Merrill Lynch International Investment Funds Audited Annual Report ...

Global Bond Fund (Euro) continued
Portfolio of Investments 31 December 2006
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (€) %
US$775,000 Ford Credit Auto Owner Trust
'2006-C A3' 5.16% 15/11/2010 587,511 0.41
US$1,170,000 Ge Capital Commercial Mortgage
'2005-C1 A2' 4.353% 10/6/2048 866,447 0.60
US$1,200,000 Honda Auto Receivables Owner Trust
'2006-3 A3' 5.12% 15/10/2010 909,125 0.63
US$975,000 Keycorp '2000-C1 A2' 7.727%
17/5/2032 783,325 0.55
US$1,070,000 Morgan Stanley Capital I
'2006-IQ12 A4' 5.332% 15/12/2043 809,738 0.56
US$520,000 Raytheon 6.75% 15/8/2007 397,377 0.28
US$560,000 Socgen Real Estate '144A' 7.64%
30/9/2007 (Perpetual) (Pref) 431,526 0.30
US$710,000 US Treasury Bond 3.5% 15/2/2010 520,017 0.36
US$3,800,000 US Treasury Bond 4.5% 30/11/2011 2,856,603 1.99
US$735,000 US Treasury Bond 4.5% 15/2/2016 549,434 0.38
US$3,260,000 US Treasury Bond 4.5% 15/2/2036 2,352,716 1.64
US$11,440,000 US Treasury Bond 4.625% 15/11/2016 8,617,505 6.00
US$420,000 US Treasury Bond 4.875% 15/2/2012 321,554 0.22
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (€) %
US$1,020,000 US Treasury Bond 4.875% 15/8/2016 784,151 0.55
US$1,340,000 US Treasury Bond 6.5% 15/11/2026 1,222,055 0.85
US$1,926,000 US Treasury Bond 8% 15/11/2021 1,933,620 1.35
US$1,935,000 US Treasury Bond 9.125% 15/5/2018 2,022,238 1.41
US$1,330,000 US Treasury Inflation Indexed Bonds
2% 15/1/2026 946,017 0.66
US$810,000 US Treasury Inflation Indexed Bonds
2.5% 15/7/2016 618,636 0.43
US$1,120,000 Washington Mutual 4.375% 15/1/2008 840,658 0.59
US$1,525,000 World Omni Auto Receivables Trust
'2006-A A3' 5.01% 15/10/2010 1,154,583 0.80
US$710,000 Yum! Brands 7.65% 15/5/2008
___________
553,969
______
0.39
___________
37,575,735
______
26.17
Total Portfolio 140,415,402 97.78
Other Net Assets
___________
3,191,790
______
2.22
Total Net Assets (€)
___________
143,607,192
______
100.00
Open Forward Foreign Exchange Transactions
as at 31 December 2006
Purchases
Sales Value date
Unrealised
profit/(loss)
€
C$747,700 €493,638 10/1/2007 (5,035)
C$339,600 US$301,002 10/1/2007 (6,330)
CHF16,906,000 €10,638,987 10/1/2007 (123,089)
CZK100,889,500 €3,558,430 10/1/2007 110,528
€549,740 A$924,000 10/1/2007 (3,575)
€3,119,230 C$4,635,512 10/1/2007 90,039
€3,533,636 CZK98,559,000 10/1/2007 (50,572)
€4,519,768 DKr33,697,524 10/1/2007 (762)
€9,767,916 £6,595,637 10/1/2007 (51,312)
€10,957,333 ¥1,679,926,500 10/1/2007 228,092
€2,188,678 SGD4,361,000 10/1/2007 30,301
€61,438,803 US$80,555,467 10/1/2007 353,547
£806,900 €1,200,042 10/1/2007 1,227
¥125,826,500 €808,412 10/1/2007 (4,792)
¥526,795,000 US$4,502,160 10/1/2007 (49,492)
SKr31,987,000 €3,524,072 10/1/2007 14,297
US$280,135 A$365,000 10/1/2007 (6,145)
US$13,504,067 CHF16,690,000 10/1/2007 (141,401)
US$15,339,600 €11,914,286 10/1/2007 (282,258)
US$3,440,329 SKr24,295,000 10/1/2007 (78,684)
¥173,693,234 €1,170,000 11/1/2007 (60,598)
¥175,955,000 US$1,497,502 11/1/2007 (11,662)
NOK9,839,609 €1,195,000 11/1/2007 (1,483)
SKr4,487,846 €495,000 11/1/2007 1,448
SGD2,375,000 US$1,513,684 11/1/2007
_______
27,672
Net unrealised loss
_______
(20,039)
Open Futures Contracts as at 31 December 2006
Number
Expiration Value
of Contracts
Contract/Description
date €
(27) Eurex Euro Bund March 2007 (3,135,780)
(45) Euro DTB BOBL March 2007 (4,897,800)
11 Japanese Government Bond (TSE) March 2007 9,412,836
(51) US Treasury 2 Year Note March 2007 (7,891,982)
(171) US Treasury 5 Year Note March 2007 (13,623,867)
(174) US Treasury 10 Year Note March 2007 (14,180,479)
89 Australian 90 Day Treasury Bill June 2007 11,991,145
(70) MSE 3 Month Canadian Banker Acceptance June 2007 (10,952,225)
_________
Total commitment (33,278,152)
_________
Note: The net unrealised profit of €430,166 attributed to these transactions is included in the
Statement of Net Assets (see Note 2c).
Note: The net unrealised loss attributed to these transactions is included in the Statement of
Net Assets (see Note 2c).
112 Merrill Lynch International Investment Funds