SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 10-Q



[X]      Quarterly Report Pursuant To Section 13 Or 15(d) of the Securities
         Exchange Act of 1934

For the Quarterly Period Ended September 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 0-17198


                ML OKLAHOMA VENTURE PARTNERS, LIMITED PARTNERSHIP
------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


Oklahoma                                                             73-1329487
-------------------------------------------------------------------------------
(State or other jurisdiction of            (I.R.S. Employer Identification No.)
incorporation or organization)

10830 E 45th Street
Suite 307
Tulsa, Oklahoma                                                            74146
-------------------------------------------------------------------------------
(Address of principal executive offices)                             (Zip Code)

Registrant's telephone number, including area code: (918) 663-2500

Not applicable
------------------------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last report


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>


                ML OKLAHOMA VENTURE PARTNERS, LIMITED PARTNERSHIP

                                      INDEX



PART I.       FINANCIAL INFORMATION

Item 1.       Financial Statements.

Balance Sheets as of September 30, 2000 (Unaudited) and December 31, 1999

Schedule of Portfolio Investments as of September 30, 2000 (Unaudited)

Statements of Operations for the Three and Nine Months Ended September 30, 2000
and 1999 (Unaudited)

Statements of Cash Flows for the Nine Months Ended September 30, 2000 and 1999
(Unaudited)

Statement of Changes in Partners' Capital for the Nine Months Ended
September 30, 2000 (Unaudited)

Notes to Financial Statements (Unaudited)

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

Item 3.       Quantitative and Qualitative Disclosures about Market Risk.

PART II.      OTHER INFORMATION

Item 1.       Legal Proceedings.

Item 2.       Changes in Securities and Use of Proceeds.

Item 3.       Defaults upon Senior Securities.

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

Item 5.       Other Information.

Item 6.       Exhibits and Reports on Form 8-K.



<PAGE>


                         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements.

ML OKLAHOMA VENTURE PARTNERS, LIMITED PARTNERSHIP
BALANCE SHEETS
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>


                                                                                           September 30,
                                                                                               2000              December 31,
                                                                                            (Unaudited)               1999
ASSETS

Portfolio investments, at fair value (cost of $1,379,900 as of
   September 30, 2000 and $1,935,622 as of December 31, 1999)                            $      3,710,547      $      7,528,215
Short-term investments at amortized cost                                                                -               747,585
Cash and cash equivalents                                                                       1,450,023               202,075
Accrued interest receivable                                                                         5,964                     -
                                                                                         ----------------      ----------------

TOTAL ASSETS                                                                             $      5,166,534      $      8,477,875
                                                                                         ================      ================


LIABILITIES AND PARTNERS' CAPITAL

Liabilities:
Cash distribution payable                                                                $        776,667      $              -
Accounts payable and accrued expenses                                                              90,085                60,421
Due to Management Company                                                                         110,025               139,300
Due to Independent General Partners                                                                10,500                10,500
                                                                                         ----------------      ----------------
   Total liabilities                                                                              987,277               210,221
                                                                                         ----------------      ----------------

Partners' Capital:
Managing General Partner                                                                           18,486                26,751
Individual General Partners                                                                           719                 1,038
Limited Partners (10,248 Units)                                                                 1,829,405             2,647,272
Unallocated net unrealized appreciation of investments                                          2,330,647             5,592,593
                                                                                         ----------------      ----------------
   Total partners' capital                                                                      4,179,257             8,267,654
                                                                                         ----------------      ----------------

TOTAL LIABILITIES AND PARTNERS' CAPITAL                                                  $      5,166,534      $      8,477,875
                                                                                         ================      ================
</TABLE>



See notes to financial statements.


<PAGE>


ML OKLAHOMA VENTURE PARTNERS, LIMITED PARTNERSHIP
SCHEDULE OF PORTFOLIO INVESTMENTS (Unaudited)
As of September 30, 2000
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                                           Initial
                                                                          Investment
Investment                                                                  Date                  Cost               Fair Value
Data Critical Corp.*(A)(B)
Wireless data transmission
503,125 shares of Common Stock                                         April 1993           $      850,000       $    3,710,547
-------------------------------------------------------------------------------------------------------------------------------
Silverado Foods, Inc.(A)(B)
Gourmet snacks and food products
705,681 shares of Common Stock                                         June 1992                   529,900                    0
Warrant to purchase 35,000 shares of Common Stock
   at $.625 per share, expiring 12/19/02                                                                 0                    0
---------------------------------------------------------------------------------------------------------------------------------
Total Portfolio Investments                                                                 $    1,379,900       $    3,710,547
                                                                                            ==============       ==============

Supplemental Information - Liquidated Portfolio Investments: (C)

                                                                                Cost           Realized Gain     Return

Totals from Liquidated Portfolio Investments (D)                           $   8,593,154       $   3,636,107   $     12,229,261
                                                                           =============       =============   ================

                                                                                                Combined            Combined
                                                                                            Unrealized and       Fair Value
                                                                               Cost           Realized Gain        and Return

Totals from Active & Liquidated Portfolio Investments                      $  9,973,054       $   5,966,754     $    15,939,808
                                                                           ============       =============     ===============
</TABLE>


(A)  Public company

(B) Originally qualified as an "Oklahoma business venture" under Oklahoma law.

(C)  Amounts  provided  for  "Supplemental  Information:   Liquidated  Portfolio
     Investments" are cumulative from inception through September 30, 2000.

(D)  During the quarter  ended  September  30, 2000,  the  Partnership  sold its
     remaining  53,474 common shares of UroCor,  Inc. for $322,901,  realizing a
     gain of $217,815.

* May be deemed  an  affiliated  person of the  Partnership  as  defined  in the
Investment Company Act of 1940.




See notes to financial statements.



<PAGE>


ML OKLAHOMA VENTURE PARTNERS, LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS (Unaudited)
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>


                                                                       Three Months Ended               Nine Months Ended
                                                                          September 30,                   September 30,
                                                                       2000           1999            2000            1999
                                                                 -------------   --------------  --------------   -------------

INVESTMENT INCOME AND EXPENSES

   Income:
   Interest from short-term investments                       $       21,152    $     18,092   $       58,655   $        35,052
   Other income                                                            -               -            1,200                 -
   Reversal of accrued interest income from
     portfolio investments                                                 -               -                -           (28,778)
                                                              --------------    ------------   --------------   ---------------
   Total investment income                                            21,152          18,092           59,855             6,274
                                                              --------------    ------------   --------------   ---------------

   Expenses:
   Management fee                                                     40,000          40,000          120,000           120,000
   Professional fees                                                  38,610          14,526           71,952            46,550
   Independent General Partners' fees                                 10,500          10,500           31,500            34,000
   Mailing and printing                                                4,413           3,423           16,565            11,140
   Custodial fees                                                        315             417            1,115             1,424
   Miscellaneous                                                         183               -              183             3,541
                                                              --------------    ------------   --------------   ---------------
   Total investment expenses                                          94,021          68,866          241,315           216,655
                                                              --------------    ------------   --------------   ---------------

NET INVESTMENT LOSS                                                  (72,869)        (50,774)        (181,460)         (210,381)

Net realized gain from portfolio investments                         217,815         401,407        2,202,787           593,606
                                                              --------------    ------------   --------------   ---------------

NET REALIZED GAIN FROM OPERATIONS                                    144,946         350,633        2,021,327           383,225

Change in unrealized appreciation of
     portfolio investments                                        (2,970,059)       (604,741)      (3,261,946)       (2,100,850)
                                                              --------------    ------------   --------------   ---------------

NET DECREASE IN NET ASSETS
   RESULTING FROM OPERATIONS                                  $   (2,825,113)   $   (254,108)  $   (1,240,619)  $    (1,717,625)
                                                              ==============    ============   ==============   ===============

</TABLE>


See notes to financial statements.



<PAGE>



ML OKLAHOMA VENTURE PARTNERS, LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS (Unaudited)
For the Nine Months Ended September 30,
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>


                                                                                                 2000                 1999
                                                                                            ---------------       -------------

CASH FLOWS USED FOR OPERATING ACTIVITIES

Net investment loss                                                                         $      (181,460)      $    (210,381)
Adjustments to reconcile net investment loss to cash
   used for operating activities:

Increase (decrease) in payables, net                                                                    389             (57,351)
Decrease (increase) in accrued interest on short-term investments                                     2,296              (5,201)
Decrease in accrued interest receivable from portfolio investments                                        -              28,778
                                                                                            ---------------       -------------
Cash used for operating activities                                                                 (178,775)           (244,155)
                                                                                            ---------------       -------------

CASH FLOWS PROVIDED FROM INVESTING ACTIVITIES

Proceeds from the sale of portfolio investments                                                   2,758,509           1,283,368
Net return of cost (purchase) of short-term investments                                             739,325            (994,204)
                                                                                            ---------------       -------------
Cash provided from investing activities                                                           3,497,834             289,164
                                                                                            ---------------       -------------

CASH FLOWS USED FOR FINANCING ACTIVITIES

Cash distributions paid to partners                                                              (2,071,111)                  -
                                                                                            ---------------       -------------
Cash used for financing activities                                                               (2,071,111)                  -
                                                                                            ---------------       -------------

Increase in cash and cash equivalents                                                             1,247,948              45,009
Cash and cash equivalents at beginning of period                                                    202,075             731,956
                                                                                            ---------------       -------------

CASH AND CASH EQUIVALENTS AT END OF PERIOD                                                  $     1,450,023       $     776,965
                                                                                            ===============       =============
</TABLE>


See notes to financial statements.


<PAGE>


ML OKLAHOMA VENTURE PARTNERS, LIMITED PARTNERSHIP
STATEMENT OF CHANGES IN PARTNERS' CAPITAL (Unaudited)
For the Nine Months Ended September 30, 2000
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>



                                                                                               Unallocated
                                               Managing      Individual                     Net Unrealized
                                                General        General         Limited        Appreciation
                                                Partner       Partners        Partners       of Investments    Total

Balance at beginning of period               $    26,751      $  1,038     $    2,647,272     $    5,592,593   $     8,267,654

Cash distributions, paid or accrued              (28,478)       (1,100)        (2,818,200)                 -        (2,847,778)

Net investment loss                               (1,815)          (70)          (179,575)                 -          (181,460)

Net realized gain from investments                22,028           851          2,179,908                  -         2,202,787

Change in unrealized
   appreciation of investments                         -             -                  -         (3,261,946)       (3,261,946)
                                             -----------      --------     --------------     --------------   ---------------

Balance at end of period                     $    18,486      $    719     $    1,829,405(A)  $    2,330,647   $     4,179,257
                                             ===========      ========     ==============     ==============   ===============

</TABLE>

(A)  The net  asset  value  per  $1,000  unit of  limited  partnership  interest
     ("Unit"), including an assumed allocation of net unrealized appreciation of
     investments,  was $404 as of September 30, 2000.  Additionally,  cumulative
     cash  distributions paid or accrued to limited partners as of September 30,
     2000 totaled $915 per Unit.



See notes to financial statements.


<PAGE>


ML OKLAHOMA VENTURE PARTNERS, LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS (Unaudited)

1.       Organization and Purpose
ML Oklahoma Venture Partners, Limited Partnership (the "Partnership") was formed
on July 15, 1988 under the Revised Uniform Limited  Partnership Act of the State
of Oklahoma.  The  Partnership's  operations  commenced on August 14, 1989. MLOK
Co., Limited  Partnership,  the managing general partner of the Partnership (the
"Managing  General  Partner"),  and four individuals  (the  "Individual  General
Partners") are the general partners of the  Partnership.  The general partner of
MLOK Co.,  Limited  Partnership  is Merrill  Lynch  Venture  Capital  Inc.  (the
"Management Company"), an indirect subsidiary of Merrill Lynch & Co., Inc.

The Managing  General Partner is working toward  liquidating  the  Partnership's
remaining  assets and  terminating the Partnership as soon as practical with the
goal of maximizing returns to Partners. In November 2000, the Individual General
Partners  agreed to extend the term of the  Partnership  for the final  two-year
extension available under the partnership agreement in the event the Partnership
has not completed the winding up of its operations  prior to the end of December
2000.

2.       Significant Accounting Policies
Valuation of Investments - Short-term investments are carried at amortized cost,
which approximates  market.  Portfolio  investments are carried at fair value as
determined  quarterly by the Managing  General  Partner under the supervision of
the Individual  General  Partners.  The Managing General Partner  determines the
fair value of the  Partnership's  portfolio  investments by applying  consistent
guidelines.  Publicly held portfolio securities are valued at the closing public
market  price on the  valuation  date,  less an  appropriate  discount for sales
restrictions,  the size of the  Partnership's  holdings  and the  public  market
trading  volume.  Privately held  portfolio  securities are valued at cost until
significant  developments  affecting the portfolio  company  provide a basis for
change in valuation. The fair value of private securities is adjusted to reflect
1) meaningful  third-party  transactions in the private market or 2) significant
progress or slippage in the development of the company's business such that cost
is no longer reflective of fair value. As a venture capital investment fund, the
Partnership's  portfolio  investments  involve  a high  degree of  business  and
financial  risk that can result in  substantial  losses.  The  Managing  General
Partner  considers such risks in determining the fair value of the Partnership's
portfolio investments.

Use of Estimates - The  preparation of financial  statements in conformity  with
accounting  principles  generally  accepted  in the  United  States  of  America
requires  management to make estimates and assumptions  that affect the reported
amounts  of assets and  liabilities  and  disclosure  of  contingent  assets and
liabilities as of 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.

Investment  Transactions - Investment  transactions  are recorded on the accrual
method.  Portfolio  investments  are  recorded on the trade  date,  the date the
Partnership  obtains an  enforceable  right to demand the  securities or payment
thereof.  Realized  gains  and  losses on  investments  sold are  computed  on a
specific identification basis.



<PAGE>


ML OKLAHOMA VENTURE PARTNERS, LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS (Unaudited), continued

Income Taxes - No provision  for income taxes has been made since all income and
losses are  allocable  to the Partners for  inclusion  in their  respective  tax
returns.  The Partnership's net assets for financial  reporting  purposes differ
from  its  net  assets  for  tax  purposes.   Net  unrealized   appreciation  of
approximately  $2.3 million as of September 30, 2000, was recorded for financial
statement  purposes but has not been recognized for tax purposes.  Additionally,
from  inception to September 30, 2000,  other timing  differences  totaling $1.4
million,  including  the  original  sales  commissions  paid and other  costs of
selling the Units have been recorded on the Partnership's  financial  statements
but have not yet been deducted for tax purposes.

Statements of Cash Flows - The Partnership  considers its interest-bearing  cash
account to be cash equivalents.

3.       Allocation of Partnership Profits and Losses
Pursuant to the Partnership Agreement,  profits from venture capital investments
are allocated to all Partners in proportion to their capital contributions until
all  Partners  have  been  allocated  a  10%  Priority  Return  from  liquidated
investments.  Profits in excess of this amount are allocated 30% to the Managing
General  Partner  and  70%  to all  Partners  in  proportion  to  their  capital
contributions  until the Managing  General Partner has been allocated 20% of the
total profits from venture capital investments. Thereafter, profits from venture
capital investments are allocated 20% to the Managing General Partner and 80% to
all Partners in proportion to their  capital  contributions.  Profits from other
sources  are   allocated  to  all  Partners  in   proportion  to  their  capital
contributions.

Losses  are   allocated  to  all  Partners  in   proportion   to  their  capital
contributions. However, if profits had been previously allocated in the 70-30 or
80-20  ratios as discussed  above,  then losses will be allocated in the reverse
order in which profits were allocated.

4.       Related Party Transactions
The  Management  Company is responsible  for the  management and  administrative
services  necessary for the operation of the Partnership.  From inception of the
Partnership  through  December 31, 1998, the  Management  Company had received a
management fee at an annual rate of 2.5% of the gross capital  contributions  to
the Partnership,  reduced by selling commissions and organizational and offering
expenses paid,  capital  distributed and realized losses,  with a minimum annual
fee of $200,000.  Effective  January 1, 1999, the  Management  Company agreed to
reduce the minimum management fee from $200,000 to $160,000 per annum.

As  compensation  for services  rendered to the  Partnership,  each of the three
Independent   General  Partners  had  received  $16,000  annually  in  quarterly
installments   through  December  31,  1998.  Effective  January  1,  1999,  the
Individual  General  Partners  agreed  to  reduce  the  annual  fee paid to each
Independent General Partner from $16,000 to $12,000. In addition, the Individual
General  Partners  receive  $1,000  for each  meeting  of the  General  Partners
attended,  $1,000  for each  committee  meeting  attended  ($500 if a  committee
meeting is held on the same day as a meeting of the General  Partners)  and $500
for meetings held by telephone conference.



<PAGE>


ML OKLAHOMA VENTURE PARTNERS, LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS (Unaudited), continued

5.       Limitation on Operating Expenses
The Management Company has undertaken to the Partnership that it will reduce its
management  fee or otherwise  reimburse  the  Partnership  in order to limit the
annual operating  expenses of the Partnership,  exclusive of the management fee,
to an amount not to exceed $203,720.

6.       Classification of Portfolio Investments
As of September 30, 2000, the Partnership's  portfolio investments,  all of
which were investments in common stock, were categorized by industry as follows.
Silverado  Foods,  Inc.  is located in the state of Oklahoma  and Data  Critical
Corp. is located in the state of Washington.
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

Industry
Data Communications                                $     850,000      $   3,710,547       88.78%
Food Manufacturing and Distribution                      529,900                  0        0.00%
                                                   -------------      -------------     --------
                                                   $   1,379,900      $   3,710,547       88.78%
                                                   =============      =============     ========
</TABLE>

*Represents fair value as a percentage of net assets.

7.       Cash Distributions
Cash  distributions  paid or accrued during the periods presented and cumulative
cash  distributions  to partners from the inception of the  Partnership  through
September 30, 2000 are listed below:
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                       Managing         Independent
                                                        General           General           Limited         Per $1,000
Distribution Date                                       Partner          Partners          Partners            Unit
-----------------                                    ------------      -------------   ----------------    ------------
Inception to December 31, 1999                       $     66,274       $     2,560    $    6,558,720      $    640
April 25, 2000                                             20,711               800         2,049,600           200
October 3, 2000 (accrued as of September
    30, 2000)                                               7,767               300           768,600            75
                                                     ------------       -----------    --------------      --------
Cumulative as of September 30, 2000                  $     94,752       $     3,660    $    9,376,920      $    915
                                                     ============       ===========    ================    ========
</TABLE>


8.       Interim Financial Statements
In  the  opinion  of the  Managing  General  Partner,  the  unaudited  financial
statements as of September 30, 2000, and for the  nine-month  period then ended,
reflect all  adjustments  necessary for the fair  presentation of the results of
the interim period.



<PAGE>


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

Liquidity and Capital Resources

The Partnership holds its idle cash balances in an interest-bearing cash account
or invests such balances in short-term  securities  with maturities of less than
one year.  As of September  30, 2000,  the  Partnership  held  $1,450,023 in its
interest-bearing  cash account.  As discussed below, the Partnership made a cash
distribution to partners totaling $776,667 in October 2000. Interest earned from
the  Partnership's  idle cash balances totaled $21,152 and $58,655 for the three
and nine months ended  September  30,  2000,  respectively.  Interest  earned in
future  periods is subject to  fluctuations  in  short-term  interest  rates and
changes in idle cash  balances  held by the  Partnership.  Funds needed to cover
future operating expenses will be obtained from existing cash reserves, interest
and other investment income and proceeds from the sale of portfolio investments.

As  discussed  below,  during the nine months  ended  September  30,  2000,  the
Partnership  sold  certain  portfolio  investments  for  net  proceeds  totaling
$2,758,509.   Such  proceeds  were  invested  in  interest-bearing  accounts  or
short-term securities until distributions were made to partners.

On April 25, 2000, the Partnership made a cash distribution to partners totaling
$2,071,111. Limited partners of record on March 31, 2000 received $2,049,600, or
$200 per Unit, the Individual  General  Partners  received $800 and the Managing
General  Partner  received  $20,711.  The  Partnership  made an additional  cash
distribution to partners totaling $776,667 in October 2000.  Limited partners of
record on September 30, 2000 received $768,600,  or $75 per Unit, the Individual
General Partners received $300 and the Managing General Partner received $7,767.

In November 2000, the Individual  General  Partners agreed to extend the term of
the Partnership for the final two-year extension available under the partnership
agreement.  The Partnership is now scheduled to terminate no later than December
31, 2002.  However,  the Managing General Partner is working toward  liquidating
the  Partnership's  remaining  assets and terminating the Partnership as soon as
practicable with the goal of maximizing returns to partners.

Results of Operations

For the three and nine months ended  September 30, 2000, the  Partnership  had a
net realized gain from operations of $144,946 and $2,021,327,  respectively. For
the three and nine months ended  September 30, 1999, the  Partnership  had a net
realized  gain from  operations  of $350,633  and  $383,225,  respectively.  Net
realized  gain or loss from  operations is comprised of (1) net realized gain or
loss from portfolio  investments and (2) net investment income or loss (interest
and dividend income less operating expenses).

Realized  Gains and Losses from  Portfolio  Investments - For the three and nine
months ended  September 30, 2000, the  Partnership  had a net realized gain from
portfolio investments of $217,815 and $2,202,787, respectively. During the three
months ended  September 30, 2000,  the  Partnership  sold its  remaining  53,474
common shares of UroCor,  Inc. in the public  market for  $322,901,  realizing a
gain of  $217,815.  During  the  six-month  period  ended  June  30,  2000,  the
Partnership sold the following publicly traded securities:  50,000 common shares
of Data Critical Corp.  for $750,600,  resulting in a realized gain of $590,600;
225,700 common shares of UroCor,  Inc. for  $1,343,840,  resulting in a realized
gain of  $1,053,724  and 130,000  common  shares of ZymeTx,  Inc. for  $325,004,
resulting  in a realized  gain of  $324,484.  Additionally,  in March 2000,  the
Partnership realized a gain of $16,164,  resulting from the final escrow payment
made in connection with the February 1995 sale of Bace Manufacturing, Inc.

For the three and nine months ended  September 30, 1999, the  Partnership  had a
net  realized  gain  from  portfolio   investments  of  $401,407  and  $593,606,
respectively.  During the three months ended September 30, 1999, the Partnership
sold 50,000 shares of UroCor,  Inc. common stock for $211,238,  realizing a gain
of $133,738 and sold 149,579 shares of ZymeTx,  Inc.  common stock for $268,267,
realizing a gain of $267,669.  During the six-month  period ended June 30, 1999,
the  Partnership  sold an additional  150,000 common shares of UroCor,  Inc. for
$799,965,  realizing a gain of $417,041.  Also during the six-month period,  the
Partnership  realized a gain of $3,898 resulting from an escrow payment received
in connection  with the 1995 sale of Bace  Manufacturing,  Inc. These gains were
offset by a $228,740 realized loss from the write-off of the remaining cost of a
bridge loan due from Silverado Foods, Inc.

Investment  Income and Expenses - For the three months ended  September 30, 2000
and 1999,  the  Partnership  had a net  investment  loss of $72,869 and $50,774,
respectively. The $22,095 unfavorable change in net investment loss for the 2000
period compared to the 1999 period resulted from a $25,155 increase in operating
expenses  partially  offset  by a $3,060  increase  in  investment  income.  The
increase in  investment  income was the result of an  increase in interest  from
short-term  investments,  due  to  an  increase  in  funds  available  for  such
investments  during the 2000  period  compared  to the same  period in 1999.  As
discussed above,  proceeds  received from the sale of portfolio  investments are
invested in short-term securities until distributions are made to partners.  The
increase  in  operating  expenses  primarily  was due to a $24,084  increase  in
professional  fees for the 2000 period  compared to the same period in 1999. The
increase in professional  fees primarily is attributable to increased legal fees
relating to work in connection with obtaining approval for possible distribution
of securities to partners of the Partnership.  Professional  fees also increased
for  additional  outside  accounting  fees relating to quarterly  reviews of the
Partnership's  financial  reports,  in accordance  with new  requirements of the
Securities Exchange Commission.

For the nine months ended September 30, 2000 and 1999, the Partnership had a net
investment loss of $181,460 and $210,381,  respectively.  The $28,921  favorable
change in net  investment  loss for the 2000 period  compared to the 1999 period
resulted from a $53,581  increase in  investment  income  partially  offset by a
$24,660  increase in  operating  expenses.  The  increase in  investment  income
included  a $28,778  increase  in  interest  and  other  income  from  portfolio
investments,  resulting from the reversal during 1999 of accrued interest income
relating to a bridge loan due from Silverado Foods,  Inc., which was written off
in 1999. The increase in investment  income also included a $23,603  increase in
interest from short-term investments,  due to an increase in funds available for
such investments  during the 2000 period compared to the same period in 1999, as
discussed  above.  The increase in  operating  expenses  primarily  was due to a
$25,402  increase in professional  fees for the 2000 period compared to the same
period in 1999. As discussed above, the increase in professional  fees primarily
is  attributable  to increased  legal fees relating to work in  connection  with
obtaining  approval for possible  distribution  of securities to partners of the
Partnership.  Professional fees also increased for additional outside accounting
fees relating to quarterly reviews of the Partnership's  financial reports.  The
increase in operating expenses also included an increase in mailing and printing
costs, which reflects the cost of additional  limited partner  notifications and
certain  accrual  adjustments  made  during  the 2000  period.  These  increased
expenses were partially  offset by reduced fees paid to the Independent  General
Partners,  reflecting  fewer  meeting  fees paid  during the nine  months  ended
September  30,  2000  compared to the same  period in 1999,  and a reduction  in
miscellaneous  expense,  primarily  resulting from a one-time  insurance expense
incurred during the 1999 period.

The  Management  Company is responsible  for the  management and  administrative
services necessary for the operation of the Partnership.  The Management Company
receives a  management  fee of 2.5% of the gross  capital  contributions  to the
Partnership,  reduced by selling  commissions  and  organizational  and offering
expenses paid by the Partnership,  capital distributed and realized losses, with
a minimum  annual fee of  $160,000,  which was reduced from  $200,000  effective
January 1, 1999.  Such fee is  determined  and paid  quarterly in arrears.  As a
result,  the management fee was $40,000 for the three months ended September 30,
2000 and  1999.  The  management  fee was  $120,000  for the nine  months  ended
September 30, 2000 and 1999. The  management fee and other expenses  incurred by
the  Partnership  are paid with existing  cash reserves and funds  provided from
operations, which includes proceeds from the sale of portfolio investments.

Unrealized   Gains  and  Losses  and  Changes  in  Unrealized   Appreciation  of
Investments - For the nine months ended  September 30, 2000, the Partnership had
a  $1,884,577  net  unrealized  loss,  primarily  resulting  from  the  downward
revaluation  of its  investment in Data Critical  Corp.,  reflecting the reduced
public  market price of the  company's  common  stock as of September  30, 2000.
Unrealized  appreciation  was further reduced for the period due to the transfer
of $1,377,369 from  unrealized gain to realized gain,  relating to the portfolio
investments  sold  during the  period,  as  discussed  above.  As a result,  the
Partnership has a $3,261,946  unfavorable change to net unrealized  appreciation
of investments for the nine-month period ended September 30, 2000.

For the nine months ended September 30, 1999, the  Partnership  reduced the fair
value of its remaining portfolio  investments by $1,345,996,  resulting from the
net downward  revaluation of its  investments in UroCor,  Inc. and ZymeTx,  Inc.
Unrealized  appreciation  was further reduced for the period due to the transfer
of $754,854 from  unrealized  gain to realized  gain  resulting  from  portfolio
investments  sold  during the  period,  as  discussed  above.  As a result,  the
Partnership had a $2,100,850  unfavorable change to net unrealized  appreciation
of investments for nine-month period ended September 30, 1999.

Net Assets - Changes to net assets  resulting  from  operations are comprised of
(1) net realized gain or loss and (2) changes to net unrealized  appreciation or
depreciation of portfolio investments.

As of September 30, 2000, the Partnership's net assets were $4,179,257  compared
to $8,267,654 as of December 31, 1999.  The  $4,088,397  reduction in net assets
reflects the $2,847,778 of cash distributions to partners paid or accrued during
the nine months ended  September 30, 2000 and the $1,240,619 net decrease in net
assets from  operations  for the nine months ended  September 30, 2000.  The net
decrease  in net assets  from  operations  for the period was  comprised  of the
$2,021,327 net realized gain from operations,  which was more than offset by the
$3,261,946 unfavorable change in unrealized  appreciation of investments for the
nine-month period ended September 30, 2000.

As of  September  30,  1999,  the  Partnership's  net  assets  were  $4,367,319,
reflecting a decrease of $2,546,069 from net assets of $6,913,388 as of December
31, 1998.  This decrease was comprised of the $1,717,625  decrease in net assets
from  operations  for the  nine-month  period ended  September  30, 1999 and the
$828,444 cash distribution accrued as of September 30, 1999 and paid to partners
in October 1999. The decrease in net assets from operations was comprised of the
$2,100,850 decrease in unrealized  appreciation of investments  partially offset
by the $383,225 net realized  gain from  operations  for the  nine-month  period
ended September 30, 1999.

Gains or losses from investments are allocated to the partners' capital accounts
when realized in accordance with the Partnership  Agreement (see Note 3 of Notes
to Financial  Statements).  However,  for purposes of calculating  the net asset
value per unit of limited partnership interest,  net unrealized  appreciation or
depreciation  of  investments  has been included as if the net  appreciation  or
depreciation  had  been  realized  and  allocated  to the  limited  partners  in
accordance with the Partnership Agreement. Pursuant to such calculation, the net
asset value per $1,000 Unit as of  September  30, 2000 and December 31, 1999 was
$404 and $798, respectively.

Item 3.  Quantitative and Qualitative Disclosures about Market Risk.
         -----------------------------------------------------------

The  Partnership  is subject to market risk arising from changes in the value of
its portfolio investments,  short-term investments, if any, and interest-bearing
cash  equivalents,  which may result from  fluctuations  in  interest  rates and
equity  prices.  The  Partnership  has calculated its market risk related to its
holdings  of these  investments  based on changes in  interest  rates and equity
prices utilizing a sensitivity analysis.  The sensitivity analysis estimates the
hypothetical  change in fair values, cash flows and earnings based on an assumed
10% change  (increase  or  decrease)  in interest  rates and equity  prices.  To
perform the  sensitivity  analysis,  the assumed 10% change is applied to market
rates  and  prices  on  investments  held by the  Partnership  at the end of the
accounting period.

The  Partnership's   portfolio  investments  had  an  aggregate  fair  value  of
$3,710,547  as of  September  30,  2000.  An assumed 10% decline  from this fair
value,  including an assumed 10% decline of the per share  market  prices of the
Partnership's  publicly  traded  securities,  would result in a reduction to the
fair value of such investments and a corresponding unrealized loss of $371,055.

Market risk relating to the Partnership's interest-bearing cash equivalents held
as of September 30, 2000 is considered to be immaterial.



<PAGE>


                           PART II - OTHER INFORMATION


Item 1.       Legal Proceedings.
              -----------------

The Partnership is not a party to any material pending legal proceedings.

Item 2.       Changes in Securities and Use of Proceeds.
              -----------------------------------------

Not applicable.

Item 3.       Defaults Upon Senior Securities.
              -------------------------------

Not applicable.

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

No matter was submitted to a vote of security  holders during the period covered
by this report.

Item 5.       Other Information.
              -----------------

None.



<PAGE>


Item 6.       Exhibits and Reports on Form 8-K.
              --------------------------------

              (a)              Exhibits

                  (3)    (a)   Amended and Restated  Certificate of Limited
                               Partnership of the Partnership  dated as of
                               November 29, 1988.*

                         (b)   Amended  and   Restated   Agreement   of  Limited
                               Partnership  of  the  Partnership   dated  as  of
                               November 29, 1988.*

                         (c)   Amended  and   Restated   Agreement   of  Limited
                               Partnership of the Partnership dated as of August
                               14, 1989.**

                  (10)         Management  Agreement  dated as of November 29,
                               1988 between the Partnership and the Management
                               Company.*

                  (27)         Financial Data Schedule.

                  (28)         (a) Prospectus of the Partnership  dated December
                               1, 1988 filed with the  Securities  and  Exchange
                               Commission  pursuant  to Rule 497 (b)  under  the
                               Securities  Act of  1933,  as  supplemented  by a
                               supplement dated April 25, 1989 filed pursuant to
                               Rule 497 (d) under the Securities Act of 1933.***

              (b)              No reports on Form 8-K have been filed during the
                               quarter for which this report is filed.
------------------------------

*        Incorporated  by reference to the  Partnership's  Annual Report on Form
         10-K for the  fiscal  year  ended  December  31,  1988  filed  with the
         Securities and Exchange Commission on April 3, 1989.

**       Incorporated by reference to the Partnership's Quarterly Report on Form
         10-Q for the quarter ended September 30, 1989 filed with the Securities
         and Exchange Commission on November 14, 1989.

***      Incorporated by reference to the Partnership's Quarterly Report on Form
         10-Q for the quarter ended March 31, 1989 filed with the Securities and
         Exchange Commission on May 15, 1989.



<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 OKLAHOMA VENTURE PARTNERS, LIMITED PARTNERSHIP


By:           MLOK Co., Limited Partnership
              its Managing General Partner


By:           Merrill Lynch Venture Capital Inc.
              its General Partner


By:           /s/     Kevin K. Albert
              ------------------------------------------------
              Kevin K. Albert
              President
              (Principal Executive Officer)


By:           /s/     James V. Bruno
              ------------------------------------------------
              James V. Bruno
              Vice President and Treasurer
              (Principal Financial and Accounting Officer)


By:           /s/     Diane T. Herte
              ------------------------------------------------
              Diane T. Herte
              Vice President



Date:         November 14, 2000