Merrill Lynch International Investment Funds Audited Annual Report ...

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Conservative Allocation Fund (Euro) 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 (€) % FUNDS France 55,000 LYXOR ETF Commodities CRB – ETF ___________ 1,188,550 ______ 1.10 Guernsey 1,500,000 Rutley European Property ___________ 1,500,000 ______ 1.39 Ireland 1,898 EETF – iShares DJ Euro STOXX 50 – ETF 78,596 0.07 4,458 Ishares – iShares FTSE 100 – ETF 41,178 0.04 3,824 iShares MSCI Japan Fund – ETF 41,159 0.04 18,294 iShares S&P 500 Index Fund – ETF ___________ 197,515 ______ 0.18 ___________ 358,448 ______ 0.33 Luxembourg 206,252 Goldman Sachs Global Currency Portfolio 'H' 2,087,268 1.93 161,320 Morgan Stanley SICAV – Asian Property Fund ___________ 2,168,391 ______ 2.01 ___________ 4,255,659 ______ 3.94 United Kingdom 375,000 JPMorgan Asian Investment Trust 844,657 0.78 296,232 Scottish Mortgage Investment Trust ___________ 2,316,036 ______ 2.15 ___________ 3,160,693 ______ 2.93 United States 52,500 iShares Dow Jones US Telecommunications Sector Index Fund – ETF ___________ 1,175,804 ______ 1.09 Total Funds ___________ 11,639,154 ______ 10.78 COMMON STOCKS (SHARES) Belgium 4,514 Delhaize Group 285,736 0.26 11,332 InBev 565,353 0.52 3,335 KBC Groep ___________ 308,321 ______ 0.29 ___________ 1,159,410 ______ 1.07 Bermuda 3,000,000 Macquarie International Infrastructure Fund 1,462,509 1.35 15,912 Weatherford International ___________ 503,926 ______ 0.47 ___________ 1,966,435 ______ 1.82 Brazil 24,639 Cia Vale do Rio Doce ADR ___________ 473,791 ______ 0.44 Canada 1,256 Suncor Energy ___________ 74,772 ______ 0.07 Cayman Islands 3,110 ACE ___________ 143,433 ______ 0.13 Denmark 10,811 Danske Bank ___________ 363,306 ______ 0.34 Finland 13,779 Fortum ___________ 297,075 ______ 0.27 France 1,930 Air Liquide 349,716 0.32 2,444 Assurances Generales de France 288,392 0.27 38,453 AXA 1,182,814 1.09 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (€) % 1,473 EDF – Electricite de France 81,310 0.08 4,034 LVMH Moet Hennessy Louis Vuitton 322,317 0.30 3,715 Societe Generale 481,092 0.45 12,269 Total ___________ 672,955 ______ 0.62 ___________ 3,378,596 ______ 3.13 Germany 6,475 Altana 304,325 0.28 8,903 Bayer 361,996 0.34 6,640 BMW – Bayerische Motoren Werke 288,906 0.27 15,377 Deutsche Post 351,211 0.33 3,371 Deutsche Postbank 215,643 0.20 906 Fresenius Medical Care & Co 91,479 0.08 9,162 Praktiker Bau- und Heimwerkermaerkte 248,015 0.23 4,049 RWE 338,091 0.31 9,927 SAP 399,661 0.37 6,670 Siemens ___________ 501,184 ______ 0.46 ___________ 3,100,511 ______ 2.87 Greece 2,491 Hellenic Telecommunications Organization ___________ 56,695 ______ 0.05 Guernsey 20,165 Amdocs ___________ 595,023 ______ 0.55 Ireland 55,298 Allied Irish Banks ___________ 1,244,205 ______ 1.15 Italy 70,110 Banca Intesa 397,524 0.37 18,669 ENI 476,806 0.44 2,529 Fastweb 109,607 0.10 31,291 Parmalat 101,618 0.10 175,619 Telecom Italia 403,924 0.37 72,235 UniCredito Italiano ___________ 480,854 ______ 0.44 ___________ 1,970,333 ______ 1.82 Japan 7,800 Canon 333,603 0.31 7,300 Credit Saison 191,059 0.18 3,400 Denso 102,443 0.09 83 KDDI 427,575 0.40 68 Sumitomo Mitsui Financial Group 529,578 0.49 8,000 Toyota Motor ___________ 406,503 ______ 0.38 ___________ 1,990,761 ______ 1.85 Netherlands 7,500 ABN AMRO Holding 183,225 0.17 20,318 Aegon 293,798 0.27 6,493 Randstad Holdings 340,233 0.32 25,581 STMicroelectronics 359,925 0.33 29,039 TNT 943,767 0.87 13,821 Unilever – CVA ___________ 287,615 ______ 0.27 ___________ 2,408,563 ______ 2.23 Norway 24,370 DnB NOR ___________ 262,498 ______ 0.24 South Korea 1,503 Kookmin Bank ___________ 91,860 ______ 0.09 Spain 39,752 Banco Santander Central Hispano 559,311 0.52 26,324 Telefonica ___________ 423,290 ______ 0.39 ___________ 982,601 ______ 0.91 64 Merrill Lynch International Investment Funds
Conservative Allocation 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 (€) % Sweden 14,524 Atlas Copco 'A' 371,891 0.34 134,455 Telefonaktiebolaget LM Ericsson 'B' ___________ 410,454 ______ 0.38 ___________ 782,345 ______ 0.72 Switzerland 8,737 Compagnie Financiere Richemont 'A' 386,023 0.36 21,609 Credit Suisse Group 1,138,164 1.05 5,034 Holcim 349,979 0.33 534 Nestle 143,620 0.13 11,538 Novartis 503,680 0.47 987 Swisscom 282,333 0.26 16,206 UBS ___________ 745,752 ______ 0.69 ___________ 3,549,551 ______ 3.29 Taiwan 160,000 Taiwan Semiconductor Manufacturing ___________ 251,376 ______ 0.23 United Kingdom 10,255 Anglo American 380,420 0.35 33,683 Aviva 412,322 0.38 36,996 BG Group 381,805 0.35 37,742 British American Tobacco 803,177 0.74 22,593 Cairn Energy 605,284 0.56 21,974 Drax Group 267,026 0.25 1,177 Enterprise Inns 23,715 0.02 30,855 GlaxoSmithKline 617,559 0.57 47,443 Home Retail Group 289,674 0.27 49,284 Imperial Chemical Industries 331,740 0.31 169,450 ITV 268,748 0.25 35,411 Marks & Spencer Group 378,104 0.35 5,106 NDS Group ADR 185,138 0.17 14,146 Resolution 135,140 0.12 14,015 Rio Tinto 567,279 0.52 20,576 Royal Bank of Scotland Group 610,692 0.57 19,817 Royal Dutch Shell 'B' 528,257 0.49 14,061 Standard Chartered 312,420 0.29 50,977 Tullow Oil 302,142 0.28 300,424 Vodafone Group 633,060 0.59 20,957 Xstrata 795,835 0.74 103,102 Yell Group ___________ 875,177 ______ 0.81 ___________ 9,704,714 ______ 8.98 United States 25,214 Abbott Laboratories 931,635 0.86 17,873 Activision 238,343 0.22 4,955 Capital One Financial 291,933 0.27 30,846 Cisco Systems 643,688 0.60 4,403 CIT Group 188,972 0.17 12,052 ConocoPhillips 663,715 0.61 6,479 Curtiss-Wright 185,873 0.17 8,802 DR Horton 179,405 0.17 7,179 DRS Technologies 285,842 0.26 4,737 Eli Lilly & Co 186,347 0.17 21,000 Hewlett-Packard 661,875 0.61 24,372 International Game Technology 855,414 0.79 4,771 Medco Health Solutions 193,294 0.18 7,937 Morgan Stanley 491,404 0.46 9,814 National Oilwell Varco 459,098 0.43 2,833 Praxair 128,015 0.12 36,240 Sprint Nextel 526,433 0.49 15,442 United Technologies 737,252 0.68 8,288 Wyeth ___________ 321,260 ______ 0.30 ___________ 8,169,798 ______ 7.56 Total Common Stocks (Shares) ___________ 43,017,652 ______ 39.81 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (€) % BONDS Australia €500,000 National Australia Bank EMTN FRN 27/7/2009 500,300 0.46 €500,000 St George Bank EMTN FRN 10/8/2009 500,710 0.47 €800,000 Torrens Trust '2006-1E A1' FRN 14/9/2037 801,208 0.74 €500,000 Westpac Banking EMTN FRN 22/1/2007 ___________ 499,930 ______ 0.46 ___________ 2,302,148 ______ 2.13 Canada €625,000 Bombardier FRN 15/11/2013 ___________ 626,920 ______ 0.58 Cayman Islands €75,000 CAM International EMTN 5.75% 3/4/2012 ___________ 75,319 ______ 0.07 Denmark €500,000 Danske Bank EMTN FRN 7/8/2007 499,933 0.46 €850,000 FIH Erhvervsbank EMTN FRN 3/11/2009 849,958 0.79 €1,000,000 Nykredit Realkredit FRN 20/9/2013 ___________ 997,000 ______ 0.92 ___________ 2,346,891 ______ 2.17 France €200,000 Alcatel 4.375% 17/2/2009 200,087 0.19 €200,000 Alstom 6.25% 3/3/2010 210,500 0.19 €500,000 France Telecom EMTN FRN 28/11/2008 499,783 0.46 €300,000 Gecina EMTN 3.625% 17/10/2007 298,344 0.28 €350,000 Pernod-Ricard FRN 6/6/2011 350,080 0.32 €250,000 RCI Banque EMTN FRN 6/7/2007 ___________ 249,848 ______ 0.23 ___________ 1,808,642 ______ 1.67 Germany €523,000 Bundesobligation '141' 4.25% 15/2/2008 524,982 0.49 €561,000 Bundesobligation '142' 3% 11/4/2008 555,054 0.51 €2,413,000 Bundesrepublik Deutschland '05' 4% 4/1/2037 2,386,829 2.21 €508,000 Bundesrepublik Deutschland '98' 5.25% 4/1/2008 514,772 0.48 €1,800,000 Bundesschatzanweisungen 2% 15/6/2007 1,786,410 1.65 €80,000 Commerzbank EMTN 6.125% 25/10/2010 85,414 0.08 €162,000 Commerzbank EMTN 6.5% 12/7/2010 173,092 0.16 €170,000 Deutsche Bank 5.375% 27/3/2012 170,534 0.16 €730,000 Landesbank Hessen-Thueringen Girozentrale '794' 4.75% 3/8/2007 ___________ 733,249 ______ 0.68 ___________ 6,930,336 ______ 6.42 Guernsey €460,000 ABB International Finance 6.5% 30/11/2011 500,802 0.47 €500,000 HSH N Finance Guernsey EMTN FRN 10/5/2007 ___________ 500,151 ______ 0.46 ___________ 1,000,953 ______ 0.93 India US$600,000 ICICI Bank 7.25% 31/10/2016 (Perpetual) ___________ 471,680 ______ 0.44 Ireland €500,000 Bank of Ireland EMTN FRN 23/5/2007 499,946 0.46 €500,000 GE Capital European Funding EMTN FRN 31/3/2008 500,075 0.46 €500,000 Ulster Bank Finance FRN 27/6/2008 ___________ 500,185 ______ 0.47 ___________ 1,500,206 ______ 1.39 The notes on pages 213 to 219 form an integral part of these financial statements. Audited Annual Report and Accounts 65
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Merrill Lynch International Investm
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Chairman’s Letter Merrill Lynch I
Page 6 and 7:
Statement of Net Assets as at 31 De
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Page 16 and 17: Statement of Net Assets as at 31 De
Page 18 and 19: Three Year Asset Summary as at 31 D
Page 36 and 37: Statement of Operations and Changes
Page 44 and 45: Statement of Changes in Shares Outs
Page 62 and 63: Asian Dragon Fund Portfolio of Inve
Page 64 and 65: Asian Tiger Bond Fund Portfolio of
Page 68 and 69: Conservative Allocation Fund (Euro)
Page 70 and 71: Conservative Allocation Fund (US Do
Page 72 and 73: Conservative Allocation Fund (US Do
Page 74 and 75: Continental European Flexible Fund
Page 76 and 77: Emerging Europe Fund continued Port
Page 78 and 79: Emerging Markets Fund continued Por
Page 80 and 81: Emerging Markets Bond Fund continue
Page 82 and 83: Euro Bond Fund Portfolio of Investm
Page 84 and 85: Euro Bond Fund continued Portfolio
Page 86 and 87: Euro Corporate Bond Fund (1) Portfo
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Page 90 and 91: Euro Reserve Fund continued Portfol
Page 92 and 93: Euro Short Duration Bond Fund (1) c
Page 94 and 95: European Fund Portfolio of Investme
Page 96 and 97: European Focus Fund Portfolio of In
Page 98 and 99: European Growth Fund continued Sect
Page 100 and 101: European Opportunities Fund continu
Page 102 and 103: Global Allocation Fund Portfolio of
Page 104 and 105: Global Allocation Fund continued Po
Page 110 and 111: Global Allocation Fund continued Wr
Page 112 and 113: Global Allocation Fund continued Sw
Page 114 and 115: 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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New Energy Fund Portfolio of Invest
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Pacific Equity Fund Portfolio of In
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Sterling Reserve Fund Portfolio of
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Strategic Allocation Fund (Euro) co
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Strategic Allocation Fund (US Dolla
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Strategic Allocation Fund (US Dolla
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UK Focus Fund Portfolio of Investme
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US Basic Value Fund Portfolio of In
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US Dollar Core Bond Fund Portfolio
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US Dollar Core Bond Fund continued
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US Dollar Core Bond Fund continued
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US Dollar High Yield Bond Fund Port
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US Dollar High Yield Bond Fund cont
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US Dollar Low Duration Bond Fund Po
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US Dollar Low Duration Bond Fund co
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US Dollar Reserve Fund Portfolio of
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US Flexible Equity Fund Portfolio o
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US Focused Value Fund Portfolio of
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US Government Mortgage Fund continu
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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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Page 222 and 223:
General Information Current Prospec
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Auditor’s Report to the Sharehold
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