Performance At Month End

Mercury Keystone Inv Trust PLC
12 December 2000




MERCURY KEYSTONE INVESTMENT TRUST plc

All information is at 30th November 2000 and unaudited.

Performance at month end with net income reinvested
                        Three     One     Three       Five
                       months    year     years       years
Net asset value         -9.4%   -3.7%     27.7%       75.2%
Share price             -0.6%   -5.1%     17.6%       55.8%
FTSE All-Share Index    -7.8%   -2.5%     38.3%       89.4%

At month end
Net asset value*             1179.34p xd
Share price:                 1077.50p xd
Discount:                           8.6%
Total assets:                    £206.0m
Net yield:                          2.8%
Gearing:                           23.8%
Effective gearing:                 25.5%
Value of debt:                    £40.0m
Ordinary shares in issue:     14,093,562
(82,000 shares were repurchased during the month)
*Includes current year net revenue of 3.73p.


UK Sectors                   % Portfolio
Financials                          33.2
Non-Cyclical Services               17.1
Cyclical Services                   14.3
Non-Cyclical Consumer Goods         14.2 
Resources                           14.0
Utilities                            4.5
Information Technology               1.5
Basic Industries                     1.3
General Industrials                  1.3
Net current liabilities             (1.4)
                                   _____
Total                              100.0

Ten Largest Equity Investments
Company                    % Investments

AstraZeneca                          6.4
Vodafone AirTouch                    5.8
BP Amoco                             5.1
Glaxo Wellcome                       4.4
HSBC                                 4.3
British Telecom                      4.2
Royal Bank of Scotland               3.9
Lasmo                                3.4
Prudential                           3.0
Royal & Sun Alliance                 2.8
                                    ____
Total                               43.3

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).
12 December 2000