Merrill Lynch International Investment Funds Audited Annual Report ...

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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$) % Malaysia 465,000 British American Tobacco Malaysia 5,698,852 0.08 1,874,300 IOI 9,772,491 0.14 222,200 Malakoff 635,937 0.01 1,110,900 Maxis Communications 3,210,876 0.05 1,221,800 PLUS Expressways 972,870 0.01 629,200 Telekom Malaysia 1,738,368 0.03 4,140,050 Tenaga Nasional ___________ 12,787,346 ______ 0.18 ___________ 34,816,740 ______ 0.50 Mexico 75,600 Fomento Economico Mexicano SA de CV ADR 8,815,716 0.13 254,000 Grupo Televisa ADR ___________ 6,901,180 ______ 0.10 ___________ 15,716,896 ______ 0.23 Netherlands 45,000 Chicago Bridge & Iron (NY Shares) † 1,236,150 0.02 292,000 European Aeronautic Defence & Space 10,042,552 0.15 373,966 ING Groep – CVA 16,632,761 0.24 234,646 Mittal Steel 9,910,437 0.14 1 Mittal Steel 'A' (NY Shares) ___________ 42 ______ 0.00 ___________ 37,821,942 ______ 0.55 Netherlands Antilles 188,200 Schlumberger ___________ 11,905,532 ______ 0.17 New Zealand 329,000 Contact Energy 1,924,409 0.03 437,600 Telecom Corporation of New Zealand ___________ 1,495,174 ______ 0.02 ___________ 3,419,583 ______ 0.05 Norway 440,354 Statoil 11,636,071 0.17 137,500 Telenor ___________ 2,583,471 ______ 0.04 ___________ 14,219,542 ______ 0.21 Panama 256,400 McDermott International † ___________ 12,958,456 ______ 0.19 Puerto Rico 18,686 Santander BanCorp ___________ 333,545 ______ 0.00 Singapore 3,508,000 CapitaLand 14,190,383 0.21 3,064,700 Fraser and Neave 8,997,945 0.13 1,400,000 Keppel 16,076,205 0.23 1,970,600 Keppel Land 8,871,364 0.13 4,341,600 MobileOne 6,090,194 0.09 1,125,000 Oversea-Chinese Banking 5,651,791 0.08 3,360,000 Parkway Holdings 6,883,539 0.10 10,136,250 Singapore Telecommunications ___________ 21,691,720 ______ 0.31 ___________ 88,453,141 ______ 1.28 South Africa 195,600 Gold Fields ADR 3,659,676 0.05 54,200 Sasol ___________ 2,006,842 ______ 0.03 ___________ 5,666,518 ______ 0.08 South Korea 71,800 Cheil Industries 3,031,582 0.04 65,900 CJ 7,939,782 0.12 177,900 Daegu Bank 3,042,834 0.04 131,000 Dongbu Insurance 3,487,801 0.05 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (US$) % 247,000 Fine DNC 1,232,878 0.02 69,100 Hana Financial Group 3,634,897 0.05 226,280 Interflex 1,920,562 0.03 88,000 Kookmin Bank 7,090,382 0.10 240,100 Korea Electric Power 10,951,237 0.16 502,300 Korean Reinsurance 6,862,337 0.10 800,000 KT ADR 20,232,000 0.29 235,000 KT&G 14,283,066 0.21 49,700 Lotte Shopping GDR 1,008,910 0.01 126,900 LS Cable 5,242,012 0.08 515,900 Meritz Fire & Marine Insurance 3,524,069 0.05 6,800 Nong Shim 2,084,774 0.03 347,641 Paradise 1,477,179 0.02 43,940 POSCO 14,605,744 0.21 150,000 POSCO ADR 12,444,000 0.18 212,800 Pusan Bank 2,655,429 0.04 208,300 Samsung Fine Chemicals 5,220,960 0.08 24,160 SK Telecom ___________ 5,782,719 ______ 0.08 ___________ 137,755,154 ______ 1.99 Spain 594,862 BBVA – Banco Bilbao Vizcaya Argentaria 14,287,353 0.21 171,000 Cintra Concesiones de Infraestructuras de Transporte* 2,844,740 0.04 14,547 Telefonica ADR ___________ 925,335 ______ 0.01 ___________ 18,057,428 ______ 0.26 Sweden 760,927 Investor 'B' 18,362,192 0.27 1,161,892 TeliaSonera ___________ 9,614,244 ______ 0.14 ___________ 27,976,436 ______ 0.41 Switzerland 376,847 Credit Suisse Group 26,165,211 0.38 22,800 Nestle* 8,083,449 0.12 167,521 Swiss Reinsurance 14,267,917 0.21 256,461 UBS ___________ 15,557,106 ______ 0.22 ___________ 64,073,683 ______ 0.93 Taiwan 3,059,540 Cathay Financial Holding 6,947,142 0.10 5,342,080 Chinatrust Financial Holding 4,466,787 0.06 1,827,000 Chunghwa Telecom 3,397,265 0.05 792,886 Chunghwa Telecom ADR 15,461,277 0.23 3,057,069 Delta Electronics 9,849,470 0.14 3,782,100 Fubon Financial Holding 3,539,575 0.05 3,660,069 SinoPac Financial Holdings 1,959,761 0.03 2,923,887 Taishin Financial Holdings ___________ 1,713,611 ______ 0.02 ___________ 47,334,888 ______ 0.68 Thailand 533,000 Airports of Thailand 878,943 0.01 1,512,900 Bangkok Expressway 1,027,791 0.01 3,036,000 Hana Microelectronics 2,396,279 0.03 6,400,000 Land & Houses 1,244,820 0.02 1,280,104 PTT 7,577,783 0.11 1,700,900 PTT Exploration & Production 4,626,832 0.07 855,900 Siam Cement 6,128,220 0.09 133,600 Siam City Cement 956,572 0.01 5,750,000 Siam Commercial Bank 9,400,987 0.14 598,000 Thai Union Frozen Products ___________ 459,352 ______ 0.01 ___________ 34,697,579 ______ 0.50 ( * ) Securities lent, see Note 13 for further details. (†) Securities pledged, see Note 14 for further details. 102 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$) % United Kingdom 1,191,583 Aviva 19,228,136 0.28 1,736,068 BAE Systems 14,509,834 0.21 1,830,191 Barclays 26,227,708 0.38 312,400 Cadbury Schweppes ADR 13,436,324 0.19 137,000 Diageo ADR 10,933,970 0.16 905,535 GlaxoSmithKline 23,891,618 0.35 13,530 Guinness Peat Group 22,311 0.00 2,530,882 Guinness Peat Group (New Zealand Listing) 4,341,502 0.06 1,302,540 HBOS 28,945,333 0.42 415,931 HSBC Holdings 7,630,404 0.11 1,265,810 Kesa Electricals 8,430,036 0.12 975,253 Prudential 13,392,020 0.19 415,000 RHM 3,081,542 0.05 39,200 Royal Dutch Shell ADR 2,760,464 0.04 796,392 Royal Dutch Shell 'B' 27,984,721 0.40 13,843,581 Vodafone Group 38,454,392 0.56 267,048 Vodafone Group ADR † ___________ 7,480,014 ______ 0.11 ___________ 250,750,329 ______ 3.63 United States 2,135,300 3Com † 8,863,203 0.13 112,305 Abbott Laboratories 5,470,377 0.08 1,290 AboveNet (Call Wts 8/9/2008) 49,020 0.00 1,519 AboveNet (Wts 8/9/2010) 39,494 0.00 148,100 AES 3,258,200 0.05 115,500 Aetna 5,026,560 0.07 36,924 Agere Systems 726,664 0.01 498,000 Alcoa 14,870,280 0.22 95,144 Alliance One International 662,202 0.01 128,050 Allstate 8,405,202 0.12 164,700 Alltel 9,974,232 0.15 120,090 Altria Group 10,327,740 0.15 6,750 American Eagle Outfitters 211,410 0.00 710,110 American International Group 50,907,786 0.74 3,500 Ameriprise Financial 190,715 0.00 42,700 AmerisourceBergen 1,921,927 0.03 11,700 Amgen 801,684 0.01 5,600 AMR 171,696 0.00 80,400 Assurant 4,463,004 0.07 333,900 AT&T 12,007,044 0.17 16,300 Avaya 230,319 0.00 106,400 Avon Products 3,539,928 0.05 30,000 Baker Hughes 2,253,900 0.03 261,952 Bank of America 14,064,203 0.20 238,170 Bank of New York 9,474,403 0.14 85,800 Bausch & Lomb † 4,538,820 0.07 59,400 Baxter International 2,760,912 0.04 1,100 Bear Stearns 180,279 0.00 109,800 BellSouth 5,211,108 0.08 10,000 Big Lots 233,900 0.00 2,000 Boeing 178,180 0.00 17,600 Borland Software 90,814 0.00 97,400 Boston Scientific 1,667,488 0.03 46,500 Bristol West Holdings 746,790 0.01 154,000 Bristol-Myers Squibb 4,031,720 0.06 937,350 CA † 21,484,062 0.31 233,700 Career Education † 5,865,870 0.09 79,600 Caremark Rx 4,540,384 0.07 42,700 CBS 'B' † 1,348,466 0.02 250,000 Chevron 18,480,000 0.27 3,300 Chubb 175,758 0.00 25,400 Cigna 3,360,420 0.05 120,600 Cincinnati Bell 560,790 0.01 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (US$) % 113,700 Cirrus Logic † 798,174 0.01 1,359,650 Cisco Systems † 37,403,972 0.54 2,900 CIT Group 164,082 0.00 478,842 Citigroup 26,762,479 0.39 177,000 CMS Energy 2,964,750 0.04 207,600 Coca-Cola 10,095,588 0.15 308,740 Comcast 'A' 13,229,478 0.19 978,400 Comverse Technology † 20,688,268 0.30 178,500 ConAgra Foods 4,835,565 0.07 205,900 ConocoPhillips 14,948,340 0.22 58,000 Consol Energy 1,877,460 0.03 144,300 Constellation Brands 'A' 4,181,814 0.06 5,100 Continental Airlines 'B' 213,690 0.00 5,500 Countrywide Financial 236,775 0.00 87,000 Crown Holdings 1,835,700 0.03 468,500 CSX 16,420,925 0.24 1,500 Cummins 178,815 0.00 71,300 CVS 2,226,699 0.03 44,400 Darwin Professional Underwriters 1,031,856 0.02 49,200 Devon Energy 3,298,368 0.05 15,200 Discovery Holding 'A' 245,936 0.00 339,600 Dynegy 'A' 2,482,476 0.04 2,900 Eaton 218,747 0.00 188,300 eBay † 5,673,479 0.08 70,600 EI Du Pont de Nemours & Co 3,447,398 0.05 2,051,600 El Paso † 31,102,256 0.45 3,150 El Paso (Pref) 4,185,562 0.06 86,100 Eli Lilly & Co 4,465,146 0.07 24,332 Embarq 1,286,676 0.02 102,100 ENSCO International 5,194,848 0.08 227,900 Extreme Networks † 961,738 0.01 601,070 Exxon Mobil 46,336,486 0.67 7,600 Family Dollar Stores 225,948 0.00 120,200 Fannie Mae † 7,207,192 0.11 20,400 FedEx 2,212,788 0.03 97,300 Fifth Third Bancorp* 3,989,300 0.06 120,100 Foundation Coal Holdings 3,793,959 0.06 106,900 Freeport-McMoRan Copper & Gold 'B' 5,945,778 0.09 153,100 General Communication 'A' 2,446,538 0.04 15,000 General Dynamics 1,124,850 0.02 1,769,300 General Electric 66,242,592 0.96 3,900 General Mills 225,147 0.00 275,900 Genesis Microchip † 2,872,119 0.04 6,300 Genworth Financial 'A' 217,224 0.00 1,000 Goldman Sachs Group 201,800 0.00 136,400 Halliburton 4,242,040 0.06 18,037 Hanesbrands 433,068 0.01 68,700 Hartford Financial Services Group 6,416,580 0.09 24,000 Health Management Associates 'A' 509,040 0.01 93,330 Healthsouth 2,113,924 0.03 90,800 Hess 4,569,964 0.07 178,334 Hewlett-Packard 7,409,778 0.11 39,700 Humana 2,195,807 0.03 6,100 IAC/InterActiveCorp 228,811 0.00 188,440 IBM – International Business Machines 18,369,131 0.27 30,518 Idearc 867,016 0.01 294,000 Intel 6,015,240 0.09 184,300 International Paper 6,284,630 0.09 2,600 JC Penney 203,450 0.00 90,125 JDS Uniphase 1,518,606 0.02 409,030 Johnson & Johnson 27,073,696 0.39 56,800 JPMorgan Chase & Co 2,769,568 0.04 280,000 Key Energy Services 4,410,000 0.06 17,200 King Pharmaceuticals 275,544 0.01 305,500 Knight Capital Group 'A' † 5,978,635 0.09 ( * ) Securities lent, see Note 13 for further details. (†) Securities pledged, see Note 14 for further details. The notes on pages 213 to 219 form an integral part of these financial statements. Audited Annual Report and Accounts 103
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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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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 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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