Merrill Lynch International Investment Funds Audited Annual Report ...

Global Bond Fund (US Dollar) 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$) %
US$898,278 Keycorp '2000-C1 A2' 7.727%
17/5/2032 951,398 0.66
US$830,000 Morgan Stanley Capital I '2006-IQ12 A4'
5.332% 15/12/2043 828,044 0.57
US$210,000 Raytheon 6.75% 15/8/2007 211,560 0.15
US$518,000 Socgen Real Estate '144A' 7.64%
30/9/2007 (Perpetual) (Pref) 526,215 0.36
US$900,000 US Treasury Bond 3.5% 15/2/2010 868,992 0.60
US$665,000 US Treasury Bond 4.5% 15/2/2016 655,336 0.45
US$1,272,000 US Treasury Bond 4.5% 15/2/2036 1,210,189 0.83
US$365,000 US Treasury Bond 4.625% 15/11/2016 362,462 0.25
US$1,160,000 US Treasury Bond 4.875% 15/8/2016 1,175,633 0.81
US$765,000 US Treasury Bond 6.125% 15/8/2029 892,480 0.62
US$850,000 US Treasury Bond 6.5% 15/11/2026 1,021,926 0.71
US$1,730,000 US Treasury Bond 8% 15/11/2021 2,289,682 1.58
US$1,520,000 US Treasury Bond 9.125% 15/5/2018 2,094,157 1.45
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
US$955,000 US Treasury Inflation Indexed Bonds
2% 15/1/2026 895,499 0.62
US$620,000 US Treasury Inflation Indexed Bonds
2.5% 15/7/2016 624,246 0.43
US$1,000,000 Washington Mutual 4.375% 15/1/2008 989,500 0.68
US$1,425,000 World Omni Auto Receivables Trust
'2006-A A3' 5.01% 15/10/2010 1,422,278 0.98
US$600,000 Yum! Brands 7.65% 15/5/2008
___________
617,152
______
0.43
___________
29,300,090
______
20.23
Total Portfolio 113,717,636 78.52
Other Net Assets
___________
31,117,738
______
21.48
Total Net Assets (US$)
___________
144,835,374
______
100.00
Open Forward Foreign Exchange Transactions
as at 31 December 2006
Purchases
Sales Value date
Unrealised
profit/(loss)
US$
C$315,000 US$279,198 10/1/2007 (7,750)
CHF16,051,000 US$12,984,218 10/1/2007 181,509
CZK93,673,000 US$4,168,436 10/1/2007 323,770
DKr16,879,300 US$2,965,850 10/1/2007 20,187
€27,022,566 US$34,993,341 10/1/2007 640,420
£1,291,398 US$2,496,758 10/1/2007 38,506
HUF518,000 US$2,546 10/1/2007 169
¥495,825,000 US$4,237,480 10/1/2007 (61,536)
SKr31,366,000 US$4,444,234 10/1/2007 131,254
US$907,753 A$1,175,000 10/1/2007 (20,119)
US$3,837,609 C$4,337,694 10/1/2007 99,641
US$12,783,001 CHF15,798,818 10/1/2007 (175,875)
US$4,407,881 CZK96,132,000 10/1/2007 (202,250)
US$7,216,877 DKr41,633,740 10/1/2007 (148,350)
US$98,434,089 €76,556,814 10/1/2007 (2,518,841)
US$10,940,912 £5,709,000 10/1/2007 (266,959)
US$9,215,210 ¥1,069,758,500 10/1/2007 205,476
US$3,224,379 SKr22,770,000 10/1/2007 (97,175)
US$2,589,820 SGD4,026,000 10/1/2007 (37,803)
¥161,074,496 €1,085,000 11/1/2007 (74,070)
¥164,940,000 US$1,403,757 11/1/2007 (14,452)
NOK9,098,552 €1,105,000 11/1/2007 (1,761)
SKr3,989,196 €440,000 11/1/2007 1,716
SGD2,140,000 US$1,363,909 11/1/2007
________
32,850
Net unrealised loss (1,951,443)
________
Open Futures Contracts as at 31 December 2006
Number
Expiration Value
of Contracts
Contract/Description
date US$
16 Eurex Euro-Bund March 2007 2,449,565
(55) Euro DTB BOBL March 2007 (7,891,115)
12 Japanese Government Bond (TSE) March 2007 13,536,701
(20) US Treasury 2 Year Note March 2007 (4,080,000)
(118) US Treasury 5 Year Note March 2007 (12,393,688)
(51) US Treasury 10 Year Note March 2007 (5,479,312)
83 Australian 90 Day Treasury Bill June 2007 14,741,905
(65) MSE 3 Month Canadian Bankers Acceptance June 2007 (13,406,565)
_________
Total commitment (12,522,509)
_________
Note: The net unrealised profit of US$293,634 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).
The notes on pages 213 to 219 form an integral part of these financial statements.
Audited Annual Report and Accounts 115