Portfolio Update

Merchants Trust PLC
04 December 2006


THE MERCHANTS TRUST PLC



In accordance with the Listing Rule 15.4.11 (1), the Company announces that at
close of business on 30 November 2006 it had the following investments in other
listed investment companies and listed investment trusts which themselves do not
have stated investment policies to invest no more than 15% of their gross assets
in other listed investment companies or listed investment trusts:



None.



Enquiries:

Kirsten Salt

Tel: [phone]

4 December 2006






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