Portfolio Update

Merrill Lynch Latin Amer Inv. Trust
13 June 2006

MERRILL LYNCH LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 May 2006 and unaudited.

Performance at month end is calculated with net income reinvested since the
manager took over on 31 March 2006.
                                            One          Three              One           Three            Five
                                         Month         Months              Year           Years           Years
Sterling:
Net asset value                          -17.1%        -16.1%             23.4%          156.5%           74.8%
Share price                              -17.0%        -11.5%             52.8%          221.5%          132.2%
MSCI EM Latin American                   -16.4%        -15.0%             48.0%          183.1%          114.5%
US Dollars:
Net asset value                          -14.6%        -10.4%             26.7%          192.9%          130.2%
MSCI EM Latin American                   -13.9%          -9.2%            52.0%          223.3%          182.5%

Sources:  Merrill Lynch Investment Managers and Datastream.
At month end
Net asset value*:                           304.51p
Share price:                                294.50p
Total assets:                               £178.4m
Discount:                                      3.3%
Gearing:                                       6.4%
Net yield:                                     1.7%
Ordinary shares in issue**:                 55,608,059
*includes 5 months net revenue equal to 2.89p

**18,526,120 shares were cancelled on 15 May 2006 following the implementation of the Tender Offer on 8 May 2006.


Geographical Regional Exposure                                                                         % of Total Assets
Brazil                                                                                                              62.6
Mexico                                                                                                              32.2
Chile                                                                                                                4.9
Colombia                                                                                                             0.7
Panama                                                                                                               0.7
Argentina                                                                                                            0.6
Net Current Liabilities                                                                                            (1.7)
                                                                                                                   -----
Total                                                                                                              100.0
                                                                                                                   -----




Ten Largest Equity Investments
Company                                                               Country of Risk
AmBev                                                                 Brazil
America Moviles                                                       Mexico
Banco Bradesco                                                        Brazil
Banco ITAU                                                            Brazil
Cemex                                                                 Mexico
Corporation Geo                                                       Mexico
CVRD                                                                  Brazil
Petroleo Brasileiro                                                   Brazil
Usiminas                                                              Brazil
Walmart de Mexico (Walmex)                                            Mexico




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



During the highly volatile month of May 2006, the Company's NAV slightly
underperformed its benchmark.  The market correction which started on 10 May was
caused mostly by external factors, including concerns regarding interest rate
hikes in the US, the EU and Japan.



Latin America's fundamentals remained intact, leading us to introduce a small
amount of gearing to the portfolio in the middle of the month.   The recent
market correction has returned valuations to attractive levels, especially in
Brazil where we have the largest position in the portfolio.  Despite global
volatility, Brazil's Central Bank cut rates by 50 basis points at the end of the
month, and in their minutes indicated their willingness and expectation to
reduce rates further provided that the data remained as is.  Our neutral
position in Mexico reflects our concerns with market reaction to the 2 July
presidential election, while our small position in other countries reflects both
unattractive valuations and, in certain cases, unattractive macro and micro
stories.





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13 June 2006


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