Portfolio Update

Merchants Trust PLC
02 May 2007


THE MERCHANTS TRUST PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 30 April
2007, announced in accordance with Listing Rule 15.4.11 (2).



          Holding                                     % of Gross Assets
Royal Dutch Shell 'B' Shares                                 7.69
GlaxoSmithKline                                              7.21
BP                                                           7.10
HSBC                                                         6.13
Vodafone                                                     5.83
Royal Bank of Scotland Group                                 4.03
Barclays                                                     3.62
Lloyds TSB Group                                             3.21
HBOS                                                         2.92
Anglo American                                               2.70


Enquiries :

Kirsten Salt
Company Secretary
Tel. [phone]

2 May 2007


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