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$) % Singapore SGD2,500,000 Somerset Global 0% 12/1/2009 ___________ 1,940,204 ______ 0.03 South Korea US$3,725,000 LG Telecom 8.25% 15/7/2009 ___________ 3,929,875 ______ 0.06 Sweden TRY9,250,000 Svensk Exportkredit EMTN 10.5% 30/9/2015 5,074,503 0.08 SEK179,750,000 Sweden Government Bond '3101' 4% 1/12/2008 ___________ 31,981,677 ______ 0.46 ___________ 37,056,180 ______ 0.54 Taiwan US$350,000 Shin Kong Financial Holding 0% 17/6/2009 419,125 0.00 US$5,000,000 Taiwan Cement 0% 3/3/2009 ___________ 8,175,000 ______ 0.12 ___________ 8,594,125 ______ 0.12 United Kingdom BRL11,500,000 JPMorgan Chase Bank NA 0% 16/8/2010 7,661,338 0.11 BRL36,000,000 JPMorgan Chase Bank NA 0% 17/8/2010 24,445,357 0.35 BRL24,500,000 JPMorgan Chase Bank NA FRN 17/8/2010 16,229,508 0.24 £10,530,000 United Kingdom Gilt 4.25% 7/3/2011 ___________ 20,061,159 ______ 0.29 ___________ 68,397,362 ______ 0.99 United States £437,000 AES 8.375% 1/3/2011 901,838 0.01 US$2,090,000 Calpine '144A' 8.75% 15/7/2013 2,257,200 0.03 US$6,490,000 Calpine Generating '1' 9.07% 1/4/2009 6,684,700 0.10 US$3,600,000 Calpine Generating 11.07% 1/4/2010 3,816,000 0.06 US$1,190,000 Cell Genesys 3.125% 1/11/2011 901,425 0.01 US$3,450,000 Conexant Systems 4% 1/2/2007 3,454,313 0.05 US$1,210,000 Crown Cork & Seal 7.5% 15/12/2096 1,004,300 0.02 US$110 Fannie Mae 5.375% 5/1/2008 (Perpetual) (Pref) 11,016,995 0.16 US$2,400,000 Fannie Mae 5.4% 1/2/2008 2,404,080 0.04 US$24,750,000 Freddie Mac MTN 5.48% 16/5/2008 24,753,316 0.36 US$480,000 GenCorp 5.75% 15/4/2007 498,600 0.01 ¥2,600,000,000 General Electric Capital FRN 15/1/2010 21,882,928 0.32 US$975,000 Lucent Technologies 8% 1/8/2031 979,875 0.02 US$4,640,000 McMoRan Exploration 5.25% 6/10/2011 4,999,600 0.07 US$1,325,000 McMoRan Exploration '144A' 5.25% 6/10/2011 1,427,687 0.02 US$1,000,000 Nabi Biopharmaceuticals 2.875% 15/4/2025 903,750 0.01 US$3,025,000 Nextel Communications 5.25% 15/1/2010 2,975,844 0.04 US$712,484 Northwest Airlines '1999-3 B' 9.485% 1/10/2016 157,192 0.00 US$2,200,000 Tenet Healthcare 9.25% 1/2/2015 2,205,500 0.03 US$885,000 Triad Acquisition 'B' 11.125% 1/5/2013 845,175 0.01 US$17,550,000 US Treasury Bond 3.5% 31/5/2007 17,445,112 0.25 US$26,500,000 US Treasury Bond 3.625% 30/4/2007* 26,386,143 0.38 US$6,400,000 US Treasury Bond 4% 15/6/2009 6,293,501 0.09 US$78,725,000 US Treasury Bond 4.25% 15/11/2014* 76,375,547 1.10 US$11,425,000 US Treasury Bond 4.375% 31/12/2007 11,358,946 0.16 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (US$) % US$52,775,000 US Treasury Bond 4.5% 15/11/2015* 51,950,391 0.75 US$53,600,000 US Treasury Bond 4.625% 15/11/2016* 53,227,314 0.77 US$143,750,000 US Treasury Bond 4.75% 31/3/2011* 143,952,141 2.08 US$110,125,000 US Treasury Bond 4.875% 31/5/2011 110,873,509 1.60 US$38,600,000 US Treasury Bond 4.875% 15/8/2016* 39,120,193 0.57 US$55,550,000 US Treasury Bond 5.125% 15/5/2016* 57,190,458 0.83 US$100,925,000 US Treasury Inflation Indexed Bonds 0.875% 15/4/2010 101,950,358 1.47 US$66,500,000 US Treasury Inflation Indexed Bonds 1.875% 15/7/2015 ‡ 63,754,248 0.92 US$231,725,000 US Treasury Inflation Indexed Bonds 2% 15/1/2016 223,596,527 3.23 US$226,000,000 US Treasury Inflation Indexed Bonds 2.375% 15/4/2011 ‡ 225,081,875 3.26 US$163,500,000 US Treasury Inflation Indexed Bonds 2.5% 15/7/2016 ___________ 164,619,762 ______ 2.38 1,467,246,343 ___________ ______ 21.21 Total Bonds 2,098,363,834 ___________ ______ 30.34 COMMERCIAL PAPER Germany US$50,000,000 Depfa Bank 0% 27/2/2007 ___________ 49,554,535 ______ 0.71 Ireland US$40,000,000 Bank of Ireland 0% 13/2/2007 39,726,780 0.58 US$22,500,000 Irish Permanent Treasury 0% 31/1/2007 ___________ 22,389,748 ______ 0.32 ___________ 62,116,528 ______ 0.90 United States US$47,264,000 Atlantic Asset Securitization 0% 20/2/2007 46,892,037 0.68 US$24,575,000 Atlantis One Funding 0% 11/12/2006 24,383,113 0.35 US$18,768,000 BankAmerica 0% 17/1/2007 18,715,286 0.27 US$18,044,000 BankAmerica 0% 20/3/2007 17,826,389 0.26 US$52,000,000 Calyon North America 0% 12/2/2007 51,652,536 0.75 US$25,679,000 Chariot Funding 0% 12/2/2007 25,507,413 0.37 US$31,100,000 Ciesco 0% 17/1/2007 31,012,649 0.45 US$2,250,000 CRC Funding 0% 8/1/2007 2,246,679 0.03 US$40,000,000 CRC Funding 0% 23/1/2007 39,853,996 0.58 US$40,000,000 CRC Funding 0% 25/1/2007 39,840,344 0.58 US$50,000,000 Danske 0% 31/1/2007 49,754,995 0.72 US$52,000,000 Falson Asset Securitization 0% 12/2/2007 51,652,536 0.75 US$50,000,000 Gemini Securitization 0% 1/2/2007 49,747,570 0.72 US$8,538,000 Greyhawk Funding 0% 22/1/2007 8,507,708 0.12 US$25,000,000 Greyhawk Funding 0% 25/1/2007 24,900,215 0.36 US$44,000,000 ING US Funding 0% 8/2/2007 43,732,128 0.63 US$23,848,000 Stadshypotek Delaware 0% 22/1/2007 23,763,390 0.34 US$12,798,000 Victory Receivables 0% 15/2/2007 12,706,782 0.18 US$37,929,000 Windmill Fund I 0% 2/3/2007 ___________ 37,573,226 ______ 0.54 ___________ 600,268,992 ______ 8.68 Total Commercial Paper ___________ 711,940,055 ______ 10.29 Total Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market 6,491,425,710 ___________ ______ 93.86 ( * ) Securities lent, see Note 13 for further details. (‡) Security given in guarantee, see Note 14 for further details. 106 Merrill Lynch International Investment Funds
Global Allocation Fund continued Portfolio of Investments 31 December 2006 Unquoted Securitites Holding Description Value (US$) % COMMON STOCKS (SHARES) & WARRANTS China 5,525 Mandra Forestry (Wts 15/5/2013) ___________ 0 ______ 0.00 Guernsey 385,172 KKR Private Equity Investors (Unit) ___________ 8,743,404 ______ 0.12 United States 4,980 NCB Warrant Holding ___________ 473,100 ______ 0.01 Total Common Stocks (Shares) & Warrants ___________ 9,216,504 ______ 0.13 BONDS British Virgin Islands US$5,845,000 Beijing Enterprises Investment 0% 21/12/2010 ___________ 7,101,675 ______ 0.10 Canada C$1,325,000 Rogers Wireless 7.625% 15/12/2011 ___________ 1,260,641 ______ 0.02 Jersey US$12,400,000 UBS (Jersey Branch) EMTN 0% 29/11/2010 ___________ 12,202,220 ______ 0.17 Malaysia MYR8,600,000 Berjaya Land 8% 15/8/2011 2,549,538 0.04 MYR46,250,000 Government of Malaysia '386X' 8.6% 1/12/2007 13,695,452 0.20 MYR97,550,000 Government of Malaysia '4/05' 3.756% 28/4/2011 27,711,498 0.40 MYR17,000,000 Johor 'P2' 1% 31/7/2009 5,395,296 0.08 MYR5,050,000 Resorts World 0% 19/9/2008 ___________ 1,584,833 ______ 0.02 ___________ 50,936,617 ______ 0.74 Unquoted Securitites Holding Description Value (US$) % United States US$24,500 Eksportfinans 19/10/2007 26,804,520 0.39 US$460,000 General Nutrition Centers 8.625% 15/1/2011 465,175 0.01 US$32,185 Goldman Sachs Group 'S5XE' 0% 20/6/2008 32,185,000 0.46 US$17,285,000 Goldman Sachs Group 'TPX' 0% 31/1/2007 19,172,436 0.28 US$17,700,000 Goldman Sachs Group 'TPX' 0% 16/2/2008 17,501,618 0.25 US$32,185,000 JPMorgan Chase & Co 'SX5E' 0% 17/6/2008 32,410,295 0.47 US$2,350,000 Metromedia Fiber Network 10% 15/12/2009 (Defaulted) 0 0.00 US$110,434,000 Morgan Stanley Group 'SPX' 0% 5/3/2008 97,016,269 1.40 US$5,100,000 Preferred Term Securitites XXII 'AI' FRN 22/9/2036 4,998,000 0.07 US$55,000,000 Rabobank Nederland (New York) 'TPX' 0% 28/1/2008 50,885,560 0.74 US$2,400,000 Uno Restaurant 10% 15/2/2011 ___________ 1,985,010 ______ 0.03 ___________ 283,423,883 ______ 4.10 Total Bonds ___________ 354,925,036 ______ 5.13 Total Unquoted Securities ___________ 364,141,540 ______ 5.26 Total Portfolio 6,855,567,250 99.12 Other Net Assets ___________ 60,824,041 ______ 0.88 Total Net Assets (US$) 6,916,391,291 ___________ ______ 100.00 Put Options Purchased as at 31 December 2006 Par Value Subject to Put US$ Issuer Unrealised loss US$ Value US$ 84 S&P 500 Put Option strike price US$410 expiring on 17/3/2007 (14,612) 172,200 37 S&P 500 Put Option strike price US$405 expiring on 17/3/2007 (4,181) 70,670 Par Value Subject to Put US$ Issuer Unrealised loss US$ Value US$ 69 S&P 500 Put Option strike price US$415 expiring on 17/3/2007 _________ (7,081) _________ 151,110 Total Purchased Put Options _________ (25,874) _________ 393,980 Note: Purchased Put Options are included in the Statement of Net Assets (see Note 2c). The notes on pages 213 to 219 form an integral part of these financial statements. Audited Annual Report and Accounts 107
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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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Statement of Operations and Changes
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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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World Bond Fund Portfolio of Invest
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World Income Fund Portfolio of Inve
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World Mining Fund Portfolio of Inve
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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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