420,000 Citigroup 247,033,800 2.91
1,540,000 Compuware 13,151,600 0.15
2,100,000 Continental Airlines 'B' 87,990,000 1.04
1,250,000 Coventry Health Care 62,787,500 0.74
2,020,000 CSX 70,801,000 0.83
610,000 Cummins 72,718,100 0.86
1,360,000 Devon Energy 91,174,400 1.07
440,000 Dick's Sporting Goods 21,665,600 0.25
3,910,000 DIRECTV Group 97,632,700 1.15
2,260,000 EI Du Pont de Nemours & Co 110,355,800 1.30
2,050,000 Electronic Data Systems 56,539,000 0.67
4,720,000 Exxon Mobil 363,864,800 4.29
30,000 First Marblehead 1,641,600 0.02
1,390,000 Forest Laboratories 70,653,700 0.83
1,160,000 Freeport-McMoRan Copper & Gold 'B' 64,519,200 0.76
1,331,000 Frontier Oil 38,425,970 0.45
4,030,000 General Electric 150,883,200 1.78
3,150,000 General Motors 96,925,500 1.14
650,000 Goldman Sachs Group* 131,170,000 1.54
1,290,000 Goodyear Tire & Rubber 25,916,100 0.30
1,370,000 Harley-Davidson 96,557,600 1.14
3,800,000 Hewlett-Packard 157,890,000 1.86
1,520,000 HJ Heinz 68,445,600 0.81
320,000 Holly 16,675,200 0.20
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
1,440,000 Honeywell International 65,332,800 0.77
1,089,957 Humana 60,285,522 0.71
1,820,000 IBM – International Business Machines 177,413,600 2.09
210,000 Integrated Device Technology 3,292,800 0.04
2,020,000 Intuit 62,074,600 0.73
1,230,000 JC Penney 96,247,500 1.13
2,970,000 Johnson & Johnson 196,584,300 2.32
3,770,000 JPMorgan Chase & Co* 183,825,200 2.16
1,430,000 Kohl's 98,798,700 1.16
1,610,000 Kraft Foods 'A' 57,412,600 0.68
960,000 Kroger 22,089,600 0.26
370,000 Laboratory Corporation of America
Holdings 27,346,700 0.32
1,420,000 Lehman Brothers Holdings 111,257,000 1.31
1,020,000 Lexmark International 'A' 75,510,600 0.89
1,150,000 Lockheed Martin 105,984,000 1.25
2,550,000 LSI Logic 23,613,000 0.28
470,000 Lyondell Chemical 12,107,200 0.14
760,000 Manitowoc 45,258,000 0.53
1,140,000 Marathon Oil 105,917,400 1.25
510,000 McAfee 14,550,300 0.17
670,000 McKesson 34,076,200 0.40
3,070,000 Merck & Co 132,931,000 1.57
10,000 Meredith 566,600 0.01
340,000 MGIC Investment 21,450,600 0.25
2,480,000 Microsoft 74,598,400 0.88
1,730,000 Morgan Stanley 141,202,600 1.66
5,120,000 Motorola 106,342,400 1.25
870,000 Mylan Laboratories* 17,391,300 0.20
380,000 National Semiconductor 8,705,800 0.10
520,000 NCR 22,334,000 0.26
130,000 Noble Energy 6,423,300 0.08
1,620,000 Nordstrom 79,704,000 0.94
1,010,000 Northrop Grumman 68,892,100 0.81
1,680,000 Novellus Systems 58,128,000 0.68
1,620,000 Nucor* 89,035,200 1.05
2,490,000 Nvidia 93,873,000 1.11
2,110,000 Occidental Petroleum 103,390,000 1.22
1,600,000 Office Depot 61,824,000 0.73
790,000 Omnicom Group 82,191,600 0.97
7,350,000 Oracle 127,081,500 1.50
60,000 Pactiv 2,174,400 0.03
1,640,000 Paychex 65,075,200 0.77
7,620,000 Pfizer 198,501,000 2.34
200,000 PMI Group 9,544,000 0.11
710,000 Procter & Gamble 45,844,700 0.54
1,040,000 Prudential Financial 89,367,200 1.05
7,650,000 Qwest Communications International 64,413,000 0.76
640,000 Raytheon 33,958,400 0.40
870,000 Safeway* 30,432,600 0.36
3,960,000 Schering-Plough 94,406,400 1.11
90,000 Sherwin-Williams 5,788,800 0.07
1,030,000 St Paul Travelers 55,723,000 0.66
1,250,000 Sunoco 78,200,000 0.92
2,810,000 Symantec 59,740,600 0.70
730,000 Synopsys 19,673,500 0.23
550,000 Tech Data 21,208,000 0.25
310,000 Teradyne 4,696,500 0.06
940,000 Tesoro 62,171,600 0.73
1,760,000 TJX 50,740,800 0.60
1,120,000 United States Steel 82,028,800 0.97
( * ) Securities lent, see Note 13 for further details.
186 Merrill Lynch International Investment Funds