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 (€) %
€800,000 Huntsman International
10.125% 1/7/2009 816,000 0.55
US$1,150,000 Intelsat '144A' 9% 15/6/2016 927,947 0.62
US$667,000 Intelsat 9% 15/8/2014 536,944 0.36
US$1,000,000 ION Media Networks '144A'
FRN 15/1/2012 771,827 0.52
£550,000 Iron Mountain 7.25% 15/4/2014 814,966 0.55
US$250,000 IWO Holdings FRN 15/1/2012 194,379 0.13
€500,000 Johnsondiversey 9.625% 15/5/2012 525,000 0.35
€500,000 Kronos International 6.5% 15/4/2013 483,750 0.32
US$1,000,000 Lamar Media 6.625% 15/8/2015 755,708 0.51
US$600,000 Lear '144A' 8.75% 1/12/2016 442,047 0.30
€550,000 Levi Strauss & Co 8.625% 1/4/2013 581,281 0.39
US$500,000 Liberty Media 0.75% 30/3/2023 486,896 0.33
US$170,000 Loral Spacecom 14% 15/11/2015 148,619 0.10
US$1,175,000 Lyondell Chemical 8.25% 15/9/2016 940,321 0.63
US$370,000 Mac-Gray 7.625% 15/8/2015 286,278 0.19
US$500,000 Mediacom 9.5% 15/1/2013 392,551 0.26
US$500,000 Mediacom Broadband 8.5% 15/10/2015 385,914 0.26
US$1,300,000 Michaels Stores '144A'
11.375% 1/11/2016 1,032,959 0.69
US$1,000,000 Millennium America 9.25% 15/6/2008 788,421 0.53
US$600,000 Mirant Americas Generation
8.3% 1/5/2011 468,786 0.31
US$975,000 Mirant North America
7.375% 31/12/2013 755,903 0.51
US$1,000,000 Mission Energy Holding
13.5% 15/7/2008 840,097 0.56
US$200,000 MSW Energy Holdings/MSW Energy
Finance 8.5% 1/9/2010 158,538 0.11
US$250,000 MSW Energy Holdings II/MSW Energy
Finance II 'B' 7.375% 1/9/2010 194,379 0.13
US$800,000 Mylan Laboratories 6.375% 15/8/2015 603,808 0.40
US$500,000 Nalco 7.75% 15/11/2011 389,706 0.26
US$500,000 Nalco 8.875% 15/11/2013 403,455 0.27
€800,000 Nalco 9% 15/11/2013 878,000 0.59
US$488,000 Nevada Power 9% 15/8/2013 401,668 0.27
US$800,000 NewPage 10% 1/5/2012 643,253 0.43
US$750,000 Nexstar Finance 7% 15/1/2014 537,624 0.36
US$250,000 Nexstar Finance Holdings 0/11.375%
1/4/2013 (step-up coupon) 170,911 0.11
US$550,000 NRG Energy 7.25% 1/2/2014 421,376 0.28
US$500,000 NRG Energy 7.375% 1/2/2016 382,121 0.26
€250,000 Owens-Brockway Glass Container
6.75% 1/12/2014 251,875 0.17
US$1,025,000 Owens-Brockway Glass Container
8.75% 15/11/2012 828,055 0.56
US$374,000 Owens-Brockway Glass Container
8.875% 15/2/2009 291,500 0.20
US$250,000 Parker Drilling 9.625% 1/10/2013 208,839 0.14
US$1,000,000 Ply Gem Industries 9% 15/2/2012 648,563 0.43
US$340,000 Pogo Producing 7.875% 1/5/2013 263,711 0.18
US$250,000 PolyOne 10.625% 15/5/2010 201,965 0.14
US$80,000 Poster Financial Group 8.75% 1/12/2011 63,263 0.04
US$340,000 Premcor Refining Group 9.5% 1/2/2013 278,729 0.19
US$1,500,000 Primedia 8% 15/5/2013 1,106,539 0.74
US$2,200,000 Qwest 8.875% 15/3/2012 1,866,988 1.25
US$750,000 Qwest FRN 15/6/2013 618,695 0.41
US$250,000 Rainbow National Services '144A'
8.75% 1/9/2012 200,305 0.13
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (€) %
US$1,000,000 Rainbow National Services '144A'
10.375% 1/9/2014 846,734 0.57
US$350,000 RBS Global & Rexnord '144A'
11.75% 1/8/2016 278,768 0.19
US$135,000 Reliant Energy 9.5% 15/7/2013 110,341 0.07
US$350,000 RH Donnelley 6.875% 15/1/2013 241,599 0.16
US$250,000 RH Donnelley 'A-1' 6.875% 15/1/2013 182,764 0.12
US$500,000 Rural Cellular 8.25% 15/3/2012 396,818 0.27
US$500,000 Rural Cellular 9.75% 15/1/2010 391,603 0.26
US$1,000,000 Salem Communications
7.75% 15/12/2010 773,724 0.52
US$750,000 Sealy Mattress 8.25% 15/6/2014 597,360 0.40
US$500,000 Select Medical 7.625% 1/2/2015 316,696 0.21
US$1,000,000 SEMCO Energy 7.75% 15/5/2013 770,102 0.52
US$1,600,000 Seneca Gaming 7.25% 1/5/2012 1,240,992 0.83
US$350,000 Sierra Pacific Resources 8.625%
15/3/2014 286,498 0.19
US$1,000,000 Sinclair Broadcast Group 8%
15/3/2012 786,998 0.53
US$575,000 Smithfield Foods 'B' 8% 15/10/2009 457,976 0.31
US$250,000 Southern Star Central 6.75% 1/3/2016 190,112 0.13
US$800,000 Standard Aero Holdings 8.25% 1/9/2014 615,945 0.41
US$1,000,000 Stanley-Martin Communities
9.75% 15/8/2015 603,049 0.40
US$375,000 Station Casinos 7.75% 15/8/2016 286,235 0.19
US$500,000 Stone Energy '144A' FRN 15/7/2010 377,380 0.25
US$535,000 Sungard Data Systems 9.125%
15/8/2013 428,146 0.29
US$400,000 Sungard Data Systems 9.87%
15/8/2013 317,075 0.21
US$250,000 Sungard Data Systems 10.25%
15/8/2015 203,387 0.14
US$65,000 Sungard Data Systems FRN
15/8/2013 51,463 0.03
US$1,000,000 Technical Olympic USA '144A'
8.25% 1/4/2011 739,589 0.50
US$235,000 Tenet Healthcare 6.875% 15/11/2031 143,499 0.10
US$600,000 Tenneco 8.625% 15/11/2014 466,510 0.31
US$1,000,000 Transcontinental Gas Pipe Line 'B'
8.875% 15/7/2012 860,957 0.58
US$1,000,000 Triad Hospitals 7% 15/11/2013 767,086 0.51
US$250,000 Turning Stone Resort Casino Enterprise
'144A' 9.125% 15/9/2014 194,853 0.13
US$900,000 United Auto Group '144A'
7.75% 15/12/2016 689,524 0.46
US$105,000 United Rentals North America
7.75% 15/11/2013 80,445 0.05
US$600,000 Universal City Florida Holding I/II FRN
1/5/2010 472,199 0.32
US$1,000,000 Universal Compression 7.25%
15/5/2010 766,138 0.51
US$500,000 US Unwired 'B' 10% 15/6/2012 419,100 0.28
US$750,000 Valor Telecommunications Enterprises
7.75% 15/2/2015 615,139 0.41
US$275,000 Vanguard Health Holding II
9% 1/10/2014 212,253 0.14
US$1,000,000 Verso Paper Holdings & Verson Paper
'144A' 9.125% 1/8/2014 794,584 0.53
US$200,000 Virgin River Casino/RBG LLC/B&BB
9% 15/1/2012 157,779 0.11
The notes on pages 213 to 219 form an integral part of these financial statements.
Audited Annual Report and Accounts 141