Merrill Lynch International Investment Funds Audited Annual Report ...

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New Energy 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) & WARRANTS Australia 7,744,118 Ceramic Fuel Cells 3,462,407 0.11 1,500,749 Novera Energy ___________ 1,481,899 ______ 0.05 ___________ 4,944,306 ______ 0.16 Belgium 376,522 Umicore ___________ 63,977,967 ______ 2.12 Bermuda 800,000 Clean Air Power ___________ 1,107,185 ______ 0.04 Brazil 2,190,000 Cosan SA Industria e Comercio ___________ 45,851,522 ______ 1.52 Canada 825,000 Algonquin Power Income Fund (Unit)* 7,001,163 0.23 930,000 ATS Automation Tooling Systems 8,933,833 0.30 16,395,706 Azure Dynamics 11,637,727 0.38 1,940,000 Ballard Power Systems 11,081,416 0.37 5,365,600 Canadian Hydro Developers 27,505,230 0.91 2,684,400 Carmanah Technologies 6,868,845 0.23 968,000 Dynetek Industries 1,384,406 0.05 912,500 Polaris Geothermal 'A' 974,843 0.03 1,931,500 Questair Technologies 2,163,307 0.07 3,480,800 Railpower Technologies 4,888,174 0.16 1,017,200 Western Geopower 148,983 0.00 1,040,250 Xantrex Technology ___________ 7,438,679 ______ 0.25 ___________ 90,026,606 ______ 2.98 Cayman Islands 1,275,000 Suntech Power Holdings ADR ___________ 43,860,000 ______ 1.45 Denmark 710,000 Novozymes 'B' 61,149,527 2.03 6,018,058 Vestas Wind Systems* ___________ 254,366,586 ______ 8.43 ___________ 315,516,113 ______ 10.46 Finland 1,702,000 Neste Oil* ___________ 51,804,877 ______ 1.72 France 371,776 EDF Energies Nouvelles 19,843,409 0.66 90,320 Sechilienne-Sidec 3,333,720 0.11 137,356 Theolia ___________ 2,225,290 ______ 0.07 ___________ 25,402,419 ______ 0.84 Germany 400,500 Conergy* 25,447,008 0.84 1,300,000 GEA Group 29,252,571 0.97 212,500 Norddeutsche Affinerie* 5,952,577 0.20 1,228,306 Q-Cells* 55,165,285 1.83 403,223 REpower Systems 41,592,670 1.38 2,689,668 Solarworld* ___________ 168,769,044 ______ 5.59 ___________ 326,179,155 ______ 10.81 India 3,921,811 Suzlon Energy ___________ 115,694,639 ______ 3.83 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (US$) % Isle of Man 1,993,000 Trading Emissions ___________ 5,183,991 ______ 0.17 Jersey 2,938,046 Camco International ___________ 3,056,860 ______ 0.10 Norway 1,744,365 Renewable Energy* ___________ 32,077,326 ______ 1.06 South Africa 3,150,000 Sasol ___________ 116,633,783 ______ 3.86 Spain 878,000 Abengoa 32,395,492 1.07 126,471 Acciona 23,365,292 0.78 6,150,890 Gamesa Corporacion Tecnologica ___________ 169,380,559 ______ 5.61 ___________ 225,141,343 ______ 7.46 United Kingdom 777,753 Ceres Power Holdings 3,358,965 0.11 2,680,330 Climate Exchange 27,229,501 0.90 11,946,930 Clipper Windpower 139,193,227 4.61 410,000 CMR Fuel Cells 1,324,009 0.04 4,715,768 D1 Oils 15,691,454 0.52 2,267,307 Freeplay Energy 1,357,536 0.05 2,866,667 Infinity Bio-Energy 15,279,335 0.51 5,733,334 Infinity Bio-Energy (Wts 23/5/2010) 2,752,000 0.09 525,000 ITM Power 1,288,280 0.04 2,552,000 Johnson Matthey 70,588,300 2.34 90,000 Ocean Power Delivery 1,766,785 0.06 530,000 Porvair 1,284,943 0.04 2,178,500 Renova Energy ___________ 8,510,434 ______ 0.28 ___________ 289,624,769 ______ 9.59 United States 1,780,954 Active Power 4,719,528 0.16 3,850,700 American Superconductor 37,736,860 1.25 3,524,000 Archer-Daniels-Midland 113,895,680 3.77 1,156,000 Cheniere Energy* 33,073,160 1.09 2,317,100 Distributed Energy Systems* 8,480,586 0.28 965,000 DTE Energy 46,889,350 1.55 1,609,000 Energy Conversion Devices 55,253,060 1.83 200,111 Enova Systems 838,706 0.03 712,000 ESCO Technologies 32,410,240 1.07 3,012,600 Evergreen Energy* 29,463,228 0.98 4,183,400 Evergreen Solar* 31,752,006 1.05 1,227,057 First Solar 36,774,898 1.22 1,575,000 FPL Group 86,231,250 2.86 10,162 Fuel Systems Solutions 226,511 0.01 3,265,300 FuelCell Energy* 21,394,246 0.71 775,000 Headwaters 18,724,000 0.62 2,209,400 Itron 115,905,124 3.84 2,586,597 Medis Technologies 45,601,705 1.51 1,380,000 MEMC Electronic Materials 54,799,800 1.82 1,070,400 Ocean Power Technologies 1,775,595 0.06 1,518,433 Ormat Technologies 55,741,675 1.85 6,489,900 Plug Power 25,051,014 0.83 5,810,659 Polyfuel 5,532,331 0.18 15,842,000 Rentech 60,358,020 2.00 ( * ) Securities lent, see Note 13 for further details. 154 Merrill Lynch International Investment Funds
New Energy 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$) % 808,031 SatCon Technology 945,396 0.03 1,940,000 Shaw Group 65,125,800 2.16 6,054,903 Solar Integrated Technologies 4,397,947 0.15 1,847,000 Sunpower 'A'* 68,819,220 2.28 1,303,300 Syntroleum 4,601,822 0.15 1,259,100 VeraSun Energy* _____________ 24,262,857 _____ 0.80 _____________ 1,090,781,615 _____ 36.14 Total Common Stocks (Shares) & Warrants _____________ 2,846,864,476 _____ 94.31 BONDS Germany €19,555 Plambeck Neue Energien 6% 15/3/2009 _____________ 23,844 _____ 0.00 Total Bonds _____________ 23,844 _____ 0.00 Total Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market _____________ 2,846,888,320 _____ 94.31 Unquoted Securities Holding Description Value (US$) % COMMON STOCKS (SHARES) & WARRANTS Canada 455,000 Polaris Geothermal (Wts 30/12/2006) 0 0.00 4,000,000 Western Geopower (Restricted) 585,853 0.02 600,000 Western Geopower (Wts 4/5/2007) 0 0.00 250,000 Western Geopower (Wts 22/4/2008) (Restricted) 0 0.00 4,000,000 Western Geopower (Wts 30/12/2008) _____________ 585,853 _____ 0.02 _____________ 1,171,706 _____ 0.04 United Kingdom 2,704,000 Vienco 2,654,103 0.09 242,800 Vienco Oil & Gas (Wts 27/3/2009) _____________ 0 _____ 0.00 _____________ 2,654,103 _____ 0.09 United States 115,000 Homeland Renewable Energy 4,003,150 0.13 23,000 Medis Technologies (Restricted) 405,490 0.01 202,008 SatCon Technology (Wts 14/8/2010) (Restricted) _____________ 0 _____ 0.00 _____________ 4,408,640 _____ 0.14 Total Unquoted Securities _____________ 8,234,449 _____ 0.27 Total Portfolio 2,855,122,769 94.58 Other Net Assets _____________ 163,543,534 _____ 5.42 Total Net Assets (US$) _____________ 3,018,666,303 100.00 _____ ( * ) Securities lent, see Note 13 for further details. Sector Breakdown as at 31 December 2006 % of net assets Renewable energy 51.3 Alternative fuels 22.3 Enabling energy technology 8.6 Automotive & Onsite energy generation 6.3 Materials technology 5.9 Energy storage 0.2 Other net assets ___________ 5.4 ___________ 100.0 The notes on pages 213 to 219 form an integral part of these financial statements. Audited Annual Report and Accounts 155
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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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Emerging Markets Bond Fund continue
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Euro Bond Fund Portfolio of Investm
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European Fund Portfolio of Investme
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Global Allocation Fund continued Po
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World Income Fund Portfolio of Inve
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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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