Merrill Lynch International Investment Funds Audited Annual Report ...

Global Allocation Fund continued
Portfolio of Investments 31 December 2006
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
Singapore
SGD2,500,000 Somerset Global 0% 12/1/2009
___________
1,940,204
______
0.03
South Korea
US$3,725,000 LG Telecom 8.25% 15/7/2009
___________
3,929,875
______
0.06
Sweden
TRY9,250,000 Svensk Exportkredit EMTN 10.5%
30/9/2015 5,074,503 0.08
SEK179,750,000 Sweden Government Bond '3101' 4%
1/12/2008
___________
31,981,677
______
0.46
___________
37,056,180
______
0.54
Taiwan
US$350,000 Shin Kong Financial Holding 0%
17/6/2009 419,125 0.00
US$5,000,000 Taiwan Cement 0% 3/3/2009
___________
8,175,000
______
0.12
___________
8,594,125
______
0.12
United Kingdom
BRL11,500,000 JPMorgan Chase Bank NA 0%
16/8/2010 7,661,338 0.11
BRL36,000,000 JPMorgan Chase Bank NA 0%
17/8/2010 24,445,357 0.35
BRL24,500,000 JPMorgan Chase Bank NA FRN
17/8/2010 16,229,508 0.24
£10,530,000 United Kingdom Gilt 4.25% 7/3/2011
___________
20,061,159
______
0.29
___________
68,397,362
______
0.99
United States
£437,000 AES 8.375% 1/3/2011 901,838 0.01
US$2,090,000 Calpine '144A' 8.75% 15/7/2013 2,257,200 0.03
US$6,490,000 Calpine Generating '1' 9.07% 1/4/2009 6,684,700 0.10
US$3,600,000 Calpine Generating 11.07% 1/4/2010 3,816,000 0.06
US$1,190,000 Cell Genesys 3.125% 1/11/2011 901,425 0.01
US$3,450,000 Conexant Systems 4% 1/2/2007 3,454,313 0.05
US$1,210,000 Crown Cork & Seal 7.5% 15/12/2096 1,004,300 0.02
US$110 Fannie Mae 5.375% 5/1/2008
(Perpetual) (Pref) 11,016,995 0.16
US$2,400,000 Fannie Mae 5.4% 1/2/2008 2,404,080 0.04
US$24,750,000 Freddie Mac MTN 5.48% 16/5/2008 24,753,316 0.36
US$480,000 GenCorp 5.75% 15/4/2007 498,600 0.01
¥2,600,000,000 General Electric Capital FRN
15/1/2010 21,882,928 0.32
US$975,000 Lucent Technologies 8% 1/8/2031 979,875 0.02
US$4,640,000 McMoRan Exploration 5.25%
6/10/2011 4,999,600 0.07
US$1,325,000 McMoRan Exploration '144A' 5.25%
6/10/2011 1,427,687 0.02
US$1,000,000 Nabi Biopharmaceuticals 2.875%
15/4/2025 903,750 0.01
US$3,025,000 Nextel Communications 5.25%
15/1/2010 2,975,844 0.04
US$712,484 Northwest Airlines '1999-3 B' 9.485%
1/10/2016 157,192 0.00
US$2,200,000 Tenet Healthcare 9.25% 1/2/2015 2,205,500 0.03
US$885,000 Triad Acquisition 'B' 11.125%
1/5/2013 845,175 0.01
US$17,550,000 US Treasury Bond 3.5% 31/5/2007 17,445,112 0.25
US$26,500,000 US Treasury Bond 3.625% 30/4/2007* 26,386,143 0.38
US$6,400,000 US Treasury Bond 4% 15/6/2009 6,293,501 0.09
US$78,725,000 US Treasury Bond 4.25% 15/11/2014* 76,375,547 1.10
US$11,425,000 US Treasury Bond 4.375% 31/12/2007 11,358,946 0.16
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
US$52,775,000 US Treasury Bond 4.5% 15/11/2015* 51,950,391 0.75
US$53,600,000 US Treasury Bond 4.625% 15/11/2016* 53,227,314 0.77
US$143,750,000 US Treasury Bond 4.75% 31/3/2011* 143,952,141 2.08
US$110,125,000 US Treasury Bond 4.875% 31/5/2011 110,873,509 1.60
US$38,600,000 US Treasury Bond 4.875% 15/8/2016* 39,120,193 0.57
US$55,550,000 US Treasury Bond 5.125% 15/5/2016* 57,190,458 0.83
US$100,925,000 US Treasury Inflation Indexed Bonds
0.875% 15/4/2010 101,950,358 1.47
US$66,500,000 US Treasury Inflation Indexed Bonds
1.875% 15/7/2015 ‡ 63,754,248 0.92
US$231,725,000 US Treasury Inflation Indexed Bonds
2% 15/1/2016 223,596,527 3.23
US$226,000,000 US Treasury Inflation Indexed Bonds
2.375% 15/4/2011 ‡ 225,081,875 3.26
US$163,500,000 US Treasury Inflation Indexed Bonds
2.5% 15/7/2016
___________
164,619,762
______
2.38
1,467,246,343
___________ ______
21.21
Total Bonds 2,098,363,834
___________ ______
30.34
COMMERCIAL PAPER
Germany
US$50,000,000 Depfa Bank 0% 27/2/2007
___________
49,554,535
______
0.71
Ireland
US$40,000,000 Bank of Ireland 0% 13/2/2007 39,726,780 0.58
US$22,500,000 Irish Permanent Treasury 0%
31/1/2007
___________
22,389,748
______
0.32
___________
62,116,528
______
0.90
United States
US$47,264,000 Atlantic Asset Securitization 0%
20/2/2007 46,892,037 0.68
US$24,575,000 Atlantis One Funding 0%
11/12/2006 24,383,113 0.35
US$18,768,000 BankAmerica 0% 17/1/2007 18,715,286 0.27
US$18,044,000 BankAmerica 0% 20/3/2007 17,826,389 0.26
US$52,000,000 Calyon North America 0%
12/2/2007 51,652,536 0.75
US$25,679,000 Chariot Funding 0% 12/2/2007 25,507,413 0.37
US$31,100,000 Ciesco 0% 17/1/2007 31,012,649 0.45
US$2,250,000 CRC Funding 0% 8/1/2007 2,246,679 0.03
US$40,000,000 CRC Funding 0% 23/1/2007 39,853,996 0.58
US$40,000,000 CRC Funding 0% 25/1/2007 39,840,344 0.58
US$50,000,000 Danske 0% 31/1/2007 49,754,995 0.72
US$52,000,000 Falson Asset Securitization 0%
12/2/2007 51,652,536 0.75
US$50,000,000 Gemini Securitization 0% 1/2/2007 49,747,570 0.72
US$8,538,000 Greyhawk Funding 0% 22/1/2007 8,507,708 0.12
US$25,000,000 Greyhawk Funding 0% 25/1/2007 24,900,215 0.36
US$44,000,000 ING US Funding 0% 8/2/2007 43,732,128 0.63
US$23,848,000 Stadshypotek Delaware 0%
22/1/2007 23,763,390 0.34
US$12,798,000 Victory Receivables 0% 15/2/2007 12,706,782 0.18
US$37,929,000 Windmill Fund I 0% 2/3/2007
___________
37,573,226
______
0.54
___________
600,268,992
______
8.68
Total Commercial Paper
___________
711,940,055
______
10.29
Total Transferable Securities Admitted
to an Official Stock Exchange Listing or
Dealt in on Another Regulated Market 6,491,425,710
___________ ______
93.86
( * ) Securities lent, see Note 13 for further details.
(‡) Security given in guarantee, see Note 14 for further details.
106 Merrill Lynch International Investment Funds