<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, 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>
June 30, December 31,
1997 1996
-------------- ------------
ASSETS
- ------
<S> <C> <C>
Accrued interest $394,463 $349,232
Equity in commodity futures trading
accounts:
Cash and option premiums 97,571,253 87,463,878
Net unrealized profit on open
contracts 2,307,941 2,335,799
-------------- ------------
TOTAL $100,273,657 $90,148,909
============== ============
LIABILITIES AND PARTNERS' CAPITAL
- ---------------------------------
LIABILITIES:
Profit shares payable $513,955 $1,434,200
Brokerage commissions payable 606,667 544,798
Incentive override payable 8,296 834,271
Redemptions payable 805,237 3,143,328
Administrative fees payable 20,904 18,771
-------------- ------------
Total liabilities 1,955,059 5,975,368
-------------- ------------
PARTNERS' CAPITAL:
General Partners (10194 and 8985
Units) 1,492,983 1,284,420
Limited Partners (697513 and 579840
Units) 102,155,441 82,889,121
Subscriptions receivable (36391 and 0
Units) (5,329,826) -
-------------- ------------
Total partners' capital 98,318,598 84,173,541
-------------- ------------
TOTAL $100,273,657 $90,148,909
============== ============
NET ASSET VALUE PER UNIT
(Based on 671316 and 588825
Units outstanding) $146.46 $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 six For the six
months ended months ended months ended months ended
June 30, June 30, June 30, June 30,
1997 1996 1997 1996
---------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
REVENUES:
Trading profits (loss):
Realized $(2,075,330) $ 7,971,503 $3,866,816 $ 5,631,792
Change in unrealized (2,109,057) (1,022,662) (27,858) (1,782,387)
--------------- ------------- ------------- -------------
Total trading results (4,184,387) 6,948,841 3,838,958 3,849,405
--------------- ------------- ------------- -------------
Interest income 1,163,729 1,041,773 2,246,191 2,039,705
--------------- ------------- ------------- -------------
Total revenues (3,020,658) 7,990,614 6,085,149 5,889,110
--------------- ------------- ------------- -------------
EXPENSES:
Profit shares (350,438) 292,306 771,619 314,633
Incentive override (520,461) 30,881 8,296 31,454
Brokerage commissions 1,708,822 1,718,336 3,262,867 3,374,978
Administrative fees 58,925 - 112,513 -
--------------- ------------- ------------- -------------
Total expenses 896,848 2,041,523 4,155,295 3,721,065
--------------- ------------- ------------- -------------
NET INCOME (LOSS) $(3,917,506) $5,949,091 $1,929,854 $2,168,045
=============== ============= ============= =============
NET INCOME (LOSS) PER UNIT:
Weighted average number of units
outstanding 630,884 728,901 608,141 739,545
=============== ============= ============= =============
Weighted average net income (loss)
per Limited Partner
and General Partner Unit $(6.21) $8.16 $3.17 $2.93
=============== ============= ============= =============
</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 six months ended June 30, 1997 and 1996
-----------------------------------------------
<TABLE>
<CAPTION>
Units Limited General Subscriptions Total
Partners Partner Receivable
--------- ------------- ----------- ------------ -------------
<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 118,593 11,132,762 6,296 3,620,575 14,759,633
Subscriptions receivable (13,344) - - (1,704,162) (1,704,162)
Net income - 2,139,545 28,500 - 2,168,045
Redemptions (151,262) (18,697,694) - - (18,697,694)
--------- ------------- ----------- ------------ -------------
PARTNERS' CAPITAL,
June 30, 1996 670,814 $ 86,282,785 $1,087,692 $(1,704,162) $ 85,666,315
========= ============= =========== ============ =============
PARTNERS' CAPITAL,
December 31, 1996 588,825 $ 82,889,121 $1,284,420 $ - $ 84,173,541
Subscriptions 142,963 20,943,417 177,070 - 21,120,487
Subscriptions receivable (36,391) - - (5,329,826) (5,329,826)
Net income - 1,898,361 31,493 - 1,929,854
Redemptions (24,081) (3,575,458) - - (3,575,458)
--------- ------------- ----------- ------------ -------------
PARTNERS' CAPITAL,
June 30, 1997 671,316 $102,155,441 $1,492,983 $(5,329,826) $ 98,318,598
========= ============= =========== ============ =============
</TABLE>
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 June 30, 1997 and the results of its operations for the six
months ended June 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 six For the six
months ended months ended months ended months ended
June 30, June 30, June 30, June 30,
1997 1996 1997 1996
-------------- -------------- ------------- -------------
<S> <C> <C> <C> <C>
Interest rate $(2,682,584) $ (927,800) $(2,778,803) $ (524,818)
Stock indices (155,083) 106,882 819,216 (385,457)
Commodities 191,393 1,980,127 4,494,529 357,334
Currencies (1,430,241) 2,770,814 649,187 3,264,595
Energy (957,070) 1,333,488 (1,971,805) 1,046,509
Metals 849,198 1,685,330 2,626,634 91,242
-------------- -------------- ------------- -------------
$(4,184,387) $6,948,841 $ 3,838,958 $3,849,405
============== ============== ============= =============
</TABLE>
The contract/notional values of the Partnership's open derivative instrument
positions as of June 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 $527,101,433 $ 94,277,284 $163,675,871 $ 19,289,797
Stock indices 35,111,445 - 2,370,250 -
Commodities 21,319,152 19,638,363 15,801,477 20,321,987
Currencies 97,362,935 141,154,676 98,847,573 98,585,409
Energy 303,100 4,449,147 9,062,561 -
Metals 33,880,866 41,637,026 8,173,590 36,875,178
------------------- ------------------- ------------------- -------------------
$715,078,931 $301,156,496 $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 June 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 $611,939,707 $215,814,808 $222,862,462 $120,557,546
Non-Exchange
traded 103,139,224 85,341,688 75,068,860 54,514,825
------------------- ------------------- ------------------- -------------------
$715,078,931 $301,156,496 $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 six months ended
June 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 $223,489,787 $217,315,601 $375,821,929 $235,768,354
Stock indices 18,634,748 4,304,191 18,182,219 6,017,446
Commodities 38,374,814 11,662,576 31,215,320 16,934,584
Currencies 80,581,333 124,067,113 129,897,769 155,721,135
Energy 2,051,160 5,242,267 10,495,884 828,215
Metals 32,397,313 30,321,412 16,886,459 41,387,905
------------------- ------------------- ------------------- -------------------
$395,529,155 $392,913,160 $582,499,580 $456,657,639
------------------- ------------------- ------------------- -------------------
</TABLE>
As of June 30, 1997 and December 31, 1996, $67,528,576 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 June 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 $4,329,604 $2,389,526 $3,583,032 $2,072,327
Non-Exchange
traded 2,089,466 (81,585) 1,075,337 263,472
------------ ------------ ------------ ------------
$6,419,070 $2,307,941 $4,658,369 $2,335,799
============ ============ ============ ============
</TABLE>
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 July 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 six months of 1996, the Fund's average month-end Net
Assets equaled $90,721,650 and the Fund recognized gross trading gains of
$3,849,405 or 4.24% of average month-end Net Assets. Brokerage commissions of
$3,374,978 or 3.72% of average month-end Net Assets before fees, Profit shares
of $314,633 or .35% of average month-end Net Assets and Incentive overrides of
$31,454 or .03% of average month-end Net Assets were paid. Interest income of
$2,039,705 or 2.25% of average month-end Net Assets, resulted in a net gain of
$2,168,045 or 2.39% of average month-end Net Assets, and a 2.70% increase in the
Net Asset Value per Unit since December 31, 1995.
During the first six months of 1997, the Fund's average month-end Net
Assets equaled $91,820,005 and the Fund recognized gross trading gains of
$3,838,958 or 4.18% of average month-end Net Assets. Brokerage commissions of
$3,262,867 or 3.55%, Administrative fees of $112,513 or .13% of average month-
end Net Assets before fees, Profit shares of $771,619 or .84% of average month-
end Net Assets and Incentive overrides of $8,296 or .01% of average month-end
Net Assets were paid. Interest income of $2,246,191 or 2.45% of average month-
end Net Assets, resulted in a net gain of $1,929,854 or 2.10% of average month-
end net assets, and a 2.46% increase in the Net Asset Value per Unit since
December 31, 1996.
During the first six months of 1997 and 1996, the fund experienced 7
profitable months and 5 unprofitable months.
7
<PAGE>
<TABLE>
<CAPTION>
MONTH-END NET ASSET VALUE PER UNIT
--------------------------------------------------------------
Jan. Feb. Mar. Apr May Jun
--------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1996 $125.91 $117.82 $119.43 $128.54 $123.56 $127.71
--------------------------------------------------------------
1997 $146.53 $151.84 $152.92 $149.41 $146.53 $146.46
--------------------------------------------------------------
</TABLE>
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.
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.
8
<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 July 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, 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.
On June 24, 1997, the Commodity Futures Trading Commission("CFTC")
accepted an Offer of Settlement from Merrill Lynch Futures Inc. ("MLF") and
others, in a matter captioned "In the Matter of Mitsubishi Corporation and
Merrill Lynch Futures Inc., et al.", CFTC Docket No. 97-10, pursuant to which
MLF, without admitting or denying the allegations against it, consented to a
finding by the CFTC that MLF had violated Section 4c(a)(A) of the Commodity
Exchange Act (the "Act"), relating to wash sales, and CFTC Regulation 1.37(a),
relating to recordkeeping requirements . MLF agreed to cease and desist from
violating Section 4c(a)(A) of the Act and Regulation 1.37(a), and to pay a civil
monetary penalty of $175,000.
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
James M. Bernard, formerly a Senior Vice President of MLIP, is no
longer with the firm.
Michael A. Karmelin has been appointed Chief Financial Officer, Vice
President and Treasurer of MLIP. Mr. Karmelin assumed these positions on April
14, 1997, when he completed his tenure as Chief Financial Officer of Merrill
Lynch, Hubbard Inc. ("ML Hubbard"), a sponsor of real estate limited
partnerships. Mr. Karmelin was born in 1947. Mr. Karmelin joined ML Hubbard in
January 1994 as a Vice President. From May 1994 until he joined MLIP, Mr.
Karmelin was the Chief Financial Officer of ML Hubbard, responsible for its
accounting, treasury and tax functions. Prior to joining ML Hubbard, Mr.
Karmelin held several senior financial positions with Merrill Lynch & Co., Inc.
("ML&Co.") and Merrill Lynch, Pierce, Fenner & Smith Incorporated from December
1985 to December 1993, including Vice President/Senior Financial Officer
Corporate Real Estate and Purchasing, Manager Commitment Control/Capital
Budgeting, and Senior Project Manager/Project Analysis. Prior to joining
ML&Co., Mr. Karmelin was employed at Avco Corporation for 17 years, where he
held a variety of financial positions. Mr. Karmelin holds a B.B.A. degree in
Accounting from Baruch College, C.U.N.Y. and a Master of Business Administration
degree in Corporate Strategy and Finance from New York University. Mr. Karmelin
passed the Certified Public Accountant examination in 1974 and is a member of
the Treasury Management Association, the Institute of Management Accountants and
The Strategic Leadership Forum.
9
<PAGE>
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 six 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: August 12, 1997 By /s/JOHN R. FRAWLEY, JR.
-----------------------
John R. Frawley, Jr.
President, Chief Executive Officer
and Director
Date: August 12, 1997 By /s/MICHAEL A. KARMELIN
----------------------
Michael A. Karmelin
Chief Financial Officer, Vice President
and Treasurer
<TABLE> <S> <C>
<PAGE>
<ARTICLE> BD
<S> <C> <C>
<PERIOD-TYPE> 6-MOS 6-MOS
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1995
<PERIOD-START> JAN-01-1997 JAN-01-1996
<PERIOD-END> JUN-30-1997 JUN-30-1996
<CASH> 0 0
<RECEIVABLES> 100,273,657 92,143,682
<SECURITIES-RESALE> 0 0
<SECURITIES-BORROWED> 0 0
<INSTRUMENTS-OWNED> 0 0
<PP&E> 0 0
<TOTAL-ASSETS> 100,273,657 92,143,682
<SHORT-TERM> 0 0
<PAYABLES> 1,955,059 6,477,367
<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> 98,318,598 85,666,315
<TOTAL-LIABILITY-AND-EQUITY> 100,273,657 92,143,682
<TRADING-REVENUE> 3,838,958 3,849,405
<INTEREST-DIVIDENDS> 2,246,191 2,039,705
<COMMISSIONS> 4,155,295 3,721,065
<INVESTMENT-BANKING-REVENUES> 0 0
<FEE-REVENUE> 0 0
<INTEREST-EXPENSE> 0 0
<COMPENSATION> 0 0
<INCOME-PRETAX> 1,929,854 2,168,045
<INCOME-PRE-EXTRAORDINARY> 1,929,854 2,168,045
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 1,929,854 2,168,045
<EPS-PRIMARY> 3.17 2.93
<EPS-DILUTED> 3.17 2.93
</TABLE>
