Performance at Month End

Mercury Grosvenor Trust PLC
10 April 2000


All information is at 31st March 2000 and unaudited
Performance at month end with net income reinvested

                           Three     One       Three     Five
                           Months    year      years     years
Net asset value             6.6%     37.1%     60.5%     172.7%
Share price                 6.6%     42.5%     64.6%     197.0%
FTSE All-Share Index       -3.4%     10.0%     60.6%     134.6%
At month end
Net asset value: 377.99p includes current year net income of 9.67p.
NAV figures quoted are before the deduction of the final dividend for 1999 of
8.0p per share.
Share price:             308.00p     Discount:            18.5%
Total assets:            £98.02m     Net yield:            2.6%
Gearing:                    0.0%     Value of debt:         Nil
Number of shares in issue: 25,933,170
The NAV is recalculated monthly with respect to cash, cash equivalents and
quoted investments in the portfolio.
Unquoted investments were last revalued at 31st December 1999

UK Sector                            % Portfolio
Support Services                            26.1
Health                                      12.4
Overseas Venture Funds                       8.3
Pharmaceuticals                              8.0
Property                                     4.3
Distribution                                 3.6
Electronics                                  3.3
Media                                        3.0
Paper, Packaging & Printing                  2.8
Engineering                                  1.4
Hotels & Leisure                             1.0
Telecom                                      0.5
Cash/Fixed Interest                         25.3
                                           -----
                                           100.0
                                           =====
Ten Largest Investments
Company                              % Portfolio      Sector

PII                                         10.8      Support Services
Tunstall                                     7.0      Health
Alizyme *                                    6.9      Pharmaceuticals
Braitrim                                     6.5      Support Services
Greycoat Estates                             4.3      Property 
Dechra Holdings                              3.6      Support Services
Weston Presidio II                           3.0      Overseas Funds
Match                                        2.7      Support Services
Unicorn                                      2.6      Support Services
Bertram Group Holdings                       2.6      Media
                                           -----
                                            50.0
                                           =====

* Traded on the Alternative Investment Market

Sources: Standard & Poor's Micropal
Latest information is available by typing 'MAMINDEX' on Reuters, 'MAMI' on
Bloomberg, or '8800' on Topic3 (ICV terminal).
10th April 2000.