Performance at Month End

Mercury Grosvenor Trust PLC
9 October 2000


MERCURY GROSVENOR TRUST plc
All information is at 29th September 2000 and unaudited.

Performance at month end with net income reinvested
                       Three      One     Three       Five
                      Months     year     years      years
Net asset value          4.5%    38.6%     81.8%     195.8%
Share price             22.1%    48.4%    108.2%     238.7%
FTSE All-Share Index     0.6%     9.5%     32.6%     101.3%

At month end
Net asset value:*               427.18p
Share price:                    372.50p
Discount:                         12.8%
Total assets:                   £110.8m
Net yield:                         2.2%
Gearing:                           0.0%
Value of debt:                      Nil
Ordinary shares in issue:    25,933,170

*Includes current year net revenue of 14p.

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 2000.

UK Sector                    % Portfolio

Support Services                    21.8
Healthcare                          14.0
Pharmaceuticals                     10.4
Overseas Venture Funds               9.0
Property                             4.1
Electronics                          3.4
Paper, Packaging & Printing          2.9
Distribution                         2.4
Information Technology               2.4
Engineering                          2.1
Hotels & Leisure                     1.5
Cash/Fixed Interest                 26.0
                                   _____
                                   100.0
                                   
Ten Largest Investments
Company                      % Portfolio            Sector

PII Group                            9.5       Support Services
Alizyme  *                           7.7       Pharmaceuticals
Tunstall Holdings                    5.5       Healthcare
Braitrim Holdings                    5.2       Support Services
Greycoat Estates                     4.1       Property
Weston Presidio II                   3.5       Overseas Funds
Bottomline Technologies              3.4       Electronics
Match Holdings                       2.3       Healthcare 
Bertram Group Holdings               2.3       Distribution 
Unicorn Professional Services        2.3       Support Services
                                    ____
                                    45.8
                              
*  Traded on the Alternative Investment Market

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

Latest information is available by typing www.mlim.co.uk on the internet,
'MLIMINDEX' on Reuters and 'MLIM' on Bloomberg or '8800' on Topic3 (ICV
terminal).

9th October 2000.