Merrill Lynch International Investment Funds Audited Annual Report ...

US Dollar High Yield 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$900,000 CBD Media Holdings 9.25% 15/7/2012 941,625 0.72
US$175,000 CCM Merger '144A' 8% 1/8/2013 171,938 0.13
US$200,000 Centennial Communications 8.125%
1/2/2014 206,250 0.16
US$475,000 Chaparral Energy 8.5% 1/12/2015 475,594 0.36
US$750,000 Charter Communications Holdings II
10.25% 15/9/2010 788,438 0.60
US$630,000 Charter Communications Holdings II 'B'
10.25% 15/9/2010 660,713 0.50
US$475,000 Church & Dwight 6% 15/12/2012 466,688 0.35
US$85,000 Citizens Communications 6.25%
15/1/2013 83,831 0.06
US$1,525,000 Compass Minerals International 'B'
0/12% 1/6/2013 (step-up coupon) 1,460,188 1.11
US$250,000 Conexant Systems '144A' FRN
15/11/2010 255,000 0.19
US$750,000 Constellation Brands 'B' 8.125%
15/1/2012 781,875 0.59
US$125,000 Cooper-Standard Automotive 7%
15/12/2012 112,813 0.09
US$500,000 Copano Energy 8.125% 1/3/2016 520,000 0.40
US$250,000 Corrections Corporation of America
7.5% 1/5/2011 258,750 0.20
US$440,000 Cricket Communications '144A' 9.375%
1/11/2014 466,400 0.35
US$1,500,000 CSC Holdings 7.25% 15/7/2008 1,520,625 1.15
US$500,000 Del Monte 6.75% 15/2/2015 497,500 0.38
US$400,000 Del Monte 8.625% 15/12/2012 424,000 0.32
US$1,000,000 Dex Media 8% 15/11/2013 1,035,000 0.79
US$500,000 Dex Media East Finance 9.875%
15/11/2009 525,000 0.40
US$500,000 Dex Media West Finance 'B' 9.875%
15/8/2013 547,500 0.42
US$205,000 DI Finance/DynCorp International 'B'
9.5% 15/2/2013 218,325 0.17
US$150,000 DirecTV Holdings/DirecTV Financing
8.375% 15/3/2013 156,750 0.12
US$250,000 DRS Technologies 6.625% 1/2/2016 253,125 0.19
US$750,000 DRS Technologies 6.875% 1/11/2013 759,375 0.58
US$185,000 Dynegy Holdings 8.375% 1/5/2016 195,175 0.15
US$800,000 Echostar DBS 7.125% 1/2/2016 803,000 0.61
US$750,000 Edison Mission Energy 7.75%
15/6/2016 798,750 0.61
US$500,000 El Paso Performance-Linked Trust
'144A' 7.75% 15/7/2011 531,250 0.40
US$1,000,000 Encore Acquisition 7.25% 1/12/2017 975,000 0.74
US$350,000 Erico International 8.875% 1/3/2012 376,922 0.29
US$240,000 Esco '144A' 8.625% 15/12/2013 247,800 0.19
US$1,093,000 ESI Tractebel Acquisition 'B' 7.99%
30/12/2011 1,127,805 0.86
US$500,000 Esterline Technologies 7.75%
15/6/2013 512,500 0.39
US$1,500,000 Felcor Lodging 8.5% 1/6/2011 1,605,000 1.22
US$280,000 FiberTower '144A' 9% 15/11/2012 332,150 0.25
US$745,000 Ford Motor 4.25% 15/12/2036 799,013 0.61
US$860,000 Ford Motor 7.45% 16/7/2031 679,400 0.52
US$140,000 Ford Motor Credit 5.7% 15/1/2010 134,374 0.10
US$860,000 Ford Motor Credit 5.8% 12/1/2009 845,002 0.64
US$590,000 Ford Motor Credit FRN 13/1/2012 585,468 0.44
US$1,100,000 Forest City Enterprises 7.625%
1/6/2015 1,127,500 0.86
US$1,730,000 Freescale Semiconductor '144A'
9.125% 15/12/2014 1,721,350 1.31
US$200,000 Freescale Semiconductor '144A'
FRN 15/12/2014 199,000 0.15
US$535,000 General Motors 8.375% 15/7/2033 494,875 0.38
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
US$1,000,000 Geo Group 8.25% 15/7/2013 1,035,000 0.79
US$750,000 Georgia-Pacific 8.125% 15/5/2011 791,250 0.60
US$140,000 GMAC 6.75% 1/12/2014 144,188 0.11
US$140,000 Goodyear Tire & Rubber 4%
15/6/2034 246,116 0.19
US$110,000 Goodyear Tire & Rubber 7.857%
15/8/2011 110,412 0.08
US$995,000 Goodyear Tire & Rubber '144A'
8.625% 1/12/2011 1,029,825 0.78
US$800,000 Graphic Packaging International
8.5% 15/8/2011 832,000 0.63
US$95,000 Graphic Packaging International
9.5% 15/8/2013 100,225 0.08
US$455,000 Greektown Holdings '144A' 10.75%
1/12/2013 477,750 0.36
US$200,000 Harrah's Operating 5.75% 1/10/2017 167,366 0.13
US$300,000 Host Marriott 'O' 6.375% 15/3/2015 297,375 0.23
US$543,000 Huntsman International 9.875%
1/3/2009 562,005 0.43
US$885,000 Idearc '144A' 8% 15/11/2016 906,019 0.69
US$290,000 Innophos 8.875% 15/8/2014 295,800 0.22
US$250,000 Intelsat 9% 15/8/2014 265,312 0.20
US$500,000 Intelsat '144A' 9% 15/6/2016 531,875 0.40
US$1,000,000 ION Media Networks '144A' FRN
15/1/2012 1,017,500 0.77
US$250,000 K&F Acquisition 7.75% 15/11/2014 258,750 0.20
US$500,000 Lamar Media 6.625% 15/8/2015 498,125 0.38
US$570,000 Lear '144A' 8.75% 1/12/2016 553,613 0.42
US$500,000 Levi Strauss & Co 8.875% 1/4/2016 525,000 0.40
US$350,000 Liberty Media 0.75% 30/3/2023 449,313 0.34
US$1,150,000 Lyondell Chemical 8.25% 15/9/2016 1,213,250 0.92
US$555,000 Mac-Gray 7.625% 15/8/2015 566,100 0.43
US$750,000 Mediacom 9.5% 15/1/2013 776,250 0.59
US$60,000 Metaldyne 10% 1/11/2013 64,500 0.05
US$620,000 MetroPCS Wireless '144A' 9.25%
1/11/2014 651,000 0.49
US$200,000 MGM Mirage 6% 1/10/2009 200,500 0.15
US$550,000 Michaels Stores '144A' 10% 1/11/2014 574,750 0.44
US$870,000 Michaels Stores '144A' 11.375%
1/11/2016 911,325 0.69
US$650,000 Millennium America 9.25% 15/6/2008 674,375 0.51
US$1,000,000 Mirant North America 7.375%
31/12/2013 1,022,059 0.78
US$765,000 Momentive Performance Materials
'144A' 10.125% 1/12/2014 776,475 0.59
US$330,000 Momentive Performance Materials
'144A' 11.5% 1/12/2016 327,525 0.25
US$210,000 Mosaic Global Holdings '144A'
7.625% 1/12/2016 218,662 0.17
US$725,000 MSW Energy Holdings II/MSW Energy
Finance II 'B' 7.375% 1/9/2010 743,125 0.56
US$700,000 Mylan Laboratories 6.375% 15/8/2015 696,500 0.53
US$1,125,000 Nalco 7.75% 15/11/2011 1,155,937 0.88
US$40,000 NCO Group '144A' FRN 15/11/2013 39,900 0.03
US$1,000,000 Neiman-Marcus Group 10.375%
15/10/2015 1,120,000 0.85
US$185,000 Network Communications 10.75%
1/12/2013 187,775 0.14
US$920,000 Nexstar Finance 7% 15/1/2014 869,400 0.66
US$100,000 Nielsen Finance '144A' 0/12.5%
1/8/2016 (step-up coupon) 69,375 0.05
US$1,050,000 Nielsen Finance '144A' 10%
1/8/2014 1,143,187 0.87
US$125,000 Nortek (Old) 8.5% 1/9/2014 123,125 0.09
US$525,000 NRG Energy 7.25% 1/2/2014 530,250 0.40
US$500,000 NRG Energy 7.375% 1/2/2016 503,750 0.38
The notes on pages 213 to 219 form an integral part of these financial statements.
Audited Annual Report and Accounts 177