Portfolio Update

Merrill Lynch Latin Amer Inv. Trust
19 July 2006

MERRILL LYNCH LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 30 June 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                            4.5%        -12.0%             21.4%          163.7%           82.6%
Share price                                3.4%        -12.1%             49.5%          236.3%          139.8%
MSCI EM Latin American                     5.5%          -9.1%            46.6%          193.5%          126.3%
US Dollars:
Net asset value                            3.3%          -6.1%            25.2%          195.5%          138.6%
MSCI EM Latin American                     4.3%          -3.1%            51.2%          229.0%          197.6%

Sources:  Merrill Lynch Investment Managers and Datastream.
At month end
Net asset value*:                           318.23p
Share price:                                304.50p
Total assets:                               £185.7m
Discount:                                      4.3%
Gearing:                                       6.2%
Net yield:                                     1.7%
Ordinary shares in issue:                55,608,059

*includes 6 months net revenue equal to 3.72p




Geographical Regional Exposure                            % of Total Assets
Brazil                                                                 64.2
Mexico                                                                 30.0
Chile                                                                   4.6
Argentina                                                               0.6
Colombia                                                                0.6
Panama                                                                  0.6
Net Current Liabilities                                                (0.6)
                                                                      -----
Total                                                                 100.0
                                                                      -----




Ten Largest Equity Investments
Company                                                          Country of Risk
AmBev                                                                 Brazil
America Moviles                                                       Mexico
Banco Bradesco                                                        Brazil
Banco ITAU                                                            Brazil
Corporation GEO S.A. de C.V.                                          Mexico
CVRD                                                                  Brazil
Petroleo Brasileiro                                                   Brazil
Tenaris                                                               Mexico
Usiminas                                                              Brazil
Walmart de Mexico (Walmex)                                            Mexico




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



Market volatility continued throughout Emerging Markets during the month of
June, with returns being mostly negative for the first two weeks and returning
to positive in the last two days of the month following the US Federal Reserve
('FED') meeting in the US on June 29.  Latin American markets rallied strongly
in the last two days of the month, led by Brazil's market.



The Company underperformed its benchmark (the MSCI EM Latin American Index) by
approximately 1% during the month of June.  This underperformance was mainly due
to negative stock selection attribution in Mexico and Brazil (in order of
importance).  There were no stocks that accounted for a significant portion of
this underperformance.



Going forward, assuming that the market's reaction to the FED was correct and
that we are close to the end of their tightening cycle, we expect that market
fundamentals will once again drive performance.  In this instance, Brazil looks
very attractive in both a Latin American context as well as in a wider Global
Emerging Markets arena.  Brazilian valuations continue to be very compelling,
the Brazilian Central Bank has room to continue cutting local interest rates
given falling inflation, and the upcoming October presidential elections should
not represent a market moving event.  For all these reasons, Brazil is our
largest (and only) country overweight.  We have basically a neutral weight in
Mexico, where we find valuations to be close to fair following the July 2
presidential elections.









Latest information is available by typing www.mlim.co.uk/its on the internet,
'MLIMINDEX' on Reuters, 'MLIM' on Bloomberg or '8800' on Topic 3 (ICV terminal).



19 June 2006


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