Merrill Lynch International Investment Funds Audited Annual Report ...

US Dollar Core Bond Fund 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$1,100,000 GMAC Commercial Mortgage
Securities '2004-C3 AAB' 4.702%
10/12/2041 1,067,513 0.47
US$1,350,000 GS Mortgage Securities II
'2004-GG2 A5' 5.279% 10/8/2038 1,351,726 0.60
US$950,000 GS Mortgage Securities II
'2006-GG6 A2' 5.506% 10/4/2038 959,818 0.43
US$1,680,308 Harborview Mortgage Loan Trust
'2006-11 A1A' FRN 19/12/2036 1,684,717 0.75
US$90,000 Harley-Davidson Motorcycle Trust
'2006-2 A2' 5.35% 15/3/2013 90,517 0.04
US$227,250 Home Equity Asset Trust
'2005-1 A2' FRN 25/5/2035 227,835 0.10
US$177,814 Home Equity Asset Trust
'2005-3 1A2' FRN 25/8/2035 178,001 0.08
US$1,750,000 Honda Auto Receivables Owner
Trust '2006-3 A3' 5.12%
15/10/2010 1,748,906 0.78
US$215,000 Honeywell International 5.7%
15/3/2036 214,829 0.10
US$105,000 HSBC Finance 5.875% 1/2/2009 106,581 0.05
US$220,000 HSBC Finance 6.5% 15/11/2008 224,818 0.10
US$1,740,185 HSI Asset Securitization Corporation
Trust '2006-HE1 2A1' FRN
25/10/2036 1,741,116 0.77
US$231,993 Impac Secured Assets CMN Owner
Trust '2004-3 1A4' FRN 25/11/2034 232,646 0.10
US$350,000 Impac Secured Assets CMN Owner
Trust '2004-3 M1' FRN 25/11/2034 351,301 0.16
US$1,124,000 International Rectifier 4.25%
15/7/2007 1,121,190 0.50
US$400,697 Irwin Home Equity '2005-C 1A1'
FRN 25/4/2030 401,074 0.18
US$100,000 Jersey Central Power & Light 'WI'
6.4% 15/5/2036 104,222 0.05
US$1,375,000 JP Morgan Chase Commercial
Mortgage Securities '2001-CIB2 A3'
6.429% 15/4/2035 1,437,372 0.64
US$1,200,000 JP Morgan Chase Commercial
Mortgage Securities '2006-CB17 A4'
5.429% 12/12/2043 1,207,319 0.54
US$1,348,022 JP Morgan Mortgage Acquisition
'2006-HE3 A2' FRN 25/11/2036 1,348,862 0.60
US$425,538 JP Morgan Mortgage Trust
'2005-A2 4A1' 5.209% 25/4/2035 417,826 0.19
US$130,000 JPMorgan Chase & Co 4.891%
1/9/2015 127,570 0.06
US$147,000 Kern River Funding '144A' 4.893%
30/4/2018 142,932 0.06
US$1,175,896 LB Commercial Conduit Mortgage
Trust '1998-C4 A1B' 6.21%
15/10/2035 1,189,706 0.53
US$1,375,000 LB-UBS Commercial Mortgage
Trust '2000-C3 A2' 7.95%
15/5/2025 1,471,151 0.65
US$500,000 LB-UBS Commercial Mortgage
Trust '2005-C3 A5' 4.739%
15/7/2030 481,155 0.21
US$1,380,000 LB-UBS Commercial Mortgage
Trust '2006-C7 A2' 5.3%
15/11/2038 1,384,962 0.62
US$301,000 Lehman Brothers Holdings 7%
1/2/2008 306,242 0.14
US$85,000 MBNA 4.625% 15/9/2008 84,033 0.04
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
US$100,000 MBNA MTN 5.625% 30/11/2007 100,223 0.04
US$500,000 Metlife 6.4% 15/12/2036 504,051 0.22
US$100,000 Momentive Performance Materials
'144A' 10.125% 1/12/2014 101,500 0.04
US$500,000 Morgan Stanley 6.75% 15/4/2011 529,379 0.23
US$1 Morgan Stanley ABS Capital I
'2004-WMC1 A3' FRN 25/6/2034 1 0.00
US$232,443 Morgan Stanley ABS Capital I
'2005-HE1 A2MZ' FRN 25/12/2034 233,049 0.10
US$88,436 Morgan Stanley ABS Capital I
'2005-NC2 A1MZ' FRN 25/3/2035 88,535 0.04
US$91,711 Morgan Stanley ABS Capital I
'2005-NC2 A2MZ' FRN 25/3/2035 91,816 0.04
US$1,625,000 Morgan Stanley ABS Capital I
'2006-HE8 A2A' FRN 25/10/2035 1,624,492 0.72
US$1,280,000 Morgan Stanley Capital I
'2006-IQ12 A4' 5.332%
15/12/2043 1,280,000 0.57
US$750,936 Morgan Stanley Mortgage Loan
Trust '2006-3AR 2A3' 5.901%
25/3/2036 758,031 0.34
US$1,410,000 Mortgage Capital Funding
'1998-MC1 E' 7.06% 18/3/2030 1,430,084 0.64
US$140,000 Motiva Enterprises '144A' 5.2%
15/9/2012 138,548 0.06
US$1,630,597 Nationslink Funding '1999-1 A2'
6.316% 20/1/2031 1,651,563 0.73
US$150,000 Nationwide Health Properties MTNC
6.59% 7/7/2038 151,306 0.07
US$195,000 Nevada Power 'N' 6.65% 1/4/2036 203,575 0.09
US$48,576 New Century Home Equity Loan
Trust '2004-3 A3' FRN
25/11/2034 48,622 0.02
US$434,419 New Century Home Equity Loan
Trust '2005-2 A2MZ' FRN
25/6/2035 435,318 0.19
US$1,563,929 New Century Home Equity Loan
Trust '2005-3 A2B' FRN
25/7/2035 1,565,077 0.70
US$150,000 New Cingular Wireless Services
8.75% 1/3/2031 195,528 0.09
US$270,000 News America 6.4% 15/12/2035 268,756 0.12
US$140,000 News America 6.75% 9/1/2038 149,530 0.07
US$1,109,499 Nissan Auto Receivables Owner
Trust '2005-A A3' 3.54%
15/10/2008 1,103,082 0.49
US$325,000 Northwest Pipeline 7% 15/6/2016 341,250 0.15
US$157,332 Option One Mortgage Loan Trust
'2003-4 A2' FRN 25/7/2033 157,746 0.07
US$125,000 Panhandle Eastern Pipe Line 'B'
2.75% 15/3/2007 124,251 0.05
US$119,568 Park Place Securities
'2005-WCH1 A1B' FRN 25/1/2036 119,828 0.05
US$103,509 Park Place Securities
'2005-WCH1 A3D' FRN 25/1/2036 103,746 0.05
US$1,600,000 Peco Energy Transition Trust
'2000-A A3' 7.625% 1/3/2010 1,680,040 0.75
US$500,000 Pemex Project Funding Master
Trust '144A' FRN 15/6/2010 514,500 0.23
US$200,000 Progress Energy 5.625% 15/1/2016 199,850 0.09
US$127,000 Public Service Company of New Mexico
4.4% 15/9/2008 124,741 0.05
US$1,009,490 RAAC Series '2005-SP2 2A' FRN
25/6/2044 1,011,138 0.45
The notes on pages 213 to 219 form an integral part of these financial statements.
Audited Annual Report and Accounts 173