Merrill Lynch International Investment Funds Audited Annual Report ...

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World Gold Fund continued Sector Breakdown as at 31 December 2006 % of net assets Gold 77.4 Platinum 9.5 Silver 4.1 Investment funds 2.0 Diamonds 1.6 Diversified 1.0 Copper 0.8 Other net assets ___________ 3.6 ___________ 100.0 204 Merrill Lynch International Investment Funds
World Healthscience 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$) % COMMON STOCKS (SHARES) Austria 50,000 Intercell ___________ 1,136,963 ______ 0.85 Bermuda 16,000 Warner Chilcott 'A' ___________ 218,400 ______ 0.16 Cayman Islands 17,000 Mindray Medical International ADR ___________ 415,820 ______ 0.31 Denmark 65,600 Genmab ___________ 4,437,528 ______ 3.33 France 53,000 Sanofi-Aventis ___________ 4,915,041 ______ 3.68 Germany 60,000 Bayer ___________ 3,215,924 ______ 2.41 India 80,000 Glenmark Pharmaceuticals 1,090,119 0.81 135,000 Sun Pharmaceuticals Industries ___________ 2,998,352 ______ 2.25 ___________ 4,088,471 ______ 3.06 Japan 25,000 Chugai Pharmaceutical 516,483 0.39 50,000 Kyorin ___________ 586,119 ______ 0.44 ___________ 1,102,602 ______ 0.83 Netherlands 200,000 Pharming Group ___________ 1,107,303 ______ 0.83 Sweden 51,000 Elekta 'B' ___________ 1,068,960 ______ 0.80 Switzerland 125,000 Novartis 7,193,213 5.39 30,000 Roche Holding (Genusscheine) 5,373,391 4.03 4,000 Speedel Holding ___________ 521,354 ______ 0.39 ___________ 13,087,958 ______ 9.81 United Kingdom 100,000 Shire ___________ 2,078,916 ______ 1.56 United States 174,000 Abbott Laboratories 8,475,540 6.35 10,000 Aetna 435,200 0.33 14,000 AmerisourceBergen 630,140 0.47 9,000 Arthrocare 364,230 0.27 15,000 Aspect Medical Systems 286,650 0.22 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (US$) % 34,000 Boston Scientific 582,080 0.44 9,000 Cardinal Health 581,130 0.44 25,000 Caremark Rx 1,426,000 1.07 107,000 Celgene 6,146,080 4.61 30,000 Cephalon 2,076,600 1.56 90,000 Cerner 4,192,200 3.14 6,000 Charles River Laboratories International 261,240 0.20 87,600 Covance 5,203,440 3.90 50,000 Cytyc 1,421,000 1.06 15,000 DaVita 850,200 0.64 100,000 DexCom 990,000 0.74 42,000 Emageon 652,260 0.49 408,100 Emdeon 5,129,817 3.84 163,600 Exelixis 1,475,672 1.11 19,000 Genentech 1,547,550 1.16 43,300 Gen-Probe 2,258,528 1.69 14,500 Gilead Sciences 950,910 0.71 100,800 Hansen Medical 1,222,704 0.92 35,000 HemoSense 148,750 0.11 162,000 Hologic 7,677,180 5.75 5,000 Human Genome Sciences 62,700 0.05 86,000 Intuitive Surgical 8,345,440 6.25 2,500 Laboratory Corporation of America Holdings 184,775 0.14 115,500 Medarex 1,718,640 1.29 45,000 Medimmune 1,458,000 1.09 12,000 PDL BioPharma 243,480 0.18 107,200 Progenics Pharmaceuticals 2,789,344 2.09 3,000 Quest Diagnostics 160,080 0.12 70,000 Schering-Plough 1,668,800 1.25 15,000 Somaxon Pharmaceuticals 210,000 0.16 210,000 SonoSite 6,623,400 4.96 20,000 St Jude Medical 733,400 0.55 10,000 Stryker 551,600 0.41 10,000 SuperGen 50,700 0.04 54,000 Thermo Fisher Scientific 2,456,460 1.84 25,000 Thoratec 445,250 0.33 110,100 UnitedHealth Group 5,920,077 4.44 4,000 Varian 184,080 0.14 9,000 Ventana Medical Systems 390,870 0.29 109,500 Vertex Pharmaceuticals 4,113,915 3.08 39,100 Vical 245,157 0.18 36,100 WebMD Health 'A'* ___________ 1,453,747 ______ 1.09 ___________ 94,995,016 ______ 71.19 Total Portfolio 131,868,902 98.82 Other Net Assets ___________ 1,577,489 ______ 1.18 Total Net Assets (US$) ___________ 133,446,391 ______ 100.00 ( * ) Securities lent, see Note 13 for further details. Sector Breakdown as at 31 December 2006 % of net assets Pharmaceuticals 38.3 Healthcare products 25.1 Biotechnology 12.9 Healthcare services 12.9 Medical technolgy 9.6 Other net assets ___________ 1.2 ___________ 100.0 The notes on pages 213 to 219 form an integral part of these financial statements. Audited Annual Report and Accounts 205
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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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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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Global SmallCap Fund continued Port
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India Fund (1) Portfolio of Investm
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Japan Opportunities Fund (1) Portfo
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Latin American Fund Portfolio of In
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Page 222 and 223: General Information Current Prospec
Page 224: Auditor’s Report to the Sharehold
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Merrill Lynch International Investment Funds Audited Annual Report ...

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