<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, 2000
                               -------------

                 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.
                           Princeton Corporate Campus
                       800 Scudders Mill Road - Section 2G
                          Plainsboro, New Jersey 08536
                          ----------------------------
                    (Address of principal executive offices)
                                   (Zip Code)

                                  609-282-6996
              ----------------------------------------------------
              (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
                                              -----    -----
<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,
                                                                               2000                 1999
                                                                           (unaudited)
                                                                        -------------------  -------------------
<S>                                                                     <C>                  <C>
ASSETS
Equity in commodity futures trading accounts:
    Cash and option premiums                                                  $ 64,451,861         $ 80,686,939
    Net unrealized profit on open contracts                                        203,682              341,454
Accrued interest                                                                   315,724              364,959
                                                                        -------------------  -------------------

                TOTAL                                                         $ 64,971,267         $ 81,393,352
                                                                        ===================  ===================

LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES:
    Profit Shares payable                                                         $ 41,389            $ 344,141
    Brokerage commissions payable                                                  392,535              491,752
    Incentive override payable                                                          -                 5,555
    Redemptions payable                                                            755,346            1,397,770
    Administrative fees payable                                                     13,536               16,957
                                                                        -------------------  -------------------

            Total liabilities                                                    1,202,806            2,256,175
                                                                        -------------------  -------------------

PARTNERS' CAPITAL:
   General Partners (4,996 and 8,896 Units)                                        811,540            1,481,537
   Limited Partners (387,570 and 466,291 Units)                                 62,956,921           77,655,640
                                                                        -------------------  -------------------

            Total partners' capital                                             63,768,461           79,137,177
                                                                        -------------------  -------------------

                TOTAL                                                         $ 64,971,267         $ 81,393,352
                                                                        ===================  ===================

NET ASSET VALUE PER UNIT

    (Based on 392,566 and 475,187 Units outstanding)                              $ 162.44             $ 166.54
                                                                        ===================  ===================
</TABLE>


See notes to financial statements.


                                       2

<PAGE>

                             ML GLOBAL HORIZONS L.P.
                        (A DELAWARE LIMITED PARTNERSHIP)

                            STATEMENTS OF OPERATIONS
                                   (unaudited)

<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,
                                              2000                  1999                  2000                  1999
                                       -------------------  ---------------------  -------------------  ---------------------
<S>                                    <C>                  <C>                    <C>                  <C>
REVENUES:
    Trading profits (loss):
        Realized                               $ (832,425)           $ 4,529,556           $ (807,965)           $ 8,634,702
        Change in unrealized                      231,792               (665,976)            (138,321)            (3,024,065)
                                       -------------------  ---------------------  -------------------  ---------------------

            Total trading results                (600,633)             3,863,580             (946,286)             5,610,637
                                       -------------------  ---------------------  -------------------  ---------------------

    Interest income                               984,016              1,094,530            2,071,550              2,254,760
                                       -------------------  ---------------------  -------------------  ---------------------

            Total revenues                        383,383              4,958,110            1,125,264              7,865,397
                                       -------------------  ---------------------  -------------------  ---------------------

EXPENSES:
    Profit Shares                                 (21,775)               438,752               61,061                778,990
    Incentive override                                  -                114,942                    -                114,942
    Brokerage commissions                       1,220,749              1,759,898            2,625,921              3,618,703
    Administrative fees                            42,095                 60,686               90,549                124,783
                                       -------------------  ---------------------  -------------------  ---------------------

            Total expenses                      1,241,069              2,374,278            2,777,531              4,637,418
                                       -------------------  ---------------------  -------------------  ---------------------

NET INCOME (LOSS)                              $ (857,686)           $ 2,583,832         $ (1,652,267)           $ 3,227,979
                                       ===================  =====================  ===================  =====================

NET INCOME (LOSS) PER UNIT:
    Weighted average number of
        units outstanding                         408,007                571,340              433,760                596,388
                                       ===================  =====================  ===================  =====================

    Weighted average net
    income (loss) per General Partner
    and Limited Partner Unit                      $ (2.10)                $ 4.52              $ (3.81)                $ 5.41
                                       ===================  =====================  ===================  =====================
</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, 2000 AND JUNE 30, 1999
                                   (unaudited)

<TABLE>
<CAPTION>
                                                               General            Limited
                                               Units           Partner            Partners           Total
                                           -------------- ------------------ ------------------ -----------------
<S>                                        <C>            <C>                <C>                <C>
PARTNERS' CAPITAL,
  December 31, 1998                              639,056        $ 1,356,079      $ 103,079,532     $ 104,435,611

Net income                                             -             46,443          3,181,536         3,227,979

Redemptions                                      (85,887)                 -        (14,167,788)      (14,167,788)
                                           -------------- ------------------ ------------------ -----------------

PARTNERS' CAPITAL,
  June 30, 1999                                  553,169        $ 1,402,522       $ 92,093,280      $ 93,495,802
                                           ============== ================== ================== =================

PARTNERS' CAPITAL,
  December 31, 1999                              475,187        $ 1,481,537       $ 77,655,640      $ 79,137,177

Net loss                                               -            (12,691)        (1,639,576)       (1,652,267)

Redemptions                                      (82,621)           (657,306)      (13,059,143)      (13,716,449)
                                           -------------- ------------------ ------------------ -----------------

PARTNERS' CAPITAL,
  June 30, 2000                                  392,566          $ 811,540       $ 62,956,921      $ 63,768,461
                                           ============== ================== ================== =================
</TABLE>


See notes to financial statements.


                                       4

<PAGE>

                             ML GLOBAL HORIZONS L.P.
                        (A DELAWARE LIMITED PARTNERSHIP)

                          NOTES TO FINANCIAL STATEMENTS
                                   (unaudited)


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") as of June 30, 2000, and the
results of its operations for the six months ended June 30, 2000 and June 30,
1999. 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 generally 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, 1999 (the "Annual Report").

2.   FAIR VALUE AND OFF-BALANCE SHEET RISK

In June 1998, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standard ("SFAS") No. 133, "Accounting for Derivative
Instruments and Hedging Activities" (the "Statement"), effective for fiscal
years beginning after June 15, 2000, as amended by SFAS No. 137. This Statement
supercedes SFAS No. 119 ("Disclosure about Derivative Financial Instruments and
Fair Value of Financial Instruments") and SFAS No. 105 ("Disclosure of
information about Financial Instruments with Off-Balance Sheet Risk and
Financial Instruments with Concentrations of Credit Risk") whereby disclosure of
average aggregate fair values and contract/notional values, respectively, of
derivative financial instruments is no longer required for an entity such as the
Partnership which carries its assets at fair value. Such Statement sets forth a
much broader definition of a derivative instrument. The General Partner does not
believe that the application of the provisions of such statement had a
significant effect on the financial statements.

SFAS No. 133 defines a derivative as a financial instrument or other contract
that has all three of the following characteristics (1) one or more underlyings,
notional amounts or payment provisions (2) requires no initial net investment or
a smaller initial net investment than would be required relative to changes in
market factors (3) terms require or permit net settlement. Generally,
derivatives include futures, forwards, swaps or option contracts, or other
financial instruments with similar characteristics such as caps, floors and
collars.

MARKET RISK

Derivative instruments involve varying degrees of off-balance sheet market risk.
Changes in the level or volatility of interest rates, foreign currency exchange
rates or the market values of the financial instruments or commodities
underlying such derivative instruments frequently result in changes in the
Partnership's net unrealized profit (loss) on such derivative instruments as
reflected in the Statements of Financial Condition. The Partnership's exposure
to market risk is influenced by a number of factors, including the relationships
among derivative instruments held by the Partnership as well as the volatility
and liquidity of the markets in which such derivative instruments are traded.

The General Partner has procedures in place intended to control market risk
exposure, although there can be no assurance that they will, in fact, succeed in
doing so. These procedures focus primarily on monitoring the trading of the
Advisors, calculating the Net Asset Value of the Partnership as of the close of
business on each day and reviewing outstanding positions for
over-concentrations. While the General Partner does not itself intervene in the
markets to hedge or diversify the Partnership's market exposure, the General
Partner may urge Advisors to reallocate positions in an attempt to avoid
over-concentrations. However, such interventions are unusual. Except in cases in
which it appears that an Advisor has begun to deviate from past practice or
trading policies or to be trading erratically, the General Partner's basic


                                       5

<PAGE>

risk control procedures consist simply of the ongoing process of Advisor
monitoring, with the market risk controls being applied by the Advisors
themselves.

CREDIT RISK

The risks associated with exchange-traded contracts are typically perceived to
be less than those associated with over-the-counter (non-exchange-traded)
transactions, because exchanges typically (but not universally) provide
clearinghouse arrangements in which the collective credit (in some cases limited
in amount, in some cases not) of the members of the exchange is pledged to
support the financial integrity of the exchange. In over-the-counter
transactions, on the other hand, traders must rely solely on the credit of their
respective individual counterparties. Margins, which may be subject to loss in
the event of a default, are generally required in exchange trading, and
counterparties may require margin in the over-the-counter markets.

The credit risk associated with these instruments from counterparty
nonperformance is the net unrealized profit, if any, included on the Statements
of Financial Condition.

The Partnership attempts to mitigate credit risk by dealing exclusively with
Merrill Lynch entities as clearing brokers.

The Partnership, in its normal course of business, enters into various
contracts, with MLF acting as its commodity broker. Pursuant to the brokerage
arrangement with MLF (which includes a netting arrangement), to the extent that
such trading results in receivables from and payables to MLF, these receivables
and payables are offset and reported as a net receivable or payable and are
included in the Statement of Financial Condition under Equity from commodity
futures trading accounts.

Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations

                         MONTH-END NET ASSET VALUE PER UNIT
<TABLE>
<CAPTION>
             ---------------------------------------------------------------
                        Jan.     Feb.    Mar.     Apr.     May      Jun.
             ---------------------------------------------------------------
             <S>       <C>      <C>     <C>      <C>      <C>      <C>
               1999    $162.48  $163.98 $164.50  $167.59  $166.73  $169.02
             ---------------------------------------------------------------
               2000    $168.83  $168.54 $164.59  $162.97  $166.07  $162.44
             ---------------------------------------------------------------
</TABLE>

Performance Summary

January 1, 1999 to June 30, 1999
--------------------------------
January 1, 1999 to March 31, 1999

Agricultural trading was profitable overall, as gains in coffee and live cattle
offset losses in corn and live hogs positions. Hog prices plummeted due to a
glut of hogs in the market. At the beginning of the quarter, the corn market
continued to struggle despite a stretch of solid export business. The market's
negative sentiment was deepened by ongoing favorable weather in South America
which continued through February, even though there was a sharp reduction in
Argentina's planted area. Lack of enthusiasm for new crop and less than
spectacular demand continued to depress the corn market throughout the quarter.

The Partnership also profited from trading in crude oil, heating oil, and
unleaded gas. As the year opened, the global oil balance continued to show signs
of being lopsided with estimated year-end 1998 inventories at their highest
levels since 1984. During January, petroleum stocks rose by 21 million barrels
compared with a typical gain of 6 to 7 million barrels. Then, on March 23, OPEC
ratified new production cuts totaling 1.716 million barrels per day at its
conference. These new production cuts were scheduled to go into effect on April
1 and proved to be harbingers of higher prices for crude.

Interest rate trading proved profitable for the Partnership as well, as gains in
Japanese government bonds and 10-year U.S. Treasury notes offset losses in
German 10-year bonds. Early in January, the yield on the Japanese government
10-year bond increased to 1.8%, sharply above the record low of 0.695% it


                                       6

<PAGE>

reached on October 7, 1998. This was triggered by the Japanese Trust Fund
Bureau's decision to absorb a smaller share of future issues, leaving the burden
of financing future budget deficits to the private sector.

Stock index trading was unprofitable, as losses were sustained in Hang Seng and
CAC40 positions. Also of note, the Dow Jones Industrial Average closed above the
10,000 mark for the first time ever at the end of March, setting a record for
the index.

The Partnership also suffered losses in currency trading during the quarter, as
losses in Japanese yen overpowered gains in German marks. In January, the yen
had advanced by nearly 35% against the dollar since early in August, and the
Bank of Japan lowered rates to keep the economy sufficiently liquid so as to
allow fiscal spending to restore some growth to the economy and to drive down
the surging yen.

Losses in aluminum and gold overshadowed gains in copper during the first
quarter. In January, burdensome warehouse stocks and questionable demand
prospects weighed on base metals as aluminum fell to a 5-year low and copper
fell to nearly an 11-year low. Major surpluses in both metals were expected,
keeping prices down, and there was no supply side response to weak demand and
lower prices. However, the end of March showed copper and aluminum leading a
surge in base metals as prices recovered from multi-year lows. In precious
metals, gold failed to sustain a rally, and gold's role as a flight to safety
vehicle has clearly been greatly diminished as has its role as a monetary asset.

April 1, 1999 to June 30, 1999

The Partnership profited in interest rate trading from short positions in Euro
dollars, Japanese 10-year bonds and U.S. 10-year Treasury notes as the flight to
quality in the bond market reversed during the first half of 1999 and concerns
about higher interest rates continued to rattle the financial markets.

Stock index trading also resulted in gains overall for the quarter, as positions
in the S&P 500, CAC 40 Euro Futures outweighed losses in the Toronto Stock Index
as equity markets rallied worldwide in April and June.

Trading in the agricultural markets resulted in gains for the Partnership as
positions in cocoa, coffee and soyoil all generated profits. Agricultural
commodities were weak almost across the board as they were saddled with
supply/demand imbalances. However, the coffee market soared as several cold
fronts effected areas of the coffee region.

The energy sector was profitable as positions in crude oil and gasoil offset
unprofitable short positions in natural gas trading. The focus of attention in
the natural gas markets since the end of winter was the sharply lower than
year-ago storage injection activity. Crude oil prices rallied much higher and
faster than expected following last quarter's ratification of an OPEC/non-OPEC
agreement to cut production by over 2 million barrels per day. Natural gas
prices also rallied sharply over the quarter, reflecting, in part, growing
concerns about a decline in US natural gas production.

Currency trading also resulted in gains for the Partnership. Gains in Euro
trading were offset by losses sustained in the British pound and short positions
in the Australian dollar. The Australian dollar has been feeling the pinch of
commodity price weakness for the past few years but has rallied back since its
low in August of 1998.

In the metals sector, gains from short gold positions were overshadowed by
losses in copper and nickel trading. Throughout the first half of 1999, gold
prices were in a state of gradual erosion and in early June, hit their lowest
levels in over 20 years. Gold continued to show a lack of response to political
and military events such as Kosovo and also lost much of its role as a monetary
asset and flight to safety vehicle. The economic scenario for Asia, Brazil,
emerging market nations and Europe helped keep copper and other base metals on
the defensive as demand receded with virtually no supply side response.

January 1, 2000 to June 30, 2000
--------------------------------
January 1, 2000 to March 31, 2000


                                       7

<PAGE>

Energy trading was profitable for the quarter due to long crude oil and unleaded
gas positions. Despite the possibility of OPEC increasing oil production by 5%,
crude oil prices continued to rise as such a hike would still leave oil
inventories at levels much below normal during the balance of the year. Prices
began to decline in mid-March as Iran backed down from its position on the point
of "no increase" and again later in the month as OPEC announced a production
increase of 1.716 million barrels per day offsetting some gains from the
previous two months.

Metals trading alternated from profitable to unprofitable, however, the sector
ended the quarter on the upside. Prices rose during the period in base metals as
concerns over higher interest rates and the decline in stock prices globally
created defensive tones in the market. High aluminum inventories caused prices
to decline on the LME. Late in the quarter, copper prices rose over rumors of
increased demand from China, having an adverse effect on the short positions
held.

The agriculture commodity sector produced profits for the quarter due to gains
in feeder cattle, coffee and cocoa which outpaced losses in short corn positions
due to dry conditions in Argentina, which led to high corn prices.

In currency trading, the euro declined against the dollar as officials from the
Group of Seven met and failed to express concern about the low levels of the
European currency. Some other contributing factors to the decline of the euro
include the slow pace of microeconomic reform in Europe, plans for a European
withholding tax and the scale of direct investment flows outside of Europe. In
Asia, the yen has been strong resulting in losses for the Partnership's short
positions.

During the quarter, profitable positions in the MIB 30 (Milan) and Hang Seng
Indices were outweighed by losses in CAC 40 Euro futures and the FTSE Financial
Times Stock Index. Long MIB Index futures positions were profitable as private
consumption and improved labor flexibility are supporting growth in Italy.
Volatile market conditions led to unprofitable positions in the S&P 500 and the
FTSE - Financial Times Index.

Short Eurodollar trading was profitable as the currency continued to decline in
January. The European Union ministers blamed the currency's slide in January on
rapid U.S. growth and fears that the Federal Reserve will increase U.S. interest
rates. These profits were far outweighed by losses in the Japanese 10-year bond,
U.S. 10-year Treasury note positions and long U.S. Treasury positions as the
yield curve fluctuated widely during the quarter.

April 1, 2000 to June 30, 2000

Long natural gas positions proved to be profitable throughout the quarter;
however, crude oil faced whipsaw market conditions. Prices on crude oil declined
early in the quarter in the wake of OPEC's March decision to increase
production; however, prices later rose as the International Energy Agency
reported the need for additional OPEC oil to prevent a shortage in inventory. In
June, long positions of light crude oil resulted in profits despite OPEC's
agreement to raise the production ceiling effective July 1. Prices sustained
their levels because the market was looking for a larger production hike.

Currency trading for the quarter was profitable as gains from Euro futures
outweighed losses from positions in Japanese yen. Currencies suffered when the
Japanese yen appreciated against the dollar due to speculation that the Japanese
government was considering a stimulus package after the G8 summit in late July.
The yen was firmer in June due to capital data spending which indicated strong
first-quarter growth and signals that an end is near to Japan's 16-month old
zero interest rate policy.

Agriculture trading was unprofitable for the quarter as losses in soybean
positions were greater than gains in short corn and long sugar positions. Long
soybean positions were unprofitable as weather and soil conditions appear
favorable for an abundance of supply. Weather conditions exerted pressure on the
market in anticipation of a large yield during harvest and corn prices were down
for most of the month. A report from Brazil stated that due to unfavorable
weather conditions that prevailed last year, there will be a significant drop in
the 2000/01 sugar production which contributed to the rise in sugar prices for
the month.

In metals trading, short aluminum positions were profitable early in the quarter
but were outweighed by losses in the Partnership's gold positions. An Indonesian
refinery indicated that it will return to operation this year, adding supply to
the market. Gold prices ended higher for the month in reaction to the Fed
leaving interest rates unchanged and a report that the South African Reserve
Bank received a $500 million gold denominated loan. While other central banks
are decreasing reserves, this positive message to the bullion market pushed up
prices creating losses in short positions.

Stock index trading was unprofitable as losses were sustained in Nikkei 225 and
S&P 500 positions early in the quarter. Signs of rising inflation fueled fears
that the Federal Reserve will continue to raise interest rates aggressively to
slow the robust economy. However, Nikkei 225 trading showed gains at the end of
the quarter as well as did the All Ordinaries and DAX indices.

Interest rate positions were unprofitable throughout the quarter. Losses were
incurred from U.S. Treasury bond and Euro dollar trading. U.S. bond yields fell
during the month as investors shifted to Treasuries due to increased volatility
in the NASDAQ and other equity markets. After the Fed raised interest rates 50
basis points, US interest rates rallied due to a combination of lower stock
prices and a perception that the Fed will be able to slow the economy. Since the
most recent Fed funds and discount rate increase, the long bond has increased
over 4 points or a decline of over 25 basis points in yield. U.S. bonds were
unprofitable when bonds rallied during the June both after a higher than
expected unemployment report and on a lack of interest rate action by the Fed.


                                       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.

Item 2.    Changes in Securities and Use of Proceeds

           (a) None.
           (b) None.
           (c) None.
           (d) None.

Item 3.    Defaults Upon Senior Securities

           None.

Item 4.    Submission of Matters to a Vote of Security Holders

           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 report.

           (b)  REPORTS ON FORM 8-K

           There were no reports on Form 8-K filed during the first six months
           of fiscal 2000.


                                       9

<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 15, 2000                 By /s/ JOHN R. FRAWLEY, JR.
                                         ------------------------
                                         John R. Frawley, Jr.
                                         Chairman, Chief Executive Officer,
                                         President and Director




Date:  August 15, 2000                By /s/ MICHAEL L. PUNGELLO
                                         -----------------------
                                         Michael L. Pungello
                                         Vice President, Chief Financial Officer
                                         and Treasurer


                                       10