Merrill Lynch International Investment Funds Audited Annual Report ...

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World Bond Fund Portfolio of Investments 31 December 2006 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market BONDS Holding Description Value (US$) % A$225,000 Australia New South Wales Treasury '10RG' 7% 1/12/2010 ___________ 181,924 ______ 0.65 Austria €100,000 BAWAG PSK – Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse EMTN 4.35% 28/5/2013 130,659 0.47 €427,000 Republic of Austria '2' 4.65% 15/1/2018 ___________ 595,402 ______ 2.14 ___________ 726,061 ______ 2.61 Canada C$260,000 Government of Canada 4% 1/6/2016 222,287 0.80 C$365,000 Government of Canada 4.5% 1/6/2015 ___________ 323,448 ______ 1.16 ___________ 545,735 ______ 1.96 Cayman Islands €130,000 CAM International EMTN 5.75% 3/4/2012 ___________ 172,097 ______ 0.62 US$120,000 DKr1,450,000 Chile CODELCO – Corporacion Nacional del Cobre de Chile 6.375% 30/11/2012 ___________ 125,596 ______ 0.45 Denmark Realkredit Danmark '83D' FRN 1/10/2038 ___________ 250,573 ______ 0.90 France £40,000 AXA EMTN 6.6666% 6/7/2016 (Perpetual) 80,792 0.29 €150,000 BNP Paribas EMTN 5.25% 17/12/2012 208,690 0.75 €50,000 Carrefour EMTN 3.625% 6/5/2013 63,302 0.23 €90,000 CIF Euromortgage EMTN 4.5% 10/12/2013 121,438 0.44 €105,000 France Government Bond OAT 3.75% 25/4/2021 133,946 0.48 €25,000 France Government Bond OAT 'OATE' 2.25% 25/7/2020 37,021 0.13 €105,000 France Telecom EMTN 8.125% 28/1/2033 188,105 0.67 €100,000 Gecina EMTN 3.625% 17/10/2007 ___________ 131,094 ______ 0.47 ___________ 964,388 ______ 3.46 Germany €364,000 Bundesobligation '139' 4% 16/2/2007 480,057 1.72 €259,000 Bundesobligation '147' 2.5% 8/10/2010 324,956 1.17 €1,120,000 Bundesobligation '148' 3.5% 8/4/2011 1,452,485 5.21 €145,000 Bundesrepublik Deutschland '02' 5% 4/7/2012 201,010 0.72 €95,000 Bundesrepublik Deutschland '03' 4.75% 4/7/2034 138,872 0.50 €732,949 Bundesrepublik Deutschland '05' 4% 4/1/2037 955,707 3.43 €740,000 Bundesrepublik Deutschland '06' 4% 4/7/2016 979,599 3.52 €430,000 Bundesrepublik Deutschland '99' 3.75% 4/1/2009 ___________ 565,557 ______ 2.03 ___________ 5,098,243 ______ 18.30 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (US$) % International ¥60,000,000 European Investment Bank 1.9% 26/1/2026 492,543 1.77 US$440,000 European Investment Bank 4.125% 15/9/2010 ___________ 428,142 ______ 1.53 ___________ 920,685 ______ 3.30 Ireland C$130,000 Depfa ACS Bank EMTN 4.9% 24/8/2035 115,153 0.41 £100,000 GE Capital UK Funding EMTN 5.125% 3/3/2015 192,358 0.69 €100,000 German Postal Pensions Securitisation '2' 4.25% 18/1/2017 ___________ 132,677 ______ 0.48 ___________ 440,188 ______ 1.58 Japan £50,000 East Japan Railway EMTN 4.75% 8/12/2031 96,139 0.35 ¥70,000,000 Japan Finance Corporation for Municipal Enterprises 2% 9/5/2016 606,118 2.18 €100,000 Resona Bank EMTN 3.75% 15/4/2015 129,208 0.46 €50,000 Sumitomo Mitsui Banking 4.375% 27/10/2014 ___________ 66,013 ______ 0.24 ___________ 897,478 ______ 3.23 Jersey €200,000 ASIF III Jersey EMTN 5.125% 10/5/2007 ___________ 264,763 ______ 0.95 Luxembourg US$300,000 Europaische Hypothekenbank SA Luxembourg EMTN 4.25% 13/5/2010 292,607 1.05 €100,000 JP Morgan Bank Luxembourg SA for Swiss Life 5% 16/11/2015 (Perpetual) 130,108 0.47 €95,000 Merck Finanz 3.75% 7/12/2012 120,069 0.43 €90,000 SES Global 4.5% 19/11/2008 118,094 0.42 €85,000 Telecom Italia Finance EMTN 7.25% 24/4/2012 124,264 0.45 €150,000 Tyco International Group 6.125% 4/4/2007 ___________ 198,937 ______ 0.71 ___________ 984,079 ______ 3.53 Netherlands €100,000 Adecco International Financial Services 4.5% 25/4/2013 130,771 0.47 €75,000 British American Tobacco Holdings The Netherlands EMTN 4.375% 15/9/2014 97,375 0.35 £50,000 ICI Investments Netherlands EMTN 7.625% 21/8/2007 ___________ 99,014 ______ 0.35 ___________ 327,160 ______ 1.17 Singapore SGD675,000 Singapore Government Bond 3.5% 1/7/2012 ___________ 451,119 ______ 1.62 196 Merrill Lynch International Investment Funds
World Bond Fund continued Portfolio of Investments 31 December 2006 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (US$) % Spain €50,000 Pastor Participaciones Preferentes S.A Unipersonal 4.564% 27/7/2010 (Perpetual) 62,480 0.22 £80,000 Telefonica Emisiones SAU EMTN 5.375% 2/2/2018 ___________ 149,419 ______ 0.54 ___________ 211,899 ______ 0.76 United Kingdom €110,000 Allied Domecq Financial Services GMTN 5.875% 12/6/2009 149,866 0.54 €100,000 Anglian Water Services Financing EMTN 4.625% 7/10/2013 133,555 0.48 £40,000 Emap 6.25% 9/12/2013 78,526 0.28 US$500,000 Granite Master Issuer '2005-1 A3' FRN 20/12/2024 500,238 1.79 US$71,681 Granite Mortgages '2002-1 1A2' FRN 20/7/2019 71,697 0.26 €100,000 Lehman Brothers UK Capital Funding II 3.875% 22/2/2011 (Perpetual) 128,054 0.46 £80,000 MBNA Europe Funding EMTN 6% 12/11/2010 159,382 0.57 €120,000 MBNA Europe Funding EMTN 6.5% 27/3/2007 159,104 0.57 €125,000 mmO2 EMTN 6.375% 25/1/2007 165,319 0.59 £25,000 UK Treasury 5% 7/3/2025 52,136 0.19 £35,000 United Kingdom Gilt 4.25% 7/6/2032 ___________ 68,379 ______ 0.25 ___________ 1,666,256 ______ 5.98 United States US$80,000 BAE Systems Holdings '144A' 4.75% 15/8/2010 77,943 0.28 US$140,000 Banc of America Commercial Mortgage '2006-6 A4' 5.356% 10/10/2045 140,171 0.50 US$45,000 Bristol-Myers Squibb 5.875% 15/11/2036 44,498 0.16 US$180,000 Capco America Securitization '1998-D7 A1B' 6.26% 15/10/2030 182,222 0.65 US$150,000 Chase Commercial Mortgage Securities '1999-2 A2' 7.198% 15/1/2032 156,645 0.56 US$250,000 Citibank Credit Card Master Trust I '1998-2 A' 6.05% 15/1/2010 252,043 0.90 US$300,000 Citigroup 6% 21/2/2012 311,010 1.12 US$350,000 Citigroup FRN 4/6/2007 350,196 1.26 US$115,000 Comcast 6.5% 15/11/2035 116,206 0.42 US$175,000 CS First Boston Mortgage Securities '2002-CKS4 A2' 5.183% 15/11/2036 174,302 0.62 US$150,000 Daimler Chrysler Auto Trust '2006-C A4' 4.98% 8/11/2011 149,779 0.54 US$508,055 Fannie Mae Pool '893147' 5.5% 1/8/2036 502,572 1.80 US$500,541 Fannie Mae Pool '903708' 5.5% 1/11/2036 495,139 1.78 US$500,000 Fannie Mae Pool '905854' 6% 1/1/2037 503,583 1.81 US$500,000 Fannie Mae Pool '906694' 6% 1/12/2036 503,583 1.81 US$707,507 Freddie Mac Gold Pool 'G12454' 5.5% 1/11/2021 707,212 2.54 US$702,515 Freddie Mac Gold Pool 'J03831' 5% 1/11/2021 690,367 2.48 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (US$) % US$200,000 Ge Capital Commercial Mortgage '2005-C1 A2' 4.353% 10/6/2048 195,254 0.70 US$500,000 General Electric Capital MTNA FRN 28/7/2008 501,088 1.80 US$200,000 Honda Auto Receivables Owner Trust '2006-3 A3' 5.12% 15/10/2010 199,750 0.72 US$500,000 HSBC Bank USA NA (New York NY) 'BKNT' FRN 10/6/2009 501,893 1.80 US$90,000 HSBC Finance 6.4% 17/6/2008 91,488 0.33 US$175,000 Keycorp '2000-C1 A2' 7.727% 17/5/2032 185,349 0.66 US$150,000 Morgan Stanley Capital I '2006-IQ12 A4' 5.332% 15/12/2043 149,647 0.54 US$170,000 Morgan Stanley Dean Witter Capital I '2000-LIFE A2' 7.57% 15/11/2036 178,918 0.64 US$200,000 Pfizer 5.625% 15/4/2009 202,310 0.73 US$110,000 Raytheon 6.75% 15/8/2007 110,817 0.40 US$150,000 Salomon Brothers Mortgage Securities VII '2000-C1 A2' 7.52% 18/12/2009 157,906 0.57 US$132,000 Socgen Real Estate '144A' 7.64% 30/9/2007 (Perpetual) (Pref) 134,093 0.48 US$601,000 US Treasury Bond 4.5% 15/2/2036 571,795 2.05 US$425,000 US Treasury Bond 4.625% 15/11/2016 422,045 1.51 US$65,000 US Treasury Bond 8% 15/11/2021 86,029 0.31 US$260,000 US Treasury Bond 9.125% 15/5/2018 358,211 1.29 US$180,000 US Treasury Inflation Indexed Bonds 2% 15/1/2026 168,785 0.61 US$120,000 US Treasury Inflation Indexed Bonds 2.5% 15/7/2016 120,822 0.43 US$400,000 Wells Fargo (Old) MTN FRN 10/3/2008 400,423 1.44 US$275,000 World Omni Auto Receivables Trust '2006-A A3' 5.01% 15/10/2010 274,475 0.98 €100,000 Zurich Finance USA EMTN 4.5% 17/9/2014 ___________ 132,767 ______ 0.48 ___________ 10,501,336 ______ 37.70 Total Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market ___________ 24,729,580 ______ 88.77 Unquoted Securities BONDS United States US$165,000 First Union National Bank Commercial Mortgage '1999-C4 D' 7.936% 15/12/2031 ___________ 176,390 ______ 0.63 Total Unquoted Securities ___________ 176,390 ______ 0.63 Total Portfolio 24,905,970 89.40 Other Net Assets ___________ 2,952,187 ______ 10.60 Total Net Assets (US$) ___________ 27,858,157 ______ 100.00 The notes on pages 213 to 219 form an integral part of these financial statements. Audited Annual Report and Accounts 197
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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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Emerging Markets Bond Fund continue
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Euro Bond Fund Portfolio of Investm
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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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Global Allocation Fund Portfolio of
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Global Bond Fund (Euro) continued P
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Global Bond Fund (US Dollar) Portfo
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Global Bond Fund (US Dollar) contin
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Global Capital Securities Absolute
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Global Capital Securities Absolute
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Global Dynamic Equity Fund (1) cont
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Global Enhanced Equity Yield Fund (
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Global Enhanced Equity Yield Fund (
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Global Equity Fund (1) Portfolio of
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Global Focus Fund Portfolio of Inve
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Global Fundamental Value Fund conti
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Global High Yield Bond Fund (Euro)
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Global High Yield Bond Fund (Euro)
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Global Opportunities Fund continued
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