Performance at Month End

Merrill Lynch UK Inv Tst PLC
13 November 2001


MONTHLY PERFORMANCE

MERRILL LYNCH UK INVESTMENT TRUST plc

All information is at 31 October 2001 and unaudited.

Performance at month end with net income reinvested

                             One    Three        One          Three        Five
                           month   months       year          years       years

Net asset value             5.1%   -12.9%     -27.5%         -13.1%       17.2%

Share price                 8.5%   -14.8%     -20.6%         -22.7%        8.0%

FTSE All-Share Index        3.5%    -8.5%     -19.4%           3.7%       40.7%

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

At month end

Net asset value*                                         884.55p

Share price:                                             781.00p

Discount:                                                11.7%

Total assets:                                            £162.8m

Net Yield:                                               3.8%

Gearing:                                                 32.0%

Effective gearing:                                       30.9%

Value of debt:                                           £39.5m

Ordinary shares in issue:                                14,093,562


(There were no share repurchases during the month)
*Includes current year net revenue.

UK Sectors                                                          % Portfolio

Financials                                                                27.4

Cyclical Services                                                         20.7

Non-Cyclical Consumer Goods                                               17.2

Resources                                                                 14.3

Non-Cyclical Services                                                     13.0

Basic Industries                                                           3.0

General Industrials                                                        2.2

Information Technology                                                     1.6

Utilities                                                                  0.7

Cash & Fixed Interest                                                      0.8

Net current liabilities                                                   (0.9)

Total                                                                    100.0




Ten Largest Equity Investments

Company
                                                                  % Investments

BP Amoco                                                                    8.1

GlaxoSmithKline                                                             6.4

Vodafone                                                                    6.0

AstraZeneca                                                                 5.2

Barclays                                                                    5.2

British Telecom                                                             4.7

Royal Bank of Scotland                                                      4.7

HSBC                                                                        3.2

Shell Transport and Trading Co                                              2.6

Amersham                                                                    2.6

Total                                                                      48.7




Market commentary

UK Stockmarket Review

The FTSE All Share Index rose by 3.5%, driven higher by a recovery in cyclical
growth shares, as investors appeared to look through the poor near term
environment for the economy and earnings towards a recovery next year.

Fund Performance Review

The Net Asset Value (NAV) of Merrill Lynch UK Investment Trust plc
outperformed during September, rising by 5.1%.

We benefited from our choices within the media sector, with Granada recovering
strongly in light of the potential restructuring of ITV Digital (a project
which has historically been very cash intensive for these businesses). In
addition, BSkyB proved to be one of our strongest holdings in October, rising
in reaction to expectations that its subscriber base may benefit from the
resolution of ITV Digital's problems. Performance was also aided by our
exposure to the computer games industry through game publisher, Eidos, and
game retailer, Electronics Boutique, which both recovered after falling
sharply in September. We favour these shares because we expect consoles such
as Playstation 2 and Microsoft's new 'Xbox' to lead to new game releases. Our
underweight stance in Vodafone had a negative impact. However, we intend to
maintain this stance, in anticipation that British Telecom's efforts to
refocus on its core business will leave it well placed to outperform Vodafone
in 2002. In the transport sector, a profit warning from National Express
caused our holding in First Group to suffer. However, it recovered some of
this lost ground after the month end, when its own results met expectations.
In our view, the outlook for the UK economy remains relatively robust and,
although we believe that it is only prudent to remain cautious, we continue to
seek opportunities to increase cyclical exposure - in anticipation of an
economic upturn in 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).

13 November 2001