Portfolio Update

Merrill Lynch Latin Amer Inv. Trust
12 May 2006

MERRILL LYNCH LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 30 April 2006 and unaudited.

Performance at month end is calculated on a capital only basis

                                            One          Three              One           Three            Five
                                         Month         Months              Year           Years           Years
Sterling:
Net asset value                            1.6%           3.7%            66.8%          210.2%          121.8%
Share price                                2.4%          11.9%           103.8%          302.9%          184.0%
MSCI EM Latin American                     3.0%           4.1%            99.0%          240.5%          166.0%
US Dollars:
Net asset value                            6.4%           6.1%            58.8%          252.7%          181.8%
MSCI EM Latin American                     8.0%           6.4%            89.4%          287.3%          237.9%

Sources:  Merrill Lynch Investment Managers and Datastream.
At month end
Net asset value*:                                367.12p
Share price:                                     355.00p
Total assets:                                    £270.4m
Discount:                                           3.3%
Gearing:                                            0.0%
Net yield:                                          1.4%
Ordinary shares in issue:                        74,134,179
*includes 4 months net revenue equal to 2.34p


Geographical Regional Exposure                                                                         % of Total Assets
Brazil                                                                                                              63.3
Mexico                                                                                                              29.5
Chile                                                                                                                6.3
Colombia                                                                                                             1.0
Panama                                                                                                               0.5
Argentina                                                                                                            0.4
Net Current Liabilities                                                                                            (1.0)
                                                                                                                    ----
Total                                                                                                               77.3
                                                                                                                    ----




Ten Largest Equity Investments
Company                                                               Country of Risk
AmBev                                                                 Brazil
America Movil                                                         Mexico
Banco Bradesco                                                        Brazil
Cemex                                                                 Mexico
CVRD                                                                  Brazil
Grupo Televisa                                                        Mexico
Petroleo Brasileiro                                                   Brazil
Unibanco                                                              Brazil
Usinas                                                                Brazil
Walmart de Mexico (Walmex)                                            Mexico




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



Merrill Lynch Investment Managers took over the investment mandate from Foreign
& Colonial with effect from 31 March 2006.  Since taking over management of the
portfolio, the Manager has implemented the following changes.  The Company has
increased exposure in Mexico, reduced exposure in Chile, exited holdings in Peru
and Venezuela, and moved away from low-growth, higher yielding stocks,
increasing exposure to Brazilian consumer and material stocks.



April was a strong month for Latin American markets, with the MSCI Free Latin
America Index returning 8.0% over the month (in dollar terms).  Performance was
led by Brazil amongst the more liquid markets, and Argentina and Peru among the
lesser liquids.  The region benefited from dovish comments by the US Fed and a
continuation of strong performance by most commodities.



The Latin American region as a whole is expected to post high economic growth
rates, despite expectations of a slowing global economy.  A continuation of a
weak dollar and relatively high commodity prices bodes well for most economies
in the region.



In Brazil the easing cycle is in full swing, inflation is comfortably below the
Central Bank's goal for the year, valuations remain among the most attractive in
the world, and earnings growth continues to be revised up.  Recent polls for
July's presidential elections in Mexico point to a much more competitive race
than we had expected - a victory by the PAN candidate would be well received by
the market. Continued copper price strength is very positive for Chilean
economic growth and the long-term fiscal dynamics.




Latest information is available by typing www.mlim.co.uk/its on the internet,
'MLIMINDEX' on Reuters, 'MLIM' on Bloomberg or '8800' on Topic 3 (ICV terminal).



12 May 2006


                      This information is provided by RNS
            The company news service from the London Stock Exchange