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RULE NO. 424(b)(3)
REGISTRATION NO. 33-80509
ML JWH Strategic Allocation Fund L.P.
Dear Limited Partner,
The Net Asset Value ("NAV") per Unit of ML JWH Strategic Allocation Fund L.P.
(the "Fund") decreased 0.09% in August, closing the month with a NAV per Unit of
$98.89 on August 31, 1996, as compared to the July 31, 1996 NAV per Unit of
$98.98.
Effective August 22, 1996, William T. Maitland resigned as a Director and
Secretary of Merrill Lynch Investment Partners Inc.
As of September 1, 1996, the Fund's trading was allocated among seven John W.
Henry & Company, Inc. investment programs approximately as follows:
%
Trading Programs Allocation
- ---------------- ----------
Original Investment Program (Diversified) 25%
Financial and Metals Portfolio (Financial) 20%
Global Financial Portfolio (Financial) 20%
G-7 Currency Portfolio (Foreign Exchange) 15%
Global Diversified Portfolio (Diversified) 10%
Dollar Program (Foreign Exchange) 5%
Worldwide Bond Program (Financial) 5%
---------
100%
Cash allocations among the Programs differ immaterially from the trading
allocations due to performance differences since inception without a change in
trading allocations.
Set forth below is a report from John W. Henry & Company, Inc. addressing
performance in August.
Sincerely,
John R. Frawley, Jr.
President and Chief Executive Officer
Merrill Lynch Investment Partners Inc.
(General Partner)
--------------------------------------
Report of the Trading Advisor
John W. Henry & Company Inc.
Performance declined slightly in August as difficult trading environments for
agricultural commodities and currencies offset profit opportunities in the
energy and global interest rate markets. Trading was thin in both financial and
commodity markets as summer holidays lowered participation.
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Energy components of the Fund clearly reaped the benefits of dwindling oil
reserves worldwide and increasing demand from developing nations. Hurricane
activity, which can pose a threat to key refineries in the Caribbean and in the
Gulf of Mexico, added to upward price pressures. Crude oil prices climbed to
four-month highs. Agricultural commodity markets remained trendless as prices
for corn, cotton and coffee were buffeted by changing weather patterns and
concerns over late developing crops.
In the financial markets, market participants remained cautious, with few
willing to take positions prior to key central bank policy meetings and economic
reports slated at month end. Renewed jitters over the 1999 deadline for
participation in the European Monetary Fund also impacted the financial markets.
The Japanese yen, German mark and U.S. dollar fluctuated throughout the month.
The German Bundesbank's decision to sharply lower a key interest rate surprised
the market and sparked a European bond rally. The U.S. bond market, however, had
little time to participate as new U.S. economic reports indicated a stronger-
than-expected economy, pushing the yield in a benchmark U.S. 30-year Treasury
bond to above 7%. Japanese Government bond benefited from a key economic report
indicating the business outlook in the Japanese economy has worsened. With fears
of rising rates abated, bond prices of that nation hit new contract highs. The
Australian 10-year bond also rose in price as investors gained confidence in the
new government's commitment to fiscal restraint.
In September 1996, the Trading Advisor was named as a co-defendant in class
action lawsuits brought in the California Superior Court, Los Angeles County and
in the State Supreme Court, New York County. The actions, which seek unspecified
damages, purport to be brought on behalf of investors in certain Dean Witter
commodity pools, some of which are advised by the Trading Advisor, and are
primarily directed at Dean Witter's alleged fraudulent selling practices in
connection with the marketing of those pools. The Trading Advisor is essentially
alleged to have aided and abetted or directly participated with Dean Witter in
those practices. The Trading Advisor believes the allegations against it are
without merit; it intends to contest these allegations vigorously and is
convinced
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that it will be shown to have acted properly and in the best interest of the
investors.
John W. Henry & Company Inc.
FOR THE EXCLUSIVE USE OF INVESTORS IN ML JWH STRATEGIC ALLOCATION FUND L.P. THIS
MONTHLY REPORT IS NOT AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY ANY
SECURITIES. AN OFFER CAN ONLY BE MADE BY THE CURRENT PROSPECTUS WHICH CONTAINS
IMPORTANT INFORMATION CONCERNING RISK FACTORS, PERFORMANCE AND OTHER MATERIAL
ASPECTS OF THE FUND, TOGETHER WITH A RECENT MONTHLY REPORT FOR THE FUND. THE
CURRENT PROSPECTUS MUST BE READ CAREFULLY BEFORE ANY DECISION WHETHER TO INVEST
IS MADE. THIS MONTHLY REPORT MUST NOT BE REPRODUCED OR DISTRIBUTED IN ANY
MANNER. FUTURES TRADING IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK. PAST
PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
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ML JWH Strategic Allocation Fund L.P.
August 31, 1996
Statement of Changes
in Net Asset Value
Net Asset Value (1,019,788 Units) at
July 31, 1996 $100,941,213
Net Income (Loss) for August 1996 (96,252)
Less Redemptions of 10,630 Units (1,051,201)
Plus Additions of 88,716 Units 8,773,125
------------
Net Asset Value (1,097,874 Units) at
August 31, 1996 $108,566,885
============
Net Asset Value per Unit at
August 31, 1996 $ 98.89
============
- ---------------------------------------------------------------
Statement of Income/(Loss)
August Year-To-Date
------------- -------------
Revenues:
Realized Profit/(Loss) $ (1,220,879) $ (2,479,990)
Change in Unrealized Profit/(Loss) 1,384,308 1,778,169
------------- -------------
Total Trading Results 163,429 (701,821)
Interest Income 459,863 710,720
------------- -------------
Total Revenues 623,282 8,899
Expenses:
Brokerage Commissions 656,736 1,044,034
Administrative Fees 21,185 33,679
------------- -------------
Total Expenses 677,921 1,077,713
------------- -------------
Net Income/(Loss) Before
Minority Interest (54,639) (1,068,814)
------------- -------------
Minority Interest 54 1,047
------------- -------------
Net Income/(Loss) from
Joint Venture (54,585) (1,067,767)
Organization Expense 41,667 66,288
------------- -------------
Net Income/(Loss) $ (96,252) $ (1,134,055)
============= =============
- --------------------------------------------------------------------------------
To the best of the knowledge and belief of the undersigned the information
contained in this report is accurate and complete.
/s/ James M. Bernard
James M. Bernard
Chief Financial Officer
Merrill Lynch Investment Partners Inc.
Please notify the following of any address changes:
Merrill Lynch Investment Partners Inc.
Merrill Lynch World Headquarters
South Tower
World Financial Center
New York, New York 10080-6106
