Merrill Lynch International Investment Funds Audited Annual Report ...

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Global High Yield Bond Fund (Euro) 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$500,000 Vought Aircraft Industries 8% 15/7/2011 366,950 0.25 US$500,000 Waste Services 9.5% 15/4/2014 397,292 0.27 €350,000 WDAC Subsidiary 8.5% 1/12/2014 371,000 0.25 US$1,000,000 Whiting Petroleum 7.25% 1/5/2013 758,553 0.51 US$1,000,000 Wimar Opco '144A' 9.625% 15/12/2014 752,864 0.50 US$1,000,000 Windstream '144A' 8.125% 1/8/2013 825,874 0.55 US$1,175,000 Wynn Las Vegas/Wynn Las Vegas Capital 6.625% 1/12/2014 ___________ 890,185 ______ 0.60 ___________ 94,640,918 ______ 63.44 Total Bonds ___________ 137,135,252 ______ 91.92 COMMON / PREFERRED STOCKS (SHARES) & WARRANTS United Kingdom 3,348 Ono Finance 'RCT' (Wts 1/5/2009) ___________ 74,493 ______ 0.05 United States 14,085 Healthsouth (Wts 16/1/2014) 8,547 0.01 21,253 Loral Space & Communications 662,917 0.44 1,128 Loral Spacecom (Pref) ___________ 177,119 ______ 0.12 ___________ 848,583 ______ 0.57 Total Common / Preferred Stocks (Shares) & Warrants ___________ 923,076 ______ 0.62 Total Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market ___________ 138,058,328 ______ 92.54 Unquoted Securities BONDS Canada C$250,000 Rogers Wireless 7.625% 15/12/2011 ___________ 180,433 ______ 0.12 Ireland €540,000 BCM Ireland Preferred Equity '144A' 10.597% 15/2/2017 ___________ 540,000 ______ 0.36 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (€) % Netherlands €4,200,000 Asset Repackaging Trust EMTN 0% 21/12/2011 4,200,000 2.82 €760,000 Impress Holdings '144A' 9.25% 15/9/2014 ___________ 782,800 ______ 0.52 ___________ 4,982,800 ______ 3.34 United States €1,150,000 Momentive Performance Materials '144A' 9% 1/12/2014 1,175,875 0.79 €1,000,000 Nielsen Finance/Nielsen Finance '144A' 9% 1/8/2014 1,090,000 0.73 €500,000 Rockwood Specialties Group 7.625% 15/11/2014 535,000 0.36 €13,830,000 WinStar Communications 12.75% 15/4/2010 ___________ 0 ______ 0.00 ___________ 2,800,875 ______ 1.88 Total Bonds ___________ 8,504,108 ______ 5.70 WARRANTS Luxembourg 24,019 Avanti (Wts 14/6/2011) 0 0.00 2,510 Carrier1 International (Wts 19/2/2009) ___________ 0 ______ 0.00 ___________ 0 ______ 0.00 United Kingdom 33,600 Jazztel (Wts 15/7/2010) ___________ 0 ______ 0.00 Total Warrants ___________ 0 ______ 0.00 Total Unquoted Securities ___________ 8,504,108 ______ 5.70 Total Portfolio 146,562,436 98.24 Other Net Assets ___________ 2,618,781 ______ 1.76 Total Net Assets (€) ___________ 149,181,217 ______ 100.00 Open Forward Foreign Exchange Transactions as at 31 December 2006 Purchases Sales Value date Unrealised profit/(loss) € €97,145,802 US$125,333,600 10/1/2007 2,105,261 €7,545,219 £5,065,000 10/1/2007 4,721 £2,904,000 €4,321,198 10/1/2007 2,121 US$700,000 €553,319 10/1/2007 ________ (22,509) Net unrealised profit 2,089,594 ________ Note: The net unrealised profit attributed to these transactions is included in the Statement of Net Assets (see Note 2c). 142 Merrill Lynch International Investment Funds
Global Opportunities Fund Portfolio of Investments 31 December 2006 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (US$) % FUNDS Guernsey 238,195 Puma Brandenburg ___________ 508,514 ______ 0.34 Total Funds ___________ 508,514 ______ 0.34 COMMON & PREFERRED STOCKS (SHARES) Austria 5,813 Palfinger 712,640 0.47 58,266 Telekom Austria ___________ 1,559,188 ______ 1.04 ___________ 2,271,828 ______ 1.51 Belgium 12,268 Ackermans & Van Haaren 1,016,404 0.68 15,653 Icos Vision Systems 656,163 0.44 18,700 KBC Groep 2,278,955 1.51 7,610 Punch International ___________ 890,809 ______ 0.59 ___________ 4,842,331 ______ 3.22 Bermuda 26,122,000 Asia Standard International Group 625,089 0.41 1,170,000 Bio-Treat Technology ___________ 461,832 ______ 0.31 ___________ 1,086,921 ______ 0.72 Brazil 80,000 Petroleo Brasileiro (Pref) 1,866,042 1.24 70,000 Porto Seguro ___________ 2,196,066 ______ 1.46 ___________ 4,062,108 ______ 2.70 British Virgin Islands 54,800 UTi Worldwide ___________ 1,655,503 ______ 1.10 Canada 30,300 Ultra Petroleum ___________ 1,448,340 ______ 0.96 Cayman Islands 170,000 Heng Tai Consumables Group ___________ 15,529 ______ 0.01 Denmark 38,189 Vestas Wind Systems ___________ 1,614,143 ______ 1.07 France 36,464 AXA 1,478,556 0.98 25,034 Compagnie de Saint-Gobain 2,107,067 1.40 81,212 Ingenico ___________ 2,075,798 ______ 1.38 ___________ 5,661,421 ______ 3.76 Germany 32,936 BMW – Bayerische Motoren Werke 1,889,066 1.25 12,439 Verbio ___________ 224,643 ______ 0.15 ___________ 2,113,709 ______ 1.40 Guernsey 47,600 Amdocs ___________ 1,851,640 ______ 1.23 Indonesia 133,000 International Nickel Indonesia ___________ 458,411 ______ 0.31 Italy 259,091 UniCredito Italiano ___________ 2,274,645 ______ 1.51 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (US$) % Japan 57,000 ADEKA 597,665 0.40 109,120 DCM Japan Holdings 1,124,877 0.75 29,260 Goldcrest 1,511,846 1.00 119,200 OMC Card 933,879 0.62 193,000 Sanken Electric 2,385,854 1.59 109,500 Sato 1,948,899 1.29 4,124 SKY Perfect Communications 2,526,474 1.68 2,400 Sumida 48,270 0.03 68,000 Suruga Bank ___________ 843,473 ______ 0.56 ___________ 11,921,237 ______ 7.92 Luxembourg 130,315 SES Global – FDR ___________ 2,322,514 ______ 1.54 Malaysia 450,000 Gamuda ___________ 650,326 ______ 0.43 Mexico 350,000 Corp GEO SA de CV 'B' ___________ 1,748,903 ______ 1.16 Netherlands 11,671 Nutreco Holding 761,400 0.50 64,751 Wolters Kluwer ___________ 1,865,027 ______ 1.24 ___________ 2,626,427 ______ 1.74 Norway 104,214 Cermaq 1,503,960 1.00 61,869 Petroleum Geo-Services ___________ 1,441,931 ______ 0.96 ___________ 2,945,891 ______ 1.96 Portugal 204,898 Sonae Industria SGPS (New) ___________ 2,025,751 ______ 1.35 Singapore 1,187,000 Banyan Tree Holdings 1,208,142 0.80 534,000 KS Energy Services 871,012 0.58 750,000 Yanlord Land Group ___________ 1,242,905 ______ 0.83 ___________ 3,322,059 ______ 2.21 South Korea 53,690 Daishin Securities (Pref) 912,548 0.61 57,685 Dasan Networks 905,985 0.60 10,800 GS Engineering & Construction 965,450 0.64 40,000 Joongang Construction ___________ 651,895 ______ 0.43 ___________ 3,435,878 ______ 2.28 Switzerland 18,530 Holcim ___________ 1,698,216 ______ 1.13 United Kingdom 304,563 Anite Group 487,277 0.32 233,556 BTG 678,569 0.45 172,841 Dignity 2,224,132 1.48 217,748 Man Group 2,234,546 1.48 724,633 Microgen 775,275 0.52 89,474 Unibet Group – SDR 2,543,988 1.69 103,819 United Utilities 1,589,690 1.06 122,234 Vanco 1,043,812 0.69 69,471 Venture Production ___________ 1,204,219 ______ 0.80 ___________ 12,781,508 ______ 8.49 The notes on pages 213 to 219 form an integral part of these financial statements. Audited Annual Report and Accounts 143
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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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Euro Bond Fund Portfolio of Investm
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Euro Corporate Bond Fund (1) Portfo
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Euro Corporate Bond Fund (1) contin
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Euro Reserve Fund continued Portfol
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Euro Short Duration Bond Fund (1) c
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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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