Merrill Lynch International Investment Funds Audited Annual Report ...

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Global Fundamental Value Fund 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$) % Taiwan 1,185,000 Advanced Semiconductor Engineering 1,345,360 0.32 1,453,276 Lite-On Technology 1,964,320 0.48 1,057,000 Taiwan Mobile 1,096,251 0.26 1,303,886 Vanguard International Semiconductor ___________ 978,221 ______ 0.24 ___________ 5,384,152 ______ 1.30 United Kingdom 268,185 Aviva 4,327,602 1.05 399,045 BAE Systems 3,335,167 0.81 358,398 Barclays 5,136,053 1.24 107,655 GlaxoSmithKline 2,840,368 0.69 52,100 GlaxoSmithKline ADR 2,743,065 0.67 216,178 HBOS 4,803,956 1.16 265,611 Prudential 3,647,328 0.88 173,723 Royal Dutch Shell 'B' 6,104,518 1.48 2,728,284 Vodafone Group ___________ 7,578,567 ______ 1.84 ___________ 40,516,624 ______ 9.82 United States 95,300 Alcoa 2,845,658 0.69 104,100 American International Group 7,462,929 1.81 89,100 Analog Devices 2,947,428 0.72 145,200 AT&T 5,221,392 1.27 85,600 Bank of America 4,595,864 1.11 128,800 Bank of New York 5,123,664 1.24 80,200 Baxter International 3,727,696 0.90 630,120 Borland Software 3,251,356 0.79 83,000 Chevron 6,135,360 1.49 124,600 Citigroup 6,963,894 1.69 123,500 Comcast 'A' 5,238,870 1.27 19,200 Computer Sciences 1,026,624 0.25 10,900 Consol Energy 352,833 0.09 95,700 EI Du Pont de Nemours & Co 4,673,031 1.13 73,500 Exxon Mobil 5,666,115 1.37 71,800 Foot Locker 1,565,240 0.38 58,400 Gannett 3,558,312 0.86 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (US$) % 75,700 Gap 1,493,561 0.36 127,400 General Electric 4,769,856 1.16 65,700 General Mills 3,792,861 0.92 83,000 Genworth Financial 'A' 2,861,840 0.69 56,600 IBM – International Business Machines 5,517,368 1.34 6,395 Idearc 181,682 0.04 208,900 Interpublic Group of Companies 2,561,114 0.62 31,200 Johnson & Johnson 2,065,128 0.50 155,920 JPMorgan Chase & Co 7,602,659 1.84 170,700 Kroger 3,927,807 0.95 414,300 LSI Logic 3,836,418 0.93 66,200 Morgan Stanley 5,403,244 1.31 45,600 Motorola 947,112 0.23 42,400 Northrop Grumman 2,892,104 0.70 202,300 Packaging of America 4,531,520 1.10 251,898 Parametric Technology 4,566,911 1.11 53,000 Peabody Energy 2,165,580 0.53 154,900 Pfizer 4,035,145 0.98 75,500 Raytheon 4,006,030 0.97 155,800 Sprint Nextel 2,983,570 0.72 114,800 St Paul Travelers 6,210,680 1.50 318,000 Sun Microsystems 1,749,000 0.42 205,200 Time Warner 4,510,296 1.09 280,700 Topps 2,523,493 0.61 65,500 UAP Holding 1,662,390 0.40 792,400 Unisys 6,164,872 1.49 87,900 Verizon Communications 3,306,798 0.80 55,500 Wachovia 3,179,595 0.77 85,600 Waste Management 3,148,368 0.76 303,800 Xerox ___________ 5,194,980 ______ 1.26 ___________ 178,148,248 ______ 43.16 Total Portfolio 403,065,925 97.66 Other Net Assets ___________ 9,648,848 ______ 2.34 Total Net Assets (US$) ___________ 412,714,773 ______ 100.00 Sector Breakdown as at 31 December 2006 % of net assets Finance 33.2 Energy 10.5 Information technology 10.2 Consumer discretionary 9.9 Industrials 9.3 Telecommunication services 6.9 Materials 6.3 Consumer staples 4.4 Healthcare 4.1 Utilities 2.9 Other net assets ___________ 2.3 ___________ 100.0 138 Merrill Lynch International Investment Funds
Global High Yield Bond Fund (Euro) 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 Belgium €925,000 Telenet Communications 9% 15/12/2013 ___________ 1,019,813 ______ 0.69 Bermuda €500,000 Central European Media Enterprises 8.25% 15/5/2012 548,125 0.37 €450,000 Central European Media Enterprises FRN 15/5/2012 469,294 0.31 US$1,000,000 Intelsat Subsidiary Holding 8.625% 15/1/2015 ___________ 792,688 ______ 0.53 ___________ 1,810,107 ______ 1.21 Canada US$500,000 Abitibi-Consolidated FRN 15/6/2011 362,209 0.24 US$540,000 Angiotech Pharmaceuticals '144A' FRN 1/12/2013 416,787 0.28 €350,000 Bombardier 7.25% 15/11/2016 357,350 0.24 €675,000 Bombardier '144A' FRN 15/11/2013 682,425 0.46 US$320,000 Bowater Canada Finance 7.95% 15/11/2011 239,096 0.16 US$1,000,000 Catalyst Paper 'D' 8.625% 15/6/2011 771,827 0.52 US$1,000,000 Domtar 7.125% 15/8/2015 747,174 0.50 US$500,000 Jean Coutu Group 7.625% 1/8/2012 401,085 0.27 US$1,000,000 Nortel Networks '144A' FRN 15/7/2011 803,118 0.54 US$600,000 North American Energy Partners 8.75% 1/12/2011 459,683 0.31 US$1,065,000 Nova Chemicals FRN 15/11/2013 813,918 0.54 US$165,826 PCI Chemicals Canada 10% 31/12/2008 131,448 0.09 US$500,000 Quebecor Media 7.75% 15/3/2016 389,232 0.26 US$500,000 Quebecor World Capital 6.125% 15/11/2013 329,022 0.22 US$525,000 Quebecor World Capital '144A' 8.75% 15/3/2016 383,306 0.25 US$450,000 Rogers Wireless 7.5% 15/3/2015 372,070 0.25 US$750,000 Rogers Wireless 8% 15/12/2012 610,161 0.41 US$500,000 Rogers Wireless FRN 15/12/2010 ___________ 387,810 ______ 0.26 ___________ 8,657,721 ______ 5.80 Cayman Islands €750,000 BCM Ireland Finance FRN 15/8/2016 ___________ 780,234 ______ 0.52 Denmark €700,000 FS Funding 8.875% 15/5/2016 729,838 0.49 €1,000,000 ISS Global EMTN 4.75% 18/9/2010 970,000 0.65 €750,000 Nordic Telephone Company Holdings FRN 1/5/2016 ___________ 782,344 ______ 0.52 ___________ 2,482,182 ______ 1.66 France €1,350,000 Alcatel EMTN 6.375% 7/4/2014 1,453,815 0.98 €350,000 Alstom FRN 13/3/2009 363,912 0.24 €325,000 Ray Acquisition 9.375% 15/3/2015 371,312 0.25 €600,000 Remy Cointreau 6.5% 1/7/2010 625,500 0.42 €840,000 Rhodia FRN 15/10/2013 841,670 0.56 €750,000 SPCM 8.25% 15/6/2013 ___________ 810,000 ______ 0.54 ___________ 4,466,209 ______ 2.99 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (€) % Germany €735,000 Cognis 9.5% 15/5/2014 809,419 0.54 €335,000 Gildemeister 9.75% 19/7/2011 373,106 0.25 €325,000 Grohe Holding 8.625% 1/10/2014 ___________ 335,562 ______ 0.23 ___________ 1,518,087 ______ 1.02 Guernsey €1,100,000 ABB International Finance 6.5% 30/11/2011 ___________ 1,198,230 ______ 0.80 International US$1,000,000 NXP/NXP Funding '144A' 9.5% 15/10/2015 ___________ 784,154 ______ 0.53 Ireland €475,000 Smurfit Kappa Funding 10.125% 1/10/2012 ___________ 517,750 ______ 0.35 Luxembourg €690,000 Basell 8.375% 15/8/2015 743,475 0.50 €840,000 Basell '144A' 8.375% 15/8/2015 905,100 0.61 €425,000 Cablecom Luxembourg 9.375% 15/4/2014 472,281 0.32 €500,000 Colt Telecom Group 7.625% 15/12/2009 509,375 0.34 €665,000 Fiat Finance & Trade 6.625% 15/2/2013 719,364 0.48 €575,000 Kloeckner Investment 10.5% 15/5/2015 684,250 0.46 €180,000 Kloeckner Pentaplast 9.375% 15/2/2012 191,475 0.13 €750,000 Lighthouse International 8% 30/4/2014 824,063 0.55 €520,000 Safilo Capital International 9.625% 15/5/2013 575,900 0.38 €250,000 Wind Acquisition Finance 9.75% 1/12/2015 ___________ 288,338 ______ 0.19 ___________ 5,913,621 ______ 3.96 Netherlands €750,000 Carmeuse Lime 10.75% 15/7/2012 816,563 0.55 €1,760,000 Impress Holdings FRN 15/9/2013 ___________ 1,797,422 ______ 1.20 ___________ 2,613,985 ______ 1.75 Portugal €5,000,000 Portugal Treasury Bill 0% 19/1/2007 ___________ 4,991,750 ______ 3.35 United Kingdom £890,000 Ashtead Holdings 12% 1/5/2014 1,572,961 1.05 €400,000 Avis Finance FRN 31/7/2013 401,098 0.27 €1,000,000 Corus Group 7.5% 1/10/2011 1,086,000 0.73 €710,000 Eco-Bat Finance 10.125% 31/1/2013 784,550 0.53 €245,000 Ineos Group Holdings 7.875% 15/2/2016 233,546 0.16 US$870,000 Ineos Group Holdings '144A' 8.5% 15/2/2016 633,543 0.42 €220,000 Invensys 9.875% 15/3/2011 244,200 0.16 €541,000 NTL Cable 8.75% 15/4/2014 583,339 0.39 US$250,000 NTL Cable 9.125% 15/8/2016 ___________ 201,254 ______ 0.14 ___________ 5,740,491 ______ 3.85 The notes on pages 213 to 219 form an integral part of these financial statements. Audited Annual Report and Accounts 139
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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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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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Conservative Allocation Fund (Euro)
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Euro Bond Fund Portfolio of Investm
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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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