Portfolio Update

Merrill Lynch Latin Amer Inv. Trust
23 April 2007


MERRILL LYNCH LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 March 2007 and unaudited.

Performance at month end is calculated with net income reinvested

                                            One          Three             *One           Three            Five
                                         Month         Months              Year           Years           Years
Sterling:
Net asset value                            6.5%           5.8%            17.7%          152.6%          141.8%
Share price                                8.6%           6.2%            19.3%          231.7%          207.6%
MSCI EM Latin American                     7.1%           5.8%            16.3%          179.6%          189.0%
US Dollars:
Net asset value                            6.6%           6.0%            33.0%          169.6%          229.7%
MSCI EM Latin American                     7.1%           6.1%            31.6%          198.4%          298.1%

Sources:  BlackRock MLIM, Standard & Poor's Micropal.

*31 March 2006 - Date which BlackRock MLIM took over the investment management
of the Company.
At month end
Net asset value*:                           420.15p
Share price:                                408.00p
Total assets:                               £200.2m
Discount:                                      2.9%
Gearing:                                        Nil
Net yield:                                     1.1%
Ordinary shares in issue:                   47,789,753
includes 3 months net revenue equal to 1.28p.


Geographical Regional Exposure                                % of Total Assets
Brazil                                                           62.3
Mexico                                                           27.9
Chile                                                            6.1
Argentina                                                        2.9
Panama                                                           0.6
Colombia                                                         0.2
                                                                 -----
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 Mexico (Walmex)                                            Mexico




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



Performance

For the month of March 2007, the Company posted a 6.6% appreciation in its NAV
while the shares appreciated 8.7% (all in USD terms).  This compares with the
7.1% increase posted by the Trust's benchmark, the MSCI EM Latin America Free
Index.



The slight underperformance during the month was mostly the result of negative
stock selection in Brazil, the Company's largest country overweight.  Our
underweight positions in Petrobras and CSN, along with zero weight in Telmex and
Banorte in Mexico, accounted for the majority of our underperformance.  Still,
overall performance recovered along with the markets following the late February
/early March market correction, and the Company benefited from its underweight
position in Mexican cement producer Cemex and its overweight in Brazilian steel
maker Usiminas.



Transactions/Gearing

During the month, we increased our weighting in the Brazilian real estate
sector, added a Brazilian beef producer and started a position in the Mexican
airport sector.  We also increased our position in Tenaris in Argentina as we
expect the company to post good results in 2007, with strong momentum into 2008.
  These were mostly funded via profit taking in Femsa in Mexico and by exiting
the airline sector in Brazil.  Gearing remained at nil percent during the month.



Positioning

The portfolio continues to be positioned to benefit from Latin America's
attractive valuation levels compared to other Emerging Markets and superior
earnings growth.  Increasingly we see the domestic growth theme becoming more
evident, and with it the re-emergence of Latin America's middle class,
especially in Brazil and Mexico.

After years if not decades of hyperinflation, the macro stability experienced
over the past four years is allowing for an improvement in employment and wages
- lower interest rates are allowing for higher credit availability - and in
combination this is resulting in faster domestic economic growth.  The Company
is positioned with large overweights in sectors such as consumer, financials and
industrials, with selective overweights in some materials stocks.





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).





23 April 2007


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