Merrill Lynch International Investment Funds Audited Annual Report ...

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Global Enhanced Equity Yield 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$) % 443,384 Telecom Italia 1,344,296 0.45 58,890 Telecom Italia – RNC 149,360 0.05 76,277 UniCredito Italiano ___________ 669,661 ______ 0.23 ___________ 6,263,409 ______ 2.12 Japan 1,600 Advantest 91,827 0.03 73,000 Amada 774,645 0.26 20,400 Astellas Pharma 928,736 0.31 9,600 Canon 541,266 0.18 5,800 Chubu Electric Power 173,757 0.06 30,600 Daiichi Sankyo 957,920 0.32 13,000 Daiwa Securities Group 146,046 0.05 1,552 eAccess 877,659 0.30 189,000 Ebara 725,256 0.25 15,100 Eisai 831,035 0.28 19,000 Fujitsu 149,336 0.05 7,000 Furukawa Electric 44,062 0.01 13,000 Ishikawajima-Harima Heavy Industries 44,087 0.02 41,500 JFE Holdings 2,140,786 0.72 6,800 Kansai Electric Power 183,687 0.06 30,000 Kao 810,384 0.27 15,000 Kawasaki Heavy Industries 56,424 0.02 26,400 Konami 799,781 0.27 49,100 Marui 573,503 0.19 6,700 Millea Holdings 236,804 0.08 11,900 Mitsubishi 224,316 0.08 11,000 Mitsubishi Estate 285,107 0.10 87 Mitsubishi UFJ Financial Group 1,076,221 0.36 14,000 Mitsui & Co 209,707 0.07 97 Mizuho Financial Group 693,834 0.23 3,000 Nikon 65,891 0.02 56,000 Nippon Steel 322,336 0.11 78,700 Nissan Motor 949,043 0.32 48,400 Nomura Holdings 914,379 0.31 14 NTT Data 70,216 0.02 166 NTT DoCoMo 262,622 0.09 110,000 Obayashi 714,619 0.24 16,300 Oracle (Japan) 755,795 0.26 53,700 OSG 881,198 0.30 68 Rakuten 31,759 0.01 7,500 Seven & I Holdings 233,522 0.08 3,400 Shin-Etsu Chemical 228,035 0.08 7,700 Softbank 150,005 0.05 8,900 Sony 381,966 0.13 10,000 Sumitomo 149,875 0.05 6,000 Sumitomo Heavy Industries 63,114 0.02 62 Sumitomo Mitsui Financial Group 636,526 0.22 3,000 Sumitomo Realty & Development 96,438 0.03 64,200 Sumitomo Rubber Industries 830,374 0.28 54,110 Takefuji 2,144,684 0.73 11,000 Tokyo Electric Power 356,384 0.12 1,700 Tokyo Electron 134,189 0.05 11,000 Tokyu 70,536 0.02 155,000 TonenGeneral Sekiyu 1,537,837 0.52 6,900 Toyota Motor 462,197 0.16 25,000 Trend Micro 734,227 0.25 156 Yahoo! Japan 62,225 0.02 900 Yamada Denki ___________ 76,494 ______ 0.03 ___________ 26,892,672 ______ 9.09 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (US$) % Luxembourg 62,800 Stolt-Nielsen (Norvegian Listing) ___________ 1,897,948 ______ 0.64 Netherlands 17,750 ABN AMRO Holding 571,622 0.19 14,081 Aegon 268,404 0.09 2,659 Akzo Nobel 161,973 0.05 18,337 ING Groep – CVA 815,569 0.28 18,943 Koninklijke KPN 269,687 0.09 45,437 Mittal Steel 1,919,063 0.65 4,048 TNT 173,425 0.06 78,216 Unilever – CVA ___________ 2,145,630 ______ 0.73 ___________ 6,325,373 ______ 2.14 Netherlands Antilles 12,000 Schlumberger ___________ 759,120 ______ 0.25 New Zealand 399,122 Sky City Entertainment Group ___________ 1,442,272 ______ 0.48 Norway 7,393 Norsk Hydro 229,343 0.08 6,900 Statoil ___________ 182,328 ______ 0.06 ___________ 411,671 ______ 0.14 Singapore 335,000 ComfortDelgro 351,895 0.12 19,000 DBS Group Holdings 280,159 0.09 263,000 Singapore Press Holdings ___________ 734,416 ______ 0.25 ___________ 1,366,470 ______ 0.46 Spain 8,104 Banco Popular Espanol 146,889 0.05 56,609 Banco Santander Central Hispano 1,049,945 0.36 32,308 BBVA – Banco Bilbao Vizcaya Argentaria 775,971 0.26 49,727 Endesa 2,344,760 0.79 7,732 Iberdrola 338,594 0.12 8,724 Repsol ___________ 302,338 ______ 0.10 ___________ 4,958,497 ______ 1.68 Sweden 5,800 Hennes & Mauritz 'B' 292,186 0.10 23,900 Nordea Bank 370,437 0.13 5,800 Skandinaviska Enskilda Banken 'A' 184,361 0.06 6,300 Svenska Handelsbanken 'A' 191,527 0.06 290,000 TeliaSonera 2,399,647 0.81 2,600 Volvo 'B' ___________ 178,936 ______ 0.06 ___________ 3,617,094 ______ 1.22 Switzerland 20,077 ABB 358,782 0.12 5,289 Ciba Specialty Chemicals 350,967 0.12 17,782 Compagnie Financiere Richemont 'A' 1,035,668 0.35 24,271 Credit Suisse Group 1,685,182 0.57 358 Nestle 126,924 0.04 11,377 Novartis 654,697 0.22 6,987 Roche Holding (Genusscheine) 1,251,463 0.42 701 SGS 783,231 0.27 6,790 Swiss Reinsurance ___________ 578,311 ______ 0.20 ___________ 6,825,225 ______ 2.31 130 Merrill Lynch International Investment Funds
Global Enhanced Equity Yield 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$) % United Kingdom 111,589 Alliance Boots 1,834,625 0.62 14,167 Anglo American 692,776 0.23 15,554 AstraZeneca 837,852 0.28 25,219 Aviva 406,950 0.14 31,999 BAE Systems 267,444 0.09 64,345 Barclays 922,101 0.31 24,281 BHP Billiton 445,438 0.15 197,621 BP 2,201,608 0.74 22,119 British American Tobacco 620,496 0.21 82,608 BT Group 488,934 0.17 20,720 Cadbury Schweppes 222,291 0.08 36,000 Centrica 250,530 0.09 27,844 Diageo 547,970 0.19 344,095 Electrocomponents 1,980,877 0.67 121,040 GlaxoSmithKline 3,193,517 1.08 37,679 HBOS 837,311 0.28 113,709 HSBC Holdings 2,078,192 0.70 6,853 Imperial Tobacco Group 270,407 0.09 4,653 Land Securities Group 212,189 0.07 64,525 Legal & General Group 199,503 0.07 231,517 Lloyds TSB Group 2,597,408 0.88 17,351 Man Group 178,057 0.06 16,683 Marks & Spencer Group 234,820 0.08 13,182 National Express Group 292,416 0.10 26,909 National Grid 389,319 0.13 51,675 Old Mutual 176,764 0.06 126,615 Provident Financial 1,743,628 0.59 24,023 Prudential 329,880 0.11 6,049 Reckitt Benckiser 277,157 0.09 12,516 Reed Elsevier 137,715 0.05 10,442 Rio Tinto 557,153 0.19 17,542 Rolls-Royce Group 154,190 0.05 31,664 Royal Bank of Scotland Group 1,238,837 0.42 38,138 Royal Dutch Shell 'A' 1,336,402 0.45 27,355 Royal Dutch Shell 'B' 961,238 0.32 8,909 SABMiller 205,498 0.07 8,526 Scottish & Southern Energy 260,098 0.09 14,710 Scottish Power 216,001 0.07 78,393 Tesco 622,496 0.21 12,230 Unilever 342,843 0.12 78,712 United Utilities 1,205,249 0.41 521,748 Vodafone Group 1,449,300 0.49 6,515 Wolseley ___________ 157,695 ______ 0.05 ___________ 33,575,175 ______ 11.35 United States 17,200 3M † 1,343,836 0.45 32,600 Abbott Laboratories ‡ 1,587,946 0.54 6,100 Adobe Systems 252,662 0.09 5,500 Advanced Micro Devices 113,850 0.04 1,400 Akamai Technologies 75,642 0.03 60,800 Allied Capital ‡ 1,988,160 0.67 5,400 Allstate † 354,456 0.12 35,100 Altria Group † 3,018,600 1.02 3,200 Amazon.Com 128,064 0.04 43,000 American Capital Strategies † 1,990,470 0.67 3,400 American Electric Power † 144,806 0.05 9,700 American Express † 593,737 0.20 19,500 American International Group † 1,397,955 0.47 11,900 Amgen † 815,388 0.28 1,000 Amylin Pharmaceuticals 36,220 0.01 25,300 Analog Devices 836,924 0.28 25,100 Anheuser-Busch † 1,238,936 0.42 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (US$) % 24,700 Apartment Investment & Management 'A' (Reit) 1,384,188 0.47 8,600 Apple Computer 726,915 0.25 11,900 Applied Materials 221,578 0.07 64,000 AT&T ‡ 2,301,440 0.78 4,100 Avon Products 136,407 0.05 40,300 Bank of America † 2,163,707 0.73 25,300 Bank of New York 1,006,434 0.34 4,800 BB&T 211,968 0.07 3,900 BEA Systems 49,101 0.02 37,200 BellSouth † 1,765,512 0.60 4,200 Best Buy 209,160 0.07 5,800 Boeing 516,722 0.17 85,400 Bristol-Myers Squibb † 2,235,772 0.76 4,800 Broadcom 'A' 157,152 0.05 4,200 CA 96,264 0.03 2,200 Cablevision Systems 'A' 62,656 0.02 20,300 Campbell Soup 793,730 0.27 3,700 Cardinal Health 238,909 0.08 5,800 Caterpillar 357,048 0.12 29,100 CBS 'B' 918,978 0.31 3,800 Celgene 218,272 0.07 23,500 Chevron 1,737,120 0.59 300 Chicago Mercantile Exchange Holdings 'A' 152,598 0.05 1,400 Circuit City Stores 27,048 0.01 62,000 Cisco Systems 1,705,620 0.58 56,900 Citigroup † 3,180,141 1.08 26,100 Clear Channel Communications 928,116 0.31 3,900 Coach 170,625 0.06 38,600 Coca-Cola 1,877,118 0.63 1,400 Cognizant Technology Solutions 'A' 108,906 0.04 20,700 Comcast 'A' 883,769 0.30 4,500 ConAgra Foods 121,905 0.04 15,800 Corning 296,724 0.10 21,700 Crescent Real Estate Equities (Reit) 426,622 0.14 1,500 Crown Castle International 48,675 0.02 8,400 CVS 262,332 0.09 22,200 Dell 558,552 0.19 3,100 Dominion Resources (Virginia) 259,780 0.09 25,700 Dow Chemical 1,030,827 0.35 20,300 Dow Jones & Co 773,633 0.26 29,700 DR Horton 798,039 0.27 11,000 Duke Energy 365,530 0.12 37,800 Duke Realty (Reit) 1,554,336 0.53 31,200 Eastman Kodak 809,016 0.27 10,400 Eaton 784,472 0.27 10,800 eBay 325,404 0.11 2,900 Edison International 132,878 0.04 25,900 EI Du Pont de Nemours & Co 1,264,697 0.43 3,100 Electronic Arts 158,255 0.05 25,200 Eli Lilly & Co 1,306,872 0.44 24,200 EMC (Massachusetts) 322,586 0.11 7,300 Emerson Electric 323,755 0.11 1,900 Entergy 175,503 0.06 3,200 Equity Office Properties Trust (Reit) 154,048 0.05 2,600 Equity Residential (Reit) 131,950 0.04 5,800 Exelon 358,150 0.12 43,000 Exxon Mobil † 3,314,870 1.12 2,600 FedEx 282,022 0.10 72,800 Fidelity National Financial 'A' 1,741,376 0.59 4,200 Fifth Third Bancorp 172,200 0.06 3,000 FirstEnergy 180,810 0.06 3,200 FPL Group 175,200 0.06 (†) Securities pledged, see Note 14 for further details. (‡) Securities given in guarantee, see Note 14 for further details. The notes on pages 213 to 219 form an integral part of these financial statements. Audited Annual Report and Accounts 131
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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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Emerging Markets Fund continued Por
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Emerging Markets Bond Fund continue
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US Dollar Low Duration Bond Fund Po
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US Government Mortgage Fund continu
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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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