Merrill Lynch International Investment Funds Audited Annual Report ...

Strategic Allocation 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 (€) %
Germany
€2,099,000 Bundesobligation '139' 4% 16/2/2007 2,099,987 6.21
€768,000 Bundesobligation '147' 2.5%
8/10/2010 730,969 2.16
€796,000 Bundesrepublik Deutschland '02'
5% 4/7/2012 837,096 2.48
€418,000 Bundesrepublik Deutschland '03'
4.75% 4/7/2034 463,532 1.37
€440,000 Bundesrepublik Deutschland '05'
3.25% 4/7/2015 418,735 1.24
€410,000 Bundesrepublik Deutschland '05'
4% 4/1/2037 405,553 1.20
€605,000 Bundesrepublik Deutschland '06'
4% 4/7/2016
___________
607,554
______
1.80
___________
5,563,426
______
16.46
International
¥24,000,000 European Investment Bank 1.4%
20/6/2017
___________
149,130
______
0.44
Ireland
C$100,000 Depfa ACS Bank EMTN 4.9%
24/8/2035 67,194 0.20
£75,000 GE Capital UK Funding EMTN
4.625% 18/1/2016
___________
105,449
______
0.31
___________
172,643
______
0.51
Japan
US$100,000 Aiful 4.45% 16/2/2010 72,854 0.21
¥54,000,000 Development Bank of Japan 1.7%
20/9/2022 329,905 0.98
£50,000 East Japan Railway EMTN 4.75%
8/12/2031 72,931 0.22
¥170,000,000 Japan Finance Corporation for
Municipal Enterprises 2% 9/5/2016 1,116,617 3.30
€100,000 Resona Bank EMTN 3.75% 15/4/2015 98,017 0.29
€50,000 Sumitomo Mitsui Banking 4.375%
27/10/2014
___________
50,078
______
0.15
___________
1,740,402
______
5.15
US$90,000
Jersey
Old Mutual Capital Funding
8% 22/12/2008 (Perpetual)
___________
71,280
______
0.21
Netherlands
€30,000 Deutsche Telekom International
Finance 7.5% 29/5/2007 30,410 0.09
£70,000 ICI Investments Netherlands EMTN
7.625% 21/8/2007
___________
105,157
______
0.31
___________
135,567
______
0.40
SGD550,000
Singapore
Singapore Government Bond
3.5% 1/7/2012
___________
278,835
______
0.82
United Kingdom
£10,000 MBNA Europe Funding EMTN
6% 12/11/2010 15,113 0.04
€30,000 mmO2 EMTN 6.375% 25/1/2007 30,099 0.09
£50,000 United Kingdom Gilt 4% 7/9/2016 70,241 0.21
£95,000 United Kingdom Gilt 4.25% 7/6/2032 140,795 0.42
£35,000 United Kingdom Gilt 4.75% 7/3/2020 52,666 0.15
£82,000 United Kingdom Gilt 5% 7/9/2014
___________
123,358
______
0.37
___________
432,272
______
1.28
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (€) %
United States
US$210,000 BA Credit Card Trust '2006-A16 A16'
4.72% 15/5/2013 157,355 0.46
US$140,000 Capco America Securitization
'1998-D7 A1B' 6.26% 15/10/2030 107,509 0.32
US$120,000 Chase Commercial Mortgage Securities
'1999-2 A2' 7.198% 15/1/2032 95,059 0.28
US$200,000 Citibank Credit Card Master Trust I
'1998-2 A' 6.05% 15/1/2010 152,950 0.45
US$120,000 CS First Boston Mortgage Securities
'2002-CKS4 A2' 5.183% 15/11/2036 90,663 0.27
US$90,000 CW Capital Cobalt Ltd '2006-C1 A4'
5.223% 15/8/2048 67,538 0.20
US$125,000 Daimler Chrysler Auto Trust
'2006-C A4' 4.98% 8/11/2011 94,679 0.28
US$400,000 Fannie Mae Interest Strip '360 2' 5%
1/8/2035 72,789 0.21
US$100,000 Ford Credit Auto Owner Trust
'2006-C A3' 5.16% 15/11/2010 75,808 0.22
US$160,000 Ge Capital Commercial Mortgage
'2005-C1 A2' 4.353% 10/6/2048 118,488 0.35
US$150,000 Honda Auto Receivables Owner Trust
'2006-3 A3' 5.12% 15/10/2010 113,641 0.34
US$125,000 Keycorp '2000-C1 A2' 7.727%
17/5/2032 100,426 0.30
US$90,000 Morgan Stanley Capital I '2006-IQ12 A4'
5.332% 15/12/2043 68,109 0.20
US$30,000 Raytheon 6.75% 15/8/2007 22,926 0.07
US$91,000 Socgen Real Estate '144A' 7.64%
30/9/2007 (Perpetual) (Pref) 70,123 0.21
US$55,000 US Treasury Bond 4.625% 15/11/2016 41,430 0.12
US$170,000 US Treasury Bond 8.875% 15/8/2017 172,456 0.51
US$120,000 US Treasury Inflation Indexed Bonds
2% 15/1/2026 85,355 0.25
US$75,000 US Treasury Inflation Indexed Bonds
2.5% 15/7/2016 57,281 0.17
US$30,000 Washington Mutual 4.375% 15/1/2008 22,518 0.07
US$200,000 World Omni Auto Receivables Trust
'2006-A A3' 5.01% 15/10/2010 151,421 0.45
US$90,000 Yum! Brands 7.65% 15/5/2008
___________
70,221
______
0.21
___________
2,008,745
______
5.94
Total Bonds
___________
12,146,108
______
35.94
Total Transferable Securities Admitted
to an Official Stock Exchange Listing or
Dealt in on Another Regulated Market
___________
33,654,047
______
99.58
Unquoted Securities
COMMON STOCKS (SHARES)
United States
3,300.00 World Access (Restricted)
___________
2
______
0.00
Total Unquoted Securities
___________
2
______
0.00
Total Portfolio 33,654,049 99.58
Other Net Assets
___________
141,258
______
0.42
Total Net Assets (€)
___________
33,795,307
______
100.00
160 Merrill Lynch International Investment Funds