Portfolio Update

Merrill Lynch Latin Amer Inv. Trust
23 November 2006

MERRILL LYNCH LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 October 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                            6.1%           8.9%            27.2%          142.2%          184.7%
Share price                                6.1%          10.0%            38.3%          206.6%          271.7%
MSCI EM Latin American                     5.6%           7.5%            28.5%          172.4%          222.1%
US Dollars:
Net asset value                            7.8%          11.2%            37.1%          172.2%          273.5%
MSCI EM Latin American                     7.8%           9.8%            38.5%          206.2%          322.4%

Sources:  BlackRock Merrill Lynch Investment Managers, Standard & Poor's
Micropal.
At month end
Net asset value*:                           354.55p
Share price:                                339.50p
Total assets:                               £178.3m
Discount:                                      4.2%
Gearing:                                       6.3%
Net yield:                                     1.5%
Ordinary shares in issue:                   47,789,753**
includes 10 months net revenue equal to 3.41p (after interim dividend paid of 1.31p (2.5 cents)).
** 7,818,306 shares repurchased following tender offer on 2 October 2006.


Geographical Regional Exposure                                                                         % of Total Assets
Brazil                                                                                                              62.7
Mexico                                                                                                              27.7
Chile                                                                                                                5.1
Argentina                                                                                                            3.7
Panama                                                                                                               0.7
Colombia                                                                                                             0.6
Net current liabilities                                                                                            (0.5)
                                                                                                                   -----
Total                                                                                                              100.0
                                                                                                                   -----




Ten Largest Equity Investments (in alphabetical order)
Company                                                               Country of Risk
AmBev                                                                 Brazil
America Movil                                                         Mexico
Banco Bradesco                                                        Brazil
CVRD                                                                  Mexico
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 October 2006, the Company posted a 7.8% increase in its NAV and
a 7.8% appreciation for its shares (all in USD).  The NAV's performance was in
line with the 7.8% increase for its benchmark, the MSCI EM Latin America Free
Index



During the month, the Company benefited from its overweight position among small
/mid-cap stocks in Brazil and Mexico (such as Localiza Rent a Car, Cyrela Brazil
Realty and Homex) and underweight positions among large cap stocks Petrobras and
Eletrobras in Brazil and Telmex and Cemex in Mexico.  Detractors to performance
included the Company's overweight position in Brazilian airline TAM and the
pan-regional beverage producer AmBev.



Transactions/Leverage

During the month, approximately 2% of the portfolio we shifted from Mexico into
Brazil, increasing the overweight position in the Brazilian market and bringing
Mexico to a slight underweight.  At the stock level, the Company participated in
four Brazilian IPOs (food company M Dias, pharmaceutical distributor Profarma,
electricity transco Terna and homebuilder Klabin Segall) and brought CVRD back
to an overweight position for the first time in several months given that the
Manager believes iron ore price negotiations will once again surprise on the
upside.  These purchases were funded by reducing exposure to Cemex (partly due
to its increased exposure to the US homebuilding market given a recent
acquisition announcement), Walmex and America Movil (taking profits, but
remaining overweight).  In addition, the Company decreased exposure in Brazil by
reducing its holding in Brazilian airline TAM and selling out of AES Tiete
(taking profits as Terna's combination of growth with an attractive dividend is
considered more appealing).  The Company maintained an approximate 5% margin
position through the month.



Positioning

At the end of the month, the Company continued with a large overweight in
Brazil, Argentina at roughly a neutral position (due to Tenaris) and various
degrees of underweights in the other countries.  With elections out of the way,
we expect the stable macro scenario in Brazil, with further interest rate cuts
expected along with relatively cheap valuations, to serve as drivers for a
continued re-rating of Brazilian equities.  Mexican equities are trading ahead
of historical averages, and we expect earnings growth to slow down given the
slow down in US economic activity and its expected impact on the Mexican economy
in 2007.  Chilean valuations remain challenging, with our continued focus on the
retailing sector.  Remaining markets continue to offer a reduced number of
investment opportunities due to lack of liquidity and more demanding valuation
parameters.









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'MLIMINDEX' on Reuters, 'MLIM' on Bloomberg or '8800' on Topic 3 (ICV terminal).



23 November 2006


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