Merrill Lynch International Investment Funds Audited Annual Report ...

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Global Bond Fund (Euro) 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$775,000 Ford Credit Auto Owner Trust '2006-C A3' 5.16% 15/11/2010 587,511 0.41 US$1,170,000 Ge Capital Commercial Mortgage '2005-C1 A2' 4.353% 10/6/2048 866,447 0.60 US$1,200,000 Honda Auto Receivables Owner Trust '2006-3 A3' 5.12% 15/10/2010 909,125 0.63 US$975,000 Keycorp '2000-C1 A2' 7.727% 17/5/2032 783,325 0.55 US$1,070,000 Morgan Stanley Capital I '2006-IQ12 A4' 5.332% 15/12/2043 809,738 0.56 US$520,000 Raytheon 6.75% 15/8/2007 397,377 0.28 US$560,000 Socgen Real Estate '144A' 7.64% 30/9/2007 (Perpetual) (Pref) 431,526 0.30 US$710,000 US Treasury Bond 3.5% 15/2/2010 520,017 0.36 US$3,800,000 US Treasury Bond 4.5% 30/11/2011 2,856,603 1.99 US$735,000 US Treasury Bond 4.5% 15/2/2016 549,434 0.38 US$3,260,000 US Treasury Bond 4.5% 15/2/2036 2,352,716 1.64 US$11,440,000 US Treasury Bond 4.625% 15/11/2016 8,617,505 6.00 US$420,000 US Treasury Bond 4.875% 15/2/2012 321,554 0.22 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (€) % US$1,020,000 US Treasury Bond 4.875% 15/8/2016 784,151 0.55 US$1,340,000 US Treasury Bond 6.5% 15/11/2026 1,222,055 0.85 US$1,926,000 US Treasury Bond 8% 15/11/2021 1,933,620 1.35 US$1,935,000 US Treasury Bond 9.125% 15/5/2018 2,022,238 1.41 US$1,330,000 US Treasury Inflation Indexed Bonds 2% 15/1/2026 946,017 0.66 US$810,000 US Treasury Inflation Indexed Bonds 2.5% 15/7/2016 618,636 0.43 US$1,120,000 Washington Mutual 4.375% 15/1/2008 840,658 0.59 US$1,525,000 World Omni Auto Receivables Trust '2006-A A3' 5.01% 15/10/2010 1,154,583 0.80 US$710,000 Yum! Brands 7.65% 15/5/2008 ___________ 553,969 ______ 0.39 ___________ 37,575,735 ______ 26.17 Total Portfolio 140,415,402 97.78 Other Net Assets ___________ 3,191,790 ______ 2.22 Total Net Assets (€) ___________ 143,607,192 ______ 100.00 Open Forward Foreign Exchange Transactions as at 31 December 2006 Purchases Sales Value date Unrealised profit/(loss) € C$747,700 €493,638 10/1/2007 (5,035) C$339,600 US$301,002 10/1/2007 (6,330) CHF16,906,000 €10,638,987 10/1/2007 (123,089) CZK100,889,500 €3,558,430 10/1/2007 110,528 €549,740 A$924,000 10/1/2007 (3,575) €3,119,230 C$4,635,512 10/1/2007 90,039 €3,533,636 CZK98,559,000 10/1/2007 (50,572) €4,519,768 DKr33,697,524 10/1/2007 (762) €9,767,916 £6,595,637 10/1/2007 (51,312) €10,957,333 ¥1,679,926,500 10/1/2007 228,092 €2,188,678 SGD4,361,000 10/1/2007 30,301 €61,438,803 US$80,555,467 10/1/2007 353,547 £806,900 €1,200,042 10/1/2007 1,227 ¥125,826,500 €808,412 10/1/2007 (4,792) ¥526,795,000 US$4,502,160 10/1/2007 (49,492) SKr31,987,000 €3,524,072 10/1/2007 14,297 US$280,135 A$365,000 10/1/2007 (6,145) US$13,504,067 CHF16,690,000 10/1/2007 (141,401) US$15,339,600 €11,914,286 10/1/2007 (282,258) US$3,440,329 SKr24,295,000 10/1/2007 (78,684) ¥173,693,234 €1,170,000 11/1/2007 (60,598) ¥175,955,000 US$1,497,502 11/1/2007 (11,662) NOK9,839,609 €1,195,000 11/1/2007 (1,483) SKr4,487,846 €495,000 11/1/2007 1,448 SGD2,375,000 US$1,513,684 11/1/2007 _______ 27,672 Net unrealised loss _______ (20,039) Open Futures Contracts as at 31 December 2006 Number Expiration Value of Contracts Contract/Description date € (27) Eurex Euro Bund March 2007 (3,135,780) (45) Euro DTB BOBL March 2007 (4,897,800) 11 Japanese Government Bond (TSE) March 2007 9,412,836 (51) US Treasury 2 Year Note March 2007 (7,891,982) (171) US Treasury 5 Year Note March 2007 (13,623,867) (174) US Treasury 10 Year Note March 2007 (14,180,479) 89 Australian 90 Day Treasury Bill June 2007 11,991,145 (70) MSE 3 Month Canadian Banker Acceptance June 2007 (10,952,225) _________ Total commitment (33,278,152) _________ Note: The net unrealised profit of €430,166 attributed to these transactions is included in the Statement of Net Assets (see Note 2c). Note: The net unrealised loss attributed to these transactions is included in the Statement of Net Assets (see Note 2c). 112 Merrill Lynch International Investment Funds
Global Bond Fund (Euro) continued Swaps as at 31 December 2006 Nominal Value Description Unrealised profit/(loss) € Nominal Value Description Unrealised profit/(loss) € US$8,100,000 Interest Rate Swaps (Barclays) (Fund pays Floating USD Libor BBA 3-Month; and receives Fixed 5.089%) (10/11/2011) (1,724) ¥163,000,000 Interest Rate Swaps (Deutsche Bank) (Fund pays Floating JPM Fixing LIBOR 6-Month; and receives Fixed 1.505%) (18/12/2013) – ¥52,000,000 Interest Rate Swaps (Deutsche Bank) (Fund pays Floating JPM Fixing LIBOR 6-Month; and receives Fixed 2.385%) (18/12/2036) – __________ (1,724) __________ Note: The net unrealised loss attributed to these transactions is 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 113
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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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Asian Dragon Fund Portfolio of Inve
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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 Flexible Equity Fund Portfolio o
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US Focused Value 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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