Portfolio Update

Merchants Trust PLC
02 November 2006







THE MERCHANTS TRUST PLC





List of Top Ten Investments and all Holdings over 5% of Gross Assets at 31
October 2006, announced in accordance with Listing Rule 15.4.11 (2).




                     Holding                                                   % of Gross Assets
Royal Dutch Shell 'B' Shares                                                         8.58
HSBC                                                                                 6.93
BP                                                                                   6.72
GlaxoSmithKline                                                                      6.29
Vodafone                                                                             4.81
Royal Bank of Scotland Group                                                         4.11
Barclays                                                                             3.72
HBOS                                                                                 3.60
Lloyds TSB Group                                                                     3.26
BT Group                                                                             2.80







Enquiries :



Kirsten Salt

Company Secretary

Tel. [phone]



2 November 2006














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