<PAGE>
 
                                                               EXHIBIT 13.01(b)

 
ML MILLBURN GLOBAL L.L.C.
(A DELAWARE LIMITED LIABILITY COMPANY)

Financial Statements for the Period from
December 2, 1996 (Commencement of Operations)
to December 31, 1996 and Independent Auditors' Report
<PAGE>
 
ML MILLBURN GLOBAL L.L.C..
(A Delaware Limited Liability Company)

TABLE OF CONTENTS
-------------------------------------------------------- 

                                                   Page
                                                   ----
 
INDEPENDENT AUDITORS' REPORT                          1
 
FINANCIAL STATEMENTS FOR THE PERIOD FROM
  DECEMBER 2, 1996 (COMMENCEMENT OF OPERATIONS)
  TO DECEMBER 31, 1996:
 
  Statement of Financial Condition                    2
 
  Statement of Income                                 3
 
  Statement of Changes in Members' Capital            4
 
  Notes to Financial Statements                    5-11
<PAGE>
 
INDEPENDENT AUDITORS' REPORT
----------------------------



To the Members of
 ML Millburn Global L.L.C.:

We have audited the accompanying statement of financial condition of ML Millburn
Global L.L.C. (a Delaware limited liability company; the "Company") as of
December 31, 1996, and the related statements of income and of changes in
members' capital for the period from December 2, 1996 (commencement of
operations) to December 31, 1996.  These financial statements are the
responsibility of the Company's management.  Our responsibility is to express an
opinion on these financial statements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material
respects, the financial position of ML Millburn Global L.L.C. as of December 31,
1996, and the results of its operations for the period from December 2, 1996
(commencement of operations) to December 31, 1996 in conformity with generally
accepted accounting principles.


Deloitte & Touche LLP
New York, New York


February 3, 1997
<PAGE>
 
ML MILLBURN GLOBAL L.L.C.
(A Delaware Limited Liability Company)

STATEMENT OF FINANCIAL CONDITION
DECEMBER 31, 1996
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASSETS
------
<S>                                                                                           <C>
Accrued interest (Note 2)                                                                            $    82,673
Equity in commodity futures trading accounts:
    Cash and option premiums                                                                          27,521,635
    Net unrealized profit on open contracts                                                              916,519
                                                                                            --------------------
 
                TOTAL                                                                                $28,520,827
                                                                                            ====================
 
LIABILITIES AND MEMBERS' CAPITAL
--------------------------------
 
LIABILITIES:
    Withdrawals payable                                                                              $   383,590
    Brokerage commissions payable (Note 2)                                                               270,878
    Profit shares payable (Note 3)                                                                       135,593
    Administrative fees payable (Note 2)                                                                   5,940
                                                                                            --------------------
 
            Total liabilities                                                                            796,001
                                                                                            --------------------
 
MEMBERS' CAPITAL:
    Voting Members                                                                                    33,592,186
    Receivable from member                                                                            (5,867,360)
                                                                                            --------------------
 
            Total Members' capital                                                                    27,724,826
                                                                                            --------------------
 
                TOTAL                                                                                $28,520,827
                                                                                            ====================
 
 
See notes to financial statements.
</TABLE> 





                                      -2-
<PAGE>
 
ML MILLBURN GLOBAL L.L.C.
(A Delaware Limited Liability Company)

STATEMENT OF INCOME
FOR THE PERIOD FROM DECEMBER 2, 1996
(COMMENCEMENT OF OPERATIONS)
TO DECEMBER 31, 1996
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REVENUES:
Trading profit (loss):
<S>                                                                                             <C>
    Realized                                                                                          $(548,574)
    Change in unrealized                                                                                916,519
                                                                                              -----------------
 
        Total trading results                                                                           367,945
 
Interest income (Note 2)                                                                                 82,674
                                                                                              -----------------
 
        Total revenues                                                                                  450,619
                                                                                              -----------------
 
EXPENSES:
    Brokerage commissions (Note 2)                                                                      270,878
    Profit shares (Note 3)                                                                               14,552
    Administrative fees (Note 2)                                                                          5,940
                                                                                              -----------------
 
        Total expenses                                                                                  291,370
                                                                                              -----------------
 
NET INCOME                                                                                            $ 159,249
                                                                                              =================
</TABLE> 
 
 
See notes to financial statements.





                                      -3-
<PAGE>
 
ML MILLBURN GLOBAL L.L.C.
(A Delaware Limited Liability Company)


STATEMENT OF CHANGES IN MEMBER'S CAPITAL
FOR THE PERIOD FROM DECEMBER 2, 1996
(COMMENCEMENT OF OPERATIONS)
TO DECEMBER 31, 1996
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                                               Voting
                                                                                              Members
                                                                                        -----------------
 
<S>                                                                                       <C>
Initial Contributions                                                                         $27,949,167
 
Contributions                                                                                   5,867,360
 
Receivable from Member                                                                         (5,867,360)
 
Withdrawals                                                                                      (383,590)
 
Net Income                                                                                        159,249
                                                                                        -----------------
 
MEMBERS' CAPITAL,
  DECEMBER 31, 1996                                                                           $27,724,826
                                                                                        =================
</TABLE> 
 
 
See notes to financial statements.







                                      -4-
<PAGE>
 
ML MILLBURN GLOBAL L.L.C.
(A Delaware Limited Liability Company)

NOTES TO FINANCIAL STATEMENTS
FOR THE PERIOD FROM DECEMBER 2, 1996
(COMMENCEMENT OF OPERATIONS)
TO DECEMBER 31, 1996
--------------------------------------------------------------------------------

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

   Organization
   ------------

   ML Millburn Global L.L.C. (the "Company") was organized under the Delaware
   Limited Liability Company Act on November 22, 1996 and commenced trading
   activities on December 2, 1996.  The Company engages in the speculative
   trading of futures, options on futures and forward contracts on a wide range
   of commodities.  Merrill Lynch Investment Partners ("MLIP"), a wholly-owned
   subsidiary of Merrill Lynch Group, Inc., which in turn is a wholly-owned
   subsidiary of Merrill Lynch & Co., Inc. (one or more of Merrill Lynch & Co.,
   Inc. and its affiliates being hereinafter referred to as "Merrill Lynch"),
   has been delegated administrative authority over the Company, and Merrill
   Lynch Futures Inc. ("MLF"), also an affiliate of Merrill Lynch, is its
   commodity broker.  The Company has authorized two classes of Membership
   Interests:  Non-Voting Membership Capital Accounts and Voting Membership
   Capital Accounts ("Members").  These two classes of Membership Capital
   Accounts have common economic interests in the Company, but the Non-Voting
   Membership Capital Accounts, which will be held by non-United States
   companies, shall not participate in any respect in the management of the
   Company, or engage, directly or indirectly, in the participation in or
   control of all or any portion of the business activities or affairs of the
   Company, such management being vested solely in the Voting Membership Capital
   Accounts, which are held by United States limited partnerships.  The Voting
   Members, acting as Members without any "manager," mutually dominate and
   control all business activities and affairs of the Company by agreement of
   the majority in interest of such Members, subject to the trading authority
   vested in and delegated to Millburn and the administrative authority vested
   in and delegated to MLIP.  The Members of the Company, each of which is a
   "commodity pool" sponsored by MLIP, share in the trading profit (loss) and
   interest income of the Company in proportion to their respective capital
   accounts trading in it.

   Millburn Ridgefield Corp. (the "Advisor" or "Millburn") has been delegated
   trading authority over the assets of the Company.

   Estimates
   ---------

   The preparation of financial statements in conformity with generally accepted
   accounting principles requires management to make estimates and assumptions
   that affect the reported amounts of assets and liabilities and disclosure of
   contingent assets and liabilities at the date of the financial statements and
   the reported amounts of revenues and expenses during the reporting period.
   Actual results could differ from those estimates.

   Revenue Recognition
   -------------------

   Commodity futures, options on futures, and forward contract transactions are
   recorded on the trade date and open contracts are reflected in net unrealized
   profit (loss) on open contracts in the Statement of Financial Condition at
   the difference between the original contract amount and the fair value.  The


                                      -5-
<PAGE>
 
   change in net unrealized profit (loss) on open contracts from one period to
   the next is reflected in change in unrealized in the Statement of Income.
   Fair value is based on quoted market prices on the exchange or market on
   which the contract is traded.

   Organization Costs
   ------------------

   MLIP paid all organizational costs relating to the Company without direct
   reimbursement from the Company or any Member.  These organizational costs
   should be indirectly reimbursed to Merrill Lynch as  MLF's costs for
   executing the Company's trades should, over time, be reduced by the Members'
   consolidating their respective Millburn trading accounts in the Company.

   Income Taxes
   ------------

   No provision for income taxes has been made in the accompanying financial
   statements as each Member is individually responsible for reporting income or
   loss based on such Member's respective share of the Company's income and
   expenses as reported for income tax purposes.

   Distributions
   -------------

   No Distribution (except upon withdrawals) had been made by the Company to any
   Member as of December 31, 1996.

   Withdrawals
   -----------

   A Member may withdraw some or all of such Member's capital at Net Asset Value
   as of the close of business on any business day.    There are no withdrawal
   fees or charges.

   Dissolution of the Company
   --------------------------

   The Company will terminate on December 31, 2046 or at an earlier date if
   certain conditions occur, as well as under certain other circumstances as set
   forth in the Organization Agreement.  Were the Advisor to cease to manage the
   Company's account, the Company would dissolve.

2. RELATED PARTY TRANSACTIONS

   The Company's U.S. dollar-denominated assets are held at MLF in cash or
   short-term Treasury bills.  The Company receives all interest paid on such
   Treasury bills.  On the cash held at MLF, the Company receives interest from
   Merrill Lynch at rates ranging from 0.50 of 1% per annum below the prevailing
   91-day Treasury bill rate up to the full prevailing 91-day Treasury bill
   rate.  Merrill Lynch may derive certain economic benefits, in excess of the
   interest which Merrill Lynch pays to the Company, from possession of such
   cash.

   Merrill Lynch credits the Company with interest on the Company's non-U.S.
   dollar-denominated available assets based on local short-term rates.  Merrill
   Lynch charges the Company Merrill Lynch's cost of financing realized and
   unrealized losses on the Company's non-U.S. dollar-denominated positions.

   Following the allocation of the Company's trading profit (loss) and interest
   income among the Members' respective Capital Accounts, MLIP calculates the
   brokerage commissions, profit shares, administrative fees and other expenses
   due from the Company to third parties, in respect of the Company's trading on
   behalf of the respective Members (the Company being subject to different



                                      -6-
<PAGE>
 
   commissions, fees and expenses in respect of its trading as allocable to the
   various different Members). Such commissions, fees and expenses are
   specifically allocated as of the end of each accounting period (not pro rata
   based on the Members' respective Capital Accounts) to, and deducted from, the
   appropriate Members' Capital Accounts and paid out by the Company. The
   Company pays brokerage commissions to MLF, at flat monthly rates reflecting
   the fee arrangement between each Member and MLF. Such rates currently range
   from .729 of 1% (an 8.75% annual rate) to .979 of 1% (an 11.75% annual rate)
   of the Member's month-end assets. Month-end assets are not reduced for
   purposes of calculating brokerage commissions and administrative fees by any
   accrued brokerage commissions, administrative fees, profit share or other
   fees or charges.

   The Company pays MLIP a monthly administrative fee of .021 of 1% (a .25%
   annual rate) of each Member's month-end assets.

   MLF pays the Advisor an annual consulting fee of 4% of the Company's average
   month-end assets, after reduction for a portion of brokerage commission.
   Beginning January 1, 1997 the consulting fee paid by MLF to the Advisor will
   be reduced to 2% per annum.

   The Company trades forward contracts through a Foreign Exchange Service Desk
   (the "F/X Desk") established by MLIP that contacts at least two
   counterparties along with Merrill Lynch International Bank ("MLIB") for all
   of the Company's currency transactions. All counterparties other than MLIB
   are unaffiliated with any Merrill Lynch entity. The F/X Desk charges a
   service fee equal (at current exchange rates) to approximately $5.00 to
   $12.50 on each purchase or sale of a futures-contract equivalent face amount
   of a foreign currency. No service fee is charged on trades awarded to MLIB
   (which receives a "bid-ask" spread on such trades). MLIB is awarded trades
   only if its price (which includes no service fee) is equal to or better than
   the best price (including the service charge) offered by any of the other
   counterparties contacted.

   The F/X Desk trades on the basis of credit lines provided by a Merrill Lynch
   entity.  The Company is not required to margin or otherwise guarantee its F/X
   Desk trading.

   Certain of the Company's currency trades are executed in the form of
   "exchange of futures for physical" ("EFP") transactions involving MLIB and
   MLF.  In these transactions, a spot or forward (collectively referred to as
   "cash") currency position is acquired and exchanged for an equivalent futures
   position on the Chicago Mercantile Exchange's International Monetary Market
   ("IMM").  In its EFP trading with Merrill Lynch, the Company acquires cash
   currency positions through the F/X Desk in the same manner and on the same
   terms as in the case of the Company's other F/X Desk trading.  When the
   Company exchanges these positions for futures, there is a "differential"
   between the prices of these two positions.  This "differential" reflects, in
   part, the different settlement dates of the cash and the futures contracts as
   well as prevailing interest rates, but also includes a pricing spread in
   favor of MLIB or another Merrill Lynch entity.

   The Company's F/X Desk service fee and EFP differential costs have, to date
   totaled no more than .25 of 1% per annum of the Company's average month-end
   Net Assets.

3. ADVISORY AGREEMENT

   The Company and the Advisor have entered into an Advisory Agreement.  This
   Advisory Agreement terminates one year after it is entered into, subject to
   certain renewal rights exercisable by the Company.  The Advisor determines
   the commodity futures and forward contact trades to be made on behalf of the
   Company, subject to certain Company trading policies and to certain rights
   reserved by MLIP.


                                      -7-
<PAGE>
 
   The Company pays to Millburn a quarterly Profit Share equal to 20% of any New
   Trading Profit, as defined, attributable to each Member's Capital Account in
   the Company.  Profit Shares, which are calculated separately in respect of
   each Member's Capital Account, are determined as of the end of each calendar
   quarter and shall also be paid to Millburn upon the withdrawal of capital
   from the Company by a Member for whatever purpose, other than to pay
   expenses.

4. FAIR VALUE AND OFF-BALANCE SHEET RISK

   The Company trades futures, options on futures and forward contracts on
   interest rates, stock indices, currencies and metals.  The Company's trading
   results by reporting category were as follows:


                                                          1996
                                                 Total Trading Results
                                              -------------------------
   Interest Rates                                    $ (968,118)
   Stock Indices                                        265,546
   Currencies                                         1,028,590
   Metals                                                41,927
                                              -------------------------
                                                     $  367,945
                                              =========================



   Market Risk

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

   MLIP, which monitors the trading of the Company in MLIP's capacity as the
   General Partner of the Voting Members, has procedures in place intended to
   control market risk, although there can be no assurance that they will, in
   fact, succeed in doing so.  The procedures focus primarily on monitoring the
   trading of the Advisor, calculating the Net Asset Value of the Company and of
   the Members' respective Capital Accounts as of the close of business on each
   day and reviewing outstanding positions for over-concentrations.  While MLIP
   will not itself intervene in the markets to hedge or diversify the Company's
   market exposure, MLIP may consult with the Advisor concerning the possibility
   of the Advisor reducing trading leverage or market concentrations.  However,
   such interventions are unusual.  Except in cases in which it appears that the
   Advisor has begun to deviate from past practice and trading policies or to be
   trading erratically, MLIP's basic risk control procedures consist simply of
   the ongoing process of monitoring the Millburn with the market risk controls
   being applied by the Millburn.





                                      -8-
<PAGE>
 
Fair Value

The derivative instruments used in the Company's trading activities are
marked to market daily with the resulting unrealized profit (loss) recorded
in the Statement of Financial Condition and the related profit (loss)
reflected in trading revenues in the Statement of Income.

The contract/notional values of open contracts as of December 31, 1996 were
as follows:

                                          December 31, 1996
                           -----------------------------------------------
                               Commitment to             Commitment to
                             Purchase (Futures,          Sell (Futures,
                             Options & Forwards)       Options & Forwards)
                             ------------------         ------------------ 

Interest Rates                 $104,423,803               $ 26,267,954
Stock Indices                     2,233,500                          -
Currencies                      140,452,466                244,633,536
Metals                            6,379,654                 12,694,954
                        -------------------        -------------------
 
                               $253,489,423               $283,596,444
                        ===================        ===================

A portion of the amounts indicated as off-balance sheet risk reflects
offsetting commitments to purchase and sell the same derivative instrument on
the same date in the future.  These commitments are economically offsetting
but are not, as a technical matter, offset in the forward market until the
settlement date.

Substantially all of the Company's derivative instruments outstanding as of
December 31, 1996, expire within one year.

The contract/notional value of the Company's exchange-traded and non-exchange
traded open derivative instrument positions as of December 31, 1996 were as
follows:
 
                                   Commitment to                Commitment to
                                 Purchase (Futures,             Sell (Futures,
                                 Options & Forwards)         Options & Forwards)
                                  ------------------         ------------------ 


Exchange Traded                        $111,666,188              $  32,583,254
Non-Exchange Traded                     141,823,235                251,013,190
                                 ------------------             --------------
 
                                        $253,489,423               $283,596,444
                                 ===================            ===============




                                      -9-
<PAGE>
 
The average fair value of the Company's derivative instruments positions
which were open as of the end of each calendar month during the period
December 2, 1996 through December 31, 1996 were as follows:
 
                             Commitment to                Commitment to
                           Purchase (Futures,              Sell (Futures,
                           Options & Forwards)           Options & Forwards)
                           ------------------            ------------------ 

 Interest Rates                $104,423,803                   $ 26,267,954
 Stock Indices                    2,233,500                              -
 Currencies                     140,452,466                    244,633,536
 Metals                           6,379,654                     12,694,954
                            -------------------            -------------------
 
                               $253,489,423                   $283,596,444
                            ===================            ===================


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 fair value amounts in the above tables represent the extent of the
Company's market exposure in the particular class of derivative instrument
listed, but not the credit risk associated with counterparty nonperformance.
The credit risk associated with these instruments from counterparty
nonperformance is the net unrealized profit, if any, included on the
Statement of Financial Condition. The Company also has credit risk because
the sole counterparty or broker with respect to most of the Company's assets
is MLF.

As of December 31, 1996 $20,268,336 of the Company's assets were held in
segregated accounts at MLF in accordance with Commodity Futures Trading
Commission regulations.

The gross unrealized profit and net unrealized profit on the
Company's open derivative instrument positions as of December 31, 1996 were
as follows:
 
                                 Gross Unrealized            Net Unrealized
                                     Profit                      Profit
                               ------------------            --------------


Exchange Traded                        $  507,869                   $196,239
Non-Exchange Traded                     2,584,134                    720,280
                                 -----------------           -----------------
 
                                        $3,092,003                  $916,519
                                 =================           ==================

The Company controls credit risk by dealing almost exclusively with Merrill
Lynch entities as brokers and counterparties.




                                     -10-
<PAGE>
 
   The Company, through its normal course of business, enters into various
   contracts with MLF acting as its commodity broker.  Pursuant to the brokerage
   arrangement with MLF, 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.



                 To the best of the knowledge and belief of the
                 undersigned, the information contained in this
                        report is accurate and complete.



                                James M. Bernard
                            Chief Financial Officer
                     Merrill Lynch Investment Partners Inc.
                           Commodity Pool Operator of
                           ML Millburn Global L.L.C.