Merrill Lynch International Investment Funds Audited Annual Report ...

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European Opportunities 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 (€) % Sweden 364,878 Aangpanneforeningen 'B' 5,932,582 0.67 38,209 Acando 62,336 0.01 701,902 BE Group 5,434,421 0.61 880,481 rnb Retail and Brands ___________ 6,378,815 ______ 0.72 ___________ 17,808,154 ______ 2.01 Switzerland 93,000 Arpida 1,717,617 0.19 936 Bank Sarasin & Compagnie 'B' 2,223,444 0.25 4,979 Banque Cantonale Vaudoise 1,806,633 0.20 98,295 Basler Kantonalbank 6,766,530 0.76 122,619 Compagnie Financiere Tradition (Bearer) 14,022,532 1.59 20,085 Galenica Holding 4,209,095 0.48 17,399 Gurit Holding (Bearer) 11,403,859 1.29 129,321 Holcim 8,990,789 1.02 43,659 Implenia 697,740 0.08 71,074 Komax Holding 6,735,699 0.76 266,912 Schindler Holding 12,705,748 1.44 16,020 Schweiter Technologies (Bearer) 3,633,664 0.41 5,401 SGS 4,577,802 0.52 26,865 St Galler Kantonalbank 8,553,498 0.97 55,776 Zurich Financial Services ___________ 11,359,144 ______ 1.28 ___________ 99,403,794 ______ 11.24 United Kingdom 264,310 Air Berlin 4,361,115 0.49 153,621 Anglo American 5,698,733 0.64 8,675,838 Anite Group 10,529,870 1.19 3,014,892 Blackstar Investors 4,632,127 0.52 2,485,507 BTG 5,478,109 0.62 690,105 Burren Energy 9,095,204 1.03 986,646 Carphone Warehouse Group 4,613,654 0.52 149,689 Dana Petroleum 2,793,154 0.32 6,479,752 Dart Group 11,965,588 1.35 680,159 Debt Free Direct Group 4,547,899 0.52 2,117,427 Dignity 20,669,745 2.34 1,443,086 Dyson Group 4,674,180 0.53 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (€) % 380,433 Gallaher Group 6,495,405 0.73 1,077,400 Global Energy Development 1,981,517 0.22 2,575,894 Group 4 Securicor 7,211,736 0.82 441,325 Ladbrokes 2,748,834 0.31 2,434,581 Man Group 18,952,751 2.14 8,288,350 Mecom Group 9,133,848 1.03 3,634,350 Microgen 2,949,696 0.33 940,676 Prostrakan Group 1,568,961 0.18 2,392,789 Punch Graphix 4,596,720 0.52 504,091 SDL 1,769,761 0.20 899,379 Surfcontrol 6,968,011 0.79 5,525,076 Umbro 11,004,898 1.25 913,477 Unibet Group – SDR 19,702,029 2.23 1,519,742 Vanco 9,844,941 1.11 533,007 Vedanta Resources 9,691,758 1.10 744,096 Venture Production ___________ 9,784,613 ______ 1.11 ___________ 213,464,857 ______ 24.14 Total Common Stocks (Shares) ___________ 820,987,136 ______ 92.87 Total Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market ___________ 831,272,857 ______ 94.03 Unquoted Securities COMMON STOCKS (SHARES) United Kingdom 1,667,134 BETonSPORTS ___________ 0 ______ 0.00 United States 132,000 Capital Development & Investment ___________ 0 ______ 0.00 Total Unquoted Securities ___________ 0 ______ 0.00 Total Portfolio 831,272,857 94.03 Other Net Assets ___________ 52,743,648 ______ 5.97 Total Net Assets (€) ___________ 884,016,505 ______ 100.00 Sector Breakdown as at 31 December 2006 % of net assets Finance 18.6 Consumer discretionary 18.3 Industrials 18.0 Information technology 11.4 Materials 9.2 Consumer staples 5.7 Energy 4.6 Healthcare 3.3 Telecommunication services 2.6 Investment funds 1.2 Utilities 1.1 Other net assets ___________ 6.0 ___________ 100.0 98 Merrill Lynch International Investment Funds
European Value 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 STOCKS (SHARES) Belgium 343,487 AGFA-Gevaert ___________ 6,629,299 ______ 1.17 Denmark 293,126 Danske Bank ___________ 9,850,563 ______ 1.73 Finland 529,422 Fortum ___________ 11,414,338 ______ 2.01 France 231,903 BNP Paribas 19,259,544 3.38 384,555 Credit Agricole 12,282,687 2.16 174,781 EDF – Electricite de France 9,647,911 1.70 121,334 Renault 11,071,727 1.95 283,636 Total 15,557,435 2.73 36,271 Vallourec ___________ 8,012,264 ______ 1.41 ___________ 75,831,568 ______ 13.33 Germany 110,836 Allianz SE 17,152,979 3.01 163,829 BASF 12,098,772 2.13 196,993 Bayer 8,009,735 1.41 198,334 BMW – Bayerische Motoren Werke 8,629,512 1.52 465,041 Deutsche Post 10,621,536 1.87 177,917 E.ON 18,295,205 3.21 174,773 Hochtief 9,647,470 1.69 79,072 Muenchener Rueckversicherungs 10,312,570 1.81 115,040 RWE ___________ 9,605,840 ______ 1.69 ___________ 104,373,619 ______ 18.34 Guernsey 519,652 KKR Private Equity Investors (Unit) ___________ 8,947,964 ______ 1.57 Hungary 75,324 MOL Hungarian Oil & Gas ___________ 6,468,550 ______ 1.14 Ireland 556,716 Allied Irish Banks ___________ 12,526,110 ______ 2.20 Italy 2,087,806 Banca Intesa 11,837,860 2.08 956,804 Capitalia 6,850,717 1.20 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (€) % 811,006 ENI 20,713,093 3.64 2,887,400 Telecom Italia 6,641,020 1.17 4,694,222 Telecom Italia – RNC 9,031,683 1.59 1,948,754 UniCredito Italiano ___________ 12,978,702 ______ 2.28 ___________ 68,053,075 ______ 11.96 Netherlands 460,791 ING Groep – CVA 15,547,088 2.73 348,147 Mittal Steel ___________ 11,154,630 ______ 1.96 ___________ 26,701,718 ______ 4.69 Norway 408,879 Statoil* ___________ 8,195,832 ______ 1.44 Spain 703,399 BBVA – Banco Bilbao Vizcaya* Argentaria ___________ 12,815,930 ______ 2.25 Sweden 557,735 Investor 'B' ___________ 10,209,504 ______ 1.79 Switzerland 393,524 Credit Suisse Group 20,727,245 3.64 176,368 Swiss Reinsurance 11,395,209 2.00 279,082 UBS ___________ 12,842,527 ______ 2.26 ___________ 44,964,981 ______ 7.90 United Kingdom 1,296,759 Aviva 15,873,952 2.79 1,838,935 BAE Systems 11,659,368 2.05 1,982,239 Barclays 21,549,285 3.79 1,345,481 BP 11,370,968 2.00 408,961 GlaxoSmithKline 8,185,310 1.44 1,201,550 HBOS 20,255,467 3.56 814,818 Prudential 8,487,940 1.49 1,305,657 Royal Dutch Shell 'B' 34,804,557 6.11 13,616,478 Vodafone Group ___________ 28,692,951 ______ 5.04 ___________ 160,879,798 ______ 28.27 Total Portfolio 567,862,849 99.79 Other Net Assets ___________ 1,166,583 ______ 0.21 Total Net Assets (€) ___________ 569,029,432 ______ 100.00 ( * ) Securities lent, see Note 13 for further details. Sector Breakdown as at 31 December 2006 % of net assets Finance 47.9 Energy 16.9 Utilities 8.6 Telecommunication services 7.8 Industrials 7.0 Materials 5.5 Consumer discretionary 4.6 Healthcare 1.5 Other net assets ___________ 0.2 ___________ 100.0 The notes on pages 213 to 219 form an integral part of these financial statements. Audited Annual Report and Accounts 99
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Merrill Lynch International Investm
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Chairman’s Letter Merrill Lynch I
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Statement of Net Assets as at 31 De
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Three Year Asset Summary as at 31 D
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Statement of Operations and Changes
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Statement of Changes in Shares Outs
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Page 62 and 63: Asian Dragon Fund Portfolio of Inve
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India Fund (1) Portfolio of Investm
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Japan Opportunities Fund (1) Portfo
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Latin American Fund Portfolio of In
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New Energy Fund Portfolio of Invest
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Pacific Equity Fund Portfolio of In
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Sterling Reserve Fund Portfolio of
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Strategic Allocation Fund (Euro) co
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Strategic Allocation Fund (US Dolla
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Strategic Allocation Fund (US Dolla
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UK Focus Fund Portfolio of Investme
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US Basic Value Fund Portfolio of In
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US Dollar Core Bond Fund Portfolio
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US Dollar Core Bond Fund continued
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US Dollar Core Bond Fund continued
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US Dollar High Yield Bond Fund Port
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US Dollar High Yield Bond Fund cont
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US Dollar Low Duration Bond Fund Po
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US Dollar Low Duration Bond Fund co
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US Dollar Reserve Fund Portfolio of
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US Government Mortgage Fund continu
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US Opportunities Fund Portfolio of
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US SmallCap Value Fund Portfolio of
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World Bond Fund Portfolio of Invest
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World Bond Fund continued Open Forw
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World Energy Fund continued Sector
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World Financials Fund continued Pur
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World Gold Fund continued Sector Br
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World Income Fund Portfolio of Inve
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World Income Fund continued Portfol
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World Mining Fund Portfolio of Inve
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World Technology Fund Portfolio of
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Notes to the Financial Statements c
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General Information Current Prospec
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Auditor’s Report to the Sharehold
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