<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 June 30, 1998
---------------
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 0-18215
JOHN W. HENRY & CO./MILLBURN L.P.
(Exact Name of Registrant as
specified in its charter)
Delaware 06-1287586
- ------------------------------- --------------------------------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
c/o Merrill Lynch 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)
212-236-5662
-------------------------------------------------------------
(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
----- ------
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
JOHN W. HENRY & CO./MILLBURN L.P.
(a Delaware limited partnership)
------------------------------
STATEMENTS OF FINANCIAL CONDITION
---------------------------------
<TABLE>
<CAPTION>
June 30, December 31,
1998 1997
----------- ------------
<S> <C> <C>
ASSETS
Investments $51,933,844 $63,024,164
Receivable from investments 665,951 514,158
----------- -----------
TOTAL $52,599,795 $63,538,322
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES:
Redemptions payable $ 665,951 $ 514,158
----------- -----------
Total liabilities 665,951 514,158
----------- -----------
PARTNERS' CAPITAL:
General Partner:
(504 and 780 Series A Units) 125,830 221,605
(1338 and 1976 Series B Units) 271,506 456,174
(896 and 1439 Series C Units) 141,697 258,899
Limited Partners:
(47640 and 50992 Series A Units) 11,894,047 14,487,473
(127807 and 135244 Series B Units) 25,936,175 31,223,304
(85768 and 91020 Series C Units) 13,564,589 16,376,709
----------- -----------
Total partners' capital 51,933,844 63,024,164
----------- -----------
TOTAL $52,599,795 $63,538,322
=========== ===========
NET ASSET VALUE PER UNIT
Series A (Based on 48144 and 51772 Units outstanding) $ 249.67 $ 284.11
=========== ===========
Series B (Based on 129145 and 137220 Units outstanding) $ 202.93 $ 230.87
=========== ===========
Series C (Based on 86664 and 92459 Units outstanding) $ 158.15 $ 179.92
=========== ===========
</TABLE>
See notes to financial statements.
2
<PAGE>
JOHN W. HENRY & CO./MILLBURN L.P.
---------------------------------
(a Delaware limited partnership)
------------------------------
STATEMENTS OF OPERATIONS
------------------------
<TABLE>
<CAPTION>
For the three For the three For the six For the six
months ended months ended months ended months ended
June 30, June 30, June 30, June 30,
1998 1997 1998 1997
---------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
REVENUES:
(Loss) income from investments $(4,405,863) $(2,529,972) $(7,484,700) $ 1,193,136
----------- ----------- ----------- -----------
NET (LOSS) INCOME $(4,405,863) $(2,529,972) $(7,484,700) $ 1,193,136
=========== =========== =========== ===========
NET (LOSS) INCOME PER UNIT:
Weighted average number of units
outstanding 272,144 298,128 276,010 300,829
=========== =========== =========== ===========
Weighted average net income
per Limited Partner
and General Partner Unit $ (16.19) $ (8.49) $ (27.12) $ 3.97
=========== =========== =========== ===========
</TABLE>
See notes to financial statements.
3
<PAGE>
JOHN W. HENRY & CO./MILLBURN L.P.
(a Delaware limited partnership)
------------------------------
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
------------------------------------------
For the six months ended June 30, 1998 and 1997
-----------------------------------------------
<TABLE>
<CAPTION>
Units Limited Partners
Series A Series B Series C Series A Series B
-------- -------- -------- ---------- --------------
<S> <C> <C> <C> <C> <C>
PARTNERS' CAPITAL,
December 31, 1996 56,376 148,528 100,695 $14,040,479 $30,082,484
Redemptions (2,251) (4,899) (3,161) (601,205) (1,055,894)
Net Income -- -- -- 282,321 592,415
----------- -------- --------- ----------- -----------
PARTNERS' CAPITAL,
June 30, 1997 54,125 143,629 97,534 $13,721,595 $29,619,005
=========== ======== ========= =========== ===========
PARTNERS' CAPITAL,
December 31, 1997 51,772 137,220 92,459 $14,487,473 $31,223,304
Redemptions (3,628) (8,075) (5,795) (872,040) (1,564,157)
Net loss -- -- -- (1,721,386) (3,722,972)
----------- -------- --------- ----------- -----------
PARTNERS' CAPITAL,
June 30, 1998 48,144 129,145 86,664 $11,894,047 $25,936,175
=========== ======== ========= =========== ===========
<CAPTION>
General Partner
Series C Series A Series B Series C Total
----------- -------- --------- ----------- ----------
<S> <C> <C> <C> <C> <C>
PARTNERS' CAPITAL,
December 31, 1996 $15,878,356 $196,983 $ 405,594 $ 230,192 $60,834,088
Redemptions (521,930) -- -- -- $(2,179,029)
Net Income 302,897 3,649 7,562 4,292 $ 1,193,136
----------- -------- --------- ----------- -----------
PARTNERS' CAPITAL,
June 30, 1997 $15,659,323 $200,632 $ 413,156 $ 234,484 $59,848,195
=========== ======== ========= =========== ===========
PARTNERS' CAPITAL,
December 31, 1997 $16,376,709 $221,605 $ 456,174 $ 258,899 $63,024,164
Redemptions (876,807) (70,937) (133,278) (88,401) $(3,605,620)
Net loss (1,935,313) (24,838) (51,390) (28,801) $(7,484,700)
----------- -------- --------- ----------- -----------
PARTNERS' CAPITAL,
June 30, 1998 $13,564,589 $125,830 $ 271,506 $ 141,697 $51,933,844
=========== ======== ========= =========== ===========
</TABLE>
See notes to financial statements.
4
<PAGE>
JOHN W. HENRY & CO./MILLBURN L.P.
(A Delaware Limited Partnership)
------------------------------
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
These financial statements have been prepared without audit. In the opinion
of management, the financial statements contain all adjustments (consisting
of only normal recurring adjustments) necessary to present fairly the
financial position of John W. Henry & Co./Millburn L.P. (the "Partnership"
or the "Fund") as of June 30, 1998 and the results of its operations for the
six months ended June 30, 1998 and 1997. However, the operating results for
the interim periods may not be indicative of the results expected for the
full year.
Certain information and footnote disclosures normally included in annual
financial statements prepared in accordance with general accepted accounting
principles have been omitted. It is suggested that these financial
statements be read in conjunction with the financial statements and notes
thereto included in the Partnership's Annual Report on Form 10-K filed with
the Securities and Exchange Commission for the year ended December 31, 1997
(the "Annual Report").
As of December 1, 1996, the Partnership invested all of its assets in Trading
LLCs. The Partnership was, thus, invested indirectly in the trading of
derivative instruments, but did not itself hold any derivative positions.
Consequently, no such positions subsequent to November 30, 1996 are reflected
in these financial statements.
2. INVESTMENTS
As of June 30, 1998 and December 31, 1997, the Partnership had investments in
the ML JWH Financial and Metals Portfolio L.L.C. ("JWH LLC") and ML Millburn
Global L.L.C. ("Millburn LLC") as follows:
1998 1997
------------- -------------
JWH LLC $ 24,557,560 $ 31,979,914
Millburn LLC 27,376,284 31,044,250
------------- -------------
Total $ 51,933,844 $ 63,024,164
============= =============
5
<PAGE>
Total revenues and fees with respect to such investments is set forth as
follows:
<TABLE>
<CAPTION>
For the three months Total Brokerage Administrative Profit Loss from
ended June 30, 1998 Revenue Commissions Fees Shares Investments
--------------- --------------- -------------- -------------- ----------------
Series A Units
<S> <C> <C> <C> <C> <C>
JWH LLC $ (513,652) $ 145,270 $ 3,823 $-- $ (662,745)
Millburn LLC (202,961) 156,246 4,111 -- (363,318)
----------- ----------- ----------- --- -----------
Total $ (716,613) $ 301,516 $ 7,934 $-- $(1,026,063)
=========== =========== =========== === ===========
Series B Units
JWH LLC $(1,111,028) $ 312,981 $ 8,235 $-- $(1,432,244)
Millburn LLC (444,222) 339,418 8,932 -- (792,572)
----------- ----------- ----------- --- -----------
Total $(1,555,250) $ 652,399 $ 17,167 $-- $(2,224,816)
=========== =========== =========== === ===========
Series C Units
JWH LLC $ (577,062) $ 163,031 $ 4,290 $-- $ (744,383)
Millburn LLC (229,143) 176,806 4,652 -- (410,601)
----------- ----------- ----------- --- -----------
Total $ (806,205) $ 339,837 $ 8,942 $-- $(1,154,984)
=========== =========== =========== === ===========
Total All Units
JWH LLC $(2,201,742) $ 621,282 $ 16,348 $-- $(2,839,372)
Millburn LLC (876,326) 672,470 17,695 -- (1,566,491)
----------- ----------- ----------- --- -----------
Total $(3,078,068) $ 1,293,752 $ 34,043 $-- $(4,405,863)
=========== =========== =========== === ===========
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
For the three months Total Brokerage Administrative Profit Loss from
ended June 30, 1997 Revenue Commissions Fees Shares Investments
--------------- --------------- -------------- -------------- ----------------
Series A Units
<S> <C> <C> <C> <C> <C>
JWH LLC $ (324,897) $ 155,602 $ 4,094 $ -- $ (484,593)
Millburn LLC 60,246 182,786 4,810 (24,919) (102,431)
----------- ----------- ----------- ----------- -----------
Total $ (264,651) $ 338,388 $ 8,904 $ (24,919) $ (587,024)
=========== =========== =========== =========== ===========
Series B Units
JWH LLC $ (700,431) $ 335,091 $ 8,818 $ -- $(1,044,340)
Millburn LLC 131,882 395,769 10,415 (53,665) (220,637)
----------- ----------- ----------- ----------- -----------
Total $ (568,549) $ 730,860 $ 19,233 $ (53,665) $(1,264,977)
=========== =========== =========== =========== ===========
Series C Units
JWH LLC $ (376,795) $ 178,460 $ 4,696 $ -- $ (559,951)
Millburn LLC 69,592 210,777 5,547 (28,712) (118,020)
----------- ----------- ----------- ----------- -----------
Total $ (307,203) $ 389,237 $ 10,243 $ (28,712) $ (677,971)
=========== =========== =========== =========== ===========
Total All Units
JWH LLC $(1,402,123) $ 669,153 $ 17,608 $ -- $(2,088,884)
Millburn LLC 261,720 789,332 20,772 (107,296) (441,088)
----------- ----------- ----------- ----------- -----------
Total $(1,140,403) $ 1,458,485 $ 38,380 $ (107,296) $(2,529,972)
=========== =========== =========== =========== ===========
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
For the six months Total Brokerage Administrative Profit Loss from
ended June 30, 1998 Revenue Commissions Fees Shares Investments
--------------- --------------- -------------- -------------- ----------------
<S> <C> <C> <C> <C> <C>
Series A Units
JWH LLC $(1,007,264) $ 312,124 $ 8,216 $ -- $(1,327,604)
Millburn LLC (84,634) 325,301 8,560 125 (418,620)
----------- ----------- ----------- ----------- -----------
Total $(1,091,898) $ 637,425 $ 16,776 $ 125 $(1,746,224)
=========== =========== =========== =========== ===========
Series B Units
JWH LLC $(2,170,716) $ 670,783 $ 17,650 $ -- $(2,859,149)
Millburn LLC (191,597) 704,913 18,550 153 (915,213)
----------- ----------- ----------- ----------- -----------
Total $(2,362,313) $ 1,375,696 $ 36,200 $ 153 $(3,774,362)
=========== =========== =========== =========== ===========
Series C Units
JWH LLC $(1,131,080) $ 350,012 $ 9,212 $ -- $(1,490,304)
Millburn LLC (96,075) 367,793 9,678 264 (473,810)
----------- ----------- ----------- ----------- -----------
Total $(1,227,155) $ 717,805 $ 18,890 $ 264 $(1,964,114)
=========== =========== =========== =========== ===========
Total All Units
JWH LLC $(4,309,060) $ 1,332,919 $ 35,078 $ -- $(5,677,057)
Millburn LLC (372,306) 1,398,007 36,788 542 (1,807,643)
----------- ----------- ----------- ----------- -----------
Total $(4,681,366) $ 2,730,926 $ 71,866 $ 542 $(7,484,700)
=========== =========== =========== =========== ===========
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
For the six months Total Brokerage Administrative Profit Loss from
ended June 30, 1997 Revenue Commissions Fees Shares Investments
--------------- --------------- -------------- -------------- ----------------
<S> <C> <C> <C> <C> <C>
Series A Units
JWH LLC $ (61,756) $ 338,554 $ 8,558 $ 564 $ (409,432)
Millburn LLC 1,279,069 389,295 9,850 184,522 695,402
----------- ----------- ----------- ----------- -----------
Total $ 1,217,313 $ 727,849 $ 18,408 $ 185,086 $ 285,970
=========== =========== =========== =========== ===========
Series B Units
JWH LLC $ (137,602) $ 728,565 $ 18,422 $ 795 $ (885,384)
Millburn LLC 2,741,131 840,176 21,264 394,330 1,485,361
----------- ----------- ----------- ----------- -----------
Total $ 2,603,529 $ 1,568,741 $ 39,686 $ 395,125 $ 599,977
=========== =========== =========== =========== ===========
Series C Units
JWH LLC $ (79,777) $ 386,426 $ 9,772 $ 345 $ (476,320)
Millburn LLC 1,448,631 445,778 11,284 208,060 783,509
----------- ----------- ----------- ----------- -----------
Total $ 1,368,854 $ 832,204 $ 21,056 $ 208,405 $ 307,189
=========== =========== =========== =========== ===========
Total All Units
JWH LLC $ (279,135) $ 1,453,545 $ 36,752 $ 1,704 $(1,771,136)
Millburn LLC 5,468,831 1,675,249 42,398 786,912 2,964,272
----------- ----------- ----------- ----------- -----------
Total $ 5,189,696 $ 3,128,794 $ 79,150 $ 788,616 $ 1,193,136
=========== =========== =========== =========== ===========
</TABLE>
9
<PAGE>
Condensed statements of financial condition and statements of operations for
JWH LLC and Millburn LLC are set forth as follows:
<TABLE>
<CAPTION>
1998 1997
----------------------------------- -----------------------------------
JWH Millburn JWH Millburn
LLC LLC LLC LLC
----------- ------------ ----------- ------------
<S> <C> <C> <C> <C>
Assets $62,481,438 $35,584,936 $62,481,438 $35,584,936
=========== =========== =========== ===========
Liabilities $ 1,122,533 $ 1,454,659 $ 1,122,533 $ 1,454,659
Members' Capital 61,358,905 34,130,277 61,358,905 34,130,277
----------- ----------- ----------- -----------
Total $62,481,438 $35,584,936 $62,481,438 $35,584,936
=========== =========== =========== ===========
<CAPTION>
JWH LLC
For the three For the three For the six For the six
months months months months
ended June 30 ended June 30 ended June 30 ended June 30
1998 1997 1998 1997
-------------- -------------- ------------- -------------
<S> <C> <C> <C> <C>
Revenues $(3,235,723) $(2,656,425) $(7,262,323) $ (374,729)
Expenses 991,700 1,242,115 2,333,897 2,729,950
----------- ----------- ----------- -----------
Net Loss $(4,227,423) $(3,898,540) $(9,596,220) $(3,104,679)
=========== =========== =========== ===========
<CAPTION>
Millburn LLC
For the three For the three For the six For the six
months months months months
ended June 30 ended June 30 ended June 30 ended June 30
1998 1997 1998 1997
-------------- -------------- ------------- -------------
<S> <C> <C> <C> <C>
Revenues $(4,405,864) $ 288,163 $(7,484,700) $ 6,038,312
Expenses -- 767,266 -- 2,742,491
----------- ----------- ----------- -----------
Net (Loss) Income $(4,405,864) $ (479,103) $(7,484,700) $ 3,295,821
=========== =========== =========== ===========
</TABLE>
10
<PAGE>
3. INCOME (LOSS) PER UNIT
The profit and loss of the Series A, Series B and Series C Units for the three
and six months ended June 30, 1998 and 1997 is as follows:
<TABLE>
<CAPTION>
For the three months ended June 30, 1998 1997
----------------------------------------- ------------------------------------------
Series A Series B Series C Series A Series B Series C
------------ ----------- ------------ ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
REVENUES:
(Loss) income from investments $(1,026,063) $(2,224,816) $(1,154,984) (587,025) (1,264,978) (677,969)
----------- ----------- ----------- ----------- ----------- -----------
Total revenues (1,026,063) (2,224,816) (1,154,984) (587,025) (1,264,978) (677,969)
----------- ----------- ----------- ----------- ----------- -----------
NET (LOSS) INCOME $(1,026,063) $(2,224,816) $(1,154,984) $ (587,025) $(1,264,978) $ (677,969)
=========== =========== =========== =========== =========== ===========
NET (LOSS) INCOME
PER UNIT:
Weighted average number of
units outstanding 50,011 134,904 88,989 54,476 144,739 98,913
=========== =========== =========== =========== =========== ===========
Weighted average net
(loss) income per Limited
Partner and General
Partner Unit $ (20.52) $ (16.49) $ (12.98) $ (10.78) $ (8.74) $ (6.85)
=========== =========== =========== =========== =========== ===========
</TABLE>
11
<PAGE>
4. FAIR VALUE AND OFF-BALANCE SHEET RISK
<TABLE>
<CAPTION>
For the six months ended June 30, 1998 1997
----------- -----------
Series Series B Series C Series A Series B Series C
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
REVENUES:
(Loss) income from investments (1,746,224) (3,774,362) (1,964,114) 285,970 599,977 307,189
----------- ----------- ----------- ----------- ----------- -----------
Total revenues (1,746,224) (3,774,362) (1,964,114) 285,970 599,977 307,189
----------- ----------- ----------- ----------- ----------- -----------
NET (LOSS) INCOME $(1,746,224) $(3,774,362) $(1,964,114) $ 285,970 $ 599,977 $ 307,189
=========== =========== =========== =========== =========== ===========
NET (LOSS) INCOME
PER UNIT:
Weighted average number
of units outstanding 50,795 134,904 90,311 55,126 146,186 99,517
=========== =========== =========== =========== =========== ===========
Weighted average net
(loss) income per Limited
Partner and General
Partner Unit $ (34.38) $ (27.98) $ (21.75) $ 5.19 $ 4.10 $ 3.09
=========== =========== =========== =========== =========== ===========
</TABLE>
Item 2: Management's Discussion and Analysis of Financial Condition and Results
of Operations
MONTH-END NET ASSET VALUE PER SERIES A UNIT
<TABLE>
<CAPTION>
Jan. Feb. Mar. Apr. May Jun.
- -------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1997 $273.52 $270.58 $267.94 $261.04 $251.03 $257.22
- -------------------------------------------------------------------------
1998 $281.00 $268.85 $270.14 $248.62 $257.02 $249.67
- -------------------------------------------------------------------------
</TABLE>
MONTH-END NET ASSET VALUE PER SERIES B UNIT
<TABLE>
<CAPTION>
Jan. Feb. Mar. Apr. May Jun.
- -------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1997 $222.32 $219.93 $217.78 $212.17 $214.08 $209.10
- -------------------------------------------------------------------------
1998 $228.36 $218.48 $219.55 $202.07 $208.90 $202.93
- -------------------------------------------------------------------------
</TABLE>
MONTH-END NET ASSET VALUE PER SERIES C UNIT
<TABLE>
<CAPTION>
Jan. Feb. Mar. Apr. May Jun.
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1997 $173.26 $171.40 $169.73 $165.35 $159.04 $162.96
- --------------------------------------------------------------------------
1998 $177.97 $170.27 $171.11 $157.48 $162.80 $158.15
- -------------------------------------------------------------------------
</TABLE>
12
<PAGE>
Performance Summary
January 1, 1997 to June 30, 1997
In currency markets, the U.S. dollar rallied and started 1997 on a strong
note, rising to a four-year high versus the Japanese yen and two-and-a-half year
highs versus the Deutsche mark and the Swiss franc. The dollar, however,
underwent a significant correction in the Spring against the Japanese yen, due
to the G7 finance ministers' determination that a further dollar advance would
be counter-productive to their current goals.
Global interest rate markets began the year on a volatile note, as investors
evaluated economic data for signs of inflation.
January 1, 1998, to June 30, 1998
The Fund's most profitable positions during the quarter were in the global
interest rate markets. In Europe, an extended bond market rally continued
despite an environment of robust growth in the United States, Canada and the
United Kingdom, as well as a strong pick-up in growth in continental Europe.
Gold prices drifted sideways and lower as Asian demand continued to slow and
demand in the Middle East was affected by low oil prices. Trading results in
stock index markets were mixed, but unprofitable, despite a strong first-quarter
performance by the U.S. equity market as several consecutive weekly gains were
recorded with most market averages setting new highs. Results in currency
trading were also mixed, but unprofitable. In particular, the Swiss franc
weakened versus the U.S. dollar.
April 1, 1998 to June 30, 1998
As swings in the U.S. dollar and developments in Japan affected bond markets,
the Bond's interest rate trading during the quarter resulted in losses,
particularly in Eurodollar deposits and U.S. Treasury bonds. Early in the
quarter, Treasury trading was range-bound, as concern that the economy might be
overheating was balanced by the potential impact of the Asian recession.
Additionally Australian bonds and bills saw a dramatic drop in prices in early
June, as dollar-bloc currencies remained under pressure versus the U.S. dollar
due to the Japanese/Asian crisis.
Metals and currency trading also resulted in losses. The depressed gold market
weakened further following news of a European Central Bank consensus that ten to
fifteen percent of reserves should be made up of gold bullion which was at the
low end of expectations. The Japanese yen weakened during June to an eight-year
low versus the U.S. dollar.
Trading results in stock index markets were profitable, as the Asia-Pacific
region's equity markets weakened across the board. In particular, Hong Kong's
Hang-Seng index trended downward during most of the quartere and traded at a
three-year low.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Not Applicable
13
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
There are no pending legal proceedings to which the Partnership or the
General Partner is a party.
Item 2. Changes in Securities and Use of Proceeds
(a) None.
(b) None.
(c) None.
(d) None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other information
Effective May 11, 1998, Jo Ann Di Dario became a Vice President, Treasurer
and Chief Financial Officer of Merrill Lynch Investment Partners Inc. (AMLIP@).
Ms. Di Dario was born in 1946. Before joining MLIP, she was self-employed for
one year. From February 1996 to May 1997, she worked as a consultant for Global
Asset Management, an international mutual fund organizer and operator
headquartered in London, where she offered advice on restructuring the back
office operations. From May 1992 to January 1996, Ms. Di Dario served as Vice
President of Meridian Bank Corporation, a regional bank holding company. She
was responsible for managing the treasury operations of the bank holding company
and its wholly-owned subsidiary, Meridian Investment Company Inc. Ms. Di Dario
managed the domestic treasury operation of First Fidelity Bank, a regional bank,
from September 1991 to May 1992. From 1985 until December 1990, Ms. Di Dario
was Vice President, Secretary and Controller of Caxton Corporation, a commodity
pool operator and commodity trading advisor. Her background includes seven
years of public accounting experience. She graduated with high honors from
Stockton State College with a Bachelor of Science Degree in Accounting.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
--------
There are no exhibits required to be filed as part of this report.
(b) Reports on Form 8-K
-------------------
There were no reports on Form 8-K filed during the first six months of
fiscal 1998.
14
<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.
JOHN W. HENRY & CO./MILLBURN L.P.
By: MERRILL LYNCH INVESTMENT PARTNERS INC.
(General Partner)
Date: August 11, 1998 By /s/ JOHN R. FRAWLEY, JR.
------------------------
John R. Frawley, Jr.
Chairman, Chief Executive Officer,
President and Director
Date: August 11, 1998 By /s/ JOANN DI DARIO
--------------------
Jo Ann Di Dario
Vice President, Chief
Financial Officer and
Treasurer
15
<TABLE> <S> <C>
<PAGE>
<ARTICLE> BD
<S> <C> <C>
<PERIOD-TYPE> 6-MOS 6-MOS
<FISCAL-YEAR-END> DEC-31-1998 DEC-31-1997
<PERIOD-START> JAN-01-1998 JAN-01-1997
<PERIOD-END> JUN-30-1998 JUN-30-1997
<CASH> 0 0
<RECEIVABLES> 52,599,795 63,538,322
<SECURITIES-RESALE> 0 0
<SECURITIES-BORROWED> 0 0
<INSTRUMENTS-OWNED> 0 0
<PP&E> 0 0
<TOTAL-ASSETS> 52,599,795 63,538,322
<SHORT-TERM> 0 0
<PAYABLES> 665,951 514,158
<REPOS-SOLD> 0 0
<SECURITIES-LOANED> 0 0
<INSTRUMENTS-SOLD> 0 0
<LONG-TERM> 0 0
0 0
0 0
<COMMON> 0 0
<OTHER-SE> 51,933,844 63,024,164
<TOTAL-LIABILITY-AND-EQUITY> 52,599,795 63,538,322
<TRADING-REVENUE> 0 0
<INTEREST-DIVIDENDS> 0 0
<COMMISSIONS> 0 0
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</TABLE>
