<PAGE>
FILED PURSUANT TO RULE NO. 424(b)(3)
REGISTRATION NO. 333-10749
ML GLOBAL HORIZONS L.P.
PROSPECTUS SUPPLEMENT DATED JULY 29, 1997
TO
PROSPECTUS DATED APRIL 4, 1997
As of July 1, 1997, the Net Asset Value per Unit of ML Global Horizons
L.P. (the "Fund") had risen to $146.46 from the initial $100 Net Asset Value per
Unit as of January 4, 1994.
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The allocation of the Fund's assets among its core Advisors as of July
1, 1997 is set forth below in the parentheses following each core Advisor's
name. The accompanying Prospectus includes more detailed information concerning
the core Advisors. See "The Advisors" and "The Core Advisors" in the Prospectus.
Core Advisors are Advisors allocated 10% or more of the Fund's assets for
management. Non-core Advisors are each allocated less than 10% of the Fund's
assets for management. The particular percentage allocations to the non-core
Advisors are not stated below because they are subject to frequent changes due
to differential performance as well as reallocations of the Fund's assets among
non-core Advisors by Merrill Lynch Investment Partners Inc. ("MLIP").
<TABLE>
<CAPTION>
Annualized Assets Under
Worst/Best Standard Management General
Monthly Deviation In Strategy
Rate of Return/1/ of Return/2/ Fund Program/3/ Classification/4/
----------------- ------------ --------------- -----------------
<S> <C> <C> <C> <C>
Core Advisors
ARA Portfolio Management Company, L.L.C. (6.48)%/5//7.89% 10.8% $102.8 million Technical:
Alpha Program (13.5%) trend-following
Chesapeake Capital Corporation (10.98)%/15.99% 17.7% $904.6 million Technical:
Diversified Program (38%) trend-following
John W. Henry & Company, Inc. (27.7)%/5//25.5% 25.6% $1.1 billion Technical:
Financial and Metals Portfolio (24%) trend-following
Non-Core Advisors
Di Tomasso Group Inc. (23.95)%/31.45% 31.1% $85.05 million Discretionary:
Equilibrium Trading Program fundamental
Graham Capital Management, L.P. (3.31)%/2.05% 15.2% $62.2 million Mean reversion:
Natural Resources Program trend-following
Willowbridge Associates Inc. (13.7)%/32.01% 34.9% $344 million Discretionary:
XLIM Program fundamental
</TABLE>
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
Performance and assets under management information is current as of April
30, 1997. Performance figures are not audited.
Futures trading is highly leveraged, as is each Advisor's trading program.
No Advisor has been asked to make any special adjustments to its leveraging
policies in the case of the Fund. See "Risk Factors" in the Prospectus.
In considering the leverage at which the different Advisors trade and the
volatility of their performance, prospective investors should recognize that due
to the limited percentage of the Fund's assets allocated to each of them, none
of the non-core Advisors, individually, is likely to have a material effect,
over the short term, on either the overall return or the overall performance
volatility of the Fund.
Each current non-core Advisor receives Consulting Fees of up to 2% per
annum of the Fund's assets managed by such Advisor, plus quarterly or annual
Profit Shares of between 20% and 25% of any cumulative New Trading Profit
achieved.
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James M. Bernard, formerly a Senior Vice-President and Treasurer of MLIP,
is no longer with the firm. Mr. Bernard is no longer an Officer or Director of
the Fund.
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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
Commission 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.
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1. The lowest and the highest monthly rate of return for the program traded for
the Fund. Performance information is presented for the period from January 1,
1992 (or inception, if later) through April 30, 1997.
2. An annualized standard deviation of 2% and a mean return of 1% would mean
that approximately two-thirds of all monthly returns during a year have
historically fallen between (1)% and 3%, i.e., within a range (deviation) of
2% above or below the mean. Standard deviation is one widely-accepted measure
of risk, as standard deviation indicates the variability of returns. In
general, the more variable an Advisor's historical returns, the greater the
risk that substantial losses have been included within the historical range
of returns.
3. Approximate assets under management in the program traded for the Fund
("notional" funds excluded).
4. See "The Core Advisors" in the Prospectus for a description of these strategy
classifications.
5. The Worst Monthly Rate of Return of any individual account, not of the
program on a composite basis.
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IN ADDITION TO THIS PROSPECTUS SUPPLEMENT, THE PROSPECTUS MUST BE ACCOMPANIED BY
SUMMARY FINANCIAL INFORMATION FOR THE FUND CURRENT WITHIN 60 CALENDAR DAYS.
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THE COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED UPON THE MERITS OF
PARTICIPATING IN THIS POOL NOR HAS THE COMMISSION PASSED UPON THE ADEQUACY
OR ACCURACY OF THIS PROSPECTUS SUPPLEMENT.
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THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS SUPPLEMENT. ANY REPRESENTATION TO THE
CONTRARY IS A CRIMINAL OFFENSE.
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Merrill Lynch, Pierce, Fenner & Smith Incorporated
Selling Agent
Merrill Lynch Investment Partners Inc.
General Partner
