Portfolio Update

Merchants Trust PLC
03 May 2006







THE MERCHANTS TRUST PLC





List of Top Ten Investments and all Holdings over 5% of Gross Assets at 28 April
2006, announced in accordance with Listing Rule 15.4.11 (2).




Holding                                                   % of Gross Assets
Royal Dutch Shell 'B' Shares                                   8.25
BP                                                             8.13
HSBC                                                           6.89
Glaxosmithkline                                                5.52
Royal Bank of Scotland Group                                   4.12
Vodafone                                                       3.64
HBOS                                                           3.33
Lloyds TSB Group                                               3.24
BT Group                                                       2.72
Barclays                                                       2.62







Enquiries :



Kirsten Salt
Company Secretary
Tel. [phone]


3 May 2006














                      This information is provided by RNS
            The company news service from the London Stock Exchange