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$500,000 Raytheon 8.3% 1/3/2010 543,500 0.24
US$905,219 Residential Accredit Loans
'2005-QS12 A8' FRN 25/8/2035 906,223 0.40
US$1,878,208 Residential Accredit Loans
'2006-QA9 A1' FRN 25/11/2036 1,881,969 0.84
US$349,433 Residential Asset Mortgage
Products '2004-RS11 A2' FRN
25/12/2033 350,663 0.16
US$439,389 Residential Asset Mortgage
Products '2005-RS3 AIA2' FRN
25/3/2035 440,533 0.20
US$1,700,000 Residential Asset Mortgage
Products '2006-EFC2 A1' FRN
25/12/2036 1,700,915 0.76
US$190,198 Residential Asset Securities
'2003-KS5 AIIB' FRN 25/7/2033 190,359 0.08
US$265,000 Sierra Pacific Power 'M' 6% 15/5/2016 267,206 0.12
US$2,060,888 SLM Student Loan Trust
'2002-1 A2' FRN 25/4/2017 2,066,855 0.92
US$1,250,000 Soundview Home Equity Loan Trust
'2005-OPT3 A4' FRN 25/11/2035 1,253,580 0.56
US$245,000 Southern California Edison 5.625%
1/2/2036 238,028 0.11
US$286,000 Southwest Airlines 7.875% 1/9/2007 290,255 0.13
US$190,000 Sprint Capital 8.75% 15/3/2032 229,363 0.10
US$172,363 Structured Asset Securities
'2004-23XS 2A1' FRN 25/1/2035 172,883 0.08
US$169,002 Structured Asset Securities
'2005-GEL2 A' FRN 25/4/2035 169,200 0.08
US$539,870 Structured Asset Securities
'2005-OPT1 A4M' FRN 25/11/2035 540,476 0.24
US$575,000 Time Warner 9.125% 15/1/2013 671,243 0.30
US$165,000 UnitedHealth Group 5.8% 15/3/2036 163,040 0.07
US$1,300,000 US Treasury Bond 4.5% 30/11/2011 1,289,539 0.57
US$2,385,000 US Treasury Bond 4.5% 15/2/2036 2,269,105 1.01
US$1,000,000 US Treasury Bond 5.25% 15/11/2028 ‡ 1,049,765 0.47
US$3,900,000 US Treasury Bond 5.375% 15/2/2031 4,180,923 1.86
US$9,380,000 US Treasury Bond 6.25% 15/8/2023 10,804,038 4.80
US$80,000 US Treasury Bond 6.625% 15/2/2027 97,581 0.04
US$410,000 US Treasury Bond 7.25% 15/8/2022 514,518 0.23
US$5,000 US Treasury Bond 8.125% 15/8/2019 6,545 0.00
US$1,400,000 US Treasury Inflation Indexed
Bonds 1.625% 15/1/2015 1,394,564 0.62
US$680,840 US Treasury Inflation Indexed
Bonds 2% 15/1/2026 640,362 0.28
US$2,543,692 US Treasury Inflation Indexed
Bonds 2.5% 15/7/2016 2,564,827 1.14
US$500,000 US Treasury Inflation Indexed
Bonds 3.5% 15/1/2011 603,640 0.27
US$1,725,000 USAA Auto Owner Trust '2006-4 A3'
5.01% 15/6/2011 1,721,227 0.76
US$1,475,000 USAA Auto Owner Trust '2006-4 A4'
4.98% 15/10/2012 1,472,234 0.65
US$1,075,000 Wachovia Auto Owner Trust
'2005-B A3' 4.79% 20/4/2010 1,070,690 0.48
US$1,300,000 Wachovia Bank Commercial
Mortgage Trust '2005-C20 A6A'
5.11% 15/7/2042 1,288,787 0.57
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
US$1,130,000 Wachovia Bank Commercial
Mortgage Trust '2006-C28 A4'
5.572% 15/10/2048 1,147,651 0.51
US$140,570 Wells Fargo Home Equity Trust
'2004-2 A32' FRN 25/5/2034 140,761 0.06
US$16,608 Whole Auto Loan Trust '2004-1 D'
5.6% 15/3/2011 16,591 0.01
US$1,650,000 World Omni Auto Receivables
Trust '2005-B A3' 4.4% 20/4/2009 1,643,591 0.73
US$260,000 Wyeth 6% 15/2/2036 267,437 0.12
US$120,000 Xcel Energy 6.5% 1/7/2036 127,233 0.06
US$305,000 Xerox 6.4% 15/3/2016
___________
313,006
______
0.14
___________
222,766,441
______
98.98
Total Transferable Securities Admitted
to an Official Stock Exchange Listing or
Dealt in on Another Regulated Market
___________
233,684,242
______
103.83
Unquoted Securities
BONDS
Holding Description Value (US$) %
US$600,000
Cayman Islands
Sigma Finance EMTN FRN
15/8/2011
___________
600,000
______
0.26
United States
US$1,639,580 Asset Backed Funding Certificates
'2006-OPT3 A3A' FRN 25/11/2036 1,640,749 0.73
US$600,000 Equifirst Mortgage Loan Trust
'2004-2 M1' FRN 25/7/2034 603,335 0.27
US$1,385,000 First Union National Bank
Commercial Mortgage '1999-C4 D'
7.936% 15/12/2031 1,480,610 0.66
US$100,000 Popular ABS Mortgage Pass-Through
Trust '2005-1 M2' 5.507% 25/5/2035 98,177 0.04
US$987,000 Structured Asset Investment Loan
Trust '2003-BC6 M1' FRN 25/7/2033 990,369 0.44
US$950,000 Structured Asset Investment Loan
Trust '2003-BC7 M1' FRN
25/7/2033 953,300 0.42
US$180,000 Structured Asset Investment Loan
Trust '2004-8 M4' FRN 25/9/2034 180,948 0.08
US$2,082,635 Structured Asset Securities
'2006-BC3 A2' FRN 25/10/2036
___________
2,083,932
______
0.93
___________
8,031,420
______
3.57
Total Unquoted Securities
___________
8,631,420
______
3.83
Total Portfolio 242,315,662 107.66
Other Net Liabilities
___________
(17,243,131)
______
(7.66)
Total Net Assets (US$)
___________
225,072,531
______
100.00
(‡) Security given as guarantee, see Note 14 for further details.
174 Merrill Lynch International Investment Funds