Merrill Lynch International Investment Funds Audited Annual Report ...

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Euro Reserve 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 (€) % Spain €8,000,000 BBVA – Banco Bilbao Vizcaya Argentaria FRN 16/6/2008 8,007,440 1.57 €5,000,000 BBVA Senior Finance SA Unipersonal EMTN FRN 28/9/2007 5,000,200 0.98 €7,000,000 BPE Financiaciones '1' FRN 30/7/2007 6,998,040 1.37 €10,000,000 BPE Financiaciones DMTN FRN 22/5/2009 9,995,527 1.95 €12,000,000 Caja de Ahorros y Monte de Piedad de Madrid FRN 21/2/2008 12,001,440 2.35 €5,000,000 Santander International Debt EMTN FRN 25/1/2010 ___________ 4,994,850 ______ 0.98 ___________ 46,997,497 ______ 9.20 Sweden €10,000,000 Swedbank Hypotek EMTN FRN 18/1/2008 9,996,000 1.96 €10,000,000 Swedish Housing Finance EMTN FRN 14/9/2007 9,998,712 1.96 €3,240,000 Vattenfall Treasury EMTN 6.125% 21/9/2007 ___________ 3,287,482 ______ 0.64 ___________ 23,282,194 ______ 4.56 United Arab Emirates €700,000 Emirates Bank International EMTN FRN 15/6/2011 ___________ 699,475 ______ 0.14 United Kingdom €5,000,000 Abbey National FRN 28/6/2012 5,009,800 0.98 €1,498,000 Abbey National Treasury Services (London) FRN 14/5/2008 1,500,696 0.29 €4,000,000 Abbey National Treasury Services (London) FRN 27/5/2009 4,006,600 0.78 €5,000,000 Bank of Scotland EMTN 5.125% 5/12/2013 5,085,250 1.00 €7,500,000 HBOS FRN 26/8/2010 (Perpetual) 7,668,750 1.50 €5,000,000 MBNA Europe Funding EMTN 4.5% 23/1/2009 5,036,050 0.99 €10,000,000 Rio Tinto Finance EMTN 5.125% 10/5/2007 10,040,950 1.96 €4,000,000 Royal Bank of Scotland MTN1 FRN 7/10/2013 4,019,675 0.79 €5,000,000 Tesco EMTN 5.25% 7/5/2008 ___________ 5,073,875 ______ 0.99 ___________ 47,441,646 ______ 9.28 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (€) % United States €10,000,000 American International Group EMTN FRN 26/4/2011 10,005,000 1.96 €2,750,000 Bank of America EMTN FRN 20/11/2008 2,754,469 0.54 €15,000,000 Bank One NA (Columbus OH) EMTN FRN 27/5/2008 15,029,850 2.94 €20,000,000 Citigroup 4.625% 14/11/2007 20,104,848 3.93 €1,049,000 Coca-Cola Enterprises EMTN 5.875% 8/3/2007 1,052,627 0.21 €10,000,000 General Electric Capital EMTN 5.125% 20/6/2007 10,050,250 1.97 €2,000,000 Goldman Sachs Group 4.125% 6/2/2008 2,003,893 0.39 €7,000,000 Goldman Sachs Group EMTN FRN 11/5/2011 7,009,450 1.37 €5,000,000 HSBC Finance 5.875% 31/3/2008 ___________ 5,106,961 ______ 1.00 ___________ 73,117,348 ______ 14.31 Total Bonds ___________ 442,016,915 ______ 86.50 COMMERCIAL PAPER France €2,000,000 Caixa Geral de Depositos (Paris) 0% 13/12/2007 ___________ 1,921,965 ______ 0.38 Jersey €5,000,000 Amstel Euro Funding 0% 6/6/2007 ___________ 4,914,902 ______ 0.96 United Kingdom €8,000,000 Alliance & Leicester 0% 8/6/2007 7,862,130 1.54 €5,000,000 Northern Rock 0% 10/4/2007 ___________ 4,946,652 ______ 0.97 ___________ 12,808,782 ______ 2.51 Total Commercial Paper ___________ 19,645,649 ______ 3.85 Total Portfolio 461,662,564 90.35 Other Net Assets ___________ 49,334,174 ______ 9.65 Total Net Assets (€) ___________ 510,996,738 ______ 100.00 88 Merrill Lynch International Investment Funds
Euro Short Duration Bond Fund (1) 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 (€) % BONDS Australia US$540,000 Australia & New Zealand Banking Group EMTN 5.5% 24/5/2011 414,614 1.08 €500,000 Torrens Trust '2006-1E A1' FRN 14/9/2037 ___________ 500,755 ______ 1.30 ___________ 915,369 ______ 2.38 Cayman Islands €450,000 CAM International EMTN 5.75% 3/4/2012 ___________ 451,914 ______ 1.17 Denmark €400,000 FIH Erhvervsbank EMTN FRN 3/11/2009 ___________ 399,980 ______ 1.04 France €3,450,000 French Treasury Note BTAN 3.5% 12/9/2008 3,427,471 8.90 €360,000 Gecina EMTN 3.625% 17/10/2007 ___________ 358,013 ______ 0.93 ___________ 3,785,484 ______ 9.83 Germany €100,000 Bundesobligation '141' 4.25% 15/2/2008 100,379 0.26 €7,856,000 Bundesobligation '142' 3% 11/4/2008 7,772,740 20.19 €100,000 Bundesobligation '143' 3.5% 10/10/2008 99,348 0.26 €400,000 Bundesrepublik Deutschland '05' 4% 4/1/2037 ___________ 395,662 ______ 1.02 ___________ 8,368,129 ______ 21.73 Greece €2,200,000 Hellenic Republic Government Bond 2.9% 21/6/2008 2,168,100 5.63 €3,500,000 Republic of Greece 3.4% 21/6/2009 ___________ 3,452,925 ______ 8.97 ___________ 5,621,025 ______ 14.60 Iceland ISK19,000,000 Housing Financing Fund 3.75% 15/9/2014 ___________ 186,495 ______ 0.48 Italy €782,000 Republic of Italy 3% 15/4/2009 767,596 2.00 €5,000,000 Republic of Italy 3.75% 15/6/2009 ___________ 4,979,350 ______ 12.93 ___________ 5,746,946 ______ 14.93 Japan US$200,000 Aiful 4.45% 16/2/2010 145,708 0.38 €500,000 Resona Bank EMTN 3.75% 15/4/2015 ___________ 490,087 ______ 1.27 ___________ 635,795 ______ 1.65 Transferable Securities Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market Holding Description Value (€) % Jersey US$320,000 Old Mutual Capital Funding 8% 22/12/2008 (Perpetual) ___________ 253,440 ______ 0.66 Luxembourg €250,000 HypoVereinsbank Luxembourg 6% 18/12/2008 ___________ 257,316 ______ 0.67 Netherlands €300,000 Deutsche Telekom International Finance 7.5% 29/5/2007 304,096 0.79 €100,000 LeasePlan 4.5% 8/11/2016 99,598 0.26 €4,800,000 Netherlands Government 2.5% 15/1/2008 4,734,875 12.30 €400,000 Saint-Gobain Nederland 5.125% 9/7/2008 ___________ 405,328 ______ 1.05 ___________ 5,543,897 ______ 14.40 United Kingdom DM575,000 AMP UK Finance Services EMTN 4.875% 27/11/2008 296,223 0.77 €425,000 Nationwide Building Society EMTN 3.125% 26/1/2010 412,280 1.07 €700,000 Permanent Financing '4A1' 5.1% 11/6/2007 703,328 1.83 €160,000 Prudential EMTN 5.75% 19/12/2021 ___________ 169,520 ______ 0.44 ___________ 1,581,351 ______ 4.11 United States €300,000 Fortune Brands 3.5% 30/1/2009 294,624 0.76 US$260,000 ICI Wilmington 4.375% 1/12/2008 192,135 0.50 €500,000 New York Life Global Funding GMTN 3.75% 19/10/2009 495,067 1.28 €500,000 SES Global Americas Holdings Group 4.25% 17/12/2007 500,270 1.30 US$2,000,000 US Treasury Inflation Indexed Bonds 2.5% 15/7/2016 1,527,496 3.97 US$85,000 Weyerhaeuser 6.125% 15/3/2007 64,528 0.17 US$300,000 Yum! Brands 7.65% 15/5/2008 ___________ 234,071 ______ 0.61 ___________ 3,308,191 ______ 8.59 Total Portfolio 37,055,332 96.24 Other Net Assets ___________ 1,447,035 ______ 3.76 Total Net Assets (€) ___________ 38,502,367 ______ 100.00 (1) Fund name changed, see Note 1, for further details. The notes on pages 213 to 219 form an integral part of these financial statements. Audited Annual Report and Accounts 89
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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 Operations and Changes
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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)
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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 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
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Page 110 and 111: Global Allocation Fund continued Wr
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Page 114 and 115: Global Bond Fund (Euro) continued P
Page 116 and 117: Global Bond Fund (US Dollar) Portfo
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Page 120 and 121: Global Capital Securities Absolute
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Page 124 and 125: Global Dynamic Equity Fund (1) cont
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Page 134 and 135: Global Enhanced Equity Yield Fund (
Page 136 and 137: Global Equity Fund (1) Portfolio of
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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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