<PAGE>
MERRILL LYNCH INVESTMENT PARTNERS INC.
[LOGO]
ML JWH STRATEGIC
ALLOCATION FUND L.P.
MONTHLY STATEMENT APRIL 1999
[MERRILL LYNCH LOGO]
<PAGE>
ML JWH STRATEGIC ALLOCATION FUND L.P.
Dear Limited Partner,
The Net Asset Value per Unit of ML JWH Strategic Allocation Fund L.P. (the
"Fund") increased 4.30% in April to $158.66 per Unit on April 30, 1999
from $152.11 on March 31, 1999.
--------------------
SPECIAL NOTICE TO INVESTORS
As of April 28, 1999, 5.00% of the Fund's assets were allocated to
International Foreign Exchange Program.
<TABLE>
<CAPTION>
TRADING PREVIOUS NEW
PROGRAM ALLOCATION ALLOCATION
9/28/98 4/28/99
<S> <C> <C>
Original Investment Program 20.0% 20.0%
Global Financial Portfolio 15.0% 15.0%
Financial & Metal Portfolio 12.5% 12.5%
G-7 Currency Portfolio 12.5% 10.0%
Global Diversified Portfolio 10.0% 10.0%
Dollar Program 7.5% 5.0%
Worldwide Bond Program 5.0% 5.0%
Global Analytics 17.5% 17.5%
International Foreign
Exchange Program n/a 5.0%
-------- --------
100.0% 100.0%
</TABLE>
--------------------
Effective May 11, 1999, Mr. Michael J. Perini became a director of the
General Partner, replacing Mr. Joseph H. Moglia. Mr. Perini was born in 1947.
Since February 1998, Mr. Perini has been First Vice President and Senior
Director of the Defined and Managed Funds Group, which includes Defined Asset
Funds, Special Investments and Merrill Lynch Investment Partners. This is
part of the Investment Strategy Product Group of Merrill Lynch Private
Client. Previously, Mr. Perini was Director of Defined Asset Funds and has
held various management positions since he joined Merrill Lynch in 1970. Mr.
Perini attended St. John's University and New York University as well as The
Stanford University Marketing Management Program. He was elected to the Board
of Governors of the Investment Company Institute in Washington, DC, and is
Chairman of the Unit Investment Trust Committee of the Institute.
<PAGE>
--------------------
John W. Henry & Company, Inc. has provided the following supplemental
information regarding its principals:
Effective April 16, 1999, Mr. Kevin Treacy is no longer a vice president,
corporate finance or a principal of John W. Henry & Company, Inc. or any of
its affiliates.
FOR THE EXCLUSIVE USE OF INVESTORS IN ML JWH STRATEGIC ALLOCATION FUND L.P.
THIS MONTHLY REPORT IS NOT AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO
BUY ANY SECURITIES. AN OFFER CAN ONLY BE MADE BY THE CURRENT PROSPECTUS
TOGETHER WITH SUMMARY FINANCIAL INFORMATION FOR THE FUND CURRENT WITHIN 60
DAYS. THESE MATERIALS CONTAIN IMPORTANT INFORMATION ABOUT RISK FACTORS,
PERFORMANCE AND OTHER ASPECTS OF THE FUND AND MUST BE READ CAREFULLY BEFORE
INVESTING. FUTURES TRADING IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF
RISK. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
THIS MONTHLY REPORT MUST NOT BE REPRODUCED OR DISTRIBUTED IN ANY MANNER.
<PAGE>
ML JWH STRATEGIC ALLOCATION FUND L.P.
APRIL 30, 1999
STATEMENT OF CHANGES
IN NET ASSET VALUE
(UNAUDITED)
<TABLE>
<S> <C>
Net Asset Value (2,166,834 Units) at
March 31, 1999 $329,606,882
Additions of 112,825 Units 17,161,811
Net Income/(Loss) for April 1999 14,913,568
Redemptions of 23,413 Units (3,714,707)
------------
Net Asset Value (2,256,246 Units) at
April 30, 1999 $357,967,554
------------
------------
Net Asset Value per Unit at
April 30, 1999 $ 158.66
------------
------------
<CAPTION>
- ------------------------------------------------------------------------------
STATEMENT OF INCOME/(LOSS)
(UNAUDITED)
April
------------
<S> <C>
Revenues:
Realized Profit/(Loss) $ (271,383)
Change in Unrealized Profit/(Loss) 18,019,827
------------
Total Trading Results 17,748,444
Interest Income 1,354,234
------------
Total Revenues 19,102,678
Expenses:
Brokerage Commissions 2,363,905
Administrative Fees 76,255
------------
Total Expenses 2,440,160
------------
Income/(Loss) Before Special Profit
Share Allocation and Minority Interest 16,662,518
------------
Minority Interest (6,566)
Special Profit Share Allocation (1,742,384)
------------
Net Income/(Loss) From Joint Venture 14,913,568
------------
Net Income/(Loss) $ 14,913,568
------------
------------
</TABLE>
- ------------------------------------------------------------------------------
TO THE BEST OF THE KNOWLEDGE AND BELIEF OF THE UNDERSIGNED THE INFORMATION
CONTAINED IN THIS REPORT IS ACCURATE AND COMPLETE.
/s/ Michael Pungello
---------------------------------------
Michael Pungello
Chief Financial Officer
MERRILL LYNCH INVESTMENT PARTNERS INC.
<PAGE>
Please notify the following of any address changes:
MERRILL LYNCH INVESTMENT PARTNERS INC.
Princeton Corporate Campus
800 Scudders Mill Road, Section 2G
Plainsboro, New Jersey 08536
JWHSDOM
