Merrill Lynch International Investment Funds Audited Annual Report ...

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Global Allocation 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 (US$) % FUNDS Cayman Islands 7,222,500 Vietnam Enterprise Investments 'C' 8,233,650 0.12 339,344 Vietnam Enterprise Investments 'R' 1,476,146 0.02 6,100,000 Vietnam Opportunity Fund ___________ 23,393,500 ______ 0.34 ___________ 33,103,296 ______ 0.48 United States 528,800 Consumer Staples Select Sector SPDR Fund – ETF 13,883,644 0.20 530,000 Health Care Select Sector SPDR Fund – ETF 17,818,600 0.26 214,800 iShares Dow Jones US Telecommunications Sector Index Fund – ETF 6,341,970 0.09 22,000 iShares MSCI Brazil Index Fund – ETF 1,028,500 0.02 100,000 iShares MSCI South Korea Index Fund – ETF 4,942,000 0.07 28,745 Korea Fund 985,379 0.01 63,700 Telecom HOLDRs Trust – ETF 2,242,877 0.03 723,900 Utilities Select Sector SPDR Fund – ETF ___________ 26,617,803 ______ 0.39 ___________ 73,860,773 ______ 1.07 Total Funds ___________ 106,964,069 ______ 1.55 COMMON / PREFERRED STOCKS (SHARES) & WARRANTS Australia 395,000 BHP Billiton 7,894,383 0.11 313,500 Coca-Cola Amatil 1,921,763 0.03 563,500 Great Southern Plantations 1,255,289 0.02 1,155,000 Macquarie Airports Management 3,284,620 0.05 185,000 Macquarie Bank 11,534,916 0.17 3,182,000 Macquarie Infrastructure Group 8,697,148 0.13 179,000 Newcrest Mining 3,725,926 0.05 125,000 Rio Tinto 7,336,677 0.11 2,604,000 Sydney Roads Group 2,715,286 0.04 681,600 Transurban Group 4,102,845 0.06 78,000 Woodside Petroleum 2,348,195 0.03 298,700 Zinifex ___________ 4,433,662 ______ 0.06 ___________ 59,250,710 ______ 0.86 Austria 48,200 Telekom Austria ___________ 1,289,823 ______ 0.02 Belgium 222,174 AGFA-Gevaert* 5,652,463 0.08 1,470,000 RHJ International ___________ 31,314,527 ______ 0.45 ___________ 36,966,990 ______ 0.53 Bermuda 5,300 Accenture 'A' 197,584 0.00 1,709,000 Cheung Kong Infrastructure Holdings 5,309,843 0.08 343,700 Endurance Specialty Holdings 12,682,530 0.18 30,100 Everest Re Group 2,973,880 0.04 772,528 Foster Wheeler 42,404,062 0.61 225,869 IPC Holdings 7,137,686 0.10 218,100 Platinum Underwriters Holdings 6,730,566 0.10 131,800 RenaissanceRe Holdings 7,939,632 0.12 400,219 Tyco International † 12,310,736 0.18 79,900 Weatherford International ___________ 3,335,825 ______ 0.05 ___________ 101,022,344 ______ 1.46 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (US$) % Brazil 486,000 All America Latina Logistica (Unit) 5,046,660 0.07 54,554,000 Cia Brasileira de Distribuicao Grupo Pao de Acucar (Pref) 1,915,650 0.03 50,700 Cia Energetica de Minas Gerais ADR 2,486,328 0.04 195,000 Cia Vale do Rio Doce ADR 4,943,250 0.07 220,100 Companhia de Saneamento de Minas Gerais 2,582,438 0.04 212,000 Cosan SA Industria e Comercio 4,438,595 0.07 385,000 Datasul 3,552,459 0.05 99,000 Localiza Rent A CAR 2,979,274 0.04 209,600 Obrascon Huarte Lain Brasil 3,377,162 0.05 470,200 Petroleo Brasileiro ADR 45,848,662 0.66 4,900 Totvs 108,534 0.00 29,700 Unibanco – Uniao de Bancos Brasileiros GDR 2,791,503 0.04 105,600 Usinas Siderurgicas de Minas Gerais 'A' (Pref) 3,981,639 0.06 870,700 Vivo Participacoes ADR ___________ 3,587,284 ______ 0.05 ___________ 87,639,438 ______ 1.27 Canada 746,900 Alamos Gold 6,138,904 0.09 117,628 Barrick Gold 3,605,530 0.05 7,400 BCE 199,871 0.00 2,936,300 Bema Gold 15,305,087 0.22 317,000 Canadian Pacific Railway* 16,858,206 0.25 457,400 Kinross Gold 5,446,083 0.08 297,200 Nortel Networks 8,063,090 0.12 57,800 Petro-Canada 2,366,379 0.04 335,650 Rogers Communications 'B' 9,989,908 0.14 3,700 Sun Life Financial 157,697 0.00 80,100 Suncor Energy † 6,279,039 0.09 47,700 Talisman Energy ___________ 812,055 ______ 0.01 ___________ 75,221,849 ______ 1.09 Cayman Islands 245,000 ACE 14,896,000 0.22 4,284,800 Chaoda Modern Agriculture 2,761,791 0.04 176,300 GlobalSantaFe 10,438,723 0.15 49,600 Transocean 4,025,536 0.06 82,000 XL Capital (Pref) 1,943,400 0.03 322,800 XL Capital 'A' ___________ 23,341,668 ______ 0.33 ___________ 57,407,118 ______ 0.83 Chile 136,100 Banco Santander Chile ADR 6,599,489 0.10 131,500 Enersis (Chile) ADR ___________ 2,096,110 ______ 0.03 ___________ 8,695,599 ______ 0.13 China 147,600 China Communications Services 'H' 84,312 0.00 85,331 China Life Insurance ADR 4,403,090 0.06 5,443,100 China Shenhua Energy 'H' 13,109,154 0.19 20,690,000 Guangshen Railway 'H' 14,107,786 0.21 1,587,700 Hainan Meilan International Airport 'H' 921,229 0.01 2,199,400 Jiangsu Express 'H' 1,383,680 0.02 485,500 Ping An Insurance Group Company of China 'H' 2,688,963 0.04 7,184,400 Shanghai Electric Group 'H' 3,022,461 0.04 8,407,400 Xiamen International Port 'H' 2,120,022 0.03 14,544,200 Yanzhou Coal Mining 'H' ___________ 11,750,923 ______ 0.17 ___________ 53,591,620 ______ 0.77 ( * ) Securities lent, see Note 13 for further details. (†) Securities pledged, see Note 14 for further details. 100 Merrill Lynch International Investment Funds
Global Allocation 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$) % Denmark 250,677 Danske Bank ___________ 11,105,242 ______ 0.16 Finland 479,457 Fortum 13,626,540 0.20 83,700 Nokia ADR ___________ 1,717,524 ______ 0.02 ___________ 15,344,064 ______ 0.22 France 9,780 Alcatel ADR 140,245 0.00 46,901 Assurances Generales de France 7,295,436 0.10 180,580 BNP Paribas 19,769,535 0.29 397,156 Credit Agricole 16,721,807 0.24 172,862 EDF – Electricite de France 12,578,411 0.18 405,000 France Telecom* 11,227,458 0.16 153,436 Peugeot 10,183,895 0.15 131,920 Renault 15,868,310 0.23 325,505 Total 23,535,393 0.34 37,362 Vallourec 10,879,602 0.16 102,970 Vinci* ___________ 13,132,543 ______ 0.19 ___________ 141,332,635 ______ 2.04 Germany 87,294 Allianz SE 17,808,620 0.26 162,029 BASF 15,773,585 0.23 226,612 Bayer 12,146,116 0.18 183,716 BMW – Bayerische Motoren Werke 10,537,152 0.15 402,408 Deutsche Post 12,115,738 0.18 134,003 E.ON 18,164,419 0.26 145,954 Hochtief 10,620,433 0.15 58,113 Muenchener Rueckversicherungs 9,990,901 0.14 117,912 RWE ___________ 12,978,713 ______ 0.19 ___________ 120,135,677 ______ 1.74 Hong Kong 7,433,100 Beijing Enterprises Holdings 15,893,645 0.23 635,000 Cheung Kong Holdings 7,822,310 0.11 2,653,000 Denway Motors 1,075,153 0.02 1,336,000 Hutchison Whampoa 13,587,227 0.20 3,010,000 Lenovo Group 1,223,703 0.02 1,008,700 Shanghai Industrial Holdings 2,149,042 0.03 757,000 Sun Hung Kai Properties 8,701,877 0.13 5,247,500 Tianjin Development Holdings 3,726,611 0.05 1,567,000 Wharf Holdings ___________ 5,796,013 ______ 0.08 ___________ 59,975,581 ______ 0.87 Hungary 75,343 MOL Hungarian Oil & Gas ___________ 8,529,727 ______ 0.12 India 73,000 Bajaj Auto 4,322,807 0.06 172,000 Container Corporation of India 8,264,975 0.12 2,420,520 Gujarat Ambuja Cements 7,719,060 0.11 109,600 Hindustan Petroleum 690,110 0.01 303,000 Housing Development Finance 11,145,155 0.16 218,000 Infosys Technologies 11,049,331 0.16 407,000 Karnataka Bank 1,388,105 0.02 85,750 Reliance Capital 1,176,904 0.02 1,600,000 Reliance Communications 17,061,706 0.25 115,762 Reliance Energy 1,361,112 0.02 1,850,000 Reliance Industries 53,126,275 0.77 1,815,900 Reliance Natural Resources 911,439 0.01 218,000 State Bank of India 6,139,284 0.09 312,955 Tata Motors 6,372,304 0.09 81,700 Wockhardt ___________ 646,691 ______ 0.01 ___________ 131,375,258 ______ 1.90 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (US$) % Ireland 533,917 Allied Irish Banks ___________ 15,920,383 ______ 0.23 Israel 951,400 ECI Telecom 8,267,666 0.12 69,090 Ectel 334,396 0.00 79,413 Teva Pharmaceutical Industries ADR ___________ 2,472,127 ______ 0.04 ___________ 11,074,189 ______ 0.16 Italy 2,014,737 Banca Intesa 15,058,738 0.22 1,012,087 Capitalia 9,552,522 0.14 771,197 ENI 25,964,107 0.37 2,812,872 Telecom Italia 8,528,349 0.12 4,664,135 Telecom Italia – RNC 11,829,417 0.17 1,881,488 UniCredito Italiano ___________ 16,518,205 ______ 0.24 ___________ 87,451,338 ______ 1.26 Japan 2,900,200 Aioi Insurance 20,500,856 0.30 534,600 Ajinomoto 7,076,564 0.10 428,700 Asahi Glass 5,158,866 0.07 1,020,000 Bank of Fukuoka* 7,450,487 0.11 762,400 Bank of Yokohama 5,979,482 0.09 285,000 Canon 16,068,836 0.23 510 Coca-Cola Central Japan 3,974,165 0.06 601,856 Coca-Cola West Holdings 13,953,365 0.20 190,000 Credit Saison 6,555,446 0.09 1,245 East Japan Railway 8,329,161 0.12 26,500 Fanuc 2,613,595 0.04 276,000 Hokkaido Coca-Cola Bottling 1,667,625 0.02 110,000 Honda Motor 4,350,662 0.06 76,700 House Foods 1,266,366 0.02 2,070 Japan Tobacco 10,016,199 0.15 508,000 JGC 8,742,221 0.13 436,000 Kinden 3,533,276 0.05 1,135,000 Kubota 10,525,488 0.15 496,300 Mikuni Coca-Cola Bottling 4,807,113 0.07 1,015,000 Millea Holdings 35,874,024 0.52 61,400 Ministop 1,051,472 0.02 687,000 Mitsubishi 12,949,993 0.19 715 Mitsubishi UFJ Financial Group 8,844,803 0.13 2,703,008 Mitsui Sumitomo Insurance 29,615,774 0.43 155,000 Murata Manufacturing 10,500,074 0.15 2,480,000 Nipponkoa Insurance 20,139,272 0.29 405,000 Nomura Holdings 7,651,316 0.11 11,050 NTT DoCoMo 17,481,750 0.25 3,850 NTT Urban Development 7,451,665 0.11 255 Okinawa Cellular Telephone 693,118 0.01 1,445,000 Okumura 7,162,224 0.10 89,000 Rinnai* 2,666,274 0.04 215,950 Rohto Pharmaceutical 2,298,839 0.03 385,000 Seven & I Holdings 11,987,461 0.17 183,400 Shin-Etsu Chemical 12,300,490 0.18 842,200 Shinsei Bank 4,961,101 0.07 1,363,000 Sumitomo Chemical 10,586,742 0.15 1,380 Sumitomo Mitsui Financial Group 14,167,841 0.21 750,000 Suzuki Motor 21,206,320 0.31 325,000 Takeda Pharmaceutical 22,344,476 0.32 303,800 Tanabe Seiyaku 3,975,419 0.06 471,300 Toho (Tokyo) 8,527,086 0.12 2,560,000 Tokyo Gas 13,636,673 0.20 200,000 Toyota Industries ___________ 9,206,236 ______ 0.13 ___________ 439,850,216 ______ 6.36 ( * ) 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 101
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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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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 Low Duration Bond Fund Po
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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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