Portfolio Update

MERRILL LYNCH LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 May 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                     12.4%       22.7%        35.6%         60.9%        236.9%        218.5%     
                                                                                                                 
Share price                         11.2%       24.7%        36.9%         61.2%        319.7%        294.8%     
                                                                                                                 
MSCI EM Latin American              11.8%       23.8%        34.6%         56.1%        262.8%        277.1%     
                                                                                                                 
US Dollars:                                                                                                      
                                                                                                                 
Net asset value                     11.2%       23.9%        54.6%         70.1%        263.5%        330.6%     
                                                                                                                 
MSCI EM Latin American              10.6%       25.0%        53.5%         65.0%        291.4%        409.7%     
                                                                                                                 
                                                                                                                 
                                                                                                                 
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*:                                              484.10p                  
                                                                                        
Share price:                                                   468.50p                  
                                                                                        
Total assets:                                                  £230.0m                  
                                                                                        
Discount:                                                         3.2%                  
                                                                                        
Gearing:                                                             -                  
                                                                                        
Net yield:                                                        1.0%                  
                                                                                        
Ordinary shares in issue:                                      47,789,753               
                                                                                        
*includes 5 months net revenue equal to 2.82p.                                           
                                                                                        
 

Geographical Regional Exposure                                         % of Total Assets
                                                                                        
Brazil                                                                              64.6
                                                                                        
Mexico                                                                              27.7
                                                                                        
Chile                                                                                5.9
                                                                                        
Argentina                                                                            2.4
                                                                                        
Panama                                                                               0.6
                                                                                        
Colombia                                                                             0.2
                                                                                        
Net current liabilities                                                            (1.4)
                                                                                        
                                                                                   -----
                                                                                        
Total                                                                              100.0
                                                                                   -----
                                                                                        

                                                                                         
Ten Largest Equity Investments (in alphabetical order)                                  
                                                                                        
Company                                                 Country of Risk                 
                                                                                        
AmBev                                                   Brazil                          
                                                                                        
America Movil                                           Mexico                          
                                                                                        
Banco Bradesco                                          Brazil                          
                                                                                        
CVRD                                                    Brazil                          
                                                                                        
Grupo Televisa                                          Mexico                          
                                                                                        
Petrobras                                               Brazil                          
                                                                                        
Tenaris                                                 Argentina                       
                                                                                        
Unibanco                                                Brazil                          
                                                                                        
Usiminas                                                Brazil                          
                                                                                        
Walmart de México (Walmex)                              Mexico                          
                                                                                        

Commenting on the markets, Will Landers, representing the Investment Manager   
noted:                                                                         
                                                                               
                                                                               
Performance                                                                    
                                                                               
For the month of May 2007, the Company's NAV rose by 11.2% while the share     
price increased by 10.1% (all in USD terms).  This compares with the 10.6%     
increase posted by the Company's benchmark, the MSCI EM Latin America Free     
Index.                                                                         
                                                                               
The outperformance during the month was due mainly to the Company's overweight 
position in the Brazilian market (strong attribution from overweight positions 
in Banco Bradesco, utility CESP and retailer Lojas Americanas) and an          
underweight position in the Chilean market (from the combination of being      
overweight utilities and underweight materials).  These were partially offset  
by the Company's underweight position in the Mexican market, where our two     
large underweights in Telmex and Cemex proved to be detractors from fund       
performance.                                                                   
                                                                               
Transactions/Gearing                                                           
                                                                               
During the month, the Company increased our overweight position in Brazil, (now
representing close to 65% of its assets), by reintroducing the airline sector  
and increasing our exposure to the financial sector and steels; we took some   
profits in the country's toll roads and homebuilders.  In Mexico, we began to  
close the Company's underweight holdings in Cemex by reducing exposure to other
companies in the sector, also increasing exposure to the financial sector.  We 
reduced the underweight position in Mexico slightly, with the country now      
representing almost 28% of assets.  We did not make significant changes to     
other countries' positions, and gearing remained at zero.                      
                                                                               
Positioning                                                                    
                                                                               
The Company continues to be positioned to benefit from the combination of a    
continuation of the current commodity cycle as well as domestic growth         
throughout the region.  Brazil continues to be our main focus.  The country is 
closer to achieving investment grade status, the Central Bank has picked up the
level of interest rate easing with the recent 50 bps cut to 12%, credit growth 
continues to be strong, and corporate earnings growth are comfortably forecast 
to be in the double digits for this year and next.  In Mexico, valuations are a
bit stretched and the consumer sector is starting to show strains from the US  
economic slow down.  However, President Calderon continues to have some success
in congress, and strong oil prices continue to provide a boost to the federal  
budget and overall infrastructure spending.  Chile's move to increase the      
amount pension funds can hold in foreign assets may provide some relief from   
the country's high level of equity valuations.  The economy continues to rank  
among the fastest growers in the region, and we continue to explore ways to    
increase our exposure to the country.                                          
                                                                               
                                                                               
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).                                                                     
                                                                               
20 June 2007