Performance at Month End

Mercury Keystone Inv Trust PLC
6 October 2000


MERCURY KEYSTONE INVESTMENT TRUST plc
All information is at 29th September 2000 and unaudited.

Performance at month end with net income reinvested
                       Three      One     Three        Five
                      months     year     years       years
Net asset value         -3.1%     4.1%     22.9%       88.9%
Share price             -1.5%    -4.3%      7.5%       64.7%
FTSE All-Share Index     0.6%     9.5%     32.6%      101.3%

At month end
Net asset value*                1219.13p
Share price:                    1044.00p
Discount:                          14.4%
Total assets:                    £212.6m
Net yield:                          2.9%
Gearing:                           23.2%
Effective gearing:                 20.0%
Value of debt:                    £40.0m
Ordinary shares in issue:     14,175,562

*Includes current year net revenue.


UK Sectors                   % Portfolio
Non-Cyclical Services               23.7
Financials                          22.8
Resources                           17.7
Non-Cyclical Consumer Goods         11.4
Cyclical Services                   11.2
General Industrials                  3.9
Basic Industries                     3.7
Utilities                            3.2
Cash/Fixed Interest                  2.4
                                   _____
Total                              100.0

Ten Largest Equity Investments
Company                    % Investments

BP Amoco                             5.6
HSBC                                 5.2
Glaxo Wellcome                       4.4
Pearson                              3.9
Vodafone AirTouch                    3.7
British Telecom                      3.6
Shell Transport and Trading          3.5
Mercury Grosvenor Trust              3.0
British Sky Broadcasting             2.9       
Colt Telecom                         2.6
                                    ____
Total                               38.4

Sources: Merrill Lynch Investment Managers, Standard & Poor's Micropal
Latest information is available by typing www.mlim.co.uk on the internet,
'MLIMINDEX' on Reuters, 'MLIM' on Bloomberg or '8800' on Topic 3 (ICV
terminal).