Merrill Lynch International Investment Funds Audited Annual Report ...

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Global Bond Fund (US Dollar) continued Swaps as at 31 December 2006 Nominal Value Description Unrealised profit/(loss) US$ Nominal Value Description Unrealised profit/(loss) US$ US$7,600,000 Interest Rate Swaps (Barclays) (Fund pays Floating USD Libor BBA 3-Month; and receives Fixed 5.089%) (10/11/2011) (2,133) ¥43,000,000 Interest Rate Swaps (Citibank) (Fund pays Floating JPY Fixing Libor 6-Month; and receives Fixed 2.39%) (18/12/2036) (3,419) ¥135,000,000 Interest Rate Swaps (Citibank) (Fund pays Fixed 1.51% and receives JPY Fixing Libor 6-Month) (18/12/2013) 3,715 __________ (1,837) __________ Note: The net unrealised loss attributed to these transactions is included in the Statement of Net Assets (see Note 2c). 116 Merrill Lynch International Investment Funds
Global Capital Securities Absolute Return Fund (1) 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 (€) % BONDS Australia £290,000 Insurance Australia Group 5.625% 21/12/2026 426,384 0.42 €450,000 Macquarie Bank EMTN FRN 20/6/2013 453,548 0.44 €200,000 National Australia Bank EMTN FRN 23/9/2014 200,600 0.20 US$1,050,000 National Capital Trust II '144A' 5.486% 23/3/2015 (Perpetual) 771,963 0.75 £150,000 Stockland Finance Pty EMTN 5.625% 25/10/2013 ___________ 221,292 ______ 0.22 ___________ 2,073,787 ______ 2.03 Austria €120,000 BAWAG PSK – Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse EMTN 4.35% 28/5/2013 ___________ 118,916 ______ 0.11 Canada €550,000 Bombardier FRN 15/11/2013 551,690 0.54 US$570,000 Royal Bank of Canada 5.65% 20/7/2011 ___________ 440,677 ______ 0.43 ___________ 992,367 ______ 0.97 Cayman Islands €350,000 Mizuho Financial Group (Cayman) 4.75% 15/4/2014 353,386 0.35 €250,000 Norinchukin Finance (Cayman) EMTN 4.25% 28/9/2016 247,987 0.24 US$650,000 Santander Central Hispano Issuances 7.625% 3/11/2009 523,226 0.51 US$140,000 Santander Central Hispano Issuances 7.625% 14/9/2010 ___________ 114,879 ______ 0.11 ___________ 1,239,478 ______ 1.21 Denmark €743,000 Danica Pension Livsforsikringsaktieselskab 4.35% 6/10/2011 (Perpetual) 736,153 0.72 £300,000 Danske Bank EMTN 5.684% 15/2/2017 (Perpetual) 440,857 0.43 €150,000 FIH Erhvervsbank EMTN FRN 3/11/2009 ___________ 149,992 ______ 0.15 ___________ 1,327,002 ______ 1.30 France €230,000 Alcatel 4.375% 17/2/2009 232,024 0.23 €220,000 Alstom 6.25% 3/3/2010 231,550 0.23 US$1,000,000 AXA '144A' 6.463% 14/12/2018 (Perpetual) 749,336 0.73 £850,000 AXA EMTN 6.667% 6/7/2016 (Perpetual) 1,302,444 1.27 US$150,000 Caisse Nationale des Caisses d'Epargne et de Prevoyance 6.75% 27/1/2012 (Perpetual) 116,481 0.11 €100,000 Caisse Nationale des Caisses d'Epargne et de Prevoyance EMTN 5.25% 30/7/2014 (Perpetual) 103,201 0.10 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (€) % €200,000 Carrefour EMTN 3.625% 6/5/2013 192,191 0.19 €230,000 Casino Guichard Perrachon EMTN 4.75% 21/7/2011 230,496 0.23 €500,000 CNP Assurances 4.75% 22/12/2016 (Perpetual) 490,751 0.48 €100,000 Compagnie de Saint-Gobain 4.25% 31/5/2011 99,309 0.10 €160,000 France Telecom EMTN 8.125% 28/1/2033 217,346 0.21 €350,000 Pernod-Ricard 4.625% 6/12/2013 ___________ 345,908 ______ 0.34 ___________ 4,311,037 ______ 4.22 Germany €1,000,000 Commerzbank EMTN 4.125% 13/9/2016 986,895 0.97 €750,000 HT1 Funding 6.352% 30/6/2017 (Perpetual) ___________ 796,792 ______ 0.78 ___________ 1,783,687 ______ 1.75 Guernsey €150,000 ABB International Finance 6.5% 30/11/2011 163,395 0.16 €400,000 Credit Suisse Group Finance Guernsey 3.625% 23/1/2018 ___________ 383,476 ______ 0.38 ___________ 546,871 ______ 0.54 Hungary €475,000 MOL Hungarian Oil & Gas 3.875% 5/10/2015 ___________ 429,818 ______ 0.42 India US$2,010,000 ICICI Bank 7.25% 31/10/2016 (Perpetual) ___________ 1,580,129 ______ 1.54 Ireland €100,000 Allied Irish Banks 7.5% 28/2/2011 (Perpetual) 111,370 0.11 €700,000 Anglo Irish Bank EMTN FRN 25/6/2014 704,375 0.69 €750,000 Irish Life & Permanent EMTN FRN 7/12/2015 748,135 0.73 £200,000 Irish Nationwide Building Society EMTN 5.5% 10/1/2018 294,840 0.29 £130,000 Lambay Capital Securities EMTN 6.25% 16/6/2015 (Perpetual) ___________ 189,161 ______ 0.19 ___________ 2,047,881 ______ 2.01 Italy €300,000 SanPaolo IMI EMTN 3.75% 9/6/2015 ___________ 294,996 ______ 0.29 Japan US$340,000 Aiful 4.45% 16/2/2010 247,996 0.24 €500,000 Bank of Tokyo-Mitsubishi UFJ EMTN 3.5% 16/12/2015 483,905 0.48 €900,000 Resona Bank EMTN 3.75% 15/4/2015 882,103 0.86 €200,000 Shinsei Bank 3.75% 23/2/2016 194,108 0.19 €500,000 Sumitomo Mitsui Banking 4.375% 27/10/2014 ___________ 500,755 ______ 0.49 ___________ 2,308,867 ______ 2.26 (1) New Fund launched, see Note 1, for further details. The notes on pages 213 to 219 form an integral part of these financial statements. Audited Annual Report and Accounts 117
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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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Asian Tiger Bond Fund Portfolio of
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Conservative Allocation Fund (Euro)
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Page 74 and 75: Continental European Flexible Fund
Page 76 and 77: Emerging Europe Fund continued Port
Page 78 and 79: Emerging Markets Fund continued Por
Page 80 and 81: Emerging Markets Bond Fund continue
Page 82 and 83: Euro Bond Fund Portfolio of Investm
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Page 86 and 87: Euro Corporate Bond Fund (1) Portfo
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Page 90 and 91: Euro Reserve Fund continued Portfol
Page 92 and 93: Euro Short Duration Bond Fund (1) c
Page 94 and 95: European Fund Portfolio of Investme
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Page 98 and 99: European Growth Fund continued Sect
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Page 102 and 103: Global Allocation Fund Portfolio of
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Page 114 and 115: Global Bond Fund (Euro) continued P
Page 116 and 117: Global Bond Fund (US Dollar) Portfo
Page 120 and 121: Global Capital Securities Absolute
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Page 124 and 125: Global Dynamic Equity Fund (1) cont
Page 132 and 133: Global Enhanced Equity Yield Fund (
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Page 136 and 137: Global Equity Fund (1) Portfolio of
Page 138 and 139: Global Focus Fund Portfolio of Inve
Page 140 and 141: Global Fundamental Value Fund conti
Page 142 and 143: Global High Yield Bond Fund (Euro)
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Page 146 and 147: Global Opportunities Fund continued
Page 148 and 149: Global SmallCap Fund continued Port
Page 150 and 151: India Fund (1) Portfolio of Investm
Page 152 and 153: Japan Opportunities Fund (1) Portfo
Page 154 and 155: Latin American Fund Portfolio of In
Page 156 and 157: New Energy Fund Portfolio of Invest
Page 158 and 159: Pacific Equity Fund Portfolio of In
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Page 162 and 163: 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 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 Dollar Reserve Fund Portfolio of
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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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