Portfolio Update

Merchants Trust PLC
4 May 2005




                                       THE MERCHANTS TRUST PLC

                                 TOP 10 HOLDINGS AS AT 29 April 2005

Stock Name                                Market Value               %
                                               £

BP                                          42,740,000             8.23
HSBC                                        35,665,175             6.86
Shell Transport and Trading                 35,447,250             6.82
GlaxoSmithKline                             29,126,400             5.61
Royal Bank of Scotland                      25,192,000             4.85
HBOS                                        20,625,750             3.97
Lloyds TSB                                  20,260,687             3.90
BT                                          16,458,750             3.17
Vodafone                                    14,783,175             2.85
Barclays                                    13,693,500             2.64

Total Gross Assets                         519,543,527



Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

4 May 2005





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