Merrill Lynch International Investment Funds Audited Annual Report ...

US Government Mortgage 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
United States
US$1,337,378 Fannie Mae Interest Strip 6% 25/5/2036 273,832 0.27
Fannie Mae Pool
US$921,657 4.5% 1/8/2035 865,123 0.86
US$6,500,000 4.5% TBA 6,127,375 6.10
US$5,496,970 5% 1/2/2018 5,419,506 5.39
US$2,129,819 5% 1/4/2018 2,099,805 2.09
US$111,733 5% 1/6/2018 110,159 0.11
US$2,642,524 5% 1/5/2019 2,602,379 2.59
US$2,585,302 5% 1/11/2019 2,546,027 2.53
US$492,247 5% 1/11/2020 484,258 0.48
US$1,500,000 5% 1/4/2034 1,451,488 1.44
US$4,589,092 5% 1/5/2034 4,440,675 4.42
US$100,000 5% TBA 98,344 0.10
US$861,390 5.5% 1/11/2017 863,985 0.86
US$1,754,495 5.5% 1/1/2018 1,759,780 1.75
US$123,048 5.5% 1/11/2018 123,363 0.12
US$3,416,666 5.5% 1/5/2033 3,385,375 3.37
US$4,622,595 5.5% 1/7/2033 4,580,259 4.55
US$455,912 5.5% 1/8/2033 451,736 0.45
US$2,213,919 5.5% 1/4/2034 2,193,785 2.18
US$2,131 5.5% 1/5/2036 2,108 0.00
US$9,700,000 5.5% TBA 9,618,657 9.57
US$20,186 6% 1/10/2008 20,239 0.02
US$57,050 6% 1/11/2010 57,659 0.06
US$1,552 6% 1/4/2011 1,575 0.00
US$13,443 6% 1/5/2011 13,641 0.01
US$3,481 6% 1/6/2011 3,518 0.00
US$3,932 6% 1/10/2011 3,974 0.00
US$59,049 6% 1/12/2011 59,922 0.06
US$60,629 6% 1/3/2012 61,595 0.06
US$7,500 6% 1/7/2012 7,620 0.01
US$26,360 6% 1/11/2012 26,781 0.03
US$31,418 6% 1/3/2013 31,928 0.03
US$108,488 6% 1/4/2013 110,217 0.10
US$27,604 6% 1/5/2013 28,053 0.03
US$22,686 6% 1/6/2013 23,055 0.02
US$264,467 6% 1/9/2013 268,762 0.27
US$405,659 6% 1/6/2014 412,246 0.41
US$502,256 6% 1/1/2018 510,022 0.51
US$5,999,998 6% 1/11/2036 6,042,185 6.01
US$4,622,202 6% 1/12/2036 4,654,702 4.63
US$12,100,000 6% TBA 12,189,157 12.12
US$6,927 6.5% 1/9/2025 7,101 0.01
US$11,373 6.5% 1/1/2026 11,677 0.01
US$35,793 6.5% 1/2/2026 36,725 0.03
US$2,905 6.5% 1/10/2027 2,983 0.00
US$5,973 6.5% 1/11/2027 6,133 0.01
US$1,106 6.5% 1/2/2028 1,135 0.00
US$502,845 6.5% 1/7/2032 514,799 0.51
US$600,000 6.5% TBA 611,250 0.61
US$57,147 7% 1/10/2014 58,821 0.06
US$108,448 7% 1/2/2015 111,625 0.11
US$14,439 7% 1/3/2027 14,920 0.01
US$117,906 7% 1/9/2029 121,621 0.13
US$38,411 7% 1/10/2029 39,621 0.04
US$176,494 7% 1/7/2032 181,714 0.18
US$1,634 7.5% 1/8/2025 1,708 0.00
US$8,722 7.5% 1/10/2025 9,114 0.01
Fannie Mae Pool
US$53,082 7.5% 1/6/2026 55,446 0.06
US$14,280 7.5% 1/8/2026 14,919 0.01
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
US$7,381 7.5% 1/10/2026 7,711 0.01
US$28,405 7.5% 1/2/2027 29,676 0.03
US$7,051 7.5% 1/8/2027 7,366 0.01
US$10,130 7.5% 1/9/2027 10,582 0.01
US$7,161 7.5% 1/12/2027 7,481 0.01
US$34,082 7.5% 1/7/2029 35,583 0.04
US$3,764 7.5% 1/8/2029 3,930 0.00
US$230,514 7.5% 1/10/2029 240,671 0.24
US$27,566 8% 1/10/2022 29,112 0.03
US$347 8% 1/10/2025 367 0.00
US$2,636 8% 1/10/2026 2,792 0.00
US$2,811 8% 1/3/2027 2,979 0.00
US$8,640 8% 1/7/2027 9,157 0.01
US$3,571 8% 1/5/2030 3,768 0.00
US$1,015,507 FRN 1/9/2035 1,014,304 1.01
US$3,515,412 FRN 1/11/2035 3,513,119 3.49
US$5,544,308 Fannie Mae REMICS FRN
25/6/2028 5,560,130 5.53
US$300,000 FNCL 5% TBA 289,875 0.29
Freddie Mac Gold Pool
US$1,476,326 4.5% 1/9/2018 1,427,506 1.42
US$1,788,149 4.5% 1/3/2019 1,726,434 1.72
US$2,449,421 4.5% 1/6/2020 2,362,660 2.35
US$355,401 4.5% 1/12/2020 342,813 0.34
US$8,056,968 5% 1/5/2034 7,790,277 7.75
US$122 5% 1/3/2036 118 0.00
US$3,700,000 5% TBA 3,572,812 3.55
US$4,744,551 5.5% 1/4/2033 4,702,473 4.68
US$12,200,000 5.5% TBA 12,070,375 12.00
US$10,268,659 6% 1/8/2034 10,356,764 10.30
US$2,800,000 6% TBA 2,837,625 2.82
US$1,708,484 6.5% 1/10/2029 1,751,802 1.74
US$2,570 6.5% 1/7/2036 2,618 0.00
Freddie Mac Non Gold Pool
US$872,447 FRN 1/9/2036 883,534 0.88
US$1,225,000 FRN 1/11/2036 1,231,966 1.23
Ginnie Mae I Pool
US$3,214,360 5.5% 15/7/2033 3,204,729 3.19
US$4,700,000 6% TBA 4,766,094 4.74
US$8,834 6.5% 15/3/2026 9,093 0.01
US$126,489 6.5% 15/4/2026 130,191 0.13
US$26,010 6.5% 15/2/2027 26,766 0.03
US$14,224 6.5% 15/12/2027 14,631 0.01
US$97,949 6.5% 15/1/2028 100,791 0.10
US$135,665 6.5% 15/2/2028 139,603 0.14
US$222,748 6.5% 15/3/2028 229,213 0.23
US$23,252 6.5% 15/4/2028 23,927 0.03
US$9,759 6.5% 15/5/2028 10,042 0.01
US$157,499 6.5% 15/6/2028 162,071 0.16
US$118,349 6.5% 15/7/2028 121,785 0.12
US$406,967 6.5% 15/8/2028 418,780 0.42
US$51,661 6.5% 15/9/2028 53,160 0.05
US$19,530 7% 15/4/2024 20,190 0.02
US$1,566 7% 15/5/2024 1,619 0.00
US$20,592 7% 15/12/2025 21,298 0.02
US$4,032 7% 15/1/2027 4,173 0.00
US$24,758 7% 15/5/2027 25,624 0.03
US$49,446 7% 15/8/2027 51,176 0.05
US$18,088 7% 15/9/2027 18,721 0.02
US$61,431 7% 15/10/2027 63,579 0.06
US$115,794 7% 15/11/2027 119,846 0.11
US$16,042 7% 15/12/2027 16,603 0.02
The notes on pages 213 to 219 form an integral part of these financial statements.
Audited Annual Report and Accounts 189