Portfolio Update

Merchants Trust PLC
04 August 2004



THE MERCHANTS TRUST PLC





List of Top Ten Investments and all Holdings over 5% of Gross Assets at 30 July
2004, announced in accordance with Listing Rule 21.20 (l) (ii).




                     Holding                             % of Gross Assets
BP                                                            9.06
HSBC                                                          6.55
GlaxoSmithkline                                               6.08
Shell Transport and Trading                                   4.57
Royal Bank of Scotland                                        4.48
Barclays                                                      3.84
HBOS                                                          3.37
BT                                                            3.20
Lloyds TSB                                                    2.84
Slough Estates                                                2.07







Enquiries :



Kirsten Salt

Company Secretary

Tel. [phone]



4 August 2004














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