Merrill Lynch International Investment Funds Audited Annual Report ...

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Conservative 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$) % FUNDS France 5,000 LYXOR ETF Commodities CRB – ETF ___________ 142,433 ______ 1.11 Ireland 790 EETF – iShares DJ Euro STOXX 50 – ETF 43,124 0.33 1,884 Ishares – iShares FTSE 100 – ETF 22,940 0.17 1,616 iShares MSCI Japan Fund – ETF 22,928 0.18 7,508 iShares S&P 500 Index Fund – ETF ___________ 106,857 ______ 0.83 ___________ 195,849 ______ 1.51 Luxembourg 55,054 Goldman Sachs Global Currency Portfolio 'I' 565,406 4.37 10,229 Morgan Stanley SICAV – Asian Property Fund 181,258 1.40 96 UBS-ETF DJ Japan Titans 100 – ETF ___________ 6,053 ______ 0.05 ___________ 752,717 ______ 5.82 United Kingdom 27,386 Scottish Mortgage Investment Trust 282,247 2.18 4,750 iShares Dow Jones US Telecommunications Sector Index Fund – ETF ___________ 140,244 ______ 1.09 ___________ 422,491 ______ 3.27 Total Funds ___________ 1,513,490 ______ 11.71 COMMON STOCKS (SHARES) Belgium 1,545 InBev 101,608 0.78 455 KBC Groep ___________ 55,450 ______ 0.43 ___________ 157,058 ______ 1.21 Bermuda 2,067 Weatherford International ___________ 86,297 ______ 0.67 Brazil 3,236 Cia Vale do Rio Doce ADR ___________ 82,033 ______ 0.63 Canada 1 Shoppers Drug Mart 43 0.00 163 Suncor Energy ___________ 12,792 ______ 0.10 ___________ 12,835 ______ 0.10 Cayman Islands 400 ACE ___________ 24,320 ______ 0.19 France 3,353 AXA ___________ 135,959 ______ 1.05 Germany 117 Fresenius Medical Care & Co ___________ 15,573 ______ 0.12 Guernsey 2,622 Amdocs ___________ 101,996 ______ 0.79 Ireland 4,933 Allied Irish Banks ___________ 146,312 ______ 1.13 Italy 333 Fastweb 19,025 0.15 4,266 Parmalat ___________ 18,262 ______ 0.14 ___________ 37,287 ______ 0.29 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (US$) % Japan 1,000 Canon 56,382 0.44 1,000 Credit Saison 34,502 0.27 400 Denso 15,888 0.12 11 KDDI 74,702 0.58 9 Sumitomo Mitsui Financial Group 92,399 0.71 1,000 Toyota Motor ___________ 66,985 ______ 0.52 ___________ 340,858 ______ 2.64 Netherlands 980 ABN AMRO Holding 31,560 0.25 2,358 TNT ___________ 101,022 ______ 0.78 ___________ 132,582 ______ 1.03 Norway 3,170 DnB NOR ___________ 45,013 ______ 0.35 South Korea 192 Kookmin Bank ___________ 15,470 ______ 0.12 Switzerland 1,655 Credit Suisse Group 114,910 0.89 74 Nestle 26,236 0.20 2,112 UBS ___________ 128,115 ______ 0.99 ___________ 269,261 ______ 2.08 Taiwan 22,000 Taiwan Semiconductor Manufacturing ___________ 45,566 ______ 0.35 United Kingdom 4,908 British American Tobacco 137,682 1.06 1,759 Cairn Energy 62,121 0.48 669 NDS Group ADR 31,978 0.25 745 Rio Tinto 39,751 0.31 1,600 Xstrata 80,094 0.62 9,247 Yell Group ___________ 103,471 ______ 0.80 ___________ 455,097 ______ 3.52 United States 3,287 Abbott Laboratories 160,110 1.24 2,318 Activision 40,750 0.32 644 Capital One Financial 50,019 0.38 4,007 Cisco Systems 110,233 0.85 571 CIT Group 32,307 0.25 1,566 ConocoPhillips 113,692 0.88 846 Curtiss-Wright 31,996 0.25 1,145 DR Horton 30,766 0.24 933 DRS Technologies 48,973 0.38 610 Eli Lilly & Co 31,635 0.24 2,730 Hewlett-Packard 113,431 0.88 3,166 International Game Technology 146,491 1.13 612 Medco Health Solutions 32,687 0.25 1,029 Morgan Stanley 83,987 0.65 1,338 National Oilwell Varco 82,514 0.64 370 Praxair 22,041 0.17 4,943 Sprint Nextel 94,659 0.73 2,009 United Technologies 126,446 0.98 1,130 Wyeth ___________ 57,743 ______ 0.45 ___________ 1,410,480 ______ 10.91 Total Common Stocks (Shares) ___________ 3,513,997 ______ 27.18 68 Merrill Lynch International Investment Funds
Conservative 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 BONDS Holding Description Value (US$) % US$210,000 Australia National Australia Bank EMTN FRN 15/3/2007 ___________ 210,142 ______ 1.62 Canada €50,000 Bombardier FRN 15/11/2013 ___________ 66,113 ______ 0.51 France €30,000 Alcatel 4.375% 17/2/2009 39,564 0.31 €50,000 Pernod-Ricard FRN 6/6/2011 ___________ 65,926 ______ 0.51 ___________ 105,490 ______ 0.82 Germany €202,000 Bundesrepublik Deutschland '05' 4% 4/1/2037 ___________ 263,392 ______ 2.04 Guernsey €30,000 ABB International Finance 6.5% 30/11/2011 ___________ 43,054 ______ 0.33 International ¥60,600,000 European Investment Bank 1.4% 20/6/2017 ___________ 496,397 ______ 3.84 Italy €215,000 Italy Buoni Poliennali Del Tesoro 3.75% 1/8/2016 ___________ 274,455 ______ 2.12 Poland PLN1,670,000 Poland Government Bond '1015' 6.25% 24/10/2015 ___________ 616,293 ______ 4.76 South Africa ZAR3,000,000 Republic of South Africa 'R153' 13% 31/8/2010 ___________ 494,090 ______ 3.82 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (US$) % Sweden €20,000 Scandinavian Airlines System EMTN 6% 20/6/2008 ___________ 26,892 ______ 0.21 United Kingdom US$205,000 HBOS Treasury Services EMTN FRN 1/10/2007 205,143 1.59 US$210,000 Northern Rock EMTN FRN 10/11/2008 ___________ 210,576 ______ 1.63 ___________ 415,719 ______ 3.22 United States US$210,000 Bank of America MTNK 5.48% 18/9/2009 210,345 1.63 US$210,000 Berkshire Hathaway Finance FRN 11/1/2008 210,333 1.63 US$200,000 Citigroup FRN 4/6/2007 200,112 1.55 US$250,000 US Treasury Bill 0% 18/1/2007 249,340 1.93 US$1,100,000 US Treasury Bill 0% 22/2/2007 1,091,883 8.44 US$500,000 US Treasury Bill 0% 1/3/2007 495,819 3.83 US$1,100,000 US Treasury Bill 0% 8/3/2007 1,089,796 8.43 US$500,000 US Treasury Bill 0% 15/3/2007 494,891 3.83 US$485,000 US Treasury Bond 4% 30/9/2007 481,363 3.72 US$210,000 Wells Fargo (Old) MTN FRN 10/3/2008 ___________ 210,222 ______ 1.63 ___________ 4,734,104 ______ 36.62 Total Bonds ___________ 7,746,141 ______ 59.91 Total Portfolio 12,773,628 98.80 Other Net Assets ___________ 154,753 ______ 1.20 Total Net Assets (US$) ___________ 12,928,381 ______ 100.00 Sector Breakdown as at 31 December 2006 % of net assets Fixed interest 59.9 Investment funds 11.7 Finance 7.7 Information technology 3.9 Consumer discretionary 2.8 Energy 2.8 Industrials 2.4 Healthcare 2.3 Consumer staples 2.2 Materials 1.7 Telecommunication services 1.5 Other net assets ___________ 1.2 ___________ 100.0 Open Futures Contracts as at 31 December 2006 Number Expiration Value of Contracts Contract/Description date US$ 1 Hang Seng January 2007 128,770 3 Australian 3 Year Treasury Bond March 2007 222,624 (4) DJ Euro STOXX 50 March 2007 (219,246) 15 Eurex Euro Bund March 2007 2,296,467 (5) Euro DTB BOBL March 2007 (717,374) (1) Japanese Government Bond (TSE) March 2007 (1,128,058) (2) Nikkei 225 (SIMEX) March 2007 (145,289) (7) S&P 500 E-Mini March 2007 (502,425) (14) US Treasury 10 Year Note March 2007 (1,504,125) (12) US Treasury 5 Year Note March 2007 _________ (1,260,375) Total commitment _________ (2,829,031) Note: The net unrealised profit of US$10,886 attributed to these transactions is included in the Statement of Net Assets (see Note 2c). The notes on pages 213 to 219 form an integral part of these financial statements. Audited Annual Report and Accounts 69
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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
Page 20 and 21: 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 66 and 67: Conservative Allocation Fund (Euro)
Page 68 and 69: Conservative Allocation Fund (Euro)
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
Page 88 and 89: Euro Corporate Bond Fund (1) contin
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
Page 116 and 117: Global Bond Fund (US Dollar) Portfo
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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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General Information Current Prospec
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Auditor’s Report to the Sharehold
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