Merrill Lynch International Investment Funds Audited Annual Report ...

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Global Dynamic Equity Fund (1) 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$) % British Virgin Islands US$190,000 Brilliance China Finance 0% 7/6/2011 ___________ 197,372 ______ 0.06 Canada US$30,000 Bema Gold 3.25% 25/2/2011 ___________ 36,825 ______ 0.01 Cayman Islands HKD3,090,000 Chaoda Modern Agriculture 'CHAO' 0% 8/5/2011 431,331 0.13 US$200,000 YTL Power Finance Cayman 0% 9/5/2010 ___________ 220,750 ______ 0.06 ___________ 652,081 ______ 0.19 India US$100,000 Gujarat NRE Coke 0% 12/4/2011 84,500 0.02 US$600,000 Housing Development Finance 0% 27/9/2010 745,500 0.21 US$500,000 Tata Motors '1' 0% 27/4/2009 ___________ 757,500 ______ 0.22 ___________ 1,587,500 ______ 0.45 Malaysia US$600,000 Feringghi Capital 0% 22/12/2009 ___________ 616,500 ______ 0.18 Taiwan US$30,000 Shin Kong Financial Holding 0% 17/6/2009 ___________ 35,925 ______ 0.01 United States US$100,000 Cell Genesys 3.125% 1/11/2011 75,750 0.02 US$1,100,000 Federal Home Loan Bank Discount Notes 0% 15/12/2006 1,100,000 0.32 US$5,060,000 JPMorgan Chase & Co 'Sx5e' 0% 17/6/2008 5,095,420 1.46 US$500,000 McMoRan Exploration 5.25% 6/10/2011 538,750 0.15 US$5,500,000 US Treasury Bill 0% 18/1/2007 ___________ 5,485,471 ______ 1.58 ___________ 12,295,391 ______ 3.53 Total Bonds ___________ 15,859,864 ______ 4.56 Total Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market ___________ 329,995,563 ______ 94.83 Unquoted Securities Holding Description Value (US$) % COMMON STOCKS (SHARES) Guernsey 33,875 KKR Private Equity Investors (Unit) ___________ 768,963 ______ 0.22 Total Common Stocks (Shares) ___________ 768,963 ______ 0.22 BONDS British Virgin Islands US$470,000 Beijing Enterprises Investment 0% 21/12/2010 ___________ 571,050 ______ 0.17 Malaysia MYR750,000 Berjaya Land 8% 15/8/2011 222,343 0.06 MYR450,000 Resorts World 0% 19/9/2008 ___________ 141,223 ______ 0.04 ___________ 363,566 ______ 0.10 Norway US$1,500 Eksportfinans 3.5% 19/10/2007 ___________ 1,641,093 ______ 0.47 United States US$2,300 Goldman Sachs Group 'S5XE' 0% 20/6/2008 2,300 0.00 US$8,986,000 Morgan Stanley Group 'SPX' 0% 5/3/2008 7,894,201 2.27 US$4,200 Rabobank Nederland (New York) 'TPX' 0% 28/1/2008 ___________ 3,885,806 ______ 1.12 ___________ 11,782,307 ______ 3.39 Total Bonds ___________ 14,358,016 ______ 4.13 Total Unquoted Securities ___________ 15,126,979 ______ 4.35 Total Portfolio 345,122,542 99.18 Other Net Assets ___________ 2,865,211 ______ 0.82 Total Net Assets (US$) ___________ 347,987,753 ______ 100.00 126 Merrill Lynch International Investment Funds
Global Dynamic Equity Fund (1) continued Written Call Options as at 31 December 2006 Par Value Subject to Call US$ Issuer Unrealised profit/(loss) US$ Value US$ (1,568) 3 Com Call Option strike price US$5 expiring on 19/1/2008 70,864 (74,480) (838) 3 Com Call Option strike price US$5 expiring on 20/1/2007 74,417 (8,380) (24) Bausch & Lomb Call Option strike price US$45 (3,464) (29,640) expiring on 19/1/2008 (36) Bausch & Lomb Call Option strike price US$50 expiring on 20/1/2007 5,761 (11,520) (64) Career Education Call Option strike price US$35 expiring on 20/1/2007 28,607 (640) (24) Chicago Bridge & Iron Call Option strike price US$25 expiring on 20/1/2007 2,988 (6,300) (828) Comverse Technology Call Option strike price US$17.50 expiring on 19/1/2008 (178,510) (459,540) (10) Comverse Technology Call Option strike price US$20 expiring on 19/1/2008 (1,461) (3,900) (87) eBay Call Option strike price US$20 expiring on 19/1/2008 (36,368) (103,965) (72) eBay Call Option strike price US$15 expiring on 19/1/2008 10,942 (59,400) (178) El Paso Call Option strike price US$15 expiring on 19/1/2008 (2,713) (34,710) (173) Genesis Microchip Call Option strike price US$10 expiring on 16/6/2007 (3,979) (25,950) (276) Motorola Call Option strike price US$20 expiring on 19/1/2008 19,549 (91,080) Par Value Subject to Call US$ Issuer Unrealised profit/(loss) US$ Value US$ (286) Motorola Call Option strike price US$22.50 expiring on 20/1/2007 64,915 (5,005) (36) Murphy Oil Call Option strike price US$50 expiring on 20/1/2007 16,001 (6,570) (130) Nortel Networks Call Option strike price US$22.50 expiring on 19/1/2008 (38,092) (96,200) (950) Novell Call Option strike price US$7.50 expiring on 20/1/2007 92,045 (7,125) (130) Panera Bread Call Option strike price US$60 expiring on 19/1/2008 52,616 (91,650) (102) Panera Bread Call Option strike price US$50 expiring on 19/1/2008 (18,289) (127,500) (35) Panera Bread Call Option strike price US$55 expiring on 19/1/2008 (3,781) (33,425) (315) Qualcomm Call Option strike price US$40 expiring on 19/1/2008 630 (159,075) (269) Sprint Nextel Call Option strike price US$22.50 expiring on 19/1/2008 46,484 (28,245) (137) Valeant Pharmaceuticals International Call Option strike price US$15 expiring on 20/1/2007 1,840 (35,278) (60) Vodafone Group Call Option strike price US$20 expiring on 20/1/2007 ___________ (39,180) _________ (47,700) Total Written Call Options ___________ 161,820 (1,547,278) _________ Note: Written Call Options are included in the Statement of Net Assets (see Note 2c). Put Options Sold as at 31 December 2006 Par Value Subject to Put US$ Issuer Unrealised profit US$ Value US$ (3) S&P 500 Put Option strike price US$410 expiring on 17/3/2007 752 (6,150) (4) S&P 500 Put Option strike price US$405 expiring on 17/3/2007 452 (7,640) Par Value Subject to Put US$ Issuer Unrealised profit US$ Value US$ (7) S&P 500 Put Option strike price US$900 expiring on 17/3/2007 3,644 (12,460) (7) S&P 500 Put Option strike price US$390 expiring on 15/3/2007 3,939 (10,920) ___________ _________ Total Put Options ___________ 8,786 _________ (37,170) Note: 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 127
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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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Conservative Allocation Fund (Euro)
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Conservative Allocation Fund (US Do
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Conservative Allocation Fund (US Do
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Continental European Flexible Fund
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Emerging Europe Fund continued Port
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US Government Mortgage Fund continu
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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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