Performance at Month End

Mercury Grosvenor Trust PLC
8 September 2000


MERCURY GROSVENOR TRUST plc
All information is at 31st August 2000 and unaudited.

Performance at month end with net income reinvested
                      Three     One     Three     Five
                      Months    year    years     years
Net asset value        10.5%    33.6%    75.0%    203.0%
Share price            29.3%    49.0%   107.6%    263.1%
FTSE All-Share Index    7.0%    11.6%    51.6%    118.2%

At month end
Net asset value:*              417.53p (31st July 2000: 411.41p)
Share price:                   380.00p
Discount:                         9.0%
Total assets:                  £108.3m
Net yield:                        2.1%
Gearing:                          0.0%
Value of debt:                     Nil
Ordinary shares in issue:   25,933,170
*Includes current year net revenue of 13p.

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                  21.4
Healthcare                        14.4
Pharmaceuticals                   10.0
Overseas Venture Funds             9.4
Distribution                       7.1
Property                           4.2
Electronics                        3.5
Paper, Packaging & Printing        3.0
Information Technology             2.5
Engineering                        2.1
Hotels & Leisure                   1.6
Cash/Fixed Interest               20.8
                                 -----
                                 100.0
                                 =====
Ten Largest Investments
Company                    % Portfolio   Sector
PII Group                         12.3   Support Services
Alizyme  *                        10.5   Pharmaceuticals
Tunstall Holdings                  7.1   Healthcare
Braitrim Holdings                  6.7   Support Services
Dechra Holdings                    6.0   Distribution
Greycoat Estates                   5.4   Property
Weston Presidio II                 4.6   Overseas Funds
Checkpoint Holdings                4.4   Electronics
Match Holdings                     3.1   Healthcare 
Unicorn Professional Services      3.0   Support Services
                                 -----
                                  63.1
                                 =====
*  Traded on the Alternative Investment Market

Sources: Merrill Lynch Investment Managers, Standard & Poor's Micropal
Latest information is available by typing www.mam.com/its on the internet,
'MAMINDEX' on Reuters, 'MAMI' on Bloomberg, or '8800' on Topic3 (ICV
terminal).