Merrill Lynch International Investment Funds Audited Annual Report ...

Global High Yield 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 (€) %
United States
US$400,000 Accellent 10.5% 1/12/2013 316,316 0.21
£500,000 AES 8.375% 1/3/2011 782,762 0.52
US$500,000 AES 8.875% 15/2/2011 408,670 0.27
€975,000 AGCO 6.875% 15/4/2014 1,014,000 0.68
€575,000 Ahold Finance USA EMTN
5.875% 14/3/2012 604,641 0.41
US$750,000 Allbritton Communications
7.75% 15/12/2012 576,026 0.39
US$750,000 Allied Waste North America
7.875% 15/4/2013 589,538 0.40
US$900,000 American Greetings 7.375% 1/6/2016 704,885 0.47
US$1,000,000 American Real Estate Partners/
American Real Estate Finance
7.125% 15/2/2013 766,138 0.51
US$1,000,000 American Real Estate Partners/
American Real Estate Finance
8.125% 1/6/2012 786,998 0.53
US$500,000 American Tower 7.125% 15/10/2012 391,603 0.26
US$250,000 Ashtead Capital '144A' 9% 15/8/2016 203,861 0.14
US$1,000,000 Autonation 7% 15/4/2014 768,035 0.52
US$250,000 Avis Budget Car Rental '144A'
7.625% 15/5/2014 184,423 0.12
US$750,000 Avis Budget Car Rental '144A'
FRN 15/5/2014 550,425 0.37
US$225,000 BCP Crystal US Holdings
9.625% 15/6/2014 189,449 0.13
€500,000 BCP Crystal US Holdings
10.375% 15/6/2014 578,750 0.39
US$250,000 Berry Plastics Holding '144A'
8.875% 15/9/2014 193,431 0.13
US$1,000,000 Berry Plastics Holding '144A'
FRN 15/9/2014 771,827 0.52
US$750,000 Boise Cascade FRN 15/10/2012 573,181 0.38
US$750,000 Bowater FRN 15/3/2010 577,448 0.39
US$1,000,000 Boyd Gaming 7.75% 15/12/2012 787,947 0.53
US$250,000 Building Materials Corporation
of America 7.75% 1/8/2014 172,571 0.12
US$885,000 Building Materials Corporation
of America 8% 1/12/2008 703,207 0.47
US$200,000 Cablevision Systems 'B' 8% 15/4/2012 150,193 0.10
US$1,200,000 Cablevision Systems 'B' FRN 1/4/2009 964,879 0.65
US$1,000,000 CBD Media 8.625% 1/6/2011 781,309 0.52
US$250,000 CBD Media Holdings 9.25% 15/7/2012 198,409 0.13
US$500,000 CCO Holdings 8.75% 15/11/2013 395,870 0.27
US$500,000 CCO Holdings FRN 15/12/2010 388,758 0.26
US$900,000 Centennial Communications/
Cellular Operating/Puerto Rico
Operations 8.125% 1/2/2014 704,032 0.47
US$2,435,000 Charter Communications Holdings II/
Charter Communications Holdings II
Capital 10.25% 15/9/2010 1,941,738 1.30
US$375,000 Chattem 7% 1/3/2014 281,613 0.19
€320,000 Chesapeake 7% 15/12/2014 302,400 0.20
£195,000 Chesapeake 10.375% 15/11/2011 308,181 0.21
€650,000 Chesapeake Energy 6.25% 15/1/2017 667,875 0.45
US$250,000 Chukchansi Economic Development
Authority '144A' 8% 15/11/2013 197,935 0.13
US$250,000 Chukchansi Economic Development
Authority '144A' FRN 15/11/2012 195,801 0.13
US$750,000 Church & Dwight 6% 15/12/2012 558,959 0.37
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (€) %
US$1,500,000 Cincinnati Bell 7.25% 15/7/2013 1,183,342 0.79
US$750,000 Communications & Power Industries
8% 1/2/2012 580,293 0.39
US$500,000 Constellation Brands 'B'
8.125% 15/1/2012 395,396 0.27
£450,000 Constellation Brands 'CEUR'
8.5% 15/11/2009 713,701 0.48
US$500,000 Copano Energy 8.125% 1/3/2016 394,447 0.26
US$1,000,000 Corrections Corporation of America
7.5% 1/5/2011 785,102 0.53
US$17,964 Crown Castle International
6.25% 15/8/2012 747,762 0.50
US$850,000 Del Monte 8.625% 15/12/2012 683,456 0.46
US$500,000 Dex Media 8% 15/11/2013 392,551 0.26
US$140,000 Dex Media East Finance 9.875%
15/11/2009 111,507 0.07
US$229,000 Dex Media East Finance 12.125%
15/11/2012 191,731 0.13
US$439,000 Dex Media West Finance 'B' 9.875%
15/8/2013 364,640 0.24
US$240,000 DI Finance/DynCorp International 'B'
9.5% 15/2/2013 193,886 0.13
US$340,000 DirecTV Holdings/DirecTV Financing
8.375% 15/3/2013 269,514 0.18
US$1,700,000 Dobson Cellular Systems
8.375% 1/11/2011 1,365,300 0.92
US$250,000 DRS Technologies 6.625% 1/2/2016 192,009 0.13
US$500,000 DRS Technologies 6.875% 1/11/2013 384,017 0.26
US$150,000 Dynegy Holdings 8.375% 1/5/2016 120,041 0.08
US$1,000,000 Echostar DBS 7.125% 1/2/2016 761,397 0.51
US$1,000,000 Edison Mission Energy 7.75%
15/6/2016 807,859 0.54
€340,000 El Paso 7.125% 6/5/2009 356,150 0.24
US$1,000,000 El Paso Production Holding
7.75% 1/6/2013 797,429 0.53
US$750,000 Encore Acquisition 7.25% 1/12/2017 554,692 0.37
US$250,000 Erico International 8.875% 1/3/2012 204,225 0.14
US$1,045,000 ESI Tractebel Acquisition 'B'
7.99% 30/12/2011 817,930 0.55
US$1,000,000 Exco Resources (Old) 7.25% 15/1/2011 754,760 0.51
US$700,000 Felcor Lodging 8.5% 1/6/2011 568,156 0.38
US$195,000 Ferrellgas Partners Finance
8.75% 15/6/2012 152,355 0.10
US$200,000 Ford Motor 7.45% 16/7/2031 119,851 0.08
US$750,000 Forest City Enterprises
7.625% 1/6/2015 583,137 0.39
US$2,400,000 Freescale Semiconductor '144A'
9.125% 15/12/2014 1,811,424 1.21
€500,000 Fresenius Medical Care Capital
Trust V 7.375% 15/6/2011 551,250 0.37
US$500,000 General Cable 9.5% 15/11/2010 403,929 0.27
US$1,250,000 Geo Group 8.25% 15/7/2013 981,378 0.66
US$1,000,000 Georgia-Pacific 8.125% 15/5/2011 800,273 0.54
US$3,500,000 GMAC 6.875% 28/8/2012 2,734,808 1.83
€1,005,000 GMAC EMTN 5.375% 6/6/2011 1,015,301 0.68
US$400,000 Goodyear Tire & Rubber '144A'
8.625% 1/12/2011 314,041 0.21
US$250,000 Graham Packaging 9.875% 15/10/2014 192,483 0.13
US$720,000 Graphic Packaging International
9.5% 15/8/2013 576,197 0.39
US$750,000 Houghton Mifflin 8.25% 1/2/2011 594,516 0.40
140 Merrill Lynch International Investment Funds