Portfolio Update

Merrill Lynch Greater Europe IT PLC
15 December 2005




MERRILL LYNCH GREATER EUROPE INVESTMENT TRUST plc

All information is at 30 November 2005 and unaudited.

Performance at month end with net income reinvested

                                             One                Three              One                Since launch
                                             Month              Months             Year               (20Sep04)
Net asset value                              5.7%               6.2%               30.5%              37.8%
Share price                                  6.0%               8.7%               36.4%              33.7%
FTSE World Europe ex UK                      4.8%               5.9%               23.8%              31.4%

Sources: Merrill Lynch Investment Managers and Datastream.


At month end
Net asset value:                        136.17p            Includes net revenue return of 0.07p
Share price:                            132.00p
Discount to NAV:                           3.1%
Gearing:                                   8.0%
Net yield:                                 1.2%
Total assets:                           £206.4m
Ordinary shares in issue:               140,414,347


Benchmark
Sector Analysis                        Total Assets (%)      Index (%) Country Analysis                 Total Assets (%)
Financials                                        38.3            32.3 Germany                                     19.2
Resources                                          9.9             7.2 France                                      15.7
Basic Industries                                   9.2             7.2 Switzerland                                 13.4
Non Cyclical Consumer Goods                        8.4            15.8 Italy                                        7.1
Utilities                                          7.4             6.8 Scandinavia                                  6.3
Cyclical Services                                  5.6             6.4 Russia                                       6.0
Capital Goods                                      4.7             6.0 Netherlands                                  5.5
Non Cyclical Services                              3.8             1.1 Sweden                                       5.0
Technology                                         3.5             4.9 Spain                                        4.1
Cyclical Consumer Goods                            2.8             5.1 Ireland                                      4.1
Telecoms                                           2.3             7.2 Israel                                       3.8
Other Investments                                  3.0               - Belgium                                      2.7
Net Current Assets                                 1.1               - Greece                                       2.5
                                                                       Poland                                       1.7
                                                                       Turkey                                       0.9
                                                                       Hungary                                      0.6
                                                                       Other Countries                              0.3
                                                                       Net Current Assets                           1.1
                                                 -----           -----                                             -----
                                                 100.0           100.0                                             100.0
                                                 -----           -----                                             -----


Ten Largest Equity Investments
Company                                                Country of Risk
Allianz                                                  Germany
AXA                                                      France
BBVA                                                     Spain
ING Groep                                                Netherlands
New Century Holdings Eagle LP                            Russian Federation
Novartis                                                 Switzerland
RWE                                                      Germany
Siemens                                                  Germany
Total                                                    France
Zurich Financial Services                                Switzerland




Commenting on the markets, James Macmillan, representing the Investment Manager
noted:



Following a bout of profit taking in October, European equity markets resumed
their upward trend in November, touching fresh 31/2 year highs. The FTSE World
Europe ex UK and MSCI Emerging Europe returned 4.8% and 10.7% in Sterling terms
respectively.  Investors were encouraged by the appointment of a credible new
Federal Reserve Bank chairman and indications that the pace of monetary policy
tightening in the US was likely to slow following the 300bp increase in the
Federal Funds rate during the last two years.  An expected 0.25% increase in the
European Central Bank's official interest rate in early December was generally
shrugged off as a non-event and European corporate earnings reported in recent
months were generally slightly ahead of forecasts, albeit with some
disappointments mainly in consumer related sectors.



The Company's NAV returned 5.7% during November outperforming the reference
index by 0.9%.  The contribution from the emerging Europe region was positive as
November saw a rebound across the region after October's sell off.  The use of
flexible gearing was also beneficial and the Company benefited from being
positively geared in a rising market.



The best performing stocks during the month were found mainly in the emerging
European portion of the fund.  The best performing stocks included Egis
Gyogyszergyar, Norilsk Nickel and, in Israel, Bank Hapoalim, Delek Group and
Ness Technologies. Other stocks which had a positive contribution to performance
were RWE and Unicredito Italian.  The stocks which detracted from performance
were car manufacturer Renault, drinks manufacturer Pernod Ricard, medical group
Fresenius, and dairy producer Parmalat.



During the month the Company increased its exposure to the insurance sector
through the purchase of shares in Zurich Financial Services and ING.  Other
transactions included establishing a new position in energy group ENI and
significantly adding to industrial conglomerate Siemens. These purchases were
mainly funded by selling a number of positions within the telecoms sector, which
included France Telecom, Telenor, Bouygues and Telekomunikacja Poland.



The Company continues to have a bias towards the financials, mainly through
banks but also diversified financials and insurance. Other key sector weights
include utilities and energy.  Exposure to Emerging Europe decreased slightly
during the month to finish at 13.0%. The Company ended the month with a net
market exposure of 108%.



During November business confidence in Continental Europe continued to rise
signalling that economic growth has picked up after the slowdown in the first
half of the year.  However, concerns still remain that the continued high oil
prices and a slowdown in the global economic growth level will impact profit
margins. The corporate sector is now in good shape after years of restructuring
(ongoing); companies have been focused on cost cutting and corporate efficiency
but are increasingly looking for suitable acquisition candidates now that
balance sheet strength has been regained. The third quarter results season has
seen strong earnings performance especially in the financial sector.




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).


15 December 2005




                      This information is provided by RNS
            The company news service from the London Stock Exchange