Performance at Month End

Mercury Keystone Inv Trust PLC
4 August 2000


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

Performance at month end with net income reinvested
                        Three      One     Three        Five
                       months     year     years       years
Net asset value         -2.0%    -0.1%     35.6%       98.9%
Share price              9.6%    -8.0%     19.0%       66.1%
FTSE All-Share Index     2.4%     7.0%     43.5%      107.6%

At month end
Net asset value*                1234.15p
Share price:                    1050.00p
Discount:                          14.9%
Total assets:                    £214.7m
Net yield:                          2.9%
Gearing:                           22.7%
Effective gearing:                 20.2%
Value of debt:                    £40.0m
Ordinary shares in issue:     14,175,562
(75,000 shares were repurchased and cancelled during the month)
* Includes current year net revenue of 8p after an interim dividend
payment of 10p.

UK Sectors                   % Portfolio
Non-Cyclical Services               24.5
Financials                          21.0
Resources                           16.8
Cyclical Services                   13.1
Non-Cyclical Consumer Goods         11.0
General Industrials                  5.9
Utilities                            3.0
Basic Industries                     2.4
Cash/Fixed Interest                  2.3
                                   _____
Total                              100.0

Ten Largest Equity Investments
Company                    % Investments

BP Amoco                             5.4
HSBC                                 4.8
Vodafone AirTouch                    4.2
Glaxo Wellcome                       4.1
Shell Transport and Trading          3.3
Pearson                              3.2
British Telecom                      3.1
British Sky Broadcasting             3.0
Mercury Grosvenor Trust              2.8
Cable & Wireless                     2.8
                                    ____
Total                               36.7

Sources: Mercury, Standard & Poor's Micropal
Latest information is available by typing www.mam.com/its on the
internet, 'MAMINDEX' on Reuters, 'MAMI' on Bloomberg or '8800' on
Topic 3 (ICV terminal).
4th August 2000