Portfolio Update

Merchants Trust PLC
01 May 2008



THE MERCHANTS TRUST PLC


List of Top Ten Investments and all Holdings over 5% of Gross Assets at 30 April
2008, announced in accordance with Listing Rule 15.6.8 (2).


        Holding                                    % of Gross Assets

BP                                                       8.58
ROYAL DUTCH SHELL                                        8.39
GLAXOSMITHKLINE                                          7.40
HSBC                                                     7.17
VODAFONE GROUP                                           7.01
HBOS                                                     3.42
RIO TINTO                                                3.30
AVIVA                                                    3.14
ANGLO AMERICAN                                           2.95
BT GROUP                                                 2.66



Enquiries :

Kirsten Salt
Company Secretary
Tel. [phone]

1 May 2008










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            The company news service from the London Stock Exchange