Merrill Lynch International Investment Funds Audited Annual Report ...

US Dollar High Yield Bond Fund
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$) %
BONDS
Bermuda
US$100,000 Intelsat Intermediate Holding 0/9.25%
1/2/2015 (step-up coupon) 77,000 0.06
US$500,000 Intelsat Subsidiary Holding 8.25%
15/1/2013 510,000 0.38
US$315,000 ProtoStar I '144A' 0% 15/10/2012
___________
326,025
______
0.25
___________
913,025
______
0.69
Canada
US$550,000 Abitibi-Consolidated 6% 20/6/2013 442,750 0.34
US$210,000 Abitibi-Consolidated 8.55% 1/8/2010 200,550 0.15
US$700,000 Angiotech Pharmaceuticals '144A'
FRN 1/12/2013 712,250 0.54
US$260,000 Bombardier '144A' 8% 15/11/2014 267,798 0.20
US$1,380,000 Bowater Canada Finance 7.95%
15/11/2011 1,359,300 1.03
US$1,000,000 Catalyst Paper 'D' 8.625% 15/6/2011 1,017,500 0.77
US$345,000 Compton Petroleum Finance 7.625%
1/12/2013 334,650 0.26
US$1,500,000 Domtar 7.125% 15/8/2015 1,477,500 1.12
US$750,000 Jean Coutu Group 7.625% 1/8/2012 793,125 0.60
US$810,000 Nortel Networks '144A' FRN
15/7/2011 857,587 0.65
US$300,000 North American Energy Partners
8.75% 1/12/2011 303,000 0.23
US$400,000 Nova Chemicals FRN 15/11/2013 403,000 0.31
US$500,000 Novelis 'WI' 8.25% 15/2/2015 486,250 0.37
US$535,000 OPTI Canada '144A' 8.25%
15/12/2014 551,050 0.42
US$1,000,000 Quebecor Media 7.75% 15/3/2016 1,026,250 0.78
US$230,000 Quebecor World '144A' 9.75%
15/1/2015 232,587 0.18
US$500,000 Quebecor World Capital 6.125%
15/11/2013 433,750 0.33
US$280,000 Quebecor World Capital '144A'
8.75% 15/3/2016 269,500 0.21
US$1,000,000 Rogers Wireless 6.375% 1/3/2014 1,017,500 0.77
US$500,000 Rogers Wireless FRN 15/12/2010
___________
511,250
______
0.39
___________
12,697,147
______
9.65
US$500,000
US$330,000
Denmark
Nordic Telephone Company
Holdings '144A' 8.875%
1/5/2016
___________
537,500
______
0.41
France
Compagnie Generale de Geophysique
7.5% 15/5/2015
___________
333,300
______
0.25
International
US$275,000 MagnaChip Semiconductor Finance
FRN 15/12/2011 237,875 0.18
US$660,000 NXP/NXP Funding '144A' 7.875%
15/10/2014 676,385 0.51
US$545,000 NXP/NXP Funding '144A' 9.5%
15/10/2015
___________
563,394
______
0.43
___________
1,477,654
______
1.12
Ireland
US$500,000 Smurfit Kappa Funding 9.625%
1/10/2012
___________
532,500
______
0.40
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
US$340,000
US$170,000
Marshall Island
Navios Maritime Holdings
'144A' 9.5% 15/12/2014
___________
337,674
______
0.26
Netherlands
Impress Holdings '144A' FRN
15/9/2013
___________
171,275
______
0.13
United Kingdom
US$160,000 Britannia Bulk '144A' 11% 1/12/2011 151,000 0.12
US$685,000 Ineos Group Holdings '144A'
8.5% 15/2/2016 657,600 0.50
US$837,000 Inmarsat Finance 7.625% 30/6/2012 868,387 0.66
US$750,000 NTL Cable 9.125% 15/8/2016
___________
795,937
______
0.60
___________
2,472,924
______
1.88
United States
US$295,000 Accellent 10.5% 1/12/2013 307,538 0.23
US$57,000 AES 8.875% 15/2/2011 61,418 0.05
US$225,000 AES '144A' 9% 15/5/2015 243,000 0.18
US$246,543 AES Eastern Energy '99-A' 9%
2/1/2017 276,282 0.21
US$110,000 Affinion Group 10.125% 15/10/2013 117,150 0.09
US$375,000 Affinion Group 11.5% 15/10/2015 398,438 0.30
US$420,000 Aleris International '144A' 9%
15/12/2014 423,675 0.32
US$750,000 Allbritton Communications 7.75%
15/12/2012 759,375 0.58
US$675,000 Allied Waste North America 7.875%
15/4/2013 699,469 0.53
US$380,000 American Real Estate Partners
7.125% 15/2/2013 383,800 0.29
US$140,000 Amkor Technology 7.75% 15/5/2013 129,675 0.10
US$53,869 Archibald Candy 10% 1/11/2007 3,431 0.00
US$300,000 Argo-Tech 9.25% 1/6/2011 313,500 0.24
US$875,000 Ashtead Capital '144A' 9% 15/8/2016 940,625 0.71
US$1,000,000 Autonation 7% 15/4/2014 1,012,500 0.77
US$500,000 Avis Budget Car Rental '144A'
7.625% 15/5/2014 486,250 0.37
US$500,000 Avis Budget Car Rental '144A' FRN
15/5/2014 483,750 0.37
US$275,000 BCP Crystal US Holdings 9.625%
15/6/2014 305,250 0.23
US$275,000 Berry Petroleum 8.25% 1/11/2016 276,719 0.21
US$175,000 Berry Plastics Holding '144A' 8.875%
15/9/2014 178,500 0.14
US$850,000 Berry Plastics Holding '144A' FRN
15/9/2014 864,875 0.66
US$1,000,000 Boise Cascade 7.125% 15/10/2014 972,500 0.74
US$250,000 Boise Cascade FRN 15/10/2012 251,875 0.19
US$125,000 Boyd Gaming 7.125% 1/2/2016 125,000 0.09
US$600,000 Boyd Gaming 7.75% 15/12/2012 623,250 0.47
US$300,000 Buffets Inc '144A' 12.5% 1/11/2014 303,750 0.23
US$225,000 Building Materials Corporation of
America 7.75% 1/8/2014 204,750 0.16
US$250,000 Building Materials Corporation of
America 8% 1/12/2008 261,875 0.20
US$1,000,000 Building Materials Corporation of
America 'B' 8% 15/10/2007 1,018,800 0.77
US$140,000 Burlington Coat Factory Warehouse
'144A' 11.125% 15/4/2014 137,200 0.10
US$260,000 Cablevision Systems 'B' FRN 1/4/2009 275,600 0.21
US$120,000 Caesars Entertainment 8.125%
15/5/2011 126,000 0.10
176 Merrill Lynch International Investment Funds