Merrill Lynch International Investment Funds Audited Annual Report ...

European 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 (€) %
COMMON & PREFERRED STOCKS (SHARES)
Finland
481,634 Fortum
___________
10,384,029
______
1.49
France
31,758 Air Liquide 5,754,550 0.82
251,496 Alten 7,084,642 1.01
79,564 Assurances Generales de France 9,388,552 1.34
235,181 Cap Gemini 11,194,616 1.60
118,038 Groupe Danone 13,597,978 1.94
166,117 LVMH Moet Hennessy Louis Vuitton 13,272,748 1.90
131,097 Societe Generale 16,977,061 2.43
456,433 Total 25,035,350 3.58
46,555 Vallourec*
___________
10,284,000
______
1.47
___________
112,589,497
______
16.09
Germany
69,378 Allianz SE 10,736,939 1.53
284,126 Altana 13,353,922 1.91
413,022 Bayer 16,793,475 2.40
151,588 Deutsche Postbank 9,697,084 1.39
70,017 Fresenius (Pref) 11,399,468 1.63
59,969 Interhyp 3,927,969 0.56
187,453 RWE 15,652,325 2.24
416,132 SAP 16,753,474 2.39
320,482 Siemens 24,081,017 3.44
302,450 Symrise
___________
5,897,775
______
0.84
___________
128,293,448
______
18.33
Greece
415,090 EFG Eurobank Ergasias 11,390,070 1.63
32,216 National Bank of Greece
___________
1,124,338
______
0.16
___________
12,514,408
______
1.79
Guernsey
253,625 Eurocastle Investment
___________
9,612,387
______
1.37
Ireland
619,808 Allied Irish Banks 13,945,680 1.99
707,740 Anglo Irish Bank 11,076,131 1.58
920,337 Grafton Group (Unit) 11,577,839 1.66
612,510 Kingspan Group 12,311,451 1.76
380,311 McInerney Holdings
___________
5,628,603
______
0.80
___________
54,539,704
______
7.79
Italy
300,218 Saipem 5,941,314 0.85
8,571,267 Telecom Italia 19,713,914 2.82
1,505,497 UniCredito Italiano
___________
10,026,610
______
1.43
___________
35,681,838
______
5.10
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (€) %
Netherlands
209,737 Randstad Holdings 10,990,219 1.57
743,232 STMicroelectronics 10,457,274 1.49
272,398 TNT 8,852,935 1.26
249,586 TomTom* 8,153,975 1.17
608,138 Unilever – CVA
___________
12,655,352
______
1.81
___________
51,109,755
______
7.30
Norway
2,247,749 Acta Holding
___________
8,970,166
______
1.29
Spain
288,340 Inditex* 11,715,254 1.67
1,212,886 Telefonica
___________
19,503,207
______
2.79
___________
31,218,461
______
4.46
Sweden
505,846 Atlas Copco 'A' 12,952,334 1.85
6,696,181 Telefonaktiebolaget LM Ericsson 'B'
___________
20,441,605
______
2.92
___________
33,393,939
______
4.77
Switzerland
772,364 ABB 10,470,453 1.50
318,332 Compagnie Financiere Richemont 'A' 14,064,728 2.01
194,746 Holcim 13,539,334 1.93
37,019 Nobel Biocare Holding (Bearer) 8,310,341 1.19
710,250 Novartis 31,005,255 4.43
41,598 Zurich Financial Services
___________
8,471,703
______
1.21
___________
85,861,814
______
12.27
United Kingdom
522,927 Anglo American 19,398,528 2.77
1,278,443 BG Group 13,193,760 1.89
91,351 Enterprise Inns 1,840,624 0.26
1,628,394 GlaxoSmithKline 32,592,130 4.66
1,310,889 Marks & Spencer Group 13,997,132 2.00
1,904,659 Tesco 11,473,337 1.64
1,762,746 Tullow Oil 10,447,847 1.49
6,708,322 Vodafone Group 14,135,928 2.02
320,805 Xstrata
___________
12,182,468
______
1.74
___________
129,261,754
______
18.47
Total Portfolio 703,431,200 100.52
Other Net Liabilities
___________
(3,640,601)
______
(0.52)
Total Net Assets (€)
___________
699,790,599
______
100.00
( * ) Securities lent, see Note 13 for further details.
The notes on pages 213 to 219 form an integral part of these financial statements.
Audited Annual Report and Accounts 95