Merrill Lynch International Investment Funds Audited Annual Report ...

World Healthscience 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$) %
COMMON STOCKS (SHARES)
Austria
50,000 Intercell
___________
1,136,963
______
0.85
Bermuda
16,000 Warner Chilcott 'A'
___________
218,400
______
0.16
Cayman Islands
17,000 Mindray Medical International ADR
___________
415,820
______
0.31
Denmark
65,600 Genmab
___________
4,437,528
______
3.33
France
53,000 Sanofi-Aventis
___________
4,915,041
______
3.68
Germany
60,000 Bayer
___________
3,215,924
______
2.41
India
80,000 Glenmark Pharmaceuticals 1,090,119 0.81
135,000 Sun Pharmaceuticals Industries
___________
2,998,352
______
2.25
___________
4,088,471
______
3.06
Japan
25,000 Chugai Pharmaceutical 516,483 0.39
50,000 Kyorin
___________
586,119
______
0.44
___________
1,102,602
______
0.83
Netherlands
200,000 Pharming Group
___________
1,107,303
______
0.83
Sweden
51,000 Elekta 'B'
___________
1,068,960
______
0.80
Switzerland
125,000 Novartis 7,193,213 5.39
30,000 Roche Holding (Genusscheine) 5,373,391 4.03
4,000 Speedel Holding
___________
521,354
______
0.39
___________
13,087,958
______
9.81
United Kingdom
100,000 Shire
___________
2,078,916
______
1.56
United States
174,000 Abbott Laboratories 8,475,540 6.35
10,000 Aetna 435,200 0.33
14,000 AmerisourceBergen 630,140 0.47
9,000 Arthrocare 364,230 0.27
15,000 Aspect Medical Systems 286,650 0.22
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
34,000 Boston Scientific 582,080 0.44
9,000 Cardinal Health 581,130 0.44
25,000 Caremark Rx 1,426,000 1.07
107,000 Celgene 6,146,080 4.61
30,000 Cephalon 2,076,600 1.56
90,000 Cerner 4,192,200 3.14
6,000 Charles River Laboratories International 261,240 0.20
87,600 Covance 5,203,440 3.90
50,000 Cytyc 1,421,000 1.06
15,000 DaVita 850,200 0.64
100,000 DexCom 990,000 0.74
42,000 Emageon 652,260 0.49
408,100 Emdeon 5,129,817 3.84
163,600 Exelixis 1,475,672 1.11
19,000 Genentech 1,547,550 1.16
43,300 Gen-Probe 2,258,528 1.69
14,500 Gilead Sciences 950,910 0.71
100,800 Hansen Medical 1,222,704 0.92
35,000 HemoSense 148,750 0.11
162,000 Hologic 7,677,180 5.75
5,000 Human Genome Sciences 62,700 0.05
86,000 Intuitive Surgical 8,345,440 6.25
2,500 Laboratory Corporation of America
Holdings 184,775 0.14
115,500 Medarex 1,718,640 1.29
45,000 Medimmune 1,458,000 1.09
12,000 PDL BioPharma 243,480 0.18
107,200 Progenics Pharmaceuticals 2,789,344 2.09
3,000 Quest Diagnostics 160,080 0.12
70,000 Schering-Plough 1,668,800 1.25
15,000 Somaxon Pharmaceuticals 210,000 0.16
210,000 SonoSite 6,623,400 4.96
20,000 St Jude Medical 733,400 0.55
10,000 Stryker 551,600 0.41
10,000 SuperGen 50,700 0.04
54,000 Thermo Fisher Scientific 2,456,460 1.84
25,000 Thoratec 445,250 0.33
110,100 UnitedHealth Group 5,920,077 4.44
4,000 Varian 184,080 0.14
9,000 Ventana Medical Systems 390,870 0.29
109,500 Vertex Pharmaceuticals 4,113,915 3.08
39,100 Vical 245,157 0.18
36,100 WebMD Health 'A'*
___________
1,453,747
______
1.09
___________
94,995,016
______
71.19
Total Portfolio 131,868,902 98.82
Other Net Assets
___________
1,577,489
______
1.18
Total Net Assets (US$)
___________
133,446,391
______
100.00
( * ) Securities lent, see Note 13 for further details.
Sector Breakdown as at 31 December 2006
% of net
assets
Pharmaceuticals 38.3
Healthcare products 25.1
Biotechnology 12.9
Healthcare services 12.9
Medical technolgy 9.6
Other net assets
___________
1.2
___________
100.0
The notes on pages 213 to 219 form an integral part of these financial statements.
Audited Annual Report and Accounts 205