Month End - Balanced Shares

RNS Number:3467U
Merrill Lynch Asset Allocator PLC
16 January 2004


MERRILL LYNCH ASSET ALLOCATOR plc - BALANCED PORTFOLIO

All information is at 31 December 2003 and unaudited.

Performance at month end with net income reinvested
                                     One               Three                 Six                 One             Since
                                   month              months              months                year          launch**
Net asset value                     1.3%                1.8%                2.7%                7.2%              2.3%
Share price                         0.0%               -1.3%               -5.1%               -1.7%             -6.6%
Benchmark*                          1.5%                2.3%                3.2%                8.6%              7.4%

*25% FTSE All-Share & 75% FTSE UK Gilts 0-5 Year Index, previously 25% MSCI
World Equities & 75% Citigroup World Gov't Bond Index (hedged to sterling with
income reinvested) up to 2 November 2003

**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*:                                                                           91.64p
Share price:                                                                                79.00p
Discount:                                                                                    13.8%
Total assets:                                                                               #20.8m
Gearing of Balanced Portfolio:                                                                 Nil
Net historic yield:                                                                           2.2%
Balanced shares in issue:                                                               22,935,630

*Includes current year net revenue of 0.90p
Investment Analysis                                                    % of Total Assets
UK FI                                                                               58.0
UK Equities                                                                         24.0
Cash                                                                                18.0
Total                                                                              100.0


Ten Largest FI Investments                                          % of FI Investments
UK Treasury 7.5% 07/12/2006                                                        24.7
UK Treasury 7.25% 07/12/2007                                                       11.1
UK Treasury 6.75% 26/11/2004                                                        7.1
UK Treasury 5% 07/06/2004                                                           4.7
European Investment Bank 6% 26/11/2004                                              4.1
UK Treasury 5% 07/03/2008                                                           2.4
Tesco 7.5% 30/07/2007                                                               2.3
Rabobank 4.5% EMTN 12/07/2006                                                       2.1
RWE Finance 5.75% 20/04/2006                                                        1.3
Centrica 5.375% EMTN 14/12/2005                                                     1.3
Total                                                                              61.1


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).


16 January 2004



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