Portfolio Update

Merrill Lynch Latin Amer Inv. Trust
15 December 2006



MERRILL LYNCH LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 30 November 2006 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                            3.6%          12.4%            18.5%          143.0%          164.4%
Share price                                5.7%          13.8%            31.6%          214.6%          247.0%
MSCI EM Latin American                     2.6%          11.2%            19.2%          173.2%          205.6%
US Dollars:
Net asset value                            6.9%          16.2%            34.7%          177.9%          264.7%
MSCI EM Latin American                     5.8%          15.0%            35.5%          212.5%          321.6%

Sources:  BlackRock Merrill Lynch Investment Managers, Standard & Poor's
Micropal.
At month end
Net asset value*:                           367.36p
Share price:                                359.00p
Total assets:                               £183.8m
Discount:                                      2.3%
Gearing:                                       5.9%
Net yield:                                     1.4%
Ordinary shares in issue:                   47,789,753
includes 11 months net revenue equal to 3.97p (after interim dividend paid of 1.31p (2.5 cents)).


Geographical Regional Exposure                                % of Total Assets
Brazil                                                                     62.2
Mexico                                                                     27.4
Chile                                                                       5.4
Argentina                                                                   4.1
Panama                                                                      0.7
Colombia                                                                    0.6
Net current liabilities                                                    (0.4)
                                                                           -----
Total                                                                      100.0
                                                                           -----




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




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



Performance

For the month of November 2006, the Merrill Lynch Latin America Investment Trust
posted a 6.9% increase in its NAV and a 6.9% appreciation for its shares (all in
USD).  This compared favourably with the 5.8% return posted by the Company's
benchmark, the MSCI EM Latin America Free Index.



During the month, the Company benefited from positive stock selection across the
entire region.  Notable overweights included global oil services provider
Tenaris in Argentina, retailer La Polar in Chile, industrial WEG in Brazil and
car insurer Porto Seguro in Brazil.  In addition, the Company benefited from
being zero-weighted Telmex in Mexico and CSN in Brazil, as well as being
underweight Banco Itau in Brazil.  Negative attribution stemmed from being
overweight homebuilders Geo in Mexico and Cyrela in Brazil as well as being
underweight CVRD in Brazil.



Transactions

In a relatively quiet month of trading, we increased the Company's exposure to
Brazil slightly, adding to positions in Banco Bradesco, CVRD and Petrobras,
partially funding those purchases by reducing exposure to the Brazilian airline
and utility sectors.  We also increased exposure to the Mexican consumer, adding
to the Company's holdings in Femsa and introducing retailer Grupo Famsa to the
portfolio.  We took some profits from Kimberly Clark Mexico and reduced the
Company's exposure to Cemex due to concerns regarding the performance of their
US operations during a US homebuilder slowdown.



Positioning

Entering the last month of 2006, Brazil continues to be the largest country
overweight in the portfolio, representing approximately 60% of the Company's
investments.  Brazil continues to offer the unique combination of
country-specific top-down drivers (especially in the interest rate front as the
Central Bank is expected to continue cutting rates in 2007 after 650 bps of cuts
in the past 15 months) with attractive valuation parameters (both relative to
itself as well as to other Emerging Markets).  Mexico and Chile both continue to
be underweighted due to valuation concerns, but the Company's underweight
position in Chile is at its lowest level given positive expectations for
economic growth.  Other markets remain under watch, with stock specific
investments present in the Company.  Overall, as we get close to finishing the
fourth year of outperformance by Latin American markets, we still find Latin
America in an attractive position to perform well in 2007 under a scenario of
stable economic activity, cheap equities relative to fixed income and
sustainable earnings growth.





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 December 2006


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