Merrill Lynch International Investment Funds Audited Annual Report ...

US Dollar Low Duration 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$70,000 Intelsat Bermuda '144A' 9.25%
15/6/2016
___________
75,600
______
0.05
Canada
US$80,000 Compton Petroleum Finance 7.625%
1/12/2013 77,600 0.05
US$125,000 Rogers Wireless 7.5% 15/3/2015
___________
136,250
______
0.08
___________
213,850
______
0.13
Cayman Islands
US$1,000,000 Links Finance EMTN FRN 15/9/2010 1,000,030 0.61
US$30,000 Seagate Technology HDD Holdings
6.8% 1/10/2016 30,300 0.02
US$1,000,000 Sigma Finance EMTN FRN 15/8/2011 1,000,000 0.61
US$500,000 Sigma Finance '144A' FRN 31/3/2014 502,416 0.30
US$307,833 Systems 2001 Asset Trust '144A'
6.664% 15/9/2013
___________
322,780
______
0.19
___________
2,855,526
______
1.73
Luxembourg
US$485,000 Telecom Italia Capital 4% 15/11/2008 472,610 0.29
US$425,000 Tyco International Group 6.125%
1/11/2008 430,530 0.26
US$75,000 Wind Acquisition Finance '144A'
10.75% 1/12/2015
___________
85,688
______
0.05
___________
988,828
______
0.60
US$475,000
US$240,000
Netherlands
Deutsche Telekom International
Finance 3.875% 22/7/2008
___________
464,873
______
0.28
United Kingdom
HBOS Treasury Services '144A'
3.5% 30/11/2007
___________
236,135
______
0.14
United States
US$1,493,026 ACE Securities '2006-FM2 A2A'
FRN 25/8/2036 1,493,956 0.91
US$1,071,233 Aegis Asset Backed Securities Trust
'2006-1 A1' FRN 25/1/2037 1,071,808 0.65
US$124,962 American Airlines 'AMBC' 3.857%
9/7/2010 121,354 0.07
US$280,000 American Electric Power 4.709%
16/8/2007 278,596 0.17
US$400,000 American Electric Power 'C' 5.375%
15/3/2010 400,152 0.24
US$45,000 American Real Estate Partners 8.125%
1/6/2012 46,688 0.03
US$110,000 Appalachian Power FRN 29/6/2007 110,140 0.07
US$535,000 AT&T 4.125% 15/9/2009 520,153 0.32
US$1,250,000 BA Credit Card Trust '2006-A16 A16'
4.72% 15/5/2013 1,236,719 0.75
US$686,705 Banc of America Mortgage Securities
'2003-J 2A1' FRN 25/11/2033 674,574 0.41
US$2,420,000 Bank of America Funding '2006-1 1A1'
5.75% 25/1/2036 2,401,806 1.46
US$325,000 Bank of New York 'BKNT' 3.8%
1/2/2008 320,007 0.19
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
US$435,000 BellSouth FRN 15/11/2007 435,582 0.26
US$359,259 Capital One Auto Finance Trust
'2003-A A4A' 2.47% 15/1/2010 357,465 0.22
US$30,000 CC Funding Trust I 6.9% 16/2/2007 30,040 0.02
US$210,000 Centex MTNE FRN 1/8/2007 210,200 0.13
US$134,999 Chase Manhattan Auto Owner Trust
'2003-A CTFS' 2.04% 15/12/2009 133,959 0.08
US$1,489,236 Chase Manhattan Auto Owner Trust
'2005-A A3' 3.87% 15/6/2009 1,475,127 0.89
US$80,000 Chesapeake Energy 6.375% 15/6/2015 79,600 0.05
US$55,000 Cincinnati Bell 7.25% 15/7/2013 57,200 0.04
US$180,000 Cisco Systems FRN 20/2/2009 180,261 0.11
US$1,625,000 Citibank Credit Card Issuance Trust
'2003-A8 A8' 3.5% 16/8/2010 1,582,344 0.96
US$240,000 Citigroup 3.5% 1/2/2008 235,596 0.14
US$750,000 Citigroup 4.25% 29/7/2009 734,550 0.45
US$225,000 Comcast Cable Communications
6.2% 15/11/2008 228,744 0.14
US$140,000 Comcast Cable Communications
8.375% 1/5/2007 141,336 0.09
US$260,000 Comcast FRN 14/7/2009 260,730 0.16
US$904,364 Commercial Mortgage Acceptance
'1999-C1 A2' 7.03% 15/6/2031 932,771 0.57
US$305,160 Commercial Mortgage Pass Through
Certificates '2004-LB4A A1' 3.566%
15/10/2037 302,308 0.18
US$1,456,850 Countrywide Asset-Backed Certificates
'2005-16 2AF1' FRN 25/5/2036 1,458,009 0.88
US$475,000 COX Communications 4.625%
15/1/2010 465,504 0.28
US$50,000 Crown Cork & Seal 7.375% 15/12/2026 47,000 0.03
US$7,451,015 CS First Boston Mortgage Securities
'2003-CPN1 ASP' 1.692137%
15/3/2035 262,836 0.16
US$712,793 CS First Boston Mortgage Securities
'2004-C3 A2' 3.913% 15/7/2036 698,696 0.42
US$1,000,000 CSX 7.45% 1/5/2007 1,006,297 0.61
US$821,413 Daimler Chrysler Auto Trust
'2004-B A3' 3.18% 8/9/2008 818,109 0.50
US$1,425,000 Daimler Chrysler Auto Trust
'2006-C A3' 5.02% 8/7/2010 1,423,233 0.86
US$385,000 DaimlerChrysler NA Holding 4.05%
4/6/2008 376,958 0.23
US$685,000 DaimlerChrysler NA Holding 4.75%
15/1/2008 679,049 0.41
US$923,169 Deutsche ALT-A Securities
Incorporation Alternate Loan Trust
'2006-AF1 A1' FRN 25/4/2036 924,000 0.56
US$530,000 Dominion Resources 'A' 5.687%
15/5/2008 531,041 0.32
US$400,000 Dominion Resources 'D' 5.125%
15/12/2009 ‡ 397,906 0.24
US$880,000 DR Horton 7.5% 1/12/2007 895,808 0.54
US$500,000 Enterprise Products Operating 4.95%
1/6/2010 492,106 0.30
US$55,000 Equistar Chemicals 10.125% 1/9/2008 58,713 0.04
US$3,889,519 Fannie Mae Interest Strip '360 2' 5%
1/8/2035 933,079 0.57
US$1,382,961 Fannie Mae Interest Strip '377 2' 5%
1/10/2036 322,870 0.20
(‡) Security given as guarantee, see Note 14 for further details.
180 Merrill Lynch International Investment Funds