UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                        ------------------------------

                                    FORM 13F

                        ------------------------------

                               FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended:  June 30, 2005

Check here if Amendment [ ]; Amendment Number:
This Amendment (Check only one.): [  ] is a restatement.
                                  [  ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:             MERCHANTS TRUST COMPANY
Address:          200 EAST JACKSON STREET
                  MUNCIE, IN   47305

13F File Number:  28-

The institutional  investment  manager filing this report and the person by whom
it is signed hereby  represent  that the person signing the report is authorized
to  submit  it,  that all  information  contained  herein is true,  correct  and
complete,  and  that it is  understood  that  all  required  items,  statements,
schedules, lists, and tables, are considered integral parts of this form.

Person signing this Report on Behalf of Reporting Manager:

Name:             Terry Blaker
Title:            Senior Vice President
Phone:            (765) 747-1570

Signature, Place, and Date of Signing:

                  Terry Blaker          Muncie, IN         August 8, 2005

Report Type (Check only one.):

[X]    13F HOLDING REPORT.
[ ]    13F NOTICE.
[ ]    COMBINATION REPORT.


<PAGE>
                              FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers:  None

Form 13F Information Table Entry Total: 220

Form 13F Information Table Value Total: $341,698,000


List of Other Included Managers:

None

<PAGE>
<TABLE>
<CAPTION>

                                                                  FORM 13F INFORMATION TABLE
                                                           VALUE   SHARES/  SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
        NAME OF ISSUER         TITLE OF CLASS     CUSIP   (X$1000) PRN AMT  PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
<S>                            <C>              <C>        <C>       <C>    <C>    <C>        <C>          <C>      <C>      <C>
INGERSOLL RAND CL A             COM             G4776G101     5274    73925 SH       SOLE                    72775     1050      100
INGERSOLL RAND CL A             COM             G4776G101      249     3500 SH       DEFINED                  3500        0        0
ABBOTT LABS                     COM             002824100     3928    80183 SH       SOLE                    78833     1000      350
ABBOTT LABS                     COM             002824100      341     6975 SH       DEFINED                  6375        0      600
AFFILIATED COMPUTER SV CL A     COM             008190100     1149    22509 SH       SOLE                    21759      750        0
AFFILIATED COMPUTER SV CL A     COM             008190100       17      350 SH       DEFINED                   350        0        0
ALCOA INC                       COM             013817101     1500    57435 SH       SOLE                    55735     1700        0
ALCOA INC                       COM             013817101       69     2650 SH       DEFINED                  2650        0        0
ALLSTATE                        COM             020002101     2355    39415 SH       SOLE                    37915     1500        0
ALLSTATE                        COM             020002101       47      800 SH       DEFINED                   800        0        0
ALTRIA GROUP INC                COM             02209S103      284     4400 SH       SOLE                     4050      350        0
ALTRIA GROUP INC                COM             02209S103      232     3600 SH       DEFINED                  3600        0        0
AMERICAN INTERNATIONAL GRP      COM             026874107     6354   109398 SH       SOLE                   107998     1200      200
AMERICAN INTERNATIONAL GRP      COM             026874107      220     3800 SH       DEFINED                  3800        0        0
AMGEN INC                       COM             031162100     1808    29920 SH       SOLE                    29270      650        0
AMGEN INC                       COM             031162100       61     1020 SH       DEFINED                  1020        0        0
APACHE CORP                     COM             037411105      366     5676 SH       SOLE                     5126      550        0
APACHE CORP                     COM             037411105        4       75 SH       DEFINED                    75        0        0
AUTOMATIC DATA PROCESSING       COM             053015103     4960   118180 SH       SOLE                   116780     1200      200
AUTOMATIC DATA PROCESSING       COM             053015103       78     1875 SH       DEFINED                  1875        0        0
AVERY DENNISON CORP             COM             053611109     2226    42050 SH       SOLE                    41600      400       50
AVERY DENNISON CORP             COM             053611109       21      400 SH       DEFINED                   400        0        0
BP PLC - SPONS                  ADR             055622104     6659   106759 SH       SOLE                   105409     1350        0
BP PLC - SPONS                  ADR             055622104     1186    19025 SH       DEFINED                  6597      328    12100
BALL CORP                       COM             058498106     6483   180342 SH       SOLE                   180042      300        0
BANK OF AMERICA CORP            COM             060505104     5718   125381 SH       SOLE                   123531     1550      300
BANK OF AMERICA CORP            COM             060505104      205     4500 SH       DEFINED                  4100        0      400
BAUSCH & LOMB INC               COM             071707103      207     2500 SH       SOLE                     2500        0        0
BAXTER INTERNATIONAL INC        COM             071813109      684    18445 SH       SOLE                    18045      400        0
BAXTER INTERNATIONAL INC        COM             071813109       18      500 SH       DEFINED                   500        0        0
BELLSOUTH CORP                  COM             079860102     2314    87151 SH       SOLE                    86951        0      200
BELLSOUTH CORP                  COM             079860102      154     5800 SH       DEFINED                  4000        0     1800
BEST BUY COMPANY INC            COM             086516101      433     6325 SH       SOLE                     6325        0        0
BEST BUY COMPANY INC            COM             086516101       18      275 SH       DEFINED                   275        0        0
BRISTOL-MYERS SQUIBB            COM             110122108     2031    81355 SH       SOLE                    81055      100      200
BRISTOL-MYERS SQUIBB            COM             110122108      128     5150 SH       DEFINED                  5150        0        0
BURLINGTON RESOURCES            COM             122014103      415     7525 SH       SOLE                     6875      650        0
CATERPILLAR INC.                COM             149123101     1400    14694 SH       SOLE                    14344      350        0
CATERPILLAR INC.                COM             149123101       61      650 SH       DEFINED                   650        0        0
CHEVRON TEXACO CORP             COM             166764100     8261   147732 SH       SOLE                   144940     1650     1142
CHEVRON TEXACO CORP             COM             166764100      245     4385 SH       DEFINED                  4385        0        0
CISCO SYSTEMS                   COM             17275R102     1941   101817 SH       SOLE                   100517     1100      200
CISCO SYSTEMS                   COM             17275R102       50     2650 SH       DEFINED                  2650        0        0
CITIGROUP INC                   COM             172967101     3178    68780 SH       SOLE                    66547     1583      650
CITIGROUP INC                   COM             172967101      128     2775 SH       DEFINED                  2475        0      300
CLOROX CO                       COM             189054109      214     3851 SH       SOLE                     3851        0        0
CLOROX CO                       COM             189054109       39      700 SH       DEFINED                   700        0        0
COCA COLA CO                    COM             191216100     1753    42006 SH       SOLE                    42006        0        0
COCA COLA CO                    COM             191216100      121     2900 SH       DEFINED                  2900        0        0
COLGATE PALMOLIVE CO            COM             194162103     1488    29831 SH       SOLE                    28981      850        0
COLGATE PALMOLIVE CO            COM             194162103      114     2300 SH       DEFINED                   700        0     1600
CONOCOPHILLIPS                  COM             20825C104     3160    54974 SH       SOLE                    53874     1100        0
CONOCOPHILLIPS                  COM             20825C104      192     3350 SH       DEFINED                  3350        0        0
DNP SELECT INCOME FUND                          23325P104     1565   135429 SH       SOLE                   130299     3230     1900
DNP SELECT INCOME FUND                          23325P104       24     2100 SH       DEFINED                  2100        0        0
DPL INC                         COM             233293109       24      900 SH       SOLE                      900        0        0
DPL INC                         COM             233293109      391    14275 SH       DEFINED                 14275        0        0
DANAHER CORP                    COM             235851102      638    12195 SH       SOLE                    11495      600      100
DANAHER CORP                    COM             235851102       10      200 SH       DEFINED                   200        0        0
DARDEN RESTAURANTS              COM             237194105     1119    33950 SH       SOLE                    33050      600      300
DARDEN RESTAURANTS              COM             237194105       70     2150 SH       DEFINED                  2150        0        0
DEERE & CO                      COM             244199105      821    12541 SH       SOLE                    12191      350        0
DEERE & CO                      COM             244199105      117     1800 SH       DEFINED                  1800        0        0
DELL INC                        COM             24702R101     2467    62557 SH       SOLE                    61132     1425        0
DELL INC                        COM             24702R101       78     2000 SH       DEFINED                  2000        0        0
DIAMOND HILL INVESTMENT GRP     COM             25264R207      841    48105 SH       SOLE                    48105        0        0
DISNEY WALT COMPANY             COM             254687106     2832   112500 SH       SOLE                   112300        0      200
DISNEY WALT COMPANY             COM             254687106       30     1200 SH       DEFINED                  1200        0        0
DOVER CORP                      COM             260003108      917    25225 SH       SOLE                    24250      975        0
DOVER CORP                      COM             260003108       10      300 SH       DEFINED                   300        0        0
DOW CHEM CO                     COM             260543103     2717    61029 SH       SOLE                    60129      900        0
DOW CHEM CO                     COM             260543103       77     1750 SH       DEFINED                   850        0      900
DU PONT E I DE NEMOURS          COM             263534109     1073    24955 SH       SOLE                    24205      750        0
DU PONT E I DE NEMOURS          COM             263534109       38      900 SH       DEFINED                   900        0        0
EMERSON ELEC CO                 COM             291011104     5324    85011 SH       SOLE                    84461      500       50
EMERSON ELEC CO                 COM             291011104      319     5100 SH       DEFINED                  5100        0        0
EXXON MOBIL CORP                COM             30231G102    10761   187259 SH       SOLE                   184653     2342      264
EXXON MOBIL CORP                COM             30231G102      666    11591 SH       DEFINED                 10071      528      992
FPL GROUP INC                   COM             302571104     1291    30698 SH       SOLE                    27398     1300     2000
FPL GROUP INC                   COM             302571104       54     1300 SH       DEFINED                  1300        0        0
FANNIE MAE                      COM             313586109      696    11922 SH       SOLE                    11322      600        0
FANNIE MAE                      COM             313586109       17      300 SH       DEFINED                   300        0        0
FIFTH-THIRD BANCORP             COM             316773100     1527    37101 SH       SOLE                    34676     1225     1200
FIFTH-THIRD BANCORP             COM             316773100       16      400 SH       DEFINED                   400        0        0
FIRST MERCHANTS CORP            COM             320817109    14708   592132 SH       SOLE                   542323    10392    39417
FIRST MERCHANTS CORP            COM             320817109     2497   100554 SH       DEFINED                 99774        0      780
GANNETT COMPANY INC             COM             364730101     3041    42755 SH       SOLE                    42105      550      100
GANNETT COMPANY INC             COM             364730101       87     1225 SH       DEFINED                  1025        0      200
GENERAL ELEC CO                 COM             369604103    12736   367688 SH       SOLE                   363288     3500      900
GENERAL ELEC CO                 COM             369604103      962    27790 SH       DEFINED                 22090        0     5700
GILLETTE CO                     COM             375766102      417     8250 SH       SOLE                     8250        0        0
GOLDEN WEST FINL CORP DEL       COM             381317106      309     4800 SH       SOLE                     4800        0        0
GOLDMAN SACHS GROUP             COM             38141G104      407     3990 SH       SOLE                     3490      500        0
GOLDMAN SACHS GROUP             COM             38141G104       25      250 SH       DEFINED                   250        0        0
HARSCO CORP                     COM             415864107      756    13870 SH       SOLE                    13870        0        0
HEINZ H J CO                    COM             423074103      230     6500 SH       SOLE                     6500        0        0
HERSHEY FOODS                   COM             427866108      223     3600 SH       SOLE                     3600        0        0
HEWLETT PACKARD CO              COM             428236103     2129    90622 SH       SOLE                    90422        0      200
HEWLETT PACKARD CO              COM             428236103      197     8400 SH       DEFINED                  8400        0        0
HOME DEPOT INC                  COM             437076102      989    25431 SH       SOLE                    24331     1100        0
HOME DEPOT INC                  COM             437076102       40     1050 SH       DEFINED                  1050        0        0
HUNTINGTON BANCSHARES INC       COM             446150104       48     2000 SH       SOLE                     2000        0        0
HUNTINGTON BANCSHARES INC       COM             446150104      178     7391 SH       DEFINED                  7391        0        0
ILLINOIS TOOL WORKS INC         COM             452308109      431     5420 SH       SOLE                     5420        0        0
INTEL CORP                      COM             458140100     7900   303635 SH       SOLE                   299235     4400        0
INTEL CORP                      COM             458140100      497    19101 SH       DEFINED                 19101        0        0
INTL BUSINESS MACHINES CORP     COM             459200101     3308    44587 SH       SOLE                    43987      600        0
INTL BUSINESS MACHINES CORP     COM             459200101      104     1409 SH       DEFINED                  1409        0        0
RUSSELL 2000                    I SHARES        464287655     1816    28522 SH       SOLE                    27192     1010      320
RUSSELL 2000                    I SHARES        464287655       68     1074 SH       DEFINED                  1074        0        0
J P MORGAN CHASE & CO           COM             46625H100     7648   216609 SH       SOLE                   215663      550      396
J P MORGAN CHASE & CO           COM             46625H100      544    15421 SH       DEFINED                 15421        0        0
JARDEN CORPORATION              COM             471109108      544    10095 SH       SOLE                    10095        0        0
JOHNSON & JOHNSON               COM             478160104     9562   147113 SH       SOLE                   145638     1475        0
JOHNSON & JOHNSON               COM             478160104      728    11200 SH       DEFINED                 10800        0      400
JOHNSON CTLS INC                COM             478366107     2997    53217 SH       SOLE                    52017     1100      100
JOHNSON CTLS INC                COM             478366107      101     1800 SH       DEFINED                  1800        0        0
KELLOGG CO                      COM             487836108      327     7360 SH       SOLE                     7360        0        0
KIMBERLY CLARK CORP             COM             494368103     4113    65722 SH       SOLE                    64672      500      550
KIMBERLY CLARK CORP             COM             494368103       28      450 SH       DEFINED                   450        0        0
LILLY ELI & CO                  COM             532457108     8436   151459 SH       SOLE                   149579     1680      200
LILLY ELI & CO                  COM             532457108      526     9454 SH       DEFINED                  9454        0        0
LINCOLN NATL CORP IND           COM             534187109      231     4932 SH       SOLE                     4932        0        0
LINCOLN NATL CORP IND           COM             534187109       65     1400 SH       DEFINED                  1400        0        0
LOWE'S COMPANIES INC            COM             548661107     5472    94000 SH       SOLE                    92475     1525        0
LOWE'S COMPANIES INC            COM             548661107      129     2220 SH       DEFINED                  2220        0        0
MARSH SUPERMARKETS INC CL B     COM             571783208     1790   126157 SH       SOLE                   126157        0        0
MARSH SUPERMARKETS INC CL A     COM             571783307     3674   279451 SH       SOLE                   279451        0        0
MASCO CORP                      COM             574599106     2297    72375 SH       SOLE                    70500     1875        0
MASCO CORP                      COM             574599106      110     3475 SH       DEFINED                  3475        0        0
MCDONALDS CORP                  COM             580135101      934    33685 SH       SOLE                    33485      200        0
MCDONALDS CORP                  COM             580135101      124     4500 SH       DEFINED                  4500        0        0
MCGRAW HILL COS INC             COM             580645109     2154    48690 SH       SOLE                    47890      800        0
MCGRAW HILL COS INC             COM             580645109       17      400 SH       DEFINED                   400        0        0
MEDTRONIC INCORPORATED          COM             585055106     2223    42937 SH       SOLE                    41737     1000      200
MEDTRONIC INCORPORATED          COM             585055106       18      350 SH       DEFINED                   350        0        0
MERCK & CO INC                  COM             589331107      699    22720 SH       SOLE                    22120        0      600
MERCK & CO INC                  COM             589331107       15      499 SH       DEFINED                   499        0        0
MERRILL LYNCH & CO INC          COM             590188108     1192    21675 SH       SOLE                    21675        0        0
MERRILL LYNCH & CO INC          COM             590188108       38      700 SH       DEFINED                   700        0        0
MICROSOFT CORPORATION           COM             594918104     6809   274127 SH       SOLE                   271127     2850      150
MICROSOFT CORPORATION           COM             594918104      336    13550 SH       DEFINED                 13550        0        0
S&P MIDCAP 400 SPDR                             595635103     2410    19244 SH       SOLE                    18477      595      172
S&P MIDCAP 400 SPDR                             595635103       88      708 SH       DEFINED                   708        0        0
MORGAN STANLEY DEAN WITTER      COM             617446448     1239    23628 SH       SOLE                    22578     1050        0
MORGAN STANLEY DEAN WITTER      COM             617446448        5      100 SH       DEFINED                   100        0        0
NATIONAL CITY CORP              COM             635405103     1427    41852 SH       SOLE                    11852        0    30000
NEWELL RUBBERMAID INC           COM             651229106      258    10830 SH       SOLE                    10730      100        0
NEWELL RUBBERMAID INC           COM             651229106       16      700 SH       DEFINED                   700        0        0
NORTHROP GRUMMAN CORP           COM             666807102     1610    29143 SH       SOLE                    29143        0        0
NUVEEN MUN VALUE FD INC         COM             670928100      118    12333          SOLE                    12333        0        0
OLD NATIONAL BANCORP            COM             680033107      920    43013 SH       SOLE                    43013        0        0
OLD NATIONAL BANCORP            COM             680033107      116     5448 SH       DEFINED                  5448        0        0
OMNICOM GROUP INC               COM             681919106      515     6458 SH       SOLE                     6008      350      100
OMNICOM GROUP INC               COM             681919106       37      475 SH       DEFINED                   475        0        0
PEPSICO INC                     COM             713448108     7380   136852 SH       SOLE                   135352     1300      200
PEPSICO INC                     COM             713448108      480     8915 SH       DEFINED                  8915        0        0
PFIZER INC                      COM             717081103     2836   102874 SH       SOLE                    99374     1900     1600
PFIZER INC                      COM             717081103      124     4530 SH       DEFINED                  3330     1200        0
PITNEY BOWES INC                COM             724479100      664    15269 SH       SOLE                    15269        0        0
PITNEY BOWES INC                COM             724479100       21      500 SH       DEFINED                   500        0        0
T. ROWE PRICE GROUP INC         COM             74144T108      348     5575 SH       SOLE                     5575        0        0
T. ROWE PRICE GROUP INC         COM             74144T108       18      300 SH       DEFINED                   300        0        0
PROCTER & GAMBLE CO             COM             742718109     5937   112559 SH       SOLE                   111059     1300      200
PROCTER & GAMBLE CO             COM             742718109      279     5300 SH       DEFINED                  2300        0     3000
PRUDENTIAL FINANCIAL            COM             744320102      204     3115 SH       SOLE                     2166      949        0
PRUDENTIAL FINANCIAL            COM             744320102       55      850 SH       DEFINED                   850        0        0
REGIONS FINANCIAL CORP          COM             7591EP100      372    11000 SH       DEFINED                 11000        0        0
SBC COMMUNICATIONS INC          COM             78387G103     1863    78448 SH       SOLE                    78348        0      100
SBC COMMUNICATIONS INC          COM             78387G103       76     3200 SH       DEFINED                  2200        0     1000
S&P 500 INDEX SPDR ETF                          78462F103      824     6920 SH       SOLE                     6920        0        0
SARA LEE CORP                   COM             803111103     2871   145009 SH       SOLE                   143609     1400        0
SARA LEE CORP                   COM             803111103      130     6600 SH       DEFINED                  6600        0        0
SCHLUMBERGER LTD                COM             806857108     3698    48698 SH       SOLE                    48098      500      100
SCHLUMBERGER LTD                COM             806857108      155     2050 SH       DEFINED                  2050        0        0
SECTOR SPDR HEALTH CARE         COM             81369Y209      501    16165 SH       SOLE                    15775      390        0
SOUTHERN CO                     COM             842587107     2240    64645 SH       SOLE                    61865      350     2430
SOUTHERN CO                     COM             842587107      114     3300 SH       DEFINED                  3300        0        0
STAPLES INC                     COM             855030102     1764    82899 SH       SOLE                    80949     1650      300
STAPLES INC                     COM             855030102       75     3550 SH       DEFINED                  3550        0        0
STRYKER CORP                    COM             863667101      974    20494 SH       SOLE                    19794      700        0
STRYKER CORP                    COM             863667101       11      250 SH       DEFINED                   250        0        0
SUNGARD DATA SYSTEMS INC        COM             867363103     1577    44880 SH       SOLE                    42680     2200        0
SUNGARD DATA SYSTEMS INC        COM             867363103       31      900 SH       DEFINED                   900        0        0
SYSCO CORP                      COM             871829107     7090   195967 SH       SOLE                   192917     2650      400
SYSCO CORP                      COM             871829107      293     8100 SH       DEFINED                  8100        0        0
TARGET CORP                     COM             87612E106     3720    68393 SH       SOLE                    67043     1150      200
TARGET CORP                     COM             87612E106      106     1950 SH       DEFINED                  1950        0        0
TEXAS INSTRS INC                COM             882508104      237     8451 SH       SOLE                     8451        0        0
TEXAS INSTRS INC                COM             882508104       22      800 SH       DEFINED                   800        0        0
3M COMPANY                      COM             88579Y101     1704    23577 SH       SOLE                    23327      250        0
3M COMPANY                      COM             88579Y101      196     2725 SH       DEFINED                   525        0     2200
US BANCORP DEL                  COM             902973304     2048    70163 SH       SOLE                    66513     2200     1450
US BANCORP DEL                  COM             902973304       46     1600 SH       DEFINED                  1600        0        0
UNITED PARCEL SERVICE           COM             911312106      544     7874 SH       SOLE                     7874        0        0
UNITED PARCEL SERVICE           COM             911312106       27      400 SH       DEFINED                   400        0        0
UNITED TECHNOLOGIES CORP        COM             913017109     9042   176128 SH       SOLE                   173678     2150      300
UNITED TECHNOLOGIES CORP        COM             913017109      189     3700 SH       DEFINED                  3700        0        0
UNITEDHEALTH GROUP INC          COM             91324P102      877    16839 SH       SOLE                    16539      300        0
UNITEDHEALTH GROUP INC          COM             91324P102       10      200 SH       DEFINED                   200        0        0
UNITRIN INC                     COM             913275103      245     5000 SH       SOLE                     5000        0        0
VECTREN CORP                    COM             92240G101     2800    97515 SH       SOLE                    93576     3239      700
VECTREN CORP                    COM             92240G101      184     6432 SH       DEFINED                  5367        0     1065
VERIZON COMMUNICATIONS INC      COM             92343V104     3882   112405 SH       SOLE                   110330     1975      100
VERIZON COMMUNICATIONS INC      COM             92343V104      216     6276 SH       DEFINED                  5910      366        0
WACHOVIA CORP                   COM             929903102     2896    58404 SH       SOLE                    56854     1400      150
WACHOVIA CORP                   COM             929903102      226     4567 SH       DEFINED                  4567        0        0
WAL MART STORES INC             COM             931142103     5342   110843 SH       SOLE                   109393     1450        0
WAL MART STORES INC             COM             931142103      306     6350 SH       DEFINED                  6350        0        0
WALGREEN COMPANY                COM             931422109      754    16414 SH       SOLE                    16314      100        0
WALGREEN COMPANY                COM             931422109       32      700 SH       DEFINED                   700        0        0
WASHINGTON MUTUAL INC           COM             939322103      925    22749 SH       SOLE                    22199      550        0
WASHINGTON MUTUAL INC           COM             939322103       61     1500 SH       DEFINED                   900        0      600
WELLPOINT INC                   COM             94973V107      266     3832 SH       SOLE                     2413     1419        0
WELLS FARGO & CO                COM             949746101     6925   112470 SH       SOLE                   111220     1050      200
WELLS FARGO & CO                COM             949746101      942    15306 SH       DEFINED                 14706        0      600
WEYERHAEUSER CO                 COM             962166104     4034    63381 SH       SOLE                    62756      625        0
WEYERHAEUSER CO                 COM             962166104       73     1150 SH       DEFINED                  1150        0        0
WYETH                           COM             983024100     5873   131994 SH       SOLE                   131794        0      200
WYETH                           COM             983024100      129     2900 SH       DEFINED                   500        0     2400

 GRAND TOTALS                                               341698  8615730                                8378051   109401   128278
</TABLE>