Merrill Lynch International Investment Funds Audited Annual Report ...

Emerging Europe 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 (€) %
FUNDS
United Kingdom
615,000 Ukraine Opportunity Trust 5,014,981 0.10
39,352,650 Black Sea Property Fund
___________
10,988,268
______
0.22
Total Funds
___________
16,003,249
______
0.32
COMMON / PREFERRED STOCKS (SHARES) & WARRANTS
Austria
2,025,000 SkyEurope Holding
___________
5,771,250
______
0.12
Bermuda
20,397,300 West Siberian Resources – SDR
___________
16,469,267
______
0.33
Cayman Islands
4,082,802 Kingdom Hotel Investments GDR
___________
26,944,078
______
0.55
Cyprus
7,512,539 Urals Energy Public 38,597,557 0.78
1,262,500 XXI Century Investments Public
___________
13,348,846
______
0.27
___________
51,946,403
______
1.05
Egypt
600,000 Commercial International Bank GDR 4,460,290 0.09
256,814 Orascom Construction Industries GDR
___________
18,759,909
______
0.38
___________
23,220,199
______
0.47
Georgia
560,319 Bank of Georgia GDR
___________
9,563,208
______
0.19
Hungary
1,563,341 MOL Hungarian Oil & Gas 134,254,021 2.73
140,630 MOL Hungarian Oil & Gas ADR 12,107,642 0.24
8,588,147 OTP Bank 298,763,374 6.07
262,180 OTP Bank GDR
___________
18,237,052
______
0.37
___________
463,362,089
______
9.41
Israel
1,149,002 Africa Israel Investments 65,852,960 1.34
8,300,071 Bank Hapoalim 29,619,554 0.60
2,000,000 Teva Pharmaceutical Industries ADR
___________
47,227,490
______
0.96
___________
142,700,004
______
2.90
Jersey
836,600 Trader Media East GDR
___________
6,346,052
______
0.13
Kazakhstan
2,000,000 Halyk Savings Bank Kazakhstan GDR 33,376,318 0.68
2,668,080 Kazkommertsbank GDR
___________
46,751,610
______
0.95
___________
80,127,928
______
1.63
Malaysia
2,450,000 Steppe Cement
___________
8,391,661
______
0.17
Poland
234,000 Bank Pekao 13,766,941 0.28
793,642 Bank Zachodni WBK 46,547,591 0.95
314,454 BRE Bank 27,336,506 0.56
2,640,130 Getin Holding 8,595,632 0.17
271,757 Grupa Kety 14,118,160 0.29
180,505 IDMSA.PL 3,350,112 0.07
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (€) %
1,214,857 KGHM Polska Miedz 28,342,506 0.58
5,150,468 Polski Koncern Naftowy Orlen 63,704,917 1.29
5,000,000 Powszechna Kasa Oszczednosci
Bank Polski 61,231,241 1.24
9,579,286 Telekomunikacja Polska
_____________
61,302,006
_____
1.24
_____________
328,295,612
_____
6.67
Russian Federation
7,236,750 AFK Sistema GDR 175,662,596 3.57
2,156,547 Evraz Group GDR 42,025,102 0.85
445,558 Lebedyansky 'CLS' 27,038,337 0.55
2,772,146 LUKOIL ADR 183,786,362 3.73
457,447 MMC Norilsk Nickel 54,478,631 1.11
1,971,219 MMC Norilsk Nickel ADR 236,253,206 4.80
3,976,980 Mobile Telesystems ADR 152,225,147 3.09
2,447,310 NLMK – Novolipetsk Steel GDR 43,161,615 0.88
5,281,030 NovaTek OAO GDR 254,377,156 5.17
9,231,500 OAO Gazprom 80,529,659 1.64
3,138,890 OAO Gazprom ADR 109,526,618 2.22
3,273,700 OAO Rosneft GDR 23,466,938 0.48
90,000,000 OGK-3 'CLS' 8,363,043 0.17
1,828,193 Polyus Gold ADR 67,258,864 1.37
956,130 Polyus Gold 'CLS' 35,756,056 0.73
67,910 Sberbank 177,720,928 3.61
2,554,000 Sberbank 'CLS' (Pref) 111,009,785 2.25
1,293,657 Seventh Continent 'CLS' 26,200,897 0.53
108,110 Severstal GDR 914,380 0.02
1,231,840 Sistema Hals GDR 12,427,727 0.25
2,081,820 Surgutneftegaz ADR 121,596,101 2.47
1,202,321 Surgutneftegaz ADR (Pref) 100,094,614 2.03
4,400,000 TMK OAO 27,368,581 0.55
258,500 TMK OAO GDR 6,863,005 0.14
30,880 Transneft (Pref) 53,758,325 1.09
910,800 Unified Energy System GDR 75,721,520 1.54
2,728,033 Unified Energy System GDR 226,801,500 4.60
727,910 Uralsvyazinform ADR 7,454,134 0.15
2,265,640 Vimpel-Communications ADR 137,488,584 2.79
850,000 Vozrozhdeniye Bank 'CLS' 36,751,878 0.75
91,000 Vsmpo-Avisma
_____________
20,225,290
_____
0.41
_____________
2,636,306,579
_____
53.54
Turkey
4,194,650 Adana Cimento 'A' 17,567,797 0.36
4,300,000 Aksigorta 12,352,340 0.25
3,071,714 Alarko Holding 5,904,605 0.12
21,814,080 Dogan Sirketler Grubu Holdings 26,119,736 0.53
3,988,474 Dogus Otomotiv Servis ve Ticaret 12,206,993 0.25
10,778,856 Enka Insaat ve Sanayi 87,392,996 1.77
17,793,083 Haci Omer Sabanci Holding 53,023,843 1.08
16,787,447 Is Gayrimenkul Yatirim Ortakligi 26,140,246 0.53
400,000 Koza Davetiyeleri Imalat Ithalat ve Ihracat 2,598,797 0.05
2,808,655 Petrol Ofisi 6,907,023 0.14
5,034,973 Sekerbank TAS 12,868,594 0.26
4,945,000 Trakya Cam Sanayi 10,355,186 0.21
3,237,649 Tupras Turkiye Petrol Rafine 42,069,964 0.85
4,172,023 Turk Hava Yollari 13,664,808 0.28
20,580,500 Turkcell Iletisim Hizmet 79,011,258 1.60
11,671,240 Turkiye Sinai Kalkinma Bankasi 16,168,276 0.33
38,142,940 Turkiye Vakiflar Bankasi Tao 'D' 136,195,520 2.77
8,547,437 Vestel Beyaz Esya Sanayi ve Ticaret
_____________
9,867,369
_____
0.20
_____________
570,415,351
_____
11.58
The notes on pages 213 to 219 form an integral part of these financial statements.
Audited Annual Report and Accounts 73