Back to GetFilings.com
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 June 30, 2003
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 Alternative Investments LLC
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 / /
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
ML JWH STRATEGIC ALLOCATION FUND L.P.
-------------------------------------
(a Delaware Limited Partnership)
------------------------------
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
----------------------------------------------
JUNE 30, DECEMBER 31,
2003 2002
(UNAUDITED)
------------- -------------
ASSETS
Equity in commodity futures trading accounts:
Cash and options premium $ 551,019,000 $ 309,093,654
Net unrealized profit on open contracts (38,827,841) 33,411,491
Accrued interest 457,383 338,254
Subscriptions receivable 7,293 -
------------- -------------
TOTAL $ 512,655,835 $ 342,843,399
============= =============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES:
Brokerage commissions payable $ 2,428,738 $ 1,546,360
Profit share payable 5,793,172 20,144,968
Redemptions payable 3,706,570 2,554,115
Ongoing offering costs payable 105,597 12,500
Administrative fees payable 105,597 67,233
------------- -------------
Total liabilities 12,139,674 24,325,176
------------- -------------
MINORITY INTEREST 250,295 220,555
PARTNERS' CAPITAL:
General Partner (18,883 and 15,665 Units) 4,699,601 3,438,707
Limited Partners (1,991,182 and 1,434,337 Units) 495,566,265 314,858,961
------------- -------------
Total partners' capital 500,265,866 318,297,668
------------- -------------
TOTAL $ 512,655,835 $ 342,843,399
============= =============
NET ASSET VALUE PER UNIT
(Based on 2,010,065 and 1,450,002 Units outstanding) $ 248.88 $ 219.52
============= =============
See notes to consolidated financial statements.
2
ML JWH STRATEGIC ALLOCATION FUND L.P.
-------------------------------------
(a Delaware Limited Partnership)
------------------------------
CONSOLIDATED STATEMENTS OF OPERATIONS
-------------------------------------
(unaudited)
FOR THE THREE FOR THE THREE FOR THE SIX FOR THE SIX
MONTHS ENDED MONTHS ENDED MONTHS ENDED MONTHS ENDED
JUNE 30, JUNE 30, JUNE 30, JUNE 30,
2003 2002 2003 2002
------------- ------------- ------------- -------------
REVENUES:
Trading profit (loss):
Realized $ 20,257,853 $ 35,109,295 $ 126,886,779 $ 26,171,505
Change in unrealized (23,052,482) 47,262,771 (72,246,688) 35,315,857
------------- ------------- ------------- -------------
Total trading results (2,794,629) 82,372,066 54,640,091 61,487,362
------------- ------------- ------------- -------------
Interest income 1,360,271 930,865 2,461,925 1,821,786
------------- ------------- ------------- -------------
Total revenues (1,434,358) 83,302,931 57,102,016 63,309,148
------------- ------------- ------------- -------------
EXPENSES:
Administrative fees 314,949 166,879 571,992 319,142
Brokerage commissions 7,243,821 3,838,217 13,155,809 7,340,255
Ongoing offering expense 314,949 - 439,949 -
------------- ------------- ------------- -------------
Total expenses 7,873,719 4,005,096 14,167,750 7,659,397
------------- ------------- ------------- -------------
INCOME (LOSS) BEFORE MINORITY
INTEREST AND PROFIT SHARE ALLOCATION (9,308,077) 79,297,835 42,934,266 55,649,751
Profit Share Allocation (108,116) (6,198,706) (5,793,172) (6,208,345)
Minority Interest in (income) loss 2,963 (49,020) (29,740) (33,149)
------------- ------------- ------------- -------------
NET INCOME (LOSS) $ (9,413,230) $ 73,050,109 $ 37,111,354 $ 49,408,257
============= ============= ============= =============
NET INCOME (LOSS) PER UNIT:
Weighted average number of General Partner
and Limited Partners Units outstanding 1,911,781 1,498,414 1,734,141 1,498,000
============= ============= ============= =============
Net income (loss) per weighted average
General Partner and Limited Partner Unit $ (4.92) $ 48.75 $ 21.40 $ 32.98
============= ============= ============= =============
See notes to consolidated financial statements.
3
ML JWH STRATEGIC ALLOCATION FUND L.P.
-------------------------------------
(a Delaware Limited Partnership)
------------------------------
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
-------------------------------------------------------
For the six months ended June 30, 2003 and 2002
-----------------------------------------------
(unaudited)
GENERAL LIMITED
UNITS PARTNER PARTNERS TOTAL
------------- ------------- ------------- -------------
PARTNERS' CAPITAL,
December 31, 2001 1,494,282 $ 2,556,954 $ 251,420,036 $ 253,976,990
Additions 79,465 89,419 12,546,928 12,636,347
Net income - 514,447 48,893,810 49,408,257
Redemptions (100,266) - (16,954,028) (16,954,028)
------------- ------------- ------------- -------------
PARTNERS' CAPITAL,
June 30, 2002 1,473,481 $ 3,160,820 $ 295,906,746 $ 299,067,566
============= ============= ============= =============
PARTNERS' CAPITAL,
December 31, 2002 1,450,002 $ 3,438,707 $ 314,858,961 $ 318,297,668
Additions 640,918 908,191 164,892,965 165,801,156
Net income - 385,103 36,726,251 37,111,354
Redemptions (80,855) (32,400) (20,911,912) (20,944,312)
------------- ------------- ------------- -------------
PARTNERS' CAPITAL,
June 30, 2003 2,010,065 $ 4,699,601 $ 495,566,265 $ 500,265,866
============= ============= ============= =============
See notes to consolidated financial statements.
4
ML JWH STRATEGIC ALLOCATION FUND L.P.
-------------------------------------
(A Delaware Limited Partnership)
------------------------------
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
------------------------------------------
(unaudited)
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") as of June 30, 2003, and the results of its
operations for the three and six months ended June 30, 2003 and 2002.
However, the operating results for the interim periods may not be
indicative of the results for the full year.
Certain information and footnote disclosures normally included in annual
financial statements prepared in conformity with accounting principles
generally accepted in the United States of America 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, 2002.
2. FAIR VALUE AND OFF-BALANCE SHEET RISK
The nature of this Partnership has certain risks, which can not be
presented on the financial statements. The following summarizes some of
those risks.
MARKET RISK
Derivative instruments involve varying degrees of off-balance sheet market
risk. 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 Partnership's exposure to market risk is
influenced by a number of factors, including the relationships among the
derivative instruments held by the Partnership as well as the volatility
and liquidity of the markets in which the derivative instruments are
traded.
The General Partner, Merrill Lynch Alternative Investments LLC ("MLAI LLC")
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.
These procedures focus primarily on monitoring the trading of JWH(R),
calculating the Net Asset Value of the Partnership as of the close of
business on each day and reviewing outstanding positions for
over-concentrations. While MLAI LLC does not itself intervene in the
markets to hedge or diversify the Partnership's market exposure, MLAI LLC
may urge JWH(R) to reallocate positions in an attempt to avoid
over-concentrations. However, such interventions are unusual. Except in
cases in which it appears that JWH(R) has begun to deviate from past
practice or trading policies or to be trading erratically, MLAI LLC's basic
risk control procedures consist simply of the ongoing process of advisor
monitoring, with the market risk controls being applied by JWH(R) itself.
CREDIT RISK
The risks associated with exchange-traded contracts are typically perceived
to be less than those associated with over-the-counter
(non-exchange-traded) transactions, 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
5
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 also require margin in the
over-the-counter markets.
The credit risk associated with these instruments from counterparty
nonperformance is the net unrealized profit on open contracts, if any,
included in the Consolidated Statements of Financial Condition. The
Partnership attempts to mitigate this risk by dealing exclusively with
Merrill Lynch entities as clearing brokers.
The Partnership, in its normal course of business, enters into various
contracts, with Merrill Lynch, Pierce, Fenner & Smith Inc. ("MLPF&S")
acting as its commodity broker. Pursuant to the brokerage agreement with
MLPF&S (which includes a netting arrangement), to the extent that such
trading results in receivables from and payables to MLPF&S, these
receivables and payables are offset and reported as a net receivable or
payable and included in the Consolidated Statements of Financial Condition
under Equity in commodity futures trading accounts.
Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
MONTH-END NET ASSET VALUE PER UNIT
-----------------------------------------------------------------------
JAN. FEB. MAR. APR. MAY JUN.
-----------------------------------------------------------------------
2002 $ 168.42 $ 162.64 $ 154.17 $ 155.57 $ 168.98 $ 202.97
-----------------------------------------------------------------------
2003 $ 251.24 $ 269.78 $ 251.98 $ 258.85 $ 272.23 $ 248.88
-----------------------------------------------------------------------
Performance Summary
JANUARY 1, 2003 TO JUNE 30, 2003
January 1, 2003 to March 31, 2003
The Partnership experienced gains in the interest rate, energy, stock index and
currency sectors and losses in the metals and agricultural commodity sectors.
Overall, for the quarter, the Partnership experienced a positive rate of return
of almost 15%.
Interest rate futures were the best performers for the quarter. Interest rates
continued to push lower as economic data for the fourth quarter announced an
annual growth rate for the economy of about 1% for 2002. Consumer spending and
confidence remained low and even the housing market stumbled in March. The
global fixed income markets continued their upward climb until mid-March when
expectations of a short conflict triggered the liquidation of many fixed income
investments hurting long exposures.
Energy was also a strong performer for the quarter. With the continuation of the
strike in Venezuela, the tensions with Iraq and the cold winter, long positions
in oil and natural gas were profitable in the beginning of the year. In
February, the best performing month, natural gas prices rose nearly 40% in a
single day citing expected severely cold weather and supply shortages. Prices
plummeted within a week of the start of the war with Iraq, causing the loss of
almost half of the profits earned in January and February.
Trading in stock indices posted gains for each of the months in the quarter.
European stock markets attempted to start the year with some optimism only to
succumb to eroding prices throughout the quarter. Global economies suffered
throughout the quarter, however in mid-March the equities market did react with
the currency and fixed income markets. Equities appeared to be more in tune to
the overall market fundamental and were quick to resume their downward trend.
6
The currency forward and futures trading had gains for the quarter. The
weakening U.S. dollar was continuing to decline as it has for over a year and
the Partnership was well positioned to capitalize on its U.S dollar positions
against other currencies. In March, on hopes that the war with Iraq would be
short, the U.S. dollar strengthened and returned some of the profits earned
early in the year.
The metals sector had slight losses for the quarter. Gold drove profits in
January as it continued its run up. The general perception of risks in the
financial markets and the geopolitical situation unfolding was the main driver
for the gold market in January. The Partnership sustained losses in February as
the long bias in precious metals hurt the portfolio when gold reversed its
rising trend in February with the announcement that the German Bundesbank had
sold a portion of its gold reserves. Industrial metals markets were choppy
throughout the quarter.
Trading in agricultural commodities posted losses for the quarter. The
Partnership held positions in sugar, corn, wheat, cocoa, coffee and the soybean
complex. Agricultural trading represents about 5% of the Partnership's trading.
April 1, 2003 to June 30, 2003
The Partnership experienced gains in the stock index, interest rate, and
currency sectors and losses in the agricultural commodity, energy and metal
sectors. Overall, for the quarter, the Partnership experienced losses.
Trading in the stock index sector was profitable for the Partnership. After a
volatile April and May, a rally in the Nikkei started in June after the Bank of
Japan was proactive in helping the distressed Japanese banking group, Resona
Holdings Inc. This helped to inject confidence in the Japanese financial system
which contributed to gains in this sector for June.
Interest rate futures were a strong performer for the quarter. The majority of
the profits from this sector came from the Japanese ten-year Government Bonds,
which continues to be a very vibrant market for trading, as the Japanese economy
falls further into the economic abyss. A turn in the market and increasing
yields hurt performance in June, particularly in the longer end of the yield
curve.
Stock indices trading posted gains for the quarter. The bulk of the profits in
April and May were attributed to a weakening U.S. dollar although some profits
were given back in June as the trend reversed. The past few months have
witnessed investors seeking higher yields than readily available in U.S. dollar
denominated assets. This has led to the sale of U.S. dollars against major
currencies.
Agricultural commodities trading was not profitable for the Partnership this
quarter. Trading was volatile during the quarter with the largest contributors
being coffee, cotton and cocoa.
The energy sector posted losses this quarter. The sector had a positive return
in April which was reversed and overshadowed by negative results for May and
June. The vast majority of the losses occurred in natural gas, which was very
volatile during June. Recent cooler weather in the northern states and the
largest storage injection on record in the U.S. released on June 20th reversed
the market, pushing it to the lows of the month. Crude oil was also down for the
month in volatile trading.
The metals sector was the worst performer for the quarter. After rallying for
most of April and May, gold fell by over 5% in June. The other components were
also down due to the inability of other metals to trend in this environment.
7
JANUARY 1, 2002 TO JUNE 30, 2002
January 1, 2002 to March 31, 2002
Trading in the energy markets was profitable. Trading in natural gas and crude
oil resulted in gains. All markets posted gains in March, as crude and Brent
oil, gas oil, heating oil and unleaded gas produced profits.
Metals trading was moderately profitable. The Japanese government announced that
at the end of March they would no longer guarantee time deposits in excess of
ten million yen. Concerned Japanese citizens purchased physical gold, causing a
rally. Profits were realized in copper, zinc, nickel and silver as industrial
demand in anticipation of a strong global economic recovery pushed prices
higher.
Losses were posted across the board in agricultural commodity trading. Soybean
and sugar combined for the largest losses. The sector was flat by quarter end.
Stock index trading was unprofitable as volatile conditions made it difficult to
generate profits. Losses were realized in the Nikkei, DAX, Eurostoxx and NASDAQ
indices.
The interest rate sector sustained losses throughout the quarter. Optimism
surrounding the Japanese government's proposed anti-deflation measures had a
negative effect on Japanese government bonds. The sector as a whole was
unprofitable, as U.S. and Japanese interest rate contracts were unprofitable.
Significant losses occurred in the currency markets. The U.S. dollar weakened
against major currencies, particularly the Japanese yen. The sector performed
poorly, specifically the U.S. dollar/Japanese yen cross trades, as Japanese
fiscal year-end considerations made trading extremely volatile. Positions in
Swiss franc, Euro and British pound also turned in negative performances.
April 1, 2002 to June 30, 2002
Profits resulting from trading in the currency sector provided the Partnership
with an over 33% rate of return (on the total net assets of the Partnership) for
the second quarter. Strong trends developed from a weakening U.S. dollar, which
continued through June. Most of the major currencies made new highs versus the
U.S. dollar in June.
The trading in stock indices found profits from its short positions. Worldwide
equity markets attempted to move higher, but failed and resumed their downtrend.
The interest rate sector was profitable for the Partnership despite its slow
start. The quarter began with a loss as interest rates were particularly
sensitive to economic data that was released, and more so to its varied
interpretations. By quarter end, the Partnership profited from a strong bond
market, which benefited from the weakness in the stock market and unchanged
interest rates.
The metals sector sustained slight losses for the quarter. In June, the uptrend
in gold reversed and losses were sustained on a long position eliminating slight
profits earned earlier in the quarter.
Losses were experienced in the agricultural commodities markets. Positions in
coffee, corn and soybean meal were mostly to blame.
Energy produced losses for the Partnership. Fears of possible supply disruption
abated, stifling a previously strong uptrend. In June, a good crude supply
coupled with tensions in the Middle East provided negative returns for the
month.
8
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Not applicable
Item 4. Controls and Procedures
Merrill Lynch Alternative Investments LLC, the General Partner of ML JWH
Strategic Allocation Fund L.P., with the participation of the General Partner's
Chief Executive Officer and the Chief Financial Officer, has evaluated the
effectiveness of the design and operation of its disclosure controls and
procedures with respect to the Partnership within 90 days of the filing date of
this quarterly report, and, based on their evaluation, have concluded that these
disclosure controls and procedures are effective. Additionally, there were no
significant changes in the Partnership's internal controls or in other factors
that could significantly affect these controls subsequent to the date of their
evaluation, including any corrective actions with regard to significant
deficiencies and material weaknesses.
9
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
There are no pending proceedings to which the Partnership or MLAI LLC
is a party.
Item 2. Changes in Securities and Use of Proceeds
(a) None.
(b) None.
(c) None.
(d) The Partnership originally registered 2,000,000 units of limited
partnership interest. The Partnership subsequently registered an
additional 3,310,000 units of limited partnership interest. As of June
30, 2003, the Partnership has sold 4,695,914 units of limited
partnership interest, with an aggregate price of $721,695,292.
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 six months
of fiscal 2003.
10
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: MERRIL LYNCH ALTERNATIVE
INVESTMENTS LLC
(General Partner)
Date: August 14, 2003 By /s/ ROBERT M. ALDERMAN
----------------------
Robert M. Alderman
Chairman, Chief Executive Officer and Manager
(Principal Executive Officer)
Date: August 14, 2003 By /s/ MICHAEL L. PUNGELLO
-----------------------
Michael L. Pungello
Vice President, Chief Financial Officer
and Treasurer
(Principal Financial and Accounting Officer)
11
EXHIBIT 99
Form of Certification Pursuant to Section 1350 of Chapter 63
------------------------------------------------------------
of Title 180 of the United States Code
--------------------------------------
I, Robert M. Alderman, certify that:
1. I have reviewed this quarterly report on Form 10-Q of ML JWH Strategic
Allocation Fund L.P.;
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:
a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities,
particularly during the period in which this quarterly report is being
prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent
functions):
a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
controls;
6. The registrant's other certifying officers and I have indicated in this
quarterly report whether there were significant changes in internal controls or
in other factors that could significantly affect internal controls subsequent to
the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.
Date: August 14, 2003
- -----------------------
By /s/ ROBERT M. ALDERMAN
----------------------
Robert M. Alderman
Chairman, Chief Executive Officer and Manager
(Principal Executive Officer)
12
EXHIBIT 99 (a)
AS ADOPTED TO
-------------
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
---------------------------------------------
In connection with this quarterly report of ML JWH Strategic Allocation Fund
L.P. on Form 10-Q for the period ended June 30, 2003 as filed with the
Securities and Exchange Commission on the date hereof, I, Robert M. Alderman,
certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant of the
Sarbanes-Oxley Act of 2002, that:
1. This quarterly report fully complies with the requirements of Section 13 or
15(d) of the Securities and Exchange Act of 1934; and
2. The information contained in this quarterly report fairly presents, in all
material respects, the financial condition and results of operations of ML JWH
Strategic Allocation Fund L.P.
Date: August 14, 2003
- -----------------------
By /s/ ROBERT M. ALDERMAN
----------------------
Robert M. Alderman
Chairman, Chief Executive Officer and Manager
(Principal Executive Officer)
13
EXHIBIT 99
Form of Certification Pursuant to Section 1350 of Chapter 63
------------------------------------------------------------
of Title 180 of the United States Code
--------------------------------------
I, Michael L. Pungello, certify that:
1. I have reviewed this quarterly report on Form 10-Q of ML JWH Strategic
Allocation Fund L.P.;
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:
a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities,
particularly during the period in which this quarterly report is being
prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent
functions):
a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
controls;
6. The registrant's other certifying officers and I have indicated in this
quarterly report whether there were significant changes in internal controls or
in other factors that could significantly affect internal controls subsequent to
the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.
Date: August 14, 2003
- -----------------------
By /s/ MICHAEL L. PUNGELLO
-----------------------
Michael L. Pungello
Vice President, Chief Financial Officer
and Treasurer
(Principal Financial and Accounting Officer)
14
EXHIBIT 99 (a)
AS ADOPTED TO
-------------
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
---------------------------------------------
In connection with this quarterly report of ML JWH Strategic Allocation Fund
L.P. on Form 10-Q for the period ended June 30, 2003 as filed with the
Securities and Exchange Commission on the date hereof, I, Michael L. Pungello,
certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant of the
Sarbanes-Oxley Act of 2002, that:
1. This quarterly report fully complies with the requirements of Section 13 or
15(d) of the Securities and Exchange Act of 1934; and
2. The information contained in this quarterly report fairly presents, in all
material respects, the financial condition and results of operations of ML JWH
Strategic Allocation Fund L.P.
Date: August 14, 2003
- -----------------------
By /s/ MICHAEL L. PUNGELLO
-----------------------
Michael L. Pungello
Vice President, Chief Financial Officer
and Treasurer
(Principal Financial and Accounting Officer)
15