<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, 1997
--------------------
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 0-23240
ML GLOBAL HORIZONS L.P.
-----------------------
(Exact Name of Registrant as
specified in its charter)
Delaware 13-3716393
- ------------------------------- ---------------------------------
(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
---
This document contains 11 pages.
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
ML GLOBAL HORIZONS L.P.
-----------------------
(a Delaware limited partnership)
--------------------------------
STATEMENTS OF FINANCIAL CONDITION
---------------------------------
<TABLE>
<CAPTION>
September 30, December 31,
1997 1996
---------------- ----------------
<S> <C> <C>
ASSETS
- ------
Accrued interest $482,104 $349,232
Other receivable 3,359 -
Equity in commodity futures trading accounts:
Cash and option premiums 118,516,783 87,463,878
Net unrealized profit on open contracts 4,022,935 2,335,799
---------------- ----------------
TOTAL $123,025,181 $90,148,909
================ ================
LIABILITIES AND PARTNERS' CAPITAL
- ---------------------------------
LIABILITIES:
Profit shares payable $556,991 $1,434,200
Brokerage commissions payable 743,688 544,798
Incentive override payable 42,678 834,271
Redemptions payable 716,044 3,143,328
Administrative fees payable 25,630 18,771
---------------- ----------------
Total liabilities 2,085,031 5,975,368
---------------- ----------------
PARTNERS' CAPITAL:
General Partners (10194 and 8985 Units) 1,527,100 1,284,420
Limited Partners (797130 and 579840 Units) 124,743,983 82,889,121
Subscriptions Receivable (35587 and 0 Units) (5,330,933) -
---------------- ----------------
Total partners' capital 120,940,150 84,173,541
---------------- ----------------
TOTAL $123,025,181 $90,148,909
================ ================
NET ASSET VALUE PER UNIT
(Based on 807,324 and 588825 Units outstanding) $149.80 $142.95
================ ================
</TABLE>
See notes to financial statements.
2
<PAGE>
ML GLOBAL HORIZONS L.P.
-----------------------
(a Delaware limited partnership)
--------------------------------
STATEMENTS OF INCOME
--------------------
<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,
1997 1996 1997 1996
----------------- ------------------- ------------------- ----------------
<S> <C> <C> <C> <C>
REVENUES:
Trading profits (loss):
Realized $1,356,009 $(1,021,075) $5,222,825 $4,610,717
Change in unrealized 1,714,994 2,550,390 1,687,136 768,003
----------------- ------------------- ------------------- ----------------
Total trading results 3,071,003 1,529,315 6,909,961 5,378,720
----------------- ------------------- ------------------- ----------------
Interest income 1,422,413 956,830 3,668,604 2,996,535
----------------- ------------------- ------------------- ----------------
Total revenues 4,493,416 2,486,145 10,578,565 8,375,255
----------------- ------------------- ------------------- ----------------
EXPENSES:
Profit shares 64,708 59,187 836,327 373,820
Incentive override 34,382 (26,337) 42,678 5,117
Brokerage commissions 2,100,622 1,615,389 5,363,489 4,990,367
Administrative fees 72,435 - 184,948 -
----------------- ------------------- ------------------- ----------------
Total expenses 2,272,147 1,648,239 6,427,442 5,369,304
----------------- ------------------- ------------------- ----------------
NET INCOME $2,221,269 $837,906 $4,151,123 $3,005,951
================= =================== =================== ================
NET INCOME PER UNIT:
Weighted average number of
units outstanding 754,358 682,716 656,881 720,600
================= =================== =================== ================
Weighted average net income
per Limited Partner
and General Partner Unit $2.94 $1.23 $6.32 $4.17
================= =================== =================== ================
</TABLE>
See notes to financial statements.
3
<PAGE>
ML GLOBAL HORIZONS L.P.
(a Delaware limited partnership)
--------------------------------
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
------------------------------------------
For the nine months ended September 30, 1997 and 1996
-----------------------------------------------------
<TABLE>
<CAPTION>
Limited General
Units Partners Partner Receivable Total
--------------- ---------------- --------------- --------------------------------
<S> <C> <C> <C> <C> <C>
PARTNERS' CAPITAL,
December 31, 1995 716,827 $91,708,172 $1,052,896 $(3,620,575) $89,140,493
Subscriptions 135,271 13,149,858 56,900 3,620,575 16,827,333
Subscriptions receivable - - - - -
Net income - 2,956,964 48,987 - 3,005,951
Redemptions (223,440) (27,896,666) - - (27,896,666)
--------------- ---------------- --------------- --------------- ----------------
PARTNERS' CAPITAL,
September 30, 1996 628,658 $79,918,328 $1,158,783 $ - $81,077,111
=============== ================ =============== =============== ================
PARTNERS' CAPITAL,
December 31, 1996 588,825 $82,889,121 $1,284,420 $ - $84,173,541
Subscriptions 291,529 43,353,820 177,070 - 43,530,890
Subscriptions receivable (35,587) - - (5,330,933) (5,330,933)
Net income - 4,085,513 65,610 - 4,151,123
Redemptions (37,443) (5,584,471) - - (5,584,471)
--------------- ---------------- --------------- --------------- ----------------
PARTNERS' CAPITAL,
September 30, 1997 807,324 $124,743,983 $1,527,100 $(5,330,933) $120,940,150
=============== ================ =============== =============== ================
</TABLE>
See notes to financial
statements.
4
<PAGE>
ML GLOBAL HORIZONS 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 ML Global Horizons L.P. (the "Partnership" or the
"Fund") as of September 30, 1997 and the results of its operations for the
nine months ended September 30, 1997 and 1996. 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, 1996 (the "Annual
Report").
2. FAIR VALUE AND OFF-BALANCE SHEET RISK
The Partnership's revenues by category for the respective periods were as
follows:
<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,
1997 1996 1997 1996
------------------ ---------------- ---------------- -----------------
<S> <C> <C> <C> <C>
Interest rate $5,711,097 $3,655,729 $2,932,294 $3,130,911
Stock indices 255,991 (2,158,194) 1,075,207 (2,543,650)
Commodities (3,345,466) (627,123) 1,149,063 (269,789)
Currencies 839,770 (2,083,294) 1,488,957 1,181,300
Energy (62,175) 2,803,864 (2,033,980) 3,850,373
Metals (328,214) (61,667) 2,298,420 29,575
------------------ ---------------- ---------------- -----------------
$3,071,003 $1,529,315 $6,909,961 $5,378,720
================== ================ ================ =================
</TABLE>
The contract/notional values of the Partnership's open derivative
instrument positions as of September 30, 1997 and December 31, 1996 were as
follows:
<TABLE>
<CAPTION>
1997 1996
----------------------------------------- ------------------------------------------
Commitment to Commitment to Commitment to Commitment to
Purchase (Futures, Sell (Futures, Purchase (Futures, Sell (Futures,
Options & Forwards) Options & Forwards) Options & Forwards) Options & Forwards)
--------------------- -------------------- --------------------- -------------------
<S> <C> <C> <C> <C>
Interest rate $564,042,143 $18,757,068 $163,675,871 $19,289,797
Stock indices $12,728,517 9,776,895 $2,370,250 -
Commodities 24,943,349 22,779,004 15,801,477 20,321,987
Currencies 51,963,396 178,880,450 98,847,573 98,585,409
Energy 12,431,881 1,752,521 9,062,561 -
Metals 44,214,936 34,006,782 8,173,590 36,875,178
------------------ ----------------- ----------------- -----------------
$710,324,222 $265,952,720 $297,931,322 $175,072,371
================== ================= ================= =================
</TABLE>
5
<PAGE>
The contract/notional value of the Partnership's exchange-traded and
non-exchange-traded open derivative instrument positions as of September 30,
1997 and December 31, 1996 were as follows:
<TABLE>
<CAPTION>
1997 1996
---------------------------------------- ----------------------------------------
Commitment to Commitment to Commitment to Commitment to
Purchase (Futures, Sell (Futures, Purchase (Futures, Sell (Futures,
Options & Forwards) Options & Forwards) Options & Forwards) Options & Forwards)
------------------- ------------------- ------------------- -------------------
<S> <C> <C> <C> <C>
Exchange
traded $656,976,656 $147,589,401 $222,862,462 $120,557,546
Non-Exchange
traded 53,347,566 118,363,319 75,068,860 54,514,825
------------------ ----------------- ----------------- -----------------
$710,324,222 $265,952,720 $297,931,322 $175,072,371
================== ================= ================= =================
</TABLE>
The average fair value of the Partnership's derivative instrument positions
which were open as of the end of each calendar month during the nine months
ended September 30, 1997 and the year ended December 31, 1996 were as follows:
<TABLE>
<CAPTION>
1997 1996
---------------------------------------- -------------------------------------------
Commitment to Commitment to Commitment to Commitment to
Purchase (Futures, Sell (Futures, Purchase (Futures, Sell (Futures,
Options & Forwards) Options & Forwards) Options & Forwards) Options & Forwards)
------------------- ------------------- ------------------- -------------------
<S> <C> <C> <C> <C>
Interest rate $333,634,462 $171,544,846 $375,821,929 $235,768,354
Stock indices 19,069,602 7,422,098 18,182,219 6,017,446
Commodities 33,866,288 13,658,213 31,215,320 16,934,584
Currencies 81,015,464 156,964,602 129,897,769 155,721,135
Energy 3,680,369 4,741,251 10,495,884 828,215
Metals 33,508,455 35,694,032 16,886,459 41,387,905
------------------ ----------------- ----------------- -----------------
$504,774,640 $390,025,042 $582,499,580 $456,657,639
================== ================= ================= =================
</TABLE>
As of September 30, 1997 and December 31, 1996, $90,835,916 and
$55,365,300 of the Partnership's assets, respectively, were held in segregated
accounts at MLF in accordance with Commodity Futures Trading Commission
regulations.
The gross unrealized profit and the net unrealized profit (loss) on the
Partnership's open derivative instrument positions as of September 30, 1997 and
December 31, 1996 were as follows:
<TABLE>
<CAPTION>
1997 1996
------------------------------------- -----------------------------------
Gross Net Gross Net
Unrealized Unrealized Unrealized Unrealized
Profit Profit (Loss) Profit Profit (Loss)
----------------- ----------------- ----------------- ----------------
<S> <C> <C> <C> <C>
Exchange
traded $7,001,718 $5,003,844 $3,583,032 $2,072,327
Non-Exchange
traded 954,178 (980,909) 1,075,337 263,472
------------------ ------------------ ------------------ -----------------
$7,955,896 $4,022,935 $4,658,369 $2,335,799
================== ================== ================== =================
</TABLE>
3. RELATED PARTY TRANSACTIONS
MLIP is currently reviewing certain aspects of the interest arrangements
between the Partnership and certain affiliates of MLIP. The purpose of the
review is to confirm that the Partnership received interest credits as described
in its Prospectus. The results of this review have not been determined.
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Operational Overview: Advisor Selections
- ----------------------------------------
The Fund's success depends on Merrill Lynch Investment Partners
Inc.'s ("MLIP") ability to select Advisors and the Advisors' ability to
recognize and capitalize on trends and other profit opportunities in different
sectors of the world economy. MLIP's Advisor selection procedure and the
Advisors' trading methods are confidential, so that substantially the only
information that can be furnished regarding the Fund's results of operations is
its performance record, as set forth above. Unlike most
6
<PAGE>
operating businesses, general economic or seasonal conditions have no direct
effect on the profit potential of the Fund, while, at the same time, its past
performance is not necessarily indicative of future results. Because of the
speculative nature of its trading, operational or economic trends have little
relevance to the Fund's results. MLIP believes, however, that there are certain
market conditions for example, markets with strong price trends in which the
Fund has a better likelihood of being profitable than in others.
As of October 1, 1997, the Partnership's assets were allocated as
follows:
<TABLE>
<CAPTION>
TRADING ADVISOR MARKETS TRADED % ALLOCATION
<S> <C> <C>
John W. Henry & Company, Inc. Financial Instruments and Metals 24.00
Chesapeake Capital Corporation Diversified 37.00
ARA Portfolio Management Company Diversified 13.50
Di Tomasso Group Inc. Diversified 6.50
Willowbridge Associate Inc.. Diversified 9.50
Graham Capital Management, L.P. Diversified 9.50
-------
100.00%
</TABLE>
MLIP reserves the right to change both allocations and Advisor
selections at any time without advance notice to existing investors. MLIP
expects, from time to time, to make allocations to Advisors other than those
currently retained by the Fund.
MLIP has no timetable or schedule for making Advisor changes or reallocations,
and generally intends to make a medium- to long-term commitment to all Advisors
selected. However, there can be no assurance as to the frequency or number of
the Advisor changes which may take place in the future, or as to how long any of
the current Advisors will continue (or be permitted by MLIP to continue)
managing assets for the Fund.
Results of Operations - General
- -------------------------------
MLIP believes that multi-Advisor futures funds should be regarded
as medium- to long-term investments but, 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.
Markets in which sustained price trends occur with some frequency
tend to be more favorable to managed futures investments than "whipsaw,"
"choppy" markets, but (i) this is not always the case, (ii) it is impossible to
predict when trending markets will occur and (iii) different Advisors are
affected differently by trends in general as well as by particular types of
trends.
The Fund controls credit risk in its trading in the derivatives
markets by trading only through Merrill Lynch entities which MLIP believes to be
creditworthy. The Fund attempts to control the market risk inherent in its
derivatives trading by utilizing a multi-advisor, multi-strategy structure. This
structure purposefully attempts to diversify the Fund's Advisor group among
different strategy types and market sectors in an effort to reduce risk
(although the Fund's portfolio currently emphasizes technical and
trend-following approaches).
Performance Summary
- -------------------
During the first nine months of 1996, the Fund's average month-end
Net Assets equaled $88,631,645 and the Fund recognized gross trading gains of
$5,378,720 or 6.07% of such average month-end Net Assets. Brokerage commissions
of $4,990,367 or 5.63% of average month-end Net Assets before fees, Profit
shares of $373,820 or .42% of average month-end Net Assets and Incentive
overrides of $5,117 or .01% of average month-end Net Assets were paid. Interest
income of $2,996,535 or 3.38% of average month-end Net Assets, resulted in a net
gain of $3,005,951 or 3.39% of average month-end Net Assets, and a 3.72%
increase in the Net Asset Value per Unit since December 31, 1995.
During the first nine months of 1997, the Fund's average month-end
Net Assets equaled $100,280,764 and the Fund recognized gross trading gains of
$6,909,961 or 6.88% of such average month-end Net Assets. Brokerage commissions
of $5,363,489 or 5.35% of average month-end Net Assets before fees,
Administrative fees of $184,948 or 0.18% of average month-end Net Assets, Profit
shares of $836,327 or 0.83% of average month-end Net Assets and Incentive
overrides of $42,678 or 0.04% of average month-end Net Assets were paid.
Interest income of $3,668,604 or 3.66% of average month-end Net Assets, resulted
in a net gain of $4,151,123 or 4.14% of average month-end net assets, and a
4.79% increase in the Net Asset Value per Unit since December 31, 1996.
7
<PAGE>
During the first nine months of 1997 and 1996, the fund experienced
11 profitable months and 7 unprofitable months.
MONTH-END NET ASSET VALUE PER UNIT
- -----------------------------------------------------------------------------
Jan. Feb. Mar. Apr May Jun Jul Aug Sep
- -----------------------------------------------------------------------------
1996 $125.91 $117.82 $119.43 $128.54 $123.56 $127.71 $123.72 $124.28 $128.97
- -----------------------------------------------------------------------------
1997 $146.53 $151.84 $152.92 $149.41 $146.53 $146.46 $155.70 $148.90 $149.80
- -----------------------------------------------------------------------------
Importance of Market Factors
- ----------------------------
Comparisons between the Fund's performance during a given period in
one fiscal year to the same period in a prior year are unlikely to be meaningful
given the uncertainty of the markets traded by the Fund. In general, MLIP
expects that the Fund is most likely to trade successfully in markets which
exhibit strong and sustained price trends. The current Advisor group is heavily
biased towards technical, systematic, trend-following methods. Consequently, one
would expect that in trendless, "choppy" markets the Fund would likely be
unprofitable, while in markets in which major price movements occur, the Fund
would have its best profit potential (although there could be no assurance that
the Fund would, in fact, trade profitably). However, trend-followers not
infrequently will miss major price movements, and market corrections can result
in rapid and material losses (sometimes as much as 5% or more in a single day)
for multi-advisor funds. Although MLIP monitors market conditions and Advisor
performance in overseeing the Fund's trading, MLIP does not attempt to "market
forecast" or to "match" trading styles with anticipated market conditions.
Rather, MLIP concentrates on quantitative and qualitative analysis of
prospective Advisors, as well as on statistical studies of the historical
performance parameters of different Advisor combinations, in selecting Advisors
and allocating and reallocating Fund assets among them.
Because managed futures advisors' strategies are proprietary and
confidential and market movements unpredictable, selecting advisors to implement
a speculative trading strategy involves considerable uncertainty. Furthermore,
the concentration of the Fund's current Advisor portfolio, both in terms of the
number of managers retained and the common emphasis of their strategies on
technical trend-following methods, increases the risk that significant losses
may be incurred in adverse markets.
Performance in Major Price Movements
- ------------------------------------
MLIP believes that the profit potential of a managed futures
product such as the Fund can be increased in markets in which major price
movements occur. There have, however, been prolonged periods in the futures
markets without significant price movements during which "whipsaw" markets, in
which prices appear to be moving in one direction but then quickly reverse,
prevail. Such periods may recur with considerable frequency, and most futures
traders would expect it to be very difficult to achieve profitability in such
markets. There can be, in any event, no assurance that any Advisor will trade
profitably or that major market movements will occur.
Liquidity
- ---------
The Fund's assets are generally held as cash or cash equivalents
which are used to margin the Fund's futures positions and earn interest income
and withdrawn, as necessary, to pay redemptions and expenses.
Although Units may be redeemed at any month-end, no one who cannot
afford to commit funds to a comparatively illiquid investment should subscribe
to the Fund (redemption penalties apply through the end of the first twelve
months after a Unit is issued). MLIP believes that investors who are not
prepared to regard the Fund as a medium- to long-term investment should not
purchase Units.
MLIP may consider making distributions to investors under certain
circumstances (for example, if substantial profits are recognized); however,
MLIP has not done so to date and does not presently intend to do so.
Capital Resources
- -----------------
Units are offered for sale as of the beginning, and may be redeemed
as of the end, of each month. Only whole Units are sold, and only whole Units
may be redeemed.
The amount of capital raised for the Fund should not have a
significant impact on its operations, as the Fund has no significant capital
expenditure or working capital requirements other than for moneys to pay trading
losses, fees and charges. Within broad ranges of capitalization, the Advisors'
trading positions should increase or decrease in approximate proportion to the
size of the Fund account managed by each of them, respectively.
The Fund raises additional capital only through the sale of Units
and trading profits (if any). The Fund is prohibited from borrowing under the
terms of the Limited Partnership Agreement.
8
<PAGE>
Due to the nature of the Fund's business, substantially all its
assets are represented by cash, United States government obligations and
short-term foreign sovereign debt obligations, while the Fund maintains its
market exposure through open futures and forward contract positions.
Inflation is not a significant factor in the Fund's profitability,
although inflationary cycles can give rise either to the type of major price
movements or to the "whipsaw markets" which can have a materially favorable or
adverse impact on the Fund's profitability.
9
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
There are no pending proceedings to which the Partnership or the
General Partner is a party.
John W. Henry & Company, Inc. ("JWH") is one of the Advisors retained
by the Fund, managing approximately 24% of the Fund's assets committed to
trading as of October 1, 1997. In September 1996, JWH was named as a
co-defendant in a class action lawsuit brought in the California Superior Court,
Los Angeles County and in the New York Supreme Court, New York County. In
November 1996, JWH was named as a co-defendant in a class action complaint filed
in Superior Court of the State of Delaware for Newcastle County that contained
the same allegations as the New York and California complaints. The actions,
which seek unspecified damages, purport to be brought on behalf of investors in
certain Dean Witter, Discover & Co. ("Dean Witter") commodity pools, some of
which are advised by JWH, and are primarily directed at Dean Witter's alleged
fraudulent selling practices in connection with the marketing of those pools.
JWH is essentially alleged to have aided and abetted or directly participated
with Dean Witter in those allegations vigorously, and is convinced that it will
be shown to have acted properly and in the best interest of the investors.
Item 2. Changes in Securities and Use of Proceeds
(a) None.
(b) None.
(c) None.
(d) The Fund registered $225,000,000 of limited
partnership interest. The Fund has sold 797,130
Units of limited partnership interest, with an
aggregate price of $124,743,983.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
Ms. Eilene Nicoll is the vice president of trading administration and a
member of the Investment Policy Committee of John W. Henry & Company, Inc.
("JWH"). Prior to joining JWH in July 1997, Ms. Nicoll was a vice president
beginning in January 1997 at Commercial Materials, L.L.C., a newly organized
corporation which has not yet begun operations. She was a vice president and
director at West Course Capital, Inc., a CTA, from January 1994 until it
dissolved in December 1996. At West Course Capital, Inc., Ms. Nicoll was
responsible for operations and administration. Prior to joining West Course
Capital, Inc., she was a vice president at REFCO, Inc. from May 1991 to December
1993. While at REFCO, Inc., she was also a principal of Nikkhah & Nicoll Asset
Management, Inc., a CPO. Ms. Nicoll was at Shearson Lehman Brothers from January
1987 to December 1990 as vice president-futures, and subsequently, from January
1991 to May 1991, at Moore Capital Management, Inc. where she was involved in
all aspects of the commodity trading advisor business, including administration,
marketing, and allocation of proprietary capital. From 1984 through 1986, she
was an independent discretionary trader. Ms. Nicoll was employed at Commodities
Corporation (USA) N.V. from 1978 to 1984 where she was an assistant vice
president. Ms. Nicoll received her B.A. in psychology from Brooklyn College.
Ms. Glenda G. Twist and Mr. John A. Ford are no longer principals of
JWH effective August 1, 1997 and August 31, 1997, respectively.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
--------
There are no exhibits required to be filed as part of this document.
(b) Reports on Form 8-K
-------------------
There were no reports on Form 8-K filed during the first nine months
of fiscal 1997.
10
<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 GLOBAL HORIZONS L.P.
By: MERRILL LYNCH INVESTMENT PARTNERS INC.
(General Partner)
Date: November 14, 1997 By /s/JOHN R. FRAWLEY, JR.
-----------------------
John R. Frawley, Jr.
President, Chief Executive Officer
and Director
Date: November 14, 1997 By /s/MICHAEL A. KARMELIN
----------------------
Michael A. Karmelin
Chief Financial Officer, Vice President
and Treasurer
<TABLE> <S> <C>
<PAGE>
<ARTICLE> BD
<PERIOD-TYPE> 9-MOS 9-MOS
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1995
<PERIOD-START> JAN-01-1997 JAN-01-1996
<PERIOD-END> SEP-30-1997 SEP-30-1996
<CASH> 0 0
<RECEIVABLES> 123,025,181 88,096,133
<SECURITIES-RESALE> 0 0
<SECURITIES-BORROWED> 0 0
<INSTRUMENTS-OWNED> 0 0
<PP&E> 0 0
<TOTAL-ASSETS> 123,025,181 80,096,133
<SHORT-TERM> 0 0
<PAYABLES> 2,085,031 7,019,022
<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> 120,940,150 81,077,111
<TOTAL-LIABILITY-AND-EQUITY> 123,025,181 88,096,133
<TRADING-REVENUE> 6,909,961 5,378,720
<INTEREST-DIVIDENDS> 3,668,604 2,996,535
<COMMISSIONS> 6,427,442 5,369,304
<INVESTMENT-BANKING-REVENUES> 0 0
<FEE-REVENUE> 0 0
<INTEREST-EXPENSE> 0 0
<COMPENSATION> 0 0
<INCOME-PRETAX> 4,151,123 3,005,951
<INCOME-PRE-EXTRAORDINARY> 4,151,123 3,005,951
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 4,151,123 3,005,951
<EPS-PRIMARY> 6.32 4.17
<EPS-DILUTED> 6.32 4.17
</TABLE>
