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MERRILL LYNCH INVESTMENT PARTNERS INC.
ML JWH STRATEGIC ALLOCATION FUND L.P.
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The Net Asset Value per Unit of ML JWH Strategic Allocation Fund L.P. (the
"Fund") increased 2.26% in November to $146.91 per Unit on November 30, 1999
from $143.66 on October 31, 1999.
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Set forth below is commentary from John W. Henry & Company, Inc.
(JWH-Registered Trademark-) about the Fund's November performance. Sector
performance figures are calculated by Merrill Lynch Investment Partners Inc.
JWH MARKET COMMENTARY
AGRICULTURE (+0.90%): Overall, grains and softs were profitable. Coffee prices
surged amid worries of a long drought in Brazil's coffee belt and risk of
drought damage to the 2000-01 crop.
CURRENCIES (+4.41%): Positions in the Japanese yen were profitable as the
prospect of continued economic recovery boosted share prices in Japan and the
yen appreciated against the dollar. Profits in the euro resulted after weaker
than expected retail and industrial output from Germany drove the euro lower
against most major currencies and the ECB indicated the bank was not likely
to intervene on behalf of the single currency. Positions in the Swiss franc
also posted gains.
ENERGIES (+1.94%): A rapid reduction in world crude inventories brought on by
OPEC production cuts and strong fourth quarter oil demand pushed crude prices
to reach the highest levels since the Gulf War.
STOCK INDICES (-0.44%): Positions in stock indices were slightly unprofitable
as losses in the All Ordinaries Index more than offset gains in the Nikkei 225
Index.
INTEREST RATES (-3.74%): Positions in interest rates were mostly unprofitable
on both the long and short-end of the yield curve. Bond markets were bearish
after the Fed raised rates and investors were concerned over future US rate
hikes. European markets saw bond yields rise as recovery in the euro-zone's
economy continued.
METALS (-0.47%): Precious and base metals were unprofitable for the month.
Positions in gold suffered losses when gold futures prices fell amid tepid
bidding and low demand at the third of five scheduled Bank of England gold
auctions.
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SUMMARY OF FUND PERFORMANCE
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<CAPTION>
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November 1999 Since Inception
Year-to-Date (July 15, 1996)
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<S> <C> <C>
+2.26% -4.81% +46.91%
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SPECIAL REMINDER
As tax season approaches and Merrill Lynch Investment Partners Inc. (MLIP)
prepares for distribution of the Fund's tax information for 1999 on Schedule
K-1, investors should take steps to confirm that MLIP has their current
address. Please notify MLIP in writing of any recent or impending change of
address by notice mailed to Merrill Lynch Investment Partners Inc., 800
Scudders Mill Road, Section 2G, Plainsboro, New Jersey 08536. Attention:
Mr. Winston Clinton. Thank you.
MLIP plans to mail Schedule K-1s to investors in February 2000.
[LOGO] NOVEMBER 1999
JWHSDOM
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ML JWH STRATEGIC ALLOCATION FUND L.P.
FINANCIAL STATEMENTS
NOVEMBER 30, 1999
STATEMENT OF CHANGES
IN NET ASSET VALUE
(UNAUDITED)
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<S> <C>
Net Asset Value (2,454,974 Units) at
October 31, 1999 $352,685,539
Plus Additions of 49,263 Units 7,077,123
Net Income/(Loss) for November 1999 8,130,979
Less Redemptions of 61,835 Units (9,084,180)
Net Asset Value (2,442,402 Units) at -------------
November 30, 1999 $358,809,461
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Net Asset Value per Unit at
November 30, 1999 $ 146.91
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STATEMENT OF INCOME/(LOSS)
(UNAUDITED)
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<CAPTION>
November
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<S> <C>
Revenues:
Realized Profit/(Loss) $(11,437,661)
Change in Unrealized Profit/(Loss) 20,597,430
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Total Trading Results 9,159,769
Interest Income 1,484,902
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Total Revenues 10,644,670
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Expenses:
Brokerage Commissions $ 2,393,026
Administrative Fees 77,195
Ongoing Offering Expense 21,755
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Total Expenses 2,491,976
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Net Income/(Loss) Before Minority Interest 8,152,695
Minority Interest (3,268)
Special Profit Share Allocation (18,448)
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Net Income/(Loss) $ 8,130,979
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To the best of the knowledge and belief of the undersigned, the information
contained in this report is accurate and complete.
/s/Michael Pungello
Michael Pungello
Chief Financial Officer
MERRILL LYNCH INVESTMENT PARTNERS INC.
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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.
Please notify the following of any address changes:
MERRILL LYNCH INVESTMENT PARTNERS INC.
Princeton Corporate Campus
800 Scudders Mill Road, Section 2G
Plainsboro, New Jersey 08536
JWHSDOM
