<PAGE>
MERRILL LYNCH INVESTMENT PARTNERS INC.
[LOGO]
ML JWH STRATEGIC
ALLOCATION FUND L.P.
MONTHLY STATEMENT JULY 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") decreased 2.81% in July to $159.64 per Unit on July 31, 1999 from
$164.26 on June 30, 1999.
---------------------
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.
JULY 31, 1999
STATEMENT OF CHANGES
IN NET ASSET VALUE
(UNAUDITED)
<TABLE>
<S> <C>
Net Asset Value (2,271,449 Units) at
June 30, 1999 $373,105,852
Plus Additions of 63,309 Units 10,399,136
Net Income/(Loss) for July 1999 (10,789,547)
Less Redemptions of 13,766 Units (2,197,604)
------------
Net Asset Value (2,320,992 Units) at
July 31, 1999 $370,517,837
------------
------------
Net Asset Value per Unit at
July 31, 1999 $ 159.64
------------
------------
<CAPTION>
- -------------------------------------------------------------------------------
STATEMENT OF INCOME/(LOSS)
(UNAUDITED)
July
------------
<S> <C>
Revenues:
Realized Profit/(Loss) $ (8,651,431)
Change in Unrealized Profit/(Loss) (1,226,503)
------------
Total Trading Results (9,877,934)
Interest Income 1,592,269
------------
Total Revenues (8,285,665)
Expenses:
Brokerage Commissions 2,424,317
Administrative Fees 78,204
------------
Total Expenses 2,502,521
------------
Net Income/(Loss) Before Special Profit
Share Allocation and Minority Interest (10,788,186s)
------------
Minority Interest 4,638
Special Profit Share Allocation (5,999)
------------
Net Income/(Loss) $(10,789,547)
------------
------------
</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
