Merrill Lynch International Investment Funds Audited Annual Report ...

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Global Focus Fund 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$) % COMMON STOCKS (SHARES) Belgium 678 KBC Groep ___________ 82,627 ______ 2.13 Bermuda 2,333 Weatherford International ___________ 97,403 ______ 2.51 Brazil 2,105 Cia Vale do Rio Doce ADR ___________ 53,362 ______ 1.37 Canada 1,710 Shoppers Drug Mart ___________ 73,530 ______ 1.89 Denmark 1,598 Danske Bank ___________ 70,793 ______ 1.82 France 2,871 AXA 116,414 3.00 607 BNP Paribas ___________ 66,453 ______ 1.71 ___________ 182,867 ______ 4.71 Guernsey 3,225 Amdocs ___________ 125,452 ______ 3.23 Ireland 5,924 Allied Irish Banks ___________ 175,705 ______ 4.52 Japan 800 Canon 45,106 1.16 2,000 Hoya 78,093 2.01 11 KDDI 74,702 1.92 7 Sumitomo Mitsui Financial Group 71,866 1.85 1,600 Toyota Motor ___________ 107,176 ______ 2.76 ___________ 376,943 ______ 9.70 Netherlands 2,177 ING Groep – CVA 96,826 2.49 2,301 TNT 98,580 2.54 3,612 Unilever – CVA ___________ 99,085 ______ 2.55 ___________ 294,491 ______ 7.58 Spain 3,049 BBVA – Banco Bilbao Vizcaya Argentaria ___________ 73,231 ______ 1.89 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (US$) % Switzerland 1,169 Credit Suisse Group 81,166 2.09 1,814 Novartis 104,388 2.69 1,309 UBS ___________ 79,405 ______ 2.04 ___________ 264,959 ______ 6.82 Taiwan 67,000 Far EasTone Telecommunications 75,964 1.96 5,400 Taiwan Semiconductor Manufacturing ADR ___________ 59,616 ______ 1.53 ___________ 135,580 ______ 3.49 United Kingdom 5,312 British American Tobacco 149,015 3.84 729 Cairn Energy 25,745 0.66 1,369 NDS Group ADR 65,438 1.69 4,722 Tullow Oil 36,894 0.95 1,734 Xstrata 86,802 2.23 7,061 Yell Group ___________ 79,010 ______ 2.03 ___________ 442,904 ______ 11.40 United States 4,385 Abbott Laboratories 213,593 5.50 2,400 Activision 42,192 1.09 969 Capital One Financial 75,262 1.94 1,988 ConocoPhillips 144,329 3.71 1,450 Curtiss-Wright 54,839 1.41 1,459 DR Horton 39,203 1.01 1,964 Eli Lilly & Co 101,853 2.62 1,861 Hewlett-Packard 77,325 1.99 1,941 International Game Technology 89,810 2.31 1,040 Medco Health Solutions 55,546 1.43 771 Morgan Stanley 62,929 1.62 1,165 National Oilwell Varco 71,846 1.85 2,372 Praxair 141,300 3.64 6,340 Sprint Nextel 121,411 3.13 1,884 United Technologies ___________ 118,579 ______ 3.05 ___________ 1,410,017 ______ 36.30 Total Portfolio 3,859,864 99.36 Other Net Assets ___________ 24,682 ______ 0.64 Total Net Assets (US$) ___________ 3,884,546 ______ 100.00 Sector Breakdown as at 31 December 2006 % of net assets Finance 27.1 Information technology 12.7 Healthcare 12.2 Energy 9.7 Consumer staples 8.3 Consumer discretionary 8.1 Materials 7.2 Telecommunication services 7.1 Industrials 7.0 Other net assets ___________ 0.6 ___________ 100.0 136 Merrill Lynch International Investment Funds
Global Fundamental Value Fund Portfolio of Investments 31 December 2006 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (US$) % COMMON STOCKS (SHARES) Australia 79,072 Australia & New Zealand Banking Group 1,762,083 0.43 496,100 Australian Worldwide Exploration 1,195,280 0.29 205,446 Boral 1,238,291 0.30 580,482 CSR 1,719,573 0.42 186,149 Iluka Resources 977,874 0.24 413,858 Multiplex Group ___________ 1,304,442 ______ 0.31 ___________ 8,197,543 ______ 1.99 Belgium 83,304 AGFA-Gevaert ___________ 2,119,387 ______ 0.52 Bermuda 166,300 Tyco International ___________ 5,115,388 ______ 1.24 Canada 9,300 Nortel Networks ___________ 252,123 ______ 0.06 Cayman Islands 87,200 GlobalSantaFe 5,163,112 1.25 44,600 XL Capital 'A' ___________ 3,225,026 ______ 0.78 ___________ 8,388,138 ______ 2.03 Denmark 52,536 Danske Bank ___________ 2,327,397 ______ 0.56 Finland 118,638 Fortum ___________ 3,371,784 ______ 0.82 France 13,527 Assurances Generales de France 2,104,121 0.51 38,098 BNP Paribas 4,170,892 1.01 66,045 Credit Agricole 2,780,750 0.68 33,536 Peugeot 2,225,860 0.54 24,425 Renault 2,938,019 0.71 67,429 Total 4,875,403 1.18 11,070 Vallourec ___________ 3,223,521 ______ 0.78 ___________ 22,318,566 ______ 5.41 Germany 14,339 Allianz SE 2,925,262 0.71 28,499 BASF 2,774,389 0.67 50,214 Bayer 2,691,407 0.65 58,105 BMW – Bayerische Motoren Werke 3,332,650 0.81 133,173 Deutsche Post 4,009,585 0.97 30,057 E.ON 4,074,296 0.99 33,785 Hochtief 2,458,387 0.60 15,142 Muenchener Rueckversicherungs 2,603,242 0.63 24,717 RWE ___________ 2,720,629 ______ 0.66 ___________ 27,589,847 ______ 6.69 Hungary 21,032 MOL Hungarian Oil & Gas ___________ 2,381,074 ______ 0.58 Ireland 141,732 Allied Irish Banks ___________ 4,203,757 ______ 1.02 Italy 423,011 Banca Intesa 3,161,709 0.77 204,005 Capitalia 1,925,489 0.47 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (US$) % 149,022 ENI 5,017,166 1.22 822,558 Telecom Italia 2,493,914 0.60 1,011,831 Telecom Italia – RNC 2,566,257 0.62 410,797 UniCredito Italiano ___________ 3,606,523 ______ 0.87 ___________ 18,771,058 ______ 4.55 Japan 214,600 Asahi Breweries 3,440,246 0.83 40,300 Canon 2,272,190 0.55 53,000 Honda Motor 2,096,228 0.51 144 KDDI 977,914 0.24 130 Mitsubishi UFJ Financial Group 1,608,146 0.39 121,000 Mitsubishi UFJ Securities 1,346,113 0.33 83,400 Namco Bandai Holdings 1,224,690 0.30 184,000 Nippon Mining Holdings 1,325,429 0.32 180,000 Nissan Motor 2,170,618 0.52 159,000 Sekisui House 2,318,785 0.56 331,000 Sojitz 1,008,327 0.24 181,000 Sompo Japan Insurance 2,216,187 0.54 372,000 Sumitomo Metal Industries 1,618,446 0.39 325 Sumitomo Mitsui Financial Group 3,336,629 0.81 23,500 Takeda Pharmaceutical 1,615,678 0.39 50,800 Takefuji 2,013,490 0.49 300,000 Tokyo Gas 1,598,048 0.39 51,200 Toyota Motor ___________ 3,429,634 ______ 0.83 ___________ 35,616,798 ______ 8.63 Netherlands 96,869 ING Groep – CVA 4,308,410 1.04 80,891 Mittal Steel 3,416,488 0.83 161,400 Unilever (NY Shares) ___________ 4,422,360 ______ 1.07 ___________ 12,147,258 ______ 2.94 Norway 105,935 Statoil ___________ 2,799,264 ______ 0.68 Singapore 86,000 Keppel 987,538 0.24 104,000 United Overseas Bank ___________ 1,316,370 ______ 0.32 ___________ 2,303,908 ______ 0.56 South Korea 4,029 POSCO ___________ 1,339,248 ______ 0.32 Spain 139,836 BBVA – Banco Bilbao Vizcaya Argentaria ___________ 3,358,571 ______ 0.81 Sweden 154,573 Investor 'B' 3,730,054 0.90 288,926 TeliaSonera ___________ 2,390,760 ______ 0.58 ___________ 6,120,814 ______ 1.48 Switzerland 58,623 Credit Suisse Group 4,070,308 0.98 30,913 Swiss Reinsurance 2,632,889 0.64 59,211 UBS ___________ 3,591,781 ______ 0.87 ___________ 10,294,978 ______ 2.49 The notes on pages 213 to 219 form an integral part of these financial statements. Audited Annual Report and Accounts 137
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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 Bond Fund continue
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Euro Bond Fund Portfolio of Investm
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Euro Corporate Bond Fund (1) Portfo
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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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