<ARTICLE> BD <CIK> 0000917259 <NAME> ML PRINCIPAL PROTECTION L.P. <PERIOD-TYPE> 12-MOS 12-MOS <FISCAL-YEAR-END> DEC-31-1997 DEC-31-1996 <PERIOD-START> JAN-01-1997 JAN-01-1996 <PERIOD-END> DEC-31-1997 DEC-31-1996 <CASH> 1,423 328 <RECEIVABLES> 9,124,594 8,878,706 <SECURITIES-RESALE> 0 0 <SECURITIES-BORROWED> 0 0 <INSTRUMENTS-OWNED> 94,651,930 72,815,648 <PP&E> 0 0 <TOTAL-ASSETS> 103,777,947 81,694,682 <SHORT-TERM> 0 0 <PAYABLES> 1,736,029 2,082,851 <REPOS-SOLD> 0 0 <SECURITIES-LOANED> 0 0 <INSTRUMENTS-SOLD> 0 0 <LONG-TERM> 0 0 <PREFERRED-MANDATORY> 0 0 <PREFERRED> 0 0 <COMMON> 0 0 <OTHER-SE> 102,041,918 79,611,831 <TOTAL-LIABILITY-AND-EQUITY> 103,777,947 81,694,682 <TRADING-REVENUE> 6,496,283 8,641,843 <INTEREST-DIVIDENDS> 4,873,872 4,545,186 <COMMISSIONS> 4,833,598 4,775,116 <INVESTMENT-BANKING-REVENUES> 0 0 <FEE-REVENUE> 0 0 <INTEREST-EXPENSE> 0 0 <COMPENSATION> 0 0 <INCOME-PRETAX> 5,420,245 7,223,364 <INCOME-PRE-EXTRAORDINARY> 5,420,245 7,223,364 <EXTRAORDINARY> 0 0 <CHANGES> 0 0 <NET-INCOME> 5,420,245 7,223,364 <EPS-PRIMARY> 6.62 9.57 <EPS-DILUTED> 6.62 9.57