Portfolio Update

Merchants Trust PLC
02 November 2004



THE MERCHANTS TRUST PLC


List of Top Ten Investments and all Holdings over 5% of Gross Assets at 29
October 2004, announced in accordance with Listing Rule 21.20 (l) (ii).




                     Holding                       % of Gross Assets
BP                                                           8.30
HSBC                                                         6.79
GlaxoSmithkline                                              5.94
Shell Transport and Trading                                  5.43
Royal Bank of Scotland                                       4.42
Barclays                                                     4.22
HBOS                                                         3.81
Lloyds TSB                                                   3.27
BT                                                           2.99
Scottish & Southern Energy                                   2.20



Enquiries :



Kirsten Salt
Company Secretary
Tel. [phone]


2 November 2004



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