Merrill Lynch International Investment Funds Audited Annual Report ...

Asian Tiger 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 (US$) %
Thailand
US$600,000 Kasikornbank 8.25% 21/8/2016 697,554 0.78
US$250,000 PTT 5.75% 1/8/2014
___________
255,294
______
0.28
___________
952,848
______
1.06
US$900,000
United States
Freeport-McMoRan Copper & Gold
6.875% 1/2/2014
___________
925,875
______
1.02
Vietnam
US$250,000 Socialist Republic of Vietnam 3.75/4%
12/3/2028 (step-up coupon) 215,824 0.24
US$1,650,000 Socialist Republic of Vietnam 6.875%
15/1/2016
___________
1,780,640
______
1.98
___________
1,996,464
______
2.22
Total Transferable Securities Admitted
to an Official Stock Exchange Listing or
Dealt in on Another Regulated Market
___________
77,659,030
______
86.30
Unquoted Securities
Holding Description Value (US$) %
BONDS
British Virgin Islands
US$300,000 PCCW Capital No 2 6%
15/7/2013
___________
302,628
______
0.34
IDR12,000,000,000
Indonesia
Surabaya Agung Industri
Pulp & Kertas 0% 9/12/1997
___________
0
______
0.00
Malaysia
US$1,250,000 Tenaga Nasional 7.5% 1/11/2025
___________
1,482,971
______
1.65
Total Unquoted Securities
___________
1,785,599
______
1.99
Total Portfolio 79,444,629 88.29
Other Net Assets
___________
10,541,412
______
11.71
Total Net Assets (US$)
___________
89,986,041
______
100.00
Open Forward Foreign Exchange Transactions
as at 31 December 2006
Purchases
Sales Value date
Unrealised
profit/(loss)
US$
THB48,596,730 US$1,327,054 10/1/2007 42,851
SGD3,875,006 US$2,501,664 10/1/2007 27,411
¥149,002,305 €1,005,000 11/1/2007 (70,257)
PHP81,856,000 US$1,633,200 11/1/2007 36,534
¥447,789,001 €3,020,000 11/1/2007 (210,776)
€3,965,000 ¥593,292,497 11/1/2007 231,381
US$2,168,911 MYR7,730,000 12/1/2007 (22,433)
CNY46,704,400 US$5,992,353 12/1/2007 (7,424)
PHP63,535,000 US$1,277,599 12/1/2007 18,375
THB47,325,000 US$1,341,792 12/1/2007 (7,739)
TWD107,984,000 US$3,262,357 12/1/2007 54,246
US$2,547,037 MYR9,070,000 12/1/2007 (24,178)
IDR23,946,000,000 US$2,600,000 12/1/2007 59,826
KRW2,948,640,000 US$3,183,797 12/1/2007 (11,240)
MYR20,435,100 US$5,610,843 12/1/2007 182,216
PHP61,800,000 US$1,232,549 12/1/2007 28,036
US$1,619,310 TWD53,000,000 12/1/2007 (8,524)
US$1,000,000 CNY7,820,000 12/1/2007 (2,093)
US$1,000,000 MYR3,638,000 12/1/2007
_______
(31,321)
Net unrealised profit
_______
284,891
Open Futures Contracts as at 31 December 2006
Number
Expiration Value
of Contracts
Contract/Description
date US$
16 US Treasury 10 Year Note March 2007
_________
1,721,500
Total commitment
_________
1,721,500
Note: The net unrealised loss of US$19,946 attributed to this transaction is included in the
Statement of Net Assets (see Note 2c).
Call Options Purchased as at 31 December 2006
Par Value
Subject
to Call
US$
Issuer
Unrealised
loss
US$
23,050 OTC EUR/JPY Put Option
strike price €148
expiring on 7/2/2007
___________
(18,647)
______
61
Total Purchased Call Options
___________
(18,647)
______
61
Note: Purchased Call Options are included in the Statement of Net Assets (see Note 2c).
Value
US$
Note: The net unrealised profit attributed to these transactions is included in the Statement of
Net Assets (see Note 2c).
Swap as at 31 December 2006
Nominal
Value
Description
Unrealised
profit
US$
US$3,000,000
Credit Default Swaps (Citigroup)
(Fund sells default protection on
Republic of Indonesia 6.75% 10/3/2014;
and receives Fixed 1.63%) (20/3//2011) 73,728
_______
Note: The net unrealised profit attributed to this transaction is included in the Statement of Net Assets (see Note 2c).
The notes on pages 213 to 219 form an integral part of these financial statements.
Audited Annual Report and Accounts 63