4 or 5 in the gun (depends on which one I take) and I cut the plastic bullet holders that come with the Federal ammo I use into a couple of pieces that hold 5 shots each. The holders keep the shells from clacking in my pocket and are easy to use if I need to re-load. I keep one in my pocket for a quick re-load and the other one on my pack just for the security of knowing I have more. I can't think of anything worse than having an empty gun in the field and all the bullets are back at camp or in the truck. With the ML I have the gun loaded and carry 3 speed loaders.