<PAGE>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 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 0-16110
THE GROWTH AND GUARANTEE FUND L.P.
----------------------------------
(Exact Name of Registrant as
specified in its charter)
Delaware 13-3407269
- ------------------------------- --------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
c/o Merrill Lynch Investment Partners Inc.
(formerly ML Futures Investment Partners Inc.)
Merrill Lynch World Headquarters - South Tower, 6th Fl.
World Financial Center New York, New York 10080-6106
-----------------------------------------------------
(Address of principal executive offices)
(Zip Code)
212-236-4161
--------------------------------------------------------------
(Registrant's telephone number, including area code)
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_____
-----
This document contains 14 pages.
There are no exhibits and no exhibit index filed with this document.
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
THE GROWTH AND GUARANTEE FUND L.P.
----------------------------------
(a Delaware limited partnership)
------------------------------
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
----------------------------------------------
<TABLE>
<CAPTION>
September 30, December 31,
1995 1994
------------- ------------
ASSETS
- ------
<S> <C> <C>
U.S. Government obligations $6,756,476 $6,482,801
Equity in commodity futures trading accounts:
Cash and options contracts 624,998 738,208
Net unrealized profit on open 1,019,000 405,176
contracts
------------ ----------
TOTAL $8,400,474 $7,626,185
============ ==========
LIABILITIES AND PARTNERS' CAPITAL
- ---------------------------------
LIABILITIES:
Redemptions payable $ 64,084 $ 47,628
Administative fees and brokerage
commissions payable 12,689 12,046
------------ ----------
Total liabilities 76,773 59,674
------------ ----------
Minority interest 24,311 -
------------ ----------
PARTNERS' CAPITAL: (Note 1)
General Partner (680 and 680 units) 121,024 96,085
Limited Partners (45,944 and 52,857
units) 8,178,366 7,470,426
------------ ----------
Total partners' capital 8,299,390 7,566,511
------------ ----------
TOTAL $8,400,474 $7,626,185
=========== ==========
NET ASSET VALUE PER UNIT $178.01 $141.33
=========== ==========
</TABLE>
See notes to consolidated financial statements.
2
<PAGE>
THE GROWTH AND GUARANTEE FUND L.P.
----------------------------------
(a Delaware limited partnership)
------------------------------
CONSOLIDATED STATEMENTS OF OPERATIONS
-------------------------------------
<TABLE>
<CAPTION>
For the three For the three For the nine For the nine
months ended months ended months ended months ended
September 30, September 30, September 30, September 30,
1995 1994 1995 1994
------------- ------------- ------------- --------------
<S> <C> <C> <C> <C>
REVENUES:
Trading profit (loss):
Realized $427,925 $ 72,206 $1,061,708 $ 251,376
Change in unrealized 86,994 110,662 613,824 (87,787)
----------- ----------- ------------ -----------
Total trading results 514,919 182,868 1,675,532 163,589
----------- ----------- ------------ -----------
Interest income (Note 2) 92,507 107,132 298,801 (156,101)
----------- ----------- ------------ -----------
Total revenues 607,426 290,000 1,974,333 7,488
----------- ----------- ------------ -----------
EXPENSES:
Administrative fees 36,648 35,404 107,433 108,924
Brokerage commissions 774 488 3,375 7,110
----------- ----------- ------------ -----------
Total expenses 37,422 35,892 110,808 116,034
----------- ----------- ------------ -----------
NET INCOME (LOSS) BEFORE $570,004 $254,108 $1,863,525 $(108,546)
=========== =========== ============ ===========
MINORITY INTEREST
Minority interest on income 6,873 - 8,310 -
----------- ----------- ------------ -----------
NET INCOME (LOSS) $563,131 $254,108 $1,855,215 $(108,546)
=========== =========== ============ ===========
NET INCOME (LOSS) PER UNIT:
Weighted average number of units
outstanding (Note 3) 48,035 56,234 50,625 57,961
======== ======== ========== =========
Weighted average net income (loss)
per unit $11.72 $4.52 $36.65 $(1.87)
======== ======== ========== =========
</TABLE>
See notes to consolidated financial statements.
3
<PAGE>
THE GROWTH AND GUARANTEE FUND L.P.
----------------------------------
(a Delaware limited partnership)
------------------------------
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
-------------------------------------------------------
for the nine months ended September 30, 1995 and 1994
-----------------------------------------------------
<TABLE>
<CAPTION>
Limited General
Units Partners Partner Total
------- ------------ --------- ------------
<S> <C> <C> <C> <C>
PARTNERS' CAPITAL,
DECEMBER 31, 1993 60,451 $ 8,650,204 $ 98,410 $ 8,748,614
Net loss - (107,303) (1,243) (108,546)
Redemptions (5,400) (773,552) - (773,552)
------ ----------- --------- -----------
PARTNERS' CAPITAL,
SEPTEMBER 30, 1994 55,051 $ 7,769,349 $ 97,167 $ 7,866,516
======== =========== ======== ===========
PARTNERS' CAPITAL,
DECEMBER 31, 1994 53,537 $ 7,470,426 $ 96,085 $ 7,566,511
Net income - 1,830,276 24,939 1,855,215
Redemptions (6,913) (1,122,336) - (1,122,336)
-------- ----------- --------- -----------
PARTNERS' CAPITAL,
SEPTEMBER 30, 1995 46,624 $ 8,178,366 $121,024 $ 8,299,390
======== =========== ======== ===========
</TABLE>
See notes to consolidated financial statements.
4
<PAGE>
THE GROWTH AND GUARANTEE FUND L.P.
----------------------------------
(a Delaware limited partnership)
------------------------------
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
------------------------------------------
For the nine months ended September 30, 1995 and 1994
-----------------------------------------------------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
------------------------------------------
The Growth and Guarantee Fund L.P. (the "Partnership"or the "Fund") was
organized on January 21, 1987 under the Delaware Revised Uniform Limited
Partnership Act and commenced trading activities on August 5, 1987. The Growth
and Guarantee Fund Trading L.P. (the "Trading Partnership") was organized on
and commenced trading activities on June 1, 1995. The Partnership engages in
the speculative trading of stock index futures and options. On June 1, 1995,
the Partnership began trading through the Trading Partnership. Merrill Lynch
Investment Partners Inc. (formerly ML Futures Investment Partners Inc.) (the
"General Partner") (a wholly-owned subsidiary of Merrill Lynch Group, Inc.,
which in turn is a wholly-owned subsidiary of Merrill Lynch & Co., Inc.)
invests for its account at least 1% of the total contributions to the
Partnership. The General Partner and each Limited Partner share in the
profits and losses of the Partnership attributable to the series of units held
by them in proportion to the amount of such units owned by each.
The consolidated statements include the accounts of the Trading Partnership
in which the Partnership is the sole limited partner. All related
transactions and intercompany balances between the Partnership and the Trading
Partnership are eliminated in consolidation.
The ownership by the General Partner in the Trading Partnership represents
a minority interest in the Partnership. The General Partner's share of the
Trading Partnership's profits and losses is eliminated in consolidation.
The financial information included herein has been prepared by management
without audit by independent certified public accountants who do not express
an opinion thereon. The statement of financial condition as of December 31,
1994 has been derived from but does not include all the disclosures contained
in the audited financial statements for the year ended December 31, 1994. The
information furnished includes all adjustments which are, in the opinion of
management, necessary for a fair statement of results for the interim period.
The results of operations as presented, however, should not be considered
indicative of the results to be expected for the entire year.
Revenue Recognition
-------------------
Commodity futures and option contracts and securities transactions are
recorded on the trade date and open contracts are reflected in the financial
statements at the market value on the last business day of the reporting
period. The difference between the original contract amount and the market
value is reflected in income as unrealized gain or loss. Market value or fair
value is based on quoted market prices. All commodity futures, options and
forward contracts are reflected at fair value in the financial statements.
The Partnership does not report open positions on a net basis.
5
<PAGE>
U.S. Government Obligations
---------------------------
The Partnership invests a portion of its assets in U.S. Government
obligations. These investments are carried at amortized cost which
approximates market value or fair value.
Fees
----
The Partnership pays a monthly administrative fee to the General Partner
equal to 0.1458 of 1% of the Partnership's month-end net asset value each
month (a 1.75% annual rate). The General Partner pays, at no additional cost
to the Partnership, ongoing quarterly fees of $0.0625 per unit for offering
and organizational costs beginning at the end of the twelfth full month of
operations. Prior to the change discussed below, the General Partner also
paid the following additional fees which were based on the Partnership's
average month-end net assets: (i) monthly advisory fees to Aetna Capital
Management, Inc. ("ACM") totaling, on an annual basis, 0.275 of 1% of the
first $100 million and 0.125 of 1% on amounts in excess of $100 million; (ii)
monthly consulting fees to Leland O'Brien Rubinstein Associates Incorporated
("LOR") totalling, on an annual basis, 0.04375 of 1% of the first $100 million
and 0.02 of 1% on amounts in excess of $100 million; and (iii) monthly
insurance premiums to The Standard Fire Insurance Company totalling, on an
annual basis, 0.375 of 1%.
The General Partner, at no additional expense to the Partnership, pays all
normal ongoing administrative costs of the Partnership, such as legal,
printing and accounting expenses.
Protected Net Asset Value
-------------------------
The Limited Partnership Agreement provides protection against certain
losses. The maximum permissible decrease in the Net Asset Value per unit, as
of the end of successive Time Horizons (a term defined in the Limited
Partnership Agreement, generally 18 months in duration) is 10% of the Net
Asset Value per unit as of the beginning of each such Time Horizon (the
"Protected Minimum NAV"). The Partnership had entered into an agreement with
Chase Manhattan Bank N.A. ("Chase") whereby a letter of credit issued by Chase
served to ensure the Protected Minimum NAV. The letter of credit was issued
in favor of State Street Bank and Trust Company of Connecticut, N.A., which
served as the paying agent for the Limited Partners of the Partnership. The
amounts of the letters of credit varied from time to time as a result of units
redeemed, or the occurrence of a New Profit Lock-In, as defined in the Letter
of Credit and Reimbursement Agreement. The Letter of Credit expired in June
1994 and was not renewed. The Protected Minimum NAV for the Time Horizon
ending November 15, 1996 is guaranteed by the U.S. Government obligations.
The Partnership will also utilize a "downside protection" strategy which is
designed to maximize profits while controlling the risk of major drawdowns.
Avoiding significant losses is of particular importance to the Partnership's
long-term prospects for profitability due to its "downside protection"
feature.
Income Taxes
------------
No provision for income taxes has been made in the accompanying financial
statements as each partner is individually responsible for reporting income or
loss based on their respective share of the Partnership's income and expenses
as reported for income tax purposes.
6
<PAGE>
Dissolution of the Partnership
------------------------------
The Partnership will terminate on December 31, 2007 or at an earlier date if
certain conditions occur, regarding, among other things, a decline in net
assets to less than $250,000, a decline in Net Asset Value to less than $25 or
under certain circumstances as defined in the Limited Partnership Agreement.
Redemptions
-----------
A Limited Partner may require the Partnership to redeem some or all of their
units at 100% of actual Net Asset Value as of the last business day of any
month, and at 100% of actual Net Asset Value plus any amounts due under the
Protected Minimum NAV as of the last business day of any month which is also
the last day of a Time Horizon, upon ten days' written notice to the General
Partner.
2. RELATED PARTY TRANSACTIONS
All of the Partnership's assets except for the U.S. Government obligations
are held by Merrill Lynch Futures Inc. ("MLF") (the commodity broker for the
Partnership), an affiliate of the General Partner, as margin deposits in
respect of the Partnership's futures and options trading. All brokerage
commissions are paid to MLF. MLF pays the Partnership of interest which
approximates the prevailing 91-day U.S. Treasury bill rate on the
Partnership's average daily "available assets". Available assets are all of
the Partnership's assets except for those assets invested in U.S. Government
obligations and excluding the unrealized profit and loss on open forward or
options positions or assets being held by other commodity brokers.
3. WEIGHTED AVERAGE UNITS
Weighted average number of units outstanding was computed for purposes of
disclosing net income per weighted average unit. The weighted average units
are equal to the number of units outstanding at the period end, adjusted
proportionately for units redeemed based on their respective time outstanding
during such period.
4. OFF-BALANCE SHEET RISK
The Partnership trades futures and options contracts on regulated U. S.
exchanges. Risk arises from changes in the value of these contracts (market
risk) and the potential inability of counterparties or brokers to perform
under the terms of the contracts (credit risk). Although numerous factors
could have significant influences on the market risk of these contracts, they
are very interest rate sensitive. All open contracts mature within one year
from the balance sheet date.
7
<PAGE>
<TABLE>
<CAPTION>
September 30, 1995 December 31, 1994
---------------------------------------- ----------------------------------------
Commitment to Commitment to Commitment to Commitment to
Purchase Sell Purchase Sell
(Futures & Options) (Futures & Options) (Futures & Options) (Futures & Options)
------------------- ------------------- ------------------- -------------------
<S> <C> <C> <C> <C>
Stock
Indices $11,378,976 $ - $3,747,050 $6,100
------------------ ------------------ ---------- ------
$11,378,976 $ - $3,747,050 $6,100
=========== ========== ========== ======
</TABLE>
Outstanding contract amounts represent the Partnership's extent of
involvement in the particular class of financial instrument, but not the
credit risk associated with counterparty nonperformance. The credit risk
associated with these instruments, from counterparty nonperformance, is the
net unrealized gain, if any, included on the Statements of Financial
Condition. The Partnership also has credit risk because the sole counterparty
or broker with respect to most of the Partnership's assets (except for the
Government Obligations) is MLF. At September 30, 1995 and December 31, 1994,
$1,640,212 and $7,319,733 of these assets, respectively, were held in
segregated accounts in accordance with Commodity Futures Trading Commission
regulations.
8
<PAGE>
Item 2: Management's Discussion and Analysis of
- ------ Financial Condition and Results of Operations
Operational Overview:
--------------------
Due to the nature of the Fund's business, its results of operations
depend on the Trading Manager's ability to recognize and capitalize on trends or
other profit opportunities in futures and forward contracts and related options
in different sectors of the world commodity markets. However, the Trading
Manager's methods are confidential, and therefore the only information that can
be furnished regarding the Fund's results of operations is contained in the
performance record of its trading. Unlike many businesses, general economic or
seasonal conditions will not necessarily affect the profit potential of the
Fund, and its past performance is not necessarily indicative of future results.
Liquidity:
---------
A significant portion of the Partnership's assets were held in U.S.
Treasury strips which, in turn, were used to margin its futures positions and
liquidated, as necessary, to pay trading losses and redemptions when incurred.
U.S. Treasury strips are highly liquid.
In 1990, the Partnership entered into an arrangement with Merrill Lynch
Futures Inc. regarding the maintenance of the Partnership's assets, which
eliminates the interest loss resulting from being unable to invest 100% of the
Partnership's available assets in U.S. Treasury bills. Under the arrangement, a
portion of the Partnership's assets are ordinarily deposited as cash rather than
invested in U.S. Treasury bills and Merrill Lynch Futures Inc. credits the
Partnership with interest as if 100% of its cash assets were continuously
invested in 91-day Treasury bills. As a result, the Partnership is able to earn
a yield on all of its available assets.
On the other hand, the stock index futures contracts in which the
Partnership trades may become illiquid under certain market conditions. "Daily
limits," which limit fluctuations in futures prices during a single day, have
been made applicable to stock index futures contracts, in response to the market
turbulence of October 1987. During a single day no trades may be executed at
prices beyond the daily limit. Once the price of a futures contract for a
particular commodity has increased or decreased by an amount equal to the daily
limit, positions in the commodity can generally neither be taken nor liquidated
unless traders are willing to effect trades at or within the limit. As a result
of such limits, market conditions could prevent the Partnership from promptly
liquidating its stock index futures positions. Although "circuit breaker"
trading halts are in effect, daily limits are applicable to the "cash" market in
the stocks on which the stock indexes futures contracts traded by the
Partnership are based.
Risk Factors:
------------
The Fund experiences market risk because it's objective as a speculative
commodity pool is to profit from price changes in the S&P 500 Stock Index. The
General Partner monitors this market risk by valuing and reporting each open
position daily.
All of the fund's assets are maintained with MLF, the commodity broker of
the Fund and an affiliate of the General Partner. The General Partner monitors
daily the Fund's trading account to insure actual trading complies with the
terms of the prospectus. A substantial portion of the Fund's assets are
invested in U. S. Government Securities and maintained with MLF in segregated
accounts in accordance with Commodity Futures Trading Commission regulations.
9
<PAGE>
Capital Resources:
-----------------
The Partnership does not have, nor does it expect to have, any capital
assets and has no material commitments for capital expenditures. The
Partnership uses its assets solely to supply the necessary margin or premiums
for, and to pay any losses incurred in connection with, its investment in stock
index futures contracts and options on stock index futures contracts. Inflation
is not a significant factor in the Fund's profitability, although inflationary
cycles can give rise to the type of major price movements which can have a
material impact on the Fund's profitability.
1995:
----
Total assets of the Partnership and Partnership Capital at September 30,
1995 were $8,400,474 and $8,299,390, respectively. During the third quarter
of 1995, 2,014 Units were redeemed, for an aggregate redemption value of
$348,642.
1994:
----
Total assets of the Partnership and Partnership Capital at September 30,
1994 were $7,970,730 and $7,866,516, respectively. The Partnership permits
Units to be redeemed on a monthly basis. During the thrid quarter of 1994,
1,763 Units were redeemed, for an aggregate redemption value of $253,029.
Results of Operations - General:
-------------------------------
Unlike an operating business, it is difficult to identify "trends" in the
Fund's operations and virtually impossible to make any predictions regarding
future results based on results to date. In general, markets in which sustained
price trends occur with some frequency tend to be favorable to managed futures
investments, but this is not always the case. It is impossible to predict when
trending markets will occur and the advisor is affected differently by trends in
general and particular types of trends. Consequently, the results of operations
of the Fund are difficult to discuss other than in terms of how it has performed
in the past.
1995 Monthly Performance:
------------------------
At September 30, 1995, the Net Asset Value per Unit was $178.01, a 7.09%
increase from the Net Asset Value per Unit of $166.23 at June 30, 1995 and a
25.95% increase from the Net Asset Value per Unit of $141.33 at December 31,
1994.
During January 1995, the Fund's Net Asset Value for the Series A Units
increased by 2.6%, while the S & P 500 Stock Index also increased 2.6% for the
month.
During February 1995, the Fund's Net Asset Value for the Series A Units
increased 3.4%, while the S & P 500 Stock Index increased 3.9% for the month.
During March 1995, the Fund's Net Asset Value for the Series A Units
increased 2.1%, while the S & P 500 Stock Index increased 3.0% for the month.
During April 1995, the Fund's Net Asset Value for the Series A Units
increased 2.8%, while the S & P 500 Stock Index increased 3.0% for the month.
During May 1995, the Fund's Net Asset Value for the Series A Units
increased 3.7%, while the S & P 500 Stock Index increased 4.0% for the month.
10
<PAGE>
During June 1995, the Fund's Net Asset Value for the Series A Units
increased 2%, while the S & P 500 Stock Index increased less than 2.3% for the
month.
During July 1995, the Fund's Net Asset Value for the Series A Units
increased 3.2%, while the S & P 500 Stock Index increased 3.3% for the month.
During August 1995, the Fund's Net Asset Value for the Series A Units
increased 0.3%, while the S & P 500 Stock Index increased 0.3% for the month.
During September 1995, the Fund's Net Asset Value for the Series A Units
increased 3.4%, while the S & P 500 Stock Index increased less than 4.2% for the
month.
The Partnership's operations were profitable during the third quarter of
1995 with gross trading gains of $514,919 and interest income of $92,507, less
operating expenses of $37,422 (comprised of brokerage commissions of $774 and
administrative fees of $36,648) and minority interest on income of $6,873
resulting in income of $563,131.
The Partnership's operations were profitable during the first nine months
of 1995 with gross trading gains of $1,675,532 and interest income of $298,801,
less operating expenses of $110,808 (comprised of brokerage commissions of
$3,375 and administrative fees of $107,433) and minority interest income of
$8,310 resulting in net income of $1,855,215.
During the third quarter of 1995, the Fund experienced three profitable
months of trading operations, and during the first nine months of 1995, the Fund
experienced nine profitable months of trading operations.
The Net Asset Value of a Unit purchased on August 5, 1987 for $100 had
increased to $178.01 as of September 30, 1995.
1994 Monthly Performance:
------------------------
At September 30, 1994, the Net Asset Value per Unit was $142.90, a 3.22%
increase from the Net Asset Value per Unit of $138.44 at June 30, 1994, and a
1.26% decrease from the Net Asset Value per Unit of $144.72 at December 31,
1993.
During January 1994, the Fund's Net Asset Value increased 2.8%, while the
S & P 500 Stock Index increased 3.4% for the month.
During February 1994, the Fund's Net Asset Value decreased 2.6%, while
the S & P 500 Stock Index increased 2.7% for the month.
During March 1994, the Fund's Net Asset Value decreased 2.9%, while the S
& P 500 Stock Index decreased 4.4% for the month.
During April 1994, the Fund's Net Asset Value increased less than 1%,
while the S & P 500 Stock Index increased 1.3% for the month.
During May 1994, the Fund's Net Asset Value increased less than 1%, while
the S & P 500 Stock Index increased 1.6% for the month.
11
<PAGE>
During June 1994, the Fund's Net Asset Value decreased 2.5%, while the S
& P 500 Stock Index decreased 2.5% for the month.
During July 1994, the Fund's Net Asset Value for the Series A Units
increased 2.6%, while the S & P 500 Stock Index increased 3.3% for the month.
During August 1994, the Fund's Net Asset Value for the Series A Units
increased 2.9%, while the S & P 500 Stock Index increased 4.1% for the month.
During September 1994, the Fund's Net Asset Value for the Series A Units
decreased 2.2%, while the S & P 500 Stock Index decreased 2.5% for the month.
The Partnership's operations were profitable during the third quarter of
1994 with gross trading gains of $182,868 and interest income of $107,132, less
operating expenses of $35,892 (comprised of brokerage commissions of $488 and
administrative fees of $35,404), resulting in net income of $254,108.
The Partnership's operations were unprofitable during the first nine
months of 1994 with gross trading gains of $163,589 and interest income of
$(156,101), less operating expenses of $116,034 (comprised of brokerage
commissions of $7,110 and administrative fees of $108,924), resulting in a net
loss of $108,546.
During the third quarter of 1994, the Fund experienced two profitable
months and one unprofitable month of trading operations, and during the first
nine months of 1994, the Fund experienced five profitable months and four
unprofitable months of trading operations.
The Net Asset Value of a Unit purchased on August 5, 1987 for $100 had
increased to $142.90 as of September 30, 1994.
12
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
--------
There are no exhibits required to be filed with this document.
(b) Reports on Form 8-K
-------------------
A report on Form 8-K was filed on July 28, 1995 which reflects a name
change of the General Partner from ML Futures Investment Partners Inc. to
Merrill Lynch Investment Partners Inc.
13
<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.
THE GROWTH AND GUARANTEE FUND L.P.
MERRILL LYNCH INVESTMENT PARTNERS INC.
(formerly ML FUTURES INVESTMENT PARTNERS INC.)
(General Partner)
Date: November 13, 1995 By /s/JOHN R. FRAWLEY, JR.
-----------------------
John R. Frawley, Jr.
President, Chief Executive Officer
and Director
Date: November 13, 1995 By /s/JAMES M. BERNARD
-------------------
James M. Bernard
Chief Financial Officer,
Treasurer and Vice President
14
<TABLE> <S> <C>
<PAGE>
<ARTICLE> BD
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CONSOLIDATED
STATEMENTS OF FINANCIAL CONDITION, CONSOLIDATED STATEMENTS OF OPERATIONS,
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C> <C>
<PERIOD-TYPE> 9-MOS 9-MOS
<FISCAL-YEAR-END> DEC-31-1994 DEC-31-1993
<PERIOD-START> JAN-01-1995 JAN-01-1994
<PERIOD-END> SEP-30-1995 SEP-30-1994
<CASH> 0 0
<RECEIVABLES> 1,643,998 7,970,730
<SECURITIES-RESALE> 0 0
<SECURITIES-BORROWED> 0 0
<INSTRUMENTS-OWNED> 6,756,476 0
<PP&E> 0 0
<TOTAL-ASSETS> 8,400,474 7,970,730
<SHORT-TERM> 0 0
<PAYABLES> 76,773 104,214
<REPOS-SOLD> 0 0
<SECURITIES-LOANED> 0 0
<INSTRUMENTS-SOLD> 0 0
<LONG-TERM> 0 0
<COMMON> 0 0
0 0
0 0
<OTHER-SE> 8,299,390 7,866,516
<TOTAL-LIABILITY-AND-EQUITY> 8,400,474 7,970,730
<TRADING-REVENUE> 1,675,532 163,589
<INTEREST-DIVIDENDS> 298,801 (156,101)
<COMMISSIONS> 110,808 116,034
<INVESTMENT-BANKING-REVENUES> 0 0
<FEE-REVENUE> 0 0
<INTEREST-EXPENSE> 0 0
<COMPENSATION> 0 0
<INCOME-PRETAX> 1,855,215 (108,546)
<INCOME-PRE-EXTRAORDINARY> 1,855,215 (108,546)
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 1,855,215 (108,546)
<EPS-PRIMARY> 36.65 (1.87)
<EPS-DILUTED> 36.65 (1.87)
</TABLE>
