<PAGE>

                                                                   Exhibit 13.01




                             ML FUTURES INVESTMENTS II L.P.
                             (A Delaware Limited Partnership)



                             Financial Statements for the
                             years ended December 31, 1999,
                             1998 and 1997 and Independent
                             Auditors' Report





[LOGO] Merrill Lynch
<PAGE>

ML FUTURES INVESTMENTS II L.P.
(A Delaware Limited Partnership)
 ------------------------------




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

                                                              Page
                                                              ----

INDEPENDENT AUDITORS' REPORT                                     1

FINANCIAL STATEMENTS FOR THE YEARS ENDED
  DECEMBER 31, 1999, 1998 AND 1997:

      Statements of Financial Condition                          2

      Statements of Operations                                   3

      Statements of Changes in Partners' Capital                 4

      Notes to Financial Statements                            5-10
<PAGE>

INDEPENDENT AUDITORS' REPORT
----------------------------




To the Partners of ML Futures Investments II L.P.:

We have audited the accompanying statements of financial condition of ML Futures
Investments II L.P. (the "Partnership") as of December 31, 1999 and 1998, and
the related statements of operations and of changes in partners' capital for
each of the three years in the period ended December 31, 1999. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.

We conducted our audits 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 audits provide a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material
respects, the financial position of ML Futures Investments II L.P. as of
December 31, 1999 and 1998, and the results of its operations and changes in
partners' capital for each of the three years in the period ended December 31,
1999 in conformity with generally accepted accounting principles.


DELOITTE & TOUCHE LLP


New York, New York
February 4, 2000
<PAGE>

ML FUTURES INVESTMENTS II L.P.
(A Delaware Limited Partnership)
 ------------------------------

STATEMENTS OF FINANCIAL CONDITION
DECEMBER 31, 1999 AND 1998
--------------------------------------------------------------------------------


<TABLE>
<CAPTION>
                                                                      1999                        1998
                                                              ---------------------       ---------------------
ASSETS
<S>               <C>                                                  <C>                        <C>
Investments (Note 5)                                                   $ 9,849,935                $ 11,209,662
Receivable from investments (Note 5)                                       126,529                      79,507
                                                              ---------------------       ---------------------

            TOTAL                                                      $ 9,976,464                $ 11,289,169
                                                              =====================       =====================


LIABILITIES AND PARTNERS' CAPITAL

LIABILITIES:
  Redemptions payable                                                    $ 126,529                    $ 79,507
                                                              ---------------------       ---------------------

      Total liabilities                                                    126,529                      79,507
                                                              ---------------------       ---------------------


PARTNERS' CAPITAL:
  General Partner (680 Units and 681 Units)                                126,337                     128,020
  Limited Partners (52,335 Units and 58,947 Units)                       9,723,598                  11,081,642
                                                              ---------------------       ---------------------

      Total partners' capital                                            9,849,935                  11,209,662
                                                              ---------------------       ---------------------

            TOTAL                                                      $ 9,976,464                $ 11,289,169
                                                              =====================       =====================

NET ASSET VALUE PER UNIT
(Based on 53,015 and 59,628 Units outstanding)                            $ 185.80                    $ 187.99
                                                              =====================       =====================
</TABLE>

See notes to financial statements.

                                       2
<PAGE>

ML FUTURES INVESTMENTS II L.P.
(A Delaware Limited Partnership)
 ------------------------------

STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                 1999                      1998                     1997
                                                          -------------------       -------------------      -------------------
REVENUES:

  Trading (loss) profit:
<S>                                                                      <C>                 <C>                      <C>
    Realized (Note 1)                                                    $ -                 $(451,217)               $ 308,501
    Change in unrealized (Note 1)                                          -                   (68,216)                  64,324
                                                          -------------------       -------------------      -------------------

      Total trading results                                                -                  (519,433)                 372,825

    Interest income (Note 2)                                               -                   118,183                  345,022
                                                          -------------------       -------------------      -------------------

      Total revenues                                                       -                  (401,250)                 717,847
                                                          -------------------       -------------------      -------------------


EXPENSES:

  Brokerage commissions (Note 2)                                           -                   198,734                  595,634
  Profit Shares (Note 3)                                                   -                         -                   10,277
  Administrative fees (Note 2)                                             -                     5,678                   16,844
                                                          -------------------       -------------------      -------------------

      Total expenses                                                       -                   204,412                  622,755
                                                          -------------------       -------------------      -------------------

INCOME (LOSS) FROM INVESTMENTS (Note 5)                             (124,747)                1,238,572                  571,891
                                                          -------------------       -------------------      -------------------

NET (LOSS) INCOME                                                  $(124,747)                $ 632,910                $ 666,983
                                                          ===================       ===================      ===================


NET INCOME (LOSS) PER UNIT:

    Weighted average number of General Partner
      and Limited Partner Units outstanding (Note 4)                  56,241                    65,680                   78,000
                                                          ===================       ===================      ===================

    Net income (loss) per weighted average General
      Partner and Limited Partner Unit                               $ (2.22)                   $ 9.64                   $ 8.55
                                                          ===================       ===================      ===================

</TABLE>

See notes to financial statements.

                                       3
<PAGE>

ML FUTURES INVESTMENTS II L.P.
(A Delaware Limited Partnership)
 ------------------------------

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
FOR THE YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                         Units              General Partner           Limited Partners              Total
                                    ---------------      ----------------------    -----------------------    ------------------

PARTNERS' CAPITAL,
<S>        <C> <C>                         <C>                     <C>                      <C>                     <C>
  DECEMBER 31, 1996                        84,366                  $ 208,266                $ 14,088,386            $ 14,296,652

Redemptions                               (12,548)                         -                  (2,213,887)             (2,213,887)

Net income                                      -                      9,916                     657,067                 666,983
                                    --------------      ---------------------      ----------------------     -------------------

PARTNERS' CAPITAL,
  DECEMBER 31, 1997                        71,818                    218,182                  12,531,566              12,749,748

Redemptions                               (12,190)                   (95,248)                 (2,077,748)             (2,172,996)

Net income                                      -                      5,086                     627,824                 632,910
                                    --------------      ---------------------      ----------------------     -------------------

PARTNERS' CAPITAL,
  DECEMBER 31, 1998                        59,628                    128,020                  11,081,642              11,209,662

Redemptions                                (6,613)                      (180)                 (1,234,800)             (1,234,980)

Net loss                                        -                     (1,503)                   (123,244)               (124,747)
                                    --------------      ---------------------      ----------------------     -------------------

PARTNERS' CAPITAL,
  DECEMBER 31, 1999                        53,015                  $ 126,337                 $ 9,723,598             $ 9,849,935
                                    ==============      =====================      ======================     ===================

</TABLE>

See notes to financial statements.

                                       4
<PAGE>

ML FUTURES INVESTMENTS II L.P.
(A Delaware Limited Partnership)
 ------------------------------

NOTES TO FINANCIAL STATEMENTS

--------------------------------------------------------------------------------

1.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

      ML Futures Investments II L.P. (the "Partnership") was organized under the
      Delaware Revised Uniform Limited Partnership Act on January 20, 1987 and
      completed its initial public offering of units of limited partnership
      interest ("Units") on April 28, 1988. The Partnership commenced trading
      activities on May 2, 1988. The Partnership engages (currently, through an
      investment in a limited liability company (see below)), in the speculative
      trading of futures, options on futures, forwards and options on forward
      contracts on a wide range of commodities. Merrill Lynch Investment
      Partners Inc. ("MLIP") a wholly-owned subsidiary of Merrill Lynch Group,
      Inc., which, in turn, is a wholly-owned subsidiary of Merrill Lynch & Co.,
      Inc. ("Merrill Lynch"), is the general partner of the Partnership. MLIP
      has agreed to maintain a general partner's interest of at least 1% of the
      total capital in the Partnership. MLIP and each Limited Partner share in
      the profits and losses of the Partnership in proportion to their
      respective interests in it.

      Many of the multi-advisor funds (the "Multi-Advisor Funds") sponsored by
      MLIP allocate their assets to a number of the same independent advisors
      (the "Advisors"). However, because different Multi-Advisor Funds had
      historically allocated assets to slightly different Advisor groups, the
      Multi-Advisor Funds often were required to open and maintain individual
      trading accounts with each Advisor. MLIP consolidated the trading accounts
      of nine of its Multi-Advisor Funds (including the Partnership) as of June
      1, 1998. The consolidation was achieved by having these Multi-Advisor
      Funds close their existing trading accounts and invest in a limited
      liability company, ML Multi-Manager Portfolio L.L.C. ("MM LLC"), a
      Delaware limited liability company, which opened a single account with
      each Advisor selected. MM LLC is managed by MLIP, has no investors other
      than the Multi-Advisor Funds and serves solely as the vehicle through
      which the assets of such Multi-Advisor Funds are combined in order to be
      managed through single rather than multiple accounts. The placement of
      assets into MM LLC did not change the operations or fee structure of the
      Partnership; therefore, the following notes relate to the operation of the
      Partnership through its investment in MM LLC. The administrative authority
      over the Partnership remains with MLIP. MLIP, on an ongoing basis, may
      change the number of Multi-Advisor Funds investing in MM LLC.

      MLIP selects the Advisors to manage MM LLC's assets, and allocates and
      reallocates such trading assets among existing, replacement and additional
      Advisors. Merrill Lynch Futures Inc. ("MLF"), an affiliate of Merrill
      Lynch, is MM LLC's commodity broker.

      Estimates
      ---------

      The preparation of financial statements in conformity with generally
      accepted accounting principles requires management to make estimates and
      assumptions that effect the reported amount 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.

                                       5
<PAGE>

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

      Commodity futures, options on futures, forwards and options on forward
      contracts are recorded on the trade date, and open contracts are reflected
      in the net unrealized profit on open contracts in the Statements of
      Financial Condition at the difference between the original contract value
      and the market value (for the commodity interests for which market
      quotations are readily available) or at fair value. The change in
      unrealized profit (loss) on open contracts from one period to the next is
      reflected in Trading profit (loss) Change in unrealized in the Statements
      of Operations. (As a result of the investment in MM LLC, there were no
      open contracts as of December 31, 1999 and 1998). See Note 5 for
      discussion of revenue recognition for the Partnership's investment in
      Trading LLC's and MM LLC.

      Foreign Currency Transactions
      -----------------------------

      The Partnership's functional currency is the U.S. dollar; however, it
      transacts business in currencies other than the U.S. dollar through MM
      LLC. Assets and liabilities denominated in currencies other than the U.S.
      dollar are translated into U.S. dollars at the rates in effect at the
      dates of the Statements of Financial Condition. Income and expense items
      denominated in currencies other than the U.S. dollar are translated into
      U.S. dollars at the rates in effect during the period. Gains and losses
      resulting from the translation to U.S. dollars are reported in total
      trading results.

      Operating Expenses
      ------------------

      MLIP pays all routine operating expenses (including legal, accounting,
      printing, postage and similar administrative expenses) of the Partnership.
      MLIP receives an administrative fee as well as a portion of the brokerage
      commissions paid to MLF, by the Partnership, through MM LLC.

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

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

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

      The Limited Partners are entitled to receive, equally per Unit, any
      distributions which may be made by the Partnership. No such distributions
      had been made as of December 31, 1999.

      Redemptions
      -----------

      A Limited Partner may redeem some or all of such Partner's Units at Net
      Asset Value as of the close of business on the last business day of any
      month upon ten calendar days' notice.

      Dissolution of the Partnership
      ------------------------------

      The Partnership will terminate on December 31, 2007 or at an earlier date
      if certain conditions occur, as well as under certain circumstances as set
      forth in the Limited Partnership Agreement.

2.    RELATED PARTY TRANSACTIONS

      The majority of the Partnership's U.S. dollar assets are maintained at
      MLF. On assets held in U.S. dollars, Merrill Lynch credits the Partnership
      through MM LLC with interest at the prevailing 91-day U.S.

                                       6
<PAGE>

     Treasury bill rate. The Partnership through MM LLC is credited with
     interest on any of its net gains actually held by Merrill Lynch in non-U.S.
     dollar currencies at a prevailing local rate received by Merrill Lynch.
     Merrill Lynch may derive certain economic benefit, in excess of the
     interest which Merrill Lynch pays to the Partnership through MM LLC, from
     possession of such assets.

     Merrill Lynch charges the Partnership through MM LLC Merrill Lynch's cost
     of financing realized and unrealized losses on MM LLC's non-U.S.
     dollar-denominated positions.

     Through its investment in MM LLC the Partnership pays brokerage commissions
     to MLF at a flat monthly rate of .729 of 1% (an 8.75% annual rate) and pays
     MLIP a monthly administrative fee of .021 of 1% (a .25% annual rate) of the
     Partnership'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 Shares or
     other fees or charges.

     Prior to the investment in MM LLC, MLIP estimates that the round-turn
     equivalent commission rate charged to the Partnership during the years
     ended December 31, 1998 and 1997, was approximately $121 and $130,
     respectively (not including, in calculating round-turn equivalents, forward
     contracts on a futures-equivalent basis).

     MLF currently pays the Advisors annual Consulting Fees up to 1.75% of the
     Partnership's average month-end assets allocated to them for management,
     after the reduction for a portion of brokerage commissions.

3.   AGREEMENTS

     Pursuant to the Advisory Agreements among the Advisors, MM LLC and MLIP,
     the Advisors determined the commodity futures, options on futures, forwards
     and options on forward contracts traded on behalf of MM LLC, subject to
     certain rights reserved by MLIP. The Advisory Agreements
     generally terminate one year after they are entered into, subject to
     certain renewal rights.

     Profit Shares, currently ranging from 20% to 23% of any New Trading Profit,
     as defined, recognized by each Advisor, considered individually
     irrespective of the overall performance of the Partnership, either as of
     the end of each calendar quarter or year and upon the net reallocation of
     assets away from an Advisor, are paid by MM LLC (Trading LLC's prior to
     June 1, 1998) to each Advisor. Profit Shares are also paid out in respect
     of Units redeemed as of the end of interim months, to the extent of the
     applicable percentage of any New Trading Profit attributable of such Units.

4.   WEIGHTED AVERAGE UNITS

     The weighted average number of Units outstanding was computed for purposes
     of disclosing net income per weighted average Unit. The weighted average
     number of Units outstanding for the years ended December 31, 1999, 1998 and
     1997 equals the Units outstanding as of such date, adjusted proportionately
     for Units redeemed based on the respective length of time each was
     outstanding during the year.

5.   INVESTMENTS

     Prior to investing in MM LLC, the Partnership placed assets under the
     management of certain of the Advisors by investing in private Limited
     Liability Companies ("Trading LLC's") formed by MLIP. The only members of
     the Trading LLC's were Commodity Pools sponsored by MLIP. Each Trading LLC
     traded under the management of a single Advisor pursuant to a single
     strategy and at a uniform degree of leverage. Placing assets with an
     Advisor through a Trading LLC rather than a managed account had no economic
     effect on the Partnership, except to the extent that the Partnership

                                       7
<PAGE>

     benefits from one Advisor not having to allocate trades among a number of
     different accounts (rather than acquiring a single position for the Trading
     LLC as a whole).

     The investments in MM LLC and previously in certain Trading LLC's are
     reflected in the financial statements at fair value based upon the
     Partnership's interest in MM LLC. Fair value is equal to the market value
     of the net assets of MM LLC allocable to the Partnership as investor. The
     resulting difference between cost and fair value is reflected on the
     Statements of Operations as Income (loss) from investments.


     Total revenues and fees with respect to such investments are set forth as
     follows:

<TABLE>
<CAPTION>

   For the year ended            Total             Brokerage          Administrative            Profit         Income (loss) from
   December 31, 1999           Revenues           Commissions              Fees                 Shares             Investments
-----------------------    -----------------   ------------------   -------------------  --------------------  --------------------

<S>                               <C>                  <C>                    <C>                   <C>                 <C>
MM LLC                            $ 875,011            $ 924,030              $ 26,401              $ 49,327            $ (124,747)
                           =================   ==================   ===================  ====================  ====================


   For the year ended            Total             Brokerage          Administrative            Profit           Income from
   December 31, 1998           Revenues           Commissions              Fees                 Shares           Investments
-----------------------    -----------------   ------------------   -------------------  --------------------  --------------------

Chesapeake LLC                    $ 414,289            $ 127,990               $ 3,657              $ 56,453             $ 226,189
SJO LLC                             264,809              125,718                 3,592                14,937               120,562
MM LLC                            1,773,374              593,802                16,966               270,785               891,821
                           -----------------   ------------------   -------------------  --------------------  --------------------
Total                           $ 2,452,472            $ 847,510              $ 24,215             $ 342,175           $ 1,238,572
                           =================   ==================   ===================  ====================  ====================


   For the year ended            Total             Brokerage          Administrative            Profit           Income from
   December 31, 1997            Revenues           Commissions             Fees                 Shares           Investments
-----------------------    -----------------   ------------------   -------------------  --------------------  --------------------

Chesapeake LLC                    $ 663,146            $ 317,350               $ 8,977              $ 68,234             $ 268,585
SJO LLC                             670,202              320,343                 9,063                37,490               303,306
                           -----------------   ------------------   -------------------  --------------------  --------------------
Total                           $ 1,333,348            $ 637,693              $ 18,040             $ 105,724             $ 571,891
                           =================   ==================   ===================  ====================  ====================

</TABLE>

                                       8
<PAGE>

     Condensed statements of financial condition and statements of operations
     for MM LLC, Chesapeake LLC and SJO LLC are set forth as follows:


<TABLE>
<CAPTION>
                                         MM                                     MM
                                         LLC                                    LLC
                                 December 31, 1999                      December 31, 1998
                          ---------------------------------      ---------------------------------
<S>                                          <C>                                    <C>
Assets                                       $ 100,901,677                          $ 125,332,558
                          =================================      =================================

Liabilities                                    $ 2,906,392                            $ 4,949,082
Members' Capital                                97,995,285                            120,383,476
                          ---------------------------------      ---------------------------------

Total                                        $ 100,901,677                          $ 125,332,558
                          =================================      =================================


                                                                      For the period from
                                 For the year ended                       June 1, 1998 to
                                 December 31, 1999                      December 31, 1998
                          ---------------------------------      ---------------------------------

Revenues                                       $ 9,090,190                           $ 19,255,343

Expenses                                        10,152,017                              9,491,842
                          ---------------------------------      ---------------------------------

Net Income (loss)                             $ (1,061,827)                           $ 9,763,501
                          =================================      =================================

<CAPTION>

                           Chesapeake LLC                      SJO LLC                                              SJO LLC
                        For the period from             For the period from                Chesapeake LLC      For the period from
                         January 1, 1998 to              January 1, 1998 to             For the year ended      January 2, 1997 to
                            May 31, 1998                    May 31, 1998                December 31, 1997        December 31, 1997
                     ------------------------------   -----------------------------  --------------------------  -----------------

<S>                                    <C>                             <C>                       <C>                   <C>
Revenues                               $ 1,986,835                     $ 1,472,242               $ 3,480,491           $ 3,903,268

Expenses                                   903,412                         802,878                 2,055,126             2,144,078
                     ------------------------------   -----------------------------  --------------------------  -----------------

Net Income (loss)                      $ 1,083,423                       $ 669,364               $ 1,425,365           $ 1,759,190
                     ==============================   =============================  ==========================  =================


</TABLE>



 6.   FAIR VALUE AND OFF-BALANCE SHEET RISK

      As of June 1, 1998, the Partnership invested all of its assets in MM LLC.
      Accordingly, the Partnership is invested indirectly in derivative
      instruments, but does not itself hold any derivative instrument positions.
      As such, MLIP does not believe that the adoption of the provisions of
      Statement of Financial Accounting Standards No. 133 had a significant
      effect on the financial statements of the Partnership. Consequently, no
      such positions subsequent to May 31, 1998 are reflected in these financial
      statements.

      Market Risk
      -----------

      Derivative financial 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 resulted in changes in the Partnership's net unrealized profit
      on such derivative instruments as reflected in the Statements of Financial
      Condition or, with respect to Partnership assets invested in Trading LLC's
      and in MM LLC, the net unrealized profit as reflected in the respective
      Statements of Financial Condition of the Trading LLC's and MM LLC. The
      Partnership's exposure to market risk is influenced by a number of
      factors, including the

                                       9
<PAGE>

      relationships among derivative instruments held by the Partnership, the
      Trading LLC's and currently MM LLC, as well as the volatility and
      liquidity of the markets in which such derivative instruments are traded.

      MLIP 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 selected from time to time for the Partnership or MM LLC, and
      include calculating the Net Asset Value of the Advisors' respective
      Partnership accounts and Trading LLC accounts, or currently MM LLC
      accounts, as of the close of business on each day and reviewing
      outstanding positions for over-concentrations both on an Advisor-by-
      Advisor and on an overall Partnership basis. While MLIP does not itself
      intervene in the markets to hedge or diversify the Partnership's market
      exposure, MLIP may urge Advisors to reallocate positions, or itself
      reallocate Partnership assets among Advisors (although typically only as
      of the end of a month) 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 and
      trading policies or to be trading erratically, MLIP's basic risk control
      procedures consist simply of the ongoing process of advisor monitoring and
      selection, 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 Partnership has credit risk in respect of its counterparties and
      brokers, but attempts to control this risk by dealing almost exclusively
      with Merrill Lynch entities as counterparties and clearing brokers.

      The Partnership, through MM LLC, in its normal course of business, enters
      into various contracts, with MLF acting as its commodity broker. Pursuant
      to the brokerage agreement 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 in the financial statements of MM
      LLC in the Equity in commodity future trading accounts in the Statements
      of Financial Condition.


                            * * * * * * * * * * * * *

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

                            /s/ Michael L. Pungello

                               Michael L. Pungello
                             Chief Financial Officer
                     Merrill Lynch Investment Partners Inc.
                               General Partner of
                         ML Futures Investments II L.P.

                                       10