Performance at Month End

Merrill Lynch UK Inv Tst PLC
10 July 2001


MONTHLY PERFORMANCE

MERRILL LYNCH UK INVESTMENT TRUST plc

All information is at 29 June 2001 and unaudited.

Performance at month end with net income reinvested

                             One    Three        One          Three        Five
                           month   months       year          years       years

Net asset value            -4.4%     1.5%     -13.9%          -4.7%       47.8%

Share price                -4.3%     2.0%      -5.1%         -11.8%       38.8%

FTSE All-Share Index       -2.8%     1.2%      -7.8%           6.8%       67.8%


 Sources: Merrill Lynch Investment Managers, Standard & Poor's Micropal

At month end

Net asset value*                                         1056.64p

Share price:                                             977.50p

Discount:                                                7.5%

Total assets:                                            £187.7m

Net Yield:                                               3.1%

Gearing:                                                 26.6%

Effective gearing:                                       24.5%

Value of debt:                                           £40.0m

Ordinary shares in issue:                                14,093,562

(There were no share repurchases during the month)

*Includes current year net revenue of 4.90p

UK Sectors                                                          % Portfolio

Cyclical Services                                                          26.2

Financials                                                                 22.8

Non-Cyclical Consumer Goods                                                14.3

Resources                                                                  12.1

Non-Cyclical Services                                                      10.6

Basic Industries                                                            5.5

General Industrials                                                         3.1

Utilities                                                                   3.0

Information Technology                                                      0.8

Net current assets                                                          1.6


Total                                                                     100.0




Ten Largest Equity Investments
Company
                                                                  % Investments

GlaxoSmithKline                                                             6.5

BP Amoco                                                                    6.4

Barclays                                                                    5.5

AstraZeneca                                                                 4.9

Royal Bank of Scotland                                                      4.5

Vodafone                                                                    4.0

HSBC                                                                        3.2

Shell Transport and Trading Co                                              2.9

British Telecom                                                             2.6

Royal and Sun Alliance                                                      2.2


Total                                                                      42.7




 Update commentary

The Trust's net asset value (NAV) underperformed the FTSE All Share Index
(-2.8%), falling by 4.4% during June 2001. The UK stockmarket sold-off
somewhat in what proved to be a poor month for stockmarkets globally.

We benefited from remaining significantly underweight in IT hardware and
software shares, which continued to suffer in the face of an increasing number
of high profile negative earnings announcements from the likes of Marconi in
the UK, but also by a number of firms in both Europe and the US. Although we
were underweight overall, our position in Parthus Technologies adversely
affected relative performance. Within the telecoms sector, holdings in the
alternative telecoms carriers, Energis and Telewest, fell sharply. However,
this was partially offset by the positive relative contribution made by our
underweight position in Vodafone.

Because we believe that the outlook for consumer demand in the UK is
relatively robust, we maintained our emphasis on construction companies (such
as Hanson and Balfour Beatty) and general retailers (including Boots). This
strategy made a positive contribution to performance. In addition, our
holdings in typically defensive sectors such as food & drug retailers
(Safeway) and Insurance (Royal & Sun Alliance) had a positive impact on the
Trust during June.

Our emphasis on media shares as early beneficiaries of the cyclical upturn
adversely affected performance in June, with holdings such as Chrysalis and
Granada suffering. However, Hit Entertainment rallied, offsetting the impact
of these negative performances to some extent. In our view, nervousness about
the near term outlook for spending on advertising continues to provide some
buying opportunities within the media sector. We expect to continue to
emphasise this area of the stockmarket.

Although economic news remains mixed, we believe that the risk of protracted
global recession is receding. However, we intend to remain underweight in
technology shares in particular, as any recovery in capital expenditure here
is likely to lag the general cyclical upturn which we expect to see signs of
towards the end of this year and into early 2002.



Latest information is available by typing www.mlim.co.uk/its on the internet,
'MLIMINDEX' on Reuters, 'MLIM' on Bloomberg or '8800' on Topic 3 (ICV
terminal).

10 July 2001