Portfolio Update

Merchants Trust PLC
02 November 2005







THE MERCHANTS TRUST PLC





List of Top Ten Investments and all Holdings over 5% of Gross Assets at 31
October 2005, announced in accordance with Listing Rule 21.20 (l) (ii).




              Holding                                       % of Gross Assets
BP                                                                 8.61
Royal Dutch Shell                                                  7.63
HSBC                                                               7.42
GlaxoSmithKline                                                    5.98
Royal Bank of Scotland                                             3.88
Lloyds TSB                                                         3.60
HBOS                                                               3.31
BT Group                                                           3.03
Vodafone Group                                                     2.78
Barclays                                                           2.46







Enquiries :



Kirsten Salt
Company Secretary
Tel. [phone]



2 November 2005














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