SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the Quarterly Period Ended June 30, 1995
Or
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the transition period from to
Commission file number 0-10179
ML VENTURE PARTNERS I, L.P.
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C>
Delaware 13-3115686
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
World Financial Center, North Tower
New York, New York 10281-1327
(Address of principal executive offices) (Zip Code)
</TABLE>
Registrant's telephone number, including area code: (212) 449-1000
Not applicable
Former name, former address and former fiscal year, if changed since last report
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
<PAGE>
ML VENTURE PARTNERS I, L.P.
INDEX
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
Balance Sheets as of June 30, 1995 (Unaudited) and September 30, 1994
Schedule of Portfolio Investments as of June 30, 1995 (Unaudited)
Statements of Operations for the Three and Nine Months Ended June 30, 1995 and
1994 (Unaudited)
Statements of Cash Flows for the Nine Months Ended June 30, 1995 and 1994
(Unaudited)
Statement of Changes in Partners' Capital for the Nine Months Ended June 30,
1995 (Unaudited)
Notes to Financial Statements (Unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
Item 2. Changes in Securities.
Item 3. Defaults upon Senior Securities.
Item 4. Submission of Matters to a Vote of Security Holders.
Item 5. Other Information.
Item 6. Exhibits and Reports on Form 8-K.
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
ML VENTURE PARTNERS I, L.P.
BALANCE SHEETS
<TABLE>
June 30, 1995 September 30,
(Unaudited) 1994
ASSETS
Investments - Note 2
Portfolio investments, at fair value (cost $1,972,769 at
<S> <C> <C>
June 30, 1995 and $2,572,769 at September 30, 1994) $ 2,680,888 $ 2,426,548
Short-term investments, at amortized cost 999,177 -
Cash and cash equivalents 209,606 564,048
Accrued interest receivable 1,981 1,131
----- -----
TOTAL ASSETS $ 3,891,652 $ 2,991,727
= ========= = =========
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Accounts payable $ 11,048 12,071
Due to Management Company - Note 4 19,332 14,812
Due to Independent General Partners - Note 5 14,250 17,250
------ ------
Total liabilities 44,630 44,133
------ ------
Partners' Capital:
Managing General Partner 797,364 756,459
Individual General Partners 188 188
Limited Partners (12,000 Units) 2,341,351 2,337,168
Unallocated net unrealized appreciation (depreciation) of
investments - Note 2 708,119 (146,221)
------- --------
Total partners' capital 3,847,022 2,947,594
--------- ---------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 3,891,652 $ 2,991,727
= ========= = =========
</TABLE>
See notes to financial statements.
<PAGE>
ML VENTURE PARTNERS I, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
June 30, 1995
Active Portfolio Investments:
<TABLE>
Initial Investment
Company / Position Date Cost Fair Value
Alpharel, Inc.(A)
<C> <C> <C> <C> <C> <C>
6% promissory note due 9/24/95 Apr. 1984 $ 146,852 $ 146,852
- ------------------------------ --------- - ------- - -------
Inference Corporation*(A)(B)
332,157 shares of common stock Feb. 1984 1,660,983 2,345,859
Warrants to purchase 6,000 shares of common stock
at $1.05 per share, expiring on 12/16/97 0 10,875
Warrants to purchase 8,391 shares of common stock
at $1.00 per share, expiring on 4/19/99 4,934 17,302
Brightware, Inc.(B)
332,157 shares of common stock Feb. 1984 160,000 160,000
Warrants to purchase 6,000 shares of common stock
at $1.05 per share, expiring on 12/16/97 0 0
Warrants to purchase 8,391 shares of common stock
at $1.00 per share, expiring on 4/19/99 0 0
--------------------------------------- - -
Totals From Active Portfolio Investments $ 1,972,769 $ 2,680,888
= ========= = =========
</TABLE>
SUPPLEMENTAL INFORMATION: LIQUIDATED PORTFOLIO INVESTMENTS(D)
<TABLE>
Net
Cost Realized Gain Return
<S> <C> <C> <C>
Totals From Liquidated Portfolio Investments(C) $ 52,702,160 $ 20,170,099 $ 72,872,259
= ========== = ========== = ==========
Combined Net Combined
Unrealized and Fair Value
Cost Realized Gain and Return
Totals From Active and Liquidated Portfolio
Investments $ 54,674,929 $ 20,878,218 $ 75,553,147
= ========== = ========== = ==========
</TABLE>
<PAGE>
ML VENTURE PARTNERS I, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED) - continued
June 30, 1995
(A) Public company
(B) Effective in May 1995, Inference Corporation completed a spin-off of
certain of its assets and liabilities, in a tax free transaction, to
Brightware, Inc. and all of the shares of Brightware were issued to the
Inference shareholders. The Partnership's ownership of Brightware
coincided with its ownership of Inference prior to the spin-off. On June
30, 1995, Inference completed its initial public offering. As a result of
a conversion of preferred stock into common stock and a one-for-five
reverse split effected in connection with the offering, the Partnership
exchanged its 951,671 shares of preferred stock and warrants to purchase
71,959 shares of preferred stock of Inference for 332,157 shares of
common stock and warrants to purchase 14,391 shares of common stock.
(C) In April 1995, the Partnership sold its remaining 45,311 shares of Acuity
Imaging, Inc. for $371,000, realizing a gain of $52,000.
(D) Amounts provided for "Supplemental Information: Liquidated Portfolio
Investments" are cumulative from inception through June 30, 1995.
* May be deemed an affiliated person of the Partnership as defined in the
Investment Company Act of 1940.
See notes to financial statements.
<PAGE>
ML VENTURE PARTNERS I, L.P.
STATEMENTS OF OPERATIONS (UNAUDITED)
<TABLE>
Three Months Ended Nine Months Ended
June 30, June 30,
1995 1994 1995 1994
---- ---- ---- ----
INVESTMENT INCOME AND EXPENSES
<S> <C> <C> <C> <C>
Interest and dividends $ 22,620 $ 6,871 $ 41,717 $ 30,054
- ------ - ----- - ------ - ------
Expenses:
Management fee - Note 4 19,332 15,035 50,008 45,749
Professional fees 14,282 10,995 73,947 62,227
Mailing and printing 6,426 8,853 28,749 30,827
Independent General Partners' fees - Note 5 14,250 14,250 46,126 45,750
Custodial fees 691 339 1,615 1,558
Miscellaneous - 100 498 435
- --- --- ---
Total expenses 54,981 49,572 200,943 186,546
------ ------ ------- -------
NET INVESTMENT LOSS (32,361) (42,701) (159,226) (156,492)
Net realized gain (loss) from portfolio investments 52,252 4,990 204,314 (572,794)
------ ----- ------- --------
NET REALIZED GAIN (LOSS) FROM
OPERATIONS (allocable to Partners) - Note 3 19,891 (37,711) 45,088 (729,286)
Net change in unrealized appreciation or
depreciation of investments 669,181 (138,271) 854,340 736,149
------- -------- ------- -------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ 689,072 $ (175,982) $ 899,428 $ 6,863
= ======= = ======== = ======= = =====
</TABLE>
See notes to financial statements.
<PAGE>
ML VENTURE PARTNERS I, L.P.
STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Nine Months Ended June 30,
<TABLE>
1995 1994
---- ----
CASH FLOWS USED FOR OPERATING ACTIVITIES
<S> <C> <C>
Net investment loss $ (159,226) $ (156,492)
Adjustments to reconcile net investment loss to cash used for operating
activities:
Increase in receivables (850) (1,131)
(Increase) decrease in accrued interest on short-term investments (3,789) 5,131
Increase (decrease) in payables 497 (18,949)
--- -------
Cash used for operating activities (163,368) (171,441)
-------- --------
CASH FLOWS PROVIDED FROM (USED FOR) INVESTING
ACTIVITIES
Net proceeds from the sale of portfolio investments 804,314 800,897
Net return (purchase) of short-term investments (995,388) 948,776
-------- -------
Cash provided from (used for) investing activities (191,074) 1,749,673
-------- ---------
CASH FLOWS USED FOR FINANCING ACTIVITIES
Cash distributions to Partners - Note 6 - (1,552,300)
- ----------
Increase (decrease) in cash and cash equivalents (354,442) 25,932
Cash and cash equivalents at beginning of period 564,048 579,164
------- -------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 209,606 $ 605,096
= ======= = =======
</TABLE>
See notes to financial statements.
<PAGE>
ML VENTURE PARTNERS I, L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL (UNAUDITED)
For the Nine Months Ended June 30, 1995
<TABLE>
Unallocated
Net Unrealized
Managing Individual Appreciation
General General Limited (Depreciation)
Partner Partners Partners of Investments Total
Balance at beginning of
<S> <C> <C> <C> <C> <C>
period $ 756,459 $ 188 $ 2,337,168 $ (146,221) $ 2,947,594
Net investment loss (1,592) (11) (157,623) - (159,226)
Net realized gain from
portfolio investments 42,497 11 161,806 - 204,314
Net change in unrealized
appreciation (depreciation)
of investments - - - 854,340 854,340
- - - ------- -------
Balance at end of period $ 797,364 $ 188 $ 2,341,351(A) $ 708,119 $ 3,847,022
= ======= = === = ========= = ======= = =========
</TABLE>
(A) The net asset value per Unit of limited partnership interest, including an
assumed allocation of net unrealized appreciation, is $242. Each Unit
represents an original capital contribution of $5,000. Cumulative cash
distributions paid through June 30, 1995 total $5,750 per Unit.
See notes to financial statements.
<PAGE>
ML VENTURE PARTNERS I, L.P.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. Organization and Purpose
ML Venture Partners I, L.P. (the "Partnership") is a Delaware limited
partnership formed on February 12, 1982. The Partnership's operations commenced
on October 15, 1982. Merrill Lynch Venture Capital Co., L.P., the managing
general partner of the Partnership (the "Managing General Partner"), is a New
York limited partnership formed on February 12, 1982, the general partner of
which is Merrill Lynch Venture Capital Inc. (the "Management Company"), an
indirect subsidiary of Merrill Lynch & Co., Inc.
The Partnership's objective is to realize long-term capital appreciation from
its portfolio of venture capital investments. From 1982 to 1986, the Partnership
assembled a portfolio of 34 venture capital investments in new and developing
companies and other special investment situations. The Partnership does not
engage in any other business or activity. The Partnership will not make
investments in new companies and will not reinvest the proceeds from the sale of
its remaining investments, except to make follow-on investments in existing
companies, if necessary.
At a meeting held in October 1994, the Individual General Partners voted to
extend the Partnership's termination date for an additional two-year period. As
a result of this extension, the Partnership must terminate no later than
December 31, 1996.
2. Significant Accounting Policies
Valuation of Investments - Portfolio investments are carried at cost until
significant developments affecting an investment provide a basis for valuation.
Thereafter, portfolio investments are carried at fair value as determined
quarterly by the Managing General Partner under the supervision of the
Individual General Partners. The venture capital portfolio investments held by
the Partnership involve a high degree of business and financial risk that can
result in substantial losses. The Managing General Partner considers such risks
in determining the valuation of the Partnership's portfolio investments.
Short-term investments are carried at amortized cost which approximates market.
Investment Transactions - Investment transactions are recorded on the accrual
method. Portfolio investments are recorded on the trade date, the date on which
the Partnership obtains an enforceable right to demand the securities or payment
therefor. Realized gains and losses on investments sold are computed on a
specific identification basis.
Income Taxes - No provision for income taxes has been made since all income and
losses are allocable to the Partners for inclusion in their respective tax
returns. The Partnership's net assets for financial reporting purposes differ
from its net assets for tax purposes. Net unrealized appreciation of $708,119 at
June 30, 1995, which was recorded for financial statement purposes, was not
recognized for tax purposes.
<PAGE>
ML VENTURE PARTNERS I, L.P.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED), continued
Additionally, from inception to June 30, 1995, other timing differences relating
to realized losses totaling $1.3 million have been recorded on the Partnership's
financial statements but have not yet been reflected as realized losses for tax
purposes.
Statements of Cash Flows - The Partnership considers its interest-bearing cash
account to be cash equivalents.
3. Allocation of Partnership Profits and Losses
The Partnership Agreement provides that the Managing General Partner will be
allocated, on a cumulative basis over the life of the Partnership, 20% of net
realized capital gains or 10% of net realized capital losses. The Partnership's
net realized gains or losses in excess of this allocation to the Managing
General Partner, as well as all other income, losses, deductions and credits, if
any, will be allocated among all the Partners, including the Managing General
Partner, in the proportion of their capital contributions to the Partnership.
For the period from October 15, 1982 (commencement of operations) to June 30,
1995, the Partnership had cumulative net realized capital gains of $20.2
million.
4. Related Party Transactions
The Management Company performs, or arranges for others to perform, the
management and administrative services necessary for the operation of the
Partnership. The Management Company receives compensation at the annual rate of
2% of the net assets of the Partnership. Such fee is determined and payable
quarterly.
5. Independent General Partners' Fees
As compensation for services rendered to the Partnership, each of the three
Independent General Partners receives $15,000 annually in quarterly
installments, $1,000 for each meeting of the General Partners attended or for
each other meeting, conference or engagement in connection with Partnership
activities at which attendance by an Independent General Partner is required and
$1,000 for each committee meeting attended ($500 if a committee meeting is held
on the same day as a meeting of the General Partners).
<PAGE>
ML VENTURE PARTNERS I, L.P.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED), continued
6. Cash Distributions
Cash distributions paid during the periods presented and cumulative cash
distributions paid from inception to June 30, 1995 are listed below.
<TABLE>
General Limited Per
Date of Distribution Partners Partners $5,000 Unit
-------------------- -------- -------- -----------
<S> <C> <C> <C> <C> <C>
Inception to September 30, 1993 $ 3,608,000 $ 67,800,000 $ 5,650
January 20, 1994 352,000 1,200,000 100
------- --------- ---
Cumulative totals at June 30, 1995 $ 3,960,000 $ 69,000,000 $ 5,750
= ========= = ========== = =====
</TABLE>
7. Subsequent Event
On July 27, 1995, the General Partners approved a cash distribution to Partners
totaling $975,000; $375,000 to the Managing General Partner and $600,000 to the
Limited Partners, representing $50 per unit of limited partnership interest. The
distribution will be paid in October 1995 to Limited Partners of record on
September 30, 1995 and will bring cumulative distributions paid to Limited
Partners to $69,600,000, or $5,800 per $5,000 Unit.
8. Interim Financial Statements
In the opinion of Merrill Lynch Venture Capital Co., L.P., the managing general
partner of the Partnership, the unaudited financial statements as of June 30,
1995, and for the three and nine month periods then ended, reflect all
adjustments necessary for the fair presentation of the results of the interim
periods.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
Liquidity and Capital Resources
At June 30, 1995, the Partnership held $1.2 million in cash and cash
equivalents: $1 million in short-term investments with maturities of less than
one year and $210,000 in an interest bearing cash account. During April 1995,
the Partnership sold its remaining 45,311 shares of Acuity Imaging, Inc. for
$371,000. For the nine months ended June 30, 1995, the Partnership had received
proceeds from the sale of portfolio investments totaling $804,000. Generally,
all cash received from liquidated portfolio investments, after an adequate
reserve for future operating expenses, is distributed to Partners as soon as
practicable. The Partnership will not invest in any new portfolio investments
and does not expect to make any additional follow-on investments in the
remaining portfolio companies.
From its inception to June 30, 1995, the Partnership had liquidated investments
with an aggregate cost of $52.7 million. These liquidated investments returned
$72.9 million to the Partnership, resulting in a $20.2 million net realized
gain. At June 30, 1995, the Partnership's remaining investment portfolio had an
aggregate cost of $2 million and a carrying value of $2.7 million.
From its inception through June 30, 1995, the Partnership had made cash
distributions to Partners totaling $73 million; $69 million to the Limited
Partners, or $5,750 per Unit, and $4 million to the General Partners. These
distributions primarily represented proceeds received from the sale of portfolio
investments. On July 27, 1995, the General Partners approved a cash distribution
totaling $975,000; $375,000 to the Managing General Partner and $600,000, or $50
per Unit, to Limited Partners. The distribution will be paid in October 1995 to
Limited Partners of record on September 30, 1995. The distribution will bring
cumulative cash distributions paid to Limited Partners to $69,600,000, or $5,800
per Unit.
Results of Operations
For the three and nine months ended June 30, 1995, the Partnership had a net
realized gain from operations of $20,000 and $45,000, respectively. For the
three and nine months ended June 30, 1994, the Partnership had a net realized
loss from operations of $38,000 and $729,000, respectively. Net realized gain or
loss from operations is comprised of (i) net realized gain or loss from
portfolio investments and (ii) net investment income or loss (interest income
less operating expenses).
Realized Gains or Losses from Portfolio Investments - For the three and nine
months ended June 30, 1995, the Partnership had a net realized gain from
portfolio investments of $52,000 and $204,000, respectively. In April 1995, the
Partnership sold its remaining 45,311 shares of Acuity Imaging, Inc. for
$371,000, realizing a gain of $52,000. During the six months ended March 31,
1995, the Partnership sold 40,000 shares of Acuity Imaging, Inc. for $343,000,
realizing a gain of $62,000. Also during the six months ended March 31, 1995,
the Partnership sold its 620,000 shares of DTC Data Technology Corporation
("DTC"), formerly Qume Corporation, for $90,000. This sale resulted in the
recognition of a $90,000 realized gain since DTC was a portfolio investment that
had been previously written-off.
For the three and nine months ended June 30, 1994, the Partnership had a net
realized gain from portfolio investments of $5,000 and a net realized loss from
portfolio investments of $573,000, respectively. During the three months ended
June 30, 1994, the Partnership sold its remaining 104,608 common shares of
Alpharel, Inc. in the public market for $142,000, realizing a gain of $5,000.
During the six months ended March 31, 1994, the Partnership wrote-off the
remaining $620,000 cost of its original $1.6 million investment in DTC due to
the continued depressed public market price and limited trading volume of the
company's common stock. Also during the six months ended March 31, 1994, the
Partnership sold 180,000 common shares of Alpharel for $278,000, realizing a
gain of $42,000.
Investment income and expenses - Net investment loss for the three months ended
June 30, 1995 and 1994 was $32,000 and $43,000, respectively. Net investment
loss for the nine months ended June 30, 1995 and 1994 was $159,000 and $156,000,
respectively. The smaller net investment loss for the three month period in 1995
compared to the same period in 1994 primarily was attributable to a $16,000
increase in interest earned from short-term investments, resulting from an
increase in short-term interest rates and an increase in the average amount of
funds invested in such securities during the 1995 period. There was no
significant change in net investment loss for the nine months ended June 30,
1995 compared to the same period in 1994.
The Management Company receives compensation at the annual rate of 2% of the net
assets of the Partnership. Such fee is determined and payable on the basis of
the Partnership's net assets at the end of each calendar quarter. The management
fee for the quarter ended June 30, 1995 was $19,000 compared to $15,000 for the
same period in 1994. The management fee for the nine months ended June 30, 1995
was $50,000 compared to $46,000 for the same period in 1994. The management fee
and other operating expenses incurred by the Partnership are paid with funds
provided from operations. Funds provided from operations are obtained from
interest earned from short-term investments and proceeds received from the sale
of portfolio investments.
Unrealized Gains and Losses and Changes in Unrealized Appreciation or
Depreciation of Portfolio Investments - For the nine months ended June 30, 1995,
the Partnership had a net unrealized gain from its portfolio investments of
$845,000. This unrealized gain primarily resulted from the upward revaluation of
the Partnership's investment in Inference Corporation reflecting the company's
increased valuation due to the completion of its initial public offering on June
30, 1995. Additionally, for the nine month period ended June 30, 1995, the
Partnership reversed $9,000 of unrealized losses due to the sale of Acuity
shares which were sold at a gain during the period, as discussed above. As a
result, the Partnership's net unrealized appreciation of investments increased
$854,000 for the nine month period ended June 30, 1995.
For the nine months ended June 30, 1994, the Partnership had a net unrealized
gain from its portfolio investments of $211,000, primarily resulting from the
upward revaluation of its investment in Acuity Imaging, Inc. Additionally, for
the nine months ended June 30, 1994, $525,000 was transferred from unrealized
loss to realized loss due to the write-off of the Partnership's investment in
DTC and the sale of Alpharel shares, as discussed above. As a result, the
Partnership's net unrealized appreciation of investments increased $736,000 for
the nine month period ended June 30, 1995.
Net Assets - At June 30, 1995, the Partnership's net assets were $3.8 million,
up $899,000 from $2.9 million at September 30, 1994. The increase resulted from
the $45,000 net realized gain from operations and the $854,000 increase in net
unrealized appreciation for the nine month period.
For the nine months ended June 30, 1994, the Partnership had a $7,000 net
increase in net assets resulting from operations comprised of a $736,000
increase in unrealized appreciation of investments offset by a $729,000 net
realized loss from operations for the nine month period. At June 30, 1994, the
Partnership's net assets were $3 million, down $1.5 million from $4.5 million at
September 30, 1993. This decrease resulted from the $1,552,300 cash distribution
paid to Partners in January 1994 partially offset by the $7,000 net increase in
net assets resulting from operations for the nine month period.
Gains and losses from investments are allocated to the Partners' capital
accounts when realized in accordance with the Partnership Agreement (see Note 3
of Notes to Financial Statements). However, for purposes of calculating the net
asset value per Unit, net unrealized appreciation or depreciation of investments
has been included as if it had been realized and allocated to the Limited
Partners in accordance with the Partnership Agreement. Pursuant to such
calculation, the net asset value at June 30, 1995 and September 30, 1994, was
$242 and $185 per $5,000 Unit, respectively.
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
The Partnership is not a party to any material pending legal proceedings.
Item 2. Changes in Securities.
Not applicable.
Item 3. Defaults Upon Senior Securities.
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders.
No matter was submitted to a vote of security holders during the fiscal quarter
covered by this report.
Item 5. Other Information.
None.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
(3) Amended and Restated Certificate and Agreement of
Limited Partnership of the Partnership, dated as
of February 12, 1982, and amended through October
6, 1982.*
(10) Management Agreement dated as of July 12, 1982 between
the Partnership and the Management Company.*
(27) Financial Data Schedule.
(28) (a) Prospectus of the Partnership dated June 18,
1982 filed with the Securities and Exchange
Commission pursuant to Rule 424(b) under the
Securities Act of 1933, as supplemented by
supplements thereto dated July 13, 1982 and
September 28, 1982 filed pursuant to Rule 424 (c)
under the Securities Act of 1933.*
(28) (b) Custody Agreement dated May 31, 1983 between the
Partnership and Chemical Bank.**
(b) No reports on Form 8-K have been filed during the
period covered by this report.
- ------------------------------
* Incorporated by reference to the Partnership's Annual Report on Form 10-K
for the three months ended September 30, 1982 filed with the Securities
and Exchange Commission on December 29, 1982.
** Incorporated by reference to the Partnership's Quarterly Report on Form
10-Q for the quarter ended June 30, 1983 filed with the Securities and
Exchange Commission on August 15, 1983.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ML VENTURE PARTNERS I, L.P.
By: /s/ Kevin K. Albert
Kevin K. Albert
General Partner
By: Merrill Lynch Venture Capital Co., L.P.
its Managing General Partner
By: Merrill Lynch Venture Capital Inc.
its General Partner
By: /s/ Kevin K. Albert
Kevin K. Albert
President
(Principal Executive Officer)
By: /s/ Diane T. Herte
Diane T. Herte
Vice President and Treasurer
(Principal Financial and Accounting Officer)
Date: August 11, 1995
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ML VENTURE
PARTNERS I, L.P.'S QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD ENDED JUNE 30,
1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> OCT-1-1994
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 1,972,769
<INVESTMENTS-AT-VALUE> 2,680,888
<RECEIVABLES> 1,981
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,208,783
<TOTAL-ASSETS> 3,891,652
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44,630
<TOTAL-LIABILITIES> 44,630
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 708,119
<NET-ASSETS> 3,847,022
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 41,717
<OTHER-INCOME> 0
<EXPENSES-NET> 200,943
<NET-INVESTMENT-INCOME> (159,226)
<REALIZED-GAINS-CURRENT> 204,314
<APPREC-INCREASE-CURRENT> 854,340
<NET-CHANGE-FROM-OPS> 899,428
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 899,925
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 185
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 242
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
