Month End Performance

Mercury Grosvenor Trust PLC
9 November 1999


All information is at 29th October 1999 and unaudited
Performance at month end with net income reinvested

                        Three     One             Three      Five
                       Months     year            years     years
Net asset value          1.5%    15.9%            56.9%    146.9%
Share price              1.0%    25.6%            57.6%    111.9%
FTSE All-Share Index    -0.1%    18.8%            61.2%    120.5%
At month end
Net asset value: 318.31p includes current yr net income of 7.60p
Share price:     258.00p Discount:                         18.9%
Total assets:    £82.55m Net yield:                         1.9%
Gearing:           0.0%  Value of debt:                     Nil
The NAV is recalculated monthly with respect to cash, cash equivalents and
quoted investments in the portfolio.
Unquoted investments were last revalued at 30th June 1999
UK Sector                    % Portfolio
Support Services                    22.8
Health                              15.1
Brewers, Pubs & Restaurants         10.4
Property                             9.8
Overseas Venture Funds               7.4
Distribution                         4.8
Pharmaceuticals                      4.8
Transport                            4.7
Media                                3.6
Engineering                          1.9
Electronics                          1.5
Paper, Packaging & Printing          1.3
Telecom                              1.1
Hotels & Leisure                     1.0
Cash/Fixed Interest                  9.8
                                   -----
                                   100.0
Ten Largest Investments
Company                   % Portfolio      Sector

Luminar+                      10.4         Brewers, Pubs &
                                           Restaurants
G2 Estates                     9.8         Property
Priory Healthcare              6.1         Health
Braitrim                       5.9         Support Services
PII                            5.2         Support Services
Cityflyer Express              4.7         Transport
Biocompatibles                 4.5         Health
Dechra Holdings                4.5         Distribution
Weston Presidio                3.9         Funds 
Patientline Holdings           3.5         Support Services
                              ----
                              58.5
                              ====

+  Listed on The London Stock Exchange

Sources: Mercury Asset Management Ltd, Micropal
Latest information is available by typing 'MAMINDEX' on Reuters, 'MAMI' on
Bloomberg, or '8800' on Topic3 (ICV terminal).
9th November 1999.