Performance at Month End

Mercury Grosvenor Trust PLC
12 December 2000




MERCURY GROSVENOR TRUST plc

All information is at 30th November 2000 and unaudited.

Performance at month end with net income reinvested
                       Three      One      Three       Five
                      Months     year      years      years
Net asset value          2.6%    33.4%     78.6%     157.5%
Share price             -5.5%    38.7%    104.4%     211.3%
FTSE All-Share Index    -7.8%    -2.5%     38.3%      89.4%

At month end
Net asset value:*               428.58p
Share price:                    359.00p     
Discount:                         16.2%
Total assets:                   £107.9m     
Net yield:                         2.2%
Gearing:                           0.0%     
Value of debt:                      Nil
Ordinary shares in issue:    25,186,755
(746,415 shares were bought back for cancellation during the month)
*Includes current year net revenue of 17p. 

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                    23.2
Healthcare                          14.4
Pharmaceuticals                     10.5
Overseas Venture Funds               8.8
Property                             4.3
Information Technology               3.2 
Paper, Packaging & Printing          3.0
Electronics                          2.5
Distribution                         2.4
Engineering                          2.1
Hotels & Leisure                     1.8
Cash/Fixed Interest                 23.8
                                   _____
                                   100.0
                                   
Ten Largest Investments
Company                      % Portfolio      Sector

PII Group                            9.8       Support Services
Alizyme                              7.7       Pharmaceuticals
Tunstall Holdings                    5.7       Healthcare
Braitrim Holdings                    5.3       Support Services
Greycoat Estates                     4.3       Property
Orbis                                3.9       Support Services
Weston Presidio II                   2.8       Overseas Funds
Weston Presidio III                  2.5       Overseas Funds
Match Holdings                       2.5       Healthcare
Bottomline Technologies              2.5       Electronics 
                                    ____
                                    47.0
                              
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).

12 December 2000.