Merrill Lynch International Investment Funds Audited Annual Report ...

Global Bond Fund (US Dollar)
Portfolio of Investments 31 December 2006
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
BONDS
Australia
A$775,000 New South Wales Treasury '10RG' 7%
1/12/2010
___________
626,627
______
0.43
Austria
€2,725,000 Republic of Austria '2' 4.65%
15/1/2018
___________
3,799,697
______
2.63
Canada
C$1,420,000 Government of Canada 4% 1/6/2016 1,214,028 0.84
C$1,690,000 Government of Canada 4.5% 1/6/2015
___________
1,497,609
______
1.03
___________
2,711,637
______
1.87
Cayman Islands
€550,000 CAM International EMTN 5.75%
3/4/2012
___________
728,103
______
0.50
Denmark
DKK16,300,000 Nykredit Realkredit 4% 1/1/2008 2,877,471 1.99
DKK8,050,000 Realkredit Danmark '83D' FRN
1/10/2038
___________
1,391,115
______
0.96
___________
4,268,586
______
2.95
France
€2,030,000 France Government Bond OAT
3.75% 25/4/2021 2,589,624 1.79
€90,000 France Government Bond OAT
'OATE' 2.25% 25/7/2020
___________
133,274
______
0.09
___________
2,722,898
______
1.88
Germany
€8,473,000 Bundesobligation '139' 4%
16/2/2007 11,174,509 7.72
€6,500,000 Bundesobligation '147' 2.5%
8/10/2010 8,155,270 5.63
€2,600,000 Bundesobligation '148' 3.5%
8/4/2011 3,371,841 2.33
€5,468,000 Bundesrepublik Deutschland '02'
5% 4/7/2012 7,580,152 5.23
€1,419,000 Bundesrepublik Deutschland '03'
4.75% 4/7/2034 2,074,305 1.43
€1,676,000 Bundesrepublik Deutschland '05'
3.25% 4/7/2015 2,102,558 1.45
€840,000 Bundesrepublik Deutschland '05'
3.5% 4/1/2016 1,071,177 0.74
€5,157,000 Bundesrepublik Deutschland '05'
4% 4/1/2037 6,724,318 4.64
€4,500,000 Bundesrepublik Deutschland '06'
4% 4/7/2016 5,957,021 4.11
€450,000 Bundesrepublik Deutschland '99'
3.75% 4/1/2009 591,862 0.41
C$675,000 Kreditanstalt fuer Wiederaufbau
4.7% 2/6/2037
___________
591,592
______
0.41
___________
49,394,605
______
34.10
International
¥493,000,000 European Investment Bank 1.9%
26/1/2026
___________
4,047,058
______
2.79
Ireland
£575,000 GE Capital UK Funding EMTN
4.625% 18/1/2016
___________
1,065,704
______
0.74
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
Japan
US$500,000 Aiful 4.45% 16/2/2010 480,218 0.33
¥75,000,000 Development Bank of Japan 1.7%
20/9/2022 604,033 0.42
£350,000 East Japan Railway EMTN 4.75%
8/12/2031 672,970 0.47
€550,000 Resona Bank EMTN 3.75% 15/4/2015 710,646 0.49
€300,000 Sumitomo Mitsui Banking 4.375%
27/10/2014
___________
396,078
______
0.27
___________
2,863,945
______
1.98
Jersey
US$550,000 Old Mutual Capital Funding 8%
22/12/2008 (Perpetual)
___________
574,252
______
0.40
Netherlands
€590,000 Deutsche Telekom International
Finance 7.5% 29/5/2007 788,369 0.55
£420,000 ICI Investments Netherlands EMTN
7.625% 21/8/2007
___________
831,722
______
0.57
___________
1,620,091
______
1.12
Singapore
SGD3,900,000 Singapore Government Bond 3.5%
1/7/2012
___________
2,606,463
______
1.80
United Kingdom
US$760,000 Credit Suisse (London) 7.9%
1/5/2007 (Perpetual) 765,543 0.53
£310,000 MBNA Europe Funding EMTN
6% 12/11/2010 617,603 0.42
€500,000 mmO2 EMTN 6.375% 25/1/2007 661,277 0.46
£700,000 UK Treasury 4% 7/3/2009 1,341,598 0.92
£200,000 UK Treasury 5% 7/3/2025 417,091 0.29
£325,000 UK Treasury 9% 12/7/2011 739,046 0.51
£475,000 United Kingdom Gilt 4% 7/9/2016 879,636 0.61
£585,000 United Kingdom Gilt 4.25% 7/6/2032 1,142,897 0.79
£415,000 United Kingdom Gilt 4.75% 7/3/2020
___________
823,189
______
0.57
___________
7,387,880
______
5.10
United States
US$1,100,000 ASIF Global Financing XVIII 3.85%
26/11/2007 1,085,810 0.75
US$1,440,000 BA Credit Card Trust '2006-A16 A16'
4.72% 15/5/2013 1,422,450 0.98
US$955,000 Capco America Securitization
'1998-D7 A1B' 6.26% 15/10/2030 966,791 0.67
US$820,000 Chase Commercial Mortgage Securities
'1999-2 A2' 7.198% 15/1/2032 856,326 0.59
US$1,275,000 Citibank Credit Card Master Trust I
'1998-2 A' 6.05% 15/1/2010 1,285,418 0.89
US$900,000 CS First Boston Mortgage Securities
'2002-CKS4 A2' 5.183% 15/11/2036 896,410 0.62
US$810,000 CW Capital Cobalt Ltd '2006-C1 A4'
5.223% 15/8/2048 801,317 0.55
US$800,000 Daimler Chrysler Auto Trust
'2006-C A4' 4.98% 8/11/2011 798,819 0.55
US$2,700,000 Fannie Mae Interest Strip '360 2' 5%
1/8/2035 647,718 0.45
US$715,000 Ford Credit Auto Owner Trust
'2006-C A3' 5.16% 15/11/2010 714,553 0.49
US$1,090,000 Ge Capital Commercial Mortgage
'2005-C1 A2' 4.353% 10/6/2048 1,064,135 0.73
US$1,125,000 Honda Auto Receivables Owner Trust
'2006-3 A3' 5.12% 15/10/2010 1,123,594 0.78
114 Merrill Lynch International Investment Funds