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MERRILL LYNCH INVESTMENT PARTNERS INC.
[LOGO]
ML JWH STRATEGIC
ALLOCATION FUND L.P.
MONTHLY STATEMENT NOVEMBER 1998
[MERRILL LYNCH LOGO]
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ML JWH STRATEGIC ALLOCATION FUND L.P.
The Net Asset Value per Unit of ML JWH Strategic Allocation Fund L.P. (the
"Fund") decreased 8.11% in November to $142.61 per Unit on November 30, 1998
from $155.19 on October 31, 1998.
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As of January 1, 1999, the "euro" will be adopted as the common legal
currency of participating member states of the European Economic and Monetary
Union ("EMU"). The euro and participating member currencies will co-exist
through July 1, 2002, with the euro gradually replacing member national
currencies. Conversion to the euro will prevent trading in certain currencies
and may limit certain Advisors' ability to take advantage of potential market
opportunities that might otherwise have existed had separate European
currencies been available to trade. Consequently, the conversion to a single
currency could adversely affect the performance results of the Fund.
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,
TOGETHER WITH SUMMARY FINANCIAL INFORMATION FOR THE FUND CURRENT WITHIN 60
DAYS. THESE MATERIALS CONTAIN IMPORTANT INFORMATION ABOUT RISK FACTORS,
PERFORMANCE AND OTHER ASPECTS OF THE FUND AND MUST BE READ CAREFULLY BEFORE
INVESTING. FUTURES TRADING IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF
RISK. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
THIS MONTHLY REPORT MUST NOT BE REPRODUCED OR DISTRIBUTED IN ANY MANNER.
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ML JWH STRATEGIC ALLOCATION FUND L.P.
NOVEMBER 30, 1998
STATEMENT OF CHANGES
IN NET ASSET VALUE
(UNAUDITED)
<TABLE>
<S> <C>
Net Asset Value (1,934,081 Units) at
October 31, 1998 $301,548,060
Additions of 88,467 Units 13,729,194
Net Income/(Loss) for November 1998 (25,562,624)
Redemptions of 36,910 Units (5,263,735)
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Net Asset Value (1,994,638 Units) at
November 30, 1998 $284,450,895
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Net Asset Value per Unit at
November 30, 1998 $ 142.61
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<CAPTION>
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STATEMENT OF INCOME/(LOSS)
(UNAUDITED)
November
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<S> <C>
Revenues:
Realized Profit/(Loss) $ 7,081,697
Change in Unrealized Profit/(Loss) (32,212,842)
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Total Trading Results (25,131,145)
Interest Income 1,179,848
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Total Revenues (23,951,297)
Expenses:
Brokerage Commissions 1,884,562
Administrative Fees 60,792
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Total Expenses 1,945,354
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Income/(Loss) Before Special Profit
Share Allocation and Minority Interest (25,896,651)
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Minority Interest 12,629
Special Profit Share Allocation 321,398
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Net Income/(Loss) $(25,562,624)
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</TABLE>
TO THE BEST OF THE KNOWLEDGE AND BELIEF OF THE UNDERSIGNED THE INFORMATION
CONTAINED IN THIS REPORT IS ACCURATE AND COMPLETE.
/s/ Jo Ann Di Dario
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Jo Ann Di Dario
Chief Financial Officer
MERRILL LYNCH INVESTMENT PARTNERS INC.
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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
JWHSDOM
