-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HyOXf2HL81+3NpEk30AuGPa3ku+F0aqCsgB7p27IoiqwNf0Z24+TWNmUzEpREzHo d/nd0nYhHanzO0dF7Zt2yg== 0000950130-97-002363.txt : 19970515 0000950130-97-002363.hdr.sgml : 19970515 ACCESSION NUMBER: 0000950130-97-002363 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970514 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HENRY JOHN W & CO/MILLBURN L P CENTRAL INDEX KEY: 0000853456 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 061287586 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-18215 FILM NUMBER: 97604284 BUSINESS ADDRESS: STREET 1: WORLD FINANCIAL CTR SOUTH TWR-6TH FLR STREET 2: C/O ML FUTURE INVESTMENT PARTNERS INCAGE CITY: MERRILL LYNCH WORLD STATE: NY ZIP: 10080 BUSINESS PHONE: 2122364161 MAIL ADDRESS: STREET 1: MERRILL LYNCH & CO STREET 2: WORLD FINANCIAL CTR, SOUTH TOWER, 6TH FL CITY: NEW YORK STATE: NY ZIP: 10080-6106 10-Q 1 FORM 10-Q 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 March 31, 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 0-18215 JOHN W. HENRY & CO./MILLBURN L.P. --------------------------------- (Exact Name of Registrant as specified in its charter) Delaware 06-1287586 - ------------------------------- --------------------------------- (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) 212-236-4161 ------------------------------------------------- (Registrants 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. There are no exhibits and no exhibit index filed with this document. PART I - FINANCIAL INFORMATION Item 1. Financial Statements JOHN W. HENRY & CO./MILLBURN L.P. --------------------------------- (a Delaware limited partnership) ------------------------------- STATEMENTS OF FINANCIAL CONDITION --------------------------------- March 31, December 31, 1997 1996 ------------ ------------ ASSETS - ------ Investments $ 63,659,714 $ 60,834,087 Receivable from investments - 779,075 ------------ ------------ TOTAL $ 63,659,714 $ 61,613,162 ============ ============ LIABILITIES AND PARTNERS CAPITAL - -------------------------------- LIABILITIES: Redemptions payable $ 460,935 $ 778,385 Profit shares payable - 689 ------------ ------------ Total liabilities 460,935 779,074 ------------ ------------ PARTNERS CAPITAL: General Partner: ( 780 and 780 Series A units) 208,993 196,983 (1,976 and 1,976 Series B units) 430,324 405,594 (1,439 and 1,439 Series C units) 244,227 230,192 Limited Partners: ( 53,931 and 55,596 Series A units) 14,450,427 14,040,479 (143,419 and 146,552 Series B units) 31,234,360 30,082,484 ( 97,983 and 99,256 Series C units) 16,630,448 15,878,356 ------------ ------------ Total partners capital 63,198,779 60,834,088 ------------ ------------ TOTAL $ 63,659,714 $ 61,613,162 ============ ============ NET ASSET VALUE PER UNIT: Series A (Based on 54,711 and $267.94 $252.54 56,376 units outstanding) ======= ======= Series B (Based on 145,395 and $217.78 $205.27 148,528 units outstanding) ======= ======= Series C (Based on 99,422 and $169.73 $159.97 100,695 units outstanding) ======= ======= See notes to financial statements. 2 JOHN W. HENRY & CO./MILLBURN L.P. --------------------------------- (a Delaware limited partnership) ------------------------------- STATEMENTS OF OPERATIONS ------------------------ For the three For the three months ended months ended March 31, 1997 March 31, 1996 -------------- -------------- REVENUES: Trading profits: Realized $ - $ 764,441 Change in - (713,027) unrealized -------------- -------------- Total trading - 51,414 results -------------- -------------- Interest income - 601,115 Income form investments 3,723,108 - -------------- -------------- Total revenues 3,723,108 652,529 -------------- -------------- EXPENSES: Profit shares - 9,079 Brokerage commissions - 1,750,687 Administrative fees - 37,249 -------------- -------------- Total expenses - 1,797,015 -------------- -------------- NET INCOME (LOSS) 3,723,108 $ (1,144,486) ============== ============== NET INCOME (LOSS) PER UNIT: Weighted average number of units outstanding 303,531 345,500 ============== ============== Weighted average net income (loss) per General Partner and Limited Partner Unit $ 12.27 $ (3.31) ============== ============== See notes to financial statements. 3 JOHN W. HENRY & CO./MILLBURN L.P. --------------------------------- (a Delaware Limited Partnership) ------------------------------- STATEMENTS OF CHANGES IN PARTNERS CAPITAL ----------------------------------------- For the three months ended March 31, 1997 and 1996 --------------------------------------------------
Series Series Series Limited Partners -------------------------------------------- A B C Series Series Series Units Units Units A B C ----- ----- ----- - - - PARTNERS CAPITAL, DECEMBER 31, 1995 63,573 168,337 117,797 $ 13,205,024 $ 28,450,897 $ 15,571,401 Redemptions (2,797) (4,387) (2,914) (637,613) (756,610) (409,191) Net loss - - - (247,166) (567,858) (314,370) --------- --------- --------- ------------- ------------- ------------- PARTNERS CAPITAL, MARCH 31, 1996 60,776 163,950 114,883 $ 12,320,245 $ 27,126,429 $ 14,847,840 ========= ========= ========= ============= ============= ============= PARTNERS CAPITAL, DECEMBER 31, 1996 56,376 148,528 100,695 $ 14,040,479 $ 30,082,484 $ 15,878,356 Redemptions (1,665) (3,133) (1,273) (451,037) (688,349) (219,031) Net income - - - 860,985 1,840,225 971,123 --------- --------- --------- ------------- ------------- ------------- PARTNERS CAPITAL, MARCH 31, 1997 54,711 145,395 99,422 $ 14,450,427 $ 31,234,360 $ 16,630,448 ========= ========= ========= ============= ============= ============= General Partner -------------------------------------------- Series Series Series A B C Total - - - ----- PARTNERS CAPITAL, DECEMBER 31, 1995 $ 164,028 $ 337,920 $ 192,564 $ 57,921,834 Redemptions - - - (1,803,414) Net loss (3,856) (7,005) (4,231) (1,144,486) ----------- ----------- ----------- ------------- PARTNERS CAPITAL, MARCH 31, 1996 $ 160,172 $ 330,915 $ 188,333 $ 54,973,934 =========== =========== =========== ============= PARTNERS CAPITAL, DECEMBER 31, 1996 $ 196,983 $ 405,594 $ 230,192 $ 60,834,088 Redemptions - - - (1,358,417) Net income 12,010 24,730 14,035 3,723,108 ----------- ----------- ----------- ------------- PARTNERS CAPITAL, MARCH 31, 1997 $ 208,993 $ 430,324 $ 244,227 $63,198,779 =========== ========== ========== ===========
See notes to financial statements. 4 JOHN W. HENRY & CO./MILLBURN 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 John W. Henry & Co./Millburn L.P. (the Partnership or the Fund) as of March 31, 1997 and the results of its operations for the three months ended March 31, 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 Partnerships Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 1996 (the Annual Report). 2. INVESTMENT At March 31, 1997, the Partnership had investments in the ML JWH Financial and Metals Portfolio L.L.C. (JWH LLC) and ML Millburn Global L.L.C. (Millburn LLC) . Total revenues and fees with respect to such investments are set forth as follows:
Total Brokerage Administrative Profit Income from Revenue Commissions Fees Shares Investments ---------------- ---------------- ---------------- ---------------- ----------------- Series A Units -------------- JWH LLC $ 263,141 $ 182,952 $ 4,464 $ 564 $ 75,161 Millburn LLC 1,218,823 206,509 5,040 209,441 797,833 ---------------- ---------------- ---------------- ---------------- ----------------- Total $ 1,481,964 $ 389,461 $ 9,504 $ 210,005 $ 872,994 ================ ================ ================ ================ ================= Series B Units - ------------------ JWH LLC $ 562,829 $ 393,474 $ 9,604 $ 795 $ 158,956 Millburn LLC 2,609,249 444,407 10,849 447,995 1,705,998 ---------------- ---------------- ---------------- ---------------- ----------------- Total $ 3,172,078 $ 837,881 $ 20,453 $ 448,790 $ 1,864,954 ================ ================ ================ ================ ================= Series C Units - ------------------ JWH LLC $ 297,018 $ 207,966 $ 5,076 $ 345 $ 83,631 Millburn LLC 1,379,039 235,001 5,737 236,772 901,529 ---------------- ---------------- ---------------- ---------------- ----------------- Total $ 1,676,057 $ 442,967 $ 10,813 $ 237,117 $ 985,160 ================ ================ ================ ================ ================= Total - All Series - ------------------ JWH LLC $ 1,122,988 $ 784,392 $ 19,144 $ 1,704 $ 317,748 Millburn LLC 5,207,111 885,917 21,626 894,208 3,405,360 ---------------- ---------------- ---------------- ---------------- ----------------- Total $ 6,330,099 $ 1,670,309 $ 40,770 $ 895,912 $ 3,723,108 ================ ================ ================ ================ =================
5 3. INCOME/(LOSS) PER SERIES The profit and loss of the Series A, Series B and Series C Units for the three months ended March 31, 1997 and March 31, 1996 is as follows:
1997 1996 --------------------------------- ------------------------------------- Series A Series B Series C Series A Series B Series C --------- ----------- --------- ----------- ----------- ----------- REVENUES: Trading profit: Realized $ - $ - $ - $ 187,904 $ 374,498 $ 202,039 Change in unrealized - - - (162,297) (354,813) (195,917) --------- ----------- --------- ----------- ----------- ----------- Total trading results - - - 25,607 19,685 6,122 Interest income 135,303 300,294 165,518 Income From investments 872,994 1,864,954 985,160 - - - --------- ----------- --------- ----------- ----------- ----------- Total revenues 872,994 1,864,954 985,160 160,910 319,979 171,640 --------- ----------- --------- ----------- ----------- ----------- EXPENSES: Profit shares - - - 5,558 1,066 2,455 Brokerage commissions - - - 397,907 875,156 477,624 Administrative fees - - - 8,467 18,620 10,162 --------- ----------- --------- ----------- ----------- ----------- Total expenses - - - 411,932 894,842 490,241 --------- ----------- --------- ----------- ----------- ----------- NET INCOME (LOSS) $872,994 $1,864,954 $985,160 $(251,022) $(574,863) $(318,601) ========= =========== ========= =========== =========== =========== NET INCOME (LOSS) PER UNIT OF PARTNERSHIP INTEREST: Weighted average number of units outstanding 55,776 147,631 100,124 61,938 167,038 116,524 ====== ======= ======= ====== ======= ======= Weighted average net income (loss) per General Partner and Limited Partner Unit $ 15.65 $ 12.63 $ 9.84 $ (4.05) $ (3.44) $ (2.73) ======= ======= ====== ======= ======= =======
4. FAIR VALUE AND OFF-BALANCE SHEET RISK The Partnerships revenues by reporting category for the quarter ended March 31, 1996 were as follows (there were no trading revenues for the first quarter 1997): 1996 ------------ Interest rate and Stock indices $ (144,977) Currencies 1,257,371 Metals (1,060,980) ------------- $ 51,414 ============= 6 The average fair value of the Partnership's derivative instrument positions which were open as of the end of each calendar year ended December 31, 1996 was as follows ( there were no open contract for the first quarter 1997): 1996 ----------------------------------------- Commitment to Commitment to Purchase (Futures, Sell (Futures, Options & Forwards) Options & Forwards) ------------------- ------------------- Interest rate and Stock $ 237,102,957 $ 183,615,337 Indices 13,728,737 6,759,498 Currencies 296,018,497 334,030,991 Metals 18,491,709 29,682,273 ------------------- ------------------- $ 565,341,900 $ 554,088,099 =================== =================== As of March 31, 1997 and December 31, 1996, $0 and $24,377,776 of the Partnership's assets, respectively, were held in segregated accounts at MLF in accordance with commodity Futures Trading Commission regulations. Item 2: Managements Discussion and Analysis of Financial Condition and Results of Operations Operational Overview: Advisor Selections Due to the nature of the Fund's business, its results of operations depend on Merrill Lynch Investment Partners Inc., (MLIP)s ability to determine the appropriate percentage of each series' assets to allocate to them for trading, as well as the Advisors' ability to recognize and capitalize on trends and other profit opportunities in different sectors of the world commodity markets. MLIP's Advisor selection procedure and leveraging analysis, as well as the Advisors' trading methods, are confidential, so that substantially the only information that can be furnished regarding the Fund's results of operations is contained in the performance record of its trading. Unlike operating businesses, general economic or seasonal conditions do not directly affect the profit potential of the Fund, and 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. 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 to manage 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 - ------------------- SERIES A UNITS: During the first quarter of 1996, the Funds average month-end Net Assets equalled $13,296,436, and the Fund recognized gross trading profit of $25,607 or 1.19% of such average month-end Net Assets. Brokerage commissions of $397,907 or 2.99%, Administrative fees of $8,467 or .06% and Profit Shares of $5,558 or .04% of average month-end Net Assets were paid. Interest income of $135,303 or 1.02% of average month-end Net Assets resulted in a net loss of $251,022 or 7 (1.89%) of average month-end Assets which resulted in a 2.35% decrease in the Net Asset Value per Unit since December 31, 1995. During the first three months of 1997, the Funds average month-end Net Assets equaled $14,878,138. Income from Investment resulted in a net gain of $872,994 or 5.87% of average month-end Net Assets which resulted in a 6.10% increase in the Net Asset Value per Unit since December 31, 1996. During the first three months of 1997 and 1996, the Fund experienced 2 profitable months and 4 unprofitable months. MONTH-END NET ASSET VALUE PER SERIES A UNIT Jan. Feb. Mar. ------- ------- ------- 1996 $231.67 $209.48 $205.35 1997 $273.52 $270.58 $267.94 SERIES B UNITS: During the first quarter of 1996, the Funds average month-end Net Assets equalled $29,353,567, and the Fund recognized gross trading profit of $19,685 or .07% of such average month-end Net Assets. Brokerage commissions of $875,156 or 2.98%, Administrative fees of $18,620 or .06% and Profit Shares of $1,066 or .00% of average month-end Net Assets were paid. Interest income of $300,294 or 1.02% of average month-end Net Assets resulted in net loss of $574,863 or (1.96%) of average month-end Net Assets which resulted in a 2.08% decrease in the Net Asset Value per Unit since December 31, 1995. During the first three months of 1997, the Funds average month-end Net Assets equaled $32,056,272. Income from Investment resulted in net gain of $1,864,954 or 5.82% of average month-end Net Assets which resulted in a 6.09% increase in the Net Asset Value per Unit since December 1996. During the first three months of 1997 and 1996, the Fund experienced 2 profitable months and 4 unprofitable months. MONTH-END NET ASSET VALUE PER SERIES B UNIT Jan. Feb. Mar. ------- ------- ------- 1996 $188.93 $171.14 $167.47 1997 $222.32 $219.93 $217.78 SERIES C UNITS: During the first quarter of 1996, the Funds average month-end Net Assets equalled $18,026,635, and the Fund recognized gross trading profit of $6,122 or .03% of such average month-end Net Assets. Brokerage commissions of $477,624 or 2.65%, Administrative fees of $10,162 or .06% and Profit Shares of $2,455 or .01% of average month-end Net Assets were paid. Interest income of $165,518 or .92% of average month-end Net Assets resulted in net loss of $318,601 or (2.47%) of average month-end Net Assets which resulted in a 2.20% decrease in the Net Asset Value since December 31, 1995. During the first three months of 1997, the Funds average month-end Net Assets equaled $16,967,588. Income from Investment resulted in net gain of $985,160 or 5.81% of average month-end Net Assets which resulted in a 6.10% increase in the Net Asset Value since December 31, 1996. During the first three months of 1997 and 1996, the Fund experienced 2 profitable months and 4 unprofitable months. MONTH-END NET ASSET VALUE PER SERIES C UNIT Jan. Feb. Mar. ------- ------- ------- 1996 $147.90 $133.80 $130.88 1997 $173.26 $171.40 $169.73 Importance of Market Factors - ---------------------------- Comparisons between the Fund's performance in a given period in one fiscal year to the same period in a prior year are unlikely to be meaningful, given the uncertainty of price movements in 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 emphasizes technical and 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% in a single day). Although MLIP monitors market conditions and Advisor performance 8 on an ongoing basis in overseeing the Fund's trading, MLIP does not attempt to "market forecast" or to "match" trading styles with predicted 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 speculative trading strategies 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 and trend-following methods, increases the risk that unexpectedly bad performance, turbulent market conditions or a combination of the two will result in significant losses. Liquidity - --------- Most of the Partnerships assets are held as cash which, in turn, is used to margin its futures positions and earn interest income and is withdrawn, as necessary, to pay redemptions and fees. The futures contracts in which the Partnership trades may become illiquid under certain market conditions. Commodity exchanges limit fluctuations in futures prices during a single day by regulations referred to as daily limits. During a single day no trades may be executed at prices beyond the daily limit. Once the price of a futures contract for a particular commodity has increased or decreased by an amount equal to the daily limit, positions in the commodity can generally neither be taken nor liquidated unless traders are willing to effect trades at or within the limit. Futures contracts have occasionally moved to the daily limit for several consecutive days with little or no trading. Such market conditions could prevent the Partnership from promptly liquidating its futures (including its options) positions. There are no limitations on the daily price moves in trading foreign currency forward contracts through banks, although illiquidity may develop in the forward markets due to large spreads between bid and ask prices quoted. (Forward contracts are the bank version of currency futures contracts and are not traded on exchanges.) Capital Resources - ----------------- The Partnership does not have, nor does it expect to have, any capital assets and has no material commitments for capital expenditures. The Partnership uses its assets to supply the necessary margin or premiums for, and to pay any losses incurred in connection with, its trading activity and to pay redemptions and fees. Inflation is not a significant factor in the Fund's profitability, although inflationary cycles can give rise to the type of major price movements which can have a materially favorable or adverse impact on the Fund's performance. PART II - OTHER INFORMATION Item 1. Legal Proceedings There are no pending legal proceedings to which the Partnership or the General Partner is a party. In September 1996, JWH was named as a co-defendant in a class action lawsuits 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 Witters 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 practices. JWH believes the allegations against it are without merit; it intends to contest these 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 None. Item 3. Defaults Upon Senior Securities None. Item 4. Submission of Matters to a Vote of Security Holders 9 None. Item 5. Other information None. 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 three months of fiscal 1997. 10 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. JOHN W. HENRY & CO./MILLBURN L.P. By: MERRILL LYNCH INVESTMENT PARTNERS INC. (General Partner) Date: May 13, 1997 By /s/JOHN R. FRAWLEY, JR. ----------------------- John R. Frawley, Jr. President, Chief Executive Officer and Director Date: May 13, 1997 By /s/MICHAEL A. KARMELIN ---------------------- Michael A. Karmelin Chief Financial Officer, and Director EX-27 2 FINANCIAL DATA SCHEDULE
BD THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION, CONSOLIDATED STATEMENTS OF OPERATIONS, CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000853456 HENRY JOHN W & CO/MILLBURN LP 3-MOS 3-MOS DEC-31-1996 DEC-31-1995 JAN-01-1997 JAN-01-1996 MAR-31-1997 MAR-31-1996 0 0 63,659,714 55,846,355 0 0 0 0 0 0 0 0 63,659,714 55,846,355 0 0 460,935 872,421 0 0 0 0 0 0 0 0 0 0 0 0 0 0 63,198,779 54,973,934 63,659,714 55,846,355 0 51,414 0 601,115 0 1,797,015 3,723,108 0 0 0 0 0 0 0 3,723,108 (1,144,486) 3,723,108 (1,144,486) 0 0 0 0 3,723,108 (1,144,486) 12.27 (3.31) 12.27 (3.31)
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