Merrill Lynch International Investment Funds Audited Annual Report ...

Emerging Markets Fund continued
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$) %
South Korea
303,440 Daishin Securities 7,670,891 1.20
98,760 GS Engineering & Construction 8,828,507 1.38
340,320 Industrial Bank of Korea 6,278,512 0.98
20,789 KCC 6,474,218 1.01
89,331 Kookmin Bank 7,197,624 1.13
20,900 POSCO 6,947,202 1.09
15,238 Samsung Electronics 10,048,323 1.57
31,570 SK Telecom
___________
7,556,310
______
1.18
___________
61,001,587
______
9.54
Taiwan
16,165,000 Compal Electronics 14,409,209 2.25
3,346,420 D-Link 4,384,566 0.69
4,190,499 Lite-On Technology 5,664,088 0.89
631,000 MediaTek 6,524,956 1.02
1,283,000 Novatek Microelectronics 5,806,802 0.91
5,970,375 Shin Kong Financial Holding 6,430,238 1.00
8,286,000 Taiwan Semiconductor Manufacturing
___________
17,161,965
______
2.68
___________
60,381,824
______
9.44
Turkey
2,140,916 Dogan Sirketler Grubu Holdings 3,379,516 0.53
691,772 Enka Insaat ve Sanayi 7,394,179 1.16
55,000 Galatasaray Sportif Sinai ve Ticari
Yatirimlar 2,783,677 0.43
3,341,238 Hurriyet Gazetecilik 8,845,636 1.38
1 Turkiye Is Bankasi 'C'
___________
5
______
0.00
___________
22,403,013
______
3.50
United Kingdom
510,430 Deutsche Bank (London) (Call Wts
3/1/2008 – Nagarjuna Construction)
___________
2,486,116
______
0.39
United States
632,050 Citigroup Global Markets Holdings (Call
Wts 19/1/2009 – Pantaloon Retail India) 5,827,052 0.91
480,950 MSDW Asia Securities Products
(Call Wts 11/4/2007 – Satyam
Computer Services) 10,538,403 1.65
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
367,700 MSDW Asia Securities Products
(Call Wts 10/8/2007 – Bharti Airtel) 5,227,396 0.82
1,207,000 MSDW Asia Securities Products (Call
Wts 24/12/2008 – Hindustan Lever)
___________
5,910,220
______
0.92
___________
27,503,071
______
4.30
Total Transferable Securities Admitted
to an Official Stock Exchange Listing or
Dealt in on Another Regulated Market
___________
625,892,788
______
97.90
Unquoted Securities
BONDS
Brazil
BRL28,000 Cia Vale do Rio Doce 0% (Perpetual)
___________
0
______
0.00
Total Bonds
___________
0
______
0.00
COMMON STOCKS (SHARES)
Botswana
3,104 KYS – Kgolo Yo Sechaba
___________
0
______
0.00
South Africa
317,505 Macmed Health Care
___________
0
______
0.00
Total Common Stocks (Shares)
___________
0
______
0.00
Total Unquoted Securities
___________
0
______
0.00
Total Portfolio 625,892,788 97.90
Other Net Assets
___________
13,417,631
______
2.10
Total Net Assets (US$)
___________
639,310,419
______
100.00
Sector Breakdown as at 31 December 2006
% of net
assets
Finance 21.2
Consumer discretionary 15.3
Industrials 15.2
Information technology 11.7
Energy 11.1
Utilities 6.5
Healthcare 5.7
Materials 4.8
Telecommunication services 3.8
Consumer staples 2.6
Other net assets
___________
2.1
___________
100.0
Open Forward Foreign Exchange Transactions
as at 31 December 2006
Unrealised
profit/(loss)
Purchases
Sales Value date US$
ZAR58,277,167 US$8,312,840 2/1/2007 25,215
US$377,405 ZAR2,647,118 3/1/2007
_______
(1,297)
Net unrealised profit
_______
23,918
Note: The net unrealised profit attributed to these transactions is included in the Statement of
Net Assets (see Note 2c).
76 Merrill Lynch International Investment Funds