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$) % 2,900 Kohl’s 200,361 0.00 6,300 Kraft Foods 'A' 224,658 0.00 9,300 Kroger 213,993 0.00 11,800 Lehman Brothers Holdings 924,530 0.01 140,100 Lexmark International 'A' † 10,371,603 0.15 21,347 Liberty Global 'A' 623,332 0.01 21,649 Liberty Global 'C' 607,254 0.01 7,570 Liberty Media – Capital 'A' 738,529 0.01 37,850 Liberty Media – Interactive 'A' 822,102 0.01 6,400 Limited Brands 187,904 0.00 2,700 Lincoln National 179,361 0.00 2,400 Lockheed Martin 221,184 0.00 5,400 Loews 224,424 0.00 3,200 Loews – Carolina Group 207,040 0.00 618,000 Macquarie Infrastructure Company Trust 21,945,180 0.32 93,300 Manor Care 4,386,966 0.06 70,600 Marathon Oil 6,559,446 0.10 587 Marco Polo (Private Company) 601,982 0.01 87,500 Marsh & McLennan 2,721,250 0.04 10,800 Mattel † 244,404 0.00 7,500 McAfee 213,975 0.00 30,800 McDonald’s † 1,372,756 0.02 2,700 McGraw-Hill 184,680 0.00 4,000 McKesson 203,440 0.00 32,475 McLeodUSA (Wts 16/4/2007) 32 0.00 74,700 Medco Health Solutions 3,989,727 0.06 15,500 Mellon Financial 659,215 0.01 225,800 Merck & Co 9,777,140 0.14 90,500 Metlife (Pref) 2,758,440 0.04 1,824,400 Microsoft 54,877,952 0.79 202,600 Mirant 6,321,120 0.09 51,000 Molson Coors Brewing 'B' † 3,905,580 0.06 2,700 Morgan Stanley 220,374 0.00 764,900 Motorola † 15,886,973 0.23 102,000 Murphy Oil † 5,187,720 0.08 5,700 National City 210,102 0.00 56,900 National Oilwell Varco 3,509,023 0.05 821,300 Newmont Mining 37,188,464 0.54 19,900 Noble 1,526,927 0.02 58,700 Noble Energy 2,900,367 0.04 4,000 Nordstrom 196,800 0.00 135,500 Norfolk Southern † 6,867,140 0.10 56,500 Northern Trust 3,445,370 0.05 3,000 Northrop Grumman 204,630 0.00 1,480,400 Novell † 9,370,932 0.14 118,927 NTL 3,018,367 0.04 2,800 Nucor 153,888 0.00 204,100 Occidental Petroleum 10,000,900 0.15 4,200 Office Depot 162,288 0.00 2,200 Omnicom Group 228,888 0.00 457,600 Panera Bread 'A' † 25,918,464 0.38 6,700 Pepsi Bottling Group 207,834 0.00 62,300 PepsiAmericas 1,315,776 0.02 709,201 Pfizer † 18,474,686 0.27 4,200 PG&E 199,080 0.00 49,800 Pogo Producing † 2,453,148 0.04 222,100 PPL 7,973,390 0.12 74,300 Procter & Gamble 4,797,551 0.07 40,700 Prudential Financial 3,497,351 0.05 371,100 Qualcomm 14,083,245 0.20 150,500 Quanta Services † 2,975,385 0.04 22,800 Qwest Communications International 191,976 0.00 4,100 Raytheon 217,546 0.00 7,200 Safeway 251,856 0.00 144,300 Sara Lee 2,453,100 0.04 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (US$) % 263,200 Schering-Plough 6,274,688 0.09 1,100 Sears Holdings 185,460 0.00 4,100 Sempra Energy 230,543 0.00 162,600 Senomyx 2,165,832 0.03 3,500 Sherwin-Williams 225,120 0.00 224,100 Smurfit-Stone Container 2,406,834 0.04 48,000 Southern Copper 2,575,200 0.04 49,500 Spirit Aerosystems Holdings 'A' 1,590,435 0.02 800,850 Sprint Nextel † 15,336,277 0.22 3,500 SPX 217,070 0.00 284,179 St Paul Travelers 15,374,084 0.22 5,900 Staples 159,182 0.00 70,000 Stone Energy 2,482,900 0.04 1,171,500 Sun Microsystems 6,443,250 0.09 69,710 Supervalu 2,521,411 0.04 10,500 Symantec 223,230 0.00 71,900 Tellabs † 750,636 0.01 317,700 Tenet Healthcare † 2,239,785 0.03 4,100 Terex 269,329 0.00 346,400 TIBCO Software † 3,318,512 0.05 54,848 Tim Hortons 1,601,013 0.02 112,040 Time Warner 2,462,639 0.04 7,100 TJX 204,693 0.00 8,400 Total System Services 222,516 0.00 48,450 Triad Hospitals 2,028,601 0.03 30,361 Tronox 'B' 479,400 0.01 134,100 TXU 7,264,197 0.11 544,700 Unifi 1,252,810 0.02 535,300 Union Pacific 49,327,895 0.71 3,200 United States Steel 234,368 0.00 117,800 UnitedHealth Group 6,334,106 0.09 214,000 Valeant Pharmaceuticals International † 3,745,000 0.05 35,088 Ventas (Reit) 1,473,696 0.02 596,500 Verizon Communications 22,440,330 0.32 75,933 Viacom 'B' 3,109,456 0.05 98,200 Wachovia 5,625,878 0.08 39,200 Walgreen 1,810,256 0.03 57,030 Wal-Mart Stores 2,650,754 0.04 48,100 Washington Mutual 2,209,714 0.03 4,500 Waste Management 165,510 0.00 59,900 Waters 2,936,298 0.04 41,200 Watson Pharmaceuticals 1,076,556 0.02 66,100 WellPoint 5,211,985 0.08 317,800 Wells Fargo & Co 11,380,418 0.17 40,500 Wendy's International † 1,357,155 0.02 123,844 Windstream 1,752,393 0.03 171,200 Wyeth 8,748,320 0.13 12,600 Xerox ___________ 215,460 ______ 0.00 1,245,020,559 ___________ ______ 18.00 Total Common / Preferred Stocks (Shares) & Warrants 3,574,157,752 ___________ ______ 51.68 BONDS Australia US$101,700 National Australia Bank 7.875% 19/3/2007 (Unit) ___________ 5,288,400 ______ 0.08 Bermuda SGD18,800,000 Bio-Treat Technology 0% 18/1/2013 13,001,892 0.19 US$4,700,000 Hongkong Land CB 2005 2.75% 21/12/2012 5,475,500 0.08 US$19,600 IPC Holdings 7.25% 15/11/2008 571,340 0.01 US$1,180,000 Noble Group 0.9% 20/4/2009 ___________ 1,212,450 ______ 0.01 ___________ 20,261,182 ______ 0.29 (†) Securities pledged, see Note 14 for further details. 104 Merrill Lynch International Investment Funds
Global Allocation Fund continued Portfolio of Investments 31 December 2006 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (US$) % Brazil US$1,525,000 Banco Nacional de Desenvolvimento Economico e Social 5.873% 16/6/2008 1,509,445 0.02 US$2,450,000 Cosan SA Industria e Comercio 9% 1/11/2009 ___________ 2,603,125 ______ 0.04 ___________ 4,112,570 ______ 0.06 British Virgin Islands US$2,160,000 Brilliance China Finance 0% 7/6/2011 2,243,808 0.03 US$5,525,000 Mandra Forestry Finance 12% 15/5/2013 ___________ 4,447,625 ______ 0.07 ___________ 6,691,433 ______ 0.10 Canada US$420,000 Bema Gold 3.25% 25/2/2011 515,550 0.01 C$13,150,000 Government of Canada 4% 1/9/2010 11,331,183 0.16 US$2,400,000 Rogers Wireless FRN 15/12/2010 ___________ 2,454,000 ______ 0.03 ___________ 14,300,733 ______ 0.20 Cayman Islands ¥1,385,000,000 ASIF II EMTN 1.2% 20/3/2008 11,721,495 0.17 US$3,278,000 Chaoda Modern Agriculture 7.75% 8/2/2010 3,290,293 0.05 HKD34,420,000 Chaoda Modern Agriculture 'CHAO' 0% 8/5/2011 4,804,665 0.07 US$3,750,000 Hutchison Whampoa International 03/33 5.45% 24/11/2010 3,781,706 0.05 US$2,200,000 YTL Power Finance Cayman 0% 9/5/2010 ___________ 2,428,250 ______ 0.04 ___________ 26,026,409 ______ 0.38 US$7,467,061 Chile Empresa Electrica del Norte Grande (Chile) 6/7% 5/11/2017 (step-up coupon) ___________ 7,336,464 ______ 0.11 France €5,000,000 Caisse d’Amortissement de la Dette Sociale 4% 25/10/2014 6,573,293 0.09 €26,200,000 ERAP EMTN 3.375% 25/4/2008 34,312,813 0.49 €38,600 Infogrames Entertainment 'WW' 4% 1/4/2009 396,888 0.01 €26,200,000 Unedic 3.5% 18/9/2008 ___________ 34,322,311 ______ 0.50 ___________ 75,605,305 ______ 1.09 Germany €68,250,000 Bundesrepublik Deutschland '06' 4% 4/7/2016 90,348,155 1.31 €15,000,000 Federal State of North Rhine Westphalia '387' 4.25% 16/2/2007 19,783,404 0.28 €8,500,000 Kreditanstalt fuer Wiederaufbau 4.25% 4/7/2014 11,363,941 0.16 £4,250,000 Kreditanstalt fuer Wiederaufbau EMTN 4.5% 7/12/2008 8,215,970 0.12 £2,500,000 Kreditanstalt fuer Wiederaufbau EMTN 5.375% 7/12/2007 4,910,379 0.07 ¥2,785,000,000 Norddeutsche Landesbank Girozentrale EMTN 0.45% 19/1/2009 ___________ 23,262,100 ______ 0.34 ___________ 157,883,949 ______ 2.28 Iceland ISK311,000,000 Iceland Rikisbref 7.25% 17/5/2013 ___________ 4,038,378 ______ 0.06 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (US$) % India US$1,600,000 Gujarat NRE Coke 0% 12/4/2011 1,352,000 0.02 US$6,600,000 Housing Development Finance 0% 27/9/2010 8,200,500 0.12 US$2,900,000 Punj Lloyd 0% 8/4/2011 2,900,000 0.04 US$4,250,000 Reliance Communications 0% 10/5/2011 4,834,375 0.07 US$1,375,000 Tata Motors '1' 0% 27/4/2009 2,083,125 0.03 US$5,875,000 Tata Motors '2' 1% 27/4/2011 7,307,325 0.11 US$8,060,000 ZEE Telefilms 0.5% 29/4/2009 ___________ 11,223,550 ______ 0.16 ___________ 37,900,875 ______ 0.55 International BRL28,496,545 European Investment Bank '144A' 0% 12/9/2008 10,914,924 0.16 BRL34,760,000 European Investment Bank '144A' 0% 21/9/2010 10,496,169 0.15 €30,500,000 European Investment Bank 4% 15/1/2007 40,195,591 0.58 BRL13,500,000 European Investment Bank EMTN 0% 1/5/2008 5,399,387 0.08 ¥725,000,000 International Bank for Reconstruction & Development '670' 2% 18/2/2008 6,208,098 0.09 £825,000 International Bank for Reconstruction & Development EMTN 7.125% 30/7/2007 ___________ 1,634,773 ______ 0.02 ___________ 74,848,942 ______ 1.08 Japan ¥555,000,000 Bank of Kyoto '1' 1.9% 30/9/2009 8,250,974 0.12 ¥113,000,000 Mie Bank '2' 1% 31/10/2011 ___________ 1,149,502 ______ 0.02 ___________ 9,400,476 ______ 0.14 Malaysia US$8,000,000 Feringghi Capital 0% 22/12/2009 8,220,000 0.12 US$800,000 IOI Capital 'IOI' 0% 18/12/2011 814,960 0.01 US$2,000,000 IOI Investment 0% 18/9/2009 3,500,000 0.05 US$15,100,000 Rafflesia Capital 1.25% 4/10/2011 ___________ 16,232,500 ______ 0.23 ___________ 28,767,460 ______ 0.41 Mexico US$5,060,000 Vitro Envases Norteamerica 10.75% 23/7/2011 ___________ 5,566,000 ______ 0.08 Netherlands US$1,300,000 ASM International 4.25% 6/12/2011 1,506,700 0.02 US$1,067,000 Fortis Insurance '144A' 7.75% 26/1/2008 1,532,679 0.02 €3,650,000 Infineon Technologies Holding 'IFX' 4.25% 6/2/2007 4,815,103 0.07 €5,250,000 Netherlands Government 3.75% 15/7/2014 ___________ 6,836,443 ______ 0.10 ___________ 14,690,925 ______ 0.21 NZ$6,250,000 New Zealand New Zealand Government Bond '216' 4.5% 15/2/2016 ___________ 6,016,326 ______ 0.09 Poland PLN36,000,000 Poland Government Bond 'CPI' 3% 24/8/2016 ___________ 12,463,918 ______ 0.18 The notes on pages 213 to 219 form an integral part of these financial statements. Audited Annual Report and Accounts 105
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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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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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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 High Yield Bond Fund Port
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US Government Mortgage Fund continu
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US Opportunities 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 Income Fund Portfolio of Inve
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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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