<PAGE>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 31, 1999
--------------
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _____________ to ________________
Commission File Number 0-28928
ML JWH STRATEGIC ALLOCATION FUND L.P.
-------------------------------------
(Exact Name of Registrant as
specified in its charter)
Delaware 13-3887922
- ------------------------------- ---------------------------------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
c/o Merrill Lynch Investment Partners Inc.
Princeton Corporate Campus
800 Scudders Mill Road - Section 2G
Plainsboro, New Jersey 08536
----------------------------------------
(Address of principal executive offices)
(Zip Code)
609-282-6996
----------------------------------------------------
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes _X_ No ___
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
ML JWH STRATEGIC ALLOCATION FUND L.P.
(a Delaware limited partnership)
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
March 31, December 31,
1999 1998
------------ ------------
<S> <C> <C>
ASSETS
Equity in commodity futures trading accounts:
Cash and options premium $ 31,931,240 $ 34,991,460
Net unrealized profit on open contracts 11,701,554 26,157,000
Government Securities
(Cost $289,010,065 and $263,057,253, respectively) 288,513,454 263,939,939
Cash 533,233 57,273
Accrued interest 2,876,059 3,064,653
------------ ------------
TOTAL $335,555,540 $328,210,325
============ ============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES:
Redemptions payable $ 3,551,768 $ 5,952,585
Profit share payable -- 5,436,351
Brokerage commissions payable 2,167,083 2,086,278
Administrative fees payable 69,906 67,299
------------ ------------
Total liabilities 5,788,757 13,542,513
------------ ------------
MINORITY INTEREST 159,901 154,901
PARTNERS' CAPITAL:
General Partner (17,284 and 17,281 Units) 2,629,129 2,667,093
Limited Partners (2,149,550 and 2,020,545 Units) 326,977,753 311,845,818
------------ ------------
Total partners' capital 329,606,882 314,512,911
------------ ------------
TOTAL $335,555,540 $328,210,325
============ ============
NET ASSET VALUE PER UNIT
(Based on 2,166,834 and 2,037,826 Units outstanding) $ 152.11 $ 154.34
============ ============
</TABLE>
See notes to consolidated financial statements.
2
<PAGE>
ML JWH STRATEGIC ALLOCATION FUND L.P.
(a Delaware limited partnership)
CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
For the three For the three
months ended months ended
March 31, March 31,
1999 1998
------------ ------------
<S> <C> <C>
REVENUES:
Trading income (loss):
Realized $ 13,775,693 $ 4,511,184
Change in unrealized (15,834,743) (6,377,582)
------------ ------------
Total trading results (2,059,050) (1,866,398)
------------ ------------
Interest income 3,896,459 3,135,549
------------ ------------
Total revenues 1,837,409 1,269,151
------------ ------------
EXPENSES:
Administrative fees 204,843 137,578
Brokerage commissions 6,350,137 4,264,908
------------ ------------
Total expenses 6,554,980 4,402,486
------------ ------------
LOSS BEFORE
MINORITY INTEREST AND
PROFIT SHARE ALLOCATION (4,717,571) (3,133,335)
Profit Share Allocation (7,966) --
Minority Interest 2,231 257
------------ ------------
NET LOSS $ (4,723,306) $ (3,133,078)
============ ============
NET LOSS PER UNIT:
Weighted average number of units
outstanding 2,141,103 1,641,697
============ ============
Net loss per weighted average
General Partner and Limited Partner Unit $ (2.21) $ (1.91)
============ ============
</TABLE>
See notes to consolidated financial statements.
3
<PAGE>
ML JWH STRATEGIC ALLOCATION FUND L.P.
(a Delaware limited partnership)
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
For the three months ended March 31, 1999 and 1998
<TABLE>
<CAPTION>
Limited General
Units Partners Partner Total
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
PARTNERS' CAPITAL,
December 31, 1997 1,652,429 $ 221,181,356 $ 2,455,940 $ 223,637,296
Net loss -- (3,098,836) (34,242) (3,133,078)
Redemptions (39,706) (5,285,341) -- (5,285,341)
------------- ------------- ------------- -------------
PARTNERS' CAPITAL,
March 31, 1998 1,612,723 $ 212,797,179 $ 2,421,698 $ 215,218,877
============= ============= ============= =============
PARTNERS' CAPITAL,
December 31, 1998 2,037,826 $ 311,845,818 $ 2,667,093 $ 314,512,911
Additions 185,508 28,391,219 463 28,391,682
Net loss -- (4,684,879) (38,427) (4,723,306)
Redemptions (56,500) (8,574,405) -- (8,574,405)
------------- ------------- ------------- -------------
PARTNERS' CAPITAL,
March 31, 1999 2,166,834 $ 326,977,753 $ 2,629,129 $ 329,606,882
============= ============= ============= =============
</TABLE>
See notes to consolidated financial statements.
4
<PAGE>
ML JWH STRATEGIC ALLOCATION FUND L.P.
(a Delaware limited partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
These consolidated financial statements have been prepared without audit.
In the opinion of management, the consolidated financial statements contain
all adjustments (consisting of only normal recurring adjustments) necessary
to present fairly the financial position of ML JWH Strategic Allocation
Fund L.P (the "Partnership" or the "Fund") as of March 31, 1999 and
December 31, 1998, and the results of its operations for the three months
ended March 31, 1999 and 1998. However, the operating results for the
interim periods may not be indicative of the results expected for the full
year.
Certain information and footnote disclosures normally included in annual
financial statements prepared in accordance with generally accepted
accounting principles have been omitted. It is suggested that these
financial statements be read in conjunction with the financial statements
and notes thereto included in the Partnership's Annual Report on form 10-K
filed with the Securities and Exchange Commission for the year ended
December 31, 1998 (the "Annual Report").
2. FAIR VALUE AND OFF-BALANCE SHEET RISK
In June 1998, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standard ("SFAS") No. 133, "Accounting for Derivative
Instruments and Hedging Activities" (the "Statement"), effective for fiscal
years beginning after June 15, 1999. This Statement supercedes SFAS No. 119
("Disclosure about Derivative Financial Instruments and Fair Value of
Financial Instruments") and SFAS No. 105 ("Disclosure of information about
Financial Instruments with Off-Balance Sheet Risk and Financial Instruments
with Concentrations of Credit Risk") whereby disclosure of average
aggregate fair values and contract/notional values, respectively, of
derivative financial instruments is no longer required for an entity such
as the Partnership which carries its assets at fair value. Such Statement
sets forth a much broader definition of a derivative instrument. The
General Partner does not believe that the application of the provisions of
such Statement has a significant effect on the financial statements.
SFAS No. 133 defines a derivative as a financial instrument or other
contract that has all three of the following characteristics (1) one or
more underlyings, notional amounts or payment provisions (2) requires no
initial net investment or a smaller initial net investment than would be
required relative to changes in market factors (3) terms require or permit
net settlement. Generally, derivatives include a future, forward, swap or
option contract, or other financial instrument with similar characteristics
such as caps, floors and collars.
Market Risk
-----------
Derivative instruments involve varying degrees of off-balance sheet market
risk, and 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 result in
changes in the Partnership's net unrealized profit (loss) on such
derivative instruments as reflected in the Consolidated Statements of
Financial Condition. The Joint Venture's exposure to market risk is
influenced by a number of factors, including the relationships among the
derivative instruments held by the Joint Venture as well as the volatility
and liquidity in the markets in which such derivative instruments are
traded.
The General Partner 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. The procedures focus primarily on monitoring the
trading of JWH and reviewing outstanding positions for over-concentrations.
While the General Partner will not itself intervene in the markets to hedge
or diversify the Joint Venture's market exposure, the General Partner may
urge JWH to reallocate positions in an attempt to avoid over-
concentrations. However, such interventions are unusual. Except in cases in
which it appears that JWH has begun to deviate from past practice and
trading policies or to be trading erratically (which has not occurred to
date), the General Partner's basic risk control procedures consist simply
of monitoring JWH, with the market risk controls being applied by JWH
itself.
Credit Risk
-----------
The risks associated with exchange-traded contracts are typically perceived
to be less that those associated with over-the-counter transactions (non-
exchange-traded), 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 credit risk associated with these instruments from counterparty
nonperformance is the net unrealized profit included on the Consolidated
Statements of Financial Condition.
The Joint Venture has credit risk in respect to its counteparties and
brokers, but attempts to control this risk by dealing almost exclusively
with Merrill Lynch entities as counterparties and brokers.
5
<PAGE>
Item 2: Management's Discussion and Analysis of Financial
Condition and Results of Operations
MONTH-END NET ASSET VALUE PER UNIT
<TABLE>
<CAPTION>
-----------------------------------------
Jan Feb Mar
-----------------------------------------
<S> <C> <C> <C>
1998 $133.35 $132.47 $133.48
-----------------------------------------
1999 $149.98 $153.82 $152.11
-----------------------------------------
</TABLE>
The Net Asset Value per Unit varies, until June 30, 1998, from how it would be
calculated for purposes of GAAP, due to the amortization of organization and
initial offering costs.
Performance Summary
January 1, 1998 to March 31, 1998
Much of the first quarter of 1998 offered a less-than-ideal trading environment
for the Fund. In January and February, well-established trends in key markets
were interrupted, and many markets traded within a tight range, reducing
opportunities for profit. But the profit picture improved in March, as the U.S.
dollar and other currencies returned to their prior patterns of price movement.
For the period, losses were incurred in positions in most currencies, metals,
stock indices and agricultural commodities. These losses more than offset gains
in energy markets which, despite interim turbulence, ultimately succumbed to the
bearish fundamentals which have pressured prices downward for over nine months.
Small gains were also recorded in positions in European interest rates, which
continued to decline as markets of the EMU nations converged.
The quarter began with political and financial scandals in Japan. Even so,
investors were hopeful that the Japanese government would rescue the nation's
economy with a much-anticipated economic stimulus package. Investor optimism
supported the Nikkei and caused the Japanese yen to gain against the U.S.
dollar. Positions in the Nikkei and the yen were unprofitable. January was also
a month of reversals in key metals. The price of gold rose as the dollar
weakened, turning profitable positions in the metal into losses. Gains were
recorded in European and U.S. government bond markets and in crude oil.
Financial markets lacked direction in February. Losses were incurred in nearly
all currencies traded. Trading was also unprofitable in U.S. Treasury bonds,
which traded within a narrow range during the month. Gains continued to be
recorded, however, in European bond markets where yields approached post-war
lows. The silver market hit a 9 1/2 year high on news that a major investor had
purchased 20% of the world's yearly mining output. Strong gains were realized in
silver and in crude oil, which succumbed to weakening fundamentals.
The quarter ended with a sharp revival of the U.S. dollar in world markets,
especially against the yen, and a soaring British pound, which investors viewed
as a safe haven from EMU jitters. Investment programs with large currency
components benefited from decisive moves in these markets as well as in the
Swiss franc and German mark. The price of crude oil rose sharply during the
month, following the surprise decision by OPEC and non-OPEC oil-producing
nations to cut production. By month end, however, investors had judged the
cutbacks insufficient and prices fell back; positions in energy markets were
profitable overall. Positions in metals and agricultural commodities were
unprofitable overall.
January 1, 1999 to March 31, 1999
ML JWH Strategic Allocation Fund L.P. (the "Fund") recorded slight losses in the
three month period ended March 31, 1999, largely reflecting poor performance in
the interest rate and metals market sectors.
Interest rate markets for the first part of the quarter moved upward; however,
March saw a significant decline in European rates as an economic slowdown became
more evident in the European Union. The expectation, realized in early April,
was that the European Central Bank (ECB) would lower rates in Europe to provide
a more favorable interest rate environment. Coupled with the change in direction
in European markets, there was increased volatility in Japanese interest rate
markets as the Bank of Japan switched from interest rate targeting to a monetary
growth targeting policy. In an effort to stem the current recession, Japanese
policy officials have attempted various fiscal and monetary stimuli, which have
caused significant directional changes in interest rates. U.S. interest rates
have continued to inch upward for the quarter. There are few signs that the U.S.
economy will slow during 1999.
Commodity markets have had mixed performance. Metals markets have been choppy
for the entire quarter and have not exhibited any clear trends. This lack of
direction has caused poor performance in the precious metals area to be somewhat
offset by base metal profits. The energy sector performed well for the quarter
with a major trend developing in March. Since the beginning of March there has
been a significant upward trend in crude oil prices. Agriculture commodities
experienced
6
<PAGE>
mixed performance with many markets showing potential signs of reversal.
Overall, the Fund had slight losses in these markets.
Currencies have provided positive performance for the Fund. A continuation of
the strong dollar, especially relative to the new euro, offset some of the
losses in other markets. Contrary to the belief of many investment banking
economists, the euro has not started out as a strong currency and there seems to
be little flow into this new potential reserve currency. With a decline of over
seven percent for the quarter, the euro has not lived up to its potential
expectations.
Index performance was positive for the quarter with early losses offset by
significant gains in March with the increase in the Nikkei stock index.
On the balance for the quarter, profitable positions in global currencies,
energy, and agricultural commodities were offset by losses in interest rates and
metals.
THE YEAR 2000 COMPUTER ISSUE
As the Year 2000 approaches, Merrill Lynch has undertaken initiatives to address
the Year 2000 problem (the "Y2K problem"), as more fully described in the
Partnership's 1998 Form 10-K. The failure of Merrill Lynch's technology systems
relating to a Y2K problem would likely have a material adverse effect on the
company's business, results of operations, and financial condition. This effect
could include disruption of normal business transactions, such as the
settlement, execution, processing, and recording of trades in securities,
commodities, currencies, and other assets. The Y2K problem could also increase
Merrill Lynch's exposure to risk and legal liability and its need for liquidity.
The renovation phase of Merrill Lynch's Year 2000 efforts, as described in the
Partnership's 1998 Form 10-K, was approximately 99.7% completed as of April 16,
1999, and production testing was approximately 99.1% completed as of that date.
In March and April 1999, Merrill Lynch continued its participation in U.S.
industrywide testing sponsored by the Securities Industry Association. These
tests involved an expanded number of firms, transactions, and conditions
compared with those previously conducted.
In light of the interdependency of the parties in or serving the financial
markets, there can be no assurance that all Y2K problems will be identified and
remedied on a timely basis or that all remediation will be successful.
Disruption or suspension of activity in the world's financial markets is also
possible. In some non-U.S. markets in which Merrill Lynch does business, the
level of awareness and remediation efforts relating to the Y2K problem are
thought to be less advanced than in the U.S. Management is unable at this point
to ascertain whether all significant third parties will successfully address the
Y2K problem. Merrill Lynch will continue to monitor third parties' Year 2000
readiness to determine if additional or alternative measures are necessary. The
failure of exchanges, clearing organizations, vendors, service providers,
clients and counterparties, regulators, or others to resolve their own
processing issues in a timely manner could have a material adverse effect on
Merrill Lynch's business, results of operations, and financial condition.
As of March 26, 1999, the total estimated expenditures for the Year 2000
compliance initiative are approximately $520 million. This estimate includes
$104 million of occupancy, communications, and other related overhead
expenditures as Merrill Lynch is applying a fully costed pricing methodology for
this project. Of the total estimated expenditures, approximately $157 million
remains to be spent, primarily on continued testing, contingency planning, and
risk management. There can be no assurance that the costs associated with
remediation efforts will not exceed those currently anticipated by Merrill
Lynch, or that the possible failure of such remediation efforts will not have a
material adverse effect on Merrill Lynch's business, results of operations, or
financial condition.
7
<PAGE>
Item 3. Quantitative and Qualitative Disclosures About Market Risk
The following table indicates the trading Value at Risk associated with the
Fund's open positions by market category as of March 31, 1999 and December 31,
1998, and the average of the three months for January 1999 through March 1999.
As of March 31, 1999 and December 31, 1998, the Fund's total capitalization was
approximately $330 million and $315 million, all, of which was allocated to
trading.
<TABLE>
<CAPTION>
March 31, 1999 December 31, 1998
---------------------------------- ----------------------------------
% OF TOTAL % OF TOTAL
MARKET SECTOR VALUE AT RISK CAPITALIZATION VALUE AT RISK CAPITALIZATION
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Interest Rates $ 12,987,107 3.94% $ 12,538,585 3.98%
Currencies 11,644,992 3.53 5,492,878 1.75
Stock Indices 6,158,544 1.87 998,918 .32
Metals 1,561,000 .48 1,551,500 .49
Commodities 2,460,722 .74 2,159,281 .69
Energy 3,989,200 1.21 3,844,500 1.22
--------------- -------------- --------------- --------------
$ 38,801,565 11.77% $ 26,585,662 8.45%
=============== ============== =============== ==============
</TABLE>
<TABLE>
<CAPTION>
Average month-end
For the Period
January 1999 through March 1999
-------------------------------
% of Total
Market Sector Value At Risk Capitalization
- ------------- ------------- --------------
<S> <C> <C>
Interest Rates $ 45,807,944 14.16%
Currencies 10,685,348 3.30
Stock Indices 3,662,865 1.13
Metals 2,436,250 .75
Commodities 2,526,800 .78
Energy 3,690,367 1.14
------------- --------------
$ 68,809,574 21.26%
============= ==============
</TABLE>
8
<PAGE>
MLAM's Cash Management
MLAM invests approximately 80% of the Fund's assets in Government Securities. As
of March 31, 1999 and December 31, 1998, the Fund's MLAM account totalled
approximately $288 million and $264 million, respectively.
As of March 31, 1999, the Fund's MLAM account held the following securities:
<TABLE>
<CAPTION>
Par Value Description Rate Maturity Date Fair Value
- --------- ----------- ---- ------------- ----------
Long-Term
- ---------
<S> <C> <C> <C>
3,000,000 U.S. Treasury Note 5.500% March 31, 2000 $ 3,033,966
15,000,000 U.S. Treasury Note 6.375% May 15, 2000 15,275,121
34,000,000 U.S. Treasury Note 5.375% July 31, 2000 34,287,640
3,000,000 U.S. Treasury Note 6.000% August 15, 2000 3,039,132
20,000,000 U.S. Treasury Note 4.500% September 30, 2000 19,856,837
10,000,000 U.S. Treasury Note 5.750% November 15, 2000 10,121,824
25,500,000 U.S. Treasury Note 4.625% November 30, 2000 25,349,234
8,000,000 U.S. Treasury Note 4.500% January 31, 2001 7,927,409
20,000,000 U.S. Treasury Note 5.375% February 15, 2001 20,176,633
5,000,000 U.S. Treasury Note 5.000% February 28, 2001 4,999,983
13,500,000 U.S. Treasury Note 5.625% May 15, 2001 13,685,050
13,000,000 U.S. Treasury Note 5.875% November 30, 2001 13,269,459
1,000,000 U.S. Treasury Note 6.000% July 31, 2002 1,026,351
2,000,000 U.S. Treasury Note 5.750% April 30, 2003 2,042,023
5,000,000 U.S. Treasury Note 5.250% August 15, 2003 5,025,951
10,000,000 Federal National Mortgage Association 4.450% October 16, 2000 9,875,019
24,000,000 Federal National Mortgage Association 4.820% December 18, 2000 23,836,561
12,000,000 Federal National Mortgage Association 5.720% January 9, 2001 12,117,335
3,000,000 Federal National Mortgage Association 5.420% January 23, 2001 3,001,142
----------------
Subtotal $ 227,946,670
----------------
Short-Term
- ----------
6,098,000 Federal Home Loan Mortgage Corporation 4.820% April 1, 1999 5,539,426
3,775,000 Federal Home Loan Mortgage Corporation 4.780% April 12, 1999 3,755,928
9,145,000 Federal National Mortgage Association 4.750% May 19, 1999 9,083,145
42,710,000 Federal National Mortgage Association 4.750% June 18, 1999 42,188,285
----------------
Subtotal 60,566,784
----------------
Total $ 288,513,454
================
</TABLE>
As of December 31, 1998, the Fund's MLAM account held the following securities:
<TABLE>
<CAPTION>
Par Value Description Rate Maturity Date Fair Value
- --------- ----------- ---- ------------- ----------
<S> <C> <C> <C> <C>
Long-Term
- ---------
2,000,000 U.S. Treasury Note 5.625% December 31, 1999 $ 2,019,531
13,000,000 U.S. Treasury Note 5.500% February 29, 2000 13,123,906
26,000,000 U.S. Treasury Note 5.500% March 31, 2000 26,260,000
15,000,000 U.S. Treasury Note 6.375% May 15, 2000 15,335,156
34,000,000 U.S. Treasury Note 5.375% July 31, 2000 34,377,188
3,000,000 U.S. Treasury Note 6.000% August 15, 2000 3,062,344
20,000,000 U.S. Treasury Note 4.500% September 30, 2000 19,959,375
10,000,000 U.S. Treasury Note 5.750% November 15, 2000 10,195,313
4,000,000 U.S. Treasury Note 5.625% November 30, 2000 4,071,875
20,000,000 U.S. Treasury Note 5.375% February 15, 2001 20,312,500
3,500,000 U.S. Treasury Note 5.625% May 15, 2001 3,584,766
1,000,000 U.S. Treasury Note 6.000% July 31, 2002 1,042,656
2,000,000 U.S. Treasury Note 5.750% April 30, 2003 2,082,187
5,000,000 U.S. Treasury Note 5.250% August 15, 2003 5,128,125
10,000,000 Federal National Mortgage Association 4.450% October 16, 2000 9,910,000
24,000,000 Federal National Mortgage Association 4.820% December 18, 2000 23,928,721
12,000,000 Federal National Mortgage Association 5.720% January 9, 2001 12,167,760
3,000,000 Federal National Mortgage Association 5.420% January 23, 2001 3,025,200
--------------
Subtotal $ 209,586,603
--------------
Short-Term
- ----------
12,849,000 Federal National Mortgage Association 5.090% January 14, 1999 $ 12,823,301
41,655,000 Federal National Mortgage Association 5.080% January 21, 1999 41,530,035
-------------
Subtotal $ 54,353,336
-------------
Total $ 263,939,939
=============
</TABLE>
9
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
There are no pending proceedings to which the Partnership or the General
Partner is a party.
Item 2. Changes in Securities and Use of Proceeds
(a) None.
(b) None.
(c) None.
(d) The Fund originally registered units of limited partnership
interest. The Fund subsequently registered an additional
2,000,000 units of limited partnership interest. As of March 31,
1999, the Fund has sold 2,888,166 units of limited partnership
interests, with an aggregate price of $347,546,392.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
There are no exhibits required to be filed as part of this report.
(b) Reports on Form 8-K
There were no reports on Form 8-K filed during the first three months
of fiscal 1999.
10
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ML JWH STRATEGIC ALLOCATION FUND L.P.
By: MERRILL LYNCH INVESTMENT PARTNERS INC.
(General Partner)
Date: May 11, 1999 By /s/ JOHN R. FRAWLEY, JR.
------------------------
John R. Frawley, Jr.
Chairman, Chief Executive Officer,
President and Director
Date: May 11, 1999 By /s/ MICHAEL L. PUNGELLO
-----------------------
Michael L. Pungello
Vice President, Chief Financial Officer
and Treasurer
11
<TABLE> <S> <C>
<PAGE>
<ARTICLE> BD
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS
<FISCAL-YEAR-END> DEC-31-1999 DEC-31-1998
<PERIOD-START> JAN-01-1999 JAN-01-1998
<PERIOD-END> MAR-31-1999 MAR-31-1998
<CASH> 533,233 0
<RECEIVABLES> 46,508,853 46,070,172
<SECURITIES-RESALE> 0 0
<SECURITIES-BORROWED> 0 0
<INSTRUMENTS-OWNED> 288,513,454 178,087,357
<PP&E> 0 0
<TOTAL-ASSETS> 335,555,540 224,157,529
<SHORT-TERM> 0 0
<PAYABLES> 5,948,658 8,938,652
<REPOS-SOLD> 0 0
<SECURITIES-LOANED> 0 0
<INSTRUMENTS-SOLD> 0 0
<LONG-TERM> 0 0
0 0
0 0
<COMMON> 0 0
<OTHER-SE> 329,606,882 215,218,877
<TOTAL-LIABILITY-AND-EQUITY> 335,555,540 224,157,529
<TRADING-REVENUE> (2,059,050) (1,866,398)
<INTEREST-DIVIDENDS> 3,896,459 3,135,549
<COMMISSIONS> 6,560,715 4,402,229
<INVESTMENT-BANKING-REVENUES> 0 0
<FEE-REVENUE> 0 0
<INTEREST-EXPENSE> 0 0
<COMPENSATION> 0 0
<INCOME-PRETAX> (4,723,306) (3,133,078)
<INCOME-PRE-EXTRAORDINARY> (4,723,306) (3,133,078)
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> (4,723,306) (3,133,078)
<EPS-PRIMARY> (2.21) (1.91)
<EPS-DILUTED> (2.21) (1.91)
</TABLE>
