EXHIBIT 10.01

                                AMENDMENT NO. 1
                                    TO THE
                              CUSTOMER AGREEMENT
                                     AMONG
ML PRINCIPAL PROTECTION L.P. (FORMERLY, ML PRINCIPAL PROTECTION PLUS L.P.), ML
 PRINCIPAL PROTECTION TRADING L.P. (FORMERLY, ML PRINCIPAL PROTECTION PLUS
                 TRADING L.P.)  AND MERRILL LYNCH FUTURES INC.

          This Amendment ("Amendment") is made as of this 1st day of January,
1997 by and among  ML Principal Protection Trading L.P. (formerly, ML Principal
Protection Plus Trading L.P.) and Merrill Lynch Futures Inc.

                             W I T N E S S E T H:

          WHEREAS, the parties hereto entered into a Customer Agreement dated as
     of July 14, 1994 relating to the purchase and sale of commodity futures and
     forward contracts and commodity options (the "Customer Agreement");

          WHEREAS, the parties hereto wish to amend the Customer Agreement;

          NOW THEREFORE, in consideration of the premises and mutual covenants
     contained in the Customer Agreement and herein, the receipt and sufficiency
     of which are hereby acknowledged, the parties hereto agree to amend the
     Customer Agreement as follow:

          1.  Brokerage Commissions. The third sentence of the first paragraph
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     of Section 1 of the Customer Agreement is amended as follows:

                    The word "proposed" is deleted; the number 
                    "0.7971" is deleted and the number "0.7292" 
                    is substituted therefor; and the Number "9.5" 
                    is deleted and the number "8.75" is substituted 
                    therefor.

          2.  Amendment.  This Amendment may not be amended except by the
              ---------                                                  
     written consent of each of the parties hereto.
 
          3.  Counterparts.  This Amendment may be executed in one or more
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     counterparts, each of which shall, however, together constitute one and the
     same documents.

 
          IN WITNESS WHEREOF, this Amendment has been executed by the parties
hereto as of the day and year first above written.

 
                              ML PRINCIPAL PROTECTION TRADING L.P.
                              (formerly, ML Principal Protection Plus
                              Trading L.P.)

                              BY:   MERRILL LYNCH INVESTMENT
                                    PARTNERS INC., General Partner



                              BY:________________________________________
                                 Name:
                                 Title:
 
 


                              MERRILL LYNCH FUTURES INC.
 

                              BY:_______________________________________
                                 Name:
                                 Title:

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