Merrill Lynch International Investment Funds Audited Annual Report ...

Asian Tiger Bond 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
Bermuda
US$1,850,000 AES China Generating 8.25%
26/6/2010
___________
1,851,108
______
2.06
British Virgin Islands
US$260,000 CLP Power Hong Kong Financing
EMTN 6.25% 8/5/2012 271,726 0.30
US$1,850,000 CNOOC Finance 2002 5.5% 21/5/2033 1,748,242 1.94
US$750,000 Cosco Pacific Finance 2003 5.875%
3/10/2013 759,243 0.84
US$1,625,000 Galaxy Entertainment Finance 9.875%
15/12/2012 1,746,251 1.94
US$1,100,000 Hutchison Whampoa International
01/11 7% 16/2/2011 1,167,689 1.30
US$1,000,000 JGSH Philippines 8% 18/1/2013 1,023,354 1.14
US$1,700,000 PCCW HKT Capital 8% 15/11/2011
___________
1,869,766
______
2.08
___________
8,586,271
______
9.54
Canada
US$2,000,000 Sino-Forest 9.125% 17/8/2011
___________
2,166,550
______
2.41
Cayman Islands
US$1,000,000 Chaoda Modern Agriculture 7.75%
8/2/2010 1,003,750 1.12
US$1,800,000 CKWH-UT2 9.125% 31/5/2012
(Perpetual) 2,057,866 2.29
US$850,000 CMHI Finance Caymans 5.375%
9/3/2015 834,465 0.93
US$500,000 Equus Cayman Finance 5.5%
12/9/2008 498,566 0.55
US$900,000 Hongkong Land Finance EMTN 5.5%
28/4/2014 898,081 1.00
US$2,850,000 Hutchison Whampoa International
03/13 6.5% 13/2/2013 2,989,995 3.32
US$3,000,000 Hutchison Whampoa International
03/33 6.25% 24/1/2014
___________
3,132,848
______
3.48
___________
11,415,571
______
12.69
Hong Kong
US$900,000 Bangkok Bank (Hong Kong) 9.025%
15/3/2029 1,146,817 1.28
US$875,000 Wing Hang Financial Holdings 5.25%
10/10/2013
___________
865,584
______
0.96
___________
2,012,401
______
2.24
India
US$525,000 Industrial Development Bank of India
4.75% 3/3/2009 513,648 0.57
US$750,000 Reliance Industries 10.375%
24/6/2016
___________
986,049
______
1.10
___________
1,499,697
______
1.67
Indonesia
US$225,000 Republic of Indonesia 7.5% 15/1/2016
___________
248,120
______
0.27
Malaysia
US$500,000 Malayan Banking 6.125% 6/7/2012 501,286 0.56
US$600,000 Malaysia Government International
Bond 8.75% 1/6/2009 647,016 0.72
US$1,000,000 MISC Capital 6.125% 1/7/2014 1,048,906 1.17
US$450,000 Petronas Capital 7% 22/5/2012 485,616 0.54
US$1,000,000 Petronas Capital '144A' 7% 22/5/2012 1,080,668 1.20
US$1,200,000 RHB Bank 6.625% 25/1/2013 1,206,745 1.34
US$1,250,000 Sarawak International 5.5% 3/8/2015 1,241,047 1.38
Transferable Securities Admitted to an Official Stock Exchange
Listing or Dealt in on Another Regulated Market
Holding Description Value (US$) %
US$500,000 TM Global 5.25% 22/9/2014 497,553 0.55
US$500,000 TNB Capital L 5.25% 5/5/2015
___________
488,263
______
0.54
___________
7,197,100
______
8.00
Mauritius
US$200,000 MEI Euro Finance 8.75% 22/5/2010 198,289 0.22
US$1,000,000 Tjiwi Kimia International Finance
FRN 28/4/2015
___________
165,000
______
0.18
___________
363,289
______
0.40
Netherlands
US$490,000 ALB Finance '144A' 9.25% 25/9/2013 486,938 0.54
US$475,000 Excelcomindo Finance 8% 27/1/2009 485,232 0.54
US$1,050,000 Indosat Finance 7.75% 5/11/2010 1,077,494 1.20
US$290,000 Kazkommerts International 8%
3/11/2015 289,376 0.32
US$100,000 Kazkommerts International 8.5%
16/4/2013 107,111 0.12
US$500,000 Paiton Energy Funding 9.34%
15/2/2014
___________
533,487
______
0.59
___________
2,979,638
______
3.31
Philippines
US$1,000,000 National Power FRN 23/8/2011 1,129,049 1.25
US$1,245,000 Philippine Long Distance Telephone
11.375% 15/5/2012 1,546,912 1.72
US$630,000 Philippine Long Distance Telephone
EMTN 8.35% 6/3/2017 723,892 0.80
US$1,100,000 Republic of Philippine 8.875%
17/3/2015 1,307,625 1.45
US$5,000,000 Republic of Philippine 9% 15/2/2013 5,800,000 6.45
US$1,950,000 Republic of Philippine 9.5% 2/2/2030 2,605,687 2.90
US$1,575,000 Republic of Philippine 9.875%
15/1/2019
___________
2,060,613
______
2.29
___________
15,173,778
______
16.86
Singapore
US$250,000 DBS Bank (Singapore) 7.125%
15/5/2011 268,235 0.30
US$500,000 DBS Bank (Singapore) 7.875%
10/8/2009 530,137 0.59
US$450,000 Oversea-Chinese Banking 7.75%
6/9/2011 495,447 0.55
US$2,600,000 Singapore Telecommunications
7.375% 1/12/2031 3,166,721 3.52
US$1,050,000 SP PowerAssets 5% 22/10/2013 1,034,393 1.15
US$1,050,000 United Overseas Bank 4.5% 2/7/2013
___________
999,403
______
1.11
___________
6,494,336
______
7.22
South Korea
US$1,000,000 Export-Import Bank of Korea
5.125% 16/3/2015 ‡ 980,786 1.09
US$1,600,000 Export-Import Bank of Korea
5.25% 10/2/2014 1,586,890 1.76
US$1,000,000 GS Caltex 5.5% 25/8/2014 994,056 1.10
US$1,000,000 GS Caltex 7.75% 25/7/2011 1,088,809 1.21
US$500,000 Hana Funding 8.748% 17/12/2012
(Perpetual) 565,422 0.63
US$750,000 Hanarotelecom 7% 1/2/2012 749,215 0.83
US$480,000 Industrial Bank of Korea 3.5%
11/6/2008 466,893 0.52
US$3,400,000 Korea Development Bank 5.75%
10/9/2013 ‡ 3,490,787 3.88
US$2,950,000 Republic of Korea 4.875% 22/9/2014 ‡ 2,868,045 3.19
US$1,000,000 Woori Bank 5.75% 13/3/2014
___________
1,005,081
______
1.12
___________
13,795,984
______
15.33
(‡) Securities given in guarantee, see Note 14 for further details.
62 Merrill Lynch International Investment Funds