Merrill Lynch International Investment Funds Audited Annual Report ...

Euro Corporate Bond Fund (1) 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 (€) %
Luxembourg
€100,000 Fiat Finance & Trade EMTN 6.25%
24/2/2010 105,100 0.46
€150,000 Gaz Capital for Gazprom 5.03% 25/2/2014 151,263 0.66
€290,000 HypoVereinsbank Luxembourg 6%
18/12/2008 298,486 1.30
€150,000 JP Morgan Bank Luxembourg SA
for Swiss Life 5% 16/11/2015 (Perpetual) 148,050 0.65
€100,000 Merck Finanz 3.75% 7/12/2012 95,878 0.42
€80,000 SES Global 4.5% 19/11/2008 79,632 0.35
€100,000 Telecom Italia Finance EMTN 5.875%
24/1/2008 101,739 0.44
€255,000 Telecom Italia Finance EMTN 7.25%
24/4/2012 282,800 1.23
€195,000 Telecom Italia Finance EMTN 7.75%
24/1/2033
___________
232,290
______
1.01
___________
1,495,238
______
6.52
Netherlands
€140,000 ABN Amro Bank EMTN 4.625% 28/10/2013 143,685 0.63
€125,000 Adecco International Financial Services
4.5% 25/4/2013 124,003 0.54
€60,000 Aegon EMTN 4.625% 16/4/2008 60,400 0.26
€90,000 Allianz Finance 'XW' 4.375% 17/2/2017
(Perpetual) 85,239 0.37
€140,000 British American Tobacco Holdings The
Netherlands EMTN 4.375% 15/9/2014 137,888 0.60
€215,000 DaimlerChrysler International Finance
EMTN 7% 21/3/2011 234,487 1.02
€140,000 Deutsche Telekom International Finance
EMTN 4.75% 31/5/2016 138,582 0.60
€130,000 E.ON International Finance EMTN 5.75%
29/5/2009 134,515 0.59
€215,000 ING Bank EMTN 4.625% 15/3/2019 217,694 0.95
€50,000 ING Bank EMTN 5.875% 23/2/2011 53,285 0.23
€80,000 ING Verzekeringen 6.25% 21/6/2021 85,899 0.38
€175,000 Lanxess Finance 4.125% 21/6/2012 168,981 0.74
€100,000 LeasePlan 4.5% 8/11/2016 99,598 0.44
€170,000 Munich Re Finance 6.75% 21/6/2023 190,558 0.83
€100,000 Nuon Finance EMTN 4.125% 17/12/2014 98,521 0.43
€150,000 Red Electrica de Espana Finance EMTN
4.75% 18/9/2013 153,941 0.67
€55,000 Telefonica Europe EMTN 5.125% 14/2/2013 56,344 0.25
€90,000 ThyssenKrupp Finance Nederland 7%
19/3/2009 94,966 0.41
€155,000 Urenco Finance 3.375% 7/12/2010
___________
149,962
______
0.65
___________
2,428,548
______
10.59
Norway
€270,000 DnB NORBank 7.068% 19/11/2012
(Perpetual)
___________
303,761
______
1.32
Spain
€100,000 BBVA – Banco Bilbao Vizcaya Argentaria
4.5% 12/11/2015 100,700 0.44
€125,000 Pastor Participaciones Preferentes S.A
Unipersonal 4.564% 27/7/2010
(Perpetual) 118,494 0.52
€200,000 Telefonica Emisiones SAU EMTN 4.375%
2/2/2016
___________
192,906
______
0.84
___________
412,100
______
1.80
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (€) %
Sweden
€200,000 If P&C Insurance 7.5% 30/3/2021 221,960 0.97
€150,000 SKF 4.25% 13/12/2013 147,533 0.64
€50,000 Vattenfall Treasury EMTN 6.125%
21/9/2007
___________
50,733
______
0.22
___________
420,226
______
1.83
United Kingdom
DM300,000 AMP UK Finance Services EMTN
4.875% 27/11/2008 154,551 0.67
€230,000 Anglian Water Services Financing EMTN
4.625% 7/10/2013 233,025 1.01
€90,000 BAA EMTN 4.5% 30/9/2014 89,500 0.39
€100,000 Bank of Scotland EMTN 5.5% 27/7/2009 103,170 0.45
€50,000 Barclays Bank EMTN 4.5% 4/3/2019 50,422 0.22
€50,000 Barclays Bank EMTN 4.875% 31/3/2013 51,718 0.23
€470,000 Chester Asset Receivables Dealings
No 11 'A' 6.125% 15/10/2010 501,761 2.19
€65,000 EDF Energy EMTN 4.375% 15/12/2010 65,471 0.28
€100,000 Hammerson 4.875% 19/6/2015 100,016 0.44
€175,000 HBOS EMTN 4.5% 18/3/2030 169,266 0.74
€295,000 HSBC Holdings 3.625% 29/6/2020 278,866 1.22
€50,000 Legal & General Group EMTN 4%
8/6/2025 47,897 0.21
€250,000 Lehman Brothers UK Capital Funding II
3.875% 22/2/2011 (Perpetual) 242,854 1.06
€100,000 Lloyds TSB Bank 5.625% 15/7/2009
(Perpetual) 103,134 0.45
€210,000 Nationwide Building Society EMTN 3.125%
26/1/2010 203,715 0.89
£100,000 Next 5.875% 12/10/2016 147,165 0.64
€200,000 Old Mutual EMTN 5% 4/11/2015
(Perpetual) 196,097 0.85
€270,000 Prudential EMTN 5.75% 19/12/2021 286,065 1.25
€100,000 Rolls-Royce Group EMTN 4.5% 16/3/2011 100,732 0.44
€324,000 Royal Bank of Scotland EMTN 4.5%
28/1/2016 327,224 1.42
€150,000 Standard Chartered Bank EMTN 3.625%
3/2/2017 144,661 0.63
€80,000 Vodafone Group EMTN 5.125% 10/4/2015 81,484 0.36
€120,000 WPP Group 4.375% 5/12/2013
___________
118,132
______
0.51
___________
3,796,926
______
16.55
United States
€100,000 American Honda Finance EMTN 3.75%
16/3/2011 97,958 0.43
€100,000 Banca Popolare di Bergamo Capital Trust
8.364% 15/2/2011 (Perpetual) (Pref) 113,620 0.50
€250,000 Bank of America EMTN 4% 28/3/2018 245,171 1.07
€250,000 BNP Paribas Capital Trust IV 6.342%
24/1/2012 (Perpetual) 270,373 1.18
€160,000 Cargill EMTN 4.5% 29/9/2014 159,263 0.70
€500,000 Citibank Credit Card Issuance Trust 5.375%
11/4/2011 522,378 2.28
€120,000 Citigroup 3.875% 21/5/2010 119,107 0.52
€205,000 Citigroup 5% 2/8/2019 215,547 0.94
US$100,000 Comcast 6.5% 15/11/2035 76,651 0.33
US$100,000 DaimlerChrysler NA Holding 8.5%
18/1/2031 90,146 0.39
€150,000 Fortune Brands 3.5% 30/1/2009 147,312 0.64
€20,000 General Electric Capital EMTN 4.125%
19/9/2035 18,727 0.08
The notes on pages 213 to 219 form an integral part of these financial statements.
Audited Annual Report and Accounts 85