Merrill Lynch International Investment Funds Audited Annual Report ...

US Dollar Low Duration 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$74,662 Fannie Mae Pool '357352' 6.5%
1/2/2033 76,374 0.05
US$10,500,000 Fannie Mae Pool '5.5 1/07' 5.5% TBA 10,385,156 6.29
US$132,009 Fannie Mae Pool '564233' 8%
1/11/2030 139,289 0.08
US$4,800,000 Fannie Mae Pool '6 1/07' 6% TBA 4,869,000 2.95
US$3,000,000 Fannie Mae Pool '6.5 1/07' 6.5% TBA 3,056,250 1.85
US$420,714 Fannie Mae Pool '683137' 8%
1/7/2027 445,368 0.27
US$3,252,389 Fannie Mae Pool '735661' 5.5%
1/12/2017 3,262,185 1.98
US$884,761 Fannie Mae Pool '745930' 7.5%
1/9/2035 913,516 0.55
US$1,424,650 Fannie Mae Pool '884781' FRN
1/10/2036 1,434,100 0.87
US$1,694,266 Fannie Mae Pool '884790' FRN
1/10/2036 1,705,720 1.03
US$3,000,000 Fannie Mae Pool '888024' 6.5%
1/6/2035 3,055,781 1.85
US$1,099,852 Fannie Mae Pool '903695' FRN
1/10/2036 1,113,658 0.68
US$975,000 Fannie Mae Pool '907606' FRN
1/12/2036 977,742 0.59
US$1,329,287 Fannie Mae REMICS '2003-17 QR' 4.5%
25/11/2025 1,318,945 0.80
US$771,178 Fannie Mae REMICS '2003-67 GL' 3%
25/1/2025 754,044 0.46
US$784,550 Fannie Mae REMICS '2005-70 GA' 5.5%
25/12/2034 784,940 0.48
US$2,392,828 Fannie Mae REMICS '2006-106 PA' 5.5%
25/6/2030 2,400,128 1.45
US$975,000 Fannie Mae-Aces '2006-M2 A1A' 4.855%
25/8/2016 966,454 0.59
US$1,757,076 First Horizon Asset Back Trust
'2004-HE4 A2' 4.07% 25/7/2019 1,727,866 1.05
US$904,032 First Union National Bank – Bank
of America Commercial Mortgage
Trust '2001-C1 A2' 6.136%
15/3/2033 928,548 0.56
US$365,000 FleetBoston Financial 3.85%
15/2/2008 359,546 0.22
US$1,375,000 Ford Credit Auto Owner Trust
'2005-A A4' 3.72% 15/10/2009 1,353,440 0.82
US$1,650,000 Ford Credit Auto Owner Trust
'2005-C A3' 4.3% 15/8/2009 1,636,538 0.99
US$332,334 Freddie Mac Gold Pool 'B11523' 5.5%
1/12/2018 332,869 0.20
US$772,946 Freddie Mac Non Gold Pool '1G1186'
FRN 1/9/2036 777,156 0.47
US$2,250,000 Freddie Mac Non Gold Pool '1G1386'
FRN 1/12/2036 2,264,590 1.37
US$2,925,000 Freddie Mac Non Gold Pool '1G2552'
FRN 1/11/2036 2,956,090 1.79
US$1,700,000 Freddie Mac Non Gold Pool '1J0183'
FRN 1/11/2036 1,709,668 1.04
US$2,875,000 Freddie Mac Non Gold Pool '1J0223'
FRN 1/12/2036 2,889,150 1.75
US$1,100,000 Freddie Mac Non Gold Pool 'G1415'
FRN 1/1/2037 1,109,453 0.67
US$2,170,000 Freddie Mac REMICS '3063 YB' 5.5%
15/6/2026 2,182,529 1.32
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
US$1,100,000 Fremont Home Loan Trust
'2005-E 2A2' FRN 25/1/2036 1,101,054 0.67
US$907,698 GCO Slims Trust '2006-1A NOTE'
5.72% 1/3/2022 913,938 0.55
US$1,170,000 Ge Capital Commercial Mortgage
'2005-C1 A2' 4.353% 10/6/2048 1,142,236 0.69
US$695,000 General Electric Capital MTNA
3.75% 15/12/2009 671,127 0.41
US$979,166 GMAC Commercial Mortgage
Securities '1999-C1 A2' 6.175%
15/5/2033 991,808 0.60
US$865,000 Goldman Sachs Group 4.125%
15/1/2008 855,471 0.52
US$500,000 Goodrich 6.45% 15/4/2008 503,964 0.31
US$6,280,852 Government National Mortgage
Association '2002-94 XB'
1.28226% 16/11/2007 52,526 0.03
US$2,900,483 Greenwich Capital Commercial
Funding '2002-C1 XP'
2.156788% 11/1/2035 241,153 0.15
US$900,033 Greenwich Capital Commercial
Funding '2004-GG1 A2'
3.835% 10/6/2036 893,575 0.54
US$815,934 GSAA Trust '2004-10 AF2' 4.22%
25/8/2034 808,808 0.49
US$4,213,000 GSAA Trust '2005-12 AF2' 4.9716%
25/9/2035 4,167,188 2.53
US$1,650,000 GSAMP Trust '2005-AHL A3' FRN
25/4/2035 1,667,899 1.01
US$1,169,271 Harborview Mortgage Loan Trust
'2006-11 A1A' FRN 19/12/2036 1,172,339 0.71
US$757,164 Honda Auto Receivables Owner
Trust '2004-3 A3' 2.91% 20/10/2008 750,156 0.45
US$1,200,000 Honda Auto Receivables Owner
Trust '2006-3 A3' 5.12% 15/10/2010 1,199,250 0.73
US$535,000 HSBC Finance 4.125% 15/12/2008 524,700 0.32
US$1,000,000 Indymac Index Mortgage Loan Trust
'2006-AR41 A3' FRN 25/2/2037 1,000,839 0.61
US$145,000 Intelsat '144A' 9% 15/6/2016 154,244 0.09
US$1,856,715 JP Morgan Mortgage Trust
'2005-A2 4A1' 5.209318%
25/4/2035 1,823,068 1.11
US$1,205,395 JP Morgan Mortgage Trust
'2006-A2 5A3' 3.753592%
25/11/2033 1,189,477 0.72
US$700,000 JPMorgan Chase & Co 3.625%
1/5/2008 684,115 0.41
US$350,000 JPMorgan Chase & Co 6.375%
15/2/2008 353,037 0.21
US$20,000 L-3 Communications 5.875%
15/1/2015 19,400 0.01
US$1,050,000 LB Commercial Conduit Mortgage
Trust '1999-C1 A2' 6.78%
15/6/2031 1,077,122 0.65
US$8,366,940 LB-UBS Commercial Mortgage
Trust '2002-C4 XCP' 1.61766%
15/10/2035 293,829 0.18
US$952,613 LB-UBS Commercial Mortgage
Trust '2004-C7 A1' 3.625%
15/10/2029 930,667 0.56
The notes on pages 213 to 219 form an integral part of these financial statements.
Audited Annual Report and Accounts 181