Merrill Lynch International Investment Funds Audited Annual Report ...

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Strategic Allocation Fund (US Dollar) 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 France 42,500 LYXOR ETF Commodities CRB – ETF ___________ 1,210,684 ______ 1.98 United Kingdom 500,000 Melchior Japan Investment Trust 728,799 1.19 100,114 Scottish Mortgage Investment Trust ___________ 1,031,799 ______ 1.69 ___________ 1,760,598 ______ 2.88 Total Funds ___________ 2,971,282 ______ 4.86 COMMON STOCKS (SHARES) Belgium 5,696 KBC Groep ___________ 694,167 ______ 1.14 Bermuda 1,120,000 Macquarie International Infrastructure Fund 719,776 1.18 19,544 Weatherford International ___________ 815,962 ______ 1.34 ___________ 1,535,738 ______ 2.52 Brazil 17,757 Cia Vale do Rio Doce ADR ___________ 450,140 ______ 0.74 Canada 14,263 Shoppers Drug Mart ___________ 613,308 ______ 1.00 Denmark 13,737 Danske Bank ___________ 608,563 ______ 1.00 France 24,140 AXA 978,838 1.60 5,115 BNP Paribas ___________ 559,980 ______ 0.92 ___________ 1,538,818 ______ 2.52 Guernsey 27,843 Amdocs ___________ 1,083,093 ______ 1.77 Ireland 49,572 Allied Irish Banks ___________ 1,470,301 ______ 2.41 Japan 7,100 Canon 400,311 0.65 17,000 Hoya 663,791 1.09 90 KDDI 611,196 1.00 62 Sumitomo Mitsui Financial Group 636,526 1.04 13,100 Toyota Motor ___________ 877,504 ______ 1.44 ___________ 3,189,328 ______ 5.22 Netherlands 18,303 ING Groep – CVA 814,056 1.33 19,358 TNT 829,337 1.36 30,484 Unilever – CVA ___________ 836,241 ______ 1.37 ___________ 2,479,634 ______ 4.06 Spain 25,177 BBVA – Banco Bilbao Vizcaya Argentaria ___________ 604,699 ______ 0.99 Switzerland 9,812 Credit Suisse Group 681,266 1.12 15,541 Novartis 894,318 1.46 11,004 UBS ___________ 667,510 ______ 1.09 ___________ 2,243,094 ______ 3.67 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Taiwan 551,000 Far EasTone Telecommunications 624,718 1.03 45,500 Taiwan Semiconductor Manufacturing ADR ___________ 502,320 ______ 0.82 ___________ 1,127,038 ______ 1.85 United Kingdom 44,231 British American Tobacco 1,240,795 2.03 6,874 Cairn Energy 242,763 0.40 12,555 NDS Group ADR 600,129 0.98 41,871 Tullow Oil 327,143 0.54 14,615 Xstrata 731,611 1.20 59,480 Yell Group ___________ 665,560 ______ 1.09 ___________ 3,808,001 ______ 6.24 United States 36,920 Abbott Laboratories 1,798,373 2.95 20,196 Activision 355,046 0.58 8,121 Capital One Financial 630,758 1.03 16,700 ConocoPhillips 1,212,420 1.99 13,752 Curtiss-Wright 520,101 0.85 12,261 DR Horton 329,453 0.54 16,377 Eli Lilly & Co 849,311 1.39 15,625 Hewlett-Packard 649,219 1.06 15,595 International Game Technology 721,581 1.18 8,739 Medco Health Solutions 466,750 0.76 6,478 Morgan Stanley 528,734 0.87 9,470 National Oilwell Varco 584,015 0.96 19,858 Praxair 1,182,941 1.94 53,256 Sprint Nextel 1,019,852 1.67 16,658 United Technologies ___________ 1,048,455 ______ 1.72 ___________ 11,897,009 ______ 19.49 Total Common Stocks (Shares) ___________ 33,342,931 ______ 54.62 BONDS Holding Description Value (US$) % A$175,000 Australia New South Wales Treasury '10RG' 7% 1/12/2010 ___________ 141,496 ______ 0.23 Austria €506,000 Republic of Austria '2' 4.65% 15/1/2018 ___________ 705,558 ______ 1.16 Canada C$265,000 Government of Canada 4% 1/6/2016 226,562 0.37 C$320,000 Government of Canada 4.5% 1/6/2015 ___________ 283,571 ______ 0.46 ___________ 510,133 ______ 0.83 Denmark DKr2,900,000 Nykredit Realkredit 4% 1/1/2008 511,943 0.84 DKr1,450,000 Realkredit Danmark '83D' FRN 1/10/2038 ___________ 250,573 ______ 0.41 ___________ 762,516 ______ 1.25 France €290,000 France Government Bond OAT 3.75% 25/4/2021 369,946 0.61 €25,000 France Government Bond OAT 'OATE' 2.25% 25/7/2020 ___________ 37,021 ______ 0.06 ___________ 406,967 ______ 0.67 162 Merrill Lynch International Investment Funds
Strategic Allocation Fund (US Dollar) continued Portfolio of Investments 31 December 2006 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (US$) % Germany €1,688,000 Bundesobligation '139' 4% 16/2/2007 2,226,197 3.65 €1,022,000 Bundesobligation '147' 2.5% 8/10/2010 1,282,259 2.10 €1,064,000 Bundesrepublik Deutschland '02' 5% 4/7/2012 1,474,997 2.42 €612,000 Bundesrepublik Deutschland '03' 4.75% 4/7/2034 894,626 1.46 €545,000 Bundesrepublik Deutschland '05' 3.25% 4/7/2015 683,708 1.12 €663,000 Bundesrepublik Deutschland '05' 4% 4/1/2037 864,499 1.42 €740,000 Bundesrepublik Deutschland '06' 4% 4/7/2016 979,599 1.60 €940,000 Bundesrepublik Deutschland '99' 3.75% 4/1/2009 ___________ 1,236,334 ______ 2.02 ___________ 9,642,219 ______ 15.79 International ¥106,000,000 European Investment Bank 1.4% 20/6/2017 868,284 1.42 ¥60,000,000 European Investment Bank 1.9% 26/1/2026 ___________ 492,543 ______ 0.81 ___________ 1,360,827 ______ 2.23 Ireland C$120,000 Depfa ACS Bank EMTN 4.9% 24/8/2035 106,295 0.18 £100,000 GE Capital UK Funding EMTN 4.625% 18/1/2016 ___________ 185,340 ______ 0.30 ___________ 291,635 ______ 0.48 Japan US$100,000 Aiful 4.45% 16/2/2010 96,044 0.16 ¥23,000,000 Development Bank of Japan 1.7% 20/9/2022 185,237 0.30 £50,000 East Japan Railway EMTN 4.75% 8/12/2031 96,139 0.16 ¥140,000,000 Japan Finance Corporation for Municipal Enterprises 2% 9/5/2016 1,212,236 1.98 €100,000 Resona Bank EMTN 3.75% 15/4/2015 129,208 0.21 €50,000 Sumitomo Mitsui Banking 4.375% 27/10/2014 ___________ 66,013 ______ 0.11 ___________ 1,784,877 ______ 2.92 Jersey US$90,000 Old Mutual Capital Funding 8% 22/12/2008 (Perpetual) ___________ 93,969 ______ 0.15 Netherlands €80,000 Deutsche Telekom International Finance 7.5% 29/5/2007 106,897 0.17 £70,000 ICI Investments Netherlands EMTN 7.625% 21/8/2007 ___________ 138,620 ______ 0.23 ___________ 245,517 ______ 0.40 Singapore SGD700,000 Singapore Government Bond 3.5% 1/7/2012 ___________ 467,827 ______ 0.77 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (US$) % United Kingdom £30,000 MBNA Europe Funding EMTN 6% 12/11/2010 59,768 0.10 €100,000 mmO2 EMTN 6.375% 25/1/2007 132,255 0.22 £50,000 United Kingdom Gilt 4% 7/9/2016 92,593 0.15 £140,000 United Kingdom Gilt 4.25% 7/6/2032 273,514 0.45 £15,000 United Kingdom Gilt 4.75% 7/3/2020 29,754 0.05 £124,000 United Kingdom Gilt 5% 7/9/2014 ___________ 245,902 ______ 0.40 ___________ 833,786 ______ 1.37 United States US$100,000 AIG SunAmerica Global Financing VII 5.85% 1/8/2008 100,650 0.16 US$250,000 BA Credit Card Trust '2006-A16 A16' 4.72% 15/5/2013 246,953 0.40 US$180,000 Capco America Securitization '1998-D7 A1B' 6.26% 15/10/2030 182,222 0.30 US$150,000 Chase Commercial Mortgage Securities '1999-2 A2' 7.198% 15/1/2032 156,645 0.26 US$250,000 Citibank Credit Card Master Trust I '1998-2 A' 6.05% 15/1/2010 252,043 0.41 US$160,000 CS First Boston Mortgage Securities '2002-CKS4 A2' 5.183% 15/11/2036 159,362 0.26 US$140,000 CW Capital Cobalt Ltd '2006-C1 A4' 5.223% 15/8/2048 138,499 0.23 US$150,000 Daimler Chrysler Auto Trust '2006-C A4' 4.98% 8/11/2011 149,779 0.25 US$500,000 Fannie Mae Interest Strip '360 2' 5% 1/8/2035 119,948 0.20 US$130,000 Ford Credit Auto Owner Trust '2006-C A3' 5.16% 15/11/2010 129,919 0.21 US$200,000 Ge Capital Commercial Mortgage '2005-C1 A2' 4.353% 10/6/2048 195,254 0.32 US$200,000 Honda Auto Receivables Owner Trust '2006-3 A3' 5.12% 15/10/2010 199,750 0.33 US$150,000 Keycorp '2000-C1 A2' 7.727% 17/5/2032 158,870 0.26 US$150,000 Morgan Stanley Capital I '2006-IQ12 A4' 5.332% 15/12/2043 149,646 0.24 US$90,000 Raytheon 6.75% 15/8/2007 90,668 0.15 US$131,000 Socgen Real Estate '144A' 7.64% 30/9/2007 (Perpetual) (Pref) 133,077 0.22 US$20,000 US Treasury Bond 4.5% 15/2/2016 19,709 0.03 US$251,000 US Treasury Bond 4.5% 15/2/2036 238,803 0.39 US$60,000 US Treasury Bond 4.625% 15/11/2016 59,583 0.10 US$150,000 US Treasury Bond 4.875% 15/8/2016 152,022 0.25 US$346,000 US Treasury Bond 8% 15/11/2021 457,936 0.75 US$275,000 US Treasury Bond 8.875% 15/8/2017 367,770 0.60 US$85,000 US Treasury Bond 9.125% 15/5/2018 117,107 0.19 US$180,000 US Treasury Inflation Indexed Bonds 2% 15/1/2026 168,785 0.28 US$110,000 US Treasury Inflation Indexed Bonds 2.5% 15/7/2016 110,753 0.18 US$100,000 Washington Mutual 4.375% 15/1/2008 98,950 0.16 US$275,000 World Omni Auto Receivables Trust '2006-A A3' 5.01% 15/10/2010 274,475 0.45 US$105,000 Yum! Brands 7.65% 15/5/2008 ___________ 108,002 ______ 0.18 ___________ 4,737,180 ______ 7.76 Total Bonds ___________ 21,984,507 ______ 36.01 Total Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market ___________ 58,298,720 ______ 95.49 The notes on pages 213 to 219 form an integral part of these financial statements. Audited Annual Report and Accounts 163
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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 Bond Fund continued Portfolio
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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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European Fund Portfolio of Investme
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European Focus Fund Portfolio of In
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European Growth Fund continued Sect
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European Opportunities Fund continu
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Global Allocation Fund Portfolio of
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Global Allocation Fund continued Po
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Global Allocation Fund continued Wr
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Global Allocation Fund continued Sw
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Page 142 and 143: Global High Yield Bond Fund (Euro)
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Page 172 and 173: US Dollar Core Bond Fund Portfolio
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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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