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MERRILL LYNCH INVESTMENT PARTNERS INC.
[PICTURE OF GLOBE APPEARS HERE]
ML Global Horizons L.P.
Monthly Statement April 1997
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[LOGO OF MERRILL LYNCH]
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ML Global Horizons L.P.
Dear Limited Partner,
The Net Asset Value per Unit of ML Global Horizons L.P. (the "Fund") decreased
2.30% during April to $149.41 per Unit on April 30, 1997 from $152.92 on March
31, 1997.
Difficult trading conditions negatively impacted the Fund's performance in
April, as trendless conditions prevailed throughout much of the month in several
key sectors, especially global bonds. In addition to interest rate trading,
losses were incurred in stock index, metals and energy positions. Profitable
trading for the Fund resulted from positions in agricultural commodities and
currencies.
U.S. bond prices moved in a directionless pattern throughout most of the month,
as investors remained concerned over inflation and its impact on further
increases in interest rates by the U.S. Federal Reserve. However, prices of U.S.
Treasury securities broke out of their narrow trading range on April 29 and 30,
as weak economic data was released in several U.S. government reports.
Similarly, Japanese government bonds saw no significant price movement, until
prices began to trend downward near the end of the month, following the Bank of
Japan's quarterly branch managers' meeting where officials reiterated the view
that the economy is recovering "moderately" and essentially endorsed the current
easy-money policy. Interest rate trading resulted in losses for the Fund in both
dollar and non-dollar denominated bonds.
As equity markets worldwide experienced trend reversals in April, positions in
stock index futures resulted in trading losses for the Fund. Following a
downturn at mid-month, the U.S. stock market surged by month-end just short of
record levels, on rising bond prices and renewed investor optimism. After
experiencing quick price appreciation earlier this year, continental European
equity markets drifted into benign trading ranges. Japanese equities began to
trend upward at mid-month, following several weeks of little movement.
In agricultural commodities, the coffee market surged to new highs during the
month on continued tightness in supply. Wheat prices also rose throughout much
of April, as a significant freeze in well-developed U.S. winter wheat growing
areas on April 11 and 12 dramatically changed the supply outlook for the coming
year. Despite more price volatility than experienced in coffee and wheat
futures, sugar prices appreciated to new highs by month-end. Positions in
coffee, wheat and sugar resulted in trading profits for the Fund.
As of May 1, 1997, the Fund's assets were allocated as follows:
<TABLE>
<CAPTION>
Trading Advisor % Allocation
- --------------- ------------
<S> <C>
Chesapeake Capital Corporation 37.20
John W. Henry & Company, Inc. 24.08
ARA Portfolio Management Company, L.L.C. 13.86
Graham Capital Management, L.P. 9.42
Willowbridge Associates Inc. 9.18
Di Tomasso Group Inc. 6.26
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100.00%
</TABLE>
Michael A. Karmelin has been appointed Chief Financial Officer, Vice President
and Treasurer of Merrill Lynch Investment Partners Inc. ("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 and was a Vice President of that company. From
May 1994 to April 1997, he 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.
Mr. James M. Bernard no longer acts as Chief Financial Officer and Treasurer of
MLIP, effective April 14, 1997. Mr. Bernard remains a Senior Vice President of
MLIP.
The Fund's losses during April were well within the Fund's historical
performance volatility. We look forward to improved performance as more
favorable market conditions develop.
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.
ML Global Horizons L.P.
April 30, 1997
Statement of Changes
in Net Asset Value
<TABLE>
<CAPTION>
<S> <C>
Net Asset Value (579,066 Units) at
March 31, 1997 $ 88,552,139
Plus Additions of 60,648 Units 9,061,418
Net Income/(Loss) for April 1997 (2,033,714)
Less Redemptions of 2,944 Units (439,863)
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Net Asset Value (636,770 Units) at
April 30, 1997 $ 95,139,980
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Net Asset Value per Unit at
April 30, 1997 $ 149.41
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</TABLE>
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Statement of Income/(Loss)
<TABLE>
<CAPTION>
April
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<S> <C>
Revenues:
Realized Profit/(Loss) $ 533,984
Change in Unrealized Profit/(Loss) (2,850,802)
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Total Trading Results (2,316,818)
Interest Income 370,619
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Total Revenues (1,946,199)
Expenses:
Brokerage Commissions 531,713
Administrative Fee 18,335
Allocation of New Profit Share (194,883)
Incentive Fee Override (267,650)
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Total Expenses 87,515
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Net Income/(Loss) $(2,033,714)
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</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
