Merrill Lynch International Investment Funds Summary of

34 Merrill Lynch International Investment Funds

Investment Managers

Merrill Lynch International Investment Funds

Summary of Prospectus

This Addendum should be read in conjunction with the Summary of Prospectus dated 19th May 2003 (the“Summary”), as modified and supplemented by the Addendum dated 20th May 2003, and the most recent and, iflater, half-yearly Report and Accounts of the Company.

Since the issuance of the Summary, the following change has occurred with effect from 1st Sept 2003:

Insert the following in the section headed ‘Introduction to Merrill Lynch International Investment Funds’, on page4, in the tenth line of the fourth paragraph:

“Distributing Shares for each relevant Class of fixed income Fund are further sub-divided into Shares with monthlycalculation of dividend and Shares with daily calculation of dividend (known hereafter as Distributing (M) Sharesand Distributing (D) Shares, respectively). Investors may chose to hold either Distributing (M) Shares or Distributing(D) Shares but may not hold both. Dividends are calculated annually for Distributing Shares of equity funds (whereavailable). See the Dividends section below for further details.”

Insert the following on page 26 after the first sentence, under the heading ‘Conversion Procedure’:

“Investors may make conversions of their shareholdings between the same Class of Shares of the various Funds andthereby alter the balance of their portfolios to reflect changing market conditions.

Shareholders may also convert between Distributing and Non-Distributing Shares of the same Class.

However, converting between Distributing (M) Shares and Distributing (D) Shares is not permitted.

With the exception of Class Q Shares to Class B Shares, any other conversions from Shares of one class of a Fund toShares of another Class of either the same or different Fund (for example conversion of Class A Shares into Class BShares) are not permitted.”

Amend the first sentence of the third paragraph under the heading ‘Dividends’ on page 27 as follows:

“Dividends are paid monthly on the fixed income Distributing Funds and annually on the equity DistributingFunds.”

Insert the following new section on page 28 after the section headed ‘Dividends’:

“Calculation of DividendsFor Distributing (M) Shares the dividend is calculated monthly based upon income accrued during the dividendperiod less expenses. The dividend is distributed to Shareholders based upon the number of shares held at monthend. For Distributing (D) Shares the dividend is calculated daily based upon daily-accrued income less expenses,for the number of Shares outstanding for that day. A cumulative monthly dividend is then distributed toShareholders based upon the number of Shares held and the number of days for which they were held during theperiod. Holders of Distributing (D) Shares shall be entitled to dividends from the date of subscription to the dateof redemption.

For Distributing Shares on equity Funds the dividend is calculated annually based upon income accrued during thedividend period less expenses. The dividend is distributed to Shareholders based upon the number of Shares heldat the end of the annual period.”

Amend the first and second sentences of the first paragraph under the heading ‘Declaration and Payment ofDividends’ on page 28 as follows:

MERRILL LYNCH INTERNATIONAL INVESTMENT FUNDS(the “Company”)

SECOND ADDENDUM TO THE SUMMARY OF PROSPECTUS

“Dividends on fixed income Distributing Funds are declared on the last Business Day of each calendar month andon equity Distributing Funds on the last Business Day of each fiscal year in the Dealing Currency(ies) of the relevantFund. Dividends are paid within 10 Business Days of that date to Shareholders registered in the share register onthe Business Day prior to the declaration date or, in the case of Distributing (D) Shares, to Shareholders holdingShares during the period following the previous declaration.”

Amend the fourth sentence of the first paragraph under the heading ‘Declaration and Payment of Dividends’ onpage 28 as follows:

“Unless Shareholders request to the contrary, dividends of less than US$100 (or currency equivalent) will beautomatically reinvested in the Fund (although Shareholders acquiring Shares through Merrill Lynch will receivepayment - see ‘Reinvestment of Dividends’ below).”

Sept 2003

Merrill Lynch International Investment Funds 35

MERRILL LYNCH INTERNATIONAL INVESTMENT FUNDS(the “Company”)

Addendum to the Summary of Prospectus

This Addendum should be read in conjunction with the Summary of Prospectus dated 19th May 2003 (the“Summary”), as modified and supplemented by this Addendum, and the most recent and, if later, half-yearlyReport and Accounts of the Company.

Since the issuance of the Summary , the following change has occurred with effect from 20 May 2003 :

Securities Lending Transactions

A new paragraph shall be added to page 29 of the Summary under the section headed ‘Relationship withMerrill Lynch & Co. Inc.’, given the intention to make a more extensive use of the securities lendingpossibilities described in the Prospectus and shall read as follows :

“With reference to Paragraph 3.8. of Appendix A, the Company has appointed Merrill Lynch InvestmentManagers, LLC (“MLIM LLC”), having its registered office at 800 Scudders Mill Road, Plainsboro, 08536, NewJersey, USA as its stocklending agent. MLIM LLC has the discretion to arrange stock loans with highly ratedspecialist financial institutions (the “counterparties”). Such counterparties can include associates of MLIM LLC.Collateral, in the form of cash, could be subsequently invested in money market instruments with a rating ofA-1 or equivalent. Collateral is marked to market on a daily basis and stock loans are repayable upondemand. At the cost of the Company, MLIM LLC receives remuneration in relation to its activities above. Suchremuneration shall not exceed 50% of the revenue from the activities.”

20 May 2003


Contents Page

The Merrill Lynch International Investment Funds Range 2-3

Introduction to Merrill Lynch International Investment Funds 4-17

How to Invest 17-19

Fees and Charges 20-24

Additional Information 24-31

Management and Administration 32-33

Hong Kong RepresentativeMerrill Lynch Investment Managers (Asia) Limited

22nd Floor, Citibank Tower3 Garden Road, Central, Hong Kong

Telephone: (852) 2161-7747 Fax: (852) 2161-7755

Important: If you are in any doubt about the contents of this document or whether an investment in MerrillLynch International Investment Funds (the “Company”) is suitable for you, you should consult yourstockbroker, bank manager, solicitor, accountant, relationship manager or other professional adviser.

All decisions to subscribe for Shares should be made on the basis of the information contained in the fullProspectus of the Company which is available from the Hong Kong Representative (above).

Investors should be aware of the risk warnings on pages 5 to 9. The price of Shares may go down as well as upand no assurance can be given that the Funds will achieve their investment objectives. Changes in the rates ofexchange between currencies may cause the value of Shares, expressed in their currency of denomination, togo up or down. Accordingly, an investor may not receive back the amount he or she invested.

The Company is authorised by the Securities and Futures Commission in Hong Kong as a mutual fundcorporation. It must be understood that the Securities and Futures Commission does not take anyresponsibility for the financial soundness of any schemes or for the correctness of any statements made oropinions expressed in this document. No money should be paid to any intermediary in Hong Kong who is nota dealer or exempt dealer within the meaning of the Hong Kong Securities Ordinance.

A copy of the Prospectus has been registered by the Registrar of Companies in Hong Kong as required bysection 342C of the Hong Kong Companies Ordinance. The Registrar of Companies in Hong Kong takes noresponsibility as to the contents of the Prospectus.

The Directors of the Company have taken all reasonable care to ensure that the facts stated herein are trueand accurate in all material respects at the date of publication. The Directors accept responsibility accordingly.

19 May 2003


THE MERRILL LYNCH INTERNATIONAL INVESTMENT FUNDS RANGE

DEALING ADDITIONAL& BASE DEALING DIVIDENDS

FUND CURRENCY CURRENCY AVAILABLEAsian Dragon Fund US$ £ & €Asian Tiger Bond Fund US$ YesCorporate Bond Fund (Euro) € US$ YesEmerging Europe Fund € US$Emerging Markets Fund US$ €Euro Global Balanced Fund €Euro Global Bond Fund € YesEuro Markets Fund € US$ Yes1

European Bond Fund € US$ YesEuropean Fund € US$European Growth Fund € US$European Opportunities Fund € US$European Value Fund € £ & US$ Yes1

Euro Reserve Fund €Euro Triple A 70 Fund €Euro Triple A 50 Fund €Euro Triple A 30 Fund € YesGlobal Allocation Fund US$ €Global Equity Fund US$ € Yes1

Global Equity Ex Europe Fund €Global Fundamental Value Fund US$ €Global High Yield Bond Fund (Euro)* € US$ YesGlobal Opportunities Fund US$ €Global SmallCap Fund US$ €Global Short-Term Bond Fund (Euro) € YesJapan Fund US$ €Japan Opportunities Fund US$ €Latin American Fund US$ £ & €New Energy Fund US$ €Pacific Equity Fund US$ £ & €Sterling Bond Fund £ US$ YesSterling Reserve Fund £United Kingdom Fund £ US$ and €US Basic Value Fund US$ £ & € Yes1

US Core Bond Fund US$ YesUS Dollar Global Balanced Fund US$US Dollar Global Bond Fund US$ YesUS Dollar Reserve Fund US$US Equity Fund US$ € Yes1

US Flexible Equity Fund US$ €US Focused Value Fund US$ €US Government Mortgage Fund US$ YesUS Growth Fund US$ €US High Yield Bond Fund US$ YesUS Low Duration Bond Fund US$ € YesUS Opportunities Fund US$ €US SmallCap Value Fund US$ €US$ Triple A 70 Fund US$US$ Triple A 50 Fund US$US$ Triple A 30 Fund US$ YesWorld Energy Fund US$ €World Financials Fund US$ €


DEALING ADDITIONAL& BASE DEALING DIVIDENDS

FUND CURRENCY CURRENCY AVAILABLEWorld Gold Fund US$ €World Healthscience Fund US$ €World Mining Fund US$ €World Technology Fund US$ £ & €World Telecoms Fund US$ €World Utilities Fund US$ €

* Formerly European High Yield Bond Fund

1 Distributing Shares available for Class A Shares only and only in the Base Currency of the Funds in Question.


INTRODUCTION TO MERRILL LYNCHINTERNATIONAL INVESTMENT FUNDS

Merrill Lynch International Investment Funds aims tocombine investment performance with flexibility. Itoffers investors an exceptionally wide range ofinvestment options across the world’s equity andfixed-interest markets. Investors can use MerrillLynch International Investment Funds to constructtheir own portfolio or leave the asset allocation toMerrill Lynch Investment Managers.

Merrill Lynch International Investment Funds isincorporated in Luxembourg as an open-endedinvestment company and qualifies as a Part I UCITS(Undertaking for Collective Investment inTransferable Securities). It has an “umbrella”structure comprising 58 different funds (each a“Fund”), each having a separate portfolio ofinvestments.

Each Fund specialises in a particular investmentmarket or geographical region, and holds a widespread of investments, and this diversificationreduces overall investment risk. A simple and speedyswitching facility (see “Conversions andRedemptions” on page 18) benefits investors whowish to move from, for example, bonds to equitiesor from one geographical region to another inresponse to changing market conditions.

Shares in the Funds are divided into Class A, Class B,Class C, Class E, Class Q and Class X Sharesrepresenting different charging structures. For theDistributing Funds (see page 27), Class A, Class B,Class C and Class Q Shares are further divided intoDistributing and Non-Distributing Share classes.Class A, Class B, Class C and Class Q Non-DistributingShares do not pay dividends where as Class A, ClassB, Class C and Class Q Distributing Shares paymonthly dividends. See ‘Dividends’ on page 27 forfurther information.

References to Shares throughout this Summary ofProspectus (the “Summary”) are to Class ADistributing and Class A Non-Distributing Shares,unless otherwise stated.

Class B Shares are available to clients of MerrillLynch (which provides nominee facilities toinvestors) and other investors at the discretion ofthe Manager. Class C Shares are available to clientsof Merrill Lynch (which provides nominee facilitiesto investors) and other investors at the discretion ofthe Manager. Class E Shares are not available inHong Kong. Class Q Shares were originally known asClass B Registered Shares but are no longer availablefor subscription. Class X Shares are available at thediscretion of the Manager and its affiliates. Pleasesee ‘Form of Shares’ on page 24 for furtherinformation. A copy of the full prospectus of theCompany (in English or Chinese) with furtherinformation on all classes of Shares is available fromthe Hong Kong Representative at the address onpage 1.

All Share Classes of Merrill Lynch InternationalInvestment Funds are listed on the LuxembourgStock Exchange.

Merrill Lynch Investment Managers Worldwide offices

BahrainBrisbaneMontrealNew YorkSydney

Hong KongSeoulSingaporeTaipei

AmsterdamFrankfurtIsle of ManJersey

LondonLuxembourgMadridZurich


MERRILL LYNCH INVESTMENT MANAGERS

Merrill Lynch Investment Managers Limited is theprincipal operating subsidiary of Merrill LynchInvestment Managers Group Limited, which is asubsidiary of Merrill Lynch & Co., Inc. It is regulatedby the Financial Services Authority (“The FSA”).

Merrill Lynch Investment Managers Limited formspart of the Merrill Lynch Investment Managersgroup (the “MLIM Group”), a business division ofthe Merrill Lynch group of companies. The MLIMGroup currently employs over 3000 staff whoprovide investment management servicesinternationally for institutional and private clients.The MLIM Group has over US$ 499 billion of assetsunder management and is represented in 31countries. The Merrill Lynch group of companies(“ML Group”) is a major financial services group, theglobal activities of which include not only those ofthe MLIM Group, but also investment banking andsecurities brokerages businesses.

The MLIM Group companies and predecessorcompanies have been managing clients’ investmentssince 1946. Merrill Lynch Investment Managersmanages investment portfolios for clients worldwideincluding governments, pension funds (includingthose of over 55 of the 100 largest UK companies),multinational corporations, mutual funds, charitiesand individual clients. These clients have come toMerrill Lynch Investment Managers because of thereputation it has built for achieving sound long-term investment performance.

Merrill Lynch Investment Managers has offices in themajor financial centres around the world, providinginvestors with the benefit of local experience.Investment judgements are thus made on the basisof in-depth, up-to-the-minute knowledge ofactivities and conditions in international stock andbond markets.

SPECIAL RISK CONSIDERATIONS

Emerging Markets

The following considerations, which apply to someextent to all international investment, are ofparticular significance in certain smaller andemerging markets. Funds investing in equities(see Investment Objectives and Policies below)may include investments in certain smaller andemerging markets, which are typically those ofpoorer or less developed countries. The prospectsfor economic growth in a number of these marketsare considerable and equity returns have the potentialto exceed those in mature markets as growth isachieved. However, share price and currencyvolatility are generally higher in emerging markets.

Some governments exercise substantial influenceover the private economic sector and the politicaland social uncertainties that exist for manydeveloping countries are particularly significant.

In adverse social and political circumstances,governments have been involved in policies ofexpropriation, confiscatory taxation, nationalisation,intervention in the securities market and tradesettlement, and imposition of foreign investmentrestrictions and exchange controls, and these couldbe repeated in the future. In addition towithholding taxes on investment income, someemerging markets may impose different capitalgains taxes on foreign investors.

Generally accepted accounting, auditing andfinancial reporting practices in emerging marketsmay be significantly different from those indeveloped markets. Compared to mature markets,some emerging markets may have a low level ofregulation, enforcement of regulations andmonitoring of investors’ activities. Those activitiesmay include practices such as trading on materialnon-public information.

The securities markets of developing countries arenot as large as the more established securitiesmarkets and have substantially less trading volume,resulting in a lack of liquidity and high pricevolatility. There may be a high concentration ofmarket capitalisation and trading volume in a smallnumber of issuers representing a limited number ofindustries as well as a high concentration ofinvestors and financial intermediaries. These factorsmay adversely affect the timing and pricing of aFund’s acquisition or disposal of securities.

Practices in relation to settlement of securitiestransactions in emerging markets involve higherrisks than those in developed markets, in partbecause the Company will need to use brokers andcounterparties which are less well capitalised, andcustody and registration of assets in some countriesmay be unreliable. Delays in settlement could resultin investment opportunities being missed if a Fund isunable to acquire or dispose of a security. TheCustodian is responsible for the proper selection andsupervision of its correspondent banks in all relevantmarkets in accordance with Luxembourg law andregulation.

In certain emerging markets, registrars are notsubject to effective government supervision nor arethey always independent from issuers. Thepossibility of fraud, negligence, undue influencebeing exerted by the issuer or refusal to recogniseownership exists, which, along with other factors,


could result in the registration of a shareholdingbeing completely lost. Investors should therefore beaware that the Funds concerned could suffer lossarising from these registration problems and as aresult of archaic legal systems a Fund may be unableto make a successful claim for compensation.

While the factors described above may result in agenerally higher level of risk with respect to theindividual smaller and emerging markets, these maybe reduced by the low correlation between theactivities of those markets and/or by thediversification of investments within the relevantFunds.

Any Fund investing directly in Russia will limit itsexposure to no more than 10% of its Net AssetValue.

Special Risk Considerations for Russia

Investments in Russia are currently subject to certainheightened risks with regard to the ownership andcustody of securities. In Russia, this is evidenced byentries in the books of a company or its registrar(which is neither an agent nor responsible to theCustodian). No certificates representing ownershipof Russian companies will be held by the Custodianor any correspondent or in an effective centraldepositary system. As a result of this system and thelack of state regulation and enforcement, theCompany could lose its registration and ownershipof Russian securities through fraud, negligence oreven mere oversight.

Sovereign Debt

Certain developing countries are especially largedebtors to commercial banks and foreigngovernments. Investment in debt obligations(“Sovereign Debt”) issued or guaranteed bydeveloping governments or their agencies andinstrumentalities (“governmental entities”) involvesa high degree of risk. The governmental entity thatcontrols the repayment of Sovereign Debt may notbe able or willing to repay the principal and/orinterest when due in accordance with the terms ofsuch debt. A governmental entity’s willingness orability to repay principal and interest due in a timelymanner may be affected by, among other factors, itscash flow situation, the extent of its foreignreserves, the availability of sufficient foreignexchange on the date a payment is due, the relativesize of the debt service burden to the economy as awhole, the governmental entity’s policy towards theInternational Monetary Fund and the politicalconstraints to which a governmental entity may besubject. Governmental entities may also bedependent on expected disbursements from foreigngovernments, multilateral agencies and others

abroad to reduce principal and interest arrearage ontheir debt. The commitment on the part of thesegovernments, agencies and others to make suchdisbursements may be conditioned on agovernmental entity’s implementation of economicreforms and/or economic performance and thetimely service of such debtor’s obligations. Failure toimplement such reforms, achieve such levels ofeconomic performance or repay principal or interestwhen due may result in the cancellation of suchthird parties’ commitments to lend funds to thegovernmental entity, which may further impair suchdebtor’s ability or willingness to service its debt on atimely basis. Consequently, governmental entitiesmay default on their Sovereign Debt. Holders ofSovereign Debt, including a Fund, may be requestedto participate in the rescheduling of such debt andto extend further loans to governmental entities.There is no bankruptcy proceeding by whichSovereign Debt on which a governmental entity hasdefaulted may be collected in whole or in part.

Restrictions on Foreign Investment

Some countries prohibit or impose substantialrestrictions on investments by foreign entities suchas a Fund. As illustrations, certain countries requiregovernmental approval prior to investments byforeign persons, or limit the amount of investmentby foreign persons in a particular company, or limitthe investment by foreign persons in a company toonly a specific class of securities which may have lessadvantageous terms than securities of the companyavailable for purchase by nationals. Certaincountries may restrict investment opportunities inissuers or industries deemed important to nationalinterests. The manner in which foreign investorsmay invest in companies in certain countries, as wellas limitations on such investments, may have anadverse impact on the operations of a Fund. Forexample, a Fund may be required in certain of suchcountries to invest initially through a local broker orother entity and then have the share purchasesre-registered in the name of the Fund.Re-registration may in some instances not be able tooccur on a timely basis, resulting in a delay duringwhich a Fund may be denied certain of its rights asan investor, including rights as to dividends or to bemade aware of certain corporate actions. There alsomay be instances where a Fund places a purchaseorder but is subsequently informed, at the time ofre-registration, that the permissible allocation toforeign investors has been filled, depriving the Fundof the ability to make its desired investment at thetime. Substantial limitations may exist in certaincountries with respect to a Fund’s ability torepatriate investment income, capital or theproceeds of sales of securities by foreign investors. AFund could be adversely affected by delays in, or arefusal to grant any required governmental


approval for repatriation of capital, as well as by theapplication to the Fund of any restriction oninvestments. A number of countries have authorisedthe formation of closed-end investment companiesto facilitate indirect foreign investment in theircapital markets. Shares of certain closed-endinvestment companies may at times be acquired onlyat market prices representing premiums to their netasset values. If a Fund acquires shares in closed-endinvestment companies, shareholders would bearboth their proportionate share of expenses in theFund (including management fees) and, indirectly,the expenses of such closed end investmentcompanies. A Fund also may seek, at its own cost, tocreate its own investment entities under the laws ofcertain countries.

Some governments or regulators in jurisdictionswhere the Company is registered for sale mayimpose limits on the amount of a Fund’s investmentin a particular market or country. In cases where themarket or country in question is a component of thebenchmark against which performance of the fundis measured, the Fund may not be able to gain thelevel of exposure to a particular market or countrynecessary to ensure that the Fund is invested in linewith the benchmark.

Fixed Income Securities

Debt securities are subject to both actual andperceived measures of creditworthiness. The“downgrading” of a rated debt security or adversepublicity and investor perception, which may not bebased on fundamental analysis, could decrease thevalue and liquidity of the security, particularly in athinly traded market. Issuers of high yield risknon-investment grade debt and high yield corporateloans may be highly leveraged and may not haveavailable to them the more traditional methods offinancing.

Funds may enter into credit default swaps, whichcan carry a higher risk than investment in bondsdirectly. The market for credit default swaps maysometimes be more illiquid than bond markets. AFund entering into credit default swaps must at alltimes be able to meet redemption requests. Creditdefault swaps are valued on a regular basisaccording to verifiable valuation methods approvedby the Company’s auditor.

Distressed Securities

Investment in Distressed Securities involvessignificant risk. Such investments will only be madewhen the Investment Adviser believes it isreasonably likely that the issuer of the securities willmake an exchange offer or will be the subject of aplan of reorganisation; however, there can be no

assurance that such an exchange offer will be madeor that such a plan of reorganisation will beadopted or that any securities or other assetsreceived in connection with such an exchange offeror plan of reorganisation will not have a lower valueor income potential than anticipated when theinvestment was made. In addition, a significantperiod of time may pass between the time at whichthe investment in Distressed Securities is made andthe time that any such exchange offer or plan ofreorganisation is completed. During this period, it isunlikely that any interest payments on theDistressed Securities will be received, there will besignificant uncertainty as to whether or not theexchange offer or plan of reorganisation will becompleted, and there may be a requirement to bearcertain expenses to protect the investing Fund’sinterest in the course of negotiations surroundingany potential exchange or plan of reorganisation. Inaddition, as a result of participation in negotiationswith respect to any exchange offer or plan ofreorganisation with respect to an issuer ofDistressed Securities, the investing Fund may beprecluded from disposing of such securities.Furthermore, constraints on investment decisionsand actions with respect to Distressed Securities dueto tax considerations may affect the return realisedon the Distressed Securities.

Some Funds may invest in securities of issuers thatare encountering a variety of financial or earningsproblems and represent distinct types of risks. AFund’s investments in equity or fixed incomesecurities of companies or institutions in weakfinancial condition may include issuers withsubstantial capital needs or negative net worth orissuers that are, have been or may become, involvedin bankruptcy or reorganisation proceedings.

Investment in Medium and SmallerCapitalisation Companies

Securities of smaller companies may, from time totime, and especially in falling markets, becomeilliquid and experience short-term price volatilityand wide spreads between bid and offer prices.Investment in medium and smaller capitalisationcompanies may involve higher risk than investmentin larger companies.

Funds investing in specific sectors ortechnologies

Investment is made in a limited number of marketsectors and therefore these Funds may be morevolatile than other more diversified Funds and maybe subject to rapid cyclical changes in investoractivity. In particular, certain Funds may haveexposure to technology stocks. Investments insecurities of technology related companies present


certain risks that may not exist to the same degreeas in other types of investments and tend to berelatively more volatile. Technology-relatedinvestments may include smaller and less seasonedcompanies. Such companies may have limitedproduct lines, markets, or financial resources, or maydepend on a limited management group. Thecompanies in which the Funds concerned may investare also strongly affected by worldwide scientific ortechnological developments, and their products mayrapidly fall into obsolescence.

The share price gains of many companies involved inthe alternative energy and energy technologysectors in the recent past have been significantlygreater than those experienced by equity markets asa whole. Consequently, the shares of manyalternative energy and energy technology focusedcompanies are now valued, using certain valuationcriteria, at a substantial premium to the average forequity markets in general. There can be noassurance or guarantee that current valuations ofalternative energy and energy technology focusedcompanies are sustainable.

Competition between technology companies isintense, and profit margins can be small ornon-existent. In fact, many technology companiesoperate at substantial losses with no prospect forprofit in the foreseeable future. For these reasons,investment in such companies by a Fund may beconsidered speculative.

With regard to Funds that invest in asset-basedsecurities, while the market price for an asset-basedsecurity and the related natural resource assetgenerally are expected to move in the samedirection, there may not be perfect correlation inthe two price movements. Asset-based securitiesmay not be secured by a security interest in or claimon the underlying natural resource asset. Theasset-based securities in which a Fund may investmay bear interest or pay preferred dividends atbelow market rates and, in some instances, may notbear interest or pay preferred dividends at all.

Certain asset-based securities may be payable atmaturity in cash at the stated principal amount or,at the option of the holder, directly in a statedamount of the asset to which it is related. In suchinstance, a Fund would endeavour to sell theasset-based security in the secondary market prior tomaturity if the value of the stated amount of theasset exceeds the stated principal amount andthereby realise the appreciation in the underlyingasset.

A Fund investing in financial services companies ismore vulnerable to price fluctuations of financialservices companies and other factors that

particularly affect financial services industries than amore broadly diversified mutual fund. In particular,the prices of stock issued by many financial servicescompanies have historically been more closelycorrelated with changes in interest rates than otherstocks. Generally, when interest rates go up, stockprices of these companies go down. This relationshipmay not continue in the future.

Investment in Active Asset Allocation Funds

These Funds are expected to take significant assetallocation positions within certain limits set out inthe investment policy of the relevant Fund. Thereare no specific geographic, market capitalisation orsector limitations. The volatility of these Funds islikely to rise in accordance with the equity positionheld at any one time. There is no guarantee thatthese asset allocation decisions will limit losses andthere is no assurance or guarantee that onredemption investors will receive the amount thatthey invested. All of these Funds may have exposureto medium and small capitalisation equities,non-investment grade debt securities and emergingmarkets.

Initial Public Offerings

Certain Funds may invest in initial public offerings.The prices of securities involved in initial publicofferings are often subject to greater and moreunpredictable price changes than more establishedsecurities.

Delayed Delivery Transactions

Funds that invest in fixed income securities maypurchase “To Be Announced” securities (“TBAs”).This refers to the common trading practice in themortgage-backed securities market in which asecurity is to be bought from a mortgage pool(Ginnie Mae, Fannie Mae or Freddie Mac) for a fixedprice at a future date. At the time of purchase theexact security is not known, but the maincharacteristics of it are specified. Although the pricehas been established at the time of purchase, theprincipal value has not been finalised. Purchasing aTBA involves a risk of loss if the value of the securityto be purchased declines prior to the settlementdate. Risks may also arise upon entering into thesecontracts from the potential inability ofcounterparties to meet the terms of their contracts.

Although the Funds will generally enter into TBApurchase commitments with the intention ofacquiring securities, the Funds may also dispose of acommitment prior to settlement if it is deemedappropriate to do so. Proceeds of TBA sales are notreceived until the contractual settlement date.During the time a TBA sale commitment is


outstanding, equivalent deliverable securities, or anoffsetting TBA purchase commitment (deliverableon or before the sale commitment date), are held ascover for the transaction.

If the TBA sale commitment is closed throughthe acquisition of an offsetting purchasecommitment, the Fund realises a gain or losson the commitment without regard to anyunrealised gain or loss on the underlyingsecurity. If the Fund delivers securities underthe commitment, the Fund realises a gain orloss from the sale of the securities upon theunit price established at the date thecommitment was entered into.

European Monetary Union

Twelve members of the European Union haveagreed to enter into an Economic and MonetaryUnion (“EMU”). On 1st January 1999 theyintroduced a single European currency, the Euro.The use of notes and coins of the relevant nationalcurrencies was phased out on 1st July 2002. Thewithdrawal of a country from the EMU couldsignificantly adversely affect the value of anyholdings of the Funds that are issued by the issuersfrom that country.

General

Each of the Funds use derivative instruments.Options and futures tend to have a greater volatilitythan the securities to which they relate and theybear a correspondingly greater degree of risk.Certain indexed notes have greater sensitivity tochanges in interest rates or equity index levels thanother securities, and a Fund’s investments in suchinstruments may decline in value significantly ifinterest rate or equity index levels move in a mannernot anticipated by the Fund’s management. Changesin rates of exchange between currencies may causethe value of a Fund’s investments to diminish orincrease. There can be no assurance that theinvestment objectives of each Fund will be achieved.Also past performance is no guide to futureperformance, and the value of investments may godown as well as up.

INVESTMENT OBJECTIVES & POLICIES

Investors must read the Special RiskConsiderations section above before investingin any of the following Funds.

General

Funds that invest primarily in equities mayalso to a lesser extent hold bonds and otherinvestments including warrants andconvertibles. All Funds may hold cash andnear-cash instruments on an incidental basis.The Funds may use derivative instruments andinvestment techniques based upon them andin particular they may use forward foreignexchange and futures contracts to implementasset allocation changes, to hedge or todiversify risk. Unless specifically stated to thecontrary, the currency exposure of the Fundswill normally be left unhedged.

There can be no assurance that the objectivesof each Fund will be achieved.

The Asian Dragon Fund seeks to maximise capitalappreciation expressed in US dollars by investingprimarily in equity and debt securities of issuersdomiciled in developing countries located in Asia.Under normal market conditions, at least two-thirdsof the Fund’s net assets will consist of investments indeveloping Asian countries. Developing Asiancountries include Hong Kong, South Korea,Singapore, Taiwan, Thailand, Malaysia, Indonesia,the People’s Republic of China, the Philippines,India, Pakistan, Turkey, Brunei and Sri Lanka. Asecurity ordinarily will be considered to be adeveloping Asian security when its issuer isorganised in, or exercises the predominant part ofits economic activities in, a developing country inAsia.

The Asian Tiger Bond Fund seeks to maximisetotal return expressed in US dollars, consistent withprudent risk, primarily from investment intransferable fixed income instruments (includingredeemable preference shares and convertible debtsecurities) of issuers domiciled in designated “AsianTiger Countries”. These countries include SouthKorea, the People’s Republic of China, Taiwan, HongKong, the Philippines, Thailand, Malaysia,Singapore, Vietnam, Cambodia, Laos, Myanmar andIndonesia. Under normal conditions at leasttwo-thirds of the Fund’s net assets will be investedin transferable debt instruments of issuers domiciledin Asian Tiger Countries. The remaining one-third ofthe Fund’s net assets may be invested in transferabledebt instruments of issuers domiciled in Far Eastern,Asian, Oceanic or Pacific countries including NewZealand, Australia and Japan. The Fund may invest


up to 10% of its assets in transferable debtinstruments of issuers located in Western Europe,the United States or Canada. For liquidity and fortemporary or defensive purposes, the Fund may alsohold U.S. government debt and U.S. corporatecommercial paper. The Fund may invest in high yieldfixed income securities. The Fund may also invest upto 10% of its net assets in securities which are thesubject of bankruptcy proceedings or otherwise inpayment default or in significant risk of being inpayment default at the time of purchase.

The Corporate Bond Fund (Euro) seeks tomaximise total return expressed in euros byinvesting at least 90% of its total net assets in adiversified portfolio of bonds and other debtsecurities, principally corporate debt issued byEuropean or non-European companies. The Fundwill only invest in bonds and debt securities that are,at the time of purchase, considered high quality,and will invest at least 70% of its total net assets incorporate securities. The Fund may invest intransferable securities denominated in othercurrencies apart from euros, although any currencyexposure of the Fund will normally be hedged backinto euros.

The Emerging Europe Fund seeks to maximisecapital growth expressed in euros by investingprimarily in companies in developing Europeanmarkets, including companies in former SovietUnion countries and, to a lesser extent, companies inand around the Mediterranean region. Investmentsmay include depository receipts or similarinstruments representing underlying securities in thegeographical regions and countries listed above.Investments may also be made in securities ofcompanies from developed markets that havesignificant business operations in these regions.Investments may be made directly or throughinvestment funds. To partially reduce the specialrisks associated with such markets, the Fund mayhold a higher proportion of cash than the otherEquity Funds (subject to the investment restrictionsin Appendix A of the Prospectus) and a significantproportion in securities judged to be relatively moreliquid than others available in such markets.

The Emerging Markets Fund seeks to maximisecapital growth expressed in US dollars by investingin equities of companies in developing marketsaround the world (including Asia, Latin and CentralAmerica, and in Eastern and Southern Europe andAfrica). Investment may also be made in securities ofcompanies from developed markets that havesignificant business operations in these developingmarkets. Investments may be made directly orthrough investment funds.

The Euro Markets Fund seeks to maximise capitalgrowth expressed in euros by investing primarily inthe quoted equities of larger capitalisationcompanies based in those EU Member Statesparticipating in EMU. It may also invest to a limitedextent in those EU Member States that, in theopinion of the Manager, are likely to join EMU inthe foreseeable future and in companies basedelsewhere but which have significant businessoperations in EMU-participating countries.

The Euro Global Balanced Fund invests in bothbonds and equities worldwide and follows an assetallocation policy which seeks to maximise returnswhile managing the risk in euro terms. The currencyexposure of the Funds may be hedged back intoeuros when considered appropriate. In addition thecurrency risk of investing in a selection ofinternational bonds is flexibly managed throughhedging policies, including cross hedging.

The Euro Global Bond Fund seeks to maximisereturn, while minimising the volatility of the return,expressed in euros. The Funds offer investors adiversified portfolio of high quality global bondsand other securities denominated in a number ofcurrencies. The currency risk involved in investing ina selection of international bonds is flexiblymanaged through hedging policies.

The European Bond Fund seeks to maximise totalreturn expressed in euros by investing in adiversified portfolio of high quality bonds and othersecurities primarily issued by European entities anddenominated in euros and in other Europeancurrencies. Currency exposure is flexibly managedthrough hedging policies.

The European Fund seeks to maximise capitalgrowth expressed in euros by investing primarily inthe quoted equities of larger capitalisationcompanies in Europe, including the UnitedKingdom, and may also invest in the emergingmarkets of Eastern Europe. The Fund may also investin the quoted securities of companies withsignificant business operations in this region.

The European Growth Fund seeks to maximisecapital growth expressed in euro by investing themajority of its total net assets in the quoted equitiesof companies in Europe, including the UnitedKingdom, and to a lesser extent in the emergingmarkets of Eastern Europe. The Fund may also investin the quoted securities of companies that exercisethe predominant part of their economic activities inthis region. The Fund will place particular emphasison companies that exhibit growth investmentcharacteristics, such as higher or improving returns,rising earnings and good cash flow generation.


The European Opportunities Fund seeks tomaximise capital growth expressed in euros byinvesting in the quoted equities of smallercapitalisation companies based, or with significantbusiness operations, in Europe including the UK. TheFund may take positions in the emerging markets ofEastern Europe. The Fund may also invest incompanies with significant business operations inthis region.

The European Value Fund seeks to maximisecapital appreciation expressed in euros primarilythrough investment in equity securities ofcorporations domiciled in European countries.Under normal market conditions, at least 80% of itsnet assets will consist of corporate securities ofissuers that are domiciled or exercise thepredominant part of their economic activities inEuropean countries (primarily common stocks andsecurities convertible into common stock) which are,in the opinion of the Investment Adviser,undervalued and therefore represent intrinsicinvestment value. The Fund may invest in thesecurities of issuers domiciled in Eastern Europeancountries and the states that formerly comprisedYugoslavia and the Soviet Union.

The Euro Reserve Fund aims to balance growthwith security of capital and high liquidity expressedin euros. The Fund invests mainly in high qualityshort-dated bonds and similar transferable securitiesin a number of different markets and may hold cashand near-cash instruments on an incidental basis.The Fund is managed so that the average remainingmaturity of the Fund’s assets will at no time exceed12 months.

The Euro Triple A 70 Fund seeks to maximisecapital appreciation in euros whilst managing risk.The Fund normally invests in large capitalisationequities in developed markets globally and in highquality global bonds but, depending on theinvestment outlook, may have no exposure tobonds. The Fund invests at least 35%, and mayinvest up to 100%, of its Net Asset Value in equities.The “70” in the Fund’s title refers to the equitycomponent in the composite index benchmark (asdisclosed in the Annual Report and Accounts)against which performance of the Fund is measured,the balance of the benchmark being represented byglobal bonds. The Fund may also invest to a limitedextent in small capitalisation equities, emergingcapital markets and non-investment grade fixed-income securities. Active asset allocation is theprimary determinant of performance. Stockselection may provide an opportunity for enhancedreturns. The currency exposure of the equity portionof the Fund may be hedged back into euros whenconsidered appropriate. In addition, the currencyrisk of investing in a selection of international bonds

is flexibly managed through hedging policies,including cross hedging.

The Euro Triple A 50 Fund seeks to maximisecapital appreciation in euros whilst managing risk.The Fund normally invests in large capitalisationequities in developed markets globally and in highquality global bonds. The Fund invests at least 20%,and may invest up to 75%, of its Net Asset Value inequities. The “50” in the Fund’s title refers to theequity component in the composite indexbenchmark (as disclosed in the Annual Report andAccounts) against which performance of the Fund ismeasured, the balance of the benchmark beingrepresented by global bonds. The Fund may alsoinvest to a limited extent in small capitalisationequities, emerging capital markets and non-investmentgrade fixed-income securities. Active asset allocationis the primary determinant of performance. Stockselection may provide an opportunity for enhancedreturns. The currency exposure of the equity portionof the Fund may be hedged back into euros whenconsidered appropriate. In addition, the currencyrisk of investing in a selection of international bondsis flexibly managed through hedging policies,including cross hedging.

The Euro Triple A 30 Funds seeks to maximisecapital appreciation in euros whilst managing risk.The Fund normally invests in large capitalisationequities in developed markets globally and in highquality global bonds but, depending on theinvestment outlook, may have no exposure toequities. The Fund’s maximum equity exposure willbe 45% of its Net Asset Value. The “30” in the Fund’stitle refers to the equity component in thecomposite index benchmark (as disclosed in theAnnual Report and Accounts) against whichperformance of the Fund is measured, the balanceof the benchmark being represented by globalbonds. The Fund may also invest to a limited extentin small capitalisation equities, emerging capitalmarkets and non-investment grade fixed-incomesecurities. Active asset allocation is the primarydeterminant of performance. Stock selection mayprovide an opportunity for enhanced returns. Thecurrency exposure of the equity portion of the Fundmay be hedged back into euros when consideredappropriate. In addition, the currency risk ofinvesting in a selection of international bonds isflexibly managed through hedging policies,including cross hedging.

The Global Allocation Fund seeks to maximisetotal investment return, expressed in US dollars,consistent with prudent risk, through a fully-managedinvestment policy utilising equity, debt and shortterm securities. While there are no prescribed limitson the geographical allocation of the assets of theGlobal Allocation Fund, the Fund will invest in


normal market conditions primarily in the securitiesof corporate and governmental issuers domiciled orlocated in the United States, Canada, WesternEurope and the Far East. The Fund generally willseek to invest in undervalued securities. The Fundmay also invest in the securities of small andemerging growth companies when such companiesare expected to provide a higher total return thanother equity investments. The Fund may also investa portion of its debt portfolio in fixed incomesecurities of governmental issuers and of corporateissuers rated below investment grade or in unratedsecurities. Currency exposure is flexibly managedthrough hedging policies.

The Global Equity Fund aims to maximise capitalgrowth expressed in US dollars by investingprimarily in the quoted equities of largercapitalisation companies worldwide.

The Global Equity Ex Europe Fund seeks tomaximise capital growth expressed in euros byinvesting primarily in the quoted equities of largercapitalisation companies outside Europe and the UK.The Fund may also invest in companies withsignificant business operations in this region.

The Global Fundamental Value Fund seeks tomaximise capital appreciation expressed in USdollars by investing primarily in equity securitiesissued by companies located in the developed equitymarkets that are undervalued and thereforerepresent intrinsic investment value. No country,other than the US, may represent more than 30% ofits assets. The equity securities the Fund maypurchase consist of common stocks or securitieshaving characteristics of common stocks, such asconvertible preferred stocks, convertible debtsecurities or warrants.

The Global High Yield Bond Fund (Euro)(formerly European High Yield Bond Fund)seeks to maximise total return expressed in euros, asignificant portion of which may be derived fromincome, by investing at least 90% of its total netassets in a diversified portfolio of bonds and otherdebt securities. The Fund will invest at least 70% ofits total net assets in transferable securities that arehigh yielding at the time of purchase (such asnon-investment grade securities, normallycategorised at the time of purchase as BB+ or belowby Standard & Poors or similar by other ratingagencies, or are unrated securities of comparablequality). The Fund may invest in transferablesecurities denominated in other currencies apartfrom euro, although any currency exposure willnormally be hedged back into euros.

The Global Opportunities Fund seeks to maximisecapital growth expressed in US dollars by investingin the quoted equities of smaller capitalisationcompanies worldwide. The Fund’s geographicportfolio weighting is closely in line with that of itsbenchmark index (as disclosed in the Annual Reportand Accounts).

The Global Short-Term Bond Fund (Euro) seeks tomaximise returns while minimising the volatility ofthe return in euros by investing in a diversifiedportfolio of, at the time of purchase, high qualityglobal fixed income securities with a duration ofone to five years. The average duration will not bemore than three years. Currency exposure is flexiblymanaged through hedging policies.

The Global SmallCap Fund seeks to maximisecapital appreciation expressed in US dollars byinvesting primarily in equity securities of companieslocated worldwide with relatively small marketcapitalisations, normally defined as companies thatat the time of initial purchase have total marketcapitalisations below that of the largest stock in thelowest decile of the MSCI World Index on a 24month rolling average basis. As the Fund investsglobally, application of this standard may result ininvestment in companies that might in somecountries rank among the largest in terms ofcapitalisation. The Fund may also invest in equitysecurities of companies with medium and largemarket capitalisations and in debt securities. TheFund’s investment emphasis is on equities, primarilycommon stock and, to a lesser extent, securitiesconvertible into common stock, preferred stock andrights to subscribe for common stock. The Fund alsomay invest in debt securities, including high yieldhigh risk securities, sovereign debt obligations andshort-term securities. Although it is likely that mostof the Fund’s investments will be in companieslocated in the developed countries of NorthAmerica, Europe and the Far East, the Fund may alsoinvest in the developing countries of the world.Currency exposure is flexibly managed throughhedging policies.

The Japan Fund seeks to maximise capital growthexpressed in US dollars by investing primarily in thequoted equities of Japanese larger capitalisationcompanies, or companies with significant businessoperations in Japan.

The Japan Opportunities Fund seeks to maximisecapital growth expressed in US dollars by investingin the quoted equities of smaller capitalisationcompanies based, or with significant businessoperations in Japan.


The Latin American Fund seeks to maximisecapital appreciation expressed in US dollars byinvesting primarily in Latin American equity anddebt securities. The Fund expects to emphasiseinvestments in the equity and debt markets ofArgentina, Brazil, Chile, Mexico and Venezuela, butis not obligated to diversify its investments amongany number of Latin American markets. For thepurposes of the Fund’s investment objective, LatinAmerica includes Mexico, Central America, SouthAmerica and the Spanish speaking islands of theCaribbean, including Puerto Rico. A securityordinarily will be considered to be a Latin Americansecurity when its issuer is organised in Latin Americaor exercises the predominant part of its economicactivities in Latin America.

The New Energy Fund seeks to maximise capitalappreciation in US Dollars whilst managing risk. TheFund primarily invests in quoted equities of globalcompanies with significant involvement in thealternative energy and energy technology sectors.Emphasis may be given to renewable energy,automotive and on-site power generation, energystorage and enabling energy technologies.

The Pacific Equity Fund seeks long-term capitalappreciation expressed in US dollars by investing atleast two-thirds of the Fund’s total net assets inequity securities of issuers domiciled in Pacific Basinand Australasian countries. The Fund may also investup to one-third of the Fund’s total net assets inequity securities of issuers domiciled outside of thisregion and securities convertible into equitysecurities of issuers domiciled in Pacific Basin andAustralasian countries. Currency exposure is flexiblymanaged through hedging policies.

The Sterling Bond Fund seeks a high level ofcurrent income expressed in Pounds Sterling byinvesting at least 90% of its assets in debt securities,including debt securities subject to a foreignexchange contract hedge into Sterling, and at leasttwo-thirds in debt securities denominated inSterling. Currency exposure is flexibly managedthrough hedging policies.

The Sterling Reserve Fund aims to balance growthwith security of capital and high liquidity expressedin sterling. The Fund invests mainly in high qualityshort-dated bonds and similar transferable securitiesin a number of different markets and may hold cashand near-cash instruments on an incidental basis. Itmay also seek to enhance returns by investing asmall portion of its assets in securities that havesomewhat longer durations; on such occasions theFund may have a relatively higher volatility thanusual. The Fund is managed so that the averageremaining maturity of the Fund’s assets will at notime exceed 12 months.

The United Kingdom Fund seeks to maximisecapital growth expressed in sterling by investingprimarily in the quoted equities of United Kingdomlarger capitalisation companies, or companies withsignificant business operations in the UK.

The US Basic Value Fund seeks to maximise capitalappreciation expressed in US dollars by investingprimarily in equities of issuers domiciled in theUnited States, that are undervalued and thereforerepresent basic investment value. Particularemphasis is placed on securities that are selling at adiscount to their price-to-book, price-to-cash orprice-to-earnings ratio or that provide anabove-average dividend return. The Fund will notinvest more than 10% of its net assets at the time ofpurchase in the equity securities of non-UnitedStates issuers.

The US Core Bond Fund seeks a high level ofcurrent income expressed in US dollars by investingat least 90% of its assets in transferable U.S. debtsecurities rated in the four highest rating categoriesof either Standard & Poor’s Ratings Services orMoody’s Investors Service, Inc. or which are deemedto be of comparable quality. As a secondaryobjective, the Fund will seek capital appreciation.The Fund may invest in U.S. dollar denominatedcorporate bonds and transferable notes, mortgagebacked securities, asset backed securities,convertible securities and preferred stocks. The Fundmay continue to hold transferable debt securitiesthat were high rated corporate debt securities at thetime of investment, but which were downgraded ordeclined in quality after purchase. The Fund mayinvest up to 100% of its assets in U.S. Governmentand government agency securities. The Fund mayalso invest up to 10% of its assets in high yield highrisk non-investment grade debt.

The US Dollar Global Balanced Fund invests inboth bonds and equities worldwide and follows anasset allocation policy which seeks to maximisereturns while managing the risk in US dollar terms.The currency exposure of the Funds may be hedgedback into US dollars when considered appropriate.In addition the currency risk of investing in aselection of international bonds is flexibly managedthrough hedging policies, including cross hedging.

The US Dollar Global Bond Fund seeks tomaximise return, while minimising the volatility ofthe return, expressed in US dollars. The Fund offersinvestors a diversified portfolio of high qualityglobal bonds and other securities denominated in anumber of currencies. The currency risk involved ininvesting in a selection of international bonds isflexibly managed through hedging policies.


The US Dollar Reserve Fund aims to balancegrowth with security of capital and high liquidityexpressed in US dollars. The Fund invests mainly inhigh quality short-dated bonds and similartransferable securities in a number of differentmarkets and may hold cash and near-cashinstruments on an incidental basis. It may also seekto enhance returns by investing a small portion of itsassets in securities that have somewhat longerdurations; on such occasions the Fund may have arelatively higher volatility than usual. The Fund ismanaged so that the average remaining maturity ofthe Fund’s assets will at no time exceed 12 months.

The US Equity Fund seeks to maximise capitalgrowth expressed in US dollars by investing at least70% of its net assets in the quoted equities of largercapitalisation companies domiciled or exercising thepredominant part of their economic activities in theUnited States.

The US Flexible Equity Fund seeks to maximisecapital growth expressed in US dollars by investingat least 70% of its total net assets in the quotedequity securities of companies in the United States.The Fund will normally invest in both securities thatexhibit growth and value investment characteristics,placing an emphasis as the market outlookwarrants.

The US Focused Value Fund seeks to maximisecapital appreciation expressed in US dollars byinvesting in a diversified portfolio of equitysecurities of issuers that are domiciled or exercisethe predominant part of their economic activities inthe United States and that the Investment Adviserbelieves are (i) undervalued relative to itsassessment of their current or prospective conditionor relative to prevailing market ratios, or (ii) areexperiencing poor operating conditions. The Fundmay invest in high yield high risk bonds, but will notinvest in excess of 10% of its net assets in suchsecurities at the time of purchase. The Fund will notinvest more than 10% of its net assets at the time ofpurchase in the equity securities of non-UnitedStates issuers. The Fund will not invest more than25% of its net assets (taken at market value at thetime of each investment) in the securities of issuersin any particular industry.

The US Government Mortgage Fund seeks a highlevel of income expressed in US dollars, consistentwith prudent risk, through investing at least 90% ofits assets in debt securities, and at least two-thirds ofits assets in transferable securities issued orguaranteed by the United States Government, itsagencies or instrumentalities, including GovernmentNational Mortgage Association (“GNMA”)mortgage-backed certificates. All securities in whichthe Fund invests will be United States

dollar-denominated securities. The US GovernmentMortgage Fund intends to invest only in securitieswhich will not be subject to United Stateswithholding taxes on payment of principal orinterest. The Fund may invest in all U.S. Governmentsecurities. It is anticipated that at times a significantportion of its portfolio of U.S. Government securitiesmay consist of GNMA mortgage-backed certificatesand other U.S. Government securities representingownership interests in mortgage pools, such asmortgage-backed securities issued by Fannie Maeand Freddie Mac.

The US Growth Fund seeks to maximise capitalappreciation expressed in US dollars by investing ina diversified portfolio of equity securities issued byU.S. companies, placing particular emphasis oncompanies that have exhibited above-averagegrowth rates in earnings. Emphasis will be given tocompanies having medium to large stock marketcapitalisations. Investment emphasis is on equities,primarily common stock and, to a lesser extent,securities convertible into common stock and rightsto subscribe for common stock. The Fund may investup to 10% of its net assets in equity securities offoreign issuers.

The US High Yield Bond Fund seeks as high a levelof current income expressed in US dollars as theInvestment Adviser believes to be prudent, byinvesting at least 90% of its net assets infixed-income securities (including redeemablepreference shares, securitised debt and equity linkeddebt securities). At least 70% of its net assets will beinvested in fixed income securities which, at thetime of purchase, are rated in the lower ratingcategories of the established rating services, such asnon-investment grade securities, normallycategorised at the time of purchase as BB+ or belowby Standard & Poors or similar by other ratingagencies, or are unrated securities of comparablequality. As a secondary objective, the Fund seekscapital appreciation. The Fund may invest up to 30%of its net assets in higher-rated fixed incomesecurities, as market conditions warrant. The Fundmay invest up to 10% of its net assets in securitieswhich are the subject of bankruptcy proceedings orotherwise in payment default or in significant risk ofbeing in payment default at the time of purchase.The Fund may also invest up to 10% of its net assetsin securities of issuers domiciled in OECD countries,in addition to similar US securities. In connectionwith its investments in corporate debt securities, orthe restructuring of investments owned by the Fund,the Fund may receive warrants or other equitysecurities.

The US Low Duration Bond Fund seeks tomaximise returns while minimising the volatility ofthe return in US dollars, by investing at least 90% of


its total net assets in, at the time of purchase,high-quality fixed income securities. At least 70% ofthe Fund’s total net assets will be invested in USbonds and the Fund may also invest up to 30% of itstotal net assets in non-US bonds, which may or maynot be denominated in US dollars. The Fundpredominantly invests in bonds with a duration ofone to five years. The average duration will not bemore than three years. Currency exposure is flexiblymanaged through hedging policies.

The US Opportunities Fund seeks to maximisecapital growth expressed in US dollars by investingat least 70% of its net assets in the quoted equitiesof smaller capitalisation companies domiciled orexercising the predominant part of their economicactivities in the USA.

The US SmallCap Value Fund seeks capitalappreciation expressed in US dollars by investing inequity securities of relatively small companies,normally defined as company market capitalisationsnot in excess of the 24 month rolling average of thehighest capitalisation stock in the Russell 2000Index, domiciled or exercising the predominant partof their economic activities in the United States thatthe Investment Adviser believes are undervaluedand represent basic investment value. The Fund’sinvestment emphasis is on equities, primarilycommon stock and, to a lesser extent, securitiesconvertible into common stock and rights tosubscribe for common stock. The Fund may invest inother types of securities, including non-convertiblepreferred stocks and debt securities, and U.S.Government Securities. The Fund may invest up to10% of its net assets in equity securities of foreignissuers.

The US$ Triple A 70 Fund seeks to maximise capitalappreciation in US dollars, whilst managing risk. TheFund normally invests in large capitalisation equitiesin developed markets globally and in high qualityglobal bonds but, depending on the investmentoutlook, may have no exposure to bonds. The Fundinvests at least 35%, and may invest up to 100%, ofits Net Asset Value in equities. The “70” in theFund’s title refers to the equity component in thecomposite index benchmark (as disclosed in theAnnual Report and Accounts) against whichperformance of the Fund is measured, the balanceof the benchmark being represented by globalbonds. The Fund may also invest to a limited extentin small capitalisation equities, emerging capitalmarkets and non-investment grade fixed-incomesecurities. Active asset allocation is the primarydeterminant of performance. Stock selection mayprovide an opportunity for enhanced returns. Thecurrency exposure of the equity portion of the Fundmay be hedged back into US dollars whenconsidered appropriate. In addition, the currency

risk of investing in a selection of international bondsis flexibly managed through hedging policies,including cross hedging.

The US$ Triple A 50 Fund seeks to maximise capitalappreciation in US dollars whilst managing risk. TheFund normally invests in large capitalisation equitiesin developed markets globally and in high qualityglobal bonds. The Fund invests at least 20%, andmay invest up to 75%, of its Net Asset Value inequities. The “50” in the Fund’s title refers to theequity component in the composite indexbenchmark (as disclosed in the Annual Report andAccounts) against which performance of the Fund ismeasured, the balance of the benchmark beingrepresented by global bonds. The Fund may alsoinvest to a limited extent in small capitalisationequities, emerging capital markets andnon-investment grade fixed-income securities.Active asset allocation is the primary determinant ofperformance. Stock selection may provide anopportunity for enhanced returns. The currencyexposure of the equity portion of the Fund may behedged back into US dollar when consideredappropriate. In addition, the currency risk ofinvesting in a selection of international bonds isflexibly managed through hedging policies,including cross hedging.

The US$ Triple A 30 Fund seeks to maximise capitalappreciation in US dollars whilst managing risk. TheFund normally invests in large capitalisation equitiesin developed markets globally and in high qualityglobal bonds but, depending on the investmentoutlook, may have no exposure to equities. TheFund’s maximum equity exposure will be 45% of itsNet Asset Value. The “30”in the Fund’s title refers tothe equity component in the composite indexbenchmark (as disclosed in the Annual Report andAccounts) against which performance of the Fund ismeasured, the balance of the benchmark beingrepresented by global bonds. The Fund may alsoinvest to a limited extent in small capitalisationequities, emerging capital markets andnon-investment grade fixed-income securities.Active asset allocation is the primary determinant ofperformance. Stock selection may provide anopportunity for enhanced returns. The currencyexposure of the equity portion of the Fund may behedged back into US dollar when consideredappropriate. In addition, the currency risk ofinvesting in a selection of international bonds isflexibly managed through hedging policies,including cross hedging.

The World Energy Fund seeks to maximise capitalgrowth expressed in US dollars by investing in thequoted equities of companies with substantialinterests in the exploration, development,production and distribution of energy. Additionally,


the Fund may invest in companies seeking todevelop and exploit new energy technologies. TheFund invests globally.

The World Financials Fund seeks to maximisecapital appreciation expressed in US dollars. TheFund invests at least 80% of its net assets in equitysecurities of financial services companies throughoutthe world. The Fund will invest primarily in equitysecurities consisting of common stock, preferredstock and securities convertible into common stock.The Fund will invest primarily in companies from thedeveloped countries in North America, Europe andthe Far East, but may also invest in companies inemerging markets. The Fund will limit itsinvestments in high-yield high-risk non-investmentgrade debt to no more than 5% of its net assets.Currency exposure is flexibly managed throughhedging policies.

The World Gold Fund seeks to maximise capitalgrowth expressed in US dollars by investing ingold-mining shares throughout the world. It mayalso hold other precious-metal shares, base metalshares and mining-related shares from time to time.The Fund does not hold physical gold or metal. TheFund invests globally. Investors in the Fund shouldbe aware of the above average volatility inherent inmining shares and the low level of correlationbetween this sector and equity markets as a whole.The counter-cyclical nature of gold, base metals andmining shares is also a factor to bear in mind.

The World Healthscience Fund seeks to maximisecapital growth in US dollars by investing in thequoted equities of companies with substantialinterests in healthcare, pharmaceuticals and medicaltechnology and supplies. The Fund may also investin companies engaged in development ofbiotechnology. The Fund invests globally.

The World Mining Fund seeks to maximise capitalgrowth expressed in US dollars by investing in sharesof mining and metals companies throughout theworld. Investments are primarily in larger miningcompanies that produce base metals and industrialminerals such as iron ore and coal. In addition, theFund may hold gold-mining shares from time totime. The Fund does not hold physical gold or metal.The Fund invests globally. Investors in the Fundshould be aware of the above average volatilityinherent in mining shares and the low level ofcorrelation between this sector and equity marketsas a whole. The counter-cyclical nature of gold, basemetals and mining shares is also a factor to bear inmind.

The World Technology Fund seeks to maximisecapital appreciation expressed in US dollars primarilythrough worldwide investment of at least 80% of

the Fund’s net assets in equity securities ofcompanies whose predominant economic activity isin the technology sector. The Fund will pursue thisobjective by investing in a global portfolio ofsecurities of companies in various stages ofdevelopment including companies that theInvestment Adviser believes are leaders, or are likelyto become leaders, in their product or service niche.The Fund may restrict the securities markets inwhich its assets will be invested and may increasethe proportion of assets invested in the U.S.securities markets. The Fund may, as a temporarydefensive measure and to provide for redemptions,hold cash or cash equivalents (in U.S. dollars or othercurrencies) and other types of securities, the issuersof which may not be involved in technology,including non-convertible preferred stocks,investment grade debt securities and governmentsecurities. Currency exposure is flexibly managedthrough hedging policies.

The World Telecoms Fund seeks to maximisecapital growth expressed in US dollars by investingin the quoted equities of companies with substantialinterests in the telecommunication andtelecommunications equipment sector. The Fundmay also invest in telecommunication relatedsoftware and service companies. The Fund investsglobally.

The World Utilities Fund seeks to maximise capitalgrowth expressed in US dollars by investing in utilitybusinesses such as supply of electricity, gas, waterand related services. The Fund may also invest inmulti-utilities. The Fund invests globally.

INVESTOR SERVICING

All investors receive, in English:

• A confirmation note, following subscription,conversion or redemption of Shares. Theconfirmation note provides details of thetransaction such as the price and the dealingand settlement dates.

• A personal Statement of Account twice-yearly.For each Fund held, the Statement includes avaluation of the investor’s holdings and detailsof transactions carried out during the precedingsix month period.

• A twice-yearly Performance Review whichprovides a brief commentary on the activitiesand performance of each Fund and an outlookfor world equity, bond and currency markets.

• Annual and Interim Report & Accounts. TheseReports give the financial statements, auditedannually, for Merrill Lynch InternationalInvestment Funds.


Pricing Information

Historic prices of Class A, Class B, Class C and Class QShares of each Fund, as appropriate, are normallypublished daily in the South China Morning Post,the Hong Kong Economic Times, the Financial Timesand in other international publications. MerrillLynch International Investment Funds prices are alsoshown on Reuters pages MLIMIA-F. Performancedetails and rankings amongst competitors arepublished by a wide number of internationallyavailable newspapers and magazines and monitoredby independent agencies such as Micropal andLipper Analytical Services.

HOW TO INVEST

Dealing Times

Application, conversion and redemption instructionsmust be received by the Company’s Hong KongRepresentative before 4.00 p.m. (Hong Kong time)on any business day in Hong Kong, unlessspecifically agreed otherwise with the Hong KongRepresentative, in order to be accepted by theTransfer Agent or the Investor Service Centre forthat day’s dealing (provided that it is also a businessday in Luxembourg).

The Transfer Agent or the Investor Service Centrewill promptly confirm transactions by despatching aconfirmation note to the applicant.

Initial Investment

For your initial investment, carefully read thecontents of this document, complete the ApplicationForm which is enclosed and return the Form, with acopy of your telegraphic transfer instructions orcheque and a photocopy of your identification cardor passport, to the Hong Kong Representative:

Merrill Lynch Investment Managers(Asia) Limited

22nd Floor, Citibank Tower3 Garden Road, Central, Hong Kong

Telephone: (852) 2161-7747Fax: (852) 2161-7755

Subsequent Investment

You may make your subsequent applications inwriting or by fax or telephone, followed in eachcase by written confirmation.

Minimum Dealing and Holding Sizes

The minimum initial subscription in respect of anyClass of Shares of any one Fund is currentlyUS$5,000, or the approximate equivalent in therelevant dealing currency.

The minimum for additions to existing holdings ofany Class of Shares in any Fund is US$1,000 or theapproximate equivalent. These minima may bevaried for any particular case or distributor orgenerally. Details of the current minima areavailable from the Transfer Agent, the InvestorService Centre and the Hong Kong Representative.

Further details on the application process arespecified on page 25.

Payment

Settlement in cleared funds must be made withinthree business days of the date on which theapplication is made to the Hong KongRepresentative. If the Fund for which you haveapplied is denominated in more than one currency,settlement must be in the currency you havespecified on the Application Form.

If you wish to make payment in a currency otherthan that in which your chosen Fund is denominated(see table at the front of this brochure), this must bemade clear at the time of application. The TransferAgent will arrange the necessary currency exchangetransaction. Any such currency exchange will beeffected at the investor’s cost.

Payment by telegraphic transfer is stronglyrecommended as payment by cheque or banker’sdraft may delay dealing until cleared funds havebeen received.

Telegraphic transfers should be made to therelevant account below:

US Dollars –

US Dollars:JP Morgan Chase New YorkSWIFT code CHASUS33For the account of: Merrill Lynch InvestmentManagers (Channel Islands) LimitedAccount Number 001-1-460185,CHIPS UID 359991ABA Number 021000021Quoting Reference “Name of Fund -Name ofApplicant”


Euros:JP Morgan FrankfurtSWIFT code CHASDEFXBLZ 501 108 00For the account of: Merrill Lynch InvestmentManagers (Channel Islands) LimitedAccount Number 616-16-00066Quoting Reference “Name of Fund -Name ofApplicant”

An applicant’s obligation to pay for Shares isfulfilled once the amount due has been paid incleared funds into this account.

Sterling:JP Morgan LondonSWIFT code CHASGB2LSort Code 60-92-42For the account of: Merrill Lynch InvestmentManagers (Channel Islands) LimitedAccount Number 11118940Quoting Reference “Name of Fund -Name ofApplicant”

Others:

Swiss Francs:

Pay UBS ZürichSWIFT code UBSWCHZH8OAAccount JP Morgan LondonAccount number 02300000044129050000BFor the account of Merrill Lynch InvestmentManagers (Channel Islands) LtdAccount Number 17354770Ref: “Name of Fund - Name of Applicant”

Swedish Kroner:

Pay Svenska Handelsbanken StockholmSWIFT code HANDSESSAccount JP Morgan LondonAccount number 40386589For the account of Merrill Lynch InvestmentManagers (Channel Islands) LtdAccount Number 22813401Ref: “Name of Fund - Name of Applicant”

Hong Kong Dollars:

Pay JP Morgan Hong KongSWIFT code CHASHKHHAccount JP Morgan LondonAccount number 6743197680For the account of Merrill Lynch InvestmentManagers (Channel Islands) LtdAccount Number 24466319Ref: “Name of Fund - Name of Applicant”

Japanese Yen:

Pay JP Morgan TokyoSWIFT code CHASJPJTAccount JP Morgan LondonAccount number 195006713For the account of Merrill Lynch InvestmentManagers (Channel Islands) LtdNumber 22813405Ref: “Name of Fund - Name of Applicant”

Payments by cheque or banker’s draft must be sentto the Hong Kong Representative, and madepayable to Merrill Lynch Investment Managers(Channel Islands) Limited and drawn on a bankaccount in the country or countries of the relevantcurrency. Endorsed cheques will not be accepted.

CONVERSIONS AND REDEMPTIONS

Conversion Instructions: Instructions to convertholdings of Shares of one Fund to Shares of anotherFund should normally be given by completing theform which accompanies confirmation notes and isavailable from the Transfer Agent or the InvestorService Centre or the Hong Kong Representative.They may also be given in writing or by fax ortelephone. Requests must include the full name(s)and address of the holder(s), the name of the Fundand the class and the value or number of Shares tobe converted and the Fund to be converted into(and the choice of dealing currency of the Fundwhere more than one is available).

Redemption Instructions: Instructions for theredemption of Shares should normally be given bycompleting the form which accompaniesconfirmation notes and is available from theTransfer Agent, the Investor Service Centre or theHong Kong Representative. They may also be givenin writing or by fax or telephone followed in eachcase by written confirmation.


Payment of redemption proceeds: Payment ofredemption proceeds will be despatched in therelevant dealing currency within three business daysafter the relevant dealing day (or, if banks are notopen for business on such third business day, on thenext day on which they are open) and in any eventwithin four weeks of the relevant Dealing Dayprovided that the written confirmation has beenreceived and all identification requirements havebeen met. On written request to the Transfer Agent,the Investor Service Centre or the Hong KongRepresentative, payment may be made in HK dollarsor any other freely convertible currency, at theinvestor’s cost.

Minimum Conversion/Redemption andMinimum Holding: The Company may refuse tocomply with conversion, redemption or transferinstructions if they are given in respect of part of aholding of Shares which has a value of less thanUS$1,000 or the approximate equivalent in therelevant dealing currency or if to do so would resultin a holding of Shares of less than US$5,000 (orapproximate equivalent) in value. These amountsmay be varied for any particular case or distributoror generally. Details of the current minima areavailable from the Transfer Agent, the InvestorService Centre, or the Hong Kong Representative.

INSTRUCTIONS GIVEN TO THE HONG KONGREPRESENTATIVE

Application, conversion and redemption instructionsgiven to the Hong Kong Representative fortransmission to the Transfer Agent or the InvestorService Centre are irrevocable once given (except inthe case of suspension or deferral see page 6 topage 7). The Hong Kong Representative, theTransfer Agent and the Investor Service Centrecannot, in the absence of negligence, acceptresponsibility for any failure by the Hong KongRepresentative to forward any application,conversion or redemption instruction to the TransferAgent or the Investor Service Centre or for any delayin doing so.


FEES AND CHARGES

The following table summarises the fees andcharges with respect to Class A, Class B, Class C, ClassQ and Class X Shares. The table must be read inconjunction with the notes which follow it and theinformation to which reference is made.

Asian Tiger Initial Management DistributionBond Fund Charge Fee Fee CDSC

Class A 5.00% 1.00% 0.00% 0.00%

Class B 0.00% 1.00% 1.00% 4.00% to 0.00%

Class C 0.00% 1.00% 1.25% 1.00% to 0.00%

Class Q 0.00% 0.55% 1.00% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%Asian Dragon Initial Management DistributionFund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.00% 1.00% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%Corporate Bond Initial Management DistributionFund (Euro) Charge Fee Fee CDSC

Class A 5.00% 1.00% 0.00% 0.00%

Class B 0.00% 1.00% 1.00% 4.00% to 0.00%

Class C 0.00% 1.00% 1.25% 1.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%Emerging Initial Management DistributionEurope Fund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.50% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%Emerging Initial Management DistributionMarkets Fund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.50% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%Euro Global Initial Management DistributionBalanced Fund Charge Fee Fee CDSC

Class A 5.00% 1.35% 0.00% 0.00%

Class B 0.00% 1.35% 1.00% 4.00% to 0.00%

Class C 0.00% 1.35% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.50% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%Euro Global Initial Management DistributionBond Fund Charge Fee Fee CDSC

Class A 5.00% 1.00% 0.00% 0.00%

Class B 0.00% 1.00% 1.00% 4.00% to 0.00%

Class C 0.00% 1.00% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.15% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%

Euro Markets Initial Management DistributionFund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.15% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%European Initial Management DistributionBond Fund Charge Fee Fee CDSC

Class A 5.00% 1.00% 0.00% 0.00%

Class B 0.00% 1.00% 1.00% 4.00% to 0.00%

Class C 0.00% 1.00% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.15% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%European Initial Management DistributionFund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.15% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%European Initial Management DistributionGrowth Fund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%EuropeanOpportunities Initial Management DistributionFund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.50% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%European Initial Management DistributionValue Fund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.00% 1.00% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%Euro Reserve Initial Management DistributionFund Charge Fee Fee CDSC

Class A 0.00% 0.75% 0.00% 0.00%

Class B 0.00% 0.75% 0.00% 0.00%

Class C 0.00% 0.75% 0.00% 0.00%

Class Q 0.00% 0.75% 0.00% 0.00%

Class X 0.00% 0.00% 0.00% 0.00%Euro Triple Initial Management DistributionA 70 Fund Charge Fee Fee CDSC

Class A 5.00% 1.75% 0.00% 0.00%

Class B 0.00% 1.75% 1.00% 4.00% to 0.00%

Class C 0.00% 1.75% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.75% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%


Euro Triple Initial Management DistributionA 50 Fund Charge Fee Fee CDSC

Class A 5.00% 1.65% 0.00% 0.00%

Class B 0.00% 1.65% 1.00% 4.00% to 0.00%

Class C 0.00% 1.65% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.65% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%Euro Triple Initial Management DistributionA 30 Fund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.50% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%Global Initial Management DistributionAllocation Fund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.00% 1.00% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%Global Equity Initial Management DistributionFund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.15% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%Global Equity Initial Management DistributionEx Europe Fund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.15% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%GlobalFundamental Initial Management DistributionValue Fund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.00% 1.00% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%Global HighYield Bond Initial Management DistributionFund (Euro)* Charge Fee Fee CDSC

Class A 5.00% 1.35% 0.00% 0.00%

Class B 0.00% 1.35% 1.00% 4.00% to 0.00%

Class C 0.00% 1.35% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.35% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%GlobalOpportunities Initial Management DistributionFund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.50% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%

Global Initial Management DistributionSmallCap Fund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.00% 1.00% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%GlobalShort-TermBond Fund Initial Management Distribution(Euro) Charge Fee Fee CDSC

Class A 5.00% 1.00% 0.00% 0.00%

Class B 0.00% 1.00% 1.00% 4.00% to 0.00%

Class C 0.00% 1.00% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.00% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%Japan Initial Management DistributionFund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.15% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%JapanOpportunities Initial Management DistributionFund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.50% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%Latin American Initial Management DistributionFund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.00% 1.00% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%New Energy Initial Management DistributionFund Charge Fee Fee CDSC

Class A 5.00% 1.75% 0.00% 0.00%

Class B 0.00% 1.75% 1.00% 4.00% to 0.00%

Class C 0.00% 1.75% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.75% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%Pacific Equity Initial Management DistributionFund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.15% 1.00% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%Sterling Bond Initial Management DistributionFund Charge Fee Fee CDSC

Class A 5.00% 0.65% 0.00% 0.00%

Class B 0.00% 0.65% 1.00% 4.00% to 0.00%

Class C 0.00% 0.65% 1.25% 1.00% to 0.00%

Class Q 0.00% 0.65% 1.00% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%


Sterling Reserve Initial Management DistributionFund Charge Fee Fee CDSC

Class A 0.00% 0.75% 0.00% 0.00%

Class B 0.00% 0.75% 0.00% 0.00%

Class C 0.00% 0.75% 0.00% 0.00%

Class Q 0.00% 0.75% 0.00% 0.00%

Class X 0.00% 0.00% 0.00% 0.00%United Kingdom Initial Management DistributionFund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.15% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%US Basic Value Initial Management DistributionFund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.00% 1.00% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%US Core Bond Initial Management DistributionFund Charge Fee Fee CDSC

Class A 5.00% 0.90% 0.00% 0.00%

Class B 0.00% 0.90% 1.00% 4.00% to 0.00%

Class C 0.00% 0.90% 1.25% 1.00% to 0.00%

Class Q 0.00% 0.65% 1.00% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%US DollarGlobal Balanced Initial Management DistributionFund Charge Fee Fee CDSC

Class A 5.00% 1.35% 0.00% 0.00%

Class B 0.00% 1.35% 1.00% 4.00% to 0.00%

Class C 0.00% 1.35% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.50% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%US DollarGlobal Bond Initial Management DistributionFund Charge Fee Fee CDSC

Class A 5.00% 1.00% 0.00% 0.00%

Class B 0.00% 1.00% 1.00% 4.00% to 0.00%

Class C 0.00% 1.00% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.15% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%US Dollar Initial Management DistributionReserve Fund Charge Fee Fee CDSC

Class A 0.00% 0.75% 0.00% 0.00%

Class B 0.00% 0.75% 0.00% 0.00%

Class C 0.00% 0.75% 0.00% 0.00%

Class Q 0.00% 0.75% 0.00% 0.00%

Class X 0.00% 0.00% 0.00% 0.00%US Equity Initial Management DistributionFund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.15% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%

US Flexible Initial Management DistributionEquity Fund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%US Focused Initial Management DistributionValue Fund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.00% 1.00% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%US Government Initial Management DistributionMortgage Fund Charge Fee Fee CDSC

Class A 5.00% 1.00% 0.00% 0.00%

Class B 0.00% 1.00% 1.00% 4.00% to 0.00%

Class C 0.00% 1.00% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.00% 0.75% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%US Growth Initial Management DistributionFund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.00% 1.00% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%US High Yield Initial Management DistributionBond Fund Charge Fee Fee CDSC

Class A 5.00% 1.35% 0.00% 0.00%

Class B 0.00% 1.35% 1.00% 4.00% to 0.00%

Class C 0.00% 1.35% 1.25% 1.00% to 0.00%

Class Q 0.00% 0.55% 0.75% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%US LowDuration Bond Initial Management DistributionFund Charge Fee Fee CDSC

Class A 5.00% 1.00% 0.00% 0.00%

Class B 0.00% 1.00% 1.00% 4.00% to 0.00%

Class C 0.00% 1.00% 1.25% 1.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%USOpportunities Initial Management DistributionFund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.50% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%US SmallCap Initial Management DistributionValue Fund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.00% 1.00% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%


US$ Triple Initial Management DistributionA 70 Fund Charge Fee Fee CDSC

Class A 5.00% 1.75% 0.00% 0.00%

Class B 0.00% 1.75% 1.00% 4.00% to 0.00%

Class C 0.00% 1.75% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.75% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%US$ Triple Initial Management DistributionA 50 Fund Charge Fee Fee CDSC

Class A 5.00% 1.65% 0.00% 0.00%

Class B 0.00% 1.65% 1.00% 4.00% to 0.00%

Class C 0.00% 1.65% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.65% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%US$ Triple Initial Management DistributionA 30 Fund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.50% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%World Energy Initial Management DistributionFund Charge Fee Fee CDSC

Class A 5.00% 1.75% 0.00% 0.00%

Class B 0.00% 1.75% 1.00% 4.00% to 0.00%

Class C 0.00% 1.75% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.75% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%World Initial Management DistributionFinancials Fund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.00% 1.00% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%World Gold Initial Management DistributionFund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.50% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%WorldHealthscience Initial Management DistributionFund Charge Fee Fee CDSC

Class A 5.00% 1.75% 0.00% 0.00%

Class B 0.00% 1.75% 1.00% 4.00% to 0.00%

Class C 0.00% 1.75% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.75% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%World Mining Initial Management DistributionFund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.50% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%

WorldTechnology Initial Management DistributionFund Charge Fee Fee CDSC

Class A 5.00% 1.50% 0.00% 0.00%

Class B 0.00% 1.50% 1.00% 4.00% to 0.00%

Class C 0.00% 1.50% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.00% 1.00% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%World Telecoms Initial Management DistributionFund Charge Fee Fee CDSC

Class A 5.00% 1.75% 0.00% 0.00%

Class B 0.00% 1.75% 1.00% 4.00% to 0.00%

Class C 0.00% 1.75% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.75% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%World Utilities Initial Management DistributionFund Charge Fee Fee CDSC

Class A 5.00% 1.75% 0.00% 0.00%

Class B 0.00% 1.75% 1.00% 4.00% to 0.00%

Class C 0.00% 1.75% 1.25% 1.00% to 0.00%

Class Q 0.00% 1.75% 1.25% 4.00% to 0.00%

Class X 0.00% 0.00% 0.00% 0.00%


Note: Subject to the approval of the Board of Directors, theManagement Fee for any Fund may be increased upto 2.25% by giving Shareholders three months priornotice in accordance with the Prospectus. Anyincrease above this level would require approval ofShareholders at a general meeting.

Other Fees and Expenses See page 28-29

Notes:

1. On Application

An initial charge, payable to the Manager, of up to 5%(of the aggregate of the Net Asset Value per Class ADistributing or Non-Distributing Share, as appropriate,and the initial charge) may be added to the price ofClass A Distributing and Non-Distributing Shares, asappropriate, (except in the case of the Reserve Funds).(See also page 20-23).

2. On Conversion

Where an investment made directly into Class ANon-Distributing Shares of a Reserve Fund issubsequently converted into Class A Non-DistributingShares of a Fund on which a direct investor would payan initial charge (i.e. any Fund except a Reserve Fund),the Shareholder may pay a delayed initial charge to theManager at the time of conversion.

Where there are unduly frequent conversions of anyClass of Shares, the Manager may, at its discretion (andwithout prior notice) deduct a charge of up to 1% ofthe Net Asset Value per Share. Selected distributors maycharge up to 0.5% of the Net Asset Value per Share oneach conversion of Class A Distributing or Class ANon-Distributing Shares acquired through them, which


will be deducted at the time of conversion and paid tothe relevant distributor (see page 18). The aggregate ofthese conversion charges will not exceed 1%.

3. On Redemption

A contingent deferred sales charge (“CDSC”) will bepayable to the relevant distributor (which may in thefuture include the Manager itself) on redemption of allClass B and Class Q Shares of all Funds (with certainexceptions, including holdings of Reserve Funds) unlessthe Shares are held for more than four years. Forshorter holding periods, the table below sets out themaximum rate of the CDSC that will apply, which is apercentage of the lower of the original purchase priceor of the redemption price of the Class B and Class QShares redeemed:

Relevant Holding Period CDSC

Up to one year 4.0%Over one year and up to two years 3.0%Over two years and up to three years 2.0%Over three years and up to four years 1.0%Over four years Zero

CDSC of 1% will be deducted from redemption proceedsand paid on redemption of all Class C Shares of allFunds (except in the case of Reserve Funds) unlessShares are held for more than a year.

4. Management Fees

The Manager receives the management fees from theCompany set out on pages 20 to 23 above. The level ofmanagement fee varies according to which Fund theinvestor buys and, with the exception of some Class QShares, is the same for all classes of Shares within eachFund. The Manager pays certain costs and fees of theInvestment Advisers and the Investor Service Centre.These fees accrue daily and are based on the Net AssetValue of the relevant Fund and are paid monthly.

ADDITIONAL INFORMATION

Type of Fund

Merrill Lynch International Investment Funds (the“Company”) was incorporated in Luxembourg on14th June, 1962. The Company’s constitution isdefined in its Articles of Association.

Investment Management

The Directors are responsible for the overallinvestment policy of the Company.

The Investment Advisers provide advice andmanagement in the areas of stock and sectorselection and strategic asset allocation. Merrill LynchInvestment Managers has sub-delegated some ofthese functions to Merrill Lynch InvestmentManagers Co., Ltd. Notwithstanding theappointment of the Investment Advisers, the

Manager accepts full responsibility to the Companyfor all investment transactions, subject to thedirection of the Company’s Directors.

A full list of which Funds each investment adviserprovides advice and management for will beavailable in the 2002 Annual Report and Accounts,and each subsequent Annual Report and Accounts.

Investor Service Centre

The Manager has entered into an Investor ServicingAgreement with Merrill Lynch Investment Managers(Luxembourg) S.A. for the provision of an InvestorService Centre to provide dealing facilities andrelated investor support functions.

Form of Shares

Class A Shares are issued in registered and globalcertificate form for all Funds.

Class B shares are available as Registered Sharesonly.

Class C Shares are available as Registered Sharesonly.

Class Q Shares were originally known as Class BRegistered Shares, but are now no longer availablefor subscription. As from 1 July 2002, all investorswho held old Class B Shares became holders of ClassQ Shares. Class Q Shareholders who wish to convertinto another of the Company’s Funds may do so freeof charge and will receive Class B Shares. Further,any Contingent Deferred Sales Charge history willbe carried over into the new Fund. Merrill Lynch atits sole discretion may refuse any request to transferrecord of ownership of Class Q Shares held by orthrough Merrill Lynch.

Class X Shares are available as Non-DistributingShares, and are issued as Registered Shares only atthe discretion of the Investment Adviser and itsaffiliates. No fees are payable in respect of Class XShares (instead a fee will be paid to the InvestmentAdviser or affiliates under an agreement). Class XShareholders bear all expenses along with all otherShareholders pro rata to the Funds’ respective NetAsset Values.

Unless otherwise requested, all Shares will be issuedin registered form. Title to Registered Shares isevidenced by entries in the Company’s shareregister. Shareholders will receive confirmationnotes of their transactions. Registered sharecertificates are not issued.

Information on Global Certificates and Bearer Sharesand their respective dealing procedures is available


on request from the Hong Kong Representative.

Frequency of Valuation and Dealing

A “Dealing Day” is any day normally treated as abank business day in Luxembourg (other than onefalling within a period of suspension).

Dealings can normally be effected daily, bysubmitting an application or a redemption orconversion order to the Hong Kong Representative.

Application, redemption and conversion instructionsreceived by the Hong Kong representative by4.00 pm (Hong Kong time) will be transmitted at theend of each Hong Kong business day to the TransferAgent or the Investor Service Centre. Instructionsreceived by the Transfer Agent or the InvestorService Centre before 12 noon (Luxembourg time)on any Dealing Day will normally be satisfied onthat day. Instructions received after that time willnormally be dealt with on the next Dealing Day.

The Hong Kong Representative has no authority toagree on behalf of the Company that applicationswill be accepted or to bind the Company to issueShares at any particular price.

At the discretion of the Company, prices applied toorders backed by uncleared funds may be thosecalculated in the afternoon of the day following thereceipt of cleared funds.

Dealing Prices

All dealing prices for Shares are based on the NetAsset Value per Share, as appropriate, of therelevant Fund. All Funds operate on a “forwardpricing” basis (i.e. prices are calculated on therelevant Dealing Day after the closing time foracceptance of dealing orders). Adjustments (notexceeding 1% or 3% in the case of the High YieldFunds) are made to the Net Asset Value to reflectfiscal charges and dealing costs when transactions ina Fund’s Shares on any Dealing Day result in a netincrease or decrease which exceeds a specifiedthreshold (and in such cases the basis on whichassets are valued may also be adjusted).

Application Procedure

See pages 17 to 18 for details of this procedure.Failure to provide the Application Form for an initialapplication will delay the completion of thetransaction and consequently the ability to effectsubsequent dealings in the Shares concerned.

The right is reserved to reject any application or toaccept it in part only. In such cases the Transfer

Agent or the Investor Service Centre will return theapplication monies or balance thereof normallywithin five business days of rejection or acceptancein part only, without interest.

The investor acknowledges that personalinformation and information relating to itsinvestments supplied to a member of the ML Groupmay be processed by or transferred to or disclosedto any company in the ML Group world-wide inorder to administer the services for which theinvestor has applied or may apply in the future. Thismay involve the transfer of date by electronic mediaincluding the internet. The investor’s informationwill be held in confidence and not shared other thanas described without the investor’s permission or asrequired by applicable law. The investor may at anytime request information about the companies inthe ML Group and the countries in which theyoperate. The investor consents to its informationbeing processed, transferred or disclosed within theML Group. The investor may at any time request acopy of the information held about it and requesterrors to be corrected. Should the investor wish toenjoy protection in respect of its personal dataunder Luxembourg law it should make itsapplication direct to the Transfer Agent.

Payment

Where an applicant for Shares fails to paysettlement monies on subscription or to provide acompleted Application Form for an initialapplication by the due date, the Directors may, inaccordance with the Company’s Articles, cancel theallotment or, if applicable, redeem the Shares.Redemption or conversion instructions may berefused or treated as though they have beenwithdrawn if payment for the Shares has not beenmade or a completed initial Application Form hasnot been received by the Company. In addition, nodealings will be effected following a conversioninstruction and no proceeds will be paid on aredemption until all documents required in relationto the transaction have been provided to theCompany. An applicant may be required toindemnify the Company or, as described below, theManager against any losses, costs or expensesincurred directly or indirectly as a result of theapplicant’s failure to pay for Shares applied for or tolodge the required documents by the due date.

In computing any losses covered under thisparagraph, account shall be taken, whereappropriate, of any movement in the price of theShares concerned between the transaction date andcancellation of the transaction or redemption of theShares, and of the costs incurred by the Company or,if applicable, the Manager in taking proceedingsagainst the applicant.


The Manager has agreed to exercise its discretion(specified in the Company’s Articles) to take steps toavoid the Company suffering losses as a result oflate settlement by any applicant. In cases wherepayment for Shares is not made on a timely basis,the Manager may assume ownership of the Sharesand it shall also have the right to give instructions tothe Company to make any consequent alterations inits register of Shareholders, delay the completion ofthe relevant transaction, redeem the Shares inquestion, claim indemnification from the applicantand/or take proceedings to enforce any applicableindemnity, all to the same extent that the Companyitself may do so. The Company has instructed theCustodian that any interest benefit that may arise asa result of the early settlement of Sharesubscriptions and late clearance of redemptionproceeds may be set off against any interestobligation that the Manager may incur as a result ofits arrangements to protect the Company fromlosses from the late settlement of Sharesubscriptions.

Money Laundering Prevention

As a result of anti-money laundering regulations,additional documentation may be required forsubscriptions for Shares. This information will beused to verify the identity of investors or, in somecases, the status of financial advisers; it will be usedonly for compliance with these requirements. Pleasenote that the Transfer Agent or Investor ServiceCentre reserves the right in all cases to requestfurther documentation or information. Failure toprovide documentation may result in thewithholding of redemption proceeds.

Conversion Procedure

See page 18 for details on the conversion procedure.

Instructions for conversion of Shares given to theHong Kong Representative will be transmitted tothe Transfer Agent or Investor Service Centre in thesame manner outlined under “Frequency ofValuation and Dealing” above, and the sameconsiderations will apply with respect to theapplicable price and the time at which conversionswill be effected.

Where the Funds to which a conversion relates havedifferent currencies of denomination, currency willbe converted at the relevant rate of exchange onthe Dealing Day on which the conversion is effected.

Conversions will be effected by the redemption ofShares in one Fund and the issue of the same Classof Shares in another Fund.

Non-Acceptance of Orders

Subscription and conversion orders into a Fundconstituting over 5% of a Fund’s value may not beaccepted if the Directors consider that to give effectto such orders on the relevant Dealing Day wouldadversely affect the interests of existingShareholders.

Redemption Procedures

See page 18 for details of this procedure.

Failure to provide written confirmations ofredemption instructions may delay settlement of thetransaction. Written redemption requests (orwritten confirmations of such requests) must includefull name(s) and address(es) of the Shareholders, thename of the Fund, the class and the value ornumber of Shares to be redeemed and fullsettlement instructions and must be signed by allShareholders. Redemptions of Bearer Shares will beeffected only upon receipt of the relevantcertificates.

Instructions for the redemption of Shares given tothe Hong Kong Representative will be transmittedto the Transfer Agent or Investor Service Centre inthe same manner outlined under “Frequency ofValuation and Dealing” above, and the sameconsiderations will apply with respect to theapplicable price and the time at which redemptionswill be effected.

Payment of Redemption Proceeds

Details are specified on page 19.

Redemption payments are made by cheque or, onwritten request to the Transfer Agent or InvestorService Centre, by telegraphic transfer to theShareholder’s bank account at the Shareholder’scost.

Shareholders may not redeem a holding of theCompany’s Shares unless and until cleared fundshave been received by the Company in respect ofthat holding.

Dealing in Shares by the Manager

The Manager, acting in its capacity as PrincipalDistributor, may as principal acquire and hold Sharesand may at its sole discretion satisfy, in whole or inpart, an application or request for the issue,redemption or conversion of such Shares by sellingShares to and/or buying them from the applicant asappropriate, provided that the applicant consents tosuch transaction. Shareholders will be deemed tohave consented to deal with the Manager unless


they have expressly informed the Transfer Agent orInvestor Service Centre to the contrary. Any suchtransaction will be effected on the same terms as toprice and settlement as would have applied in thecase of a corresponding issue, redemption orconversion of Shares (as relevant) by the Company.The Manager is entitled to retain any benefit arisingfrom these transactions.

Suspension of Determination of Share Prices

Valuations (and consequently issues, redemptionsand conversions) of any class of Shares of a Fundmay be suspended in certain circumstancesincluding:

(a) the closure of or suspension or restriction oftrading on any stock exchange or market onwhich are quoted a substantial proportion ofthe investments held in that Fund;

(b) conditions which in the opinion of the Directorsmake it impracticable or inappropriate todispose of investments held in that Fundwithout seriously harming the Company or anyclass of its Shareholders;

(c) if the means of communication normally usedfor the purpose of determining the price orvalue of investments held by that Fund cannotbe used, or for some other reason the price orvalue of such investments cannot be determinednormally, quickly and correctly;

(d) if any transfer of funds necessary for dealings inthe investments held in that Fund cannot bemade normally at normal exchange rates;

(e) if notice is given of a meeting at which aresolution is to be proposed to wind up theCompany, or where notice has been given or aresolution passed for the closure of that Fund asexplained in “Termination of a Fund” below.

The beginning and end of any period of suspension(except one resulting from customary closing ofstock exchanges for not more than three days) willbe made known at the registered office of theCompany and announced in a leading financialnewspaper in Hong Kong. Such announcement willnot be required where the suspension ends beforethe earliest practicable date for publishing theannouncement. Notice will also be given to anyShareholder lodging a request for redemption orconversion of Shares.

During a period of suspension a Shareholder maywithdraw his request, in respect of any transactionwhich is suspended, by notice in writing to the HongKong Representative. Such notice will only be

effective if received before the transaction iseffected.

Deferrals of Redemptions or Conversions

The Company will not be bound to redeem or convertany Shares of a Fund on any one Dealing Day if thereare redemption or conversion orders that day for allclasses of Shares of that Fund with an aggregatevalue exceeding a particular level of the value of thatFund (currently fixed by the Directors at 10%). Inaddition, the Company may defer redemptions andconversions in exceptional circumstances that may, inthe opinion of the Directors, adversely affect theinterests of relevant Shareholders. In either case, theDirectors may declare that such redemptions andconversions will be deferred until the Company hasexecuted, as soon as possible, the necessaryrealisation of assets out of the Fund concerned oruntil the exceptional circumstances cease to apply.Redemptions and conversions so deferred will bedealt with in priority to later requests.

During a period of deferral a Shareholder maywithdraw his request in respect of any deferredtransaction by notice in writing to the Hong KongRepresentative. Such notice will only be effective ifreceived before the transaction is effected.

Dividends

The Directors’ current policy is to retain and reinvestall net income except for income from theDistributing Shares of the Distributing Funds:

Distributing FundsAsian Tiger Bond FundCorporate Bond Fund (Euro)Euro Global Bond FundEuro Markets FundEuropean Bond FundEuropean Value FundEuro and US$ Triple A 30 FundsGlobal Equity FundGlobal High Yield Bond Fund (Euro)*Global Short-Term Bond Fund (Euro)Sterling Bond FundUS Basic Value FundUS Core Bond FundUS Dollar Global Bond FundUS Equity FundUS High Yield Bond FundUS Government Mortgage FundUS Low Duration Bond Fund


Dividends are paid monthly on the Distributingshares of the Distributing Funds. The current policyin respect of the Distributing Funds is to distribute


substantially all the investment income for theperiod after deduction of expenses.

Declaration and Payment of Dividends

Dividends are declared on the last Business Day ofeach calendar month in the Dealing Currency(ies) ofthe relevant Fund. Dividends are paid within 10Business Days of that date to Shareholdersregistered in the share register on the Business Dayprior to the declaration date. Shareholders entitledto a dividend of US$100 or more (or currencyequivalent) will have their dividends paid directly totheir bank account by telegraphic transfer in theShareholder’s chosen Dealing Currency of the Fundat the Shareholder’s cost (except for Merrill Lynchinvestors). Dividends of less than US$100 (orcurrency equivalent) will be automatically reinvestedin the Fund except for Shareholders acquiring Sharesthrough Merrill Lynch who will receive payment (see‘Reinvestment of Dividends’ below). Monthlydividends are paid separately in respect of eachDistributing Fund.

Reinvestment of Dividends

Shareholders (except for Merrill Lynch investors)entitled to a dividend of less than US$100 (orcurrency equivalent) will have their dividendsautomatically re-invested in further Shares of thesame form of the same class of the same Fund. Suchfurther Shares, including fractions, will be issued onthe payment date unless such day is not a DealingDay when Shares will be issued on the next DealingDay. It should be borne in mind that re-investeddividends are likely to be treated for tax purposes inmost jurisdictions as income received by theShareholder.

Shareholders may also request automaticreinvestment of dividends of US$100 or more (orcurrency equivalent).

No initial charge is made on Class A DistributingShares issued by way of dividend reinvestment.

Other Fees and Expenses

See pages 20 to 23 for details of the initial chargeon all Classes of Shares.

The annual management and administration feesreferred to on pages 20 to 23 are based on the NetAsset Value of each Fund (adjusted whereapplicable, as described in “Dealing Prices” above).

Selected distributors may impose a charge of up to0.5% of the Net Asset Value of Class A Shares oneach conversion of those Shares acquired through it.While other conversions are normally free of charge,

the Manager may, in its discretion (and withoutprior notice), make an additional conversion chargewith respect to Class A Shares, which would increasethe amount paid to up to 1% if unduly frequentconversions are made. Any such charges will bededucted at the time of conversion and paid to therelevant distributor or the Manager (as applicable)by the Transfer Agent or Investor Service Centre.

The Manager in its capacity as Principal Distributor isentitled to receive the initial charge of up to 5%added to the price of Class A Shares, where levied,any delayed initial charge on Class A Shares, theManager’s charge on unduly frequent conversionsreferred to above and the benefit of roundingprices.

The Custodian receives annual fees, based on thevalue of securities, which accrue daily, plustransaction fees. The annual fees range from0.011% to 0.608% per annum and the transactionfees range from US$13 to US$157 per transaction.The rates for both categories of fees will varyaccording to the country of investment and, in somecases, according to asset class. Investments in bondsand developed equity markets will be at the lowerend of these ranges, while some investments inemerging or developing markets will be at theupper end. Thus the custody cost to each Fund willdepend on its asset allocation at any time.

The Transfer Agent receives annual fees calculatedaccording to (a) the number of holdings (rangingfrom US$9 to US$25 per holding), (b) transactionprocessing (ranging from US$2 to US$13.35 pertransaction, depending on the transaction type),and (c) Fund/Share class annual maintenance fees(ranging from US$2,000 to US$20,000 depending onthe number and type of Funds/Share classes).

The Fund Accountant receives annual fees calculatedaccording to the Net Asset Value of each Fundranging from 0.015% to 0.023%.

Subject to the approval of the Board of Directors,the Management Fee for any Fund may be increasedup to 2.25% by giving Shareholders three months’prior notice in accordance with the Prospectus. Anyincrease above this level would require the approvalof Shareholders at a general meeting.

At least one month’s notice will be given toShareholders of any increase in the rates of otherfees and charges specified in this Summary, unlessprior Shareholder consent is required under theCompany’s Articles when at least one month’s noticewill be given from the date of such consent.

The Company also pays the fees and expenses of thePaying Agent and the expenses of the Fund


Accountant, the Principal Distributor, the TransferAgent, the Manager and other distributors andagents, expenses incurred in operating the InvestorService Centre and all other expenses incurred in theCompany’s operation.

Expenses incurred in relation to the issue of theProspectus dated July 2002 are estimated to amountto US$ 700,000 (included in this amount isapproximately US$30,000 incurred in relation to theissue of the Summary), and will be charged to theFunds pro rata to their respective Net Asset Values.

If a Fund is closed at a time when any expensespreviously allocated to that Fund have not beenamortised in full, the Directors shall determine howthe outstanding expenses should be treated andmay, where appropriate, decide that theoutstanding expenses should be met by the Fund asa liquidation expense.

The Company will pay the fees and out-of-pocketexpenses of the Hong Kong Representative forensuring compliance with the relevant laws andregulations in Hong Kong and for acting as theHong Kong Representative. In addition, theManager may pay the Hong Kong Representative aproportion of the initial charge in respect ofapplications from residents of Hong Kong.

The Manager and its associates do not have any softcommission arrangements with brokers with whomthey deal on account of any Fund.

Relationship with Merrill Lynch & Co., Inc.

The ultimate holding company of the Manager andthe Investment Adviser is Merrill Lynch & Co., Inc., acompany incorporated in Delaware, USA. Thatcompany and its associated companies (whichinclude Merrill Lynch, Pierce, Fenner & SmithIncorporated and Merrill Lynch International & Co.)are referred to below as the “Group”.

Subject to any policies established by the Directors,when arranging investment transactions for theCompany, the Investment Adviser will seek to obtainthe best net results for the Company, taking intoaccount such factors as price (including theapplicable brokerage commission or dealer spread),size of order, difficulty of execution and operationalfacilities of the firm involved and the firm’s risk inpositioning a block of securities. Therefore, whilstthe Investment Adviser generally seeks reasonablycompetitive commission rates, the Company doesnot necessarily pay the lowest commission or spreadavailable. In a number of developing markets,commissions are fixed pursuant to local law orregulation and, therefore, are not subject tonegotiation.

When arranging transactions in securities for theCompany, companies in the Group may providesecurities brokerage, foreign exchange, banking andother services, or may act as principal, on their usualterms and may benefit therefrom. Commissions willbe paid to brokers and agents in accordance withthe relevant market practice and the benefit of anybulk or other commission discounts or cashcommissions rebates provided by brokers or agentswill be passed on to the Company. The services ofGroup companies will be used by the InvestmentAdviser where it is considered appropriate to do soprovided that (a) their commissions and other termsof business are generally comparable with thoseavailable from unassociated brokers and agents inthe markets concerned, and (b) this is consistentwith the above policy of obtaining best net results.Consistent with the above policies it is anticipatedthat a proportion of the Company’s investmenttransactions will be executed through Group brokerdealers and that they will be amongst a relativelysmall group of global firms which may each beassigned a larger proportion of transactions thanthe proportion assigned to any other firm.

Subject to the foregoing, and to any restrictionsadopted by the Directors or set forth in the Articles,the Manager, the Investment Adviser and any otherGroup company, and any directors of the foregoingmay (a) have an interest in the Company or in anytransaction effected with or for it, or a relationshipof any description with any other person, which mayinvolve a potential conflict with their respectiveduties to the Company, and (b) deal with orotherwise use the services of Group companies inconnection with the performance of such duties;and none of them will be liable to account for anyprofit or remuneration derived from so doing.

For example, such potential conflicts may arisebecause:

(a) the relevant Group company undertakesbusiness for other clients;

(b) any of the relevant Group company’s directorsor employees is a director of, holds or deals insecurities of, or is otherwise interested in, anycompany the securities of which are held by ordealt in on behalf of the Company;

(c) the transaction relates to an investment inrespect of which the relevant Group companymay benefit from a commission, fee, mark-up ormark-down payable otherwise than by theCompany;


(d) a Group company may act as agent for theCompany in relation to transactions in which itis also acting as agent for the account of otherclients of Group companies;

(e) a Group company may deal in investments and/or currencies as principal with the Company orany of the Company’s shareholders;

(f) the transaction is in units or shares of acollective investment scheme or any company ofwhich any Group company is the manager,operator, banker, adviser or trustee;

(g) a Group company may effect transactions forthe Company involving placings and/or new issueswith another Group company which may beacting as principal or receiving agent’s commission.

As described above, securities may be held by, or bean appropriate investment for, the Company as wellas by or for other clients of the Manager, theInvestment Adviser or other Group companies.Because of different objectives or other factors, aparticular security may be bought for one or moresuch clients, when other clients are selling the samesecurity. If purchases or sales of securities for theCompany or such clients arise for consideration at orabout the same time, such transactions will bemade, insofar as feasible, for the relevant clients ina manner deemed equitable to all. There may becircumstances when purchases or sales of securitiesfor one or more Group clients have an adverseeffect on other Group clients.

Taxation

The Company will not be subject to any tax in HongKong so long as it does not carry on a trade orbusiness of dealing in securities or commodities inHong Kong. It is not the intention of the Companyto carry on such a trade or business or to establish aplace of business in Hong Kong. Shareholders willnot be subject to any Hong Kong tax ondistributions from the Company or on capital gainsrealised on the sale, redemption or other disposal ofany Shares in the Company. If the acquisition andrealisation of Shares in the Company is or forms partof a trade, profession or business carried on in HongKong, gains realised by the relevant Shareholdermay attract Hong Kong profits tax. Shares will notattract Hong Kong estate duty. Furthermore, noHong Kong stamp duty will be payable on the issue,conversion or transfer of the Shares in the Company.

The foregoing statements on taxation are given onthe basis of the Company’s understanding of presentlegislation and practice in Hong Kong.

Reports and Accounts

The financial year of the Company ends on 31stDecember in each year. The Annual Reportcontaining the audited financial accounts of theCompany and of each of the Funds in respect of thepreceding financial period is available within fourmonths of the relevant year-end. An unauditedInterim Report is available within two months of theend of the relevant half-year.

Termination of a Fund

The Directors may require redemption of all theShares of a particular Fund if the Net Asset Value ofthe relevant Fund falls below US$15 million (or theequivalent in any relevant dealing currency). TheCompany’s Articles of Association also permit theDirectors to close any particular Fund where theydeem it appropriate because of changes in theeconomic or political situation affecting the Fundbut in such circumstances the Directors intend as amatter of policy to offer holders of any class ofShares a free transfer into the same class of Sharesof other Funds. Any such compulsory termination ofa Fund will require at least 30 days’ prior notice toholders of Shares of all classes of the relevant Fund.As an alternative, subject to the same period ofnotice, the Directors may arrange for a Fund to bemerged with another Fund of the Company or withanother Luxembourg UCITS. Any such merger will bebinding on the holders of the Shares of the classesof that Fund.

A Fund may also be closed with the consent of amajority of the Shares present or represented at ameeting of all Shareholders of that Fund (at whichno quorum requirement will apply). Where a Fund isterminated the redemption price payable ontermination will be calculated on a basis reflectingthe realisation and liquidation costs on terminatingthe Fund. The Directors have power to suspenddealings in the Shares of any Fund where it is to beterminated in accordance with the above provisions.

Termination of the Company

If at any time the Net Asset Value of the Company isless than US$25,000,000 (or equivalent), alloutstanding Shares may be redeemed by notice toall Shareholders given within four weeks of thattime.

The Company may be wound up at any time by aresolution adopted by a general meeting ofShareholders.

The Directors must submit the question of thewinding up to a general meeting if the corporatecapital falls below two-thirds of the minimum


capital prescribed by law (currently the equivalentof €1,239,467.63).

Investment Restrictions

Various investment restrictions apply, of which theprincipal ones are as follows:

1. A Fund’s investments must consist oftransferable securities which are admitted toofficial listing on a stock exchange or dealt inon another regulated market, except that up to10% of net assets may be invested in othertransferable securities or in equivalent, liquiddebt instruments.

2. A Fund may also:

– include liquid assets on an ancillary basis;

– invest no more than 10% of its net assets intransferable securities issued by the samebody except that:

(a) the limit is 35% if the transferable securitiesare issued or guaranteed by a governmentor public international body or localauthority within the OECD;

(b) a Fund may invest in accordance with theprinciple of risk-spreading up to 100% of itsassets in different transferable securitiesissued or guaranteed by a government,public international bodies or localauthority within the OECD so long as theFund holds at least six different issues andno one issue accounts for more than 30% oftotal net assets;

(c) a Fund may invest up to 25% of its netassets in certain types of debt securitiesissued by credit institutions which areestablished in the European Community andsatisfy certain regulatory criteria.

3. A Fund may not acquire either precious metalsor certificates representing them.

4. The total value of the transferable securitiesheld by a Fund in all issuing bodies in which itinvests more than 5% of its net assets must notexceed 40% of its net assets (other than thosereferred to in sub-paragraphs 2(a), (b) and (c) above).

5. A Fund may not acquire the units of othercollective investment undertakings of theopen-ended type unless they are collectiveinvestment undertakings within the meaning ofthe European Union Directive relating to UCITS(“permitted undertaking”) and, in such cases, it

may invest no more than 5% of its net assets.Further restrictions apply to permittedundertakings with specified links to theCompany.

6. The Company may not:–

(a) acquire any shares carrying voting rightswhich would enable it to exercisesignificant influence over the managementof an issuing body; or

(b) acquire more than 10% of the non-votingshares or debt securities of any issuer.

Exceptions to such restrictions include issues byor, guaranteed by, governments, issues bycertain local authorities or certain publicinternational bodies or the exercise ofsubscription rights attaching to transferablesecurities.

7. A Fund may not borrow except for theacquisition of foreign currency by means of a“back to back” loan or borrowings of up to 10%of the value of its net assets provided that theborrowing is on a temporary basis.

8. The Company may not grant loans or act as athird party guarantor.

9. A Fund may not carry out uncovered sales oftransferable securities.

10. A Fund shall not underwrite securities of otherissuers unless the securities would be a suitableinvestment both as to size and type for thatFund.

11. A Fund shall not deal in forward exchangecontracts, currency futures or options contracts,options, bond futures, index futures or otherderivative instruments except for the purposesof efficient portfolio management or currencyhedging.

12. The aggregate value of warrants and optionsnot held for hedging purposes may not exceed15% of the net asset value of a Fund.

13. A Fund shall not invest in a security of any classin any Company or body if any director orofficer of the Manager individually owns morethan 0.5% of the total amount of all the issuedsecurities of that class or, collectively, thedirectors and officers of the Manager own morethan 5% of these securities.

14. A Fund shall not make an investment whichinvolves the assumption of unlimited liability.


Other Information

The Company’s Articles of Association and theagreements between the Fund and variousfunctionaries, including the Transfer Agent, theManager, the Custodian, Merrill Lynch InvestmentManagers (Luxembourg) SA and the Hong KongRepresentative, are available in English at the HongKong Representative’s office. The Company’sProspectus contains further details of theCompany, all classes of Shares (although ClassE Shares are not available in Hong Kong) andall the Funds (including details about theCompany’s Articles of Association and thecalculation of its net asset value and prices).English and Chinese language versions of theProspectus and interim and annual reports areavailable, without charge, from the Hong KongRepresentative.

Board of DirectorsChairmanJürgen Reimnitz, Frankfurt am MainCorporate DirectorC/o CommerzbankKaiserplatz, 60261 Frankfurt am MainFederal Republic of Germany

DirectorsElizabeth Corley, Managing Director, Head of RetailBusiness, Europe, Middle East, Africa and Asia PacificMerrill Lynch Investment Managers Limited

James Charrington,Managing Director, Head of Retail and Third PartySales, Europe, Middle East, Africa and Asia PacificMerrill Lynch Investment Managers Limited

Derek Ferguson, Retired - Formerly ManagingDirector, RBSI Custody Bank Limited

Frank P. Le Feuvre,Managing Director, Merrill Lynch InvestmentManagers (Channel Islands) Limited

Terry K Glenn,Chairman, Americas RegionMerrill Lynch Investment Managers, L.P.President, Merrill Lynch Mutual Funds, Princeton

Z.O.H.M. Baron van Hövell tot Westerflier,Chairman of the Board, Achmea Bank Holding N.V.

Geoffrey Radcliffe,Director & General ManagerMerrill Lynch Investment Managers(Luxembourg) S.A.

François Tesch,Directeur Général, Le Foyer Assurances CompagnieLuxembourgeoise S. A.

Jean-Claude Wolter,Avocat Honoraire and Chairman of the Board ofBidurit Hartmetall AG

Steen Langebaek KBE,Independent Director

Management and AdministrationManagerMerrill Lynch Investment Managers (Channel Islands)LimitedForum House, Grenville StreetSt Helier, Jersey JE4 8RLChannel Islands

The Manager acts as Investment Manager andPrincipal Distributor for the Company.The Directors of the Manager are:Mr M Andrew(Chairman)Mr A J ArnoldMr N J CoatsMr R A R EvansMr S FukuyamaMr F P Le Feuvre

Mr G J GrimeMr G M HamiltonMr A F J RoeMr R E R RumbollMrs A L Y P Wong

Investor ServicesMerrill Lynch Investment Managers (Luxembourg) SABP 1058L-101 LuxembourgTelephone +352 34 20 10-1Fax +352 34 20 10-2Or such other MLIM Group company that mayperform dealing and investor servicing functionsfrom time to time

CustodianThe Bank of New York Europe Limited,Luxembourg BranchB.P. 1058, L-1010 Luxembourg

Fund AccountantThe Bank of New York Europe Limited,Luxembourg BranchB.P. 1058, L-1010 Luxembourg

Transfer Agent and RegistrarJP Morgan Bank Luxembourg S.A.5,rue PlaetisL-2338 Luxembourg


Investment AdviserMerrill Lynch Investment Managers Limited33 King William StreetLondon EC4R 9ASRegulated by The FSA

Fund Asset Management, L.P.800 Scudders Mill RoadPlainsboro, NJ 08536, USA

Hong Kong RepresentativeMerrill Lynch Investment Managers (Asia) Limited22nd Floor, Citibank Tower3 Garden Road, Central, Hong KongTel: (852) 2161-7747Fax: (852) 2161-7755

Taiwan RepresentativeMerrill Lynch Investment Managers TaiwanRepresentative Office23rd Floor, Taipei Metro 207, Tun Hwa South Road,Section 2Taipei 106, Taiwan, R.O.C.Tel: (886) 2376 3800Fax: (886) 2376 3828

Legal AdviserLinklaters Loesch4 rue Carlo Hemmer, Plateau de KirchbergB.P. 1107, L-1011 Luxembourg

Independent AuditorPricewaterhouseCoopers S.à.r.l.400 route d’Esch, L-1471 Luxembourg

Registered Office6D route de TrèvesL-2633 SenningerbergGrand-Duchy of Luxembourg

[This page is intentionally left blank]

Mer

rill

Lyn

ch I

nter

nati

onal

Inv

estm

ent F

unds

(the

“C

ompa

ny”)

App

licat

ion

For

m fo

r D

istr

ibut

ing

and

Non

-Dis

trib

utin

g Sh

ares

美林國際投資基金派息及非派息股份基金申請表

It is

str

ongl

y re

com

men

ded

that

you

rea

d an

d co

nsid

er th

e Su

mm

ary

of P

rosp

ectu

s be

fore

com

plet

ing

this

App

licat

ion

For

m.

敬請閣下在填寫本申請表前細閱及考慮售股章程概要。

Ple

ase

retu

rn to

:M

erri

ll L

ynch

Inv

estm

ent M

anag

ers

(Asi

a) L

imite

d (t

he “

Rep

rese

ntat

ive”

), 2

2nd

Floo

r, C

itiba

nk T

ower

, 3 G

arde

n R

oad,

Cen

tral

, Hon

g K

ong.

Tel

: (85

2) 2

161

7747

; Fa

x: (

852)

216

1 77

55.

請將申請表交回：

美林投資管理（亞洲）有限公司（「代表」），地址為香港中環花園道

3號萬國寶通銀行大廈

22樓。

電話：

(852

) 21

61 7

747；圖文傳真：

(852

) 21

61 7

755。

OR或

The

Tra

nsfe

r A

gent

/the

Inv

esto

r S

ervi

ce C

entr

e, M

erri

ll L

ynch

Int

erna

tion

al I

nves

tmen

t Fun

ds, 5

rue

Pla

etis

, L-2

338

Lux

embo

urg.

/ B

. P. 1

058,

L10

10 L

uxem

bour

g. T

el: (

352)

34

2010

-1; F

ax: (

352)

34

2010

-2.

過戶代理人／投資者服務中心，美林國際投資基金

, 地址為

5 r

ue P

laet

is, L

-233

8 L

uxem

bour

g./ 地址為

B. P

. 105

8, L

1010

Lux

embo

urg.

電話：

(352

) 34

2010

-1；圖文傳真：

(352

) 34

2010

-2。

Mon

ey L

aund

erin

g P

reve

ntio

n: P

leas

e at

tach

a p

hoto

copy

of y

our

iden

tifi

cati

on c

ard

or p

assp

ort.

防止洗黑錢：請連同閣下之身份證明文件或護照之影印本一併交回。

Ple

ase

com

plet

e th

is f

orm

in E

nglis

h請用英文填寫此申請表

I/W

e ha

ve a

lrea

dy p

lace

d th

is s

ubsc

ript

ion

by f

ax/te

leph

one.

本人／吾等已以傳真／電話形式遞交申請表。

(Ple

ase

tick

the

box

and

ente

r yo

ur d

eal r

efer

ence

num

ber

(if k

now

n) if

app

lica

ble)

.C

ontr

act N

umbe

r（若適用者請在欄上填「

✔」號及填上閣下之確認書參考號碼（如知悉者））。

確認書參考號碼

1.D

etai

ls o

f A

pplic

ant(

s) 申請人資料

Ple

ase

use

bloc

k ca

pita

ls 請用英文正楷填寫

Titl

e 稱謂：

Fore

nam

e(s)

名：

Surn

ame/

Com

pany

Nam

e 姓氏／公司名稱：

1. 2. 3. 4.

Exi

stin

g Sh

areh

olde

rs: I

f you

alr

eady

hol

d Sh

ares

in th

e C

ompa

ny, p

leas

e en

ter y

our c

lient

refe

renc

e nu

mbe

r (if

kno

wn)

.現有股份持有人：若閣下已持有公司股份請填寫閣下的客戶參考號碼（如知悉者）。

Ref

eren

ce: (

for

offi

ce u

se)

參考：（只供本公司使用）

2.R

egis

tere

d A

ddre

ss 註冊地址

Ple

ase

use

bloc

k ca

pita


Add

ress

地址：

Cou

ntry

國家：

Post

code

郵政代碼：

Day

time

Tel

日間電話：

Fax 圖文傳真：

3.D

etai

ls o

f In

vest

men

t 投資詳情

Ple

ase

use

bloc

k ca

pita


The

min

imum

initi

al s

ubsc

ript

ion

for a

ny o

ne F

und

is U

S$5,

000

(or t

he a

ppro

xim

ate

equi

vale

nt in

the

rele

vant

Dea

ling

Cur

renc

y st

ated

at t

he fr

ont o

f the

Sum

mar

y of

Pro

spec

tus)

. The

min

imum

for

add

itio

ns t

o ex

isti

ng h

oldi

ngs

in a

ny F

und

is U

S$1

,000

(or

the

app

roxi

mat

e eq

uiva

lent

). F

ract

ions

of

Reg

iste

red

Shar

es m

ay b

e is

sued

. N

o ce

rtif

icat

es a

re is

sued

for

Reg

iste

red

Shar

es.

最低首次認購額為

5000美元（或在售股章程概要第一頁內基金的交易貨幣以外的貨幣之等值約數）。增持任何基金現存持股的最低款額為

一千美元（或等值貨幣的約數）。可發行零星註冊股份。記名股份的證明書不予發行。

Cur

renc

y an

d A

mou

nt o

f

Subs

crip

tion

貨幣單位及投資款項

Nam

e of

Fun

d 基金名稱

(Ple

ase

inse

rt t

he f

ull

nam

e of

th

e F

und(

s) i

n w

hich

you

wis

h to

inve

st.)　（請填寫認購基金的全名。）

Tot

al A

mou

nt o

f Su

bscr

ipti

on總投資款項

Cla

ss類別

Dis

trib

utin

gSh

ares

(1)

派息

股份

(1)

Non

-D

istr

ibut

ing

Shar

es (

1)非派息

股份

(1)

Pre

ferr

edD

ealin

gC

urre

ncy

(2)

選擇交易

貨幣

(1)

Plea

se ti

ck th

e ap

prop

riat

e bo

x to

indi

cate

whe

ther

you

req

uire

Dis

trib

utin

g or

Non

-Dis

trib

utin

g Sh

ares

. If

you

do n

ot ti

ck o

ne b

ox, y

ou w

ill b

ede

emed

to h

ave

requ

este

d N

on-D

istr

ibut

ing

Shar

es.

請在適當的欄內填上「

✔」號，以示認購派息或非派息股份。若閣下沒有在任何欄內填上「

✔」號，將被當作選擇非派息股份。

(2)

Cer

tain

Fun

ds h

ave

two

or m

ore

deal

ing

Cur

renc

ies,

as

set o

ut in

the

Pros

pect

us. P

leas

e sp

ecif

y yo

ur c

hoic

e of

Dea

ling

Cur

renc

y in

the

box

abov

e. I

f yo

u do

not

spe

cify

a D

ealin

g C

urre

ncy

then

the

Bas

e C

urre

ncy

of th

e re

leva

nt F

und

will

be

used

.

正如售股章程所述，某些基金有兩種或以上交易貨幣。請在以上欄內填上閣下所選擇的交易貨幣。若閣下沒有在欄內填上任何交易貨

幣，該基金的基本貨幣將被採用。

Fo

rm o

f S

har

es:

Reg

iste

red

Sh

ares

an

d G

lob

al C

erti

fica

tes

are

avai

lab

le f

or

all

Fu

nd

s. R

egis

tere

d S

har

es w

ill

be

issu

ed i

n y

our

nam

e(s)

. No

cetif

icat

es a

re is

sued

for

Reg

iste

red

Shar

es. F

or f

urth

er in

form

atio

n on

Glo

bal C

ertif

icat

es, p

leas

e co

ntac

t the

Tra

nsfe

r A

gent

/the

Inve

stor

Serv

ice

Cen

tre.

股票類別：所有基金均發行記名股份和全球證明書。記名股份將以閣下姓名發行。記名股份的證明書不予發行。欲知有關全球證明書的詳

情，請聯絡過戶代理人／投資者服務中心。

Con

firm

atio

n of

Met

hod

of P

aym

ent

(Ple

ase

tick

one

box

, see

als

o N

ote

(iii

) be

low

)確認付款方法（請在其中一欄填上

✔號，並請參閱下列

(ii

i)）

I/W

e ha

ve in

stru

cted

my/

our

bank

to tr

ansf

er th

e am

ount

spe

cifi

ed a

bove

fro

m m

y/ou

r ba

nk a

ccou

nt a

s sp

ecif

ied

in S

ectio

n 4.

(Ple

ase

atta

ch a

cop

y of

you

r tr

ansf

er in

stru

ctio

ns to

this

form

.)

本人／吾等已指示本人／吾等之銀行，於第

4欄中列明由本人／吾等之銀行賬戶轉賬上述指定金額。

（請將閣下的轉賬指示副本隨附本表格遞交。）

I/W

e at

tach

a c

hequ

e m

ade

paya

ble

to “

Mer

rill

Lyn

ch I

nves

tmen

t Man

ager

s (C

hann

el I

slan

ds)

Lim

ited

” fr

om m

y/ou

r ba

nk a

ccou

nt. (

End

orse

dch

eque

s w

ill n

ot b

e ac

cept

ed.)

本人／吾等現附上由本人／吾等之銀行賬戶所發出的支票，抬頭人為「

Mer

rill

Lyn

ch I

nves

tmen

t Man

ager

s (C

hann

el I

slan

ds)

Lim

ited」。

（背書支票恕不接受。）

4.B

ank

Acc

ount

Det

ails

銀行賬戶資料

Ple

ase

use

bloc

k ca

pita


The

ban

k ac

coun

t de

tails

bel

ow a

re t

hose

of 銀行賬戶資料如下：

Ple

ase

tick

one

or

mor

e bo

xes,

as

appl

icab

le. P

aym

ent o

f div

iden

ds w

ill b

e m

ade

to th

e ac

coun

t det

ails

pro

vide

d be

low

; ch

eque

s w

ill n

ot b

e is

sued

inre

lati

on to

div

iden

d pa

ymen

ts. 若適用於閣下，可填寫一欄或以上。股息將存入下述的帳戶資料；就股息派付方面，本基金將不會發支票。

the

acco

unt f

rom

whi

ch th

e tr

ansf

er to

set

tle th

is a

pplic

atio

n is

bei

ng m

ade;

撥出結算本申請轉賬款項的賬戶；

the

acco

unt t

o w

hich

rede

mpt

ion

proc

eeds

sho

uld

be s

ent b

y te

legr

aphi

c tr

ansf

er a

t my/

our c

ost.

(Red

empt

ion

proc

eeds

are

nor

mal

ly s

ent b

y ch

eque

to th

ere

gist

ered

add

ress

or,

if y

ou ti

ck th

e ‘Y

es’ b

ox in

sec

tion

5, to

you

r pr

ofes

sion

al a

dvis

er; h

owev

er, t

ick

this

box

if th

ey a

re to

be

sent

to y

our

bank

.)贖回款項由本人／吾等自費以電㶅存入的賬戶。（贖回款項通常以支票寄往註冊地址，或若閣下在第

5項填寫「是」一欄，則寄給閣下的專業

顧問；若要將贖回款項存入閣下的銀行，請填寫此欄。）

(If y

ou h

ave

ticke

d a

box

abov

e, p

leas

e in

sert

the

rele

vant

ban

k ac

coun

t det

ails

bel

ow. P

leas

e en

sure

the

acco

unt i

s he

ld in

the

nam

e of

one

or

mor

e of

the

appl

ican

ts in

sect

ion

1.) （若閣下填寫以上任何一欄，請將有關銀行賬戶的資料填寫如下。請確保帳戶為第一部份中一名或一名以上的申請者所持有。）

Nam

e of

Ban

k 銀行名稱：

Add

ress

地址：

Cou

ntry

國家：

Post

code

郵政代碼：

Acc

ount

Nam

e 賬戶名稱：

Acc

ount

Num

ber 賬戶號碼：

Sub

Acc

ount

Nam

e 附屬賬戶名稱：

Sub

Acc

ount

Num

ber 附屬賬戶號碼：

Sort

Cod

e 分類代碼：

SWIF

T C

ode

(if

know

n) 轉換代碼（如知悉者）：

Acc

ount

Cur

renc

y 賬戶貨幣：

5.P

rofe

ssio

nal A

dvis

er’s

Det

ails

專業顧問的資料

Plea

se c

ompl

ete

this

sect

ion

if yo

u ar

e su

bmitt

ing

this

app

licat

ion

thro

ugh

a pr

ofes

sion

al a

dvis

er. D

ealin

g in

stru

ctio

ns fr

om y

our p

rofe

ssio

nal a

dvis

er w

ill b

e ac

ted

upon

but y

our

sign

atur

e(s)

will

be

requ

ired

to c

onfir

m r

edem

ptio

ns u

nles

s yo

u co

mpl

ete

a se

para

te s

igni

ng a

utho

rity

(for

whi

ch, p

leas

e co

ntac

t the

Tra

nsfe

r A

gent

, the

Inve

stor

Ser

vice

Cen

tre

or th

e R

epre

sent

ativ

e).

若閣下透過專業顧問遞交本申請表，請填寫此項。本公司將會遵照閣下專業顧問的交易指示進行；不過除非閣下另行填寫簽署授權書（請

向過戶代理人，投資者服務中心或代表索取），否則贖回指示需閣下的簽署確認。

Nam

e of

Pro

fess

iona

l Adv

iser

專業顧問名稱：

Add

ress

地址：

Post

code

郵政代碼：

Tel

電話：

Fax 圖文傳真：

I/W

e in

stru

ct y

ou to

pay

red

empt

ion

proc

eeds

to m

y/ou

r pr

ofes

sion

al a

dvis

er: Y

esN

o本人／吾等現指示閣下支付贖回款項予本人／吾等的專業顧問：

是否

Prof

essi

onal

Adv

iser

’s s

tam

p:專業顧問印鑑：

Dis

coun

t Ins

truc

tions

折扣指示：

6.D

ecla

rati

ons

and

Sign

atur

e 聲明及簽署

(Ple

ase

cont

act t

he th

e T

rans

fer

Age

nt, t

he I

nves

tor

Serv

ice

Cen

tre

or th

e R

epre

sent

ativ

e if

you

can

not m

ake

any

of th

ese

stat

emen

ts.)

（若閣下不能作出以下任何聲明，請與過戶代理人、投資者服務中心或代表聯絡。）

(a)

I/W

e ap

ply

to p

urch

ase

Shar

es o

f th

e C

ompa

ny a

s st

ated

in s

ectio

n 3

abov

e.（甲）本人／吾等申請購買上文第

3項所述的公司股份。

(b)

US

pers

ons:

I a

m/W

e ar

e no

t a U

S pe

rson

(as

def

ined

in R

egul

atio

n S

unde

r th

e U

S Se

curi

ties

Act

of

1933

, as

amen

ded)

and

am

/are

not

app

lyin

g fo

r Sh

ares

for

or

on b

ehal

f of

any

US

pers

on.

（乙）美國人：本人／吾等並非美國人（按照美國一九三三年證券法第

S條（經修訂）所定義者）以及本人／吾等並非為了或代表任何美國人申請單位。

(c)

I/W

e ac

know

ledg

e th

at a

ll is

sues

of

Shar

es a

nd a

ny s

ubse

quen

t dea

lings

will

be

on th

e te

rms

of th

e C

ompa

ny’s

then

-cur

rent

Pro

spec

tus

and

subj

ect t

o its

Art

icle

sof

Ass

ocia

tion

and

that

my/

our

stat

emen

ts, a

gree

men

ts a

nd r

eque

sts

set o

ut in

this

App

licat

ion

Form

sha

ll ap

ply

to s

uch

deal

ings

, unl

ess

I/w

e ot

herw

ise

notif

y th

eC

ompa

ny in

wri

ting.

(C

opie

s of

the

full

Pro

spec

tus

and

of th

e A

rtic

les

of A

ssoc

iati

on, i

n E

ngli

sh, a

re a

vail

able

from

the

Rep

rese

ntat

ive)

.（丙）本人／吾等承認所有發行的股份及任何隨後交易將會依照公司當時最新售股章程概要的條款，並且須合符其公司章程；除非本人／吾等另行以書面通

知管理人，否則本人／吾等在本申請表內列載的聲明、同意及要求將適用於上述交易。（售股章程及公司組織章程之英文本，均可向香港代表索閱。）

(d)

Join

t Hol

ders

: Whe

re w

e ar

e m

akin

g th

is a

ppli

cati

on a

s jo

int h

olde

rs, w

e au

thor

ise

any

one

of th

e jo

int h

olde

rs to

giv

e su

bseq

uent

sub

scri

ptio

n, c

onve

rsio

n an

dre

dem

ptio

n in

stru

ctio

ns to

the

the

Tra

nsfe

r A

gent

/the

Inve

stor

Ser

vice

Cen

tre,

but

all

of u

s m

ust g

ive

othe

r in

stru

ctio

ns a

nd w

ritte

n co

nfir

mat

ions

of

rede

mpt

ion

inst

ruct

ions

unl

ess

we

com

plet

e a

sepa

rate

sig

ning

aut

hori

ty (

for

whi

ch, p

leas

e co

ntac

t the

Tra

nsfe

r A

gent

, the

Inv

esto

r Se

rvic

e C

entr

e or

the

Rep

rese

ntat

ive)

.（丁）聯名持有人：吾等現以聯名持有人身份作出申請，吾等授權其中任何一方向過戶代理人／投資者服務中心發出隨後認購、轉換及贖回指示；不過，除

非吾等另行填寫簽署授權書（請向過戶代理人，投資者服務中心或代表索取），否則其他指示及贖回指示的書面確認書必須由吾等一同發出。

(e)

You

r pe

rson

al d

etai

ls w

ill b

e he

ld b

y th

e T

rans

fer

Age

nt/t

he I

nves

tor

Ser

vice

Cen

tre

and

by c

ompa

nies

in th

e M

erri

ll L

ynch

gro

up (

the

“Gro

up”)

for

pur

pose

sco

nnec

ted

with

you

r sh

areh

oldi

ng in

the

Com

pany

. B

y si

gnin

g th

is A

pplic

atio

n Fo

rm:-

（戊）閣下之個人資料會由過戶代理人／投資者服務中心及美林集團（「集團」）之公司，用於有關閣下於公司之持股事項。

Sign

atur

e 1

簽名

1：

Sign

atur

e 2

簽名

2：

Sign

atur

e 3

簽名

3：

Sign

atur

e 4

簽名

4：

Dat

e of

App

licat

ion

申請日期：

MST

02

/ 02

I/W

e co

nsen

t to

the

proc

essi

ng o

f m

y/ou

r pe

rson

al d

ata

by th

e T

rans

fer

Age

nt/th

e In

vest

or S

ervi

ce C

entr

e an

d th

e G

roup

.本人／吾等同意由過戶代理人／投資者服務中心及集團處理本人／吾等之個人資料。

I/W

e co

nsen

t to

the

tran

sfer

of

such

dat

a w

ithin

the

Gro

up a

nd to

the

Gro

up’s

thir

d pa

rty

sub-

cont

ract

ors,

bot

h in

side

and

out

side

the

Asi

a Pa

cifi

c, R

egio

n A

rea.

本人／吾等同意轉送此類資料予集團內及集團之第三承包者，包括在亞太區以內及以外。

I/W

e ag

ree

that

I/w

e m

ay b

e se

nt in

form

atio

n ab

out t

he G

roup

’s o

ther

inve

stm

ent p

rodu

cts

and

serv

ices

.本人／吾等同意本人／吾等收取有關集團之其他投資產品及服務之資料。

If y

ou d

o no

t w

ish

to g

ive

the

abov

e co

nsen

ts o

r if

you

wis

h to

exe

rcis

e yo

ur r

ight

to

rece

ive

a co

py o

f th

e da

ta h

eld

abou

t yo

u, p

leas

e w

rite

to

Mer

rill

Lyn

chIn

vest

men

t Man

ager

s (A

sia)

Lim

ited

. 22/

Flo

or C

itib

ank

Tow

er, 3

Gar

den

Roa

d, C

entr

al, H

ong

Kon

g.如閣下不接受上述條款或希望行使閣下之權利索取公司保留閣下之資料的副本，請致函美林投資管理（亞洲）有限公司香港中環花園道

3號萬國寶通

銀行大廈

22樓

Sign

atur

e(s)

of A

pplic

ant(

s) (A

ll jo

int a

pplic

ants

mus

t sig

n [s

ee n

otes

(i) a

nd (i

i) b

elow

]).申請人簽署所有聯名持有人必須簽署（參閱下文附註

(i)及

(ii)）：

(i)

All

App

lican

ts 所有申請人：

Thi

s ap

plic

atio

n m

ust

be s

igne

d by

the

app

lica

nt(s

) un

less

an

acce

ptab

le p

ower

of

atto

rney

or

othe

r w

ritte

n au

thor

ity is

pro

vide

d.本申請表必須由申請人簽署，除非能提供可接納的委託書或其他書面授權。

(ii)

Cor

pora

te A

pplic

ants

公司申請人：

A c

orpo

ratio

n’s

appl

icat

ion

shou

ld b

e si

gned

by

a du

ly a

utho

rise

d of

fici

al (o

r off

icia

ls)

who

se r

epre

sent

ativ

e ca

paci

ty m

ust b

e st

ated

.公司的申請應由一位（或多位）經正式授權的高級職員簽署，並且必須註明其代

表身份。

(iii)

Met

hod

of P

aym

ent

付款方式：

If y

ou w

ish

to p

ay i

n a

curr

ency

oth

er t

han

the

rele

vant

Fun

d’s

Dea

ling

Cur

renc

y,pl

ease

sta

te th

is c

lear

ly.

Paym

ent b

y te

legr

aphi

c tr

ansf

er is

str

ongl

y re

com

men

ded.

The

val

ue d

ate

for

tele

grap

hic

tran

sfer

s m

ust

be w

ithi

n th

ree

Bus

ines

s D

ays

of t

here

leva

nt D

ealin

g D

ay.

若閣下希望以基金的報價貨幣以外的貨幣付款，請清楚註明所付貨幣。敬請以

電㶅付款。電㶅付款的結算日必須在有關交易日的三個營業日內。

(iv)

For

m o

f Sh

ares

股票類型：

Reg

iste

red

Shar

es a

nd G

loba

l Cer

tific

ates

are

ava

ilabl

e fo

r all

Fund

s. R

egis

tere

d Sh

ares

wil

l be

issu

ed in

you

r na

me(

s). N

o ce

rtif

icat

es a

re is

sued

for

Reg

iste

red

Sha

res.

For

furt

her

info

rmat

ion

on G

loba

l C

erti

fica

tes,

ple

ase

cont

act

the

Tra

nsfe

r A

gent

, the

Inve

stor

Ser

vice

Cen

tre

or th

e R

epre

sent

ativ

e.所有基金均發行記名股份和全球證明書。記名股份將以閣下姓名發行。記名股

份的證明書不予發行。欲知有關全球證明書的詳情，請聯絡過戶代理人、投資

者服務中心或代表。

本附錄須與二零零三年五月十九日印發的章程概要（「章程概要」）一併閱讀，經二零零三年五月二十日刊

印的附錄及本公司最新及中期（倘日期較後）報告及賬目所修訂及補充。

自章程概要刊發以來，下列修訂自二零零三年九月一日起生效：

在第4頁「美林國際投資基金簡介」一節中第4 段第8 行加入下列段落：

「定息基金各相關類別的派息股份再細分為每月計息的股份及每日計息的股份（下文分別稱為按月派息股份

及按日派息股份）。投資者可選擇持有按月派息股份或按日派息股份，惟不得同時持有兩種股份。股票基金

的派息股份按年計息（如有）。詳情請參閱下文「股息」一節。」

在第26頁「轉換股份程序」一節中首句後將加入下列句子：

「投資者可轉換彼等於不同基金中同類別股份的持股量，並順應多變的市況改變投資組合的比例。

股東亦可互相轉換同類別的派息及非派息股份。

然而，按月派息股份與按日派息股份不得互相轉換。

除將Q類股份轉換成B類股份以外，一律不得將某基金的某類股份轉換成同一基金或不同基金的不同類別股

份（例如將A類股份轉換成B類股份）。」

第27頁「股息」一節第3段首句將修訂如下：

「定息派息基金按月派息，而股票派息基金則按年派息。」

在第27頁「股息」一節後加入以下新一節：

「股息的計算方法

按月派息股份按股息期間產生的收入減開支每月計息，並根據股東於月底持有的股份數目派息。按日派息

股份就每日發行在外股份數目，按當日產生的收入減開支每日計息，並根據期內股東持有的股份數目及持

有日數每月派發累計股息。按日派息股份持有人有權獲派自認購日起至贖回日止期間的股息。

股票基金的派息股份按股息期間產生的收入減開支每年計息，並根據每年年末股東持有的股份數目派發股

息。」

第27頁「股息之宣佈及派發」一節第1段中第1句修訂如下：

「定息派息基金於各曆月的最後一個營業日，以有關基金的交易貨幣宣派股息，而股票派息基金則於每個財

政年度的最後一個營業日宣派。股息將於該等日期起計十個營業日內派付予於宣派日前一個營業日名列股

東登記冊的股東，或如為按日派息股份，則派付予於上個宣派日後期間持有股份的股東。」

美林國際投資基金（「本公司」）

章程概要附錄二

第28 頁「股息之宣佈及派發」一節第1段中第3句修訂如下：

「除股東另有要求外，不足100美元（或其他貨幣等值額）的股息將自動再投資於基金，但透過美林購入股

份的股東將獲派息——見下文「股息再投資」。」

二零零三年九月

美林國際投資基金 35

美林國際投資基金（本公司）

章程概要附錄

本附錄應與二零零三年五月十九日印發之章程概要（「章程概要」）一併閱讀；經本附錄以及本公司最近

期的半年度報告及賬項所修訂及補充。

自本章程概要刊印以來，下列修訂自二零零三年五月二十日起生效：

證券借貸交易

在第 29頁「與Merrill Lynch & Co., Inc. 的關係」一節中，將加入一新段落；就章程所述有關更廣泛的

使用證券借貸的可能性作下列之敘述：

「有關附件甲，第 3.8節，本公司委任Merrill Lynch Investment Managers LLC (“MLIM LLC”)其註冊地

址為 800 Scudders Mill Road, Plainsboro, 08536, New Jersey, USA 為其證券借貸交易商。MLIM LLC

有權與高評級的專業財務機構（交易方）安排股票借貸。交易方可包括MLIM LLC的聯營公司。以現金

所作的抵押品，可期後投資於A-1或同等評級的貨幣市場工具。抵押品每日市價釐定價格；並在需要時

付還有關股票借貸款項。就以上有關活動，MLIM LLC將會向本公司收取酬金，此酬金不可超過從證券

借貸交易所得的收益百分之五十」。

二零零三年五月二十日


目錄頁

美林國際投資基金系列 2-3

美林國際投資基金簡介 4-17

投資方法 17-19

費用及收費 20-24

其他資料 24-31

管理及行政 32-33

香港代表辦事處

美林投資管理（亞洲）有限公司

香港中環花園道 3號

萬國寶通銀行大廈 22樓

電話：(852) 2161-7747　傳真：(852) 2161-7755

重要事項：若閣下對本文件的內容有任何疑問或欲了解閣下是否適合投資於美林國際投資基金（「本公

司」），應諮詢閣下的股票經紀、銀行經理、律師、會計師、客戶經理或其他專業顧問。

認購股份的所有決定均應根據完整的公司售股章程中所載的資料作出。完整的售股章程可向香港代表辦

事處（見上文）索取。

投資者應注意第 5頁至第 9頁所載的風險警告。股份價格可升可跌，故不能保證基金會達到其投資目標。

貨幣匯率的變動可能導致以某貨幣為報價單位的股份價格上升或下跌。因此，投資者未必能取回其投資

本金。

本公司乃獲香港證券及期貨事務監察委員會認可的互惠基金公司。必須明白的是，證券及期貨事務監察

委員會對任何計劃的財務穩健性或本文件所載任何聲明或意見的準確性概不負責。投資者不應將任何款

項交付在香港的非香港證券條例所指的交易商或豁免交易商的中介團體。

本售股章程經已遵照香港公司條例第 342C條送呈香港公司註冊處註冊存案。香港公司註冊處對本售股章

程的內容概不負責。

本公司董事已力求審慎，確保本文件所載資料在刊發之日在各重要方面均確實無誤，並願就此承擔責

任。

二零零三年五月十九日

2 美林國際投資基金

美林國際投資基金系列

基金交易及基本貨幣其他交易貨幣派息美林亞洲巨龍基金美元英鎊及歐元美林亞洲老虎債券基金美元有美林企業債券基金（歐元）歐元美元有美林新興歐洲基金歐元美元美林新興市場基金美元歐元美林歐元環球均衡基金歐元美林歐元環球債券基金歐元有美林歐元市場基金歐元美元有 1

美林歐洲債券基金歐元美元有美林歐洲基金歐元美元美林歐洲增長型基金歐元美元美林歐洲特別時機基金歐元美元美林歐洲價值型基金歐元英鎊及美元有 1

美林歐元貨幣基金歐元美林歐元星匯 70基金歐元美林歐元星匯 50基金歐元美林歐元星匯 30基金歐元有美林環球資產配置基金美元歐元美林環球股票基金美元歐元有 1

美林環球股票（歐洲除外）基金歐元美林環球基本價值型基金美元歐元美林環球高孳息債券基金（歐元）* 歐元美元有美林環球特別時機基金美元歐元美林環球小型企業基金美元歐元美林環球短期債券基金（歐元）歐元有美林日本基金美元歐元美林日本特別時機基金美元歐元美林拉丁美洲基金美元英鎊及歐元美林新能源基金美元歐元美林太平洋股票基金美元英鎊及歐元美林英鎊債券基金英鎊美元有美林英鎊貨幣基金英鎊美林英國基金英鎊美元及歐元美林美國價值型基金美元英鎊及歐元有 1

美林美國優質債券基金美元有美林美元環球均衡基金美元美林美元環球債券基金美元有美林美元貨幣基金美元美林美國股票基金美元歐元有 1

美林美國靈活股票基金美元歐元美林美國精選價值型基金美元歐元美林美國政府房貸債券基金美元有美林美國增長型基金美元歐元美林美國高孳息／收益債券基金美元有美林美國短期債券基金美元歐元有美林美國特別時機基金美元歐元美林美國小型企業價值型基金美元歐元美林美元星匯 70基金美元美林美元星匯 50基金美元美林美元星匯 30基金美元有美林世界能源基金美元歐元美林世界金融基金美元歐元


基金交易及基本貨幣其他交易貨幣派息美林世界黃金基金美元歐元美林世界健康科學基金美元歐元美林世界礦業基金美元歐元美林世界科技基金美元英鎊及歐元美林世界電訊基金美元歐元美林世界公用事業基金美元歐元

* 前稱美林歐洲高孳息債券基金1 派息類股份只限A類股份及亦僅限於基本貨幣


美林國際投資基金簡介

美林國際投資基金旨在將投資表現與靈活性結合

起來。基金為投資者提供特別廣泛，遍及世界各

地的股票及定息市場的投資選擇。投資者可使用

美林國際投資基金建立其自選的投資組合或將資

產分配交由美林投資管理負責。

美林國際投資基金在盧森堡註冊成立為開放式投

資公司，並且取得第 1部分可轉讓證券集體投資

企業（「UCITS」）的資格，其「傘子」式結構包括

58種不同的基金（各「基金」），各自具備獨立的

投資組合。

每種基金專責一特定的投資市場或地區，並且持

有分佈極廣的投資項目，這種分散投資可減低整

體投資風險。簡單而快捷的轉換安排（請參閱第

18頁「轉換及贖回股份」）有利投資者因應市場環

境的改變，進行例如將債券投資轉為股票投資或

從一個地區的投資轉往另一個地區的投資。

基金股份分為A類、 B類、 C類、 E類、Q類及

X類股份，代表不同的收費結構。在派息基金（見

第 27頁）方面，A類、 B類、 C類及Q類股份進

一步分為派息及非派息股份類別。A類、 B類、

C類及Q類非派息股份不會派息，而A類、 B

類、 C類及Q類派息股份則按月派息。詳情請參

閱載於第 27頁之「股息」。

本售股章程摘要（「摘要」）除另有說明適用於各

項基金的A類派息及非派息股份，

B類股份可售予美林集團的客戶（為投資者提供代

理人服務）及經理人亦可自行酌情決定向其他投

資者提供此類股份， C類股份可售予美林集團的

客戶（為投資者提供代理人服務）及經理人亦可

自行酌情決定向其他投資者提供此類股份， E類

股份並不在香港發售。Q類股份前身稱為 B類記

名股份，但現巳停止接受認購。 X類股份由經理

人及其聯營公司自行酌情決定。詳情請參閱第 24

頁的“股份形式”。載有上述所有五個類別股份

的詳細資料的本公司售股章程（英文或中文），

可於本公司香港代表辦事處索取，其地址載於本

文件第 1頁。

所有美林國際投資基金的所有類別股份均在盧森

堡證券交易所上市。

美林投資管理世界辦事處

阿姆斯特丹法蘭克福曼島澤西島

倫敦盧森堡馬德里蘇黎世

巴林布里斯班蒙特利爾紐約雪梨

香港漢城新加坡台北


美林投資管理

Merrill Lynch Investment Managers Limited是

Merrill Lynch & Co., Inc.屬下Merrill Lynch

Investment Managers Group Limited的主要的

附屬營運公司，受 Financial Services Authority

（「FSA」）監管。

Merrill Lynch Investment Managers Limited是

美林集團屬下業務機構美林投資管理集團（「美林

投資管理集團」）的一部份。美林投資管理集團現

時僱用超過 3,000名員工，為世界各地機構及私人

客戶提供投資管理服務，其管理的資產總值超過

4,990億美元，業務遍及 31個國家。美林集團為

一間規模龐大的金融服務集團，其環球業務範圍

除經營美林投資管理集團的業務外，還包括投資

銀行及證券經紀業務。

美林投資管理集團及其前身公司自一九四六年起

一直管理客戶的投資。美林投資管理為全球的客

戶管理投資組合，這些客戶包括政府、退休基金

（包括英國最大的 100間公司中逾 55間）、跨國

企業、互惠基金、慈善組織及私人客戶。這些客

戶選擇美林投資管理，是由於其以穩健的長線投

資成績享負盛譽。

美林投資管理在全球的主要金融中心均設有辦事

處，運用當地經驗為投資者服務。因此，投資決

策乃根據對國際股票及債券市場的最新活動及情

況的深入了解而作出的。

特別風險考慮因素

新興市場

以下的考慮因素為在某程度上適用於所有國際性

投資，對若干小型及新興市場尤為重要。股票基

金（見下文的「投資目標及政策」）可能投資於某

些規模較小的新興市場，而這些市場一般是比較

貧窮或發展程度較低的國家。許多這類市場的經

濟增長前景均甚為可觀，而且達到經濟增長時其

資本回報甚至有潛力超越成熟市場。可是，新興

市場之股價及貨幣的波幅一般較高。

某些政府對私營經濟行業行使巨大影響力，而許

多發展中國家存有的政治及社會不明朗因素尤為

顯著。

在不利的社會及政治狀況下，有政府曾參與訂立

沒收、充公賦稅、國有化、干預證券市場及交易

結算、訂立限制外商投資以及外匯管制等政策，

而這些情況在日後可能會再度出現。除了對投資

收入徵收預扣稅外，一些新興市場可能會向外國

投資者徵收不同的資本增值稅。

新興市場的一般認可會計、審計及財務匯報常

規，可能與已發展國家截然不同。與成熟市場相

比，一些新興市場在立例、執行規例及監管投資

者活動方面的水平可能較低。這些活動可能包括

利用非公開的重要資料進行買賣。

發展中國家的證券市場規模並不如較成熟的證券

市場，交投量亦顯著較少，因此市場缺乏流通性

而價格大幅波動。市場資本總額及交投量可能高

度集中於只代表有限的行業的少數發行商，而投

資者及金融中介機構亦會高度集中。這些因素可

能會對基金購入或出售證券的時間或價格產生不

利影響。

有關新興市場證券交易的結算模式所涉及的風險

較成熟市場的為高，部份原因為公司需要使用資

本額較低之經紀行及交易對手，而有些國家的資

產託管及登記可能並不可靠。結算上的延誤可能

會令基金未能購入或出售證券，因而導致基金錯

失投資機會。公司的保管人有責任根據盧森堡法

例及法規挑選及監管所有有關市場的往來銀行。

在某些新興市場上，登記處毋須受政府有效監管

同時亦非獨立於發行商，因此可能存在欺詐、疏

忽、受發行商不當影響或拒絕承認擁有權等問

題，再加上其他因素，可能會導致完全失去持股


的登記。投資者因此應注意，有關基金可能因這

些登記問題而蒙受損失，而且基於古舊的法律制

度，基金可能無法成功追討賠償。

雖然上述因素可能會導致個別小型及新興市場有

較高程度的風險，但由於這些市場間的活動相關

性偏低及／或有關基金均會分散投資，故這些因

素的衝擊或會受到限制。

直接投資於俄羅斯的任何基金，均會將其投資額

限制在資產淨值的 10%以內。

俄羅斯的特別風險考慮因素

現時於俄羅斯投資須面對若干與證券擁有權及托

管證券有關的高風險。於俄羅斯，投資的證明僅

限於列入該公司之名冊或其登記處（但並非代理

人或向托管人負責者）。托管人、代理銀行或中

央證券保管系統均不會持有該俄羅斯公司發出而

視作為擁有權之股票。此制度加上國家監管及執

行方面的缺陷可能會導致本公司因欺詐、疏忽或

純粹無心之失而損失於俄羅斯證券的登記及擁有

權。

主權債券

若干發展中國家向商業銀行及外國政府借下的債

務特別龐大。投資於發展中國家的政府或其部門

及機關（「政府機構」）所發行或擔保的國家債券

（「主權債券」）涉及高度風險。控制償還主權債券

的政府機構可能無法或不願意在債務到期時根據

債券條款償還本金及／或利息。政府機構依期償

還本金及利息的意願或能力可能受多項因素影

響，其中包括其現金流動狀況、外匯儲備量、在

債務到期日的外匯供應是否足夠、相對於整個經

濟體系的債務負擔、政府機構對國際貨幣基金組

織的政策，和政府機構可能受到的政治限制。政

府機構亦可能依賴外國政府、多邊代理機構及其

他外國機構的資助，以減低其拖欠的本金及利

息。這些政府、代理機構及其他機構會否作出上

述資助，可能取決於負債政府機構所實施的經濟

改革及／或經濟表現，及能否及時履行債務責

任。若負債政府機構未能實施預期中的經濟改

革、達致所預期的經濟表現或如期還本付息，或

會導致有關機構取消向負債政府機構提供貸款，

以致進一步損害該政府依期償還債務的能力或意

願。結果，該政府機構可能無法履行其主權債券

的還款責任。持有主權債券的人士（包括持有債

券的基金）可能被要求參與重整債務期限，並向

負債政府借出更多貸款。政府機構所無法履行債

務的主權債券，並不會執行讓債權人取回全數或

部分款項的破產程序。

外商投資限制

部分國家禁止外國機構（例如基金）進行投資，

或對這類投資實行嚴格的管制。舉例說，部分國

家要求外國人士在進行投資前先取得政府的批

准，或限制外國人士在某公司的投資額，或規定

外國人士在公司的投資只限於某一類別的證券，

而這類證券的條件可能不及供國民購買的證券般

有利。部分國家可能限制被視為涉及重大國家利

益的發行機構或行業方面的投資機會。外國投資

者對部分國家的公司的投資方式，及這類投資活

動受到的限制，可能會對基金的營運構成負面影

響。舉例說，基金或須在部分國家初步透過當地

經紀或其他機構進行投資，然後將所購入的股份

重新登記於基金名下。重新登記過程可能會在部

分情況下未能及時辦理，以至出現延誤，而在這

段期間，基金可能失去作為投資者的部分權益，

包括獲取股息或獲悉若干企業行動的權利。此

外，基金在發出購股指示後，可能會在重新登記

股份之時接獲通知，外國投資者的投資配額已

滿，導致基金未能作出預期的投資。部分國家可

能嚴格限制基金將投資收入、資本或外國投資者

出售證券所得收益調回本國。若基金延遲或未能

獲得調回資金所需的政府批准，並且受到投資限

制，則可能對其表現構成負面影響。部分國家准

許成立定額投資公司，以方便外來投資者間接投

資其資本市場。部分定額投資公司的股票，有時


只可以高於資產淨值的市價購入。若基金購入定

額投資公司的股票，股東或須按持股比例分攤基

金的支出（包括管理費），以及間接承擔這類定

額投資公司的支出。基金亦可根據部分國家的法

例，申請設立本身的投資機構，並自行承擔有關

支出。

本公司各註冊出售地的司法轄區政府或規管機

構，可能會限制基金在個別市場或國家的投資。

倘該市場或國家是基金表現衡量基準的成份，基

金在該市場或國家的活動或許不足以確保基金符

合投資基準的足夠活動水平。

定息證券

債務證券取決於實際的及公眾心目中的信貸評

級。已評級債務證券的“降級”或負面報道及投

資者的看法也許並非基於基本分析，有可能降低

證券的價值及流動性，特別是在交投淡靜的市場

上。高孳息、高風險的非投資級債券及高息企業

貸款的發行機構或會進行高比率的槓杆投資，並

可能無法獲得較傳統的融資方法。

基金可能訂立信貸延誤掉期合約，其所須承擔的

風險比直接投資於債券為高。信貸延誤掉期合約

市場相對債券市場而言，信貸延誤掉期合約市場

有時會出現較不流通的現象，已訂立信貸延誤掉

期合約的基金於任何時候均須符合贖回要求的規

定。信貸延誤掉期合約的價值須根據本公司核數

師所批准的評定方法定期審核。

財困公司的證券

投資於財困公司的證券涉及重大風險。只有在投

資顧問認為證券發行商很有可能提出交換建議，

或將會成為重組計劃的目標，方會作出此等投

資。然而，無法保證發行商所提出交換建議或重

組計劃將會落實，而根據交換建議或重組計劃而

獲得的證券或其他資產，其價格或收益潛力亦無

法保證不會低於作出投資時所預期的水平。此

外，投資財困公司證券的日期，可能與完成交換

建議或重組計劃的日期相距一段很長的時間。在

這段期間，財困公司證券的投資者料難取得任何

利息，而交換建議或重組計劃可否完成亦為重大

的未知數。在有關交換或重組計劃的洽商過程

中，投資者可能需要承擔若干開支，以保障投資

基金的利益。此外，由於投資基金參與磋商財困

公司的交換建議或重組計劃，故可能不准出售有

關財困公司的證券。此外，基於稅務考慮，對財

困公司證券的投資決定或行動可能會受到限制，

以致影響財困公司證券所能取得的回報。

部分基金可能購入面對各種財務或盈利問題的公

司所發行的證券，因而承受特定種類的風險。基

金向財政疲弱的公司或機構購入股票或定息證

券，可能涉及需要龐大資金、資不抵債，以至正

在、已經或可能需要進行破產或重組程序的發行

機構。

投資於中低市值公司

中小型公司的證券可能不時欠缺流通性、出現短

期的價格波動，而買賣差價可能大大擴闊，尤其

當市場不斷下跌之時。投資在中低市值的公司，

其涉及的風險可能會高於投資較大型的公司。

投資於特定行業或科技的基金

這些基金投資於有限的市場領域，故其波動性可

能高於其他較多元化的基金。投資者買賣此項基

金，亦可能出現急速的周期性變化。尤其是，基

金可能會投資於科技股。投資於科技類公司的證

券，存有在程度上可能與其他種類的投資有異的

風險，而其波動性也許會相對較高。與科技有關

的投資可包括投資於規模較小、開業時間較短的


公司。此等公司的產品種類、市場或財力資源可

能有限，或可能只倚靠一個有限的管理層。基金

可投資的公司亦受全球科技發展的重大影響，其

產品的更新速度可能很快。

許多從事另類能源及能源科技業的公司最近的股

價升幅遠高於股市的整體升幅。因此，許多專門

從事這類業務的公司之股份，現在是採用若干估

值標準，按遠高於整體股市平均值的溢價來計

值。但是，並無法保證或擔保這類公司現時的估

值水平能夠長期維持。

科技業競爭激烈，而邊際利潤可能很微薄，或甚

至等於零。事實上，很多科技公司蒙受龐大的經

營虧損，並在可見將來並無盈利前景。基於這些

原因，基金在此等公司的投資可能被視為投機

性。

至於投資在資產抵押證券的基金，雖然資產抵押

證券的價格走勢一般與相關的天然資源資產的價

格一致，但兩者的價格走勢可能不會完全同步。

資產抵押證券的抵押品也許並非相關天然資源資

產的權益或索償權。基金所投資的資產抵押證券

可能以低於市場水平支付利息或派發優先股息。

在某些情況下，這些證券可能完全不派發利息或

優先股息。

若干資產抵押證券可能會在到期日按既定的本金

數目支付現金，或根據持有人的選擇，直接支付

既定數量的相關資產。在這種情況下，若既定數

量的資產之價值高於既定的本金數目，基金將努

力於到期日前在第二市場出售有抵押證券，以獲

得相關資產的升值利益。

投資金融服務公司的基金，可能比多元化的互惠

基金更易受金融服務公司的股價波動，及其他對

金融服務業特別有影響的因素所左右。尤其是，

很多金融服務公司的股價與利率變動的關係一向

比其他股份密切。一般而言，當利率上升，這些

公司的股價便會下跌。然而，此種關係將來可能

會改變。

投資於積極分配資產基金

這些基金預期會在有關的投資政策所訂明的若干

規限下，作出重大的資產分配決定，當中並無特

定的地區、市值或行業的限制。基金可能因任何

時間的持股情況而令波動性增加。此等資產分配

決定並不保證能減少虧損，亦無法肯定或保證投

資者可於贖回股份時取回本金。所有基金均可投

資於中型及小型股、非投資級債務證券及新興市

場。

首次公開發售

若干基金可能投資於首次公開發售的證券，跟發

行較久的現有證券相比，首次公開發售的證券之

價格變動往往較大，而且較難預測。

遞延交收交易

投資於定息證券的基金可購買「將予宣布」證

券。這是抵押證券市場上一種常見的交易方式，

由投資者於未來某日期按固定價格向抵押機構

(Ginnie Mae、Fannie Mae或Freddie Mac)購入

證券。在購買證券之時，確實的證券尚不得而

知，但其主要特點則已指明。雖然證券的價格已

於購入之時確定，但資本總值則尚未決定。若將

予購入的證券的價值於結算日前下跌，則購買

「將予宣布」證券涉及虧損風險。此外，簽署此

等合約，亦可能會承受對手無法履行合約條款所

產生的風險。

雖然基金一般會為了購入證券而簽訂「將予宣

布」證券的承購書，但在視為適當的情況下，基

金亦可選擇於結算前出售此承諾。基金須待合約

結算日方可收取出售「將予宣布」證券所得的收


益。在「將予宣布」證券的銷售承諾尚未履行之

時，基金將持有等值的可交付證券或持有作抵銷

用的「將予宣布」證券承購書（在承銷日期當日

或之前交付證券），以備抵有關交易。

倘用購入作抵銷用的「將予宣布」證券承購書的

方法結束「將予宣布」證券的銷售承諾書，基金

將會因該承諾錄得盈利或虧損（不論相關證券任

何未變現之盈虧）。倘基金按承諾書交付證券，

則會從銷售中變現盈利或虧損，盈虧數額按照訂

立承諾當日所定之單位價格計算。

歐洲貨幣聯盟

歐盟 12個成員國已同意加入經濟及貨幣聯盟

（「EMU」），並於一九九九年一月一日推出單一貨

幣「歐元」。有關國家的鈔票及硬幣已於二零零

二年七月一日的最後限期前停用。若某國退出

EMU，則由該國機構發行的基金之資產值亦可能

受到嚴重的負面影響。

一般資料

每項基金均可使用衍生投資工具。期權及期貨合

約的波動較其有關證券為高，且相應地亦附有較

大風險。若干指數化票據對利率或股票指數變動

的敏感度高於其他證券。若利率或股票指數的走

勢與基金經理所預期的不同，基金在這類工具的

投資價值或會顯著下跌。貨幣匯率的變動可能導

致基金投資項目的價值下跌或上升。我們不能保

證每項基金的投資目標均可達到。此外，過往業

績未必可作為日後表現的指引，投資價值可升亦

可跌。

投資目標及政策

投資者在投資下列任何一隻基金之前，必須先閱

讀上文所述的特別風險考慮因素。

概覽

以投資股票為主的基金亦可持有較低比重的債券

及其他投資，包括認股權證及可換股證券。所有

基金均可偶而持有現金及近似現金的票據。基金

可據此採用衍生投資工具及投資技巧，尤其是可

用遠期外匯及期貨合約來改變資產分配、進行對

沖或分散風險。除非另有說明，否則基金通常不

會對沖其貨幣風險。

我們無法保證每隻基金均能實現其目標。

美林亞洲巨龍基金主要投資於在亞洲發展中國家

註冊的機構所發行的股權及債務證券，以盡量提

高按美元計算的資本增值。在正常巿況下，基金

至少有三分二的資產淨值投資在亞洲發展中國家

的。亞洲發展中國家及地區包括香港、南韓、新

加坡、台灣、泰國、馬來西亞、印尼、中華人民

共和國、菲律賓、印度、巴基斯坦、土耳其、汶

萊及斯里蘭卡。倘發行機構是在亞洲的發展中國

家組建或在當地經營主要業務，則其發行的證券

通常會被視為亞洲發展中國家的證券。

美林亞洲老虎債券基金主要投資於在指定「亞洲

老虎國家」註冊的機構所發行的可轉讓債務工具

（包括可贖回優先股及可轉換債務證券），以盡量

提高按美元計算而與審慎承受風險相稱的總回

報。「亞洲老虎國家」包括南韓、中華人民共和

國、台灣、香港、菲律賓、泰國、馬來西亞、新

加坡、越南、柬埔寨、老撾、緬甸及印尼。在正

常情況下，基金將會把至少三分二的資產淨值投

入在「亞洲老虎國家」註冊的機構所發行的可轉

讓債務工具，而其餘三分一的資產淨值可投資於

在遠東、亞洲、大洋洲或太平洋國家（包括紐西

蘭、澳洲及日本）註冊的機構所發行的可轉讓債


務工具。基金亦可將最高為 10%的資產淨值投入

在西歐、美國或加拿大的機構所發行的可轉讓債

務工具。為達致流通性並作為短暫持有或防守策

略，基金亦可持有美國政府債券及美國企業商業

票據。基金可投資於高孳息的定息證券，亦可將

最高為 10%的資產淨值投入買入時在進行破產管

理或無法履行還款責任或很可能無法履行還款責

任的證券。

美林企業債券基金（歐元）至少將總資產淨值的

90%投資於債券及其他債務證券（主要為歐洲或

非歐洲公司發行的企業債券）的多元化投資組

合，盡量提高以歐元計算的總回報率。基金只會

投資於（買入時獲視為）優質債券及債務證券。

基金至少將總資產淨值的70%投入企業證券。基

金可投資於以歐元以外其他貨幣計價的票據，但

一般以歐元對沖基金的任何貨幣風險。

美林新興歐洲基金主要投資於發展中歐洲市場的

公司，包括前蘇聯國家的公司，其次為地中海或

附近地區的公司，以盡量提高按歐元計算的資本

增值。投資項目可包括上述地區及國家的存託憑

證或代表基本證券的類似票據。基金亦可投資於

來自先進市場而在區內經營龐大業務的公司之證

券。投資可直接或透過投資基金進行。為了減少

部分該等市場附帶的特別風險，基金可持有比例

較其他股票基金為高的現金（惟須受售股章程附

件甲所載投資限制所規範），且相當大部份資產

可投資於流動性被視為較此等市場其他證券為高

的證券。

美林新興市場基金投資於全球發展中市場（包括

亞洲、拉丁美洲、中美洲、東歐、南歐及非洲）

的公司股票，以盡量提高按美元計算的資本增

值。資金亦可投資於來自先進市場而在新興市場

經營龐大業務的公司之證券。投資可直接或透過

投資基金進行。

美林歐元市場基金主要投資於以歐洲經濟及貨幣

聯盟（EMU）內的歐盟成員國為基地的較高市值

公司之上市股票，以盡量提高按歐元計算的資本

增值。基金亦可有限度地投資於經理認為在可見

將來有機會加入 EMU的歐盟成員國，以及以歐洲

以外地區為基地，但在歐盟成員國經營龐大業務

的公司。

美林歐元環球均衡基金投資於世界各地的債券及

股票，並貫徹旨在控制歐元貨幣風險而盡量提高

回報的資產分配政策。在視為適當時，基金可以

歐元對沖基金的貨幣風險。此外，基金亦透過對

沖政策，包括交叉對沖來靈活控制投資於各國債

券所產生的貨幣風險。

美林歐元環球債券基金的目標是提高回報，同時

盡量減低按歐元計算的回報的波動性。基金為投

資者提供多元化的債券組合，包括優質環球債券

以及其他以多種貨幣為單位的證券。基金透過對

沖政策，靈活控制投資於各國債券所產生的貨幣

風險。

美林歐洲債券基金投資於多元化的債券組合，包

括優質債券及其他主要由歐洲機構發行並以歐元

及其他歐洲貨幣為單位的證券，以盡量提高按歐

元計算的總回報。基金透過對沖政策，靈活控制

貨幣風險。

美林歐洲基金主要投資於歐洲（包括英國）較高

市值公司的上市股票，以盡量提高按美元計算的

資本增值。基金亦可投資於東歐的新興市場，並

可投資於在區內經營龐大業務的公司之上市證

券。

美林歐洲增長型基金將總資產淨值大部分投資於

歐洲（包括英國）公司發行的上市股票，其次為

東歐新興市場的公司，以盡量提高資本增值（以

歐元計算）。基金亦可投資於在區內主導經濟活

動的公司的上市證券。基金側重具有投資增長特

徵的公司，例如回報率較高或正在改善、盈利正

在增加，以及產生的現金流量充裕等公司。


美林歐洲特別時機基金投資於以歐洲（包括英國）

為基地或在當地經營龐大業務的較低市值的公司

之上市股票，以盡量提高按歐元計算的資本增

值。基金可投資於東歐的新興市場，亦可投資於

在這個地區經營龐大業務的公司。

美林歐洲價值型基金主要投資於在歐洲國家註冊

的公司所發行的股權證券，以盡量提高按歐元計

算的資本增值。在正常市況下，基金至少有 80%

的資產淨值是投資於在歐洲國家註冊或在當地經

營主要業務的機構所發行而投資顧問認為價格偏

低而具有內在投資價值的企業證券（主要是普通

股及可轉換為普通股的證券）。基金可投資於在

東歐國家及前身為南斯拉夫及屬於蘇聯的國家所

註冊的機構的證券。

美林歐元貨幣基金的目標是在保持按歐元計算的

資本及高度流通性之餘，達致相對的均衡增長。

基金主要投資於多個不同市場的優質短期債券及

類似的可轉讓證券，並可偶而持有現金及近似現

金的票據。基金務求令持有資產之平均剩餘期限

不會超過 12個月。

美林歐元星匯 70基金的目標是控制風險，同時盡

量提高按歐元計算的資本增值。基金通常投資於

全球先進國家市場的大型股及優質環球債券，但

視乎投資前景而定，可能不會投資於債券。基金

以至少 35%而最高達 100%的資產淨值投資於股

票。基金名稱內的“70”指基金用以衡量表現的

參考綜合指數中的股票比重（如年報及賬目所披

露），其餘比重則為環球債券。基金亦可有限度

地投資於小型股、新興資本市場及非投資級定息

證券。投資成績主要取決於積極的資產分配，並

可透過選股來提高回報。在視為適當時，基金可

以歐元對沖基金中股票組合的貨幣風險。此外，

基金亦透過對沖政策，包括交叉對沖來靈活控制

投資於各國債券所產生的貨幣風險。



全球先進市場的大型股以及優質環球債券。基金






收益證券。投資成績主要取決於積極的資產分

配，並可透過選股來提高回報。在視為適當時，

基金可以歐元對沖基金中股票組合的貨幣風險。

此外，基金亦透過對沖政策，包括交叉對沖來靈

活控制投資於各國債券所產生的貨幣風險。



全球先進市場的大型股及優質環球債券，但視乎

投資前景而定，可能不會投資於股票。基金投資

股票的比重最高為資產淨值的 45%。基金名稱內

的“30”指基金用以衡量表現的參考綜合指數中

的股票比重（如年報及賬目所披露），其餘比重

則為環球債券。基金亦可有限度地投資於小型

股、新興資本市場及非投資級定息證券。投資成

績主要取決於積極的資產分配，並可透過選股來

提高回報。在視為適當時，基金可以歐元對沖基

金中股票組合的貨幣風險。此外，基金亦透過對



美林環球資產配置基金透過全面管理的投資政

策，包括利用股票、債券及短期證券，以盡量提

高按美元計算而與審慎承受風險相稱的總投資回

報。基金資產的地區分佈並無限制，但在正常市


況下，基金將主要投資位於美國、加拿大、西歐

及遠東的國家或於當地註冊的機構所發行的企業

證券，及上述國家的政府證券。基金一般尋求投

資於價格偏低的證券。倘預期小型及新興的高增

長公司的投資總回報可高於其他股票投資，基金

亦可投資於此類公司的證券。基金亦可將其債券

組合的一部分投資於政府定息證券或低於投資級

的企業證券，或投資於無評級證券。基金透過對

沖政策來靈活控制貨幣風險。

美林環球股票基金主要投資於全球各地較高市值

公司的上市股票，以盡量提高按美元計算的資本

增值。

美林環球股票（歐洲除外）基金主要投資於歐洲

及英國以外較高市值公司的上市股票，以盡量提

高按歐元計算的資本增值。基金亦可投資於在區

內經營龐大業務的公司。

美林環球基本價值型基金主要投資在先進國家上

市的公司所發行的價格偏低而具有內在投資價值

的股權證券，以盡量提高按美元計算的資本增

值。除美國以外，其他國家的投資比重均不得超

過基金資產淨值的 30%。基金可購買的股權證券

包括普通股或具備普通股特性的證券，例如可轉

換優先股、可轉換債務證券或認股權證等。

美林環球高孳息債券基金（歐元）（前稱美林歐

洲高孳息債券基金）至少將總資產淨值的90%投

資於多元化債券組合及其他債務工具，以盡量提

高按歐元計算的總回報，大部分回報可能會源自

收入。基金至少將總資產淨值的70%投資於購買

時為高孳息的工具（例如非投資級證券、一般於

買入時被標準普爾評為BB+級或以下，或其他評級

機構相似的評級，或質素相若的無評級證券）。基

金可投資於以歐元以外其他貨幣計價的票據，但

一般以歐元對沖基金的任何貨幣風險。

美林環球特別時機基金投資於全球各地較低市值

公司的上市股票，以盡量提高按美元計算的資本

增值。基金投資組合的地域分配比重緊隨其參考

指數（在年報與賬目披露）。

美林環球短期債券基金（歐元）投資於多元化的

為期一至五年的優質環球定息證券（在購買時）

組合，其目標是盡量提高回報，同時盡量減低歐

元回報的波動性，其平均存續期將不會超過三

年。基金透過對沖政策，靈活控制貨幣風險。

美林環球小型企業基金主要投資於全球各地市值

較低公司的股權證券（低市值公司一般界定為在

首次公開招股時，其總市值低於摩根士丹利世界

指數成份公司中市值最低的百分之十的公司中最

大公司的市值（按二十四個月滾動平均數計

算）。由於基金投資於全球各地，按此標準衡

量，基金所投資的公司在某些國家可能屬於高市

值的企業），以盡量提高按美元計算的資本增

值。基金亦可投資於中高市值公司之股權證券，

以及債務證券。基金的投資重點是股票，主要為

普通股，其次是可轉換為普通股、優先股及普通

股認購權的證券。基金亦可投資於債務證券，包

括高孳息的高風險證券、政府債券及短期證券。

雖然基金的大部分投資料會集中於北美洲、歐洲

及遠東等先進國家的公司，但仍可投資於全球的

發展中國家。基金透過對沖政策來靈活控制貨幣

風險。

美林日本基金主要投資於較高市值的日本公司之

上市股票，或在日本經營龐大業務的公司，以盡

量提高按美元計算的資本增值。

美林日本特別時機基金投資於以日本為基地或在

當地經營龐大業務的較低市值公司的上市股票，

以盡量提高按美元計算的資本增值。


美林拉丁美洲基金主要投資於拉丁美洲的股權及

債務證券，以盡量提高按美元計算的資本增值。

基金預期將主要投資於阿根廷、巴西、智利、墨

西哥及委內瑞拉的股巿及債巿，但不一定要將其

投資分散於任何一定數目的拉丁美洲巿場。就基

金的投資目標而言，拉丁美洲包括墨西哥、中美

洲、南美洲及西班牙語通行的加勒比海島嶼，包

括波多黎各。倘發行機構是在拉丁美洲組建或在

當地經營主要業務，則其發行的證券通常會被視

為拉丁美洲證券。

美林新能源基金的目標是控制風險，同時盡量提

高按美元計算的資本增值。基金主要投資於擁有

龐大另類能源或能源科技業務的環球公司之上市

股票，尤其著重再生能源、汽車、就地發電、電

力儲存及輔助能源科技。

美林太平洋股票基金以至少三分之二的總資產淨

值投資於在太平洋盆地及澳紐國家註冊的機構所

發行的股權證券，以尋求按美元計算的長遠資本

增值。基金並可將不多於三分之一的總資產淨值

投資於在上述地區以外註冊的機構所發行的證

券，及在太平洋盆地及大洋洲各國註冊的機構所

發行的可轉換為股票的證券。基金透過對沖政策

來靈活控制貨幣風險。

美林英鎊債券基金將至少 90%的資產投入債務證

券，包括利用外匯合約對沖為英鎊的債務證券，

並將至少三分之二的資產投入英鎊債務證券，以

尋求按英鎊計算的高水平經常性收入。基金透過

對沖政策來靈活控制貨幣風險。

美林英鎊貨幣基金的目標是在保持按英鎊計算的




金的票據。基金為提升回報，亦可將小部份資金

投入存續期較長的證券，並可能因此出現較正常

為高的波動性。基金務求令持有資產之平均剩餘

期限不會超過 12個月。

美林英國基金主要投資於較高市值的英國公司或

在英國經營龐大業務之公司，以盡量提高按英鎊

計算的資本增值。

美林美國價值型基金主要投資於在美國註冊的機

構所發行，且因價格偏低而具備內在投資價值的

股票，以盡量提高按美元計算的資本增值。基金

的投資重點是售價對本身賬面值、現金價值或市

盈率出現折讓，或股息回報高於一般水平的證

券。基金不會將多於其於購買時計算的資產淨值

的 10%投入非美國發行人發行的股權證券。

美林美國優質債券基金將最少 90%的資產投入可

轉讓美國債務證券，以尋求按美元計算的高水平

經常性收入。所投資的債務證券須取得標準普爾

或穆迪投資服務的最高四個評級或被視為相若的

質素。基金的次要投資目標是尋求資本增值。基

金可投資於美元企業債券及可轉讓票據、按揭證

券、有抵押證券、可轉換證券及優先股。基金可

繼續持有在投資時為高評級企業債務證券，但其

評級或質素在購入後下跌的可轉讓債務證券。基

金可將最高為 100%的資產投入美國政府證券及

政府機構證券。基金亦可把最高為 10%的資產投

入高孳息、高風險的非投資級債券。

美林美元環球均衡基金投資於世界各地的債券及

股票，並貫徹旨在控制美元貨幣風險而盡量提高

回報的資產分配政策。在視為適當時，基金可以

美元對沖基金的貨幣風險。此外，基金亦透過對



美林美元環球債券基金的目標是提高回報，同時

盡量減低按美元計算的回報的波動性。基金為投

資者提供多元化的投資組合，包括優質環球債券

以及其他以多種貨幣為單位的證券。基金透過對

沖政策，靈活控制投資於各國債券所產生的貨幣

風險。


美林美元貨幣基金的目標是在保持按美元計算的




金的票據。基金為提升回報，亦可將小部份資金

投入存續期較長的證券，並可能因此出現較正常

為高的波動性。基金務求令持有資產之平均剩餘

期限不會超過 12個月。

美林美國股票基金至少將資產淨值的 70%投資於

在美國註冊或在當地經營主要業務的較高市值公

司的上市股票，以盡量提高按美元計算的資本增

值。

美林美國靈活股票基金至少將總資產淨值的 70%

投入美國公司的上市股權證券，以盡量提高以美

元計算的資本增值。基金通常會投資於明顯具增

長力和具價值的證券，並會視乎市場前景側重投

資其中一類證券。

美林美國精選價值型基金投資於多元化的股票

證券組合，以盡量提高按美元計算的資本增值。

基金所投資的股票均由在美國註冊或在當地經營

主要業務的機構所發行；同時，投資顧問認為(1)

其股價相對於公司現時或將來的業務狀況或相對

於現時市場比率屬於偏低。(2)經營狀況欠佳。基

金可投資於高孳息、高風險債券，但其投資額不

會超過於購買時計算的資產淨值的 10%。基金不

會將超過 10%的資產淨值（於購買時計算）投入

非美國機構發行的股票證券。基金對任何一個行

業的發行機構的證券投資亦不會超過基金資產淨

值的 25%（按每次投資時的市值計算）。

美林美國政府房貸債券基金尋求按美元計算而與

審慎承受風險相稱的高水平收入。基金將最少

90%的資產投入債券，並將至少三分之二的資產

投入由美國政府、政府部門或機構所發行或擔保

的可轉讓證券，包括Government National

Mortgage Association（「GNMA」）的按揭票

據。基金所投資的所有證券均為美元證券。美國

政府房貸債券基金計劃只投資於還本付息毋須繳

付美國預扣稅的證券。基金可投資於所有美國政

府證券。預期基金的美國政府證券組合有時可主

要包括GNMA按揭票據及其他代表按揭資金權益

的美國政府證券，例如由 Fannie Mae及

Freddie Mac所發行的按揭證券。

美林美國增長型基金投資於美國公司發行的多元

化股權證券組合，特別是盈利增長率高於一般水

平的公司，以盡量提高按美元計算的資本增值。

基金偏重中高市值的公司，投資重點是股票，主

要為普通股，其次為可轉換為普通股及普通股認

購權的證券。基金可將最高為其資產淨值的 10%

投入外國機構所發行的股權證券。

美林美國高孳息／收益債券基金把最少 90%的資

產淨值投入定息證券（包括可贖回優先股、證券

化債務和與股權掛漖的債務證券），以尋求投資

顧問認為是審慎的高水平以美元計算的經常性收

入。基金將至少 70%的資產投入於買入時獲著名

評級機構評定為較低評級的定息證券；（例如非

投資級證券，一般於買入時被標準普爾評為 BB+

級或以下，或其他評級機構相似的評級）或質素

相若的無評級證券。基金的次要投資目標是尋求

資本增值。若市況許可，基金可將不多於 30%的

資產投入更高評級的定息證券。基金亦可投資於

買入時進行破產管理或無法或很可能無法履行還

款責任的證券，其數額最高可達基金資產淨值的

10%。基金亦可把最高佔 10%的資產淨值投入在

經合組織國家註冊的機構所發行的證券，及類似

的美國證券。由於基金投資於企業債務證券而其

投資項目會進行重組，因此基金可能會取得認股

權證或其他股權證券。

美林美國短期債券基金至少將總資產淨值的90%

投入優質定息證券（在購入時），以盡量提高回

報，同時盡量減低美元回報的波動性。基金會至

少將總資產淨值的70%投入美國債券，並可能會


將高達總資產淨值的30%投入以美元或其他貨幣

計價的非美國債券。基金主要投資於為期一至五

年的債券，平均存續年期不會超過三年。基金透

過對沖政策，靈活控制貨幣風險。

美林美國特別時機基金至少將資產淨值的 70%投

資於在美國註冊或在當地經營主權業務的較低市

值公司的上市股票，以盡量提高以美元計算的資

本增值。

美林美國小型企業價值型基金投資於在美國註冊

或在當地經營主要業務的低市值公司（一般界定

為其市值不高於Russell 2000指數最高市值成份股

的二十四個月滾動平均數的公司）所發行而被投

資顧問認為價格偏低而具基本投資價值的股權證

券，以尋求按美元計算的資本增值。基金的投資

重點是股票，主要為普通股，其次是可轉換為普

通股及普通股認購權的證券。基金亦可投資於其

他種類的證券，包括不可轉換的優先股及債務證

券，及美國政府證券。基金可將不多於其資產淨

值的10%投資於外國發行人所發行的股權證券。

美林美元星匯 70基金的目標是控制風險，同時盡

量提高按美元計算的資本增值。基金通常投資於

全球先進國家市場的大型股及優質環球債券，但

視乎投資前景而定，可能不會投資於債券。基金






證券。投資成績主要取決於積極的資產分配，並

可透過選股來提高回報。在視為適當時，基金可

以美元對沖基金中股票組合的貨幣風險。此外，

基金亦透過對沖政策，包括交叉對沖來靈活控制

投資於各國債券所產生的貨幣風險。



全球先進市場的大型股以及優質環球債券。基金






收益證券。投資成績主要取決於積極的資產分

配，並可透過選股來提高回報。在視為適當時，

基金可以美元對沖基金中股票組合的貨幣風險。

此外，基金亦透過對沖政策，包括交叉對沖來靈

活控制投資於各國債券所產生的貨幣風險。



全球先進市場的大型股及優質環球債券，但視乎

投資前景而定，可能不會投資於股票。基金投資

股票的比重最高為資產淨值的 45%。基金名稱內

的“30”指基金用以衡量表現的參考綜合指數中

的股票比重（如年報及賬目所披露），其餘比重

則為環球債券。基金亦可有限度地投資於小型

股、新興資本市場及非投資級定息證券。投資成

績主要取決於積極的資產分配，並可透過選股來

提高回報。在視為適當時，基金可以美元對沖基

金中股票組合的貨幣風險。此外，基金亦透過對



美林世界能源基金投資於在能源勘探、開發、生

產及分銷業擁有龐大業務的公司之上市股票，以


盡量提高按美元計算的資本增值。此外，基金可

投資於尋求開發及利用新能源技術之公司。基金

的投資範圍遍佈全球。

美林世界金融基金尋求盡量提高按美元計算的資

本增值。基金將最少為其資產淨值的 80%投資於

全球各地的金融服務公司的股權證券。基金將主

要投資於股權證券，包括普通股、優先股及可轉

換為普通股的證券。基金將主要投資於北美洲、

歐洲及遠東的先進國家的公司，但亦可投資於新

興市場的公司。基金在高孳息、高風險非投資級

債券的投資，將不會超過其資產淨值的 5%。基

金透過對沖政策來靈活控制貨幣風險。

美林世界黃金基金投資於世界各地的金礦股，以

盡量提高按美元計算的資本增值。基金亦可不時

持有其他貴金屬股、基本金屬股及礦業股。基金

不會實際持有黃金或其他金屬，其投資範圍遍佈

全球。基金投資者應留意礦業股本身存在高於一

般水平的波動性，而此類股份與整體股市無大關

連。黃金、基本金屬及礦業股的反周期特性，亦

是需要緊記的因素。

美林世界健康科學基金投資於在保健、製藥及醫

學科技及供應業擁有龐大業務的公司之上市股

票，以盡量提高按美元計算的資本增值。基金亦

可投資於從事生化技術發展的公司。基金的投資

範圍遍佈全球。

美林世界礦業基金投資於世界各地的礦業及金屬

公司的股份，以盡量提高按美元計算的資本增

值。基金主要投資於生產基本金屬及工業用礦物

（例如鐵礦及煤）的較大型礦業公司。此外，基金

亦可不時持有金礦股。基金不會實際持有黃金或

其他金屬，其投資範圍遍佈全球。基金投資者應

留意礦業股本身存在高於一般水平的波動性，而

此類股份與整體股市無大關連。此外，黃金、基

本金屬及礦業股的反周期特性，亦是需要緊記的

因素。

美林世界科技基金主要將至少 80%的資產淨值投

資於全球各地主要從事科技行業的公司之股權證

券，以盡量提高按美元計算的資本增值。為實現

此目標，基金會投資於世界各地處於不同發展階

段的公司之證券投資組合，包括投資顧問認為在

本身產品或服務領域中佔有或可能佔有領導地位

的公司。基金可限制所投資的證券巿場，同時提

高在美國證券巿場的資產比重。作為暫時的防守

策略並為贖回作好準備，基金可持有現金或現金

等值物（包括美元或其他貨幣）以及不一定從事

科技業的機構所發行的其他種類的證券，包括不

可轉換的優先股、投資級債務證券及政府證券。

基金透過對沖政策來靈活控制貨幣風險。

美林世界電訊基金投資於擁有龐大電訊服務及設

備業務的公司之上市股票，以盡量提高按美元計

算的資本增值。基金亦可投資與電訊有關的軟件

及服務公司。基金的投資範圍遍佈全球。

美林世界公用事業基金投資於供應電力、氣體、

水及有關服務的公用事業，以盡量提高按美元計

算的資本增值。基金亦可投資於綜合性的公用事

業公司。基金的投資範圍遍佈全球。

提供予投資者的服務

所有投資者均會收到下列各項文件的英文本：

‧ 在認購、轉換或贖回股份後收到確認通知。確

認通知提供交易的資料，如價格、買賣及結算

日期。

‧ 每年兩次的私人帳戶結單。對於所持有的每項

基金，帳戶結單包括投資者持股量的估值以及

在過去六個月期間內所進行交易的詳情。

‧ 每年兩次的表現回顧，提供對每項基金的活動

及表現的簡單評述，並且展望世界的股票、債

券及貨幣市場的情況。

‧ 年度及中期報告及帳項。此等報告包括每年審

核的美林國際投資基金財務報表。


價格資料

每種基金的A類、 B類、 C類、Q類股份過往的

價格視乎情況，通常每日在《南華早報》、《經

濟日報》、《金融時報》及其他國際性刊物刊

登。美林國際投資基金的價格亦會在路透社的

MLIMIA-F屏幕傳視專頁顯示。表現詳情及與其他

競爭對手的排名會在許多國際性的報章雜誌刊

載，並由獨立機構如Micropal及 Lipper

Analytical Services監察。

投資方法

買賣時間

除非經香港代表特別另行同意，否則申請、轉換

及贖回指示必須在香港任何營業日下午四時正

（香港時間）前送達本公司的香港代表，以便過戶

代理人或投資者服務中心將其接納為當日的買賣

（惟當天必須亦是盧森堡的營業日）。

過戶代理人或投資者服務中心將會盡快向申請人

發出確認通知，以確認交易。

首次投資

閣下在首次投資時，務請小心閱讀本文件的內

容，填妥及交回隨附申請表格，連同電匯指示或

支票，以及閣下的身份證或護照副本交回香港代

表，地址為：

美林投資管理（亞洲）有限公司

香港中環花園道 3號

萬國寶通銀行大廈 22樓

電話：(852) 2161-7747　

傳真：(852) 2161-7755

其後的投資

閣下其後的申請可以書面或透過傳真或電話進

行，而在其後以書面確認。

最低交易及持有額

任何基金所有類別的股份現時最低首次認購額為

5,000美元，或有關交易貨幣的等值約數。

若已持有任何基金所有類別的股份，增加其持股

量的最低款額為 1,000美元或等值約數。這些最低

款額可因應個別情況或分銷商或一般性地予以更

改。現行最低款額詳情可向過戶代理人、投資者

服務中心或香港代表索取。

申請程序的詳情載於第 25頁。

付款

結算款項必須在向香港代表遞交申請當日起三個

營業日內支付。倘閣下申請的基金以一種以上的

貨幣報價，結算時則以閣下在申請表格上註明的

貨幣計算。

倘閣下希望以所選擇基金的報價貨幣以外的貨幣

付款（請參閱此小冊首頁之列表），必須在申請

時清楚說明。過戶代理人會安排進行必須的外幣

兌換手續，費用由投資者負責。

茲鄭重建議投資者以電匯付款，因為以支票或銀

行本票付款，收訖結算款項需時，或會因此延遲

買賣。

電匯付款應匯給以下有關帳戶：

美元：

JP Morgan Chase New YorkSWIFT代號 CHASUS33存入帳戶名稱：Merrill Lynch InvestmentManagers (Channel Islands) Limited帳戶號碼：001-1-460185, CHIP UID 359991ABA號碼：021000021引述參考：“基金名稱－申請人姓名”


歐元：

JP Morgan FrankfurtSWIFT代號 CHASDEFXBLZ 501 108 00存入帳戶名稱：Merrill Lynch InvestmentManagers (Channel Islands) Limited帳戶號碼：616-16-00066引述參考：“基金名稱－申請人姓名”

當申請人以可即時動用之資金，將應付款項存

入此戶口，即已完成支付股款的責任。

英鎊：

JP Morgan LondonSWIFT代號 CHASGB2LSort Code：60-92-42存入帳戶名稱：Merrill Lynch InvestmentManagers (Channel Islands) Limited帳戶號碼：11118940引述參考：“基金名稱－申請人姓名”

其他：

瑞士法郎：

祈付UBS ZürichSWIFT代號：UBSWCHZH80A帳戶：JP Morgan London帳戶號碼：02300000044129050000B存入帳戶名稱：Merrill Lynch InvestmentManagers (Channel Islands) Ltd帳戶號碼：17354770引述參考：“基金名稱－申請人姓名”

瑞典克郎：

祈付 Svenska Handelsbanken StockholmSWIFT代號：HANDSESS帳戶：JP Morgan London帳戶號碼：40386589存入帳戶名稱：Merrill Lynch InvestmentManagers (Channel Islands) Ltd帳戶號碼：22813401引述參考：“基金名稱－申請人姓名”

港元：

祈付 JP Morgan Hong KongSWIFT代號：CHASHKHH帳戶：JP Morgan London帳戶號碼：6743197680存入帳戶名稱：Merrill Lynch InvestmentManagers (Channel Islands) Ltd帳戶號碼：24466319引述參考：“基金名稱－申請人姓名”

日圓：

祈付 JP Morgan TokyoSWIFT代號：CHASJPJT帳戶：JP Morgan London帳戶號碼：195006713存入帳戶名稱：Merrill Lynch InvestmentManagers (Channel Islands) Ltd帳戶號碼：22813405引述參考：“基金名稱－申請人姓名”

以支票或銀行本票付款必須送交香港代表，及可從有關貨幣的發鈔國的銀行帳戶提款，而抬頭人為Merrill Lynch Investment Managers(Channel Islands) Limited。背書支票恕不接受。

轉換及贖回股份

轉換指示：將持有某種基金的股份轉換至另一基

金的股份的指示，一般應透過填妥確認通知所隨

附的表格，該表格可向過戶代理人、投資者服務

中心或香港代表索取。轉換指示亦可以書面或透

過傳真或電話進行。有關要求必須包括持有人的

全名及地址、基金名稱及股份類別、轉換股份的

價值或數目以及轉入的基金名稱（若其基金以一

種以上貨幣報價，閣下所選擇的交易貨幣）。

贖回指示：贖回股份指示一般應透過填妥確認通

知所隨附的表格，表格亦可向過戶代理人、投資

者服務中心或香港代表索取。贖回指示亦可以書

面或透過傳真或電話進行，在每次作出指示後需

要以書面確認。


支付贖回款項：贖回款項將會在有關交易日後三

個營業日內（或倘第三個營業日並非銀行營業

日，則為隨後的第一個銀行營業日）但不能超過

交易日後四個星期以有關的交易貨幣支付，惟必

須以已收到書面確認通知書及已符合所有的鑑別

規定為準。經向過戶代理人、投資者服務中心或

香港代表提出書面要求後，款項可以港幣或任何

其他可自由兌換的貨幣支付，有關費用由投資者

負責。

最低轉換／贖回額及最低持有額：倘發出的轉

換、贖回或轉讓指示所涉持股部份的價值少於

1,000美元或有關交易貨幣的等值約數，或如執行

指示後持有股份的價值會少於 5,000美元（或等值

約數），則本公司可拒絕受理該等指示。這些最

低款額可因應個別情況或個別分銷商或一般性地

予以更改。現時的最低款額詳情可向過戶代理

人、投資者服務中心或香港代表索取。

向香港代表發出指示

向香港代表發出轉交予過戶代理人、投資者服務

中心的申請、轉換及贖回指示一經發出便不得撤

銷（在暫停及延遲的情況除外，請參閱第 26-27

頁）。香港代表、過戶代理人及投資者服務中心

在沒有疏忽職守的情況下，毋須就香港代表未能

或延遲將任何申請、轉換或贖回指示送交過戶代

理人或投資者服務中心而負責。


費用及收費

下列一覽表概述有關A類、 B類、 C類、Q類及

X類股份的費用及收費。本表須與隨後之附註及其

參考資料一併閱讀。

美林亞洲老或然遞延

虎債券基金首次收費管理費分銷費銷售費

A類 5.00% 1.00% 0.00% 0.00%

B類 0.00% 1.00% 1.00% 4.00% 至 0.00%

C類 0.00% 1.00% 1.25% 1.00%至 0.00%

Q類 0.00% 0.55% 1.00% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林（亞洲）巨龍或然遞延

基金首次收費管理費分銷費銷售費

A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00% 至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

Q類 0.00% 1.00% 1.00% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林企業債券或然遞延

基金（歐元）首次收費管理費分銷費銷售費

A類 5.00% 1.00% 0.00% 0.00%

B類 0.00% 1.00% 1.00% 4.00%至 0.00%

C類 0.00% 1.00% 1.25% 1.00%至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林新興或然遞延

歐洲基金首次收費管理費分銷費銷售費

A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00% 至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

Q類 0.00% 1.50% 1.25% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林新興或然遞延

市場基金首次收費管理費分銷費銷售費

A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00% 至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

Q類 0.00% 1.50% 1.25% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林歐元環或然遞延

球均衡基金首次收費管理費分銷費銷售費

A類 5.00% 1.35% 0.00% 0.00%

B類 0.00% 1.35% 1.00% 4.00% 至 0.00%

C類 0.00% 1.35% 1.25% 1.00%至 0.00%

Q類 0.00% 1.50% 1.25% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林歐元環球或然遞延

債券基金首次收費管理費分銷費銷售費

A類 5.00% 1.00% 0.00% 0.00%

B類 0.00% 1.00% 1.00% 4.00% 至 0.00%

C類 0.00% 1.00% 1.25% 1.00%至 0.00%

Q類 0.00% 1.15% 1.25% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林歐元或然遞延

市場基金首次收費管理費分銷費銷售費

A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00% 至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

Q類 0.00% 1.15% 1.25% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林歐洲或然遞延


A類 5.00% 1.00% 0.00% 0.00%

B類 0.00% 1.00% 1.00% 4.00% 至 0.00%

C類 0.00% 1.00% 1.25% 1.00%至 0.00%

Q類 0.00% 1.15% 1.25% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%



A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00% 至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

Q類 0.00% 1.15% 1.25% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%


增長型基金首次收費管理費分銷費銷售費

A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00%至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林歐洲特或然遞延

別時機基金首次收費管理費分銷費銷售費

A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00% 至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

Q類 0.00% 1.50% 1.25% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林歐洲價或然遞延

值型基金首次收費管理費分銷費銷售費

A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00% 至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

Q類 0.00% 1.00% 1.00% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林歐元或然遞延

貨幣基金首次收費管理費分銷費銷售費

A類 0.00% 0.75% 0.00% 0.00%

B類 0.00% 0.75% 0.00% 0.00%

C類 0.00% 0.75% 0.00% 0.00%

Q類 0.00% 0.75% 0.00% 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林歐元星或然遞延

匯 70基金首次收費管理費分銷費銷售費

A類 5.00% 1.75% 0.00% 0.00%

B類 0.00% 1.75% 1.00% 4.00% 至 0.00%

C類 0.00% 1.75% 1.25% 1.00%至 0.00%

Q類 0.00% 1.75% 1.25% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%


美林歐元星匯或然遞延

50基金首次收費管理費分銷費銷售費

A類 5.00% 1.65% 0.00% 0.00%

B類 0.00% 1.65% 1.00% 4.00% 至 0.00%

C類 0.00% 1.65% 1.25% 1.00%至 0.00%

Q類 0.00% 1.65% 1.25% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林歐元星匯或然遞延

30基金首次收費管理費分銷費銷售費

A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00% 至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

Q類 0.00% 1.50% 1.25% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林環球資產或然遞延

配置基金首次收費管理費分銷費銷售費

A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00% 至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

Q類 0.00% 1.00% 1.00% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林環球或然遞延

股票基金首次收費管理費分銷費銷售費

A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00% 至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

Q類 0.00% 1.15% 1.25% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林環球股票或然遞延

（歐洲除外）基金首次收費管理費分銷費銷售費

A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00% 至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

Q類 0.00% 1.15% 1.25% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林環球基本或然遞延

價值型基金首次收費管理費分銷費銷售費

A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00% 至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

Q類 0.00% 1.00% 1.00% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林環球高孳 * 或然遞延

息債券基金（歐元）首次收費管理費分銷費銷售費

A類 5.00% 1.35% 0.00% 0.00%

B類 0.00% 1.35% 1.00% 4.00% 至 0.00%

C類 0.00% 1.35% 1.25% 1.00%至 0.00%

Q類 0.00% 1.35% 1.25% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林環球特別或然遞延

時機基金首次收費管理費分銷費銷售費

A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00% 至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

Q類 0.00% 1.50% 1.25% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林環球小型或然遞延

企業基金首次收費管理費分銷費銷售費

A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00% 至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

Q類 0.00% 1.00% 1.00% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林環球短期或然遞延

債券基金（歐元）首次收費管理費分銷費銷售費

A類 5.00% 1.00% 0.00% 0.00%

B類 0.00% 1.00% 1.00% 4.00%至 0.00%

C類 0.00% 1.00% 1.25% 1.00%至 0.00%

Q類 0.00% 1.00% 1.25% 4.00%至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林日本或然遞延


A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00% 至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

Q類 0.00% 1.15% 1.25% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林日本特別或然遞延

時機基金首次收費管理費分銷費銷售費

A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00% 至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

Q類 0.00% 1.50% 1.25% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林拉丁美洲或然遞延


A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00% 至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

Q類 0.00% 1.00% 1.00% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林新能源或然遞延


A類 5.00% 1.75% 0.00% 0.00%

B類 0.00% 1.75% 1.00% 4.00% 至 0.00%

C類 0.00% 1.75% 1.25% 1.00%至 0.00%

Q類 0.00% 1.75% 1.25% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林太平洋或然遞延


A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00% 至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

Q類 0.00% 1.15% 1.00% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林英鎊債券或然遞延


A類 5.00% 0.65% 0.00% 0.00%

B類 0.00% 0.65% 1.00% 4.00% 至 0.00%

C類 0.00% 0.65% 1.25% 1.00%至 0.00%

Q類 0.00% 0.65% 1.00% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%


美林英鎊或然遞延


A類 0.00% 0.75% 0.00% 0.00%

B類 0.00% 0.75% 0.00% 0.00%

C類 0.00% 0.75% 0.00% 0.00%

Q類 0.00% 0.75% 0.00% 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林英國或然遞延


A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00% 至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

Q類 0.00% 1.15% 1.25% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林美國或然遞延


A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00% 至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

Q類 0.00% 1.00% 1.00% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林美國優質或然遞延


A類 5.00% 0.90% 0.00% 0.00%

B類 0.00% 0.90% 1.00% 4.00% 至 0.00%

C類 0.00% 0.90% 1.25% 1.00%至 0.00%

Q類 0.00% 0.65% 1.00% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林美元環球或然遞延

均衡基金首次收費管理費分銷費銷售費

A類 5.00% 1.35% 0.00% 0.00%

B類 0.00% 1.35% 1.00% 4.00% 至 0.00%

C類 0.00% 1.35% 1.25% 1.00%至 0.00%

Q類 0.00% 1.50% 1.25% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林美元環球或然遞延


A類 5.00% 1.00% 0.00% 0.00%

B類 0.00% 1.00% 1.00% 4.00% 至 0.00%

C類 0.00% 1.00% 1.25% 1.00%至 0.00%

Q類 0.00% 1.15% 1.25% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林美元或然遞延


A類 0.00% 0.75% 0.00% 0.00%

B類 0.00% 0.75% 0.00% 0.00%

C類 0.00% 0.75% 0.00% 0.00%

Q類 0.00% 0.75% 0.00% 0.00%

X類 0.00% 0.00% 0.00% 0.00%



A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00%至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

Q類 0.00% 1.15% 1.25% 4.00%至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林美國靈活或然遞延


A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00% 至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林美國精選或然遞延


A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00% 至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

Q類 0.00% 1.00% 1.00% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林美國政府或然遞延

房貸債券基金首次收費管理費分銷費銷售費

A類 5.00% 1.00% 0.00% 0.00%

B類 0.00% 1.00% 1.00% 4.00% 至 0.00%

C類 0.00% 1.00% 1.25% 1.00%至 0.00%

Q類 0.00% 1.00% 0.75% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林美國增長型或然遞延


A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00% 至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

Q類 0.00% 1.00% 1.00% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林美國高孳息／或然遞延

收益債券基金首次收費管理費分銷費銷售費

A類 5.00% 1.35% 0.00% 0.00%

B類 0.00% 1.35% 1.00% 4.00% 至 0.00%

C類 0.00% 1.35% 1.25% 1.00%至 0.00%

Q類 0.00% 0.55% 0.75% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林美國短期或然遞延


A類 5.00% 1.00% 0.00% 0.00%

B類 0.00% 1.00% 1.00% 4.00%至 0.00%

C類 0.00% 1.00% 1.25% 1.00%至 0.00%

X類 0.00% 0.00% 0.00% 0.00%


特別時機基金首次收費管理費分銷費銷售費

A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00%至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

Q類 0.00% 1.50% 1.25% 4.00%至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林美國小型企業或然遞延


A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00% 至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

Q類 0.00% 1.00% 1.00% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%



星匯 70基金首次收費管理費分銷費銷售費

A類 5.00% 1.75% 0.00% 0.00%

B類 0.00% 1.75% 1.00% 4.00% 至 0.00%

C類 0.00% 1.75% 1.25% 1.00%至 0.00%

Q類 0.00% 1.75% 1.25% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%



A類 5.00% 1.65% 0.00% 0.00%

B類 0.00% 1.65% 1.00% 4.00% 至 0.00%

C類 0.00% 1.65% 1.25% 1.00%至 0.00%

Q類 0.00% 1.65% 1.25% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%



A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00% 至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

Q類 0.00% 1.50% 1.25% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林世界或然遞延

能源基金首次收費管理費分銷費銷售費

A類 5.00% 1.75% 0.00% 0.00%

B類 0.00% 1.75% 1.00% 4.00% 至 0.00%

C類 0.00% 1.75% 1.25% 1.00%至 0.00%

Q類 0.00% 1.75% 1.25% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%


金融基金首次收費管理費分銷費銷售費

A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00% 至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

Q類 0.00% 1.00% 1.00% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%


黃金基金首次收費管理費分銷費銷售費

A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00% 至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

Q類 0.00% 1.50% 1.25% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

美林世界健康或然遞延

科學基金首次收費管理費分銷費銷售費

A類 5.00% 1.75% 0.00% 0.00%

B類 0.00% 1.75% 1.00% 4.00% 至 0.00%

C類 0.00% 1.75% 1.25% 1.00%至 0.00%

Q類 0.00% 1.75% 1.25% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%


礦業基金首次收費管理費分銷費銷售費

A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00% 至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

Q類 0.00% 1.50% 1.25% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%


科技基金首次收費管理費分銷費銷售費

A類 5.00% 1.50% 0.00% 0.00%

B類 0.00% 1.50% 1.00% 4.00% 至 0.00%

C類 0.00% 1.50% 1.25% 1.00%至 0.00%

Q類 0.00% 1.00% 1.00% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%


電訊基金首次收費管理費分銷費銷售費

A類 5.00% 1.75% 0.00% 0.00%

B類 0.00% 1.75% 1.00% 4.00% 至 0.00%

C類 0.00% 1.75% 1.25% 1.00%至 0.00%

Q類 0.00% 1.75% 1.25% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%


公用事業基金首次收費管理費分銷費銷售費

A類 5.00% 1.75% 0.00% 0.00%

B類 0.00% 1.75% 1.00% 4.00% 至 0.00%

C類 0.00% 1.75% 1.25% 1.00%至 0.00%

Q類 0.00% 1.75% 1.25% 4.00% 至 0.00%

X類 0.00% 0.00% 0.00% 0.00%

* 前稱為美林歐洲高孳息債券基金

注意：經董事會批准，任何基金可根據售股章程規定給

予股東三個月通知而將管理費調高至 2.25%。倘管理費增幅超過 2.25%，則必須在股東大會上獲得股東通過。

其他費用及收費見 28至 29頁附註：

1. 申請時

應向經理人支付的首次收費（最高達每股A類派息或非派息股份的資產淨值與首次收費的總額的 5%）可能視乎情況，加入A類派息及非派息股份（惟貨幣基金除外）的售價內（請參閱第 20頁至 23頁）。

2. 轉換時

當貨幣基金A類非派息股份的直接投資在日後轉換至直接投資者支付首次收費的另一基金的A類非派息股份（即貨幣基金以外的任何基金），則股東在轉

換基金時，須向經理人支付一項延遲首次收費。

任何種類的股份，倘出現不恰當經常性轉換的情況，

經理人可酌情扣除最高達每股資產淨值 1%的收費。指定分銷商就透過它們購入A類派息及非派息股份的每次轉換收取最高達每股資產淨值 0.5%的費用，而該費用將於轉換時扣除，並由過戶代理人或投資者

服務中心支付予有關分銷商（請參閱第 18頁）。該等轉換費用總額不得超過 1%。


3. 贖回時

股東在贖回 B類及Q類股份時（在某情況下包括貨幣基金股份），除非股份已持有四年或以上，否則，

將要向有關分銷商（日後可能包括經理人本身）支付

或然遞延銷售費。對於較短的持股期，下表列載適用

的最高或然遞延銷售費收費率，此乃按所贖回 B類及Q類股份的原來購入價或贖回價中較低者的一個百分率計算：

有關持股期或然遞延銷售費

一年以內 4.0%一年以上，兩年以內 3.0%兩年以上，三年以內 2.0%三年以上，四年以內 1.0%四年以上 0.0%

除非持有股份一年或以上，否則 1%的或然遞延銷售費將會在 C類股份贖回金額中扣除（貨幣基金除外）。

4. 管理費

經理人按上文第 20頁至第 23頁所載資料向本公司收取管理費除Q類股份外，不同種類的基金，將按投資者購入的基金收取不同的管理費。經理人將用該項管

理費支付投資顧問及投資者服務中心的若干費用。此

等費用乃按有關基金之資產淨值釐定，按日累積，按

月繳付。

其他資料

基金類別

美林國際投資基金（「本公司」）於一九六二年六月十四日在盧森堡註冊成立。本公司的組織章程細則在其公司章程內界定。

投資管理

董事會負責公司的整體投資政策。

投資顧問在選擇股票、行業及策略性資產分配方面提供意見及管理服務。美林投資管理巳轉授某些職能予Merrill Lynch Investment ManagersCo., Ltd.。儘管委任了投資顧問，經理人負責根據本公司董事的指示，對本公司一切投資交易承擔全部責任。

本公司將於二零零二年年報和財務報表以及其後每份年報及財務報表中刊登詳細名單，詳載為每項基金提供顧問及管理服務的投資顧問。

投資者服務中心

經理人與Merrill Lynch Investment Managers(Luxembourg) S.A.已訂立投資者服務協議，以設立投資者服務中心，提供交易設施及有關的投資者支援服務。

股份形式

所有基金的A類股份均以記名及環球證書方式發

行。

B類股份只以記名方式發行。

C類股份只以記名方式發行。

Q類股份原先為 B類記名股份，但現己停止接受認

購，由二零零二年七月一日起，所有投資者持有

舊 B類股份己轉為Q類股份持有人可免費將其股

票轉換至本公司其他基金，收取 B類股份，以往的

或然遞延銷售費將轉至新基金。美林擁有全權酌情

拒絕其擁有或透過其擁有的Q類股份轉換擁有權

記錄之中。

X類股份為非派息股份，並只以記名股份的形式發

行予由投資顧問及其聯屬機構的酌情發行。X類股

份無須支付任何費用，但須就有關協議向投資顧問

或聯屬機構支付費用。 X類股份的股東與其他股東

按根據基金各自的資產淨值按比例承擔所有支出。

若非特別要求，所有股份將以記名方式發行。記

名股份的所有權以本公司股份登記冊內的登記作

準。股份持有人將獲發其交易的確認通知。記名

股份股票將不會發行。

環球證書和記名股份以及其各自買賣程序的資料

可向香港代表索取。


估值及交易的次數

「交易日」為盧森堡一般視為銀行營業日的任何日

子（但在暫停交易的期間內的日子除外）。

交易通常可透過向香港代表提交申請或贖回或轉

換指示每日進行。

香港代表在香港時間下午四時正前所接獲的申

請、贖回及轉換指示將會在每個香港營業日結束

時轉交予過戶代理人或投資者服務中心。過戶代

理人或投資者服務中心在任何交易日的盧森堡時

間中午十二時正前接獲的指示通常於當日予以進

行。在上述時間後接獲的指示通常會在隨後的交

易日處理。

香港代表無權代表本公司同意接納申請或限制本

公司以任何特定價格發行股份。

公司可酌情決定，倘接獲的指令涉及尚未收妥之

資金，則可於資金收妥後當日下午方始計算其價

格。

買賣價格

股份所有買賣價格均視乎情況，依據有關基金的

每股資產淨值釐定。所有基金均以「遠期估價」

的基準運作（即價格在有關交易日截止接受買賣

指示後計算）。於任何交易日，當某基金股份的

交易構成的淨增值或減值超過既定指標時，本公

司將會對資產淨值作不超過1%或3%（倘為高孳

息基金）的調整，以反映該基金的財務支出及買

賣成本（在此等情況下，資產估值所依據的標準

亦會予以調整）。

申請程序

申請程序詳情請參閱第 17頁至 18頁。未能提供

首次申請的申請表格會導致交易延遲完成，因而

會影響隨後就有關股份進行買賣的能力。

過戶代理人或投資者服務中心保留拒絕任何申請

或只接納任何部分申請的權利。在該等情況下，

過戶代理人或投資者服務中心通常會在拒絕或只

接納部分申請的五個營業日內，不計利息退回申

請款項或有關餘款。

投資者承認，為方便管理其已經申請或日後可能

申請的服務，其向美林集團成員提供之個人資料

及有關的投資資料可經美林集團在全球任何公司

處理或向其轉移或披露，當中可能涉及互聯網等

電子媒介之數據轉移。除上述情況或適用法例規

定者外，投資者的資料將予以保密處理，未經投

資者同意不會與他人分享。投資者可隨時索取美

林集團公司及其業務所在國家之資料。投資者同

意其資料可於美林集團內處理、轉移或披露。投

資者可隨時索取有關其資料的副本，並要求更正

錯誤。如果投資者希望其個人資料受到盧森堡法

例的保障，應直接向過戶代理人提出申請。

付款

倘股份申請人未能於認購時支付結算款項或未能

於到期日就首次認購申請提交填妥的申請表格，

則董事可根據本公司的章程，取消配發或（如適

用）贖回其股份。倘未能就股份支付款項，或本

公司未有收到填妥的首次認購申請表格，則贖回

或轉換指示會遭拒絕或視作已撤回。此外，本公

司在收到有關交易的一切所需文件前，概不會根

據轉換指示進行任何交易，或就贖回事項支付任

何款項。申請人或須因未能就其所申請的股份於

到期日前支付款項或提交所須文件而直接或間接

產生的任何損失、費用或開支，向本公司或（如

下文所述）經理人作出賠償。

在計算本段落所述的任何損失時，在適當時，需

考慮於交易日及取消交易或贖回股份間有關股份

價格之任何波動，以及本公司或（如適用者）經

理人對申請人進行法律程序所產生的費用。

經理人已同意行使其（於本公司的章程內訂明的）

酌情權，採取步驟以防止本公司因任何申請人延

遲交收所帶來的損失。倘未能準時就股份支付款

項，經理人可取得股份的所有權，亦有權向本公

司發出指示，在其股東名冊內作出任何由此而引

起的修訂、延遲完成有關交易、贖回有關股份、

向申請人索取賠償及／或進行法律程序以討償應

有的賠款，而其行動與本公司可採取的行動相

同。本公司已指示保管人，提早結算的認股款項


及延遲結算的贖回款項所帶來的任何利息收入，

可用來抵銷經理人為避免本公司因延遲結算認股

款項蒙受損失而作出安排所產生的任何利息責

任。

防止洗黑錢

基於反洗黑錢條例的規定，認購股份的人士可能

需要提供額外的證明文件。這些資料會用以證實

投資者的身份，或在某些情況下財務顧問的狀

況，這些資料只會用作符合該等規定。務請注

意，過戶代理人或投資者服務中心保留權利在任

何情況下要求認購人提供其他證明文件或資料。

未能提供證明文件可導致扣留贖回款項。

轉換股份程序

轉換程序詳情請參閱第 18頁。

向香港代表發出的股份轉換指示將會按照上文

「估值及交易的次數」項下所載的同一方式轉交予

過戶代理人或投資者服務中心，並且會應用相同

的考慮因素釐定適用的價格及有效轉換時間。

倘有關轉換的基金以不同的貨幣報價，則貨幣將

會按轉換生效的交易日的有關匯率兌換。

轉換股份的方式是贖回某項基金的股份，同時發

行另一項基金的同類股份。

指示不被接納

對於會構成超逾基金價值 5%的認購及轉換指

示，若董事會認為在有關交易日執行該等指示會

對現時股份持有人的利益構成不利影響，該等指

示可能不被接納。

贖回股份程序

此程序的詳情請參閱第 18頁。

未能提供贖回指示的書面確認可能會導致交易延

遲結算。書面的贖回要求（或該等要求的書面確

認）必須包括股份持有人的全名及地址、基金名

稱、贖回股份類別、其價值或數量及完整的結算

指示，並且必須由所有股份持有人簽署。贖回不

記名股份只會在收到有關證書後進行。

向香港代表發出的股份贖回指示將會按照上文

「估值及交易次數」項下所列載的同一方式轉交予

過戶代理人或投資者服務中心，並且會應用相同

的考慮因素釐定適用的贖回價格及時間。

支付贖回款項

詳情載於第 19頁。

贖回款項將會以支票，或向過戶代理人或投資者

服務中心提出書面要求後，電匯至股份持有人的

銀行帳戶內，費用由股份持有人支付。

除非公司收妥有關股份的款項，股東將不可贖回

有關公司股份。

由經理人買賣股份

經申請人同意，作為主要分銷商的經理人，可以

委託人身份購入及持有股份，以及可自行酌情決

定透過將股份售予申請人及／或向申請人購入股

份（視乎情況而定），從而完全或部份地達成發

行或贖回股份的申請或要求。除非股份持有人明

確地向過戶代理人或投資者服務中心表示反對，

否則股份持有人將被視為同意與經理人進行買

賣，任何該等交易應按照相當於由本公司發行、

贖回或轉換股份（如有關的話）時應用的價格及

結算條件進行。經理人有權保留該等交易所產生

的任何利益。

暫停釐定股份價格

對基金的任何類別股份進行的估值（及因此而起

之發行、贖回及轉換等事宜）可能於若干情況遭

暫停，該等情況包括：

(a) 有該項基金大部份投資項目的報價的任何證券

交易所或市場遭停市或暫停或限制買賣；


(b) 董事認為本公司或其任何類別的股份持有人的

利益會因而受嚴重損害而不可能或不適宜出售

該項基金持有的投資項目；

(c) 通常用以確定該項基金投資項目的價格或價值

的通訊方法不能使用或基於某些其他原因，該

等投資項目的價格或價值不能正常、迅速及正

確地釐定；

(d) 倘於該項基金持有的投資項目進行交易時所需

的資金不能按正常匯率進行轉帳；

(e) 倘若提呈將本公司清盤的決議案的會議通知書

已經發出，或已就下文「結束某基金」所述結

束該項基金而發出了通知或其決議案已被通

過。

任何暫停期間的開始及完結（證券交易所不超過

三個營業日的正常停市期間除外）將會在本公司

的註冊辦事處及在香港的一份主要財經報章上公

佈。不過，當暫停期間在刊發公佈的最早可行日

期前結束，上述公佈將毋須作出。此外，任何提

出贖回或轉換股份要求的股份持有人亦將會收到

通知。

在暫停期間內，股份持有人可以書面通知香港代

表，撤銷其就遭暫停的交易所提出的任何要求。

惟該通知須在進行交易前收到，方為有效。

延遲贖回或轉換股份

倘在任何一個交易日，贖回或轉換該基金所有類

別股份的指示的總值超出該基金價值之既定金額

（董事現定為 10%），則本公司將毋須在當日贖回

或轉換基金的任何股份。此外，在董事認為有關

股份持有人的利益可能遭受不利影響的特殊情況

下，本公司可延遲贖回或轉換股份。在上述任何

一種情況下，董事可宣佈該等贖回或轉換股份將

會延遲，直至本公司盡快執行有需要將有關基金

的資產出售後或直至特殊情況結束為止。被延遲

的贖回或轉換股份將會比其後的要求獲優先處

理。

在延遲贖回的期間內，股份持有人可以書面通知

香港代表撤銷其有關被延遲交易的贖回或轉換要

求。惟該通知須在進行交易前收到，方為有效。

股息

董事現時的政策是保留及再投資基金內的所有淨

收入，惟來自派息基金中派息股份的收益除外。

派息基金

美林亞洲老虎債券基金

美林企業債券基金（歐元）

美林歐元環球債券基金

美林歐元市場基金

美林歐洲債券基金

美林歐洲價值型基金

美林歐元及美元星匯 30基金

美林環球股票基金

美林環球高孳息債券基金（歐元）*

美林環球短期債券基金（歐元）

美林英鎊債券基金

美林美國價值型基金

美林美國優質債券基金

美林美元環球債券基金

美林美國股票基金

美林美國高孳息／收益債券基金

美林美國政府房貸債券基金

美林美國短期債券基金

* 前稱為美林歐洲高孳息債券基金

派息基金的派息股份按月派息。根據派息基金之

現行政策，期內絕大部分投資收益將於扣除開支

後派發。

股息之宣佈及派發

基金於每個月的最後一個營業日宣佈以基金之交

易貨幣派發股息，並於該日期起計 10個營業日內

派發予於宣佈派息之日前的營業日已登記在股東

登記冊之持股人。股東有資格獲派的股息如達 100

美元或以上（或其他貨幣之等值額），則股息將


按股東選擇的基金交易貨幣，以電匯自動存入股

東的銀行戶口內，有關費用由股東支付（美林投資者除外）。如派息額低於 100美元（或其他貨幣之等值額），則股息將自動作再投資，惟透過美林購入股份的股東將獲派息（見下文「股息再投資」）。派息基金的每月股息各自分開派發。

股息再投資

股東（美林投資者除外）有資格獲派的股息如少於100美元（或其他貨幣的等值額），則股息將自動作再投資，以購入同一基金中同類別及同一形式的更多股份。此等增購的股份，包括零碎股份，將於派息日發行，但如該日並非交易日，則於下一交易日發行。應該緊記，大部份司法管轄權區在稅務上大概會將再投資的股息作為股東收取的收益處理。

股東亦可要求將 100美元或以上（或其他貨幣等值額）的股息自動作再投資。

因股息再投資而發行的 A類派息股份不設首次收費。

其他費用及支出

所有類別的股份的首次收費詳情，請參閱第 20頁至 23頁。

第 20至第 23頁所述的年度管理及行政費用乃根據每種基金的資產淨值計算（如適用時將按上文「買賣價格」所述基準予以調整）。

指定分銷商可就透過其所購入的A類股份於每次轉換時收取最高達其轉換股份資產淨值 0.5%的費用。一般而言，其他轉換皆屬免費，但是，經理人可根據其酌情權（毌須事先通知）就不合理的經常股份轉換收取最多達其轉換的A類股份 1%的額外轉換費。任何該等費用將於轉換時扣除，並由過戶代理人或投資者服務中心支付予有關分銷商或（如適用者）經理人。

作為主要分銷商，經理人有權收取A類股份首次收費（倘收取該費用則以股份價格 5%為上限）、任何A類股份的遞延首次收費、上文所述經理人就股份過度經常轉換的費用及因刪去價格尾數而獲得的利益。

保管人根據證券的價值收取逐日累計的年費，加

上交易費用。年費範圍由年率 0.011%至

0.608%，交易費的範圍則由每宗交易 13美元至

157美元。兩類費用的收費率會因應投資國家，以

及在某些情況下，因應資產類別而有變。在債券

及已發展股票市場的投資項目將會處於這些收費

範圍低位而在新興市場及發展中國家的投資項目

將會處於高位。因此，每項基金的保管費用將取

決於其在任何時間的資產分佈。

過戶代理人收取年費，其計算方法乃根據(a)持股

數目（每項持股收取 9美元至 25美元不等）；(b)

交易處理量（每次交易收取 2美元至 13.35美元不

等，視乎交易種類而定）；及(c)基金／股票類別

的年度保持費（由 2,000美元至 20,000美元不

等，視乎基金／股份類別的數目及種類而定）。

基金會計師根據每隻基金的資產淨值由 0.015%至

0.023%

經董事會批准，任何基金可根據售股章程規定給

予股東三個月通知而將管理費調高至 2.25%。倘

管理費增幅超過 2.25%，則必須在股東大會上獲

得股東通過。

倘本摘要所載列的其他費用及收費比率有任何變

動，本公司將至少提早一個月通知各股東，惟在

根據本公司的章程須取得股東事先同意的情況

下，本公司將於取得該項同意後發出最少一個月

的通知。

本公司亦支付付款代理人的費用及支出，以及基

金會計師、主要分銷商、過戶代理人、經理人及

其他分銷商與代理人的支出，以及投資者服務中

心的營運支出，和公司其他營運支出。

與二零零二年七月售股章程的發行有關之費用，

估計總額為 700,000美元（其中包括與本摘要的

發行有關的費用約 30,000美元）。這些費用將由

各基金按照資產凈值的比例分擔。

如果基金在應由其分擔的以前費用全部攤銷之前

結束，董事應決定該筆未攤銷費用應如何處理，


並且在適當時可決定把該筆未攤消費用視作清盤

費用，由該基金償付。

本公司將會支付香港代表為確保符合香港有關法

律規定及其擔任香港代表的職務所產生的費用及

實付費用。此外，經理人可就香港居民申請任何

類別的股份，向香港代表支付部份的首次收費。

經理人及其關聯人士與買賣任何基金有關的經紀

之間並無任何非金錢的佣金安排。

與Merrill Lynch & Co., Inc.的關係

經理人及投資顧問的最終控股公司為在美國特拉

華州註冊成立的Merrill Lynch & Co., Inc.。該公

司及其聯營公司（包括Merrill Lynch、 Pierce、

Fenner & Smith Incorporated及Merrill Lynch

International & Co.）以下簡稱「本集團」。

以董事所設立之任何政策為前提，投資顧問在安

排本公司的投資交易時，將務求為本公司取得最

佳實質成績，其中須考慮之因素計有價格（包括

適用的經紀佣金或經紀商差價）、訂購量、執行

的困難程度，與及公司所須的經營設施及公司處

理某宗證券的風險。因此，儘管投資顧問一般要

求合理且較相宜的佣金比率，本公司亦不一定須

支付市場上最低佣金或差價。在若干發展中的市

場，佣金乃按當地法例或法規而予以釐定，因此

不得議價。

當為本公司安排證券交易時，本集團屬下各公司

可按彼等慣用的條款，提供證券經紀、外匯、銀

行及其他服務，或作為委托人，而亦可從中獲

利。佣金將按有關市場慣例支付予經紀及代理

人，而經紀或代理人退還的佣金折扣或現金佣金

之利益將給予本公司。倘投資顧問認為適當，可

運用本集團屬下各公司的服務，惟須受下列各項

所限制：(a)彼等的佣金及其他業務條款與在有關

市場的非聯繫經紀及代理人所能提供的大致相

同，及(b)此乃與上述取得最佳實質成績的政策一

致。在與上述政策一致的情況下，預期本公司部

分投資交易將透過本集團經紀商進行，而該等經

紀商乃屬較少數的國際公司，而其被委派可處理

的交易數量較其他公司大。

以上文所述以及董事所採用或章程所列明的限制

為前提，經理人、投資顧問及本集團屬下之任何

其他公司，及其任何董事可(a)擁有本公司權益或

在與本公司或代為執行之交易中擁有權益，或與

任何其他人士具有任何性質的關係，而該等權益

及關係有可能與他們對本公司的職責產生潛在衝

突，及(b)運用本集團屬下各公司的服務來履行其

職責；而彼等概毌須就為此而產生的任何利潤或

報酬向本公司交代。

例如，出現該等潛在衝突是由於：

(a) 本集團有關公司為其他客戶進行業務；

(b) 於本公司持有或買賣某些公司的證券的同時，

本集團有關公司的董事或僱員亦是該公司的董

事，或持有或買賣該等公司的證券，或持有該

等公司的權益；

(c) 一項有關投資的交易，對於該交易，有關集團

公司除可獲得本公司付款外，還可從該投資中

獲得佣金、費用、或應付的標高或標低價；

(d) 就有關交易而言，集團公司可為本公司充當代

理而又同時兼為集團公司其他客戶的代理；

(e) 本集團公司可以委託人身分，替本公司或本公

司任何股東進行投資及／或買賣貨幣；

(f) 交易是以其集體投資計劃或任何公司的單位或

股份進行，而其計劃或公司的經理人、操作

人、銀行、顧問或受託人是本集團公司；

(g) 集團公司可代本公司進行買賣，包括與其他身

為委託人或有收取代理人佣金的集團公司作出

配售及／或發行新股的交易。


一如上述，證券可由本公司或經理人、投資顧問

或其他本集團公司的其他客戶持有或作為適當投

資。鑑於不同目標或其他因素，當某些客戶正出

售某些證券時，本公司可代一名或多名上述客戶

購買該證券。倘若需要在同時間或近似同時間代

本公司或該等客戶考慮購買或出售證券時，則本

公司在可行的情況下按視為對各有關人士均為公

平的方式代有關客戶進行該等買賣。在某些情況

下，代一名或多名本集團客戶購買或出售證券可

能會對其他本集團客戶帶來不利影響。

稅項

只要本公司不在香港從事買賣證券或期貨的貿易

或業務，便毋須繳納任何香港稅項。本公司並不

打算在香港從事該類貿易或業務或在香港成立營

業地點。股份持有人毋須就本公司的股息分派或

銷售、贖回或以其他方式出售本公司的任何股份

而獲得的資本收益繳納香港稅項。倘購入及變現

本公司的股份屬於或構成在香港進行的貿易、行

業或業務的一部份，有關股份持有人所變現的收

益便可能需要繳納香港利得稅。股份毋須繳納香

港遺產稅。此外，發行、轉換或轉讓本公司的股

份毋須繳納香港印花稅。

以上的稅務說明乃根據本公司對香港現行法例及

慣例的理解而作出。

報告及帳項

本公司的財政年度於每年的十二月三十一日完

結。載有本公司及每種基金在上一財政期間經審

核帳項的年報，將會在有關年度終結後四個月內

備妥。

未經審核的中期報告在有關的半年度結束後兩個

月內備妥。

結束某基金

若某基金的資產淨值下跌至低於 1,500萬美元（或

任何有關買賣貨幣的等值款額），董事可要求贖

回有關基金的所有股份。本公司之公司章程亦批

准董事，因影響該基金的經濟或政治情況有變而

彼等認為適當的情況下，結束任何個別基金。但

在該等情況下，董事的政策是擬免費為任何類別

的股份持有人，將股份轉入其他基金之同類股份

中。

任何上述強制將基金結束需向有關基金所有類別

的股份持有人發出最少 30日的事前通知。此外，

在給予上述同一期限的通知後，董事亦可將基金

與本公司的另一基金或另一盧森堡UCITS合併。

任何該等合併對該合併基金該類別的股份持有人

均有約束力。

經該基金的大多數股份持有人或其代表在股東大

會（沒有最低出席人數的限制）上同意後，亦可

將基金結束。倘結束基金，結束所須支付之贖回

價格將以反映變現及清盤費用之基準計算。

倘根據上述條文需將基金結束，董事有權暫停該

基金股份的買賣。

公司結業

倘在任何時間內，本公司的資產淨值低

於 25,000,000美元（或等值款額），可透過在給

予所有股份持有人四個星期的通知，將所有已發

行股份贖回。

股份持有人可透過在股東大會上通過決議案隨時

將公司清盤。

倘本公司的資本低於法例規定最低資本的三分之

二（現時為歐元 1,239,467.63的等值額），董事

必須將基金的清盤事宜在股東大會上提呈。

投資限制

基金設有各項投資限制，其主要部份如下：

1. 基金的投資項目必須包括獲准在證券交易所正

式上市或在另一規管市場買賣的可轉讓證券，

惟最高達 10%的資產淨值可投資於其他可轉

讓證券或等值的流動債務工具。

2. 基金亦可：

－以從屬方式持有流動資產；


－將其不超過 10%的資產淨值投資於同一

機構所發行的可轉讓證券，惟：

(a) 如果是由經濟合作與發展組織內的政府或

公營國際組織或當地機構所發行或擔保的

可轉讓證券，上述限制則為 35%；

(b) 基金可根據分散風險的原則，將其最高達

100%的資產投資於由經濟合作與發展組

織內的政府、公營國際組織或當地機構所

發行或擔保的不同可轉讓證券，惟基金持

有至少分六次發行的證券，且沒有任何一

次佔總資產淨值逾 30%；

(c) 基金可將其最高達 25%的資產淨值投資

於在歐洲共同體內成立並符合若干規管標

準的信貸機構所發行的若干種類債務證

券。

3. 基金不可購入貴金屬或其憑證。

4. 任何基金將其超過 5%的資產淨值投資於所有

發行組織而持有的可轉讓證券總值不得超過其

資產總值的 40%（上文 2(a)、(b)和(c)項所述

者除外）。

5. 基金不可購入其他開放式集體投資企業的單

位，除非該等企業被納入歐洲共同體指引有關

UCITS（「獲准企業」）的定義之內，在該等情

況下，基金可將其資產淨值中不多於 5%作出

投資。與本公司有特定聯繫的獲准企業的投資

會受到其他限制。

6. 本公司不可：

(a) 買入任何可以使其對發行機構的管理行使

重大影響力的具投票權股份；或

(b) 買入任何發行商逾 10%的無投票權股份

或債務證券。

該等限制不適用於政府所發行或擔保、若干當

地機構發行或若干公營國際組織所發行或行使

可轉讓證券所附帶的認購權。

7. 基金不可借貸，除非是以「背對背」貸款方法

購買外幣，或款額最高為其資產淨值的 10%

的借款，惟其借款只屬短期性質。

8. 本公司不得提供貸款或擔任第三者擔保人。

9. 基金不可進行無抵補的可轉讓證券銷售。

10. 基金不得包銷其他發行商的證券，除非該等證

券在總值及種類上對基金而言均會是適當的投

資。

11. 基金不得：

－買賣遠期外匯合約、貨幣期貨或期權合

同、期權、債券期貨、期貨指數或其他延

伸工具，除非是為了有效管理投資組合或

貨幣對沖。

12. 所持有並非用以對沖的認股權證及期權合計價值不可超過基金資產淨值的 15%。

13. 如果經理人的任何董事或行政人員個別地擁有任何公司或機構任何類別所有已發行的的證券

的總值超過 0.5%，或經理人的董事或行政人員合共擁有超過 5%的該等證券，則基金不得投資於該類別的證券。

14. 基金不得作出涉及承擔無限責任的投資。

其他資料

本公司的公司章程及基金與其他組織，包括過戶

代理人、經理人、保管人、Merrill LynchInvestment Managers （Luxembourg） SA及香港代表之間的協議英文版可於香港代表辦事處查

閱。本公司的售股章程載有本公司、所有股份類

別（即使 E類股份不會在香港發售）及所有基金的詳情（包括本公司的公司章程與及其資產淨值

與價格計算方法詳情）。中英文版的售股章程及

本公司的中期及年度報告亦可於香港代表辦事處

免費索取。


董事會主席Jürgen Reimnitz先生企業董事c/o CommerzbankKaiserplatz, 60261 Frankfurt am MainFederal Republic of Germany

董事Elizabeth Corley女士Merrill Lynch Investment Managers Limited歐洲、中東、非洲及亞太區零售業務主管、常務董事

James Charrington先生Merrill Lynch Investment Managers Limited歐洲、中東、非洲及亞太區零售業務主管、常務董事

Derek Ferguson先生RBSI Custody Bank Limited前常務董事，已退休

Frank P. Le Feuvre先生Merrill Lynch Investment Managers (ChannelIslands) Limited常務董事

Terry K Glenn先生Merrill Lynch Investment Managers, L.P.北美洲地區主席Merrill Lynch Mutual Fund, 總裁

Z.O.H.M. Baron van Hövell tot WesterflierAchmea Groep N.V.董事會主席

Geoffrey Radcliffe先生Merrill Lynch Investment Managers(Luxembourg) S.A.董事兼總經理

François Tesch先生Directeur Général,Le Foyer Assurances CompagnieLuxembourgeoise S. A.

Jean-Claude Wolter先生Avocat HonoraireBidurit Hartmetall AG 董事會主席及榮譽顧問

Steen Langebaek先生 KBE,獨立董事

管理及行政經理人Merrill Lynch Investment Managers (ChannelIslands) LimitedForum House, Grenville StreetSt Helier, Jersey JE4 8RLChannel Islands

經理人擔任本公司的投資經理人及主要分銷商經理人的董事為：M Andrew先生（主席）A J Arnold先生J N Cotton先生R A R Evans先生服山清一先生F P Le Feuvre先生

G J Grime先生G M Hamilton先生A F J Roe先生R E R Rumboll先生黃李玉平女士

投資者服務Merrill Lynch Investment Managers (Luxembourg)SAB.P. 1058, L-1010 Luxembourg,電話：+352 34 20 10-1傳真：+352 34 20 10-2或MLIM Group旗下其他可不時提供交易及投資者服務之公司。

保管人The Bank of New York Europe Limited,Luxembourg BranchB.P. 1058, L-1010 Luxembourg

基金會計師The Bank of New York Europe Limited,Luxembourg BranchB.P. 1058, L-1010 Luxembourg

過戶代理人及登記人JP Morgan Bank Luxembourg S.A.5, rue PlaetisL-2338 Luxembourg

投資顧問Merrill Lynch Investment Managers Limited33 King William StreetLondon EC4R 9AS受 The FSA監管

Fund Asset Management, L.P.800 Scudders Mill RoadPlainsboro, NJ 08536, USA

香港代表辦事處美林投資管理（亞洲）有限公司香港中環花園道 3號萬國寶通銀行大廈 22樓電話： (852)2161-7747傳真： (852)2161-7755


台灣代表辦事處美林投資管理有限公司台灣辦事處台灣台北市敦化南路 207號遠企中心 23樓電話： (886) 2376-3800傳真： (886) 2376-3828

法律顧問Linklaters Loesch4 rue Carlo Hemmer, Plateau de KirchbergB.P. 1107, L-1011 Luxembourg

獨立核數師PricewaterhouseCoopers S.à.r.l.400 route d’Esch, L-1471 Luxembourg

註冊辦事處6D route de TrèvesL-2633 Senningerberg,Grand-Duchy of Luxembourg

〔此乃白頁〕


美林國際投資基金

章程概要

Documents

Merrill Lynch International Investment Funds Summary of