RNS Number:5544T
Merrill Lynch Asset Allocator PLC
22 December 2003

MERRILL LYNCH ASSET ALLOCATOR plc - BALANCED PORTFOLIO

All information is at 28 November 2003 and unaudited.

Performance at month end with net income reinvested
                                     One               Three                 Six                 One             Since
                                   month              months              months                year          launch**
Net asset value                     0.6%                2.1%                1.9%                6.2%              1.5%
Share price                        -1.3%               -3.7%               -2.3%               -1.7%             -6.6%
Benchmark*                          0.4%                0.9%                1.6%                6.3%              5.8%

*25% FTSE All-Share & 75% FTSE UK Gilts 0-5 Year Index

**Launch date 5 December 2001, opening net asset value 92.50p

Sources: Merrill Lynch Investment Managers, Standard & Poor's Micropal
At month end
Net asset value*:                                                                           90.89p
Share price:                                                                                79.00p
Discount:                                                                                    13.1%
Total assets:                                                                               #20.6m
Gearing of Balanced Portfolio:                                                                 Nil
Net historic yield:                                                                           2.2%
Balanced shares in issue:                                                               22,935,630

(During the month 810,800 Balanced shares were converted into 919,447 Growth
shares, and 2,206,352 Growth shares were converted into 1,946,002 Balanced
shares)
*Includes current year net revenue of 0.99p
Investment Analysis                                                                   % of Total Assets
UK Fixed Income                                                                                    73.0
UK Equities                                                                                        24.0
Cash                                                                                                3.0
Total                                                                                             100.0


Ten Largest Fixed Income Investments                                                   % of Investments
UK Treasury 7.5% 07/12/2006                                                                        28.0
UK Treasury 7.25% 07/12/2007                                                                       10.5
UK Treasury 5% 07/03/2008                                                                           9.3
UK Treasury 6.75% 26/11/2004                                                                        6.8
European Investment Bank 6% 26/11/2004                                                              3.9
Tesco 7.5% 30/07/2007                                                                               2.2
Rabobank 4.5% EMTN 12/07/2006                                                                       2.0
RWE Finance 5.75% 20/04/2006 EMTN                                                                   1.2
Centrica 5.375% EMTN 14/12/2005                                                                     1.2
Australia & NZ Banking 4.875% EMTN 22/12/2008                                                       1.2
Total                                                                                              66.3





Equity exposure is gained through the Merrill Lynch UK Income Unit Trust.





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).



22 December 2003




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

MSCPUGAAPUPWGWP