Merrill Lynch International Investment Funds Audited Annual Report ...

Euro-Markets 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
Luxembourg
279,486 ProLogis European Properties ___________ 4,143,380 ______ 1.44
Total Funds ___________ 4,143,380 ______ 1.44
COMMON & PREFFERED STOCKS (SHARES)
Austria
383,755 Telekom Austria ___________ 7,790,226 ______ 2.70
Belgium
107,286 KBC Groep 9,918,591 3.43
34,011 Umicore ___________ 4,384,018 ______ 1.52
___________ 14,302,609 ______ 4.95
Finland
285,632 Fortum 6,158,226 2.13
337,040 Nokia ___________ 5,247,713 ______ 1.82
___________ 11,405,939 ______ 3.95
France
32,095 Assurances Generales de France 3,787,210 1.31
439,038 AXA 13,504,809 4.68
74,227 Cap Gemini 3,533,205 1.22
46,156 Groupe Danone 5,317,171 1.84
304,105 Legrand 6,745,049 2.34
30,137 PPR 3,402,467 1.18
100,006 Societe Generale 12,950,777 4.49
94,486 Total 5,182,557 1.79
55,044 Vinci 5,325,507 1.84
290,205 Vivendi ___________ 8,621,991 ______ 2.99
___________ 68,370,743 ______ 23.68
Germany
135,291 Altana 6,358,677 2.20
167,095 Bayer 6,794,083 2.35
131,701 BMW – Bayerische Motoren Werke 5,730,311 1.98
60,935 Deutsche Postbank 3,898,012 1.35
80,774 E.ON 8,305,990 2.88
62,502 Fresenius Medical Care & Co 6,310,827 2.19
149,864 Hypo Real Estate Holding 7,154,507 2.48
5,524 Porsche (Pref) 5,325,467 1.85
80,923 RWE* 6,757,070 2.34
131,878 Siemens 9,909,313 3.43
269,192 Symrise ___________ 5,249,244 ______ 1.82
___________ 71,793,501 ______ 24.87
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (€) %
Greece
281,817 EFG Eurobank Ergasias 7,733,058 2.68
361,066 Hellenic Telecommunications
Organization 8,217,862 2.84
130,783 Piraeus Bank ___________ 3,193,721 ______ 1.11
___________ 19,144,641 ______ 6.63
Ireland
106,620 Allied Irish Banks ___________ 2,398,950 ______ 0.83
Italy
1,473,822 Banca Intesa 8,356,571 2.89
776,648 Banca Intesa – RNC 4,263,798 1.48
564,838 ENI 14,425,963 5.00
1,310,577 UniCredito Italiano ___________ 8,724,863 ______ 3.02
___________ 35,771,195 ______ 12.39
Netherlands
128,353 Koninklijke Numico 5,229,101 1.81
204,896 Mittal Steel 6,564,868 2.27
96,255 TomTom* ___________ 3,144,651 ______ 1.09
___________ 14,938,620 ______ 5.17
Spain
204,342 Altadis 8,075,596 2.80
251,408 BBVA – Banco Bilbao Vizcaya Argentaria 4,580,654 1.59
78,512 Endesa ___________ 2,808,374 ______ 0.97
___________ 15,464,624 ______ 5.36
Sweden
413,387 Assa Abloy 'B' ___________ 6,732,725 ______ 2.33
Switzerland
102,297 Holcim 7,111,998 2.46
126,741 Novartis 5,532,752 1.92
28,045 Syngenta ___________ 3,957,099 ______ 1.37
___________ 16,601,849 ______ 5.75
Total Common & Preferred Stocks (Shares) ___________ 284,715,622 ______ 98.61
Total Portfolio 288,859,002 100.05
Other Net Liabilities ___________ (130,169) ______ (0.05)
Total Net Assets (€) ___________ 288,728,833 ______ 100.00
( * ) Securities lent, see Note 13 for further details.
Sector Breakdown as at 31 December 2006
% of net
assets
Finance 31.5
Materials 11.9
Industrials 9.8
Utilities 8.3
Consumer discretionary 8.0
Energy 6.8
Consumer staples 6.4
Healthcare 6.3
Telecommunication services 5.5
Information technology 4.2
Investment funds 1.4
Other Net Liabilities
___________
(0.1)
___________
100.0
The notes on pages 213 to 219 form an integral part of these financial statements.
Audited Annual Report and Accounts 91