<PAGE>
Filed Pursuant to Rule 424(b)(3)
Registration No. 333-10749
ML Global Horizons L.P.
Dear Limited Partner,
The Net Asset Value per Unit of ML Global Horizons L.P. (the "Fund") increased
6.31% during July to $155.70 per Unit on July 31, 1997 from $146.46 on June 30,
1997.
July witnessed the return of several strong price trends to financial markets,
particularly interest rates. Profits resulted from interest rate, currency,
stock index and metals trading, while losses were incurred in agricultural
commodity and energy markets.
In July, the prices of U.S. Treasury securities rose thoughout the month for
their best month since May 1995, as the U.S. government reported that economic
growth slowed in the second quarter while inflation remained subdued. On July
23, the U.S. bond market rallied in response to Federal Reserve Chairman
Greenspan's Humphrey-Hawkins testimony. Mr. Greenspan indicated that he saw no
need to raise rates in the near term, but that the Fed must continue to watch
for signs of emerging inflation. Non-U.S. bond markets, such as the Australian
and German, also moved higher in July, as they were helped by the rally in U.S.
Treasuries, in addition to positive economic forecasts. Trading in U.S. Treasury
bonds, notes and Eurodollars, as well as Australian and German bonds, produced
profits.
Currency trading recorded overall profits for the month. The U.S. dollar rose
dramatically during July, reflecting the dollar's role as a haven for currency
traders skeptical over the future of the "Euro", the new single European
currency that is supposed to start replacing several European national
denominations in 1999. On July 14, the U.S. dollar surged in value against most
major European currencies, reaching its highest level in six years against the
Deutsche mark. On July 24, the dollar touched a three-and-a-half year high
against the Swiss franc. In contrast, the price movement of the British pound
remained range-bound for most of the month, declining sharply on July 28.
Difficult trading conditions in agricultural commodity markets throughout July
resulted in unprofitable trading. Soybean and corn prices trended upward at the
beginning of the month, as hot, dry weather threatened to damage crops in
Illinois. On July 16, prices dropped on forecasts of rain, easing the heat wave.
By month-end, soybean and corn prices were once again on the rise as rain missed
the driest growing areas and more hot weather was forecast. Cocoa prices also
experienced a sudden drop at mid-month due to forces of supply and demand.
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As of August 1, 1997, the Fund's assets were allocated as follows:
Trading Advisor % Allocation
- --------------- ------------
Cheasapeake Capital Corporation 36.57
John W. Henry & Company, Inc. 25.96
ARA Portfolio Management Company, L.L.C. 12.40
Willowbridge Associates Inc. 10.59
Graham Capital Management, L.P. 8.37
Di Tomasso Group Inc. 6.11
------
100.00%
The July results reflect a $0.04 downward accounting adjustment in the June 30,
1997 Net Asset Value per Unit.
After a difficult period of trading in the second quarter of this year, the
Fund's performance improved during July, as the Trading Advisors were able to
take advantage of a more favorable market environment with clear price trends.
We look forward to continued opportunities for profitability as favorable market
conditions arise.
Sincerely,
John R. Frawley, Jr.
President and Chief Executive Officer
Merrill Lynch Investment Partners Inc.
(General Partner)
FOR THE EXCLUSIVE USE OF INVESTORS IN ML GLOBAL HORIZONS L.P. THIS MONTHLY
REPORT IS NOT AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY ANY
SECURITIES. AN OFFER CAN ONLY BE MADE BY A CURRENT PROSPECTUS, AS SUPPLEMENTED,
TOGETHER WITH SUMMARY FINANCIAL INFORMATION FOR THE FUND CURRENT WITHIN 60 DAYS.
THESE MATERIALS CONTAIN IMPORTANT INFORMATION ABOUT RISK FACTORS, PERFORMANCE
AND OTHER ASPECTS OF THE FUND AND MUST BE READ CAREFULLY BEFORE INVESTING.
FUTURES TRADING IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK. PAST
PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
THIS MONTHLY REPORT MUST NOT BE REPRODUCED OR DISTRIBUTED IN ANY MANNER.
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<TABLE>
<CAPTION>
ML Global Horizons L.P.
July 31, 1997
Statement of Changes
in Net Asset Value
<S> <C>
Net Asset Value (707,707 Units) at
June 30, 1997 $103,648,424
Plus Additions of 37,779 Units 5,882,190
Net Income/(Loss) for July 1997 6,541,449
less Redemptions of 2,222 Units (345,965)
------------
Net Asset Value (743,264 Units) at
July 31, 1997 $115,726,098
============
Net Asset Value per Unit at
July 31, 1997 $ 155.70
============
==========================================
Statement of Income/(Loss)
July
------------
Revenues:
Realized Profit/(Loss) $ 507,158
Change in Unrealized Profit/(Loss) 7,837,991
------------
Total Trading Results 8,345,149
Interest Income 460,913
------------
Total Revenues 8,806,062
Expenses:
Brokerage Commissions 682,466
Administrative Fee 23,532
Allocation of New Profit Share 925,389
Incentive Fee Override 633,226
------------
Total Expenses 2,264,613
------------
Net Income/(Loss) $ 6,541,449
============
</TABLE>
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To the best of the knowledge and belief of the undersigned the
information contained in this report is accurate and complete.
/s/ Michael A. Karmelin
----------------------------
Michael A. Karmelin
Chief Financial Officer
Merrill Lynch Investment Partners Inc.
Please notify the following of any address changes:
Merrill Lynch Investment Partners Inc.
Merrill Lynch World Headquarters
South Tower
World Financial Center
New York, New York 10080-6106
1-800-765-0095
