RNS Number:0837S
Merrill Lynch Asset Allocator PLC
14 November 2003

MERRILL LYNCH ASSET ALLOCATOR plc - GROWTH PORTFOLIO

All information is at 31 October 2003 and unaudited.

Performance at month end with net income reinvested

                                One             Three               Six              One           Three           Since
                              month            months            months             year           years        launch**

Net asset value                2.5%              2.6%              8.4%            10.9%          -31.5%          -15.7%
Share price                    1.4%              6.8%              4.2%             7.3%          -39.8%          -25.0%
Benchmark*                     2.1%              2.1%              8.8%            12.1%          -22.0%           -7.8%

*75% MSCI World Equities Index & 25% Citigroup World Gov't Bond Index - Unhedged

**Launch date 1 April 1999, opening net asset value 99.34p

Sources: Merrill Lynch Investment Managers, Standard & Poor's Micropal

At month end

Net asset value*:                                                                          79.59p

Share price:                                                                               71.00p

Discount:                                                                                   10.8%

Total assets:                                                                             #126.1m

Gearing of Growth Portfolio:                                                                19.5%

Effective gearing of Growth Portfolio:                                                        Nil

Net historic yield:                                                                          1.9%

Value of debt:                                                                             #20.6m

Growth shares in issue:                                                               133,434,446


(During the month 790,000 shares were repurchased and cancelled and #210,000 of
FRNs were converted into 270,548 shares)
*Includes current year net revenue of 0.50p

Investment Analysis                                                     % Main Portfolio

Equities                                                                            37.8

USA                                                                                 22.0

UK                                                                                   6.4

Europe                                                                               6.0

Japan                                                                                3.0

Pacific (excl. Japan)                                                                0.4

Fixed Income                                                                           -

Cash                                                                                62.2

Total                                                                              100.0



Ten Largest Equity Investments                                                   % Investments

Pfizer                                                                              3.0

Microsoft                                                                           2.9

Federal National Mortgage                                                           2.3

Citigroup                                                                           2.2

BP                                                                                  2.1

Vodafone                                                                            2.0

United Technologies                                                                 1.7

Federal Home Loan                                                                   1.7

TotalFinaElf                                                                        1.6

IBM                                                                                 1.5

Total                                                                              21.0


Currency Exposure of Main Portfolio                                                   %

Sterling                                                                           54.7

US$                                                                                45.3

Total                                                                             100.0


The investment analysis given reflects the month end position, which is not
representative of the Growth portfolio's general investment remit as a result of
the reorganisation which took place at the month end.  With effect from 3
November, 37% of the Growth portfolio is managed by MLIM on a long-only global
equity mandate, 30% is managed by Southeastern Asset Management Inc., on a
long-only global equity mandate, and 30% is managed by Fauchier Partners
Limited, who invest in funds of hedge funds.  The remaining 3% is managed on a
neutral basis by MLIM in order to fund working capital.


Latest information is available by typing "www.mlim.co.uk/its" on the internet,
"MLIMINDEX" on Reuters and "MLIM" on Bloomberg or "0800" on Topic 3 (ICV
terminal).

14 November 2003




                      This information is provided by RNS
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