Portfolio Update

Merrill Lynch Latin Amer Inv. Trust
21 March 2007

MERRILL LYNCH LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 28 February 2007 and unaudited.

Performance at month end is calculated with net income reinvested
                                     One        Three          *Since            One          Three           Five
                                  Month       Months           launch           Year          Years          Years
Sterling:
Net asset value                   -2.7%          8.3%           10.5%          10.0%         140.7%         138.0%
Share price                       -2.8%          5.6%            9.8%          14.4%         200.2%         209.8%
MSCI EM Latin American            -2.8%          6.3%            8.7%           7.2%         167.5%         180.6%
US Dollars:
Net asset value                   -2.6%          7.9%           25.4%          23.1%         154.1%         229.8%
MSCI EM Latin American            -2.7%          5.9%           22.8%          19.9%         182.5%         288.8%

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*:                           394.55p
Share price:                                375.75p
Total assets:                               £188.2m
Discount:                                     -4.8%
Gearing:                                        Nil
Net yield:                                     1.3%
Ordinary shares in issue:                   47,789,753
includes 2 months net revenue equal to 0.85p.


Geographical Regional Exposure                                                                         % of Total Assets
Brazil                                                                                                              62.5
Mexico                                                                                                              28.2
Chile                                                                                                                6.6
Argentina                                                                                                            2.6
Panama                                                                                                               0.7
Colombia                                                                                                             0.2
Net current liabilities                                                                                            (0.8)
                                                                                                                   -----
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 Sider Minas Ger                                              Brazil
Walmart de Mexico (Walmex)                                            Mexico




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



Performance

For the month of February 2007, the Merrill Lynch Latin American Investment
Trust posted a 2.7% decline in its NAV and a 2.8% decline for its shares (all in
USD).  This was marginally better than the 2.8% decline posted by the Company's
benchmark, the MSCI EM Latin America Free Index.



The most significant decline in the Company's portfolio took place in the last
two days of the month when global markets suffered a significant correction -
the Company's net asset value fell 6.0% in the last two days of the month.  The
largest positive contributor to performance during the month was the Company's
overweight holding in the Brazilian steelmaker Usiminas, while the largest
detractor from performance was an overweight position in Banco Bradesco in
Brazil.



Transactions/Leverage

During February, we increased the Company's weightings slightly in Brazil,
mostly at the expense of Colombia.  We exited BanColombia due to our belief that
the valuation fully reflected the bank's upside.  Deploying those funds in
Brazil, we increased our weightings in steel and real estate development, and
rotated holdings within the wireline telco sector.  Gearing remained at 0%
during the month.



Positioning

The portfolio continues to be positioned to benefit from continued strength in
the Brazilian market and select sectors in Mexico.  Overall, the portfolio is
tilted towards growth in the various domestic economies.  In Brazil, we expect
interest rates to continue to fall, which along with low inflation and growing
income/employment should result in stronger domestic economic growth.  In Brazil
we are overweight several consumer related sectors, including retailers,
financials and real estate developers.  In Mexico, the portfolio's largest
position continues to be America Movil, a pan-regional play on profitable
wireless growth - the portfolio is also overweight in homebuilders and
retailers.  Retailers also represent an overweight in the Chilean portfolio,
along with overweights in airlines and financials, as we look to participate in
another year of over 5% GDP growth in Chile.





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).





21 March 2007


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