Portfolio Update

MERRILL LYNCH LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 July 2007 and unaudited.

Performance at month end is calculated with net income reinvested

                                       One      Three       *Since           One         Three          Five     
                                    Month     Months      31.03.06          Year         Years         Years     
                                                                                                                 
Sterling:                                                                                                        
                                                                                                                 
Net asset value                       0.9%      14.2%        37.7%         52.2%        200.6%        423.0%     
                                                                                                                 
Share price                           2.1%      13.3%        39.6%         56.0%        284.7%        501.8%     
                                                                                                                 
MSCI EM Latin American                0.2%      13.5%        36.5%         47.2%        240.3%        458.3%     
                                                                                                                 
US Dollars:                                                                                                      
                                                                                                                 
Net asset value                       2.2%      16.0%        61.3%         65.7%        235.9%        380.2%     
                                                                                                                 
MSCI EM Latin American                1.4%      15.3%        59.9%         60.2%        280.3%        626.2%     
                                                                                                                 
                                                                                                                 
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 - capital only:             488.44p
                                                   
Net asset value - cum income:               491.50p
                                                   
Share price:                                477.50p
                                                   
Total assets:                               £233.4m
                                                   
Discount:                                      2.3%
                                                   
Gearing:                                          -
                                                   
Net yield:                                     1.0%
                                                   
Ordinary shares in issue:                47,789,753
                                                   

Geographical Regional Exposure                                            % Total Assets
                                                                                        
Brazil                                                                              68.3
                                                                                        
Mexico                                                                              24.5
                                                                                        
Chile                                                                                5.7
                                                                                        
Argentina                                                                            1.3
                                                                                        
Colombia                                                                             0.8
                                                                                        
Panama                                                                               0.5
                                                                                        
Net current liabilities                                                            (1.1)
                                                                                        
                                                                                   -----
                                                                                        
Total                                                                              100.0
                                                                                   -----
                                                                                        
                                                                                     
Ten Largest Equity Investments (in alphabetical order)                                  
                                                                                        
Company                                                   Country of Risk               
                                                                                        
All America Latina Logistica                              Brazil                        
                                                                                        
AmBev Cia De Bebidas                                      Brazil                        
                                                                                        
America Movil                                             Mexico                        
                                                                                        
Banco Bradesco                                            Brazil                        
                                                                                        
Banco Itau Holdings                                       Brazil                        
                                                                                        
Cia Vale do Rio Doce                                      Brazil                        
                                                                                        
Grupo Televisa                                            Mexico                        
                                                                                        
Petroleo Brasileiro                                       Brazil                        
                                                                                        
Unibanco Uniao Bco                                        Brazil                        
                                                                                        
Usiminas                                                  Brazil                        
                                                                                        

Commenting on the markets, Will Landers, representing the Investment Manager   
noted:                                                                         
 
                                                                              
Performance                                                                    

For the month of July 2007, the Merrill Lynch Latin American Investment Trust  
posted a 2.2% appreciation in its NAV while the share price increased by 3.4%  
(all in US dollar terms).  This compares with the 1.4% increase posted by the  
Company's benchmark, the MSCI EM Latin America Free Index.                     
                                                                           
The strong performance during the month was mainly due to the result of the    
Company's overweight position in Brazil, and to a lesser extent its underweight
position in Mexico; the Peruvian underweight was the largest detractor from    
performance.  At the stock level, the top three contributors were the Company's
underweight position in Mexican cement producer Cemex and overweight holdings  
in Brazilian homebuilders, Banco Bradesco and steel producer Usiminas.  The    
largest detractor from performance was the underweight position in Petrobras.  
                                                                               
Transactions/Gearing                                                           
                                                                               
During the month, we augmented the Company's overweight position in Brazil     
slightly, increasing the portfolio's exposure to homebuilders, financials and  
steel, funded by the partial sale of Petrobras.  Brazil now represents         
approximately 68% of assets, a more than overweight position relative to the   
Company's benchmark.   The Brazil increase was mostly funded by reducing the   
Company's Mexican holdings, where we decreased consumer-related stocks given   
concerns regarding Mexican domestic growth.  We also increased the Company's   
underweight position in Cemex given concerns regarding the US housing sector.  
Finally, we increased the portfolio's weighting in Colombia, adding the        
country's leading retailer Exito to the portfolio.  We did not make significant
changes to other countries' positions, and gearing remained at zero.           
                                                                               
Positioning                                                                    
                                                                               
As previously mentioned, the Company continues to be positioned with a large   
overweight in Brazil and underweights in virtually every other market in the   
Latin American region.  Brazil offers the combination of a stable and improving
macro picture (low inflation, falling interest rates, strengthening currency,  
and low debt levels), strong earnings growth and attractive bottom up valuation
levels.  In Brazil, we are investing in both the domestic growth story as well 
as being overweight in materials via iron ore and steel, given our positive    
views for both markets.  In Mexico, the combination of slower economic growth  
and valuations at the high end of emerging markets leads us to being           
underweight in the region.  The potential for fiscal reform before the year-end
also adds to concerns as it would negatively impact many Mexican corporations  
during the transition period.  Chile remains an underweight due to the         
combination of expensive valuations, potential for local pension funds to      
allocate more to foreign markets, and a slight slow down in economic growth.   
Overall, we remain positive on the outlook for Latin America and expect that   
the region should remain robust in this period of market volatility.           
                                                                               
                                                                               
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).                                                                     
                                                                               
15 August 2007