Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC
All information is at 31 July 2015 and unaudited.
Performance at month end with net income reinvested
	One			Three		One		Three				Five	^^Since
	month			months		year		years				years	31.03.06
	%			%		%		%				%	%
Sterling:
Net asset value^	-6.1			-13.6		-24.1		-25.5				-35.6	28.6
Share price	-6.7			-16.4		-27.8		-29.8				-39.9	18.1
MSCI EM Latin America	-7.6			-15.2		-24.6		-28.9				-33.5	37.3
US Dollars:
Net asset value^	-6.8			-12.3		-29.9		-25.8				-35.8	15.9
Share price	-7.4			-15.1		-33.3		-30.0				-40.1	6.3
MSCI EM Latin America	-8.3			-13.9		-30.3		-29.2				-33.7	23.5
^cum income ^^Date which BlackRock took over the investment management of the Company. Sources: BlackRock, Standard & Poor’s Micropal
At month end
Net asset value – capital only:									363.86p
Net asset value – cum income:									372.98p
Share price:									322.00p
Total Assets#:									£146.9m
Discount (share price to cum income NAV):									13.7%
Average discount* over the month – cum income:									11.3%
Net cash at month end**:									2.4%
Gearing range (as a % of net assets):									0-25%
Net yield##:									6.0%
Ordinary shares in issue***:									39,369,620
Ongoing charges****:									1.2%
#Total assets include current year revenue. ## calculated using total dividends declared in the last 12 months as at the date of this announcement as a percentage of month end share price. *The discount is calculated using the cum income NAV (expressed in sterling terms). **Net cash/net gearing is calculated using debt at par, less cash and cash equivalents and fixed interest investments as a percentage of net assets. ***Excluding 2,071,662 shares held in treasury. **** Calculated as a percentage of average net assets and using expenses, excluding performance fees and interest costs for the year ended 31 December 2014.
Geographic Exposure
		% of Total Assets			% of Equity Portfolio *						MSCI EM Latin American Index
Brazil		47.0			48.3						50.7
Mexico		38.7			39.8						33.6
Peru		6.7			6.9						2.8
Chile		3.6			3.7						8.9
Colombia		1.3			1.3						4.0
Net current assets (inc.Fixed interest)		2.7			0.0						0.0
		-----			-----						-----
Total		100.0			100.0						100.0
		-----			-----						-----
*excluding net current assets & fixed interest
Sector			% of Total Assets				% of Benchmark
Materials			15.9				13.0
Consumer Discretionary			6.2				7.0
Consumer Staples			22.3				21.9
Financials			31.6				28.4
Health Care			1.3				0.4
Industrials			5.7				6.4
Information Technology			2.6				2.4
Energy			2.7				7.2
Telecommunication Services			6.3				7.8
Utilities			2.7				5.5
Fixed Income			1.2				0.0
Net current assets			1.5				0.0
			-----				-----
Total			100.0				100.0
			-----				-----

Ten Largest Equity Investments (in percentage order)
Company	Country of Risk	% of Equity Portfolio		% of Benchmark
Itau Unibanco	Brazil	6.8		5.1
Banco Bradesco	Brazil	5.7		5.0
AmBev	Brazil	5.6		5.2
Femsa	Mexico	5.2		3.2
Cemex SAB	Mexico	4.9		2.1
BRF	Brazil	4.1		2.6
Walmart de Mexico	Mexico	3.9		2.5
America Movil	Mexico	3.9		6.1
BB Seguridade Participacoes	Brazil	3.8		1.3
Credicorp	Peru	3.8		1.7
Commenting on the markets, Will Landers, representing the Investment Manager noted;
Performance
For the month of July 2015, the BlackRock Latin American Investment Trust posted a 6.1% decrease in its NAV and the shares fell by 6.7% while the Trust’s benchmark, the MSCI EM Latin America Free Index, declined by 7.6%.  (all in sterling) Positive contributions to performance stemmed primarily from stock selection in Brazil.  A larger than benchmark exposure to Mexico also contributed positively as Mexico outperformed in July despite negative returns.  At the stock level, a lack of exposure to Petrobras benefited the portfolio as the energy sector led losses on the back of lower oil prices.  Weighing on performance was our lower than benchmark exposure to  Chile as the country benefited from President Bachelet’s moderating tone on market-unfriendly reforms.  Peruvian gold/copper miner Buenaventura weighed on returns as the stock suffered along with the fall in commodity prices.
Transactions/Leverage
During July we reduced exposure to Brazil given the difficult environment where increased political and economic turmoil continues to add pressure to existing market weakness.   At the stock level within Brazil we reduced BB Seguridade and Cielo and exited Cosan and Kroton.  However, we increased exposure to Telefonica Brasil given ­­­­­­­­­­­­­increased expectations for synergy gains from the GVT acquisition.  Net cash was approximately 2.4% at the end of July.
Positioning
The portfolio continues to be defensively positioned, with overweight positions in Mexico and Peru and underweight positions in Brazil, Chile and Colombia.  Mexico continues to show signs of a gradual improvement in its domestic economy while its export sector continues to thrive.  The main concern for Mexico is the recent retrenchment in oil prices and the impact on this year’s oil field auctions and next year’s budget.  Brazil continues to post weakening economic activity, causing tax revenues to be weaker than forecast by the government and forcing a significant reduction in the fiscal adjustment plan announced earlier in the year.  This caused major rating agencies to move Brazil to negative watch and the Brazilian currency to weaken to recent lows vs. the USD.  In the Andean region, we continue to favour Peru over Chile and Colombia.
12 August 2015
ENDS
Latest information is available by typing www.blackrock.co.uk/brla on the internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV terminal).  Neither the contents of the Manager’s website nor the contents of any website accessible from hyperlinks on the Manager’s website (or any other website) is incorporated into, or forms part of, this announcement.