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$950,000 Omnova Solutions 11.25%
1/6/2010 1,026,000 0.78
US$550,000 Overseas Shipholding Group
8.25% 15/3/2013 580,937 0.44
US$1,000,000 Owens-Brockway Glass Container
8.25% 15/5/2013 1,038,750 0.79
US$750,000 Ply Gem Industries 9% 15/2/2012 641,250 0.49
US$425,000 Pogo Producing 7.875% 1/5/2013 434,562 0.33
US$85,000 Poster Financial Group 8.75%
1/12/2011 88,612 0.07
US$165,000 Pregis '144A' 12.375% 15/10/2013 179,438 0.14
US$1,210,000 Primedia 8% 15/5/2013 1,176,725 0.89
US$1,250,000 Quiksilver 6.875% 15/4/2015 1,237,500 0.94
US$2,000,000 Qwest Communications International
FRN 15/2/2009 2,035,000 1.55
US$750,000 Rainbow National Services
'144A' 8.75% 1/9/2012 792,187 0.60
US$415,000 RBS Global & Rexnord '144A'
11.75% 1/8/2016 435,750 0.33
US$920,000 Reliant Energy 9.5% 15/7/2013 991,300 0.75
US$250,000 RH Donnelley 'A-1' 6.875% 15/1/2013 240,937 0.18
US$375,000 RH Donnelley 'A-2' 6.875% 15/1/2013 361,406 0.27
US$680,000 Rural Cellular 8.25% 15/3/2012 711,450 0.54
US$1,000,000 Rural Cellular 9.75% 15/1/2010 1,032,500 0.78
US$345,000 Sabine Pass LNG '144A' 7.5%
30/11/2016 344,569 0.26
US$1,250,000 Salem Communications 7.75%
15/12/2010 1,275,000 0.97
US$750,000 Select Medical 7.625% 1/2/2015 626,250 0.48
US$620,000 SemGroup '144A' 8.75% 15/11/2015 626,200 0.48
US$200,000 Seneca Gaming 7.25% 1/5/2012 204,500 0.16
US$500,000 Sierra Pacific Power 'A' 8%
1/6/2008 516,511 0.39
US$750,000 Sinclair Broadcast Group 8%
15/3/2012 778,125 0.59
US$250,000 Sinclair Broadcast Group 8.75%
15/12/2011 261,563 0.20
US$575,000 Smurfit-Stone Container
Enterprises 9.75% 1/2/2011 595,844 0.45
US$1,000,000 Southern Natural Gas 8.875%
15/3/2010 1,054,313 0.80
US$250,000 Southern Star Central 6.75%
1/3/2016 250,625 0.19
US$300,000 Standard Aero Holdings 8.25%
1/9/2014 304,500 0.23
US$1,225,000 Stanley-Martin Communities 9.75%
15/8/2015 998,875 0.76
US$400,000 Station Casinos 7.75% 15/8/2016 402,500 0.31
US$720,000 Stone Energy '144A' FRN 15/7/2010 716,400 0.54
US$915,000 Sungard Data Systems 9.125%
15/8/2013 965,325 0.73
US$785,000 Sungard Data Systems FRN
15/8/2013 819,344 0.62
US$250,000 Swift & Co 12.5% 1/1/2010 256,875 0.20
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
US$1,000,000 Technical Olympic USA '144A'
8.25% 1/4/2011 975,000 0.74
US$488,618 Tenaska Alabama Partners '144A'
7% 30/6/2021 488,209 0.37
US$330,000 Tenet Healthcare 6.875% 15/11/2031 265,650 0.20
US$70,000 Tenet Healthcare 9.25% 1/2/2015 70,175 0.05
US$775,000 Tenneco 8.625% 15/11/2014 794,375 0.60
US$240,000 Tennessee Gas Pipeline 7.625%
1/4/2037 271,006 0.21
US$60,000 Texas Industries 7.25% 15/7/2013 61,200 0.05
US$100,000 Titan International '144A' 8%
15/1/2012 101,125 0.08
US$275,000 Transcontinental Gas Pipe Line 'B'
8.875% 15/7/2012 312,125 0.24
US$80,000 Travelport '144A' 9.875% 1/9/2014 80,800 0.06
US$10,000 Travelport '144A' 11.875% 1/9/2016 10,300 0.01
US$150,000 Travelport '144A' FRN 1/9/2014 147,000 0.11
US$750,000 Triad Hospitals 7% 15/11/2013 758,438 0.58
US$250,000 Turning Stone Resort Casino
Enterprise '144A' 9.125%
15/9/2014 256,875 0.19
US$555,000 United Auto Group '144A' 7.75%
15/12/2016 560,550 0.43
US$135,000 United Rentals North America
7.75% 15/11/2013 136,350 0.10
US$400,000 Universal City Florida Holding I/II
FRN 1/5/2010 415,000 0.32
US$1,250,000 Valor Telecommunications
Enterprises 7.75% 15/2/2015 1,351,562 1.03
US$250,000 Verso Paper Holdings & Verson
Paper '144A' 9.125% 1/8/2014 261,875 0.20
US$600,000 Vought Aircraft Industries 8%
15/7/2011 580,500 0.44
US$500,000 Waste Services 9.5% 15/4/2014 523,750 0.40
US$35,000 West 9.5% 15/10/2014 35,175 0.03
US$1,030,000 West 11% 15/10/2016 1,045,450 0.79
US$1,000,000 Windstream '144A' 8.125%
1/8/2013 1,088,750 0.83
US$1,125,000 Wynn Las Vegas/Wynn Las Vegas
Capital 6.625% 1/12/2014 1,123,594 0.85
US$445,000 Young Broadcasting 10% 1/3/2011
___________
424,975
______
0.32
___________
103,039,803
______
78.28
Total Bonds
___________
122,512,802
______
93.07
PREFERRED STOCKS (SHARES)
United States
2,625 Loral Spacecom (Pref)
___________
543,375
______
0.41
Total Preferred Stocks (Shares)
___________
543,375
______
0.41
Total Transferable Securities Admitted
to an Official Stock Exchange Listing or
Dealt in on Another Regulated Market
___________
123,056,177
______
93.48
178 Merrill Lynch International Investment Funds