Month End Performance

MERCURY GROSVENOR TRUST PLC
7 October 1999



MERCURY GROSVENOR TRUST plc
All information is at 30th September 1999 and unaudited
Performance at month end with net income reinvested
                       Three     One       Three     Five
                      months     year      years     years
Net asset value          0.7%    13.4%     54.2%    146.3%
Share price              6.0%    17.7%     56.2%    111.9%
FTSE All-Share Index    -3.0%    24.2%     58.7%    119.5%
At month end
Net asset value: 314.84p includes current yr net income of 6.85p
Share price:     258.00p Discount:                         18.1%
Total assets:    £81.65m 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                    22.6
Health                              14.0
Brewers, Pubs & Restaurants         11.0
Property                             9.9
Overseas Venture Fund                7.0
Distribution                         4.8
Transport                            4.7
Pharmaceuticals                      4.7
Media                                3.6
Hotels & Leisure                     2.2
Engineering                          1.9
Electronics                          1.4
Paper, Packaging & Printing          1.3
Telecom                              1.1
Cash/Fixed Interest                  9.8
                                   -----
                                   100.0
Ten Largest Investments
Company                   % Portfolio      Sector

Luminar+                      11.0         Brewers, Pubs &
                                           Restaurants
G2 Estates                     9.9         Property
Priory Healthcare              6.1         Health 
Braitrim                       5.9         Support Services 
PII                            5.3         Support Services
Cityflyer Express              4.7         Transport
Dechra Holdings                4.5         Distribution
Western Presidio               3.5         Health
Biocompatibles+                3.2         Health
Match Holdings                 3.2         Support Services
                             -----
                              57.3
                              ====

+  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).
7th October 1999.