RNS Number:3465U
Merrill Lynch Asset Allocator PLC
16 January 2004

MERRILL LYNCH ASSET ALLOCATOR plc - GROWTH PORTFOLIO

All information is at 31 December 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                0.9%              4.4%              7.2%            12.4%          -23.8%          -14.2%
Share price                    0.7%              0.7%             -0.8%             4.2%          -32.6%          -25.6%

*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*:                                                                          81.00p
Share price:                                                                               70.50p
Total assets:                                                                             #125.9m
Discount:                                                                                   13.0%
Gearing of Growth Portfolio:                                                                19.0%
Effective gearing of Growth Portfolio:                                                        Nil
Net historic yield:                                                                          1.9%
Value of debt:                                                                             #20.1m
Growth shares in issue:                                                               131,359,436

(During the month 650,000 shares were repurchased and cancelled and #248,184 of
FRNs were redeemed)
*Includes current year net revenue of 0.43p
Geographic Regional Exposure                                              % Total Assets
Equities                                                                            62.2
North America                                                                       19.8
Japan                                                                                8.1
Europe                                                                               6.3
UK                                                                                   4.8
Other                                                                               23.2
Fixed Income                                                                        18.6
Cash                                                                                19.2
Total                                                                              100.0



Ten Largest Equity Investments                                             % Investments
Series 71 Snap Fauchier Allocator Fund 2 Performance Linked Notes                        16.8
Series 446 ING Fauchier Allocator Fund 1 Performance Linked Notes                        16.8
Millea                                                                                    2.0
Aon                                                                                       1.9
Nippon Broadcasting                                                                       1.9
Nippon Koa Insurance                                                                      1.9
Nippon Telegraph                                                                          1.9
Odyssey                                                                                   1.6
Pfizer                                                                                    1.2
Fannie Mae                                                                                0.9
Total                                                                                    46.9











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
END

MSCILFLRLAIRLIS