Merrill Lynch International Investment Funds Audited Annual Report ...

US Growth 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$) %
COMMON STOCKS (SHARES)
United States
20,000 Abercrombie & Fitch 'A' 1,414,400 1.07
37,000 Aetna 1,610,240 1.22
45,000 Agilent Technologies 1,592,100 1.20
70,000 Altera 1,390,900 1.05
48,000 American Eagle Outfitters 1,503,360 1.14
46,000 AMR 1,410,360 1.07
45,000 Analog Devices 1,488,600 1.12
92,000 Applied Materials 1,713,040 1.29
13,000 Autozone 1,520,610 1.15
102,000 Avaya 1,441,260 1.09
21,000 Avery Dennison 1,442,070 1.09
72,000 AVX 1,069,200 0.81
33,000 Best Buy 1,643,400 1.24
46,000 Brinker International 1,406,220 1.06
36,000 Campbell Soup 1,407,600 1.06
26,000 Cardinal Health 1,678,820 1.27
30,000 Caremark Rx 1,711,200 1.29
13,000 Carpenter Technology 1,335,230 1.01
45,000 CB Richard Ellis Group 'A' 1,513,350 1.14
161,000 Cisco Systems 4,429,110 3.35
26,000 Citigroup 1,453,140 1.10
6,000 Colgate-Palmolive 394,140 0.30
151,000 Compuware 1,289,540 0.97
35,000 Continental Airlines 'B' 1,466,500 1.11
4,000 Convergys 95,840 0.07
29,000 Coventry Health Care 1,456,670 1.10
39,000 CSX 1,366,950 1.03
12,000 Cummins 1,430,520 1.08
13,000 Danaher 948,090 0.72
26,000 Dick's Sporting Goods 1,280,240 0.97
69,000 DIRECTV Group 1,722,930 1.30
40,000 EI Du Pont de Nemours & Co 1,953,200 1.48
56,000 Electronic Data Systems 1,544,480 1.17
25,000 Exxon Mobil 1,927,250 1.46
79,000 Fairchild Semiconductor International 1,345,370 1.02
27,000 First Marblehead 1,477,440 1.12
23,000 Freeport-McMoRan Copper & Gold 'B' 1,279,260 0.97
45,000 Frontier Oil 1,299,150 0.98
28,000 General Electric 1,048,320 0.79
12,000 Goldman Sachs Group 2,421,600 1.83
24,000 Harley-Davidson 1,691,520 1.28
63,000 Hewlett-Packard 2,617,650 1.98
33,000 HJ Heinz 1,485,990 1.12
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
24,000 Humana 1,327,440 1.00
40,000 IBM – International Business Machines 3,899,200 2.95
74,000 Integrated Device Technology 1,160,320 0.88
47,000 Intuit 1,444,310 1.09
20,000 ITT Educational Services 1,346,400 1.02
22,000 JC Penney 1,721,500 1.30
68,000 Johnson & Johnson 4,500,920 3.40
26,000 Kohl's 1,796,340 1.36
18,000 Lehman Brothers Holdings 1,410,300 1.06
20,000 Lexmark International 'A' 1,480,600 1.12
22,000 Lockheed Martin 2,027,520 1.53
123,000 LSI Logic 1,138,980 0.86
23,000 Manitowoc 1,369,650 1.03
45,000 Marvel Entertainment 1,222,200 0.92
49,000 McAfee 1,397,970 1.06
41,000 Merck & Co 1,775,300 1.34
101,000 Microsoft 3,038,080 2.29
20,000 Morgan Stanley 1,632,400 1.23
96,000 Motorola 1,993,920 1.51
65,000 Mylan Laboratories 1,299,350 0.98
58,000 National Semiconductor 1,328,780 1.00
30,000 NCR 1,288,500 0.97
20,000 Northrop Grumman 1,364,200 1.03
42,000 Nvidia 1,583,400 1.20
151,000 Oracle 2,610,790 1.97
39,000 Paychex 1,547,520 1.17
31,000 Pepsi Bottling Group 961,620 0.73
72,000 Quanta Services 1,423,440 1.08
85,000 Schering-Plough 2,026,400 1.53
21,000 Sunoco 1,313,760 0.99
52,000 Synopsys 1,401,400 1.06
72,000 Teradyne 1,090,800 0.82
22,000 Terex 1,445,180 1.09
24,000 UST 1,402,320 1.06
24,000 Valero Energy 1,229,520 0.93
97,000 Vishay Intertechnology 1,334,720 1.01
56,000 Walt Disney 1,935,360 1.46
42,000 Waste Management 1,544,760 1.17
22,000 WellPoint 1,734,700 1.31
35,000 Xilinx
___________
842,450
______
0.64
Total Portfolio 132,109,180 99.82
Other Net Assets
___________
235,442
______
0.18
Total Net Assets (US$)
___________
132,344,622
______
100.00
Sector Breakdown as at 31 December 2006
% of net
assets
Information technology 36.7
Consumer discretionary 15.3
Healthcare 14.4
Industrials 13.8
Finance 7.5
Energy 4.4
Consumer staples 4.3
Materials 3.4
Other net assets
___________
0.2
___________
100.0
The notes on pages 213 to 219 form an integral part of these financial statements.
Audited Annual Report and Accounts 191