Portfolio Update

Merrill Lynch Greater Europe IT PLC
16 April 2007

MERRILL LYNCH GREATER EUROPE INVESTMENT TRUST plc

All information is at 31 March 2007 and unaudited.

Performance at month end with net income reinvested

                                             One                Three              One                Since launch
                                             Month              Months             Year               (20Sep04)
Net asset value                              2.8%               3.5%               9.6%               82.9%
Share price                                  2.5%               4.2%               10.2%              76.4%
FTSE World Europe ex UK                      3.7%               4.2%               12.4%              72.0%

Sources: BlackRock and Datastream.

At month end
Net asset value:                        178.55p            Includes net revenue of 0.37p
Share price:                            172.00p
Discount to NAV:                           3.7%
Gearing:                                   5.7%
Net yield:                                 1.2%
Total assets:                           £235.0m
Ordinary shares in issue:               124,729,045


Benchmark
Sector Analysis                         Total Assets         Index Country Analysis                         Total Assets
                                                 (%)           (%)                                                   (%)
Financials                                     36.3           33.6 Germany                                         20.2
Healthcare                                     12.3            6.7 France                                          15.4
Industrials                                    11.6           12.0 Switzerland                                     11.9
Oil & Gas                                       9.4            5.9 Italy                                            7.9
Basic Materials                                 8.9            5.7 Russia                                           7.9
Consumer Goods                                  4.6           13.1 Spain                                            7.6
Utilities                                       4.4            7.3 Ireland                                          4.9
Consumer Services                               4.1            5.4 Netherlands                                      4.2
Telecommunications                              4.1            6.1 Turkey                                           3.2
Other Investments                               3.0              - Finland                                          2.5
Technology                                      1.8            4.2 Greece                                           2.3
Net current liabilities                        (0.5)             - Israel                                           2.1
                                                                   Belgium                                          1.9
                                                                   Sweden                                           1.8
                                                                   Denmark                                          1.7
                                                                   Norway                                           1.6
                                                                   Poland                                           1.1
                                                                   UK                                               1.0
                                                                   Cyprus                                           0.8
                                                                   Austria                                          0.5
                                                                   Net current liabilities                         (0.5)
                                              -----          -----                                                 -----
                                              100.0          100.0                                                 100.0
                                              -----          -----                                                 -----


Ten Largest Equity Investments
Company                                                                    Country of Risk
Allianz                                                                    Germany
AXA                                                                        France
Banco Santander                                                            Spain
BBVA                                                                       Spain
BlackRock Eurasian Frontiers Fund                                          Russia
Credit Suisse                                                              Switzerland
Novartis                                                                   Switzerland
Roche Holdings                                                             Switzerland
Societe Generale                                                           France
Telefonica                                                                 Spain




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

European equities delivered above average returns in a global context during March and recovered almost all the losses
incurred at the end of the February sell-off.  The FTSE World Europe ex UK Index (net) returned 3.7%.  Performance in
Emerging Europe was also strong especially in the second half of the month and the MSCI Emerging Europe Index returned
5.5%.  M&A activity continued to be a major driver of market performance with high profile activity across a range of
sectors, and the oil price rose significantly in the last week of March on the back of geopolitical risk.

The Company's NAV returned 2.8% during February, underperforming the reference index by 0.9%.  The contribution from the
Emerging Europe region was helpful with Poland and Turkey having a positive contribution to performance.  The use of
flexible gearing was beneficial in a rising market.

During the month the Company benefited from stock selection in selected holdings in the utility, chemical, energy and
steel sectors; individual stocks included power utility EDF, pharmaceutical group Bayer, Neste Oil, and Novolipetsk
Steel.

The main detractor to the Company's performance relative to its reference benchmark was not owning stocks which rose
significantly on M&A activity and restructuring speculation.  Such stocks included car manufacturers Daimler Chrysler
and Volkswagen, bank ABN Amro and chemical group Akzo Nobel.  Other stocks to have a negative contribution to
performance were selected holdings in banking, insurance and construction.

During the month the Company increased its exposure to the material and technology sectors through the purchase of
holdings in chemical group Akzo Nobel and handset manufacturer Nokia.  This was partially funded by reducing exposure to
investment banks and pharmaceuticals through the sale of shares in UBS and Altana.

The Company continues to have a bias towards financials, through banks and diversified financials, along with
pharmaceuticals, materials and energy.  Exposure to Emerging Europe increased during the month to finish at 14.3%, with
key country exposures being Turkey, Russia and the BlackRock Eurasian Frontiers Hedge Fund.  During the month the
Company reduced its net market exposure to 105.7%.

We remain positive on the prospects for European and emerging European equities.  Despite recent market volatility the
latest evidence appears to suggest that the Global economy remains in reasonable health with a slight tempering of
growth rather than the emergence of a recession or a serious slowdown.  Companies have generally reported good Q4
results, with decent earnings growth and record profits and this has been driven by a pick up in domestic consumer
demand as well as robust global export demand.  We believe a combination of cheaply available finance, strong earnings
and attractive valuations should allow the market to make progress against what may be a more challenging international
backdrop.


Latest 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).





16 April 2007








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