Merrill Lynch International Investment Funds Audited Annual Report ...

Euro 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 (€) %
International
€2,000,000 European Investment Bank 3.125%
15/10/2015 1,864,600 0.60
€1,000,000 European Investment Bank 3.625%
15/10/2013 977,949 0.31
€522,400 European Investment Bank 'EARN'
5.75% 15/2/2007 523,450 0.17
ITL4,965,000,000 International Bank for Reconstruction
& Development EMTN 6.5%
30/7/2007
___________
2,599,656
______
0.83
___________
5,965,655
______
1.91
Ireland
€450,000 Depfa ACS Bank 4.375% 15/1/2015 458,212 0.15
€2,950,000 German Postal Pensions Securitisation
'2' 4.25% 18/1/2017
___________
2,969,145
______
0.95
___________
3,427,357
______
1.10
Italy
€4,000,000 Cassa Depositi e Prestiti EMTN 3.75%
31/1/2012 3,928,000 1.26
€12,250,000 Republic of Italy 3% 15/1/2010 11,929,417 3.83
€6,000,000 Republic of Italy 3.5% 15/3/2011 5,889,720 1.89
€5,380,000 Republic of Italy 4% 1/2/2037 5,030,677 1.62
€3,339,000 Republic of Italy 4.75% 1/2/2013 3,469,755 1.11
€4,000,000 Republic of Italy 5% 1/2/2012 4,182,560 1.34
€522,580 Republic of Italy 5.75% 10/7/2007 527,179 0.17
€800,000 SanPaolo IMI EMTN 3.75% 9/6/2015
___________
786,392
______
0.25
___________
35,743,700
______
11.47
Japan
US$800,000 Aiful 4.45% 16/2/2010 582,833 0.19
€700,000 Bank of Tokyo-Mitsubishi UFJ EMTN
3.5% 16/12/2015 677,516 0.22
€1,200,000 Resona Bank EMTN 3.75% 15/4/2015 1,176,210 0.37
€1,500,000 Sumitomo Mitsui Banking 4.375%
27/10/2014
___________
1,502,325
______
0.48
___________
3,938,884
______
1.26
Jersey
€665,000 ASIF III Jersey EMTN 5.125% 10/5/2007 667,824 0.21
€361,000 Bawag Capital Finance Jersey 8.765%
31/10/2010 (Perpetual) 397,893 0.13
US$970,000 Old Mutual Capital Funding 8%
22/12/2008 (Perpetual) 768,241 0.25
€500,000 UBS (Jersey Branch) EMTN 4.5%
16/9/2019
___________
503,645
______
0.16
___________
2,337,603
______
0.75
Luxembourg
€900,000 Fiat Finance & Trade EMTN 6.25%
24/2/2010 945,900 0.30
€1,000,000 Gaz Capital for Gazprom 5.03%
25/2/2014 1,008,420 0.32
€550,000 JP Morgan Bank Luxembourg SA for
Swiss Life 5% 16/11/2015 (Perpetual) 542,850 0.18
€1,405,000 Telecom Italia Finance EMTN 7.75%
24/1/2033 1,673,678 0.54
€300,000 Tyco International Group 6.125%
4/4/2007
___________
301,827
______
0.10
___________
4,472,675
______
1.44
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (€) %
Netherlands
€400,000 Allianz Finance 'XW' 4.375%
17/2/2017 (Perpetual) 378,842 0.12
€1,000,000 Bank Nederlandse Gemeenten
EMTN 4% 15/7/2014 996,435 0.32
€600,000 British American Tobacco Holdings
The Netherlands EMTN 4.375%
15/9/2014 590,949 0.19
€1,000,000 Deutsche Telekom International
Finance 7.5% 29/5/2007 1,013,655 0.33
€1,250,000 Deutsche Telekom International
Finance EMTN 4.75% 31/5/2016 1,237,338 0.39
€440,000 International Endesa EMTN 5.375%
21/2/2013 462,928 0.15
DM1,000,000 LKB Baden-Wuert Finance 6.5%
15/9/2008 530,489 0.17
€440,000 Munich Re Finance 6.75% 21/6/2023 493,209 0.16
€1,000,000 Nederlandse Waterschapsbank EMTN
4% 12/3/2013 998,750 0.32
€2,000,000 Netherlands Government 3%
15/7/2007 1,991,420 0.64
€500,000 Netherlands Government 3%
15/1/2010 487,280 0.15
€8,975,000 Netherlands Government 3.75%
15/7/2014 8,865,805 2.85
€6,070,000 Netherlands Government 5%
15/7/2011 6,336,352 2.03
€1,150,000 ThyssenKrupp Finance Nederland
7% 19/3/2009
___________
1,213,457
______
0.39
___________
25,596,909
______
8.21
PLN38,000,000
Poland
Poland Government Bond '1015'
6.25% 24/10/2015
___________
10,637,449
______
3.41
Portugal
€5,000,000 Portugal Obrigacoes do Tesouro OT
3.85% 15/4/2021
___________
4,849,000
______
1.56
Spain
€500,000 BBVA – Banco Bilbao Vizcaya
Argentaria 4.5% 12/11/2015 503,500 0.16
€875,000 Pastor Participaciones Preferentes S.A
Unipersonal 4.564% 27/7/2010
(Perpetual)
___________
829,456
______
0.27
___________
1,332,956
______
0.43
Sweden
€615,000 Scandinavian Airlines System
EMTN 6% 20/6/2008 627,300 0.20
€1,600,000 SKF 4.25% 13/12/2013
___________
1,573,688
______
0.51
___________
2,200,988
______
0.71
United Kingdom
DM2,348,000 AMP UK Finance Services EMTN
4.875% 27/11/2008 1,209,621 0.39
€575,000 Anglian Water Services Financing
EMTN 4.625% 7/10/2013 582,561 0.19
€500,000 Barclays Bank EMTN 4.5% 4/3/2019 504,223 0.16
€650,000 Chester Asset Receivables Dealings
No 11 'A' 6.125% 15/10/2010 693,925 0.22
€105,000 EDF Energy EMTN 4.375% 15/12/2010 105,761 0.03
The notes on pages 213 to 219 form an integral part of these financial statements.
Audited Annual Report and Accounts 81