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$525,000 Lehman Brothers Holdings 3.6%
13/3/2009 507,752 0.31
US$250,000 Lehman Brothers Holdings 4%
22/1/2008 246,661 0.15
US$2,700,000 Luminent Mortgage Trust
'2006-7 1A1' FRN 25/12/2036 2,700,000 1.64
US$115,000 Lyondell Chemical 8.25% 15/9/2016 121,325 0.07
US$220,000 MBNA MTN 5.625% 30/11/2007 220,490 0.13
US$90,000 MGM Mirage 6% 1/10/2009 90,225 0.05
US$490,000 Midamerican Energy Holdings 3.5%
15/5/2008 477,963 0.29
US$435,000 Midamerican Energy Holdings 4.625%
1/10/2007 432,273 0.26
US$95,000 Monumental Global Funding II '144A'
3.85% 3/3/2008 93,280 0.06
US$3,545,725 Morgan Stanley Mortgage Loan
Trust '2006-3AR 2A3'
5.900569% 25/3/2036 3,579,225 2.17
US$3,200,000 National Collegiate Student Loan
Trust '2005-2 AIO'
7.73% 25/3/2012 726,560 0.44
US$7,156,970 National Collegiate Student Loan
Trust '2005-GT1 AIO'
6.75% 25/12/2009 1,325,597 0.80
US$100,000 Nationwide Health Properties MTNC
7.6% 20/11/2028 108,512 0.07
US$200,000 News America 6.625% 9/1/2008 202,274 0.12
US$120,000 News America 6.75% 9/1/2038 128,168 0.08
US$760,000 Nisource Finance FRN 23/11/2009 760,718 0.46
US$877,522 Nissan Auto Receivables Owner
Trust '2005-A A3' 3.54%
15/10/2008 872,446 0.53
US$1,389,606 Nomura Home Equity Loan
'2006-WF1 A1' FRN 25/3/2036 1,390,621 0.84
US$130,000 Norfolk Southern 7.35% 15/5/2007 130,922 0.08
US$55,000 Northwest Pipeline 8.125% 1/3/2010 57,544 0.04
US$1,058,075 Novastar Home Equity Loan
'2005-4 A2A' FRN 25/1/2036 1,058,822 0.64
US$830,000 Oracle FRN 13/1/2009 831,579 0.50
US$1,000,000 Pemex Project Funding Master Trust
'144A' FRN 15/6/2010 1,029,000 0.62
US$214,211 Popular ABS Mortgage Pass-Through
Trust '2004-5 AF2' 3.735%
25/12/2034 213,565 0.13
US$500,000 Popular ABS Mortgage Pass-Through
Trust '2005-1 AF3' 4.142%
25/5/2035 495,397 0.30
US$300,000 Protective Life Secured Trust 2004-B
MTN FRN 13/4/2007 300,120 0.18
US$425,000 Prudential Financial MTN 3.75%
1/5/2008 415,158 0.25
US$500,000 Public Service Company of Colorado 'A'
6.875% 15/7/2009 517,853 0.31
US$440,000 Pulte Homes 4.875% 15/7/2009 433,643 0.26
US$55,000 Qwest FRN 15/6/2013 59,813 0.04
US$160,000 Raytheon 6.15% 1/11/2008 162,152 0.10
US$45,000 Reliant Energy 6.75% 15/12/2014 44,213 0.03
US$990,324 Residential Accredit Loans
'2005-QS12 A8' FRN 25/8/2035 991,422 0.60
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
US$1,272,909 Residential Accredit Loans
'2006-QA9 A1' FRN 25/11/2036 1,275,458 0.77
US$2,177,065 Residential Asset Mortgage
Products '2003-RZ3 A6' 3.4%
25/3/2033 2,077,285 1.26
US$845,000 Residential Capital 6.125%
21/11/2008 849,723 0.52
US$205,000 Rouse 3.625% 15/3/2009 195,096 0.12
US$75,000 Seneca Gaming 7.25% 1/5/2012 76,687 0.05
US$1,421,682 SLM Student Loan Trust '2002-1 A2'
FRN 25/4/2017 1,425,798 0.86
US$1,643,557 SLM Student Loan Trust '2002-4 A4'
FRN 15/3/2017 1,649,931 1.00
US$1,248,345 Soundview Home Equity Loan Trust
'2003-2 A2' FRN 25/11/2033 1,258,853 0.76
US$600,000 Southwest Airlines 7.875% 1/9/2007 608,926 0.37
US$320,000 Sprint Capital 6.375% 1/5/2009 328,124 0.20
US$235,000 St Paul Travelers 5.01% 16/8/2007 234,138 0.14
US$150,000 Targa Resources '144A' 8.5%
1/11/2013 151,875 0.09
US$240,000 Time Warner 6.15% 1/5/2007 240,289 0.15
US$680,000 Time Warner 8.18% 15/8/2007 690,925 0.42
US$40,000 Transcontinental Gas Pipe Line 'B'
8.875% 15/7/2012 45,400 0.03
US$2,050,000 US Treasury Inflation Indexed
Bonds 2.5% 15/7/2016 2,067,033 1.25
US$350,000 Valero Energy 3.5% 1/4/2009 336,343 0.20
US$70,000 Ventas Realty/Ventas Capital 6.625%
15/10/2014 72,013 0.04
US$250,000 Verizon Communications 5.35%
15/2/2011 250,817 0.15
US$280,000 Verizon Global Funding 4%
15/1/2008 276,340 0.17
US$485,000 Wachovia (Old) 6.15% 15/3/2009 494,550 0.30
US$4,132,004 Washington Mutual '2004-AR3 A1'
3.918% 25/6/2034 4,033,539 2.44
US$340,000 WellPoint 3.75% 14/12/2007 334,757 0.20
US$635,000 Wells Fargo & Co 4% 15/8/2008 622,353 0.38
US$1,371,499 Wells Fargo Mortgage Backed
Securities Trust '2004-3 A1'
4.75% 25/4/2019 1,326,068 0.80
US$47,090 WFS Financial Owner Trust
'2003-2 B' 2.48% 20/12/2010 46,756 0.03
US$318,876 WFS Financial Owner Trust
'2003-4 B' 2.73% 20/5/2011 314,891 0.19
US$2,200,000 WFS Financial Owner Trust
'2004-4 A4' 3.44% 17/5/2012 2,151,402 1.30
US$33,214 Whole Auto Loan Trust '2004-1 D'
5.6% 15/3/2011 33,181 0.02
US$40,000 Williams 7.625% 15/7/2019 43,000 0.03
US$130,000 Xcel Energy 3.4% 1/7/2008
___________
126,251
______
0.08
___________
155,277,158
______
94.11
Total Transferable Securities Admitted
to an Official Stock Exchange Listing or
Dealt in on Another Regulated Market
___________
160,111,970
______
97.04
182 Merrill Lynch International Investment Funds