10-Q/A 1 midwest.txt SHEARSON MID-WEST FUTURES FUND Shearson Mid-West Futures Fund Notes to Financial Statements June 30, 2004 (Unaudited) (Continued) The Master's Statements of Financial Condition and Condensed Schedule of Investments at June 30, 2004 and December 31, 2003 and its Statements of Income and Expenses and Members' Capital for and Statements of Cash Flows for the three and six months ended June 30, 2004 and 2003 were: JWH Strategic Allocation Master Fund LLC Statements of Financial Condition (Unaudited)

8 Shearson Mid-West Futures Fund Notes to Financial Statements June 30, 2004 (Unaudited) (Continued) JWH Strategic Allocation Master Fund LLC Statements of Income and Expenses and Members' Capital (Unaudited)

11 Shearson Mid-West Futures Fund Notes to Financial Statements June 30, 2004 (Unaudited) (Continued) JWH Strategic Allocation Master Fund LLC Statements of Cash Flows June 30, 2004 (Unaudited)

12 Shearson Mid-West Futures Fund Notes to Financial Statements June 30, 2004 (Unaudited) (Continued) Financial Highlights of the Master: Changes in net asset value per Unit for the three months and six months ended June 30, 2004 and 2003 were as follows:

*** Annualized **** Excludes clearing fees The above ratios may vary for individual investors based on the timing of capital transactions during the period. 14 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. Liquidity and Capital Resources The Partnership does not engage in the sale of goods or services. Its only assets are its investment in the Master and cash. The Master does not engage in the sale of goods or services. Its only assets are its investments in commodity futures and cash. Because of the low margin deposits normally required in commodity futures trading, relatively small price movements may result in substantial losses to the Partnership/Master. While substantial losses could lead to a decrease in liquidity, no such losses occurred in the second quarter of 2004. The Partnership's capital consists of the capital contributions of the partners as increased or decreased by its investment in the Master, expenses, interest income, redemptions of Redeemable Units and distributions of profits, if any. For the six months ended June 30, 2004, Partnership capital decreased 24.8% from $25,688,421 to $19,325,764. This decrease was attributable to net loss from operations of $5,703,786 coupled with the redemptions of 278.6496 Redeemable Units of Limited Partnership Interest resulting in an outflow of $658,871. Future redemptions can impact the amount of funds available for investment in the Master in subsequent periods. The Master's capital consists of the capital contributions of the members as increased or decreased by realized and/or unrealized gains or losses on commodity futures trading, expenses, interest income, redemptions of Redeemable Units and distributions of profits, if any. For the six months ended June 30, 2004, the Master's capital decreased 1.9% from $145,076,617 to $142,332,586. This decrease was attributable to net loss from operations of $33,093,772, coupled with the redemptions of 3,751.7998 Redeemable Units totaling $6,365,465 and the distribution of interest of $726,794 paid to the feeders which was partially offset by the additional sales of 22,136.9745 Redeemable Units resulting in an inflow of $37,442,000. Future redemptions can impact the amount of funds available for investments in commodity contract positions in subsequent periods. 17

SHEARSON MID WEST FUTURES FUND 10-Q/A