**UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549**

**FORM 10-Q**

**(Mark One)**

**x****QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934**

**For the quarterly periodended  March 31, 2007**

**OR**

**o****TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934**

**For the transition period from                to                **

**Commission File Number 0-28928**

**ML JWHSTRATEGIC ALLOCATION FUND L.P.**(Exact Name of Registrant asspecified in its charter)

| **Delaware**                     | ** ** | **13-3887922**                     |
|----------------------------------|------------|------------------------------------|
| (State or other  jurisdiction of |       | (IRS Employer  Identification No.) |
| incorporation or  organization)  |       |                               |

 

**c/o Merrill Lynch Alternative Investments LLCPrinceton Corporate Campus800 Scudders Mill Road – Section 2GPlainsboro, New Jersey  08536**(Address of principal executive offices)(Zip Code)

**609-282-6091**(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 theSecurities Exchange Act of 1934 during the preceding 12 months (or for suchshorter 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   o |
|--|------------------------|--------|-----------------------|

 

Indicate by check mark whether the registrant is alarge accelerated filer, an accelerated filer, or a non-accelerated filer.  See definition of “accelerated filer andlarge accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o          Acceleratedfiler o          Non-acceleratedfiler x

Indicate by check mark whether registrant is a shell company (asdefined by Rule 12b-2 of the Exchange Act).
|  | Yes   o |   | No   x |
|--|------------------------|--------|-----------------------|

 

Indicate by check mark whether the registrant hasfiled all documents and reports required to be filed by Sections 12, 13 or15(d) of the Securities Exchange Act of 1934 subsequent to the distribution ofsecurities under a plan confirmed by a court.
|  | Yes   o |   | No   o |
|--|------------------------|--------|-----------------------|

 

 

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**ML JWH STRATEGIC ALLOCATION FUND L.P.**

QUARTERLY REPORT FOR MARCH 31, 2007 ON FORM 10-Q

Table of Contents
| PART I   |   |                                                                                        |
|----------|--------|---------------------------------------------------------------------------------------------|
|     |   |                                                                                        |   |   |
| Item 1.  |   | Financial  Statements                                                                       |   | 2 |
|     |   |                                                                                        |   |   |
| Item 2.  |   | Management’s  Discussion and Analysis of Financial Condition and Results of Operations |   | 7 |
|     |   |                                                                                        |   |   |
| Item 3.  |   | Quantitative  and Qualitative Disclosures About Market Risk                                 |   | 11 |
|     |   |                                                                                        |   |   |
| Item 4.  |   | Controls and  Procedures                                                                    |   | 13 |
|     |   |                                                                                        |   |   |
| PART  II |   |                                                                                        |
|     |   |                                                                                        |   |   |
| Item 1.  |   | Legal Proceedings                                                                           |   | 14 |
|     |   |                                                                                        |   |   |
| Item 2.  |   | Unregistered  Sales of Equity Securities and Use of Proceeds                                |   | 15 |
|     |   |                                                                                        |   |   |
| Item 3.  |   | Defaults  Upon Senior Securities                                                            |   | 15 |
|     |   |                                                                                        |   |   |
| Item 4.  |   | Submission  of Matters to a Vote of Security Holders                                        |   | 15 |
|     |   |                                                                                        |   |   |
| Item 5.  |   | Other Information                                                                           |   | 15 |
|     |   |                                                                                        |   |   |
| Item 6   |   | Exhibits  and Reports on Form 8-K                                                           |   | 15 |

 

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PART I - FINANCIALINFORMATION

Item1.    Financial Statements

ML JWH STRATEGIC ALLOCATION FUND L.P.(a Delaware limited partnership)

CONSOLIDATED STATEMENTSOF FINANCIAL CONDITION
| ** **                                                                                                     | ** ** | **March 31,** | ** **  | **December 31,** | ** ** |
|----------------------------------------------------------------------------------------------------------------|------------|--------------------|-------------|-----------------------|------------|
| ** **                                                                                                     | ** ** | **2007**           | ** **  | **2006**              | ** ** |
| ** **                                                                                                     | ** ** | **(unaudited)**    | ** **  | ** **            | ** ** |
|                                                                                                           |       |               |        |                  |       |
| **ASSETS:**                                                                                                    | ** ** | ** **         | ** **  | ** **            | ** ** |
| Equity in commodity  futures trading accounts:                                                                 |       |               |        |                  |       |
| Cash (includes  restricted cash of $65,372,011 for 2007 and $313,038,069 for 2006)                             |       | $                  | 626,562,504 |                  | $          | 833,258,309 |   |
| Net unrealized  profit (loss) on open contracts                                                                |       | (4,291,126         | )           | 7,308,299             |       |
| Accrued interest                                                                                               |       | 2,890,359          |        | 3,815,156             |       |
| Subscriptions  receivable                                                                                      |       | 9,787              |        | 10,648                |       |
|                                                                                                           |       |               |        |                  |       |
| **TOTAL  ASSETS**                                                                                              |       | $                  | 625,171,524 |                  | $          | 844,392,412 |   |
|                                                                                                           |       |               |        |                  |       |
| **LIABILITIES, PARTNERS’ CAPITAL,  AND MINORITY INTEREST:**                                               | ** ** | ** **         | ** **  | ** **            | ** ** |
| LIABILITIES:                                                                                                   |       |               |        |                  |       |
| Brokerage  commissions payable                                                                                 |       | $                  | 2,995,433   |                  | $          | 4,045,866 |   |
| Redemptions  payable                                                                                           |       | 53,008,715         |        | 47,544,300            |       |
| Ongoing offering  costs payable                                                                                |       | —             |        | 125,000               |       |
| Administrative  and filing fees payable                                                                        |       | 151,077            |        | 196,749               |       |
|                                                                                                           |       |               |        |                  |       |
| Total  liabilities                                                                                             |       | 56,155,225         |        | 51,911,915            |       |
|                                                                                                           |       |               |        |                  |       |
| **PARTNERS’ CAPITAL:**                                                                                    | ** ** | ** **         | ** **  | ** **            | ** ** |
| General Partner (42,282  and 46,719 Units)                                                                     |       | 6,530,135          |        | 8,204,766             |       |
| Limited Partner  (3,641,334 and 4,465,097 Units)                                                               |       | 562,330,107        |        | 784,098,296           |       |
|                                                                                                           |       |               |        |                  |       |
| Total partners’  capital                                                                                  |       | 568,860,242        |        | 792,303,062           |       |
|                                                                                                           |       |               |        |                  |       |
| **MINORITY INTEREST**                                                                                          |       | 156,057            |        | 177,435               |       |
|                                                                                                           |       |               |        |                  |       |
| **TOTAL  LIABILITIES, PARTNERS’ CAPITAL AND MINORITY INTEREST**                                           |       | $                  | 625,171,524 |                  | $          | 844,392,412 |   |
| ** **                                                                                                     | ** ** | ** **         | ** **  | ** **            | ** ** |
| **NET ASSET VALUE PER UNIT**(Based on 3,683,616 and 4,511,816 Units outstanding, 12,508,667  Units authorized) |       | $                  | 154.43      |                  | $          | 175.61 |   |

 

See notes to consolidated financial statements.

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ML JWH STRATEGIC ALLOCATION FUND L.P.(a Delaware limited partnership)

CONSOLIDATED STATEMENTSOF OPERATIONS(unaudited)
| ** **                                                                        | ** ** | **For the three** | ** **  | **For the three** | ** ** |
|-----------------------------------------------------------------------------------|------------|-----------------------------|-------------|-----------------------------|------------|
| ** **                                                                        | ** ** | **months ended**       | ** **  | **months ended**       | ** ** |
| ** **                                                                        | ** ** | **March 31,**          | ** **  | **March 31,**          | ** ** |
| ** **                                                                        | ** ** | **2007**                    | ** **  | **2006**                    | ** ** |
|                                                                              |       |                        |        |                        |       |
| **TRADING  PROFIT (LOSS):**                                                       | ** ** | ** **                  | ** **  | ** **                  | ** ** |
| ** **                                                                        | ** ** | ** **                  | ** **  | ** **                  | ** ** |
| Realized                                                                          |       | $                           | (75,622,348 | )                           | $          | (162,486,416 | ) |
| Change in unrealized                                                              |       | (11,599,425                 | )           | 79,717,443                  |       |
| ** **                                                                        | ** ** | ** **                  | ** **  | ** **                  | ** ** |
| Total trading loss                                                                |       | (87,221,773                 | )           | (82,768,973                 | )          |
|                                                                              |       |                        |        |                        |       |
| **INVESTMENT  INCOME:**                                                           | ** ** | ** **                  | ** **  | ** **                  | ** ** |
|                                                                              |       |                        |        |                        |       |
| Interest                                                                          |       | 9,225,346                   |        | 12,775,311                  |       |
|                                                                              |       |                        |        |                        |       |
| **EXPENSES:**                                                                     | ** ** | ** **                  | ** **  | ** **                  | ** ** |
|                                                                              |       |                        |        |                        |       |
| Brokerage commissions                                                             |       | 10,185,362                  |        | 16,662,811                  |       |
| Administrative and filing fees                                                    |       | 505,342                     |        | 786,970                     |       |
| Ongoing offering costs                                                            |       | 25,000                      |        | 325,000                     |       |
|                                                                              |       |                        |        |                        |       |
| Total expenses                                                                    |       | 10,715,704                  |        | 17,774,781                  |       |
|                                                                              |       |                        |        |                        |       |
| **NET  INVESTMENT LOSS**                                                          |       | (1,490,358                  | )           | (4,999,470                  | )          |
|                                                                              |       |                        |        |                        |       |
| **LOSS BEFORE MINORITY INTEREST AND PROFIT SHARE  ALLOCATION**                    |       | (88,712,131                 | )           | (87,768,443                 | )          |
| ** **                                                                        | ** ** | ** **                  | ** **  | ** **                  | ** ** |
| Minority interest in loss                                                         |       | 21,378                      |        | 14,427                      |       |
|                                                                              |       |                        |        |                        |       |
| **NET  LOSS**                                                                     |       | $                           | (88,690,753 | )                           | $          | (87,754,016 | ) |
|                                                                              |       |                        |        |                        |       |
| **NET  LOSS PER UNIT:**                                                           | ** ** | ** **                  | ** **  | ** **                  | ** ** |
| Weighted average number of General Partner and  Limited Partner Units outstanding |       | 4,282,551                   |        | 6,062,449                   |       |
|                                                                              |       |                        |        |                        |       |
| Net loss per  weighted average General Partner and Limited Partner Unit           |       | $                           | (20.71      | )                           | $          | (14.48 | ) |

 

See notes to consolidatedfinancial statements.

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ML JWH STRATEGIC ALLOCATION FUND L.P.(a Delaware limited partnership)

CONSOLIDATED STATEMENTSOF CHANGES IN PARTNERS’ CAPITALFor the three months ended March 31, 2007 and 2006(unaudited)
| ** **                                 | ** ** | **Units** | ** ** | **General  Partner** | ** ** | **Limited  Partners** | ** ** | **Total**     | ** ** |
|--------------------------------------------|------------|-----------|------------|----------------------|------------|-----------------------|------------|---------------|------------|
|                                       |       |      |       |                 |       |                  |       |          |       |
| PARTNERS’  CAPITAL, December 31, 2005 |       | 6,005,530 |       | $                    | 12,613,943 |                  | $          | 1,221,537,583 |       | $ | 1,234,151,526 |   |
|                                       |       |      |       |                 |       |                  |       |          |       |
| Subscriptions                              |       | 303,858   |       | 4,888                |       | 58,752,324            |       | 58,757,212    |       |
|                                       |       |      |       |                 |       |                  |       |          |       |
| Net loss                                   |       | —    |       | (882,019             | )          | (86,871,997           | )          | (87,754,016   | )          |
|                                       |       |      |       |                 |       |                  |       |          |       |
| Redemptions                                |       | (498,603  | )          | —               |       | (94,505,987           | )          | (94,505,987   | )          |
|                                       |       |      |       |                 |       |                  |       |          |       |
| PARTNERS’  CAPITAL, March 31, 2006    |       | 5,810,785 |       | $                    | 11,736,812 |                  | $          | 1,098,911,923 |       | $ | 1,110,648,735 |   |
|                                       |       |      |       |                 |       |                  |       |          |       |
| PARTNERS’  CAPITAL, December 31, 2006 |       | 4,511,816 |       | $                    | 8,204,766  |                  | $          | 784,098,296   |       | $ | 792,303,062 |   |
|                                       |       |      |       |                 |       |                  |       |          |       |
| Subscriptions                              |       | 43,373    |       | —               |       | 7,449,030             |       | 7,449,030     |       |
|                                       |       |      |       |                 |       |                  |       |          |       |
| Net loss                                   |       | —    |       | (987,524             | )          | (87,703,229           | )          | (88,690,753   | )          |
|                                       |       |      |       |                 |       |                  |       |          |       |
| Redemptions                                |       | (871,573  | )          | (687,107             | )          | (141,513,990          | )          | (142,201,097  | )          |
|                                       |       |      |       |                 |       |                  |       |          |       |
| PARTNERS’ CAPITAL,  March 31, 2007    |       | 3,683,616 |       | $                    | 6,530,135  |                  | $          | 562,330,107   |       | $ | 568,860,242 |   |

 

See notes to consolidatedfinancial statements.

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ML JWH STRATEGIC ALLOCATION FUND L.P.(a Delaware limited partnership)

NOTES TOCONSOLIDATED FINANCIAL STATEMENTS(unaudited)

1.                                      SUMMARYOF SIGNIFICANT ACCOUNTING POLICIES

In the opinion of management, the consolidatedfinancial statements contain all adjustments necessary to present fairly thefinancial position of ML JWH Strategic Allocation Fund L.P. (the “Partnership”)as of March 31, 2007, and the results of its operations for the three monthsended March 31, 2007 and 2006. However, the operating results for the interimperiods may not be indicative of the results for the full year.  These consolidated financial statementscontain the activities of both the Partnership and the joint venture in whichthe trading activities occur.

Certain information and footnote disclosures normallyincluded in annual consolidated financial statements prepared in accordancewith accounting principles generally accepted in the United States of America (“USGAAP”) have been omitted.  It issuggested that these consolidated financial statements be read in conjunctionwith the financial statements and notes thereto included in the Partnership’sAnnual Report on form 10-K filed with the Securities and Exchange Commissionfor the year ended December 31, 2006.

The preparation offinancial statements in conformity with US GAAP requires management to makeestimates and assumptions that affect the reported amounts of assets andliabilities and disclosure of contingent assets and liabilities at the date ofthe financial statements and the reported amounts of revenues and expensesduring the reporting period.  Actualresults could differ from those estimates.

2.                                      MARKET AND CREDIT RISKS

Thenature of this Partnership has certain risks, which cannot be presented on theconsolidated financial statements.  Thefollowing summarizes some of those risks.

MarketRisk

Derivativeinstruments involve varying degrees of market risk.  Changes in the level or volatility ofinterest rates, foreign currency exchange rates or the market values of the financialinstruments or commodities underlying such derivative instruments frequentlyresult in changes in the Partnership’s net unrealized profit (loss) on suchderivative instruments as reflected in the Consolidated Statements of FinancialCondition.  The Partnership’s exposure tomarket risk is influenced by a number of factors, including the relationshipsamong the derivative instruments held by the Joint Venture as well as thevolatility and liquidity of the markets in which the derivative instruments aretraded. Investments in foreign markets may also entail legal and politicalrisks.

The General Partner, Merrill Lynch Alternative InvestmentsLLC (“MLAI”), has procedures in place intended to control market risk exposure,although there can be no assurance that they will, in fact, succeed in doingso.  These procedures focus primarily onmonitoring the trading of John W. Henry & Co., Inc., (“JWH®”),the investment advisor, calculating the Net Asset Value of the Partnership asof the close of business on each day and reviewing outstanding positions forover-concentrations.  While MLAI does notitself intervene in the markets to hedge or diversify the Partnership’s marketexposure, MLAI may urge JWH® to reallocatepositions in an attempt to avoid over-concentration.  However, such interventions are unusual.  Except in cases in which it appears that JWH® has begun to deviate from past practice andtrading policies or to be trading erratically, MLAI’s basic risk controlprocedures consist simply of the ongoing process of advisor monitoring, withthe market risk controls being applied by JWH® itself.

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Credit Risk

The risksassociated with exchange-traded contracts are typically perceived to be lessthan those associated with over-the-counter (non-exchange-traded) transactions,because exchanges typically (but not universally) provide clearinghousearrangements 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 financialintegrity of the exchange.  Inover-the-counter transactions, on the other hand, traders must rely solely onthe credit of their respective individual counterparties.  Margins, which may be subject to loss in theevent of a default, are generally required in exchange trading, andcounterparties may also require margin in the over-the-counter markets.

The credit risk associated with these instruments from counterpartynonperformance is the net unrealized profit on open contracts, if any, includedin the Consolidated Statements of Financial Condition.  The Partnership attempts to mitigate thisrisk by dealing exclusively with Merrill Lynch entities as clearing brokers.

The Partnership, in its normal course of business, enters into variouscontracts with Merrill Lynch, Pierce, Fenner & Smith (MLPF&S) acting asits commodity broker.  Pursuant to thebrokerage agreement with MLPF&S (which includes a netting arrangement), tothe extent that such trading results in receivables from and payables toMLPF&S, these receivables and payables are offset and reported as a netreceivable or payable and included in Net unrealized profit (loss) on opencontracts on the Consolidated Statements of Financial Condition.

3.                                      RECENT ACCOUNTING PRONOUNCEMENTS

In July 2006, the FinancialAccounting Standards Board (“FASB”) issued Interpretation No. 48 (“FIN 48”),Accounting for Uncertainty in Income Taxes — an interpretation of FASBStatement No. 109. FIN 48 prescribes the minimum recognition threshold a taxposition must meet in connection with accounting for uncertainties in incometax positions taken or expected to be taken by an entity before being measuredand recognized in the financial statements. Adoption of FIN 48 is required forfiscal years beginning after December 15, 2006. The Partnership has evaluatedits tax positions and has determined that the implementation of thispronouncement does not have a material impact on the Partnership’s consolidatedfinancial statements.

In September 2006, the FASBissued Statement of Financial Accounting Standards No. 157, Fair ValueMeasurements (“FAS 157”). FAS 157 establishes a common definition for fairvalue under accounting principles generally accepted in the United States ofAmerica, establishes a framework for measuring fair value and expandsdisclosure requirements about such fair value measurements.  FAS 157 iseffective for fiscal years beginning after November 15, 2007.  ThePartnership has evaluated the impact of FAS 157 and has determined that thereis no material impact to the financial statements.  The Partnership trades highly liquidsecurities with typical durations of 6 months or less for which there are highvolume markets and readily available quotes from various sources.  The Partnership is currently evaluating theimpact of adopting FAS 157 on its consolidated financial statments.

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Item 2:             Management’s Discussion and Analysis ofFinancial Condition and Results of Operations

MONTH-END NETASSET VALUE PER UNIT

|      | ** ** | **Jan** | ** ** | **Feb** | ** ** | **Mar** | ** ** |
|------|------------|---------|------------|---------|------------|---------|------------|
| 2006 |       | $       | 198.52     |    | $          | 180.91  |       | $ | 191.14 |   |
| 2007 |       | $       | 173.44     |    | $          | 164.76  |       | $ | 154.43 |   |

 

PERFORMANCE SUMMARY

January 1, 2007 to March 31, 2007

The Partnership posted an overall loss for the first quarter.

The agriculture sector posted losses for the Partnership. Priceinstability hurt performance at the beginning of the quarter as New York coffeefell from a ten month high. The rally in coffee had been fueled by speculationthat drought would reduce Brazil’s harvest. The strong trend then suffered areversal as coffee prices in New York suffered their longest slump in thirteenmonths on speculation that favorable weather in Brazil might actually boost theharvest. Corn, which suffered a sharp reversal by falling 7.2 % in the firsttwo days of the year hurting performance, rebounded along with soybeansbenefiting from speculation that cold temperatures in the United States wouldboost demand for alternative fuels made from the nation’s two biggest crops.Corn regained its strength and reached a ten year high on January 17th, while soybeans reached aneighteen month high on January 18th.   Corn and soybeans continued posting gainsfor the Partnership through mid-quarter as soybeans reached their highest levelsince June 2004, as wet weather threatened to prevent Unites States farmersfrom planting enough crops to meet surging demand for crop-based fuels. ChicagoBoard of Trade limited wheat contract gains as it dropped in excess of 2percent after prices had reached $5.09, the highest since December 26, 2006, asinvestors bailed out of the commodity following the global plunge in equities.As a result of the plunge in global equity prices investors bailed out ofcommodities as the quarter ended and took profits in corn and soybeans, whichhad just reached multi-year highs. Slight gains were produced in New York coffee as its weakening trendaccelerated due to the fact that coffee fell to its lowest price since November2006 on signs that supply may be exceeding demand as stocks piled up inwarehouses monitored by the New York Coffee, Sugar & Cocoa Exchange.

The energy sector also posted losses for the Partnership. Geopoliticalevents and a record-breaking heat wave in the Northeastern United States causedvolatility beginning of the quarter as natural gas prices fell 6.9% after agovernment report showed a smaller-than-average decline in inventories of thefuel. Following a government report indicating that the United States suppliesof crude oil, gasoline, heating oil and diesel were above the five-year averagefor the period, crude oil prices plunged and reached a nineteen month low of$49.90 a barrel. However, forecasts of colder weather throughout Februaryreversed the weakening trend and sent energy prices upward. Despite thevolatility within the sector, crude oil and London gas oil were able to offseta majority of the losses.  Natural gasreversed its strengthening trend mid-quarter and had its biggest loss in morethan six weeks in New York. Larger-than-expected supplies and forecasts of moreseasonal temperatures across the central United States contributed to thereversal. After reaching a two-month high on February 5th for natural gas Marchdelivery it dropped 7.7 % on February 12th, its biggest one-day percentagedecline since December 26, 2006. The drop in natural gas price March deliverywas spurred by a government report that U.S. gas supplies were 19 percenthigher than the average for the past five years. Crude oil’s reversal also hurtperformance as it rose to $61.79 a barrel, its highest closing price this yearon

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speculation that U.S. fuel inventories declined because refineries weredown for repairs and also as a result of the increasing tension with Iran. Thequarter ended as natural gas dropped to its lowest price in two months asforecasts for milder weather signaled reduced consumption of the heatingfuel.  However, when forecasterspredicted a shift in the weather pattern that would deliver colder-than-normalair to the eastern United States, the sector experienced losses as natural gassuffered a trend reversal as prices rose to a one-month high.  While gains were achieved in crude oil as itcontinued its weakening trend they were limited as crude oil spiked higher andtraded near a six-month high after Iran seized 15 British Naval personnel inthe Persian Gulf on March 23rd.

The stock indices posted losses for the Partnership. The beginning ofthe quarter was negative as losses in the NASDAQ E-mini offset the gains of theother components in the sector. Although U.S. stocks completed their longeststretch of monthly gains in more than a decade, intra-month volatility hurt thesectors overall performance. On January 13th, U.S. stocks rose the highest inmore than three months. This was due to expectations that profits at technologycompanies, such as Apple Inc. and Microsoft Corp., would increase as newproducts would prompt consumers and businesses to spend more. The NASDAQ had a2.8 percent increase, a level not seen since February 2001. However, stocksfell towards the end of the first quarter after profit reports from Intel Corp.and IBM caused concern that analysts’ forecasts for earnings at computer-relatedcompanies were too high. U.S. stocks had their biggest tumble since 2002mid-quarter after a plunge in the Chinese equity market caused by concern thata government crackdown on investments with borrowed money will end a rally thatdrove benchmarks to records, sparked a global drop in equity prices and raisedconcerns that investors would unload equities after a four-year bull market. OnFebruary 27th,Chinese stocks suffered their greatest loss in a decade, while the Dow JonesStoxx 600 Index dropped 3%  and the DowJones Industrial Average fell as much as 546 points intraday, the most sincethe first day of trading after September 11th, 2001. The Eurostoxx 50 was thesector’s worst performer while the Nikkei 225 offset some losses as the sector’sbest performer. The quarter ended as the global sell-off that began on February27th caused more than $2.4 trillion in share valueto be lost over five days.

The metals sector posted losses for the Partnership. Precious metal prices reacted tofluctuations in the U.S. dollar at the beginning of the quarter as reversal inthe U.S. dollar’s weakening trend reduced the appeal of gold as an alternativeinvestment. Gold weakened, falling 3.1% after the U.S. dollar rose to a six-week high as the United Statesannounced higher-than-expected employment figures in December 2006 only to rise3.9% as the U.S. dollar once again weakened and speculation increased that theprecious metal’s decline was excessive. The London Metal Exchange limited thecopper sector’s losses as copper prices fell 10% and 35% since reaching arecord high of 8,724 metric tons since May 2006. Copper prices declined amidexpectations that a housing slowdown in the United States, the world’ssecond-largest user of the metal, would continue to reduce demand this year.Base metals suffered strong reversals mid-quarter as copper, which had beenweakening prior to February on reports of rising stockpiles signaled productionwas exceeding demand and rallied on speculation that China, its largest user,would accelerate its buying. Performance in gold and silver had limited lossesas prices found further support as they climbed to nine-month highs asescalating tension over Iran’s nuclear research program increased and investorssearched for safe-haven investments. However, as the quarter ended the drop inprice in the equity markets sent precious metals lower, reversing theirstrengthening trend.  Although metalseventually began to rally the quarter ended down 0.5 percent.

Theinterest rate sector posted losses for the Partnership. The quarter began withstronger than expected growth and fears of increasing inflation led Europeanten-year bond yields to reach six-month highs and the U.K. two-year gilt yieldsto move toward five-year highs. U.K. long gilts slumped, which sent yieldssoaring after the Bank of England policy makers unexpectedly raised interestrates by a quarter point. Volatility in the ten-year Japanese Government bondslimited the sector’s performance after Kyodo News reported that the Bank ofJapan was unlikely to raise interest rates at its meeting on January 18th, andthe Bank of Japan followed through with no change in rates. The global bondmarkets reversed their weakening trend mid-quarter as the sell-off in theglobal equity markets fueled demand for government debt.  The Japanese Government Benchmark ten-yearbonds added to the Fund’s negative performance as speculation grew that theBank of Japan, which doubled interest rates, from .25 to .50, at its February21st meeting would pause before raising borrowing costs any further. Thisprompted a move higher in the market and the rally was

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furthersupported after the Nikkei 225 stock average posted its biggest decline sinceJune 2006.  Fixed-income markets, whichhad rallied mid-quarter continued to strengthen as uncertainty increased thatthe drop in equities and the rising defaults among the riskiest mortgages wouldslow consumer spending and the global economy. European government bonds postedtheir biggest back-to-back weekly decline in three months as European CentralBank President Jean-Claude Trichet reassured investors and stated that growthwas “broader and sustained” and left “no time for complacency.”  The quarter ended as the U.S. ten-yearTreasury note surrendered the remainder of the gains it had amassed after theequity sell-off that began on February 27th which had driven the yield to as low as 4.44%.

Thecurrency sector posted losses for the Partnership. The quarter began with marketsanticipating the economic data releases and central bank policy announcementsin the hopes of gaining insight into the health of the world’s largesteconomies. On January 3rd, the U.S. dollar rose to its highest level in sixmonths against the Euro on the news that the Institute for Supply ManagementManufacturing Index came in at a higher than expected 51.4, signaling anexpansion of the U.S. economy. The Japanese yen declined to 122.19 per U.S.dollar, the lowest in more than four years, due to speculation that there wouldbe increased government pressure on policy makers not to raise borrowing costs.The U.S. dollar had its largest fall mid-quarter against the Japanese yen inmore than two months after U.S. Treasury Secretary Henry Paulson said he wouldbe watching the Japanese currency “very carefully”. The Japanese yen ralliedagainst the U.S. dollar to its highest level in more than 19 months amid acorrection in U.S. stocks as the investors avoided emerging market assets,triggering an unwinding of trades betting on a decline in the Japanesecurrency. The Japanese yen continued to advance against the U.S. dollar andgained against all 16 of the most-active currencies during the first week ofMarch, as global stocks extended a slump. The British pound, the sector’s worstperformer fell to its lowest level against the Japanese yen in more than fourmonths, as in one month the British pound sterling/Japanese yen impliedvolatility soared to a record high of 11.75 due to concerns of rising risk. Thequarter ended with slight gains produced by the Brazilian Real as the currency’sstrengthening trend remained intact and reached a six-year high on speculationthat the U.S. dollar flows from both financial investments and a trade surpluswould remain strong.

January1, 2006 to March 31, 2006

The Partnership’s performance was an overall lossfor the first quarter with metals, stock indices, interest rates, andagriculture posting gains while energy and currencies posted losses.

The metals sector was the most profitable for thePartnership. The quarter began with gold surging to a 25 year high and silverclimbing to its highest level since March 1984. This occurred because ofconcerns that the U.S. dollar may weaken because of higher oil prices,increasing the metal’s appeal as a hedge against further declines in the U.S.currency. London copper prices rose to a near record as production for theworld’s mines are failing to keep pace with increased demand from countrieslike China, the world’s largest user of the metal. Gold, silver and coppercontinued the upward trend throughout the quarter.

The stock indices were profitable for thePartnership. European stock indices had their best January rally in eight yearsas energy stocks along with miners and steelmakers gained on expectationsearnings would benefit from higher commodity prices. Leading the sector’sperformance was the Nikkei (Osaka), which despite increased volatility causedby geopolitical events, approached a decade high. The middle of the quarter wasvolatile for the stock indices sector as Asian stocks posted their firstmonthly decline since October 2005. The decline was short lived as Asian stocksapproached a 16-year high on surging demand for metals and oil at the end ofthe quarter. The Nikkei 225 climbed above 17,000 for the first time in morethan five years. The All Ordinaries rose 8% this quarter, while the NasdaqComposite Index rose to a five year high.

The interest rate sector was profitable for thePartnership, however, the beginning of the quarter was not profitable due thefact the fixed income markets in the U.S., Europe and Japan sold off over fearsof their respective central banks raising interest rates. Performance invarious markets counterbalanced each other in the middle of the quarter.  The sector benefited from Japanese Governmentbonds, which was in a price decline. Eurodollar posted gains, which were offsetby losses in U.S. 30 year bonds, German bunds and bobl.

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The quarter ended with both the Federal Reserve andthe European Central Bank raising their respective interest rates 25 basispoints. The true catalyst for the sell-off was growing speculation in themarkets that both central banks would be forced to continue to raise ratesafter confidence reports released in both Europe and the U.S. (consumerconfidence) on March 28th weremuch stronger than expected. The largest gains in this sector were achieved inthe German bund and the Japanese Government bond while the largest lossoccurred in the Australian 3-year bond as traders increased speculation thatthe Reserve Bank of Australia may have to raise interest rates to keep pacewith the Federal Reserve.

The agricultural sector was profitable for thePartnership.  The quarter began withrecord highs as a result of the surging cost of crude oil which increased thedemand for ethanol, a sugar cane by-product. Brazil, the biggest producer andexporter of sugar, is converting more of its cane crop to ethanol to cope withrecord gasoline prices. New York (“N.Y.”) coffee rose to seven month highs asworldwide demand outpaced supply. N.Y. coffee and N.Y. sugar hindered returnsin the middle of the quarter while trading in CBOT (Chicago Board of Trade)wheat limited losses. CBOT wheat rose to a 20 month high on speculation thatunusually hot, dry weather from Texas to Nebraska reduced U.S. production. Thequarter ended with sugar prices in London rising to their highest levels since1989 on speculation that a jump in the cost of oil will force Brazil to directmore of its output towards producing ethanol. Wheat was weaker as rains revivedwinter wheat crops in the U.S. great plains after four months of dry weather.Corn posted a loss for this sector as prices in Chicago rose the most in eightmonths after U.S. farmers told the government they plan to slash this year’splantings to the lowest levels since 2001.

The energy sector was not profitable for thePartnership. Volatility within the energy sector increased as oil and naturalgas are now being used as “geopolitical weapons” by Iran, Russia, Venezuela andmilitants in Bolivia. Crude oil is up 41 percent from a year ago and 11 percentsince the beginning of the first quarter. However, the gains were not enough tooffset the losses incurred in natural gas, which for the first time in almostsix months dropped below $8 in New York. Natural gas fell 17 percent since thebeginning of the quarter as mild weather in the largest U.S. consuming regionscut demand which limited the need for utilities to pull from reserves. Themarket continued to be apprehensive over the unrest in Iran, Iraq, Nigeria andSaudi Arabia. Limiting losses in the sector was natural gas, as prices fell totheir lowest level in almost nine months as U.S. stockpiles for the week endedFebruary 17, 2006 were almost 700 billion cubic feet above the five year average.The quarter ended with crude oil rising to a two month high and gasoline surgedas U.S. fuel supplies declined. Prices fell after Iran stated it would not usecrude oil as leverage in a dispute with western countries over its nuclearprogram.

The currencies sector wasthe least profitable for the Partnership. The foreign exchange sector sufferedlosses as the U.S. dollar posted its biggest monthly decline against the Eurosince November 2004. This was due to the market’s anticipation of the FederalReserve’s removal of “measured pace” from its statement after its meeting onJanuary 31st. The Euro also benefited as the marketwaited for the European Central Bank’s meeting on February 2, 2006 to raiseborrowing costs as Europe’s economy strengthened. The U.S. dollar also sufferedlosses against the Swiss franc, Japanese yen and the Euro. Investors no longerexpect interest rate differentials to benefit the U.S. dollar as the spreadnarrowed between the U.S. and both European and Japanese interest rates. The U.S.dollar rose against the Euro in the middle of the quarter as new FederalReserve Chairman, Ben S. Bernanke, stated that inflation may quicken. Hiscomments suggest further tightening by the Federal Reserve. The quarter endedas range-bound trading continued to negatively affect the Partnership’s longterm trend following approach. Although some currencies had directional movesduring the month, they were then accompanied by strong reversals.

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Item3.   Quantitative and QualitativeDisclosures About Market Risk

Introduction

The Partnership is aspeculative commodity pool.  The marketsensitive instruments held by it are acquired for speculative trading purposesand all or substantially all of the Partnership’s assets are subject to therisk of trading loss.  Unlike anoperating company, the risk of market sensitive instruments is integral, notincidental, to the Partnership’s main line of business.

Market movements result infrequent changes in the fair market value of the Partnership’s open positionsand, consequently, in its earnings and cash flow.  The Partnership’s market risk is influencedby a wide variety of factors, including the level and volatility of interestrates, exchange rates, equity price levels, the market value of financialinstruments and contracts, the diversification effects among the Partnership’sopen positions and the liquidity of the markets in which it trades.

The Partnership, under thedirection of JWH®, rapidly acquires and liquidates both longand short positions in a wide range of different markets.  Consequently, it is not possible to predicthow a possible future market scenario will affect performance, and thePartnership’s past performance is not necessarily indicative of its futureresults.

Value at Risk is a measure of the maximum amount whichthe Partnership could reasonably be expected to lose in a given marketsector.  However, the inherentuncertainty of the Partnership’s speculative trading and the recurrence in themarkets traded by the Partnership of market movements far exceedingexpectations could result in actual trading or non-trading losses far beyondthe indicated Value at Risk or the Partnership’s experience to date (i.e., “riskof ruin”).  In light of the foregoing aswell as the risks and uncertainties intrinsic to all future projections, theinclusion of the quantification in this section should not be considered toconstitute any assurance or representation that the Partnership’s losses in anymarket sector will be limited to Value at Risk or by the Partnership’s attemptsto manage its market risk.

Quantifying the Partnership’s Trading Value at Risk

Quantitative Forward-LookingStatements

The following quantitativedisclosures regarding the Partnership’s market risk exposures contain “forward-lookingstatements” within the meaning of the safe harbor from civil liability providedfor such statements by the Private Securities Litigation Reform Act of 1995(set forth in Section 27A of the Securities Act of 1933 and Section 21E of theSecurities Exchange Act of 1934).  Allquantitative disclosures in this section are deemed to be forward-lookingstatements for purposes of the safe harbor, except for statements of historicalfact.

ThePartnership’s risk exposure in the various market sectors traded by JWH® is quantified below in terms ofValue at Risk.  Due to the Partnership’smark-to-market accounting, any loss in the fair value of the Partnership’s openpositions is directly reflected in the Partnership’s earnings (realized orunrealized) and cash flow (at least in the case of exchange-traded contracts inwhich profits and losses on open positions are settled daily through variationmargin).

Exchangemaintenance margin requirements have been used by the Partnership as themeasure of its Value at Risk. Maintenance margin requirements are set by exchanges to equal or exceedthe maximum loss in the fair value of any given contract incurred in 95% to 99%of the one-day time periods included in the historical sample (approximatelyone year, generally) researched for purposes of establishing marginlevels.  The maintenance margin levelsare established by dealers and exchanges using historical price studies as wellas an assessment of current market volatility (including the implied volatilityof the options on a given futures

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contract)and economic fundamentals to provide a probabilistic estimate of the maximumexpected near-term one-day price fluctuation.

Inthe case of market sensitive instruments which are not exchange-traded (almostexclusively currencies in the case of the Partnership), the margin requirementsfor the equivalent futures positions have been used as Value at Risk.  In those rare cases in which afutures-equivalent margin is not available, dealers’ margins have been used.

100%positive correlation in the different positions held in each market riskcategory has been assumed.  Consequently,the margin requirements applicable to the open contracts have been aggregatedto determine each trading category’s aggregate Value at Risk.  The diversification effects (which wouldreduce the Value at Risk estimates) resulting from the fact that thePartnership’s positions are rarely, if ever, 100% positively correlated havenot been reflected.

# **ThePartnership’s Trading Value at Risk in Different Market Sectors**

Thefollowing table indicates the average, highest, and lowest trading Value atRisk associated with the Partnership’s open positions by market category forthe first quarter 2007.  During the firstquarter 2007, the Partnership’s average capitalization was approximately$691,132,335. During the first quarter 2006, the Partnership’s averagecapitalization was approximately $1,149,689,059.
| ** **                | ** ** | **March 30, 2007**         | ** ** |
|---------------------------|------------|--------------------------------------|------------|
| **Market Sector**    | ** ** | **Average Value  at Risk** | ** ** | **% of Average  Capitalization** | ** ** | **Highest Value at  Risk** | ** ** | **Lowest Value at  Risk** | ** ** |
|                      |       |                                 |       |   |   |   |   |   |   |
| Interest Rates            |       | $                                    | 24,488,205 |   | 3.54 | % | $ | 40,236,772 |   | $ | 16,609,271 |   |
| Currencies                |       | 18,648,390                           |       | 2.70 | % | 41,611,185 |   | 4,105,557 |   |
| Stock Indices             |       | 5,982,017                            |       | 0.87 | % | 14,311,887 |   | 764,235 |   |
| Energy                    |       | 3,952,621                            |       | 0.57 | % | 9,247,845 |   | 965,387 |   |
| Metals                    |       | 3,100,755                            |       | 0.45 | % | 5,072,344 |   | 550,447 |   |
| Agricultural  Commodities |       | 1,484,344                            |       | 0.21 | % | 2,841,904 |   | 136,329 |   |
|                      |       |                                 |       |   |   |   |   |   |   |
| Total                     |       | $                                    | 57,656,332 |   | 8.34 | % | $ | 113,321,937 |   | $ | 23,131,226 |   |

 
| ** **                | ** ** | **March 31, 2007**         | ** **  |
|---------------------------|------------|--------------------------------------|-------------|
| **Market Sector**    | ** ** | **Average Value  at Risk** | ** **  | **% of Average  Capitalization** | ** ** | **Highest Value at  Risk** | ** ** | **Lowest Value at  Risk** | ** ** |
|                      |       |                                 |        |   |   |   |   |   |   |
| Interest Rates            |       | $                                    | 94,553,189  |   | 8.22 | % | $ | 283,659,568 |   | $ | 43,863,637 |   |
| Currencies                |       | 36,628,949                           |        | 3.19 | % | 109,886,847 |   | 6,095,675 |   |
| Stock Indices             |       | 6,987,000                            |        | 0.61 | % | 20,961,001 |   | 3,733,442 |   |
| Metals                    |       | 4,895,666                            |        | 0.43 | % | 14,686,999 |   | 2,577,189 |   |
| Agricultural  Commodities |       | 1,236,562                            |        | 0.11 | % | 3,709,687 |   | 254,516 |   |
| Energy                    |       | 3,062,083                            |        | 0.27 | % | 9,186,249 |   | 1,177,682 |   |
|                      |       |                                 |        |   |   |   |   |   |   |
| Total                     |       | $                                    | 147,363,449 |   | 12.83 | % | $ | 442,090,351 |   | $ | 57,702,141 |   |

 

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Material Limitations onValue at Risk as an Assessment of Market Risk

The face value of the marketsector instruments held by the Partnership is typically many times theapplicable maintenance margin requirement (maintenance margin requirementsgenerally ranging between approximately 1% and 10% of contract face value) aswell as many times the capitalization of the Partnership.  The magnitude of the Partnership’s openpositions creates a “risk of ruin” not typically found in most other investmentvehicles.  Because of the size of itspositions, certain market conditions — unusual, but historically recurring fromtime to time — could cause the Partnership to incur severe losses over a shortperiod of time.   The foregoing Value atRisk table — as well as the past performance of the Partnership — gives noindication of this “risk of ruin.”

**Non-Trading Risk**

Foreign Currency Balances;Cash on Deposit with MLPF&S.

The Partnership hasnon-trading market risk on its foreign cash balances not needed for margin.However, these balances (as well as the market risk they represent) areimmaterial.

The Partnership also hasnon-trading market risk on the approximately 90%-95% of its assets which areheld in cash at MLPF&S. The value of this cash is not interest ratesensitive, but there is cash flow risk in that if interest rates decline sowill the cash flow generated on these monies. This cash flow risk isimmaterial.

Item 4. Controls and Procedures

MerrillLynch Alternative Investments LLC, the General Partner of ML JWH StrategicAllocation Fund L.P., with the participation of the General Partner’s ChiefExecutive Officer and the Chief Financial Officer, has evaluated theeffectiveness of the design and operation of its disclosure controls andprocedures with respect to the Partnership as of the end of the period of thisquarterly report, and, based on this evaluation, has concluded that thesedisclosure controls and procedures are effective.  Additionally, there were no significantchanges in the Partnership’s internal controls or in other factors that couldsignificantly affect these controls subsequent to the date of this evaluation,including any corrective actions with regard to significant deficiencies andmaterial weaknesses.

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PART II - OTHERINFORMATION

Item 1.             Legal Proceedings

There have been no administrative, civil or criminal actions, whetherpending or concluded, against MLAI or Merrill Lynch or any of its individualprincipals during the past five years which would be considered “material” asthat term is defined in Section 4.24(l)(2) of the Regulations of the CFTC,except as described below.

On May 21, 2002, MLPF&S, with no admission of wrongdoing orliability, agreed to pay $48 million to the State of New York, $50 million tothe remaining states, Washington, D.C. and Puerto Rico and $2 million to NASAArelating to an investigation conducted by the New York Attorney Generalconcerning research practices.

On March 19, 2003, Merrill Lynch & Co., Inc., the parent companyand an approved person of MLPF&S, consented to an injunctive actioninstituted by the Securities and Exchange Commission (“SEC”).  In its complaint, the SEC alleged that threeyears ago, in 1999, Merrill Lynch aided and abetted Enron Corp.’s (“Enron”)violations of Sections 10(b), 13(a), 13(b)(2) and 13(b)(5) of the Exchange Actand Rules 10b-5, 12b-20, 13a-1, 13a-3 and 13b2-1 thereunder, as a result ofMerrill Lynch engaging in certain year-end transactions designed and proposedby Enron.  Without admitting or denyingthe allegations, Merrill Lynch consented to the entry of an injunction enjoiningit from violating the above-referenced provisions, and agreed to paydisgorgement, penalties and interest in the amount of $80 million.  In its release announcing the settlement, theCommission acknowledged that in agreeing to resolve this matter on the termsdescribed above, the Commission took into account certain affirmative conductby Merrill Lynch.

In April 2003, MLPF&S entered into a settlement with the SEC, theNational Association of Securities Dealers (“NASD”) and the New York StockExchange (“NYSE”) as part of a joint settlement with the SEC, the NASD and theNYSE arising from a joint investigation by the SEC, the NASD and the NYSE intoresearch analysts conflicts of interests. Pursuant to the terms of the settlement with the SEC, NASD and NYSE,MLPF&S, without admitting or denying the allegations, consented to acensure.  In addition, MLPF&S agreedto a payment of (I) $100 million, which was offset in its entirety by theamount already paid by MLPF&S in the related proceeding with the State ofNew York and the other states, (II) $75 million to fund the provision ofindependent research to investors, and (III) $25 million to promote investoreducation.  The payments for theprovision of independent research to investors and to promote investoreducation are required to be made over the course of the next five years.  MLPF&S also agreed to comply with certainundertakings.

In March 2006, MLPF&S entered into a settlement with the SECarising from an investigation related to MLPF&S’ retention and productionof e-mail.  The SEC found that MLPF&Swillfully violated Section 17(a) of the Exchange Act, and Rules 17a-4(b)(4) and17a-4(j) thereunder.  Without admittingor denying the allegations, Merrill Lynch consented to the entry of aninjunction enjoining it from violating the above-referenced provisions, enteredinto an undertaking regarding its policies and procedures and agreed to pay acivil penalty $2,500,000.

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Item 2.          UnregisteredSales of  Securities and Use of Proceeds

(a) None.

(b) None.

(c) None.

(d) The Partnership originally registered 2,000,000units of limited partnership interest. The Partnership subsequently registered an additional 10,508,667 unitsof limited partnership interest.

As of March 31, 2007, the Partnership has sold 10,460,647units of limited partnership interest, with an aggregate price of$1,987,727,779.

Item 3.          DefaultsUpon Senior Securities

None.

Item 4.          Submissionof Matters to a Vote of Security Holders

None.

Item 5             OtherInformation

On April 20, 2007,Merrill Lynch Alternative Investments LLC (“MLAI”), general partner of ML JWHStrategic Allocation Fund L.P. (the “Partnership”), issued an announcement toits investors relating to the restructuring of the Partnership, effectiveJune 1, 2007. As part of the restructuring, the Partnership will:

·                  Changeits name;

·                  ThePartnership’s assets will be reinvested with four commodity trading advisorswho employ a variety of systematic models with an emphasis on a style ofinvestment commonly referred to as “diversified trend following” and will nolonger utilize the services of John W. Henry & Company, Inc., the Partnership’scurrent commodity trading advisor; and

On May 7, 2007, the Partnershipwas deregistered under the Securities Act of 1933, as amended, but retained thePartnership’s registration under the Securities Exchange Act of 1934, asamended.

Limited Partnership Units ofthe Partnership will no longer be publicly offered.

Item 6.          Exhibitsand Reports on Form 8-K.

(a) Exhibits

The following exhibits are incorporated by referenceor are filed herewith to this Quarterly Report on Form 10-Q:
| 31.01 and 31.02           | Rule 13a-14(a)/15d-14(a) Certifications                                                |
|---------------------------|----------------------------------------------------------------------------------------|
|                      |                                                                                   |
| Exhibit 31.01  and 31.02: | Are filed herewith.                                                                    |
|                      |                                                                                   |
| 32.01 and 32.02           | Section 1350 Certifications                                                            |
|                      |                                                                                   |
| Exhibit 32.01  and 32.02  | Are filed herewith.                                                                    |
|                      |                                                                                   |
|                      | (b) Reports on Form 8-K.                                                               |
|                      |                                                                                   |
|                      | There were no reports on Form 8-K filed during the  first three months of fiscal 2007. |

 

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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 theundersigned thereunto duly authorized.
|                |   | ML JWH STRATEGIC ALLOCATION  FUND L.P. |
|---------------------|--------|----------------------------------------|
|                |   |                                   |
|                |   | By: MERRIL LYNCH ALTERNATIVE           |
| ** **          |   | INVESTMENTS LLC                        |
|                |   | (General  Partner)                     |
|                |   |                                   |
|                |   |                                   |
| Date: May 15,  2007 |   | By                                     | /s/ BENJAMIN C. WESTON |
|                |   |                                   | Benjamin C.  Weston |
|                |   |                                   | Chief Executive  Officer, President and Manager |
|                |   |                                   | (Principal  Executive Officer) |
|                |   |                                   |
|                |   |                                   |
| Date: May 15, 2007  |   | By                                     | /s/ BARBRA E. KOCSIS |
|                |   |                                   | Barbra E. Kocsis |
|                |   |                                   | Chief Financial  Officer |
|                |   |                                   | (Principal  Financial and Accounting Officer) |

 

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