Portfolio Update

Merrill Lynch Latin Amer Inv. Trust
21 February 2007

MERRILL LYNCH LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 January 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                     2.2%        15.4%           13.6%          16.0%         155.3%         155.7%
Share price                         0.7%        14.9%           13.0%          23.4%         211.5%         228.4%
MSCI EM Latin American              1.7%        12.2%           11.8%          12.9%         182.8%         198.4%
US Dollars:
Net asset value                     2.2%        18.4%           28.2%          27.8%         174.5%         254.2%
MSCI EM Latin American              1.7%        15.2%           26.2%          24.4%         204.1%         313.2%

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*:                           408.99p
Share price:                                390.00p
Total assets:                               £193.2m
Discount:                                      4.6%
Gearing:                                       0.0%
Net yield:                                     1.3%
Ordinary shares in issue:                47,789,753
includes 13 months net revenue equal to 4.84p (after interim dividend paid of 1.31p (2.5 cents)).


Geographical Regional Exposure                           % of Total Assets
Brazil                                                                62.3
Mexico                                                                28.6
Chile                                                                  6.4
Argentina                                                              2.6
Colombia                                                               0.7
Panama                                                                 0.7
Net current liabilities                                              (1.3)
                                                                     -----
Total                                                                100.0
                                                                     -----




Ten Largest Equity Investments (in alphabetical order)
Company                                                               Country of Risk
AmBev                                                                 Brazil
America Movil                                                         Mexico
Banco Bradesco                                                        Brazil
Corporation Geo                                                       Mexico
CVRD                                                                  Brazil
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 January 2007, the Merrill Lynch Latin American Investment Trust
posted a 2.2% increase in its NAV and a 0.7% appreciation for its shares (all in
USD).  This compared favorably with the 1.7% return posted by the Trust's
benchmark, the MSCI EM Latin America Free Index.



The approximate 50 basis points outperformance during the first month of the
year was derived mostly from positive stock selection in Brazil and Mexico.  The
Company's overweight holding in CVRD was the largest contributor to positive
performance, followed by several mid- and small-cap names in Brazil and Chile.
This was partially offset by negative stock selection in Mexico, where the
Company's overweight position in Cementos Moctezuma and underweight stake in
Telmex were the largest detractors from performance.



Transactions/Leverage

During January, we rotated stocks between countries, but did not make
significant changes to country weights.  In Brazil, we increased the Company's
exposure to the homebuilding, cable TV, steel and mining sectors, while reducing
our exposure to healthcare, utilities, ethanol and wireline telecommunications.
In Mexico, we increased the Company's position in America Movil and Televisa
while reducing exposure slightly to homebuilders and beverages.  We also took
some profits in Colombia due to concerns regarding BanColombia's results.
Leverage 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
Mexico, the Company's largest position continues to be a pan-regional play on
profitable wireless growth via America Movil - we are also overweight
homebuilders and retailers.  Retailers also represent an overweight position in
the Company's Chilean portfolio, along with airlines and financials, as we look
to participate in another year of over 5% GDP growth in Chile.  We are
underweight in materials and energy, but have an overweight position in CVRD and
are neutral on Brazilian steels (via Usiminas, where we are overweight at the
stock level).  Overall, we remain positive on the prospect for Latin American
markets in 2007 given a stable macro environment, benign global risk appetite,
strong earnings growth and attractive valuations relative to the other global
markets.





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 February 2007


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