Portfolio Update

MERRILL LYNCH LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 30 June 2007 and unaudited.

Performance at month end is calculated with net income reinvested

                                           One      Three      *Since          One        Three         Five    
                                        Month     Months       launch         Year        Years        Years    
                                                                                                                
Sterling:                                                                                                       
                                                                                                                
Net asset value (undiluted)               0.6%      15.9%       36.4%        54.9%       213.7%       300.5%    
                                                                                                                
Net asset value (undiluted)               0.6%      15.9%       36.4%        54.9%       248.1%       334.2%    
                                                                                                                
Share price                             -0.2%       14.6%       36.7%        55.5%       304.1%       448.0%    
                                                                                                                
MSCI EM Latin American                    1.3%      17.1%       36.3%        49.9%       251.4%       359.8%    
                                                                                                                
US Dollars:                                                                                                     
                                                                                                                
Net asset value (undiluted)               2.0%      18.6%       57.8%        68.1%       247.1%       396.8%    
                                                                                                                
Net asset value (undiluted)               2.0%      18.6%       57.8%        68.1%       285.2%       438.1%    
                                                                                                                
MSCI EM Latin American                    2.7%      19.8%       57.6%        62.6%       288.8%       505.2%    
                                                                                                                
                                                                                                                
                                                                                                                
Sources:  BlackRock MLIM, Standard & Poor's Micropal.                                                           
                                                                                                                
*Date which BlackRock MLIM took over the investment management of the Company.                                  
                                                                                                                

 

At month end                                                                            
                                                                                        
Net asset value*:                                              487.04p                  
                                                                                        
Share price:                                                   467.50p                  
                                                                                        
Total assets:                                                  £231.4m                  
                                                                                        
Discount:                                                         4.0%                  
                                                                                        
Gearing:                                                             -                  
                                                                                        
Net yield:                                                        1.0%                  
                                                                                        
Ordinary shares in issue:                                      47,789,753               
                                                                                        
includes 6 months net revenue equal to 2.82p.                                           
                                                                                        

 

Geographical Regional Exposure                                         % of Total Assets
                                                                                        
Brazil                                                                              65.2
                                                                                        
Mexico                                                                              27.2
                                                                                        
Chile                                                                                5.9
                                                                                        
Argentina                                                                            1.4
                                                                                        
Panama                                                                               0.7
                                                                                        
Colombia                                                                             0.2
                                                                                        
Net current liabilities                                                            (0.6)
                                                                                        
                                                                                   -----
                                                                                        
Total                                                                              100.0
                                                                                   -----
                                                                                        

 

                                                                                        
Ten Largest Equity Investments (in alphabetical order)                                  
                                                                                        
Company                                                   Country of Risk               
                                                                                        
All America Latina Logistica                              Brazil                        
                                                                                        
AmBev                                                     Brazil                        
                                                                                        
America Movil                                             Mexico                        
                                                                                        
Banco Bradesco                                            Brazil                        
                                                                                        
Cemex                                                     Mexico                        
                                                                                        
CVRD                                                      Brazil                        
                                                                                        
Grupo Televisa                                            Mexico                        
                                                                                        
Petrobras                                                 Brazil                        
                                                                                        
Unibanco                                                  Brazil                        
                                                                                        
Usiminas                                                  Brazil                        
                                                                                        

 

 

Commenting on the markets, Will Landers, representing the Investment Manager   
noted:                                                                         
                                                                               
                                                                               
                                                                               
Performance                                                                    
                                                                               
For the month of June 2007, the Merrill Lynch Latin American Investment Trust  
posted a 2.0% appreciation in its NAV while the shares appreciated 1.2% (all in
USD terms).  This compares with the 2.7% increase posted by the Company's      
benchmark, the MSCI EM Latin America Free Index.                               
                                                                               
                                                                               
                                                                               
The underperformance during the month stemmed mostly from the Company's        
underweight position in Petrobrás - the stock rallied along with oil prices    
despite our expectations of weak operating results in the second quarter.  On  
the positive side, we saw a partial reversal in the strong performance from    
Telmex and Cemex posted earlier in the year, two stocks where we maintain      
underweight positions.  Many of the Company's small cap holdings in Brazil     
appeared among our top ten performers for the month.                           
                                                                               
                                                                               
                                                                               
Transactions/Gearing                                                           
                                                                               
During the month, we increased our overweight position in Brazil slightly, now 
representing just over 65% of the Company's assets (1000 basis points          
overweight), increasing our exposure to the utilities and logistics sectors,   
partially funded via profit-taking in toll roads and financial services.  In   
Mexico, we continued to close our underweight position in Cemex by reducing    
exposure to other companies in the sector and reducing our exposure to the     
consumer sector.  Mexico represents just over 27% of assets currently,         
approximately 200 basis points below the benchmark weight.  No significant     
changes were made to other countries' positions, and gearing remained at zero. 
                                                                               
                                                                               
                                                                               
Positioning                                                                    
                                                                               
Consistent with our positioning for most of the year, we continue to be        
positioned to benefit from domestic growth throughout the region,  especially  
in Brazil where inflation remains under control, allowing the Banco Central to 
speed up its pace of interest rate easing.  We are also overweight in the      
Brazilian mining sector as we continue to see positive pricing for iron ore and
nickel for the foreseeable future.  In Mexico, we have reduced our consumer    
exposure given the ongoing slow down caused by the US economic slowdown.       
However, we believe this slowdown will be short-lived, and the potential for   
fiscal reform should provide the market with a further lift.  Finally,         
valuations continue to climb in Chile, making an expensive market even less    
attractive.                                                                    
                                                                               
                                                                               
                                                                               
Latest information is available by typing www.blackrock.co.uk/its on the       
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).                                                                     
                                                                               
24 July 2007