Performance at Month End

Mercury Keystone Inv Trust PLC
8 November 2000


MERCURY KEYSTONE INVESTMENT TRUST plc
All information is at 31st October 2000 and unaudited

Performance at month end with net income reinvested
                        Three     One     Three       Five
                       months    year     years       years
Net asset value          1.3%    6.1%     33.5%       92.1%
Share price             -3.6%   -7.2%      9.5%       56.9%
FTSE All-Share Index     1.3%    8.5%     44.4%      104.6%

At month end
Net asset value*                1250.08p
Share price:                    1012.50p
Discount:                          19.0%
Total assets:                    £217.0m
Net yield:                          3.0%
Gearing:                           22.7%
Effective gearing:                 18.3%
Value of debt:                    £40.0m
Ordinary shares in issue:     14,175,562

*Includes current year net revenue.


UK Sectors                   % Portfolio
Non-Cyclical Services               24.1
Financials                          22.5
Resources                           17.8
Non-Cyclical Consumer Goods         11.0
Cyclical Services                   10.9
General Industrials                  4.0
Basic Industries                     3.7
Utilities                            2.7
Cash/Fixed Interest                  3.3
                                   _____
Total                              100.0

Ten Largest Equity Investments
Company                    % Investments

BP Amoco                             5.4
HSBC                                 5.3
Glaxo Wellcome                       4.2
Vodafone AirTouch                    4.1
British Telecom                      4.0
Pearson                              3.8
Shell Transport and Trading          3.5
Colt Telecom                         2.9
Lasmo                                2.8
British Sky Broadcasting             2.7

                                    ____
Total                               38.7

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).

7th November 2000