X0202 5 2005-12-31 0 0 0 0000726517 MERCHANTS BANCSHARES INC MBVT 0001280910 LISMAN BRUCE M 275 KENNEDY DRIVE SOUTH BURLINGTON VT 05403 1 0 0 0 Common Stock 3000.00 D Common Stock 0.00 I Rabbi Trust The reporting person's indirect ownership reported herein excludes all shares held by a rabbi trust of which the reporting person is the beneficiary. The reporting person does not have investment control of the shares hold by such trust. By: Lisa Razo POA 2006-02-13