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 (€) %
€350,000 Legal & General Group EMTN 4%
8/6/2025 335,281 0.11
€750,000 Lloyds TSB Bank 5.625% 15/7/2009
(Perpetual) 773,509 0.25
€750,000 mmO2 EMTN 6.375% 25/1/2007 752,468 0.24
€550,000 National Grid Electricity Transmission
EMTN 4.125% 18/9/2008 549,813 0.17
€1,340,000 Nationwide Building Society EMTN
3.125% 26/1/2010 1,299,894 0.42
€1,200,000 Old Mutual EMTN 5% 4/11/2015
(Perpetual) 1,176,582 0.38
€700,000 Prudential EMTN 5.75% 19/12/2021 741,650 0.24
€750,000 Rolls-Royce Group EMTN 6.375%
14/6/2007 757,852 0.24
€605,000 Royal Bank of Scotland EMTN 4.5%
28/1/2016 611,020 0.20
€600,000 WPP 2005 6% 18/6/2008
___________
614,493
______
0.20
___________
10,708,653
______
3.44
United States
€600,000 American Honda Finance EMTN
3.75% 16/3/2011 587,745 0.19
€700,000 Banca Popolare di Bergamo Capital
Trust 8.364% 15/2/2011
(Perpetual) (Pref) 795,337 0.26
€750,000 Cargill EMTN 4.5% 29/9/2014 746,546 0.24
€600,000 Citibank Credit Card Issuance Trust
5.375% 11/4/2011 626,853 0.20
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (€) %
€1,000,000 Citigroup 4.75% 10/2/2019 1,020,834 0.33
€900,000 Fortune Brands 3.5% 30/1/2009 883,872 0.28
€250,000 General Electric Capital EMTN 4.125%
19/9/2035 234,087 0.07
€500,000 General Electric Capital EMTN 4.375%
20/1/2010 504,132 0.16
€710,000 Goldman Sachs Group 4.75% 28/1/2014 725,513 0.23
€2,300,000 New York Life Global Funding GMTN
3.75% 19/10/2009 2,277,307 0.73
€1,000,000 Parker Hannifin 3.5% 11/11/2010 971,471 0.31
€1,350,000 SES Global Americas Holdings Group
4.25% 17/12/2007 1,350,729 0.43
US$6,000,000 US Treasury Bill 0% 15/3/2007 4,504,812 1.45
US$6,200,000 US Treasury Inflation Indexed Bonds
2.5% 15/7/2016 4,735,236 1.52
€2,750,000 WM Covered Bond Program EMTN
4% 27/9/2016 2,698,822 0.87
€300,000 Zurich Finance USA EMTN 4.5%
17/9/2014
___________
302,151
______
0.10
___________
22,965,447
______
7.37
Total Portfolio 302,413,037 97.04
Other Net Assets
___________
9,211,397
______
2.96
Total Net Assets (€)
___________
311,624,434
______
100.00
Open Forward Foreign Exchange Transactions
as at 31 December 2006
Purchases
Sales Value date
Unrealised
profit/(loss)
€
CHF4,000,000 €2,528,445 12/3/2007 (34,135)
CZK77,917,514 €2,800,874 12/3/2007 26,333
DKr3,145,000 €421,729 12/3/2007 78
€2,500,000 CHF3,985,888 12/3/2007 14,490
€5,585,485 CZK155,835,029 12/3/2007 (68,929)
€368,960 £250,000 12/3/2007 (2,346)
€596,976 ISK56,265,000 12/3/2007 9,386
€10,833,007 PLN41,550,000 12/3/2007 9,309
€12,536,721 US$16,750,000 12/3/2007 (130,605)
¥420,000,000 €2,771,875 12/3/2007 (76,826)
NOK21,410,000 €2,641,579 12/3/2007
_______
(45,082)
Net unrealised loss (298,327)
_______
Open Futures Contracts as at 31 December 2006
Number
Expiration Value
of Contracts
Contract/Description
date €
220 Eurex E-Schatz March 2007 22,763,400
(12) Japanese Government Bond (TSE) March 2007 (10,268,549)
(230) US Treasury 5 Year Note March 2007 (18,324,499)
(85) US Treasury 10 Year Note March 2007 (6,927,245)
(160) CME/IMM Eurodollar June 2008 (28,864,447)
94 LIFFE 3 Month EURIBOR June 2007 22,547,075
_________
Total commitment (19,074,265)
_________
Note: The net unrealised profit of €221,933 attributed to these transactions is included in the
Statement of Net Assets (see Note 2c).
Note: The net unrealised loss attributed to these transactions is included in the Statement of
Net Assets (see Note 2c).
82 Merrill Lynch International Investment Funds